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September 15, 2003 Monday Rajab 17, 1424 NFCs impoverishing provinces The last National Finance Commission (NFC) award given in 1997 by a care-taker government (CG), continues to govern the present ad hoc arrangement of sharing taxes and duties between the federation... Changing trends in the capital market The financial markets are maturing, distortions are being removed but they lack depth and are handicapped by limited avenues for investment.... Can exports be engine of growth in Pakistan? Export-led growth has been put forward as an efficient alternative to the inward-orientation strategies of development because it is believed to lead to higher total-factor-productivity growth and encourage foreign direct investment.... Bulls hesitant to check their current roaring temper New records, both in terms of index level and market capitalization were established on the Karachi Stock Exchange last week as higher badla rates and the market’s highly overbought position failed... Money matters remain under control On September 3, the State Bank of Pakistan raised the three-month and one-year Treasury-bill rates by 31 and 57 basis points respectively, signalling to banks that the T-bill rates have already... Rupee mixed on inter-bank forex counter This week the dollar came under pressure against major currencies in the international market due to excessive selling and failed to show any significant direction. At the same time, the State... Holding back of stocks by mill owners makes sugar dearer Prices of essential items on the Karachi wholesale commodity market generally rose last week. Pressure on ready supplies followed by the reports of holding back of stocks by a leading stockist... Mango export arrangements not adequate Mango growers of Pakistan have no complaints against the current crop except that the price of the fruit was unusually low this year and that Multan airport that serves as the... BT cotton: promises and disappointment Genetically engineered,/transgenic or the Bt crops were developed through biotechnology in the USA by the multinational company known as Monsanto. Varieties of cotton, corn, and potatoes were also grown for the... Armyworm threatens cotton crop in upper Sindh The target of 2.86 million hectares for cotton has been fixed for 2003-04, with the sowing showing an increase of 15.3 per cent over 2002-03.... Cement industry toying with consumers Cement has been used in construction for over 2,000 years, perhaps first by the Romans in their aqueducts and roadways. Many changes in the product and process have taken place during... World commodity report In the first week of September, oil prices slumped by as much as 9 per cent... Confusion over used cars import Is the government really serious in giving a jerk to the local automobile assemblers by opening the import of used cars, in case they fail to bring down prices,check profiteering and... Wanted: a composite industrial estate In the wake of statements issued by the Board of Investment (BoI), asking state-run organizations— like the State Bank, the CBR, Wapda etc—to respond to investors’ approach, offering them services for... Smaller cos outperformed bigger ones The record-breaking, liquidity-driven Pakistani stock market rally continues. The KSE-100 Index, has gained in excess of 250 per cent, inclusive of dividends, since the beginning of the calendar year 2002.... Poor handling of oil spill disaster It has become our hallmark that either we do not sense the danger at or remain unresponsive until it starts looming at our head.... Doing away with the IMF’s dictation The IMF has finally accepted that Pakistan need not apply for a new assistance programme from the international monetary agency after the current $1.47 billion Poverty Reduction and Growth Facility expires... Avoiding procurement of spurious equipment With the present up-surge in public spending, the need for correct and appropriate procurement, especially through domestic sources, increases....

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