COVER STORY PIRACY

The present copyright law is weak and needs to be strengthened to include a minimum penalty to give the law a deterrent value. An effective enforcement programme should be carried out by the government to enforce the existing copyright laws. In addition, the duties and levies on such imported raw material for books such as paper, ink, film, and plates should be reduced.

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Al-MEEZAN BANK
Al-Meezan Investment Bank is introducing "Riba Free" an Islamic Investment Deposit scheme. The introduction of this new mode of Islamic finance has been scheduled to coincide with Hajjat ul Wida, the last sermon delivered by Prophet Mohammad (pbuh) in which the interest was declared forever as "Haram".

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DELAYED PROJECTS
Iran-Pak Refinery, a joint venture between the two countries is continued to suffer uncalled for delays for one reason or the other since it was signed in 1996. Pakistan's ever increasing oil import bill which may be over $2.5 billion for the current fiscal demands that refinery project and Turkmenistan gas pipeline, the two products should not be allowed further delays.

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NORTEL AND PAK TELECOM
Pak Telecom Mobile Limited has signed an agreement with Nortel Networks for digital wireless network. Nortel's strong track record in cellular communications will give a strong boost to the new venture. The delay in launch of the mobile service is costing approximately Rs. 150 million monthly to the Company.