August 21, 2005	Sunday	Rajab 15, 1426

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Formula benefits Punjab, NWFP: GDS distribution KARACHI, Aug 20: Punjab and the NWFP are found to be the biggest beneficiaries of the existing gas development surcharge (GDS) distribution formula at the cost of Sindh and Balochistan....		Microfinance sector growing fast KARACHI, Aug 20: The concept of microfinancing or making very small loans is gaining currency and in the years to come microfinance may shape up further, performance record of this sector suggests....
Free trade talks with Singapore from 24th ISLAMABAD, Aug 20: A high-level inter-ministerial delegation will leave on Monday for Singapore to participate in the first round of negotiations on bilateral free trade agreement (FTA) between the two countries....		Pakistan, Bangladesh to boost trade ISLAMABAD, Aug 20: Pakistan has proposed to Bangladesh to consider a limited number of items for a bilateral preferential market access to increase the current volume of trade between the two countries....
Rules for zero duty with China finalized ISLAMABAD, Aug 20: Pakistan and China have finalized rules of origin for the operation of Early Harvest Programme (EHP) — zero rate of duty — from January 1, 2006....		September 1 deadline fails to attract helmet buyers KARACHI, Aug 20: As the Sindh government’s deadline of September 1 for wearing of helmet by motorcyclists is drawing closer, the sale of helmets is yet to pick up....
Banks, DFIs carry Rs205bn bad loans KARACHI, Aug 20: At the end of last fiscal year, all banks and development finance institutions (DFIs) were carrying around Rs205.5 billion worth of bad loans, according to data released by the State Bank....		Reforms help wooing FDI: PM ISLAMABAD, Aug 20: The structural reforms carried in the financial sector are bringing good results and because of that foreign direct investment is coming to Pakistan....
Corporate report awards on 26th KARACHI, Aug 20: A ‘best corporate report awards’ ceremony will be held on August 26 to honour listed companies that produced annual accounts for the year 2004, which were judged as the best in accounts, information, style, content and colour....		WB chief holds talks with Indian leaders NEW DELHI, Aug 20: World Bank president Paul Wolfowitz met top Indian leaders on Friday to discuss ways of scaling up infrastructure development to improve the lives of millions of rural poor....
EU farm subsidies unfair: British study LONDON, Aug 20: The European Union’s farm subsidy policy is unfair and only leads to greater inequalities within the enlarged 25-nation bloc, three British scholars said in a major study published on Friday....		Authorized capital of BoP raised LAHORE, Aug 20: The Punjab government has increased the authorized capital of Bank of Punjab (BoP) to Rs10bn from its current level of Rs2 billion. The authorized capital of the bank...
Premier endorses CFS ISLAMABAD, Aug 20: Prime Minister Shaukat Aziz here on Friday endorsed the decisions taken by the State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan to introduce Continuous...		Oil prices in rollercoaster week, metals fall LONDON, Aug 20: World oil prices fell from record heights this week, plunging by nearly five dollars as rising US crude stocks calmed the market, but regaining ground as fears over tight global supply resurfaced....
‘China may change oil price-setting formula’ BEIJING, Aug 20: China is considering a new method for setting domestic oil product prices that could lead to more frequent adjustments aimed at easing the sort of shortages that have...		Canadian dollar gains on oil TORONTO, Aug 20: The Canadian dollar gained ground against the US currency on Friday, rebounding from the previous day’s weakness on resurgent oil prices. Domestic bond prices ended mixed in thin volumes....
Software to verify ST returns KARACHI, Aug 20: The Member, Sales Tax, Central Board of Revenue, Shahid Ahmed, has said that sales tax department is developing an IT-based software for the verification of sales tax returns, which would be operative by November....		Cotton market lacks lustre KARACHI, Aug 20: Trading activity on the cotton market on Saturday slowed down as spinners were not inclined to make fresh commitments at the higher asking prices by ginners....
Carryover rates rise on KSE KARACHI, Aug 20: Carryover transaction (COT) rates on the Karachi Stock Exchange last week showed a modest increase of 74 basis points at 15.8 per cent, as demand for fund showed...		LCs for sugar import permitted KARACHI, Aug 20: The State Bank has advised all banks to start opening letters of credit (LCs) on behalf of the private sector traders importing raw and refined sugar from India....