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July 24, 2002 Wednesday Jamadi-ul-Awwal 13,1423 S. Africa facing dumping duty: Tin-plates import ISLAMABAD, July 23: The minister for commerce and industries, Abdul Razak Dawood on Tuesday said for the first time in Pakistan’s history the government had taken an action under anti-dumping laws... Cres group acquires strategic stakes: Paramount, First Leasing KARACHI, July 23: The Crescent group (Cres Group) on Monday purchased strategic equity interest held by Pak-Libya Holdings Limited in First Leasing Company and Paramount Leasing for Rs175 million, Dawn learnt... Trade policy falls short of expectations: Exporters reactions KARACHI, July 23: Business and industry on Tuesday gave mixed reaction on new trade policy, and there was a general feeling that most of the measures adopted by the commerce minister... Fiscal deficit on sustainable path: Shaukat ISLAMABAD, July 23: The Finance Minister on Tuesday said considerable progress had been made over the last two years in bringing the fiscal deficit to a sustainable path.... CBR Confident of achieving tax target ISLAMABAD, July 23: The Central Board of Revenue (CBR) would achieve the annual tax collection target of Rs460.6 billion set for the current financial year without any downward revision.... Dollar rises sharply vs euro LONDON, July 23: The dollar rose sharply on Tuesday, pushing the euro below parity for the first time for more than week, on speculation US investors may be forced to repatriate... Banks can accept corporate guarantees KARACHI, July 23: The State Bank has told all the banks that they can accept in lieu of a bank guarantee any corporate guarantee issued by a private foreign holding company... 42,341 cars sold in 2001-02 KARACHI, July 23: Automobile assemblers sold 42,341 motor cars during the last fiscal year ending on June 30, 2002 as against 38,047 cars sold during 2000-01.... Exports to S. Arabia increase RIYADH, July 23: Exports from Pakistan to Saudi Arabia went up by $52 million to $293 million during the first 11 months of the fiscal year (July 2001-May 2002), figures released... European share prices fall LONDON, July 23: European share prices fell to new four-year lows on Tuesday as hopes that US markets would open sharply higher were dashed.... Support at lower levels limits fall on stock market KARACHI, July 23: Stocks on Tuesday finished further shaded in line with global markets but larger decline was resisted thanks to active support at the lower levels. The on-balance trend remained... Trade policy enthuses cotton market KARACHI, July 23: Cotton traders have welcomed the new annual trade policy announced by the commerce minister on Monday as it gives a number of incentives including freight subsidy to those... ADBP to disburse Rs35bn to farmers ISLAMABAD, July 23: The Agricultural Development Bank of Pakistan (ADBP) will disburse credit worth Rs35 billion to the farmers during 2002-03, says its chairman Istaqbal Mehdi.... Palm oil importers not booking new orders: Higher price KARACHI, July 23: Pakistan’s palm oil market remained mixed to bullish over the past week but importers were reluctant to book new orders because of high international prices, dealers said on... Pakistani banks may open branches in China BEIJING, July 23: Pakistani commercial banks can set up their branches in China, after meeting the required terms and conditions, said a senior official of People’s Bank of China, Wang Yi.... British economy on road to growth LONDON, July 23: Plummeting stock prices have eroded economic growth expectations but Britain’s economy is still set to pursue recovery this year and next, economists in a Reuters survey said.... Iran calls for global economic power KUALA LUMPUR, July 23: Iranian President Mohammad Khatami on Tuesday called on Islamic nations to cooperate in building a strong global economic force and said one of Iran’s most important strategic... Malaysian palm oil prices lower KUALA LUMPUR, July 23: Malaysia’s palm oil futures fell across the board on Tuesday after forecasts of cool and wet US weather this week wiped out some of the gains on... Two banks announce profit rates KARACHI, July 23: Saudi Pak Commercial Bank paid 4pc return on the saving accounts of up to Rs50,000 and 8pc return on more than Rs50,000 during April 8 to June 30,... Industry against periodic power hike KARACHI, July 23: Business and industry on Tuesday welcomed President Pervez Musharraf’s suo moto action to put on hold the recent increase in power tariff in the best national interest....

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