09 September 2004 Thursday 23 Rajab 1425 No big fall in flour prices likely KARACHI, Sept 8: The Sindh Food Department says that it has convinced the millers to sell wheat flour at Rs12.50 per kg through selected outlets and weekly bazaars, and also to retailers, at the same price. ... Rupee remains under pressure KARACHI, Sept 8: The rupee remained under pressure in the inter-bank market on Wednesday as pro-dollar sentiments prevailed even after a $100 million payment was made to a consortium of local and foreign banks by the Pak-Arab Refinery Co (Parco), on Tuesday. ... Islamic bond by year-end KARACHI, Sept 8: At least four banks plan to pitch for Pakistan's first foreign exchange Islamic bond, banking sources said on Wednesday. The government plans to sell the bond before the end of the year, mostly in the Middle East. ... Task forces for crops on the anvil ISLAMABAD, Sept 8: Food, Agriculture and Livestock Minister Skandar Hayat Bohsan on Wednesday announced the establishment of task forces of each main crop for working out effective measures for enhancing their production. ... Businessmen ready to help govt KARACHI, Sept 8: Industrialists and businessmen aspire for a role in the exercise to determine the goals of ministries of industry and trade. Prime Minister Shaukat Aziz is reported to have directed the federal ministers to specify goals and objectives in their areas. ... Fauji Cement KARACHI, Sept 8: On Wednesday, Fauji Cement Company Limited announced financial figures for the year ended June 30, 2004, posting an after-tax profit at Rs314 million in place of last year's loss of Rs531 million. ... Trade bodies sign MoU for co-operation KARACHI, Sept 8: The Brussels Chamber of Commerce and Industry (CCIB) and the Pakistan-Belgium Business Forum (PBBF) have signed a memorandum of understanding (MoU) for co-operation between the two trade bodies. ... CBR notification on additional ST ISLAMABAD, Sept 8: The Central Board of Revenue (CBR) has notified special procedures for the payment of sales tax by commercial importers on value addition. The special procedures were announced through the SRO768, on Wednesday. ... Peace for economic development stressed KARACHI, Sept 8: India-Pakistan Chamber of Commerce and Industry (IPCCI) President Senator Ilyas Ahmed Bilour has called upon the governments of India and Pakistan to promote peace and harmony in the region. ... Politics playing role in price hike: Opec chief SYDNEY, Sept 8: Opec President Purnomo Yusgiantoro blamed a "political premium" of $10-15 a barrel for soaring oil prices on Wednesday, saying, the oil cartel is exceeding its supply quotas but the market is not responding. ... EU, US farm subsidies GENEVA, Sept 8: The World Trade Organization confirmed two separate rulings on Wednesday outlawing farm subsidies paid by the United States to cotton farmers and by the European Union to its sugar producers. ... BoE may leave rates unchanged LONDON, Sept 8: The Bank of England is widely expected to leave interest rates unchanged at 4.75 per cent on Thursday after recent signs that a string of hikes have started to douse the red-hot housing market. ... Buyers remain busy on cotton market KARACHI, Sept 8: Trading on the cotton market on Wednesday was fairly active as spinners and mills continued to build-up long positions at the current levels to cover their forward positions against foreign sales. ... KSE 100-share index recovers 30.62 points KARACHI, Sept 8: Stocks on Wednesday gave a better performance as investors covered positions at the lower levels almost on all the counters, pushing prices as well as the KSE 100-share index modestly higher from the current lows. ...

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