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June 5, 2002 Wednesday Rabi-ul-Awwal 23,1423 Sindh FC sets up two panels: District finance awards KARACHI, June 4: What can be called in mild words ‘in an indecent haste’ the Provincial Finance Commission (PFC), on instructions of the National Reconstruction Bureau (NRB), began on Tuesday the... 20pc HBL shares for workers, public ISLAMABAD, June 4: The government has decided in principle to offer 10 per cent shares of Habib Bank Limited (HBL) to its employees following refusal by the international financial institutions to... Gold price touches Rs6,360 KARACHI, June 4: Local gold price maintained its upward move, touching new peaks at Rs6,360 per 10 grams on Tuesday. The gold on Monday was sold at Rs6,348 per 10 grams.... EU ministers seek curb on loans to big corporates LUXEMBOURG, June 4: European Union finance ministers on Tuesday approved a capital increase at the European Investment Bank but told it to curb lending to creditworthy corporates as a condition.... Attock Cement to go public KARACHI, June 4: Attock Cement Limited plans to raise Rs100 million through an Initial Public Offering (IPO) on June 18. It will be the second company to go public this year,... Cotton output up to 10.9m bales KARACHI, June 4: The ex-farm production of cotton during the current season rose to 10.9m bales, up by two per cent from the previous year, ensuring a larger exportable surplus after... Kuwait to supply 3.3m tons diesel SINGAPORE, June 4: Kuwait Petroleum Corp (KPC) has agreed to supply Pakistan State Oil Co. (PSO) diesel of 0.5 per cent sulphur from July under a current term deal for about... Investment risks for general public KARACHI, June 4: The World Bank has advised Pakistan to “sharpen” the legal and regulatory framework to reduce investment risks for general public by limiting the non-banks’ ability to borrow.... Job cuts SAN FRANCISCO: Computer giant Hewlett Packard will slash 10,000 jobs by November, and follow with another 5,000 in 2003, chief executive Carly Fiorina said on Tuesday. The cuts had already been... Oil reserves NUSA DUA, June 4: Indonesia’s oil reserves will be exhausted in 20 years if the current production level of 500 million barrels a year is maintained, a research group said on... Index recovers 28 points as investors cautious KARACHI, June 4: Stocks on Tuesday showed highly erratic price movements followed by conflicting rumours from Almaty about the Indo-Pakistan peace talks as investors played on both sides of the fence... NWFP district govts in a fix: Funds utilization by 30th PESHAWAR, June 4: The NWFP government’s instructions to the district governments to spend their developmental funds well before June 30 have left the newly established entities in the lurch, according to... 15 per cent GST on edible oil opposed LAHORE, June 4: The All Pakistan Solvent Extractors Association (APSEA) has rejected a proposal to impose 15 per cent GST on imported oilseeds and locally produced edible oil as well as... Karachi Port operations KARACHI, June 4: Five ships carrying containers, crude oil and to load molasses are expected to arrive at the outer anchorage on Wednesday, according to KPT sources.... Sarhad chamber polls PESHAWAR, June 4: Elections to the offices of Sarhad Chamber of Commerce and Industry’s president, senior vice-president and vice-president would take place on September 27, according to a press release issued... China to unify corporate taxes BEIJING, June 4: China plans to unify corporate taxes for domestic and foreign-funded firms next year as part of broader tax reforms, the Economic Daily reported on Tuesday.... Foreign funds flows to India plunge 85pc MUMBAI, June 4: Foreign portfolio investment flows into India plummeted 85 per cent in May from a year earlier, as foreigners pared exposure to domestic equities out of concern over peace... Cotton trading remains firm KARACHI, June 4: Cotton market on Tuesday maintained a firm outlook as spinners and mills extended active support at the prevailing prices, fearing a substantial decline in unsold stocks with the... HP revenues BOSTON, June 4: Hewlett-Packard Co. said on Tuesday that it expects revenues in the second half of fiscal 2002 of $35 billion to $36 billion and then growth of 4 per... Canada raises interest rates OTTAWA, June 4: The Bank of Canada raised interest rates on Tuesday for the second time in less than two months to cool a sizzling economy, and hinted strongly that further...

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