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May 26, 2002 Sunday Rabi-ul-Awwal 13,1423 Investment in NWFP negligible PESHAWAR, May 25: With the US dollar finding it difficult to be regarded as a reliable investment after Sept 11, bankers and businessmen believe that instead of investing the rupee proceeds... Drawback rates revision under study: Textile items ISLAMABAD, May 25: The government is considering to revise the duty drawback rates on export of textile products downward from the next financial year.... Generators prices fall by 15 per cent KARACHI, May 25: The rupee appreciation against the dollar by seven per cent since July-May 2001-2002 has caused a price fall in power generating equipments by 10-15 per cent.... CBR lawyers may get fees increase ISLAMABAD, May 25: The government is likely to increase legal fees of advocates appearing on behalf of the Central Board of Revenue and its sub-ordinate offices in tax evasion cases.... Glaxo Wellcome Pakistan KARACHI, May 25: The recently released accounts for the quarter ended March 31, 2002, shows that the company holds Rs2.6 billion in total assets, which is close to its market capitalization... Govt, druggists reach accord: Consignments KARACHI, May 25: The government has in principle agreed to release all consignments of medicines, which were booked and their Letter of Credits (L/Cs) opened prior to the levy of 15... Imports from India decline by 12 per cent: July-March ISLAMABAD, May 25: Pakistan’s import from India has declined by over 12 per cent during the July-March period of the current financial year in comparison to the same period last year.... US move to oversee accountants WASHINGTON, May 25: The top US securities regulator, under pressure to take charge of Washington’s policy response to the Enron debacle as time runs out for lawmakers to act, said on... PICIC board elections under flashlight KARACHI, May 25: The elections to the board of directors of PICIC have come under corporate flashlight.... ‘Steel tariffs will have no major impact’ LUXEMBOURG, May 25: The financial impact of the US decision to impose tariffs on steel will be less than might be expected, the chief financial officer of Arcelor the world’s largest... Iran approves foreign investment law TEHRAN, May 25: Iran gave final approval on Saturday to a new foreign investment law aimed at luring oversees funds to help stimulate its sluggish economy.... Bangladesh airline losing market DHAKA, May 25: Bangladesh is bleeding white to pay for the passengers travelling abroad in foreign exchange because foreign airlines are beating the national carrier Bangladesh Biman hollow and walking off... Poland advised to make central bank independent: EU membership WARSAW, May 25: Bundesbank President Ernst Welteke warned European Union candidates on Friday that political attacks on independent central banks risked derailing their bid to join the bloc.... Indian forex reserves fall MUMBAI, May 25: India’s foreign exchange reserves fell in the week to May 17, after rising for 32 straight weeks, confirming the market’s belief that the central bank intervened when war... Merrill mulls new indexes NEW YORK, May 25: Merrill Lynch & Co. may soon offer alternatives to its widely followed high-yield bond index to help money managers deal with a new wave of debt recently... New York cotton ends lower NEW YORK, May 25: NYCE cotton futures settled marginally softer on Friday due to an early burst of trade sales, but modest speculative interest pared losses going into a long holiday... Nasdaq issues tougher guidelines NEW YORK, May 25: The Nasdaq Stock Market issued tougher corporate governance guidelines on Friday for its 4,000-plus member companies, including clarifying that a company can get delisted for misrepresenting information.... Rs4bn ADBP credit plan LAHORE, May 25: Embarking on a policy of ‘broadening horizons’ and responding to the new needs and challenges of the sector it serves, the Agricultural Development Bank of Pakistan (ADBP) has... China offers joint ventures to Pakistan BEIJING, May 25: China has offered new trade opportunities to Pakistani businessmen to undertake joint ventures in its western region, Xinjiang. Xingjiang, a Muslim majority province may emerge as hub of... WB pledges $100m for Sindh reforms KARACHI, May 25: The World Bank has agreed to provide $100 million interest-free assistance for Sindh reforms programme from the next financial year....

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