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May 18, 2002 Saturday Rabi-ul-Awwal 5, 1423 Importers start delaying shipments: Tariff reduction KARACHI, May 17: As the customs tariffs are expected to be reduced in the next budget, importers have started delaying their shipments for a period of one month to avoid losses... NCEL gold futures trading from Sept KARACHI, May 17: The National Commodity Exchange Limited (NCEL), which received licence from the Securities and Exchange Commission of Pakistan (SECP) to set up a commodity exchange on Thursday, would start... SBP softens rules for private sector lending KARACHI, May 17: The State Bank has made certain changes in one of Prudential Regulations or the set of rules that govern banks lending towards the private sector. Senior bankers say... Envoys summoned to discuss African markets ISLAMABAD, May 17: The government has summoned all the Pakistani ambassadors and high commissioners serving in Africa to Islamabad in the last week of this month to discuss the prospects of... US offers $10m for soyabeans ISLAMABAD, May 17: Pakistan and the United States signed here on Friday a commodity assistance agreement amounting to $10 million for Islamabad under the PL-480, Title-1 Programme.... Stocks lose 38 points as war scare causes panic selling KARACHI, May 17: Stocks on Friday showed widespread fall on panic selling coming from all the quarters as war hysteria run high followed by rumours of an imminent Indian attack on... Gold demand surges by 38pc KARACHI, May 17: Pakistan’s gold demand in first quarter (January-March) 2002 was estimated at 41 tons — 38 per cent higher as compared to same period of 2001.... Remittances rise to $1.8bn in 10 months KARACHI, May 17: Home remittances or the money sent back home by overseas Pakistanis plus some other inflows shot up to $1.865 billion during July/April 2001-02 from $922 million in a... Heavy discounting continues KARACHI, May 17: Banks on Friday made an overnight borrowing of Rs16.3 billion from the State Bank against approved government securities at the fixed discount rate of 9 per cent. Earlier... Ban on meat Team invited to visit S. Arabia RIYADH, May 17: A Pakistani delegation has been invited to visit Saudi Arabia in July to sign agreement with the Kingdom under which the ban on Pakistani meat products, including chilled... OECD states for resolution of trade problems PARIS, May 17: Ministers of the OECD (Organization for Economic Cooperation and Development) member countries, in Paris for their annual ministerial summit, have issued an urgent call for action with regard... Cotton market rules firm KARACHI, May 17: Cotton market on Friday maintained a firm posture despite reports that the Trading Corporation of Pakistan (TCP) has sharply lowered its procurement prices apparently on the perception that... 20pc duty on leather export demanded SIALKOT, May 17: Pakistan Gloves Manufacturers and Exporters Association chairman Salahud Din Mir has expressed deep concern over the export of raw hides/skins or semi-finished/finished leather.... Japan economy TOKYO, May 17: The Japanese economy has bottomed out due to a recovery in exports, the government said on Friday, upgrading a key economic report for the third consecutive month.... Govt urged to cut tax rate on ship plates ISLAMABAD, May 17: Pakistan Ship Breaking Association (PSBA) has asked the government to reduce the existing tax rate on ship plates from the next financial year.... Palm oil prices steady KUALA LUMPUR, May 17: Crude palm oil (CPO) prices on Malaysia’s Derivatives Exchange are expected to hold firm next week on an expected surge in demand after prices dropped 0.5 per... China state banks to fight foreign competition BEIJING, May 17: China Construction Bank has signed an agreement with fellow state-owned banking giant Agricultural Bank of China to collaborate to fend off foreign competition, the official Financial News reported... Karachi Port operations KARACHI, May 17: Five ships including Kuayans carrying 6,500 tons of palm oil are due to arrive at the outer anchorage on Saturday, according to KPT sources.... LG R&D KARACHI, May 17: LG Electronics has announced that it will spend $916 million, a rise of 20 per cent, on research and development (R&D) this year, says a press release. The... Oil prices fall LONDON, May 17: Oil prices fell on Friday as the prospect of increased global supplies, along with the recent easing of tensions in the Middle East, saw the market back further...

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