16 June 2004 Wednesday 27 Rabi-us-Saani 1425 WB, ADB offer $1.8bn: External financing ISLAMABAD, June 15: The World Bank and the Asian Development Bank (ADB) have indicated to provide $1.8 billion ($900 million each) to help meet Rs156.3 billion external financing as announced in Rs903 billion new budget. ... Import duty on 564 raw material items reduced ISLAMABAD, June 15: The government has reduced duty on 564 items on their import as raw material in the federal budget 2004-05 to make the local manufacturing industry competitive both in domestic and international market. ... Government borrows Rs64.8bn from banks: July/May 2003/04 KARACHI, June 15: Between July-May 2003-04 the government had to borrow from the banking system Rs64.8 billion-more than four times the target of Rs15 billion set in the credit plan of this fiscal year. ... Builders not satisfied with incentives KARACHI, June 15: Incentives, announced for construction and housing industry in 2004-2005 budget, are unlikely to boost the construction and housing activities, builders and developers say. ... KSE three-point strategy to replace CVT: Revenue generation KARACHI, June 15: The Karachi Stock Exchange debated and proposed to forward a three-point strategy to the government, which could assist CBR in collecting its targeted Rs1.5 billion revenue from stock trading. ... ICI may dispose of shares in PTA KARACHI, June 15: A meeting of the Board of Directors of ICI Pakistan Limited, held on Tuesday, proposed to recommend to the Members that the Board should be authorised to dispose of ICI Pakistan's entire shareholding in Pakistan PTA Limited. ... Aptma points out anomalies in Finance Bill KARACHI, June 15: The chairman, All Pakistan Textile Mills Association (APTMA), M Waqar Monnoo on Tuesday said that the duty structure on raw materials used by textile industry has not been rationalized in the Finance Bill 2004. ... Sindh budget today KARACHI, June 15: The Sindh Finance Minister Syed Sardar Ahmad is presenting on Wednesday afternoon the provincial budget for 2004- 05, which is expected to indicate a total outlay of Rs110 billion. ... Unilever to sell edible oil business KARACHI, June 15: Unilever Pakistan announced on Tuesday that the company board had decided to sell its edible oils business, subject to approval of its shareholders. ... Imported cars to eliminate menace of premium ISLAMABAD, June 15: The government did not intend to reduce the prices of local cars through the proposed duty reductions announced in the federal budget 2004-05 but wanted to overcome the problem of high premium, delays in delivery and short supplies. ... Cotton prices ease amid dull demand KARACHI, June 15: Cotton prices on Tuesday suffered a modest decline of Rs25 per maund in the absence of any buying offers from the spinners and the mills. ... Assurances on CVT help stocks recover 100.79 points KARACHI, June 15: Stocks on Tuesday staged a smart recovery followed by strong institutional support on reports of verbal official assurance to bourses chiefs that the government would withdraw the Capital Value Tax (CVT) ...

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