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April 25, 2003 Friday Safar 22, 1424 Banks asked to write off sick units’ loans ISLAMABAD, April 24: The State Bank of Pakistan has directed the commercial banks to gradually write off 75 to 100 per cent loans of thousands of sick industrial units.... Benami practice reforms KARACHI, April 24: The government has agreed with the IMF to gradually curb “benami” practice, deep rooted in the local tradition, official sources said here on Thursday.... Swiss money feeds local bourses KARACHI, April 24: Pakistani bourses have attracted investment mainly from Switzerland in the first nine months of this fiscal year.... NWFP to withdraw subsidy on wheat PESHAWAR, April 24: The NWFP government will give no subsidy on wheat from next financial year, according to official sources.... Economy shows resilience despite Iraq war: ECC ISLAMABAD, April 24: The Economic Coordination Committee meeting on Thursday deliberated in details the economic ramifications of the Iraq war on the economy of Pakistan.... Non-performing loans of NCBs rise to Rs109bn ISLAMABAD, April 24: The non-performing loans (NPL) of the nationalized commercial banks (NCBs) have increased to Rs109 billion from Rs99 billion last year, showing an increase of more than 9 per... US economy PARIS, April 24: The US economy is set to recover sharply in the next six months, growing this year by 2.5 per cent and by 4.0 per cent next year, freed... Jatoi asks Suzuki to cut prices KARACHI, April 24: Industries and Production Minister Liaquat Ali Jatoi has again asked the Pak Suzuki Motor Company to bring down the prices of cars in order to share their profit... Opec to cut output from June VIENNA, April 24: Trying to keep oil prices from collapsing after the end of the Iraq war, Opec said on Thursday it would cut its output by two million barrels a... Profit-selling sets in on stock market KARACHI, April 24: Stocks on Thursday failed to sustain the overnight rally as bears moved in and indulged in profit-selling at the inflated levels intercepting the market’s upward drive.... 3,000 companies acquire ISO certificates KARACHI, April 24: As many as 2,500-3,000 companies, mainly export oriented, have acquired the ISO-9000 quality certificates, and the government has provided around Rs50 million as a subsidy to the companies... Single ST audit at customs stage KARACHI, April 24: Member sales tax CBR Muhammad Ramzan Bhatti has promised to do away with multiple audit system of sales tax at customs stage.... Steady trend on cotton market KARACHI, April 24: Cotton market on Thursday showed steady trend as ginners raised their asking prices for the fine lots after spinners resumed covering purchases.... Model sales tax centre KARACHI, April 24: A model sales tax centre will start functioning at Karachi from July 1 to provide facilities to taxpayers and resolve their problems at a faster pace.... Bank Alfalah invests Rs17bn in securities KARACHI, April 24: Bank Alfalah Ltd. had to invest more than Rs17 billion in treasury bills and Pakistan Investment Bonds last year because of higher liquidity within the bank as well... Corporate corruption KARACHI, April 24: Anti-corruption experts at the International Chamber of Commerce (ICC) — the Paris-based world business organization — have called on companies to encourage whistle-blowing by creating internal policies under... Karachi Port operations KARACHI, April 24: Three ships carrying containers and to load ethanol are expected to arrive at the outer anchorage on Friday, according to KPT sources.... Pakistan PTA posts Rs399m profit KARACHI, April 24: The Pakistan PTA Limited reported first quarter (Q1) 2003 operating profit at Rs399 million, which compared to an operating loss of Rs653 million in the corresponding quarter last... Environmental Damages KARACHI, April 24: The annual loss from environmental damage to Pakistan’s economy is estimated around $1.8 billion with major contributions from urban air pollution $369 million, municipal sold liquid waste $883... HBL finance to SMEs against properties KARACHI, April 24: The Habib Bank Limited has decided to extend finances to small and medium enterprises (SMEs) against commercial properties....

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