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July 2, 2003 Wednesday Jumadi-ul-Awwal 1,1424 Govt needs to prepare for quota free world KARACHI, July 1: As the world markets open up on the expiry of the Agreement on Textile and Clothing (ATC) on December 31, 2004, countries likely to be affected most are... Onion, potato, egg prices shoot up KARACHI, July 1: Onion, potato and eggs became costlier in the last one month, while prices of other essential items either remained pegged to their old levels or fell because of... $12bn export target likely for 2003-04 ISLAMABAD, July 1: The government is likely to fix export target at around $12 billion for the financial year 2003-04 owing to an encouraging exports performance during the current fiscal year.... KSE declares 43 companies defaulter KARACHI, July 1: The Karachi Stock Exchange on Tuesday shifted 43 companies from the regular to the defaulters’ counter.... IT levied on banks’ capital gains ISLAMABAD, July 1: The government has levied income tax on income of commercial banks through dividend, bonus units or capital gains to be effective from July 1, 2003.... PS retires Rs10.4bn Principal amount KARACHI, July 1: Pakistan Steel on Tuesday cleared its entire balance principal amount by paying Rs10.4 billion to the consortium of five banks.... Qatar Interested in HBL ISLAMABAD, July 1: Pakistan said on Tuesday that a Qatar government-led consortium had expressed interest in purchasing a stake in state-run Habib Bank, the country’s largest commercial bank.... SBP body settles 125 complaints LAHORE, July 1: The central bank’s committee constituted for resolving disputes cropping up between banks and “delinquent” borrowers who have applied for amnesty under the SBP’s guidelines for the write-off of... Oil prices decline LONDON, July 1: Oil prices dipped here on Tuesday as worries eased about a tropical storm in the Gulf of Mexico and a strike in Venezuela that had sent prices rocketing... Draft amendments in IT rules ISLAMABAD, July 1: The Central Board of Revenue has introduced draft amendments in the income tax rules 2002 to make it on a par with the provisions of new income tax... NSS rate cut, POL price hike trigger heavy buying KARACHI, July 1: Cut in profit rates on National Savings Scheme and upward revision of petroleum prices triggered heavy buying in leading stocks on Tuesday as investors tried to ride the... Cotton market resists fresh decline KARACHI, July 1: Cotton market on Tuesday resisted fresh decline as leading ginners held on to their positions followed by reports that spinners are still short of their annual consumption needs.... EU asks Germany not to overstep rules: Tax relief package BERLIN, July 1: The European Union’s executive arm Tuesday issued a blunt warning to Germany not to overstep euro-zone rules on the financing of a multi-billion euro tax relief package.... Asean urged to work for alternative energy resources LANGKAWI, July 1: The 10 member countries of the Association of Southeast Asian Nations (Asean) will have to intensify efforts to reduce their dependence on oil since the region will become... Directive to set up apple, date plants ISLAMABAD, July 1: Industries and Production Minister Liaquat Ali Jatoi on Tuesday directed the Pakistan Industrial Development Corporation (PIDC) to set up separate dates processing and apple storage projects in Balochistan... NTC public hearing on custom duty ISLAMABAD, July 1: The National Tariff Commission will hold a public hearing on July 8 on the request by the formal sector for reduction of customs duty rate to 10 per... FTO allows complaint for refund KARACHI, July 1: Federal Tax Ombudsman Justice (R) Saleem Akhtar has recommended the Central Board of Revenue (CBR) to direct the collector customs (sales tax) to allow complainant Excellent Enterprises, Karachi,... Ratings maintained LAHORE, July 1: The Pakistan Credit Rating Agency (Pacra) has maintained the long-term rating of Metropolitan Bank Ltd at “AA+” (double A plus) and the short-term rating at “a1+” (A one... Karachi Port operations KARACHI, July 1: Four ships carrying coal, containers and general cargo are expected to arrive at the outer anchorage on Wednesday, according to KPT sources.... ‘WTO accord to hit exports’ LARKANA, July 1: The Sindh-Balochistan Rice Millers and Traders Association (SBRMTA) has demanded that the government should defer the implementation of the World Trade Organization agreement to save the country’s agriculture...

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