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July 12, 2002 Friday Jamadi-ul-Awwal 1, 1423 PPL, govt sign new gas pricing accord ISLAMABAD, July 11: The government on Thursday signed a formal agreement with Pakistan Petroleum Limited (PPL) that would allow the country’s largest gas producer to operate on a market based gas... PQ to have liquid cargo terminal on BOT basis ISLAMABAD, July 11: The Economic Coordination Committee of the Cabinet (ECC) on Thursday approved the establishment of liquid cargo terminal at Port Qasim in private sector on build, operate and transfer... Govt likely to buy 50,000 tons sugar from mills ISLAMABAD, July 11: The government is considering to buy around 50,000 tons sugar from the mills at market price to help them in reducing the surplus stocks.... LSE decides to restore service charges LAHORE, July 11: Acting on a Securities & Exchange Commission of Pakistan (SECP) directive, the Lahore Stock Exchange (LSE) board of directors on Thursday unanimously decided to reverse its earlier decision... Delayed shipments KARACHI, July 11: The State Bank has asked all the banks to issue a 7-day notice to the exporters before imposing a fine on delayed shipments.... Stocks fall as polls date fails to enthuse investors KARACHI, July 11: The announcement of date for the national elections failed to enthuse investors as they continued to follow their exit policy for the fourth session in a row on... Draft debt limitation law issued ISLAMABAD, July 11: The government here on Thursday circulated draft of the “Fiscal Responsibility and Debt Limitation Law” which seeks to eliminate revenue deficit to “nil” not later than June 30,... Govt may ban import of sugar ISLAMABAD, July 11: The government is expected to ban import of sugar - both raw and refined - in view of surplus stocks, declining prices trend and expected low sugarcane cultivation... Banks borrow Rs31.5bn from SBP KARACHI, July 11: Banks had to make an overnight borrowing of Rs31.5 billion from the State Bank on Thursday to make up for the shortfall in the liquidity level.... Engro Chemical TFCs KARACHI, July 11: Engro Chemical Pakistan Limited announced on Thursday that its public offer of Term Finance Certificates (TFCs) of Rs200 million was oversubscribed by four-and-a-half times.... Raw wool no more primary export commodity KARACHI, July 11: The Federal Bureau of Statistics (FBS) has finally scrapped the raw wool from the list of primary exporting commodities despite the fact that its export is still going... Higher asking prices keep spinners away KARACHI, July 11: Trading activity on the cotton market remained slow on Thursday as leading spinners were conspicuous by their absence because of higher asking prices by the ginners.... Rs25 billion tax arrears stuck up in litigation ISLAMABAD, July 11: As many as Rs25 billion tax arrears were stuck up in appeals in appellate courts due to the complicated and time consuming procedures of tax laws.... Indus Dyeing penalized ISLAMABAD, July 11: The Securities and Exchange Commission of Pakistan (SECP) has directed the Chief Executive of M/s Indus Dyeing and Manufacturing Company Limited to pay a fine of Rs10,000 allegedly... Cabinet body to monitor CBR affairs ISLAMABAD, July 11: President Gen Pervez Musharraf here on Thursday set up a Cabinet Committee for Federal Revenues to oversee the reform process of the Central Board of Revenue (CBR) and... Malaysian palm oil up KUALA LUMPUR, July 11: Malaysian palm oil futures recovered from a previous day of losses after the market’s main crop forecaster, Ivan Wong, put a lower production and stock figure for... European stocks fall LONDON, July 11: European stocks fell sharply in initial trading on Thursday as the markets took their lead from New York, where stocks have been depressed by concern over accounting pratices... China’s FDI shoots up BEIJING, July 11: Foreign direct investment in China shot up 18.7 per cent year-on-year in the first six months of 2002, the period immediately following the country’s entry into the World... Punjab Bank ratings LAHORE, July 11: Pakistan Credit Rating Agency has maintained the long-term rating of “A” (single A) and the short-term rating of “A1” (A one) for the Bank of Punjab.... IT officers awarded shields KARACHI, July 11: The income tax department has given awards and shields to four officers on their outstanding performance in revenue collection....

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