July 6, 2005	Wednesday	Jumadi-ul-Awwal 28, 1426

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Average lending rate rises to 8pc KARACHI, July 5: Banks’ average lending rate rose to 7.97 per cent in May from 7.29 per cent in March this year, showing an increase of 68 basis points within two months....		New EU rules of origin to hit textile industry KARACHI, July 5: The European Union (EU) is changing its Rules of Origin which are going to badly hit Pakistan’s textile industry as it would result in relocation of entire value-added...
Petrol offtake rose by 5.5pc in 2004-05 KARACHI, July 5: Petrol consumption in 2004-2005 rose by 5.5 per cent to 1.3 million tons from 1.25 million tons in 2003-2004. This was despite frequent increase in petrol prices and rising trend of CNG....		Pro-poor sectors show dismal performance ISLAMABAD, July 5: Pakistan’s major pro-poor indicators showed a very dismal performance in the first nine months of the last financial year (2004-05) despite an overall increase in poverty related expenditures...
Stocks gain 108 points on badla extension rumours KARACHI, July 5: Stocks on Tuesday staged a snap recovery on active short-covering in leading oil shares triggered by strong rumours that the KSE has received...		Insipid conditions on cotton market KARACHI, July 5: Cotton market on Tuesday passed through another dull session but some brokers reported inter-mill deals both on cash and kind basis. Some of the leading textile groups having...
Modalities to create employment discussed ISLAMABAD, July 5: The Task Force on Economic Policy on Tuesday discussed modalities to create employment opportunities both in urban and rural areas and to sustain higher growth rate so as to improve the lot of common man....		Merger of ST, IT functions ISLAMABAD, July 5: The Central Board of Revenue will finalize measures for the merger of functions of sales tax and income tax as part of the tax administration reform project by the end of the current month....
Exports to US may hit $3.14bn this year ISLAMABAD, July 5: The American Importers Association (AIA) has predicted that Pakistani goods export to the United States will cross $3.14 billion mark this year....		TCP floats tender for 0.1m tons sugar KARACHI, July 5: The Trading Corporation of Pakistan has floated a tender for the import of 100,000 tons of refined sugar, 50,000 tons of which on priority basis....
Euro drifts higher LONDON, July 5: The euro drifted higher on Tuesday after hitting a new 13-month low against the dollar as the European Central Bank (ECB) appeared to steer the market away from expecting a cut in borrowing costs....		Oil prices rise on supply issues LONDON, July 5: World oil prices climbed further on Tuesday, fuelled by concerns that refineries may struggle to meet demand during the fourth quarter and on fears that severe weather could disrupt US oil production....
PSM, PIF announce dividends KARACHI, July 5: Arif Habib Investments (AHI) —- the management company of Pakistan Stock Market Fund (PSM) and Pakistan Income Fund (PIF) — says the two funds have announced handsome dividends....		Capital flight MOSCOW, July 5: The Russian central bank said Tuesday it expected the capital flight from Russia to get worse in the second half of 2005, with $5.5...
Trade groups among Muslim countries KARACHI, July 5: A meeting at the Islamic Chamber of Commerce and Industry (ICCI) here on Tuesday suggested the formation of trade groups and development...		IDBP rates of return KARACHI, July 5: Industrial Development Bank of Pakistan (IDBP) said it offered a three per cent return on saving deposits for six months ending in June this year....
Factory orders WASHINGTON, July 5: New orders at US factories rose 2.9 per cent in May, exactly in line with analyst expectations, on an aircraft-led jump in durable goods, a government report showed on Tuesday....		Mobile service LAHORE, July 5: Telenor Pakistan has officially opened its GSM mobile network for commercial service in Peshawar. According to Telenor, with the launch in 10 cities, the network will cover a population of approximately 36.27...
Tea auction CHITTAGONG, July 5: The average price of Bangladesh teas fell nearly three per cent to 73.78 taka ($1.16) per kg on lower domestic demand at the weekly auction on Tuesday, brokers said....		Karachi Port operations KARACHI, July 5: Eight vessels carrying coal, general cargo and to load naphtha are expected to arrive at the outer anchorage on Wednesday, according to KPT sources....