30 June 2004 Wednesday 11 Jamadi-ul-Awwal 1425 Growth target achievable: SBP third quarterly report KARACHI, June 29: The State Bank says Pakistan can meet its economic growth target of 6.6 per cent in 2004-05 fiscal year. But it warns that growth policies should be strongly tilted in favour of the sectors ... Development spending lower by Rs5.6bn KARACHI, June 29: The State Bank says that the lower-than-targeted growth in the development expenditures of the government is troubling and it reflects badly on the government's commitment to implement development programmes. ... Govt needs to protect low income group: Supply of key staples KARACHI, June 29: The State Bank has advocated a clear role for government intervention to regulate the cartels and oligarchies in the market and ensure the smooth supply of at least the key staples to protect the low income group. ... 100 items exempted from customs duty ISLAMABAD, June 29: The government has exempted around 100 items from customs duty following the post-budget consultations with stakeholders. ... Interim dividend declared KARACHI, June 29: Arif Habib Securities Limited announced an aggregate pay out at 300 per cent for the year to end June 30, 2004. The Board of Directors of the company declared interim cash dividend at Rs15 per share (150 per cent) ... CBR plans to collect Rs4bn advance tax ISLAMABAD, June 29: The Central Board of Revenue will collect around Rs3-4 billion as advance tax from major taxpayers to achieve the annual revenue target of Rs510 billion for the outgoing fiscal year (2003-04). ... Local, Saudi companies to invest $15m: Car assembling ISLAMABAD, June 29: A local Nexus Automotive and Saudi Balubaid company are making an initial investment of $15 million to start assembling small Chevrolet cars next year in Pakistan under a franchise agreement with the General Motors of the US. ... Rs3 billion finance facility for SSGC KARACHI, June 29: Sui Southern Gas Company Limited (SSGCL) entered into a long term finance facility of Rs3 billion with a syndicate of banks comprising National Bank of Pakistan ... Spinners await further fall in cotton prices KARACHI, June 29: The cotton market on Tuesday remained under pressure as spinners again kept to the sidelines awaiting further fall in prices. ... Stocks beat hasty retreat from overnight highs KARACHI, June 29: Stocks on Tuesday beat a hasty retreat from the overnight highs as a follow-up support turned shy owing to some rethinking on the possible negative fallout of the political change at the top. ...

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