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August 2, 2002 Friday Jamadi-ul-Awwal 22,1423 Bestway raises bid beyond Rs12.3bn: UBL sell-off ISLAMABAD, Aug 1: The privatization of United Bank Limited (UBL) took new turn on Thursday as the second highest bidder—Abu Dhabi and Bestway Holdings Group—offered to raise its bid beyond its... Onion, sugar, rice prices move up KARACHI, Aug 1: The burden on consumers has intensified in the last one month following increase in prices of onion, rice, sugar, ginger, garlic and egg. However prices of other greens,... Checks on dirty money flow thru exchange cos KARACHI, Aug 1: The foreign exchange companies that are to be set up for carrying out the business of currency exchange are supposed to limit their daily exposure up to 50... Direct taxes Collection falls by 7.3pc: Southern region KARACHI, Aug 1: The Income Tax Department (Southern region) collected Rs35.458 billion in direct taxes during the financial year 2001-02, showing a fall of 7.3 per cent over the last fiscal... ATT may be rationalized ISLAMABAD, Aug 1: The government is likely to consider a number of measures for countering the menace of smuggling to provide some relief to the local industry.... Crescent notifies swap ratio KARACHI, Aug 1: First Crescent Modaraba on Thursday notified the swap ratio of Rs1.53 in First Crescent Modaraba against each rupee value in Altowfeek Investment Bank Limited. The two companies had... EoIs for LC&FL shares invited ISLAMABAD, Aug 1: The Privatization Commission here on Thursday gave a final call to more interested parties to submit their expressions of interest (EoIs) for the acquisition of a minimum 75... Gold price falls below $300 LONDON, Aug 1: Gold prices fell below 300 dollars here on Thursday for the first time in over three months, pressured by a firmer dollar and the recent recovery in world... FCY return KARACHI, Aug 1: The State Bank will pay 1.32 per cent return to the banks and non-bank financial institutions in August on their 20 per cent special foreign currency reserves, according... Profit-selling halts upward rally on stock market KARACHI, Aug 1: Stocks on Thursday failed to extend the overnight rally as investors took profits at the inflated levels and left the market to their respective safe havens without looking... Pakistani wheat makes inroads in Southeast Asia SINGAPORE, Aug 1: Pakistan, which has made inroads in the Southeast Asian wheat market by striking sales to Vietnam, has found another customer in Malaysia and is hopeful of a few... Modest trading on cotton market KARACHI, Aug 1: Physical activity on the cotton market remained modest as spinners and mills extended guarded support in a bid to keep prices within the current levels.... Satellite system to check illegal poaching on EEZ ISLAMABAD, Aug 1: Pakistan will utilize the satellite communication system to check encroachment on its Exclusive Economic Zone (EEZ) in the Arabia Sea through GPS (Global Position System).... Asian stocks sink $43.9bn in July HONG KONG, Aug 1: Investors saw $43.9 billion of value wiped from emerging Asian equity holdings in July and analysts say the worst is still to come after the region’s key... SL expertise sought in tea cultivation LAHORE, Aug 1: Pakistan on Thursday offered Sri Lanka to set up tea packing units in Export Processing Zone in Karachi, and sought Lanka’s cooperation and expertise for cultivation of tea... Euro falls after weak French data LONDON, Aug 1: The euro fell to a three week low against the dollar on Thursday after economic data underscored the fragility of the euro-zone economies.... European stock markets sink as US data dip LONDON, Aug 1: European shares extended their falls on Thursday afternoon, after forward-looking data threw up further evidence that the US economic recovery was wavering, narrowing the odds of a double-dip... BoE holds interest rates at 4 per cent LONDON, Aug 1: The Bank of England on Thursday left its main lending rate unchanged at a 38-year low of 4.0 per cent for the ninth month in a row amid... Malaysian palm oil steady KUALA LUMPUR, Aug 1: Malaysia’s crude palm oil futures ended steady after a choppy session on Thursday, where last-minute short covering plucked prices from negative territory, traders said.... Ban on broker right step: MAP KARACHI, Aug 1: President, Management Association of Pakistan (MAP), Syed Masoud Ali Naqvi, has welcomed the recent directive of the SECP barring active brokers and brokerage firms to become director or...

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