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September 19, 2002 Thursday Rajab 11, 1423 Fiscal law ready for cabinet approval ISLAMABAD, Sept 18: The government has finalized the draft Fiscal Responsibility Law, which aims at eliminating the entire revenue deficit (approximately Rs 125 billion) by June 30, 2007 and to reduce... ‘Pakistan-made’ obsession not workable: Razak KARACHI, Sept 18: The federal commerce and industries minister Abdul Razak Dawood on Wednesday urged the people to get rid of “made in Pakistan” obsession, and said that everything could not... USA Today recognizes KSE as best market LOS ANGELES, Sept 18: A leading US newspaper, USA Today, has termed Karachi Stock Exchange as one of the best performing bourses in the world with index rising 56pc since Sept... Sindh industries install captive power plants KARACHI, Sept 18: Most of the industrial units in Sindh have installed their captive power plants and pulled back their connections from the Wapda’s grid system, industry sources said.... Stocks extend previous rally with fractional rise KARACHI, Sept 18: Stocks on Wednesday extended the previous rally but failed to sustain the early run-up owing to active selling in leading base shares, including PTCL and PSO. The KSE... July-Aug remittances up around $700m KARACHI, Sept 18: Overseas Pakistanis sent back home $591.51 million in July-August 2002, three times more than what they had remitted in a year-ago period: In July-August 2001, the country had... Cut in markup on LMM financing KARACHI, Sept 18: The State Bank has reduced the markup rate from 11 to 10 per cent for the borrowers availing of part-A of Locally Manufactured Machinery (LMM) scheme which relates... Production suspended KARACHI, Sept 18: Polyron Limited — the troubled polyester filament yarn producing company — announced that the company had suspended production “temporarily” and laid off “such number of workers”, as were... Pre-bid meeting for ICP Mutual Funds held ISLAMABAD, Sept 18: The Privatization Commission here on Wednesday held a pre-bid meeting for the pre-qualified parties for better understanding of the transaction and to respond certain queries by the prospective... No OCAC meeting at all on fourth day KARACHI, Sept 18: Market is abuzz with all sort of speculations on price fixation of the petroleum products as the Oil Companies Advisory Committee (OCAC) neither announced the next fortnight prices... NWFP farm tax to grow by 34.7pc PESHAWAR, Sept 18: Despite missing the agriculture income tax target for 2001-02, the NWFP government has committed 34.7 per cent growth in this tax during the next three fiscal years, according... Trading brisk on cotton market KARACHI, Sept 18: Physical business on the cotton market on Tuesday remained fairly brisk as both spinners and textile mill owners continued to cover positions against forward sales of cotton yarn... Tax reforms execution strategy by Nov ISLAMABAD, Sept 18: The Central Board of Revenue (CBR) is set to finalize a detailed strategy for implementation of tax administration reforms by the end of November this year.... Ten-year FDI improves marginally ISLAMABAD, Sept 18: Pakistan’s potential to attract foreign direct investment (FDI) has improved marginally from 141 points in 1990 to 159 points in 2000, but its relative performance to secure FDI... FedEx cos honoured MEMPHIS, Sept 18: Four operating companies of FedEx Corporation (NYSE:FDX) — FedEx Express, FedEx Ground, FedEx Freight and FedEx Supply Chain Services — were chosen as among the best providers in... ABAMCO board meets KARACHI, Sept 18: The board of directors of ABAMCO Limited — the asset management company of Unit Trust of Pakistan (UTP) — was apprised by the management that the CBR had... Karachi Port operations KARACHI, Sept 18: Three ships carrying containers, gas oil and to load molasses are due to arrive at the outer anchorage on Thursday, according to KPT sources.... Dollar firm against euro and yen LONDON, Sept 18: The dollar held firm against the euro and zig-zagged against the yen on Wednesday as the market struggled to fathom Japan’s latest plans to counter deflation and to... Opec agrees to maintain oil output levels OSAKA, Sept 18: Opec reached an agreement in principle on Wednesday to keep oil production levels at the current level, a key official said, after Baghdad’s decision to allow UN weapons... Malaysian palm oil down KUALA LUMPUR, Sept 18: Malaysian crude palm oil futures extended falls on Wednesday because of persistent fears of rising stocks....

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