03 December 2004 Friday 20 Shawwal 1425 Massive development activities on cards ISLAMABAD, Dec 2: Prime Minister Shaukat Aziz said on Thursday the government was set to start "massive implementation" of the development activities that remained its major challenge ... Frequent OMOs to tighten interest rates KARACHI, Dec 2: The State Bank has seemingly realised that raising the treasury bills rates alone is not enough to tighten the interest rates if the banking system is allowed to wallow in excess liquidity. ... Efforts on to airlift embargoed textile categories KARACHI, Dec 2: The Export Promotion Bureau is negotiating with the PIA, and is also exploring entering into consultations with other airlines in Dubai to airlift 3,000 tons to 5,000 tons of textile products from Pakistan to the US next January. ... Conference on CNG KARACHI, Dec 2: The government will provide investment incentives to the private sector to encourage green buses in large urban centres. ... Sindh eyes Rs8.5bn revenue collection: Notices issued to tax evaders KARACHI, Dec 2: After showing an impressive improvement of 40 per cent in the collection of provincial taxes during first four months of this fiscal, the Sindh government has decided to take on the mighty business groups ... Exporters seek cap on refinance rates KARACHI, Dec 2: Exporters have asked the State Bank to put a cap on export refinance rates to enable them to face the quota-free market challenges by staying viable and competitive. ... Reserves fall to $11.987bn KARACHI, Dec 2: Pakistan's liquid foreign exchange reserves fell to $11.987 billion on November 27 from $12.253 billion at the end of October, showing a decline of $266 million in a little less than a month. ... SECP trying to lessen market abuses KARACHI, Dec 2: The Securities & Exchange Commission of Pakistan (SECP) has asked that offices of chairmen of the Lahore and the Islamabad Stock Exchanges be shifted a little away from the administrative blocks of their respective exchanges by Dec 31. ... Govt urged to reduce taxes KARACHI, Dec 2: The Pakistan Hosiery Manufacturers Association (PHMA) on Thursday said the Bangladesh government had removed value-added tax on all those industries that exported their entire production. ... Pakistan, Sri Lanka to exchange fresh lists: Free trade pact ISLAMABAD, Dec 2: Pakistan and Sri Lanka have agreed to exchange fresh lists of items to be considered for duty reduction to conclude the much awaited Free Trade Agreement (FTA) between the two countries. ... Trading remains slow on cotton market KARACHI, Dec 2: Trading activity on the cotton market on Thursday further slowed down as ginners opted for the TCP rather than selling at the lower rates to the spinners and mills. ... Buying at dips averts major fall on stock market KARACHI, Dec 2: Stocks on Thursday remained under pressure as leading investors adhered to the sidelines, while jobbers and short-term dealers indulged in renewed selling amid light trading. ...

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