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July 6, 2003 Sunday Jumadi-ul-Awwal 5,1424 Legislation soon to check abuse of ‘benami’ ISLAMABAD, July 5: The government would soon introduce legislation to eliminate the abuse of “benami” practices in banks and in concealing property ownership.... Exports stand at $11.03bn in 02-03 ISLAMABAD, July 5: Merchandise exports of Pakistan during the financial year 2002-03 stood at $11.03 billion (Rs644.80 billion), crossing the psychological barrier of $10 billion for the first time in the... Huge cost makes farm lending unattractive KARACHI, July 5: Six domestic private banks out of a total of 14 in the country have preferred to stay out of agricultural lending despite “repeated reminders and specialized training” by... SBP frames new rules for primary dealers KARACHI, July 5: The State Bank of Pakistan has issued fresh rules paving the way for brokerage houses and investment banks to become its primary dealers (PDs). As the name suggests... Banks distorting rules to avoid losses: Bad loans LAHORE, July 5: Bankers are stated to be misinterpreting prudential regulations to restructure bad loans in order to avoid classifying them as loss, resulting in reduction of their profits and payment... Kinoo may lose 40pc Indonesian market KARACHI, July 5: Local kinoo exporters fear to lose 30-40 per cent market in Indonesia in the upcoming export season because of three times increase in customs duty on Pakistani kinoo... Debt equity ratio for road projects relaxed KARACHI, July 5: The State Bank has announced to relax the debt equity ratio from 70:30 to 80:20 for all infrastructure projects including roads, bridges, mass transit and rail system. For... Nishat Mills KARACHI, July 5: On Friday, the 10-rupee share in Nishat Mills Limited — the largest listed composite textile unit in the country — closed at the market price of Rs35.15. Six... No tax increase BERLIN, July 5: German Chancellor Gerhard Schroeder vowed on Saturday there would be no tax increases next year to help finance government plans to cut income taxes and said he saw... Political risks to reform programme KARACHI, July 5: In the latest review report, the IMF has listed risks to the Fund’s supported reform programme. And political risk is the first one to be focused by the... EU pressures Asia to allow its currencies to rise BALI, July 5: European finance ministers pressured Asian governments on Saturday to allow the region’s tightly managed currencies to rise against the dollar,a move that may limit any damage to... Organization’s future in doldrums: Intellectual property rights ISLAMABAD, July 5: The future of Pakistan Intellectual Property Rights Organization (PIPRO) is in the doldrums because of reluctance of relevant ministries over the establishment of an independent organization to provide... ‘Biggest’ foreign exchange racket in China exposed BEIJING, July 5: China has cracked its biggest cross-border foreign exchange scam, involving more than US$40 million, and six suspects have been arrested, the China Daily said on Saturday.... Misdeclared goods ISLAMABAD, July 5: Importers have asked the government to reduce time limit for review of cases of misdeclared or under-invoiced consignments to six months from the current three years.... EU to draft strategy ahead of WTO meeting in Sept BRUSSELS, July 5: European Union trade ministers gather in Palermo, Sicily on Sunday and Monday to draft a trade negotiation strategy ahead of a key WTO conference in September and to... Oil prices higher on Nigerian unrest LONDON, July 5: A strike in Nigeria that threatened to disrupt the country’s oil exports while Iraqi crude is also still off the market drove oil prices higher this week.... Steady trend on cotton market KARACHI, July 5: Cotton market on Saturday maintained a steady trend as ginners held on to their positions and did not lower their asking prices despite falling mill demand.... SPI moves up by 0.32pc ISLAMABAD, July 5: Sensitive Price Indicator, mainly attributable to yet another hike in the cost of hydrocarbon fuels, moved up by 0.32 per cent during the week ending July 3, 2003,... Europe, Asia upbeat about economic growth NUSA DUA, July 5: European and Asian finance ministers on Saturday expressed confidence that economic growth would accelerate over the next year as the combined scourge of war, terrorism and SARS... Saudi-Pak Investment approves Rs1 billion financing ISLAMABAD, July 5: Saudi-Pak Industrial and Agricultural Investment Company has approved financing of Rs1.012 billion to 23 companies in manufacturing, services, financial, communication and miscellaneous sectors....

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