10 July 2004 Saturday 21 Jamadi-ul-Awwal 1425 Trade deficit swells to $3.20bn KARACHI, July 9: Pakistan's trade imbalance during 2003-04 swelled to more than three times to $3.20 billion as against a little more than one billion dollar trade deficit suffered in 2002-03. ... Machinery import costs $1.5bn in April-June KARACHI, July 9: Pakistan witnessed a huge trade deficit of $1.622 billion in the last quarter of fiscal year July-June 2003-04, more than half the total trade deficit of around $3.2 billion seen in the entire fiscal year. ... SBP to use $255m IMF tranche for debt payment KARACHI, July 9: Pakistan may use the $255 million IMF tranche for payments of external debt most likely ahead of schedule. Sources at the State Bank said that the $255 million received from the IMF ... Informal trade with India stands at $2bn KARACHI, July 9: The informal trade between India and Pakistan has been continuing through indirect channels and its volume has risen to $2 billion. ... Unemployment a threat to Asia growth: ADB TOKYO, July 9: Unemployment in Asia is set to rise as the modernization of agriculture displaces farmers who will have to seek work elsewhere, threatening to cloud prospects for regional economic growth, the Asian Development Bank warned on Friday. ... Car sales rise by 57 per cent during 2003-04 KARACHI, July 9: Like 2002-03, the fiscal year 2003-04 ended with a promising fortunes for the automobile sector. Car sales during the outgoing fiscal year rose by 57 per cent followed by a hike of 86 per cent ... Corporate governance institute approved KARACHI, July 9: Foundations for the setting up of Institute of Corporate Governance was laid on Friday, when regulators and representatives of major bodies of the private sector agreed on establishment of such an institute. ... Rice export crosses $600m mark KARACHI, July 9: Country's rice export has surged by 13 per cent to $627.214 million during 2003-2004, breaking all previous records of rice exports, exporters said here on Friday. ... Ginning research institute okayed ISLAMABAD, July 9: The Board of Administrators of Export Development Fund (EDF) approved here on Friday the scheme to establish a Cotton Ginning Research and Training Institute at Multan. ... Transaction tax irks Indian stock traders MUMBAI, July 9: Scores of brokers protested outside the Bombay Stock Exchange on Friday, saying a proposed tax on the purchase of securities on exchanges will cut into the margins of short-term traders. ... Cotton market lacks trading interest KARACHI, July 9: The cotton market on Friday lacked normal trading interest partly because of a short trading session and partly to falling mill demand. ... Buying in bank shares pushes stocks up by 30 points KARACHI, July 9: Heavy buying in bank shares featured in the Friday trading as institutional traders covered positions on this counter aided by reports of higher interim earnings and predictions of handsome return on investment. ...

© The DAWN Group of Newspapers, 2004