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April 26, 2003 Saturday Safar 23, 1424 Govt bans new oil marketing companies ISLAMABAD, April 25: The government has banned new oil marketing companies (OMCs) till such time a comprehensive policy is announced to ensure safety and security of the population.... NWFP spends Rs11bn on debt payment PESHAWAR, April 25: The NWFP government has spent well over Rs11bn on debt repayment during the first nine months of the current financial year, according to official sources.... Task force to deal with post 2004 problems ISLAMABAD, April 25: The government on Friday constituted a task force led by the commerce minister for timely resolution of problems likely to be faced by the exporters in the post-2004... Karachi Port increases storage charges KARACHI, April 25: The Karachi Port Trust (KPT) has increased the charges for storage of imported goods at the port to Rs7 per ton from Rs4 per ton. However, a seven-day... WB asks govt to give subsidy to fertilizer sector ISLAMABAD, April 25: The World Bank has asked the government to make budgetary allocation to provide subsidy to the fertilizer sector from July 1, 2003 instead of creating an imbalance in... PSO announces 30pc cash dividend KARACHI, April 25: The Board of Management (BoM) of Pakistan State Oil (PSO) on Friday announced a cash dividend of Rs3 per share (30 per cent) to its shareholders, Re1 (10... LTU IT collection declines KARACHI, April 25: The Large Taxpayers Unit (LTU) has collected Rs1.155 billion or 8 per cent more in gross income tax up to March 2003. But because of huge refund of... Highnoon Laboratories KARACHI, April 25: The company has summoned 20th Annual General Meeting (AGM) at its registered office in Lahore on Monday (April 28). Election of seven directors for a three-year term beginning... Oil prices LONDON, April 25: World oil prices fell and then rose again on Friday as traders reacted with confusion to a decision by industry cartel Opec a day earlier to cut daily... Stocks finish weekend session with 25 points recovery KARACHI, April 25: Stocks on Friday staged a partial recovery followed by active short-covering in most of the pivotals aided largely by a good second interim dividend by PSO and Dawood... Kabul seeks cut in railway freight: Transit cargo ISLAMABAD, April 25: The Afghan government has formally requested Islamabad to further reduce railway freight charges for Afghan transit cargo (ATC).... NWFP to extend interim PFC award PESHAWAR, April 25: The NWFP government would extend the interim Provincial Finance Commission (PFC) award for one more year instead of announcing a fresh award for three years as required under... FTO asks LTU to adjust refunds ISLAMABAD, April 25: The Federal Tax Ombudsman (FTO) has asked the director general (DG) of the Large Taxpayers Unit (LTU), Karachi, to immediately adjust the income tax refunds of a complainant... SBP opens on-line CIB facility KARACHI, April 25: State Bank Governor Dr Ishrat Husain on Friday inaugurated the on-line facilities of SBP’s Credit Information Bureau (CIB) for banks/development finance institutions and non-bank finance companies.... Trading gets slow on cotton market KARACHI, April 25: Physical activity on the cotton market again slowed down on Friday as both spinners and leading mills remained conspicuous by their absence owing perhaps to higher asking prices... Iraq oil policy eagerly awaited DUBAI, April 25: The UAE is eagerly waiting the new Iraqi oil policy but showing confidence that ‘flow of Iraqi oil to the markets will have limited impact on Arab economies.’... Karachi Port operations KARACHI, April 25: Five ships carrying containers, chemicals and general cargo are due to arrive at the outer anchorage on Friday, according to KPT sources.... Release of betel nut containers demanded ISLAMABAD, April 25: All Pakistan Betel nut (Chalia) Importers and Retailers Association (PBIRA) has urged the president, General Pervez Musharraf to direct the tax officials for the early release of withheld... UK growth LONDON, April 25: British economic growth slowed in the first quarter of 2003, held back in particular by the service sector which saw its worst growth rate for more than a... Fair value accounting discussed KARACHI, April 25: A seminar on “Recent Amendments in the Companies Ordinance, 1984” held under the auspices of the Southern Regional Committee of the Institute of Chartered Accountants of Pakistan (ICAP)...

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