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May 2, 2002 Thursday Safar 18, 1423 Govt to repeal POL Marketing Act 1974: PSO sell-off ISLAMABAD, May 1: The government has decided to repeal the Marketing of Petroleum Products (Federal Control) Act 1974 to enable smooth transfer of Pakistan State Oil (PSO) to the strategic buyer... Prices ease on imports, local supplies KARACHI, May 1: The burden on consumers had slightly eased in the last one month as they paid lesser to buy regular kitchen items thanks to uninterrupted supplies of the local... CED on 4 services may be converted into GST ISLAMABAD, May 1: The federal government is considering to convert central excise duty (CED) on four services — travel agent, shipping agent, advertising agent and insurance — into sales tax from... Sizeable surplus sugar likely this season KARACHI, May 1: The country is expected to have a sizeable exportable surplus of white refined sugar during the current crushing season and millers suggest that a small percentage should be... US warns EU, Japan WASHINGTON, May 1: The United States said on Tuesday that plans by the European Union and Japan to retaliate against US steel import tariffs would be an “unprecedented” violation of world... Crucial T-bills auction today KARACHI, May 1: The treasury bills auction due on Thursday is going to remove uncertainty about whether the State Bank would lower the yield on treasury bills to dry up excessively... $ bonds encashment in full swing KARACHI, May 1: Encashment of special US dollar bonds goes on despite the withdrawal of five per cent rupee redemption bonus for those who want to get the rupee equivalent of... US allows Shrimp imports from 41 states WASHINGTON, May 1: The United States said on Wednesday it had barred shrimp imports from Haiti but authorized sales from 41 countries and Hong Kong whose fishing practices it said posed... Meezan Bank acquires SG operations KARACHI, May 1: SG — the corporate and investment banking arm of Societe Generale Group — and Meezan Bank have announced completion of the sale of SG’s Pakistan operations to Meezan... US economy recovers from last year downturn WASHINGTON, May 1: Treasury Secretary Paul O’Neill said on Wednesday the US economy has fully recovered from last year’s downturn and fears that the US trade gap threatened global stability were... UK economy seen bouncing back in 2nd quarter LONDON, May 1: Surveys showing a strong recovery in Britain’s industry and roaring retail sales on Wednesday suggested the economy would bounce back strongly in the second quarter after almost stagnating... Glaxo keen to invest in India if laws change BOMBAY, May 1: GlaxoSmithKline Plc is in talks with many Indian drug-makers for alliances and will increase its research and sourcing activity in India if local patent laws were tightened, its... Asian stocks mostly closed: Tokyo, Sydney up TOKYO, May 1: Most Asian stock markets were closed on Wednesday for the May Day holiday, but Tokyo and Sydney made gains on the back of a rebound on Wall Street.... Indonesia mulls protection of steel industry JAKARTA, May 1: The Indonesian government is mulling ways of protecting its steel industry from cheap imports, a report said on Wednesday.... S. Korean exports increase SEOUL, May 1: South Korea’s exports rose 9.7 per cent year-on-year to $13.29 billion in April, marking the first year-on-year gain after 13 months of contraction, officials said on Wednesday.... Samsung to invest $6m in India NEW DELHI, May 1: Samsung Electronics plans to invest $6 million to grow its mobile handsets business in India, aiming to capture the top slot in one of the world’s hottest... ‘Bounceback HK’ campaign HONG KONG, May 1: Several Hong Kong companies have joined an advertising campaign to boost confidence in the territory as it struggles to overcome a flagging economy, it was reported on... Sri Lanka seeks reforms COLOMBO, May 1: Sri Lanka’s central bank called on Wednesday for faster reforms and de-regulation after reporting an unprecedented and worse than expected economic contraction last year.... Nigeria to privatize seaports LAGOS, May 1: Nigeria hopes to begin the sale of its seaports under the government’s slow-moving privatization programme later this month, officials said on Wednesday.... Australia, Japan agree to work for free trade CANBERRA, May 1: Australia and Japan have taken the first steps towards negotiating a free trade agreement while acknowledging agriculture remains the key stumbling block, their leaders announced here on Wednesday....

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