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February 23, 2003 Sunday Zul Hijjah 21, 1423 Ishrat for taxing service industry KARACHI, Feb 22: The governor, State Bank, Dr Ishrat Hussain on Saturday said that, to broaden the tax net and enhance revenue collection, the service industry, which now constitutes about 50... Exchange cos and money changers KARACHI, Feb 22: Newly-established foreign exchange companies are in problem. The major challenge faced to them is this: The State Bank has withdrawn its decision to ban export of non-dollar currencies... NDLC, IFIC Bank merger proposed KARACHI, Feb 22: National Development Leasing Corporation (NDLC) proposes to amalgamate business with International Finance Investment & Commerce Bank (IFIC Bank) of Bangladesh, which would go to create, ‘a scheduled bank... Mid-year review shows economy doing well ISLAMABAD, Feb 22: The government has formulated a mid-year review of the country’s economy that suggests outshining of major economic indicators, including foreign exchange reserves, remittances, exports, revenues and inflation.... Hailstorm plays havoc with kinoo exports KARACHI, Feb 22: Heavy rains and hailstorms in Punjab few days back have played havoc with the kinoo plantation, thus affecting export shipments in the current season, exporters claim on Saturday.... Turnaround in state enterprises: CORPORATE FOCUS KARACHI, Feb 22: With improved corporate governance, some major state enterprises, have achieved a turnaround.... ‘ECB to cut rates if economic uncertainty persists’ PARIS, Feb 22: The European Central Bank won’t hesitate to cut interest rates if economic uncertainty persists and euro-zone inflation remains under control, ECB President Wim Duisenberg said on Saturday at... US stocks gain on relief rally NEW YORK, Feb 22: Stocks rallied on Friday, capping a second straight week of gains, as the expiration of February options and hopes that war may be averted helped push share... New currency to provide stability, says Karzai TOKYO, Feb 22: The lightning-fast switch to a new Afghan currency embodies the determination of people in the war-torn nation to build a new, more prosperous life, Afghan President Hamid Karzai... India’s forex reserves rise to record $75.3bn MUMBAI, Feb 22: India’s foreign exchange reserves have risen for the 16th straight week to a record high, helped by strong trade inflows, remittances by expatriate Indians and rising foreign investments,... Dollar rebounds by Wall Street rally NEW YORK, Feb 22: The dollar rebounded from its lowest level in three weeks against the yen and pared losses against the euro and Swiss franc on Friday, as a rally... Oil ends strong, gold lower NEW YORK, Feb 22: Oil prices jumped on Friday as traders, already edgy over a looming war with Iraq, were jolted by news of a gasoline barge explosion at an oil... New York cotton mostly higher NEW YORK, Feb 22: NY cotton futures mostly higher on Friday, aided by a constructive weekly export sales report, but the market was preoccupied with record wide spreads and the disposition... ‘Opec will do best to avert oil shortage’ THESSALONIKI, Feb 22: Opec Secretary-General Alvaro Silva said on Saturday the oil exporting cartel would do its best to avert a world oil shortage and secure adequate supplies in the event... Oil prices revolve on Iraq war worries LONDON, Feb 22: Oil prices endured a volatile run this week as the Iraq crisis and an explosion at a US oil facility kept markets jittery.... Cotton prices rise on short supply fears KARACHI, Feb 22: Cotton prices on Saturday rose further as haunted by fears of short supply spinners and mills were not inclined to take even a technical breather.... Potato export declines by 21.6 per cent ISLAMABAD, Feb 22: The export of potato has declined by 21.61 per cent to 10,822 tons during 2002-03 as compared, and that too at a grossly reduced price, according to analysis... Saudi chemical imports undergo strict scrutiny RIYADH, Feb 22: Businesses in Saudi Arabia and other countries of the region are under tighter scrutiny than before.... SPI moves up ISLAMABAD, Feb 22: Sensitive Price Indicator climbed further by 0.13 per cent during the week ending Feb 20, 2003 over the previous week due mainly to yet another increase in prices... Karachi Port operations KARACHI, Feb 22: Six ships carrying chemicals, rock phosphate and to load molasses are due to arrive at the outer anchorage on Sunday, according to KPT sources....

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