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June 24, 2003 Tuesday Rabi-us-Sani 23,1424 Banks, DFIs settle Rs10.50bn bad loans: Write-off scheme LAHORE, June 23: Banks and development finance institutions (DFIs) are stated to have settled over 19,000 nonperforming loans involving a default amount of around Rs10.50 billion so far under the central... Insurance cos renew interest in PIBs KARACHI, June 23: Insurance companies that were not so keen on making more investment in Pakistan Investment Bonds seem set now to participate with renewed zeal in the next auction of... Sugar export: govt suffers Rs700m loss ISLAMABAD, June 23: The export of 100,000 tons of sugar early this year by Trading Corporation of Pakistan (TCP) has caused Rs700 million to the national exchequer, official documents reveal.... Indian mission chief calls for free trade KARACHI, June 23: Head of the 14-member Legislators Peace Mission from India, Kuldip Nayar has urged the Indian government to provide concession in duty to the Pakistani businessmen so that they... Flaws found in PRSP ISLAMABAD, June 23: The World Bank on Monday announced to give $600 million to Pakistan by December 2003 as country’s economic experts found serious flaws in the Poverty Reduction Strategy Paper... Arab Business Council launched SHUNEH (Jordan), June 23: More than 50 top Middle Eastern business leaders launched an Arab Business Council at the World Economic Forum here Monday to bolster regional competitiveness and ties with... Security issue hits trade with Germany KARACHI, June 23: German Consul General Countess Von Roedern has attributed the low volume of trade between Pakistan and Germany during the last few years to German peoples’ reluctance to visit... S. Arabia to increase fuel price JEDDAH, June 23: Opec kingpin Saudi Arabia announced on Monday it would hike petrol prices in the domestic market by 13 per cent in three years time, according to a cabinet... Japan’s trade surplus rises TOKYO, June 23: Japan’s trade surplus rose 12.5 per cent in May from a year earlier as a drop in oil prices weighed on imports and helped to offset a slowdown... Euro falls LONDON, June 23: The euro fell to its lowest reading against the dollar in more than a month Monday, suffering from profit-taking two days ahead of a meeting of Federal Reserve... Buying pushes index up to 3,344.86 points KARACHI, June 23: The KSE 100-share index on Monday consolidated well above the barrier of 3,300 on strong speculative buying linked to positive outcome of Gen Musharraf’s meeting with President Bush... Opec cuts output by 1.84m bpd in June DHAHRAN, June 23: Small crude deliveries from Iraq have finally begun to take place. The Organization of Petroleum Exporting Countries (Opec), in order to ensure that the market oil prices do... Cotton market lacks lustre KARACHI, June 23: Trading activity on the cotton market on Monday remained slow as spinners and mills were not inclined to make fresh bigger commitments because of annual closing on June... Commercial linkages accord with Canada TORONTO, June 23: Two Toronto-based business organizations signed an agreement here on Sunday to promote “commercial linkages” between Canadian and Pakistani companies to help boost trade between the two countries.... Karachi Port operations KARACHI, June 23: Six vessels carrying containers, highspeed diesel and chemicals are expected to arrive at the outer anchorage on Tuesday, according to KPT sources.... BoP ratings LAHORE, June 23: The Bank of Punjab (BoP) has been assigned long-term rating of “A” (single A) and short-term rating of “A1” (single A one) by the Pakistan Credit Rating Agency... Afghan Transit Trade ISLAMABAD, June 23: The import value of Afghan Transit Trade (ATT) has increased by more than 41 per cent during the July-May period of the current financial year over the corresponding... India rupee MUMBAI, June 23: The Indian rupee surrendered all of the past week’s gains to end weaker on Monday as the government bought dollars to make interest payments on overseas loans and... Shield awarded KARACHI, June 23: Turkish Prime Minister, Tayyip Erdogan presented a shield to Chairman Pakistan-Turkey Business Council, Amjad Rafi last week, at a dinner hosted jointly by the FPCCI and finance minister,... Palm oil prices lower KUALA LUMPUR, June 23: Malaysian palm oil futures fell across the board on Monday, deserted by speculators who were showing signs of fatigue after last week’s speculative-driven gains....

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