24 July 2004 Saturday 06 Jamadi-us-Saani 1425 Allied Bank fetches highest offer of Rs14.2bn ISLAMABAD, July 23: The Ibrahim Leasing and Ibrahim Fibre Group of Faisalabad on Friday offered the highest bid of Rs14.2 billion to take over 75 per cent (325 million) additional shares ... IMF report urges SBP to reveal full details: Govt borrowing KARACHI, July 23: The IMF and the World Bank have recommended that the State Bank should disclose more details of its lending to the federal and provincial governments. ... IMF wants reforms in securities markets KARACHI, July 23: The International Monetary Fund on Friday urged Pakistan to make a series of major reforms to its securities markets, including changes to its national savings scheme. ... Rs2-3bn to be allocated annually from PSDP: Industrial infrastructure ISLAMABAD, July 23: The government has allocated Rs1.5 billion from the Export Development Fund (EDF) to meet the implementation cost of schemes announced in the Trade Policy 2004-05. ... Industry upbeat on achieving export target KARACHI, July 23: Business leaders have termed the Trade Policy 2004-05 growth and export-oriented having special features to meet the challenges in the post-quota regime starting from January 2005. ... Opec Fund exploring investment prospects] KARACHI, July 23: The Opec Fund, an investment arm of Organization of Petroleum Exporting Countries (Opec), has been exploring investment opportunities in Pakistan. ... Rules for exchange firms may be relaxed KARACHI, July 23: The State Bank may relax rules of business for mini exchange companies or exchange companies in B category. Heads of these companies received an indication in this regard from State Bank Governor ... Most paint makers yet to cut: Removal of duty prices KARACHI, July 23: Consumers are yet to fully benefit from the elimination of 10 per cent excise duty on paints as only a few manufacturers in the organized sector have slashed prices, while the entire informal sector has yet to follow the suit. ... Foreign investment target increased ISLAMABAD, July 23: The government has decided to enhance the foreign investment target from $1 billion to $1.25 billion during 2004-05 against $950 million of the last financial year. ... New refund rules to expedite process FAISALABAD, July 23: The All Pakistan Cloth Exporters Association has appreciated the streamlining of sales tax refund system. ... Lint prices stabilize at Rs2,500 per maund KARACHI, July 23: The cotton market on Friday reacted positively to the Trade Policy 2004-05, maintaining status quo on the foreign trade and a number of incentives to the textile sector. ... KSE 100-share index sheds another 16.74 points KARACHI, July 23: Stocks finished the weekend session on an easy note as leading investors were conspicuous by their absence but there was no immediate positive or negative impact of the new Trade Policy on the share business. ...

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