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July 26, 1999

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade

NA approves law against dumping

The National Assembly on Thursday passed the Anti-Dumping and Countervailing Duties Bill, 1998 to discourage dumping of goods in Pakistan and bring the legislation in conformity with the World Trade Organisation (WTO) agreement.

The bill was moved by Parliamentary Secretary for Finance Sardar Kamil Umar for consideration.

The bill was put to voice vote and also to the division twice on the insistence of the opposition. The division results showed 61 to nil votes the first time and 51 to nil votes the second time. The bill was discussed clause-by-clause and was finally passed by the house.

Before its adoption during the third reading, three opposition and independent MNAs, namely Kunwar Khalid Yunus, Qaisar Sheikh and Dr Fehmida Mirza, made critical speeches

In his address, independent MNA Qaisar Sheikh said that it was for the first time that such a bill had been moved in our Parliament. He said that the bill was sourly needed. He regretted that the commission had no wide powers while the powers of the bureaucracy had been enhanced.

He said that the bill had not formulated a mechanism whereby we could know how the goods from outside the country were being dumped into Pakistan.

Kunwar Khalid Yunus said that the anti-dumping laws were made the world over keeping in view the interests of respective countries' industrial concerns and also to promote the climate for investment. He called for the need for making our own laws liberal with a view to attracting foreign investment.

Dr Fehmida Mirza, in her criticism of the Anti-Dumping Bill, said that the main need of the hour was to set up independent institutions. She lauded the framing of the bill but she regretted that under the bill, the commission had been limited under the finance minister and his powers had been increased. She stressed the need for making the commission more independent.

RDFC's handing over to NWFP in final stage

The handing over of Regional Finance Development Corporation (RDFC) to NWFP is in the final stages as Islamabad and provincial government have worked out relevant details besides developing consensus over the price issue, well placed official sources told.

"The two sides have finally developed consensus over the price factor which has been delaying materialising the provincial government's move of taking over the RDFC," said the provincial government sources holding important office.

Kamal Afsar named PACO chairman

Kamal Afsar, a BS 21 officer of the Secretariat Group, has been posted as Chairman, Pakistan Automobile Corporation ( PACO ), Karachi, in his own pay and scale, a notification said.

Afsar was earlier posted as managing director of the Karachi Electric Supply Corporation.

Hurdles in exports of value-added products

Contrary to claims of removing stumbling blocks from exports of value added products the government has embarked upon retrogressive measures of promoting export of primary goods providing export finance facility for cotton yarn below 30 counts and deferring 25 paisa excise levy on yarn sales intended to complete the chain of duty drawback for exporters.

These views were expressed by Mukhtar Ahmad Sheikh chairman All Pakistan Cloth Exporters Association (APCEA) while talking to newsmen.

He said that time and again the policy makers announced that the only way to boost the national exports was value addition and export of finished and processed goods. He said it was an established fact that one kg of cotton export brought about foreign exchange equivalent to one dollar, while one kg of processed cotton in shape of fashion fabrics earned six dollars in foreign exchange.

KSE issues show cause notice to Saadi, Pakland

The Karachi Stock Exchange has given a seven-day notice to Saadi Cement Limited and Pakland Cement Limited to transfer shares to the bona-fide holders or face suspension of trading at the exchange.

In a show cause notice served on these companies, the KSE said that "in view of the fact companies refusing to transfer shares to the bona-fide holders who have acquired these shares for valuable considerations the notices have been given interalia on the following grounds.

LSE automates carry-over market

To ensure transparency in the market and facilitate investors to carry over their unsettled trades of one clearing to the next clearing and settlement period, the Lahore Stock Exchange (LSE) has automated the Carry-Over Market from July 16.

An LSE Press announcement said on Tuesday the carry-over trades mean two inter-related transactions taking place simultaneously whereby a member carries forward the existing outstanding buy or see position concerning any trade by the member with respect to the listed securities from existing clearing period to the next clearing period by paying a premium to the seller, getting a discount from the buyer or vice versa.

In order to legalise the trading in the newly created market, necessary amendments im the automated trading regulation for LOTS have been notified in the Gazette of Pakistan, says the announcement.

New IBM chief

The IBM announced on Tuesday appointment of Humayun Bashir new Country General Manager for Pakistan in place of Nisar Memon who retired at the end June after 30-year service.

Bankers seek SBP clarification

The Financial Market Association of Pakistan which represents treasurers of both local and foreign banks has sought clarification from the State Bank on several restrictions imposed on inter-bank market on June 22.

Sources close to the Association said the Association had sent a letter to SBP in the last week of June seeking clarifications on certain issues related to functioning of interbank market but there was no reply from the SBP as yet.

They said the SBP silence was creating problems for the banks in running their day-to-day treasury operations. No senior SBP official was available to say anything on it.