19 May 2004 Wednesday 28 Rabi-ul-Awwal 1425 Rupee down 0.5 per cent in 18 days: Inter-bank market KARACHI, May 18: The rupee has lost half a per cent value vis- a-vis the US dollar in the inter-bank so far during this month: In the open currency market it has lost more than one per cent value against the US unit. ... Textile industry asked to improve productivity: Quota free market KARACHI, May 18: The governor State Bank Dr Ishrat Hussain on Tuesday urged the textile and garment industry to improve their productivity and only then they would be in a position to compete in the quota free market beginning next year. ... Acquisition: some queries remain unanswered KARACHI, May 18: The Dewan Mushtaq group's acquisition of controlling stakes in Pakland and Saadi Cement companies has been well received by the market, but investors ponder on some unanswered questions. ... Banks, DFIs asked to frame policies: Risk management KARACHI, May 18: The State Bank has asked all banks and DFIs or development financial institutions to make ready their country risk management policies and procedures as soon as possible. ... Govt to off-load 51pc shares in PPL ISLAMABAD, May 18: The government has decided to proceed with a strategic sale of 51 per cent shares in Pakistan Petroleum Limited (PPL) along with its management control on "as is where is basis", Dawn has learnt on good authority. ... Car makers want tariff regime restructured LAHORE, May 18: Car makers want the government to restructure the country's tariff regime for the auto industry on the lines of India to make it more favourable for the local manufacturers. ... Two car makers raise prices KARACHI, May 18: Two car assemblers have increased prices of newly-assembled cars by Rs20,000 ahead of the budget for 2004-05, while two other makers are in a fix whether to absorb the prices or follow the suit. ... Hubco to pay final dividend KARACHI, May 18: Hub Power Company Limited (Hubco) said that it "confirmed" that a damage to the Generator Stator/Rotor of Unit No 4 "should not effect" the company's ability to either service debt or pay the final dividend. ... Pakistan, Turkey may sign PTA in July ISLAMABAD, May 18: Pakistan and Turkey are likely to give, initially, duty concessions on some 50 to 80 tradable items under the proposed Preferential Trade Agreement (PTA) between the two countries. ... Cotton output stands at 9.79m bales KARACHI, May 18: Pakistan Cotton Ginners Association (PCGA) has estimated total cotton production in the country at more than 9.79 million bales till May 15. ... Physical activity on cotton market falls KARACHI, May 18: Physical activity on the cotton market on Tuesday fell to a low ebb as spinners and mills remained conspicuous by their absence throughout the session. ... Stocks fall by 24.32 points on renewed selling KARACHI, May 18: Stocks on Tuesday fell further on renewed selling by the weak-holders, but unlike the previous session there were buyers at the dips who limited the market decline amid relatively thin trading. ...

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