27 October 2004 Wednesday 12 Ramazan 1425 Textile ministry in final stages KARACHI, Oct 26: At long last, the federal textile ministry is now in the final stages of formation but only with a consultative status in framing of the policies that concern cotton cultivation planning ... SBP contains currency in circulation KARACHI, Oct 26: A measured tightening of interest rates since the start of new fiscal year has helped in containing the growth of currency in circulation or money outside the banking system. ... State Bank action lifts rupee KARACHI, Oct 26: The rupee on Tuesday recovered six paisa and closed at 61.10 a US dollar, up from 61.16 on Monday. Senior bankers said the rupee that had lost 61 paisa to a dollar on Monday ... One car booking to discourage premium LAHORE, Oct 26: In a bid to resolve the problem of late car delivery and the premium, Indus Motors has begun refunding since September last to the investors who had multiple bookings against one NIC or a single national tax number (NTN). ... Protocol with China to be signed during PM visit: Thar Coal Power Project KARACHI, Oct 26: The protocol for setting up Thar Coal Power Project between Pakistan and China would be signed by Prime Minister Shaukat Aziz during his coming visit to China ... Draft guidelines issued: Infrastructure projects KARACHI, Oct 26: The State Bank's draft guidelines for IPF or infrastructure project financing suggest that such financing should not exceed 30 per cent of the equity of the bank or development finance institution offering IPF. ... PIA suffers Rs386m loss KARACHI, Oct 26: The current year July-September accounts of P1AC presented before the Board of directors at its 282nd meeting held here on Tuesday declaring an after-tax loss of Rs386 million. ... World Bank mission visits ICAP KARACHI, Oct 26: A World Bank representative mission comprising an international and a local consultant visited the Institute of Chartered Accountants of Pakistan (ICAP) on Monday, said a press release issued by the institute. ... Candidates for FPCCI presidentship KARACHI, Oct 26: The Businessmen Panel on Tuesday formally announced Chaudhry Muhammad Saeed from Azad Kashmir as their candidate for presidentship of the Federation of Pakistan Chambers of Commerce and Industry for two years term - 2005 and 2006. ... RBI raises repo rate to fight inflation MUMBAI, Oct 26: The Reserve Bank of India on Tuesday raised its key repurchase agreement rate by a quarter percentage point to 4.75 per cent, its first such hike in more than four years, to check inflation that has hovered at multiyear highs in recent months. ... Prices stay firm on cotton market KARACHI, Oct 26: Steady conditions were again witnessed on the cotton market on Tuesday as some of the deals in physical trading were finalized Rs25-50 above the previous rates. ... Exposure limit deadline triggers institutional selling KARACHI, Oct 26: The KSE 100-share index on Tuesday fell by 78 points on panic institutional liquidation on selected counters in an apparent effort to meet the deadline set by the central bank to correct their exposure limits by the end of the current month. ...

© The DAWN Group of Newspapers, 2004