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July 4, 2002 Thursday Rabi-us-Sani 22,1423 SBP clears all three bidders for UBL stake ISLAMABAD, July 3: The State Bank of Pakistan has cleared all the three bidders to acquire 51 per cent shares of the United Bank Limited (UBL) but advised the Privatization Commission... TCP wants cotton bid price raised by Rs100 KARACHI, July 3: Trading Corporation of Pakistan (TCP) has given counter offer to the highest bidder of raw cotton, asking him to enhance the bid price by Rs100 per maund against... 17 TFCs worth Rs10bn issued last fiscal KARACHI, July 3: As many as 17 Term Finance Certificates (TFCs) worth Rs10 billion were issued during financial year 2002, taking the total value of Pakistan’s listed private debt (TFC) market... 2m tons wheat may be exported this fiscal: 3.7m tons carryover stock ISLAMABAD, July 3: Pakistan may be in a position to export two million tons of wheat in 2002-03 out of huge carryover stock of 3.7 million tons from the previous year.... Cooking oil prices up by Rs10 per kg KARACHI, July 3: After Lever Brothers some other ghee and cooking oil producers have also raised prices by Rs10 per kg following the levy of 15 per cent general sales tax... LSM growth seen at 4pc KARACHI, July 3: The government believes that the large scale manufacturing (LSM) sector would grow by 4 per cent in fiscal July/June 2001/02.... Consortium’s stake in MSCL offered for sale KARACHI, July 3: A consortium of National Bank of Pakistan, Habib Bank Limited and United Bank Limited said they intend to sell their controlling stake in Metropolitan Steel Corporation Ltd (MSCL)... London stocks plunge to 5-year low LONDON, July 3: Shares prices at the London stock market on Wednesday were at their lowest levels since May 1997, with more than 25 billion pound wiped from the value of... WorldCom shares shoot up NEW YORK, July 3: Share prices of ailing telecommunications carrier WorldCom Inc. more than doubled on Wednesday, although to just 24 cents, a day after the company’s new boss apologized for... Unit trusts declare profits KARACHI, July 3: The Pakistan Income Fund (PIF) and Pakistan Stock Market Fund (PSM) — the two unit trust schemes launched by Arif Habib Investments in March this year, announced distribution... Profit-selling slows down new fiscal rally on KSE KARACHI, July 3: Stocks on Wednesday turned mixed as late pruning in some of the pivotals followed by stray profit-selling slowed down the new fiscal rally, but analysts predict a major... Doubt cast over success of economic agenda: HBL research wing report ISLAMABAD, July 3: The banking sector is raising serious concerns over the government’s economic agenda in view of the October parliamentary elections, collaboration with the United States and the possible militant... Sialkot business may have direct trade with China SIALKOT, July 3: China has offered to lease out 450 shops and offices in Shuang, an international World Trade Centre in Urumqi (China), to the Sialkot business community besides offering some... Efforts on to simplify tax laws KARACHI, July 3: Member CBR (audit) Syed Perwaiz Amjad has urged the business community to get themselves registered in the Self-Assessment Scheme as it is a step forward to simplify the... Soneri Bank rating LAHORE, July 3: Pakistan Credit Rating Agency has maintained the long-term rating of “AA-” (double A minus) and a short-term rating of “A1+” (single A one plus) for Soneri Bank Ltd... Gold drops LONDON, July 3: Gold dropped to fresh six-week lows on Wednesday as a firmer dollar made the metal less attractive to European investors, already shy of taking new positions ahead of... Tea cultivation ISLAMABAD, July 3: The government has planned to accelerate the pace of tea production by expanding cultivation area to 800 acres in the next year.... Property tax survey PESHAWAR, July 3: A meeting of the committee on property and professional taxes held here on Tuesday reviewed the procedure for survey of property tax and presented proposals to streamline tax... Karachi Port operations KARACHI, July 3: Three ships carrying crude oil and containers are due to arrive at the outer anchorage on Thursday, according to KPT sources.... Spinners back in cotton market KARACHI, July 3: After several lean sessions, modest activity was witnessed on the cotton market on Wednesday as spinners were back in the rings and resumed covering operations....

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