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July 29, 2002 Monday Jamadi-ul-Awwal 18,1423 Democracy fuels growth LAST WEEK two very interesting reports were released one by the UNDP and the other by Pakistan-based SPDC. If what the UNDP reports says about Pakistan is read along with SPDC... Illusive fiscal deficit target THE BUDGET deficit in FY02 has gone up to 7 per cent of GDP from 5.3 per cent in the FY01, against the initial budget target of 4.9 per cent of... Increasing exports through reforms IF THE hype that preceded the announcement of the new trade policy had raised high hopes among exporters of radical concessions for them which has now given way to partial disappointments,... Corporate marriages outside the clan THE ORIENT Insurance Company Limited— a B.R.R group company in Karachi agreed early this month to merge business with Islamabad based—Business and Industrial Insurance Company Limited — the majority stake in... Lack of institutional support keeps bourses sluggish THE LATE week recovery on world stock markets, after the turmoil caused by corporate frauds and bankruptcy of some of the US telecom giants failed to lure investors back into the... No further easing in monetary policy ON JULY 24, the State Bank of Pakistan sold Rs10.7 billion worth of six-month T-bills at a cut-off yield of 6.43 per cent. It left rates unchanged, reinforcing earlier signals that... Rupee stays strong DOLLAR continued to weaken against the rupee. However, repeated interventions by the central bank limited the dollar fall. At the same time supply of euro increased substantially enabling it to capture... Commercial houses change tracks to remain afloat THE WHOLESALE Karachi commodity markets showed quietly easy trend last week as the commercial houses rolled their position from industrial raw material to essential sector, because of the hectic activity and... Challenges in agri research SCIENTIFIC research generates knowledge which has great influence on socio-economic progress and the development of human civilization.... Plight of tail-end farmers FOR SOME years, water has been passing through a critical channel in Pakistan; sources are rapidly dwindling. Water has indeed become a scarce commodity.... Zero tillage for economical production THE PLOUGH was thought to be essential tool on the farm in 3000 BC rather even long before. But now with the introduction of modern techniques of sowing and harvesting, use... Defence export and arms merchants PAKISTAN’S defence manufacturing sector meets the critical needs of its armed forces, and at times, under the most unfavourable conditions. From the inception of the Pakistan Ordnance Factory at Wah, in... ‘Independence’ of internal auditors THE AUDITING profession is now on the brink of a professional re-engineering. With concepts like, “corporate governance” and “best practices” being raised, the time has come to closely monitor the workings... The appetite for foreign goods THE LOCAL engineering industry is loosing its share in domestic market as the Ministry of Industries and Production and the Engineering Development Board have failed to pursuade the public sector organisations... Trade policy lacks a major thrust TRADE POLICY for current fiscal year announced somewhat belatedly by the commerce minister has got a mixed response. The policy at best reflects lacklustre effort that sprinkles a few marginal incentives,... Intellectual property: whither the common interest? THE WORLD Intellectual Property Organization (WIPO) recently held a seminar for journalists in Geneva with the idea of sensitizing them to the sanctity of intellectual property (IP) and its importance in... Quest for equity, sustainable profitability THE CONCEPT of intergenerational equity adopts a new significance and meaning in the context of Pakistan’s public sector banks.... Food security undermined THE 1996 WORLD food summit defined food security as ‘ Food security at the individual, household, national, regional and global level is achieved when all people, at all times, have physical...

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