19 July 2004 Monday 01 Jamadi-us-Saani 1425 Gulf states reduce overseas workers Home remittances of Pakistanis overseas, estimated at three million or more, who send home nearly four billion dollars through formal channels by now, run the risk of declining steadily. ... Land ceilings may go for corporates When the outgoing Prime Minister, Mr. Jamali, had announced in his one and only speech he delivered as country's PM that there would be NO land reforms ... Growth with no trickle-down effects The theory of" trickle down effect" of high growth on unemployment and poverty reduction has no validity because assets are highly skewed. It is also being disproved by negative outcomes. ... Passing the buck: regulators' new strategy The trial of Kenneth Kay, Enron's Chairman and CEO, has again brought to the fore the fundamental fallacies in the codes of corporate governance that regulators tout as panacea for the ills of the corporate sector ... Truth about the official inflation rate While commenting on inflation, the Economic Survey, 2003-04 observes: 'The rate of inflation as measured by changes in the consumer price index (CPI) averaged 3.9 per cent during the first 10 months ... Islamic economy remains undefined: US report Although the desire to establish an Islamic economy in Pakistan is nearly as old as the country itself, scholars are still struggling to define an Islamic economic system, says a report released in Washington. ... Broadening the retail base in stock market A year of two ago, at a seminar on "Retail investor base in Pakistan stock market", Mr.Mudassar Malik, Director with BMA Capital Management, reading out his paper, identified total number of small investors in stocks to be around 40,000. ... Major bid to salvage Doha talks All eyes are set on the July-end meeting of the General Council of the World Trade Organization which, it is believed, could lead to either easing of the stand-off between the developed ... Discrepancies in the SBP report The third quarterly (Q3 FY 04) report of the State Bank of Pakistan, released recently, speaks of promising developments in the economy evidenced by more than the expected GDP growth, increase in credit off-take, growth in revenue collection by the Central Board of Revenue (CBR), growth in large scale manufacturing (LSM), reduction in the fiscal deficit, increase in exports, etc. ... Low tech goods cause of slow growth of exports Increasing market access and decreasing protectionism in the wake of globalization have put competitiveness at premium. Only competitive nations can enjoy the fruits of globalization. But what is competitiveness? ... Impressive manufacturing growth or deceptive figures The historical experience of the advanced economies shows that establishing a broad and robust domestic industrial base holds the key to successful development because of its potential for strong productivity and income growth. ... Projects under way to energize Sindh The Indus flows as a single river and its plain comprises vast fertile tract stretching westward from narrow strip of flood plain on the right bank and a large expanse of the Thar desert, extending eastward from the left bank. ... Investing in mutual funds With the rapidly changing political situation and lofty promises of economic progress , investor confidence seems to be growing. However we must remember that with this rapidly evolving commercial environment business risk is also increasing ... Understanding water courses lining project There is either a self-destructive streak in some segments of the populace or they fail to see the demarcation between national interest and self-interest. ... Rules of cotton trade Cotton marketing in 2003-04 was on a roller coaster. Speculative activity in the international and domestic markets was at peak. Rumours of a short crop sky-rocketed the fibre prices. ... Sugar industry position clarified This article attempts to respond to the allegations made in an article in EBR of July 5-12 under the title Our pampered sugar mills. The 'write-up' was wholly based on 'flying facts', rather on real substance. ... Bourses take a breather on unloading fears A massive rise in the carryover volume to 28 million shares over preceding week seemed to have taken the steam out of market as fears of heavy unloading caused major dents in ruling prices, mostly of trend-setters. ... Oil shores demand of dollar up Mixed sentiments were witnessed in local currency market in the week under review. Though, rupee showed some gains in the inter-bank market, parity remained weak as the payment pressure continued in open market. ...

© The DAWN Group of Newspapers, 2004