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October 13, 2002 Sunday Sha'aban 6, 1423 NFC award likely by month-end KARACHI, Oct 12: The National Finance Commission (NFC) is holding its final session before the end of this month, tentatively on October 25 at Lahore, to decide resources distribution formula between... Inflation in first quarter on rise ISLAMABAD, Oct. 12: Inflation based on Consumer Price Index soared by 3.79 per cent during the first quarter of 2002-03 as compared to corresponding period of previous year.... Election mandate and business concerns KARACHI, Oct 12: The stock prices fell on Friday due to the unexpected outcome of national polls that raised fears among investors that it may impact adversely on the Pakistan-US friendship,... Cut in leather, products drawback ISLAMABAD, Oct 12: The Central Board of Revenue (CBR) has reduced the budgetary duty drawback rates on export of leather and leather products.... SBP to hold separate auction of 6-month TBs KARACHI, Oct 12: The State Bank has decided to hold separate auctions for six-month treasury bills to leave little room for the banks to make unrealistically large bids.... Badla rates close at 15.7 per cent KARACHI, Oct 12: The weighted average ‘badla’ rates at the Karachi carryover trade (COT) market closed at 15.7 per cent on Friday, which analysts said was “a (high) level not seen... SBP warning on leakage of reports KARACHI, Oct 12: The State Bank has taken notice of leakage of its confidential inspection reports of the banks and non-bank financial institutions.... Gulf customs union finalized RIYADH, Oct 12: Finance ministers of Gulf Cooperation Council (GCC) states finalized here on Saturday procedures for the launch of their customs union in January, the bloc’s secretary general said.... Atlas group to launch money market fund KARACHI, Oct 12: The Atlas group proposes to float a Rs500-million money market fund, which would be managed by the Atlas Management Company Limited — a wholly owned subsidiary of the... Double taxation ISLAMABAD, Oct 12: A two-member Swiss delegation will arrive on Sunday to discuss remaining pending part of the convention for avoidance of double taxation with respect to taxes on income between... Kuwait Islamic bank net profit rises to $125m KUWAIT, Oct 12: Kuwait’s only Islamic bank, Kuwait Finance House (KFH), reported a rise in net profit for the first nine months of the year to 37.74 million dinars ($125 million)... Dubai launches Gulf’s Silicon Valley DUBAI, Oct 12: Gulf Arab Dubai launched on Saturday a project to create its own version of Silicon Valley aiming to become a player in the semiconductor industry.... Iran predicts wheat self-sufficiency by next year TEHRAN, Oct 12: Iran, traditionally a major wheat importer, will be self-sufficient in the grain by next crop year, the official students’ news agency ISNA reported on Saturday, quoting the minister... Yen weaker after BOJ unveils plan to help banks NEW YORK, Oct 12: Investors pushed the yen lower against the dollar and the euro on Friday, unimpressed by the Bank of Japan’s plan to shore up the troubled Japanese banking... Argentina nearer IMF pact but biggest hurdle remains WASHINGTON, Oct 12: Two weeks of intense talks between the International Monetary Fund and Argentina ended on an upbeat note on Friday with the troubled nation’s negotiators heading home a little... Japan may boost safety net with extra budget in January TOKYO, Oct 12: Japan may take measures in an extra budget in January to boost help for the unemployed to offset an expected radical bank reform plan, a spokesman for the... Oil up after US Congress authorizes Iraq strike NEW YORK, Oct 12: Oil prices pushed higher on Friday after the US Congress granted President George W. Bush war powers if necessary to disarm Iraq.... Oil prices oscillate, gold eases in London LONDON, Oct 12: Oil prices see-sawed this week as traders followed the latest developments in the US-Iraqi stand-off, ending the week lower in New York but little changed in London.... China’s economy to grow BEIJING, Oct 12: China’s economy will grow by 7.8 per cent or more this year, state media reported Saturday a government think tank as saying. The Chinese Academy of Social Sciences... Ready business brisk on cotton market KARACHI, Oct 12: Normal trading activity was resumed on the cotton market on Saturday as spinners covered positions apparently after having a fair idea of the post-election political scenario....

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