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January 21, 2002 Monday Ziqa’ad 6, 1422 Don’t cry for the IMF, Argentina! FOR a decade Argentina, like Enron, has been a darling of the West’s financial community. And like the energy trading giant, this Latin American country was also presented as a role... Third coming together Now that there have appeared visible signs that the two low intensity wars which Pakistan had been fighting unofficially, one across it northern borders in Afghanistan and the other across the... Euro: a pointer to regional trading blocs With the coming into circulation of euro notes and coins in the 12 countries of the European Union that have opted to join the common currency, has unfolded the historic final... Speeding up the economic revival Finance minister Shaukat Aziz has done well to reject a new war tax as a fiscal option in these difficult times. He has done that despite fears to the contrary in... Beyond the debt relief As a major reward for its unstinted support to the US-led coalition in their “war against terrorism”, Pakistan has secured a impressive rescheduling of its external debt.... KSE garners Rs22bn on political developments Stocks finished the eventful week on a bullish note as positive developments, which followed in quick succession, did not allow the investors to taken even a technical breather or look back... Money market cheerless According to the Statement of Affairs of the State Bank of Pakistan, for the week ended January 5, 2002, both notes in circulation and those issued continued to decline in the... Demand for dollar rising In the inter-bank market, the rupee assumed a continuous falling trend this week on rising dollar demand from banks, amid slow business. Sufficient dollar supply during the week, however, restricted any... Commodity prices dip Karachi commodity wholesale markets showed easy trend last week as commercial houses did not resume buying operations, rather sold followed by reports of steady arrivals from the upcountry trading centres.... Oil companies in trouble Industrial consumption of petroleum, oil and lubricants (POL) in the year 2001-02 is expected to fall by around one million tons to 17 million tons from 18.2 million tons in 2000-01.... Prolonged dry spell may affect wheat crop Wheat being a major food crop of Pakistan occupies 38 per cent of the total cultivated area. The five-year (1995-2000) average was 8.3 million hectares with 71.9 per cent in Punjab,... Barnyard grass as a serious rice weed Barnyard grass, locally known as “dhidden,” is a troublesome weed found in rice because in early stages of growth, it resembles rice plants and cannot be easily separated from rice seedlings.... Banana bunchy top virus in Sindh Banana is extensively grown in the lower part of Sindh where the soil and climatic conditions are favorable for its successful cultivation. The total share of Sindh province alone in its... Army worm attack on lucern in upper Sindh Lucern (alfalfa) is an important fodder crop of Rabi season. Most probably the native place of lucern is Iran. It is one of the world’s most valuable cultivated forage and ideal... Karachi Port’s thrust for developing its potentials The Karachi Port seems to be poised for a major breakthrough in view of its ambitious plan code-named, “KPT Visions” which aims at transforming the port into a modern, competitive and... Public cos’ fail to deliver Pakistan’s public companies have failed to deliver. Whether you take power, banking, petroleum, telecommunications, or industry, the outcome in terms of quality, output, profits, or prices is below expectations, and far... World commodity report During the first few days of this month, silver continued to rise, reaching an 11-month high of $4.70 a troy ounce in London on January 4. This was more than 15 per cent above the eight-year low of $4.065, the metal reached in November. ... Engine that is too weak to pull Over the years, large scale manufacturing sector in the country has continued to totter and tumble. The growth and expansion in the sector that is sometimes referred to as “an engine of growth” ... SME bank inherits best practices Small and medium enterprises (SMEs) form 90 per cent of businesses in the country, comprising heterogeneous activities with active presence in services and manufacturing sectors.... Lowering of interest rates essential Banks are expected to respond soon—in matter of weeks if not days—to the ‘wake up’ call given to them by the federal finance minister Shaukat Aziz on Tuesday (January 15) followed...

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