08 July 2004 Thursday 19 Jamadi-ul-Awwal 1425 New fiscal starts with interest rate hike KARACHI, July 7: The State Bank on Wednesday raised the cut-off yields on three-month and one-year treasury bills by 30 basis points and 45 basis points respectively. The central bank did this at an auction held for selling treasury bills. ... 0.2m ordinary people benefit from sell-off: First PPL road show ISLAMABAD, July 7: Privatization and Investment Minister Dr Abdul Hafeez Shaikh said here Wednesday that the current privatization policy aimed at facilitating middle class participation in investment. ... 15 export policy initiatives implemented ISLAMABAD, July 7: The government implemented 15 out of its 32 major policy initiatives during the fiscal year 2003-04 announced in the trade policy for enhancing exports. ... New pesticides SRO to benefit specific group MULTAN, July 7: The ministry of food, agriculture and livestock has issued another statutory notification, which observers expect, will benefit a particular group in pesticides business, taking advantage of an SRO that has yet to be approved. ... New car bookings drop by 50pc KARACHI, July 7: Authorized car dealers are now witnessing a slowdown in booking of new cars by 30-50 per cent after the announcement of budget 2004-05 ... Forex for use of IT services KARACHI, July 7: The State Bank has allowed banks to release foreign exchange up to $100,000 per invoice for private sector companies for payments on account of utilization of information technology services and the like. ... Pakistan, Kenya agree to activate business council KARACHI, July 7: Kenyan High Commissioner David M. Mutemi and FPCCI president Riaz Ahmed Tata have agreed to activate the Pakistan-Kenya Joint Business Council to exploit potential for boosting trade and economic cooperation between the two countries. ... Finland to invest $300m in Pakistan ISLAMABAD, July 7: Pakistan and Finland have decided to sign an "Investment Treaty" that will initially attract $300 million investment from Finland. ... Exports to Tajikistan may touch $50m mark LAHORE, July 7: Pakistan's exports to Tajikistan can reach the level of $50 million in a couple of years, hoped Mian Anjum Nisar, the leader of Pakistan trade delegation ... Dollar slides amid worries over US economic recovery LONDON, July 7: The dollar fell to its lowest level against the euro for three months on Wednesday, amid rising fears about a slowdown in the US economy in the wake of soft economic data and unease over earnings reports, analysts said. ... Cotton prices decline by Rs100 per maund KARACHI, July 7: The cotton market on Wednesday remained under pressure as official spot rates were further marked down by Rs25 maund as spinners again adhered to the sidelines. ... KSE 100-share index recovers another 18.67 points KARACHI, July 7: Stocks on Wednesday finished on a mixed note as initial run-up could not be sustained owing to late profit-selling in some of the leading shares. The KSE 100-share index recovered another 18.67 points at 5,409.32. ...

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