July 3, 2005	Sunday	Jumadi-ul-Awwal 25, 1426

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PC receives Rs12.01bn as final payment: NRL sell-off ISLAMABAD, July 2: The Privatization Commission on Saturday received Rs12.011 billion as the remaining amount of the total offer of Rs16.415 billion for the strategic sale of 51 per cent (33,985,788 shares) shares of National Refinery Limited...		Chinese furniture making inroads KARACHI, July 2: The influx of cheap Chinese goods has driven various local-made products out of the market, and led to the closure of some of the industries including toys, stationery, garments etc.,...
Export industry seeks processing unit status KARACHI, July 2: The export-oriented industry is demanding of the government to give it export processing unit (EPU) status to reduce its involvement in non-productive...		Tighter monetary policy should stay: SPDC KARACHI, July 2: In what can be called an indictment on State Bank of Pakistan’s generous lending policy for last two years, the Social Policy and Development Centre (SPDC)...
Housing problem gets acute ISLAMABAD, July 2: Overseas Pakistanis continue to invest in real estate instead of construction, thus contributing to a mushroom growth of housing societies and fake developers fleecing innocent public while housing problem gets acute....		No worthy proposals for trade policy ISLAMABAD, July 2: The commerce ministry is finding it difficult to work out a comprehensive trade policy for the year 2005-06 in the absence of any worthwhile suggestions from various trade bodies and associations....
US restores zero rating for 14 products ISLAMABAD, July 2: The United States (US) has restored the zero per cent concession for Pakistan’s 14 tariff lines (products) under its generalised system of preferences (GSP) scheme....		NIT pays Rs3.30 per unit dividend KARACHI, July 2: National Investment Trust has announced the highest ever dividend of Rs3.30 per unit for the fiscal year 2004-05, up from Rs2.55 per unit in 2003-04....
Tax target surpassed KARACHI, July 2: The Collectorate of Customs, Sales Tax and Central Excise, Hyderabad has surpassed the revenue target of Rs14.529 billion by Rs3.116 billion collecting Rs17.645...		Badla rates rise KARACHI, July 2: Carryover trade (COT) rates last week remained on the higher side at 14.9 per cent owing partly to year-end concerns of the financiers and partly to tight money...
Kuwait bank hikes key rate to 5.5pc KUWAIT, July 2: The Central Bank of Kuwait said it is hiking the key dinar discount rate by a quarter of a percentage point to 5.50 per cent effective Sunday, the eighth hike since last summer in lockstep with the US Federal Reserve...		World Bank looks at new China lending WASHINGTON, July 2: The World Bank is set to begin talks with China on a new five-year loan programme that will encourage the Asian powerhouse to focus on economic inequality and environmental problems, a top official said....
Oil prices strike near $61 before hitting brakes LONDON, July 2: World oil prices hit dizzy heights near $61 a barrel this week on fresh fourth-quarter supply worries, but shed around four dollars amidst a surprise rise in US crude stocks....		‘Gulf stocks opening months away’ RIYADH, July 2: Saudi Arabia will not open up trade in banking, insurance and real estate shares on its booming stock exchange to other Gulf Arab nationals for several months...
Nokia network business HELSINKI, July 2: Nokia’s networks unit head Simon Beresford-Wylie said tough competition in the mobile networks business could force some manufacturers to exit the industry....		Prices remain pegged on cotton market KARACHI, July 2: The cotton market on Saturday showed quietly steady trend as prices of average quality of lint remained pegged at the previous levels in the absence of spinners and mills....
Notification ISLAMABAD, July 2: The CBR has notified the raise in the rate of withholding from 0.75 per cent to 1 per cent on export of 152 items. The items were notified through an income tax notification SRO638 issued here on Saturday...		Report on bourses probe submitted KARACHI, July 2: Justice Saleem Akhtar, former Federal Tax Ombudsman and Chairman of the Stock Market Task Force, on Saturday presented the report of the task force to Dr Tariq Hassan, Chairman of the Securities and Exchange Commission of Pakistan....
POL price hike resented KARACHI, July 2: Trade and industry has resented increase in POL prices, and said it would enhance cost of production and make Pakistani product uncompetitive in the world market....		Karachi Port operations KARACHI, July 2: Eight ships carrying palm oil, steel scrap and chemicals are due to arrive at the outer anchorage on Sunday, according to KPT sources. Berthing activity at the wharves was active...