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January 3, 2003 Friday Shawwal 29, 1423 Jatoi asks EPZA to cut land cost KARACHI, Jan 2: Federal Minister for Industries and Production Liaquat Ali Khan Jatoi has asked Export Processing Zone Authority (EPZA) to cut the cost of land and provide free access to... Indirect dollar buying from kerb goes on KARACHI, Jan 2: Though the State Bank of Pakistan has stopped direct buying of foreign exchange from money changers since July last its indirect purchases continue.... Insurance sector undergoes losses KARACHI, Jan 2: The insurance industry in Pakistan has remained affected from external dynamics and has failed to earn any substantial gains for the shareholders, a report prepared by stock brokerage... Buyers denied benefits: Lower auto parts import cost KARACHI, Jan 2: Auto assemblers have preferred to increase their margins and car prices instead of transferring the benefit of lower import costs to the consumers despite appreciation of rupee in... EoIs invited for Fesco shares ISLAMABAD, Jan 2: The government has offered 56 per cent shares and management control of Faisalabad Electric Supply Company (Fesco) to the strategic investor as part of power sector reforms programme.... China may prefer Pakistani rice BEIJING, Jan 2: The Chinese government has announced its rice import quota for the year 2003, and hoped that Pakistani traders would also take benefit of it.... Exports expand in 24 countries KARACHI, Jan 2: Geographical diversification in exports has resulted in growth of exports in 24 countries and registered an increase of $174 million during last two years.... MCB plans to set up bank in Canada LAHORE, Jan 2: Muslim Commercial Bank (MCB) intends to set up a subsidiary bank with a capital of $15 million in Canada, say senior bank executives.... Oil prices climb LONDON, Jan 2: Oil prices spurted higher on Thursday in response to figures showing a big fall in US oil stock levels that analysts said was the result of a month-old... Yen’s surge TOKYO, Jan 2: Japanese monetary authorities are ready to take action to curb sharp gains in the yen against the dollar, a finance ministry source was quoted by Jiji Press as... KSE 100-share index recovers 44 points KARACHI, Jan 2: Stocks on Thursday recovered from the overnight lows boosted by across-the-board two per cent cut in profit rates on all the national saving schemes amid predictions of steady... Ginners raise prices on slow phutti arrivals KARACHI, Jan 2: Normal trading activity was resumed on the cotton market on Thursday as spinners made fresh covering purchases amid fears of pressure on ready supplies during the coming weeks.... Performance period reduced to one year: Gold, silver categories ISLAMABAD, Jan 2: The Central Board of Revenue (CBR) has reduced the qualifying period of export performance for allocation of gold and silver categories to one year from three years. The... Karachi Port operations KARACHI, Jan 2: Five ships including an oil tanker Fuji Hoshi carrying 14,000 tons of palm oil are expected to arrive at the outer anchorage on Friday, according to KPT sources.... Double taxation with Russia ISLAMABAD, Jan 2: Double taxation issue and cooperation in various sectors between Pakistan and Russia are likely to come up for discussion during President Pervez Musharraf visit to Russia in the... Advice to collectors ISLAMABAD, Jan 2: The Federal Tax Ombudsman (FTO), Justice Saleem Akhtar, has directed the Central Board of Revenue (CBR) to advise all collectors of Customs to record the arguments and contentions... FPM ratings reaffirmed KARACHI, Jan 2: JCR-VIS credit rating company Ltd. has reaffirmed the medium to long term entity rating of triple B minus and short-term rating of A-3 assigned to First Paramount Modaraba... US business activity WASHINGTON, Jan 2: The Institute for Supply Management (ISM) said its overall index of business activity rose to 54.7 in December from 49.2 in November, taking the index above 50 for... Dollar steady in thin trading LONDON, Jan 2: The dollar held steady against other leading currencies in thin trading on Thursday with little data or leads from Asia, where Japanese markets remained shut.... Palm oil prices lower KUALA LUMPUR, Jan 2: Malaysian palm oil futures closed off their lows on Thursday on short covering after technical selling had pushed the market to its lowest level in three weeks....

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