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The
launching of Euro as the single cash currency in the economic
powerhouse of 12 EU countries housing 300 million people from January
1 this year has international implications — both financial and
political. While the performance of euro against the dollar has
remained less than satisfactory the changed post-September 11 world is
expected to benefit euro in the time to come as 10 more candidates
will join the eurozone by 2004.
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PAK
SAUDI FERTILIZER
Fauji Fertilizer submitted
the highest bid for Pak Saudi Fertilizer. The most surprising aspect
of this entire episode was the difference between the bids placed by
other companies. Some analysts believe that Pak Saudi's acquisition
will be a positive development for FFC. Others believe that it is an
expensive transaction and the fate depends on future strategy of the
company.
MUTUAL
FUNDS
Arif Habib Investments
have launched two mutual funds wroth Rs500 million. This is the first
entry in the mutual fund industry after a gap of 5 years. Mutual funds
provide institutional support for a wide range of participants in the
economic chain. These facilitate flow of capital both institutional
and small savings to the capital market and through that an efficient
allocation to trade and industry which in turn fuels economic growth.
