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June 27, 2003 Friday Rabi-us-Sani 26,1424 GDP growth put at 4.6 per cent: SBP 3rd quarterly report KARACHI, June 26: The State Bank has cleared confusion about the government’s claim of 5.1 per cent GDP growth in the fiscal 2002-03 that has been challenged by independent economists. The... Stocks show volatility KARACHI, June 26: The Karachi Stock Exchange exhibited considerable volatility during the third-quarter FY03 (Jan- March), although the KSE-100 index closed the period up marginally over the end-December 2002 level, the... Capital account deficit increases KARACHI, June 26: The capital account deficit increased by $292 million during the third quarter of this fiscal year to reach $987 million despite a higher foreign direct investment, rising trade... Public sector investment remains low KARACHI, June 26: The State Bank has noted with concern the lower than budgeted development expenditures during the first three quarters of the current fiscal year 02-03.... Interest income reporting: CBR circular soon ISLAMABAD, June 26: The government has decided to bind all financial institutions to report interest income of depositors to tax officials from July 1, 2003.... Business team to visit India via Dubai KARACHI, June 26: The members of business delegation visiting India to participate in IPCCI meeting scheduled for July 7-8, will now have to take flights via Dubai because of reported delay... Banking spread narrows KARACHI, June 26: The banking spread or the gap between lending and deposit rates of banks fell by 126 basis points during the third quarter of this fiscal year and by... Farm credit rises in July-March KARACHI, June 26: Banks disbursed Rs37.6 billion agricultural loans in nine months to March 2003 — up from Rs35 billion disbursed in a year-ago period. “This performance is expected to improve... KCCI wants Sindh’s own industrial policy KARACHI, June 26: Karachi Chamber of Commerce and Industry president Mian Nasser Hyatt Maggo has urged the Sindh government to announce a composite and integrated industrial policy of its own on... KSE index touches new peak amid heavy trading KARACHI, June 26: Stocks on Thursday failed to sustain the early run-up as the mid-session witnessed an avalanche of selling offers followed by distress signals from the Lahore Stock Exchange over... Sportswear firm fined ISLAMABAD, June 26: The Securities and Exchange Commission of Pakistan (SECP) has penalized the chief executive and all seven directors of Fateh Sportswear Limited for transfer of Rs39.246 million to associated... Traders not happy with amendments in IT, ST KARACHI, June 26: The new amendments in the budget 2003-04 regarding income tax and sales tax regime are creating confusion and worries among the small and medium size businessmen and traders.... Ginners offer stray lots at lower rates KARACHI, June 26: The current crop prices on Thursday eased modestly as some of the ginners offered to sell stray lots at the lower rates, but there were no matching buying... Karachi Port operations KARACHI, June 26: Five ships carrying sulphur, chemical and to load wheat are expected to arrive at the outer anchorage on Friday, according to KPT sources.... CIRC sold 76 units in two years KARACHI, June 26: Chief Executive of Corporate and Industrial Restructuring Corporation (CIRC), Javed Hameed has said that the CIRC has successfully disposed of 76 units in the last two years at... Taxation treaty with Saudi Arabia ISLAMABAD, June 26: A two-member tax officials delegation would leave for Saudi Arabia on Saturday to start negotiations on a convention for the avoidance of double taxation and the prevention of... UBL ratings KARACHI, June 26: JCR-VIS has reaffirmed the ratings assigned to UBL at A/A-1 (single A/A-one) with a ‘positive outlook.... US sues Enron WASHINGTON, June 26: The US Labour Department sued Enron Corp and about 20 of its executives on Thursday on charges they helped cause the loss of millions of dollars from the... AJK’s own bank demanded MUZAFFARABAD, June 26: Azad Jammu and Kashmir Chamber of Commerce and Industry (AJKCCI) president Zulfiqar Abbasi has called for establishment of AJK’s own bank to facilitate and promote investment in Azad... Dollar higher against euro LONDON, June 26: The dollar soared to its highest in more than a month against the euro and the Swiss franc on Thursday, on relief the US Federal Reserve took only...

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