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January 22, 2003 Wednesday Ziqa’ad 18, 1423 $1bn needed to build strategic oil reserves KARACHI, Jan 21: A one billion dollar investment is needed to construct strategic reserves for petroleum and petroleum products in the country which could cost petrol consumers an additional rupee surcharge... 1st exchange company from February 6: 4 more NOCs issued KARACHI, Jan 21: The first foreign exchange company will start operations from February 6 amidst growing debate on how soon the wings of the money changers be clipped to allow a... Pakistan to bind tariff rates at 50pc points ISLAMABAD, Jan 21: Pakistan on Tuesday decided to bind its industrial tariff rates at 50 per cent points to ensure maximum flexibility in negotiations under Doha round of the World Trade... Commercial courts soon to expedite loan cases ISLAMABAD, Jan 21: The government will soon set up commercial courts for speedy disposal of bank loan cases, replacing the existing banking courts.... Exporters asked to focus on diversification LAHORE, Jan 21: Emphasizing the need to encourage export-led growth, a former commerce minister has urged the exporters to concentrate on diversification of products and foreign markets to increase the export... EPB withholds visas against shipment FAISALABAD, Jan 21: The Export Promotion Bureau has withheld the visas against shipments made by the exporters to various European destination during the last week of December, which may cause huge... Suitability rules ISLAMABAD, Jan 21: Securities and Exchange Commission of Pakistan is formulating suitability rules, which will make the brokers advice on investment obligatory.... Stocks plunge as panic-selling engulfs all sectors KARACHI, Jan 21: The KSE 100-share index on Tuesday crashed from the recent all-time highs as pent-up badla-related panic selling engulfed all the sectors, pushing it lower by 125.60 points and... Tri-Pack Films KARACHI, Jan 21: On Tuesday, Tri-Pack Films Limited — the manufacturers of Biaxially Oriented Polypropylene (BOPP) — unveiled the financial figures for the year ended December 31, 2002, posting profit that... Pakistan likely to export 10,000 cars ISLAMABAD, Jan 21: Pakistan is expected to export around 10,000 small cars to Syria, Lebanon, Jordan and Iraq through a leading Syrian business group.... Euromoney officials visit KSE KARACHI, Jan 21: Mr. Sui Chung, Senior Manager of Euromoney for Pakistan, Saudi Arabia and European territories said that international fund mangers had taken note of KSE making headlines as best... Karachi Port operations KARACHI, Jan 21: Five ships carrying containers, chemicals and sugar for Afghanistan are expected to arrive at the outer anchorage on Wednesday, according to KPT sources.... WB says climate for investment unattractive ISLAMABAD, Jan 21: The World Bank believes that inadequate incentive regime, risky and weak regulatory framework and weak financial institutions were major reasons for an unattractive investment climate in Pakistan.... Single building for all taxes ISLAMABAD, Jan 21: The International Monetary Fund (IMF) has asked the Central Board of Revenue (CBR) to give up the existing policy of hiring a separate building for different tax offices... Cotton prices move up on panic buying KARACHI, Jan 21: Cotton prices on Tuesday rose sharply as spinners indulged in near-panic buying but ginners held on to their positions entertaining bullish ideas owing to conflicting reports about the... Wharfage charges KARACHI, Jan 21: Rice Exporters Association of Pakistan (REAP) has condemned the arbitrary increase by Karachi Port Trust (KPT) in wharfage charges on export by Rs35 per ton on bulk cargo... Dollar edges higher LONDON, Jan 21: The dollar edged higher on Tuesday, but analysts said the modest gains were likely to be a mere blip in a downward trend in the US currency driven... Palm oil prices lower KUALA LUMPUR, Jan 21: Malaysian crude palm oil futures pared losses by the close on Tuesday, helped by short covering, after falling to their lowest level in nearly two months....

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