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November 23, 2003 Sunday Ramazan 27, 1424 Bank credit to private sector up to Rs60.8bn: July-October 2003 KARACHI, Nov 22: The private sector borrowing from banks shot up to Rs60.8 billion in less than four months to October 25, 2003, confirming that a filter-down impact of the economic... Car production, sales jump in four months: Buyers awaiting import decision KARACHI, Nov 22: Confusion over allowing car imports in the last four months followed by the task force’s proposal last month to the government for reducing import duty on new cars... SPI shoots up by 1.64 per cent ISLAMABAD, Nov 22: Sensitive Price Indicator (SPI) recorded the highest increase of 1.64 per cent during the week ending Nov 20, 2003, over the previous week.... PMTF to start production of motorcycles KARACHI, Nov 22: Pakistan Machine Tool Factory (PMTF) will start assembling and production of motorcycles.... Berlin may write off some of Iraq’s debt BERLIN, Nov 22: Chancellor Gerhard Schroeder on Saturday called upon the Paris Club of creditor governments to work out any rescheduling of Iraq’s foreign debt and said Germany was willing to... POL to Explore oil, gas in Attock ISLAMABAD, Nov 22: An agreement between the government of Pakistan and Pakistan Oilfields Limited (POL) was signed here on Saturday for grant of petroleum exploration licence to carry out oil and... Senate stalls US energy bill WASHINGTON, Nov 22: The Senate has stalled a 32-billion-dollar energy bill whose Republican backers say would bolster a creaky power grid and cut US dependence on foreign oil.... CBR reforms monitoring system ISLAMABAD, Nov 22: The Central Board of Revenue (CBR) has decided to set up monitoring and evaluation system for tracking progress of steps taken for the re-structuring of tax administration.... Tax Deduction at source ISLAMABAD, Nov 22: The Central Board of Revenue (CBR) has issued a brochure explaining the method and the formula of deduction of tax at source.... Sui Northern Gas Pipelines KARACHI, Nov 22: On Thursday, the Board of directors of Sui Northern Gas Pipelines Limited (SNGPL)— the bigger of the Sui twins— announced financial figures for the year ended June 30,... Fed’s Ferguson sees no US rate hike soon CHICAGO, Nov 22: Federal Reserve Vice-Chairman Roger Ferguson said on Friday the likelihood that abundant capacity will restrain US prices as the economy recovers means less likelihood that interest rates must... Reimbursement ordered ISLAMABAD, Nov 22: The Federal Tax Ombudsman (FTO), Justice (Retd) Saleem Akhtar has asked the Central Board of Revenue (CBR) to reimburse the tax collected from a complainant in excess of... Iran to provide Iraq with oil products KUWAIT, Nov 22: Iran on Saturday agreed in principle to provide former foe Iraq with refined petroleum products to help cover expected winter shortages, and may get Iraqi crude oil in... Afghan civil servants’ pay raised by 600pc KABUL, Nov 22: Afghanistan has increased civil servants’ salaries by 600 per cent but most will still struggle even on their new pay, finance ministry officials said on Saturday.... NY cotton lower NEW YORK, Nov 22: NY cotton futures tumbled to 6-week lows at Friday’s close as mostly speculator and local selling nudged prices down into stop-loss sell orders, dealers said.... Dollar slightly lower against major currencies NEW YORK, Nov 22: The dollar weakened slightly on Friday, but came off its intraday lows against major currencies, as concerns about possible terror threats eased amid steady price action on... US-China trade further frayed by pipe-fitting duty WASHINGTON, Nov 22: US-China trade tensions deepened on Friday with a US International Trade Commission decision allowing anti-dumping duties on Chinese iron pipe fittings, capping a week when the two countries... Chevron Texaco halts production in Nigeria LAGOS, Nov 22: US oil major Chevron Texaco has shut down production on four offshore oil platforms in southern Nigeria amounting to 23,000 barrels of oil per day after 18 of... Malaysia to build $4.2bn aluminium smelter KUALA LUMPUR, Nov 22: A consortium of US, Chinese and Hong Kong investors is expected to invest 16 billion ringgit ($4.2 billion) to build an aluminium smelter in Malaysia, a business... EC may relax demands on German deficit BERLIN, Nov 22: The European Commission may water down demands that Germany reduce its structural budget deficit by 0.8 per cent of gross domestic product next year, according to a German...

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