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March 18, 2003 Tuesday Muharram 14, 1424 Policy package being finalized: Forex utilization, tax holiday ISLAMABAD, March 17: The government is finalizing a major policy package that includes utilization of foreign exchange reserves for project financing, re-introduction of exchange risk cover for machinery import and a... Levies abolition to cost NWFP Rs400m PESHAWAR, March 17: The World Bank has intimated its concern to the NWFP government over the negative financial impact of the provincial assembly’s unanimously adopted resolution. It observes that, if implemented,... Competent board, good management key to success: Corporate governance KARACHI, March 17: The chairman, Pakistan State Oil (PSO), M. Saleem has pointed out three main elements — good management, competent board and professional management— to make corporate governance a success.... Business with Kenya LAHORE, March 17: Pakistani exporters have been urged to launch an aggressive marketing effort like China and India to create a demand for their products in Kenya.... CBR sets up committee on USAS ISLAMABAD, March 17: The Central Board of Revenue (CBR) has established a steering committee to prepare a complete blueprint and implementation plan for the universal self-assessment scheme (USAS) for the tax... Bush ultimatum brings index down by 54.36 points KARACHI, March 17: Stocks on Monday showed widespread decline on panic selling triggered by president Bush’s ultimatum to Iraq to disarm itself within a day and evacuation of the US citizens... Asian Bank to provide $200m loan for SMEs ISLAMABAD, March 17: The Asian Development Bank (ADB) will provide $200 million for the development of small and medium enterprises (SMEs) in the country.... Food item exporters to register with US dept KARACHI, March 17: Food products exporters will have to get themselves registered with the US Food and Drug Administration (FDA), to meet newly adopted food safety measures by the US government.... PASSCO allowed to export 0.3m tons of wheat ISLAMABAD, March 17: The Wheat Disposal Committee (WDC) has allowed PASSCO to export around 300,000 tons of wheat till the arrival of next crop.... Shakarganj produces 90,869 tons of sugar KARACHI, March 17: Shakarganj Mills Limited at Punjab, was the first to begin crushing sugarcane on October 7.... Debt office formed to repay loan ISLAMABAD, March 17: State Bank Governor Dr Ishrat Hussain on Monday said the government had formulated a debt strategy and formed a debt office headed by Dr Ashfaq Hassan Khan for... Joint venture BEIJING, March 17: German automaker BMW has won approval from China to forge a joint venture with partner Brilliance China Automotive Holdings in China’s northeastern Liaoning province, state press reported on... Palm oil prices fall KUALA LUMPUR, March 17: Malaysia’s palm oil futures closed lower on Monday, hit by speculative selling due to fears that a US-led war on Iraq was imminent.... Ogra urged to ignore SSGC petition KARACHI, March 17: Federal B. Area Association of Trade and Industry (FBATI) has urged the Oil and Gas Regulatory Authority (Ogra) not to give any importance to the petition of SSGC... Firm conditions on cotton market KARACHI, March 17: Cotton market resumed trading on Monday on a firm note as ginners were not inclined to lower their asking prices despite reports that some leading spinners have purchased... Govt urged to cut taxes on imported POL products KARACHI, March 17: The President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Riaz Tata, has urged the government to decrease its taxes and surcharges on imported petroleum products in... OECD economies PARIS, March 17: Economic growth among the 30 members of the OECD slowed markedly in the fourth quarter of 2002, while showing some strength on an annual basis, the group said... Karachi Port operations KARACHI, March 17: Nine ships carrying, crude oil, containers and to load molasses are expected to arrive at the outer anchorage on Tuesday, according to KPT sources.... Office-bearers KARACHI, March 17: Amin A. Hashwani and Shabir Ahmed have been elected as president and senior vice president of Pakistan France Business Alliance (PFBA) for a term of two years (2003-... Gold dips LONDON, March 17: Gold prices weakened in Europe on Monday as expectations grew that a likely US-led war on Iraq would be short, traders said....

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