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November 17, 2002 Sunday Ramazan 11, 1423 SC verdict to revive business: Serving meal at valima KARACHI, Nov 16: The Supreme Court’s decision of lifting ban on serving meals in valima reception last week is set to revive the business fortunes of poultry industry, marriage halls owners... Kinoo exporters, EPB fail to make headway LAHORE, Nov 16: The Export Promotion Bureau (EPB) meeting with the exporters of kinoos on Saturday remained inconclusive owing to a stay order obtained by Fruit Vegetable Processors and Exporters Association... New badla rule marks milestone KARACHI, Nov 16: For the carryover trade (COT) or ‘badla’ market at the stock exchange, the week ended Friday, marked a milestone, since the bourse’s management implemented the new rule of... Discount rate slashed to 7.5pc: First rate-cut in FY03 KARACHI, Nov 16: Better late than never. The State Bank has finally cut the discount rate by 1.5 percentage points to 7.5 per cent. This is the first rate-cut of this... Passco may export surplus wheat ISLAMABAD, Nov 16: The government is likely to allow Passco to export surplus wheat till the end of the current month, said a senior official on Saturday.... Countering hostility to reforms KARACHI, Nov 16: IMF has given the policy makers a fresh assignment: to counter the hostility to reforms programme.... FDI jumps by 234pc in four months ISLAMABAD, Nov 16: Pakistan received $399.1 million Foreign Direct Investment (FDI) during the first four months of 2002- 2003, registering an increase of 234 per cent compared to the corresponding period... Remittances rise to $1.4bn KARACHI, Nov 16: Workers remittances or money sent back home by overseas Pakistanis almost tripled to $1.3 billion in July/October this year from $449 million in a year-ago period. Gross home... $ falls in inter-bank, kerb KARACHI, Nov 16: The rupee on Saturday rose further up against the US dollar as word took rounds in the financial market that the State Bank is willing to let the... Exporters team visits Scandinavian countries KARACHI, Nov 16: A 10-member delegation of exporters of garments, household textiles and surgical instruments from Pakistan recently visited Norway, Sweden and Denmark.... Welteke says Europe not facing deflation BERLIN, Nov 16: European Central Bank Governing Council Member Ernst Welteke said on Saturday that Europe was not facing deflation and that the banking system was stable.... US companies battle loss of pricing power NEW YORK, Nov 16: Falling prices may be a boon for consumers, but for companies in a sluggish economy and facing stiff competition, price declines are a major hurdle to achieving... Saudi Arabia gas project set to go ahead: MEES NICOSIA, Nov 16: One of three core ventures in Saudi Arabia’s multi-billion dollar gas initiative is set to go ahead after oil major Shell submitted a “mostly positive response”, the Middle... COMEX gold prices higher NEW YORK, Nov 16: Gold rose on the COMEX on Friday, getting a double boost as a store of value from worrisome US producer price data and an FBI warning that... New York cotton futures firmer NEW YORK, Nov 16: NY cotton futures sprang to a firmer close Friday on combined trade and fund buying in the market, with rollovers still a top feature in dealings and... ‘Privatization will help cut debt burden’ KUWAIT, Nov 16: Saudi Arabia’s planned sale of stakes in big public firms will reduce its debt burden and the country is likely to have a lower-than-expected budget deficit in 2002,... US credit rating agencies under SEC scrutiny WASHINGTON, Nov 16: The big US credit rating agencies came under fire on Friday from fund managers and small rivals at a Securities and Exchange Commission hearing into the business of... Fed likely to fail if tries to shape psychology: Poole WASHINGTON, Nov 16: St. Louis Federal Reserve Bank President William Poole said on Friday the US central bank would likely fail if it tried to shape public perceptions of the economy... India’s forex reserves up MUMBAI, Nov 16: Record foreign exchange reserves and a firming rupee will give India’s central bank room to move towards a free float faster, analysts said on Saturday.... Oil prices stumble after Iraq agrees to play ball LONDON, Nov 16: Oil prices tumbled to an eight-month nadir here this week after Baghdad agreed to a tough new UN resolution on disarmament, prompting traders to scale back their expectations...

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