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COVER STORY

The year 1999 was an eventful year giving new directions to the socio-economic and political life in Pakistan. On October 12, 1999 an action pack tussle between Prime Minister Nawaz Sharif and Gen. Pervez Musharraf for power ended in favour of the General. Aversion of a possible nuclear war between India and Pakistan as a result of occupation of Kargil peaks by Muahideen which led to a serious border conflict. Shooting down of two Indian aircraft by Mujahideen and downing of a Pakistani surveillance aircraft by Indian forces in which several lives were perished. Exciting beginning and end of the prize schemes of commercial banks. Historic recovery of stuck up bank loans. Hair raising crime against 100 children were the top stories of the year.


PSF

Three PSF manufacturers have posted improved profit margins for the year 1999. This was due to higher sales volume, cost controls and lower prices of PTA and MEG. However, the profit margins are expected to go down in year 2000.

MERGER

A scheme for the merger of D. G. Khan Electric with D. G. Khan Cement has been announced. While the objective is to optimize cost, the shareholders of D. G. Khan Electric may not gain as the cement sector continues to suffer due to over-capacity and higher cost of production.

SMUGGLED VEHICLES

CBR has announced one time amnesty to smuggled vehicles and this facility will also be available to those owners of cars that have already been confiscated. However, this scheme is not applicable to vehicles which have already been auctioned or released on payment of duty and taxes.

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