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January 2, 2002 Wednesday Shawwal 17, 1422 SBP separates public service functions KARACHI, Jan 1: The State Bank of Pakistan Services Corporation starts functioning from Tuesday (Jan 2, 2002) as a subsidiary of the State Bank of Pakistan. With an authorized capital of... Hurdles to investment will be removed: Shaukat opens SME Bank ISLAMABAD, Jan 1: Minister for Finance Shaukat Aziz has assured the business community that various irritants including those relating to the Central Board of Revenue (CBR) will be removed to encourage... State Bank buys $637m from kerb in six months KARACHI, Jan 1: The State Bank of Pakistan has made direct purchase of $637 million from the kerb market in last six months as against $755 million in the corresponding period... Mid-year budget review next month KARACHI, Jan 1: In an effort to improve transparency and access to public information on public finances, the government will publish an analytical mid-year review of current budget by the end... Mechanism for ‘short selling’ soon: SECP KARACHI, Jan 1: The regulatory mechanism for “short selling” in stocks would be made public in the next few weeks, said the chairman of Securities and Exchange Commission of Pakistan (SEC),... Banks asked to have Rs1bn capital base KARACHI, Jan 1: All banks have been asked to have a minimum capital base of Rs1 billion before end December 2002 failing which, the State Bank Governor Dr Ishrat Hussain warned... Stocks resume new year trading on bullish note KARACHI, Jan 1: Stocks on Tuesday resumed new year trading on bullish note on active short-covering in the pivotals aided by some positive statements by the Indian high-ups on Pakistan’s steps... Saarc states to discuss tariff concession ISLAMABAD, Jan 1: The Saarc-member countries are to hold a fourth round of meeting on South Asia Preferential Trade Arrangement (SAPTA) later this month to accelerate free-trade among its members.... Cotton market begins new year cheerlessly KARACHI, Jan 1: The new year account on the cotton market on Tuesday opened on a cheerless note as leading spinners and mills again adhered to the sidelines awaiting some stimulating... Indian cotton prices seen falling MUMBAI, Jan 1: Indian cotton prices are likely to fall further in January even though the government has stepped up buying at higher-than-market prices, traders said on Tuesday.... Mahathir predicts 3pc economic growth KUALA LUMPUR, Jan 1: Malaysian Prime Minister Mahathir Mohamad on Tuesday predicted economic growth would accelerate to three percent this year after a sharp slowdown in 2001.... Palm oil prices stable KARACHI, Jan 1: Local palm oil prices were stable during the past week on domestic buying and dealers said on Tuesday traders were building up stocks ahead of a traditional drop... Withdrawal of levies on PSF import demanded KARACHI, Jan 1: The Aptma chairman, Nadeem Maqbool, has protested the “formation of cartel by local polyester staple fibre industry, thereby fleecing the textile industry.”... More women shop online WASHINGTON, Jan 1: More women than men now shop online, according to a report released on Tuesday that found the average consumer was spending more money on electronic commerce sites.... Euro arrived: real work begins for ECB, Europe FRANKFURT, Jan 1: The European Central Bank can pat itself on the back for successfully bringing off the biggest monetary changeover in history with the rollout of euro cash.... Kuwait stock rises 27pc KUWAIT, Jan 1: Kuwait’s lively stock market started 2002 with half a percentage point rise on Tuesday after ending the year up 27pc despite a sharp drop triggered by the September... Chinese exchanges accept euros BEIJING, Jan 1: Several currency exchanges in the Chinese capital announced Tuesday they would accept the new European single currency as well as the euro zone’s outgoing national currencies, as long... SBP updating forex manual KARACHI, Jan 1: The State Bank of Pakistan is updating the foreign exchange manual and incorporating all the changes proposed in foreign exchange circulars and letters to be issued up to... Grand trading system on KSE chief’s agenda KARACHI, Jan 1: Salim Chamdia, stepping on as chairman of the Karachi Stock Exchange for 2002, resolved to implement the Grand Trading System and launch the Internet based trading during his... Exporters availing DTRE scheme: CBR ISLAMABAD, Jan 1: The Central Board of Revenue (CBR) has clarified that majority of the exporters and textile industries have opted for the Duty and Tax Remission for Export (DTRE) scheme....

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