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October 23, 2003 Thursday Sha’aban 26, 1424 SBP rejects Saudi Pak Co offer to run ABL ISLAMABAD, Oct 22: The State Bank of Pakistan has rejected the offer of Saudi Pak Investment Company to take over Allied Bank Limited (ABL) and run it through a new professional... Cut in cotton finance margin sought KARACHI, Oct 22: Textile millers want banks to reduce cotton finance margin because the sky-rocketing of cotton price during this season has made them poorer. They have sought a meeting with... Various soft drinks hit market KARACHI, Oct 22: Various soft drinks under the name of Mecca Cola, Zamzama Cola, Amrit Cola, Zam Zam Cola, Al-Mecca Cola, etc., have now hit the market as an alternative option... SECP proposal accepted: Securities regulation ISLAMABAD, Oct 22: The International Organization of Securities Commissions (IOSCO) has accepted the proposal presented by the Securities and Exchange Commission of Pakistan (SECP) to set out the mandate of the... KPT income rises to Rs8.423bn KARACHI, Oct 22: The Karachi Port Trust earned Rs8,423 million in total income for the fiscal year 2002-03, which represented an increase of 7.7 per cent over its budgeted income of... Oil prices retreat as supply fear eases LONDON, Oct 22: Oil prices retreated on Wednesday after estimates of US inventories calmed worries about heating oil supplies going into the northern hemisphere winter.... Sawan gas field starts production VIENNA, Oct 22: Austrian gas and oil group OMV started full production at the new Sawan gas field in Pakistan on Wednesday, more than tripling its gas production in Pakistan, the... Investment Advisory bodies KARACHI, Oct 22: The State Bank has allowed commercial banks to establish subsidiaries for the purpose of asset management and financial & investment advisory services under the Non-Banking Finance Companies Rules... ADB okays $50m new tranche for Zarai Bank ISLAMABAD, Oct 22: The Asian Development Bank (ADB) has approved $50 million new instalment for Zarai Traqqiati Bank Limited (ZTBL) to further undertake reforms in the organization.... KSE Ramazan timings KARACHI, Oct 22: Offices of Karachi Stock Exchange (KSE) would open from 9.00 am to 3.30 pm with break for prayer from 1.00 pm to 1.30 pm during the week days... Confusion over PSO sell-off stirs active selling KARACHI, Oct 22: Stocks on Wednesday suffered widespread decline on active selling by all and sundry triggered by reports of further delay in the PSO sell-off. The KSE 100-share index was... First NBP Modaraba LAHORE, Oct 22: The Shariah-compliant First National Bank Modaraba (FNBM) will become operational during the first week of November, said Chief Executive Officer of FNBM, Shafiq Khan while giving a presentation... Textile and rice exports to Germany increase ISLAMABAD, Oct 22: Exports of textile, rice and sports products to Germany registered a growth of over 20 per cent during the fiscal 2002-03 as compared to the same period of... Prices ease on cotton market KARACHI, Oct 22: Cotton prices on Wednesday retreated from the all-time peak levels as spinners and mills again extended guarded support to fine lots at the lower rates.... QSC runs short of funds LAHORE, Oct 22: Some Quota Supervisory Council (QSC) members are trying to convene an emergency meeting of the council to discuss the Export Promotion Bureau’s failure to release funds to it... Palm oil imports slow KARACHI, Oct 22: Pakistan’s palm oil market remained mixed during the last week and importers hesitated to book new orders preferring to wait for world prices to settle down, dealers said... NDLC ratings withdrawn LAHORE, Oct 22: Following the merger of National Development Leasing Corporation Limited (NDLC) and the Pakistani branches of International Finance Investment and Commerce Bank Limited (IFIC) with and into NDLC-IFIC Bank... Karachi Port operations KARACHI, Oct 22: Four ships carrying raw jute and containers are due to arrive at the outer anchorage on Thursday, according to KPT sources....

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