June 18, 2005	Saturday	Jumadi-ul-Awwal 10, 1426

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PC for creation of poverty fund KARACHI, June 17: The Privatization Commission is proposing to the government to institute a separate and independent poverty alleviation fund based on 10 per cent of the privatization proceeds....		Islamic Investment Bank liquidator appointed ISLAMABAD, June 17: The Peshawar High Court has appointed a liquidator to formally cease the operations of the Islamic Investment Bank Limited (IIBL) that had gone bankrupt recently, an official source...
Govt borrowing exceeds revised target for ’04-05 KARACHI, June 17: The government borrowing from the banking system burst through the revised annual target of Rs60 billion on June 4...		EDF’s proper utilization demanded KARACHI, June 17: The export-oriented industry is seeking remedy in the forthcoming trade policy to some of the irritants with regard to the ‘one window’ facility for collecting federal and provincial...
Stocks resist fresh decline, gain 67.82 points KARACHI, June 17: Stocks on Friday resisted fresh decline followed by an active short-covering at lower levels in most of the oil shares under the lead of PTCL amid hopes...		Cotton market lacks lustre KARACHI, June 17: Quieter conditions prevailed on the cotton market on Friday as leading spinners and mills adhered to the sidelines most of the time, awaiting the outcome of their bids...
TCP sells 2,500 bales KARACHI, June 17: The Trading Corporation of Pakistan (TCP) on Friday sold 2,500 bales of cotton to two local mills at Rs2,374 and Rs2,362 per maund, respectively, and asked 24 local...		Banks offer Rs93bn farm credit: July-May 2004-05 KARACHI, June 17: All 21 banks involved in disbursement of mandatory agricultural credit offered Rs93 billion loans to farmers in eleven months...
Oil shoots above $57 on supply fears LONDON, June 17: Oil prices jumped above $57 per barrel on Friday and were fast approaching record high points on concerns that shortages in refinery capacity could mean that strong demand...		‘Pakistan is ripe for foreign investment’ KARACHI, June 17: Securities and Exchange Commission of Pakistan Chairman Dr Tariq Hassan said on Friday that in a rapidly globalising world, Pakistan was ripe with lucrative opportunities for foreign....
Urea sales up by 44pc in five months KARACHI, June 17: The sales of urea during January-May 2005 witnessed a growth of 44 per cent to 1.885 million tons, while the off-take of DAP rose by 42 per cent to 0.203 million tons...		EU tariffs against Hynix illegal GENEVA, June 17: The World Trade Organization on Friday upheld a South Korean complaint against European Union tariffs that hit microchip giant Hynix Semiconductor. A WTO dispute panel...
Credit Card KARACHI, June 17: Citibank and Caltex Oil (Pakistan) Limited have added new features to the co-brand Citibank Caltex Credit Card providing card members with extra value and unique service...		Eurozone inflation FRANKFURT, June 17: Wage rises in some eurozone countries may help to explain differences in inflation rates within the 12 nation region, European Central Bank President Jean-Claude Trichet said on Friday....
Palm oil up KUALA LUMPUR, June 17: Malaysian crude palm oil futures jumped one per cent, rebounding from morning losses, as players took their cue from a fresh rise in rival US soyaoil...		Karachi Port operations KARACHI, June 17: Six ships, carrying containers, chemical and to load cement, are expected to arrive at the outer anchorage on Saturday, according to KPT sources...