July 12, 2005	Tuesday	Jumadi-us-Sani 4, 1426

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Traders meet president tomorrow: Agenda worked out KARACHI, July 11: Industrialists have identified around a dozen of issues, which they intend to take up in a meeting with President General Pervez Musharraf here on Wednesday....		Number of IT appeals’ offices cut to 15 ISLAMABAD, July 11: The Central Board of Revenue on Monday decided to reduce number of offices of commissioners of income tax (appeals) from the existing 32 to 15 as part of restructuring of the tax administration....
Euro gains vs dollar ahead of trade data LONDON, July 11: The euro rose against the dollar on Monday on news that Luxembourg had voted in favour of the European constitution, with nervousness ahead of US trade figures on Wednesday causing weakness in the dollar....		US warns China of more textile restrictions BEIJING, July 11: The United States on Monday called on China to give it full access to its enormous market and hinted that it will slap further restrictions on Chinese textile imports should they continue to surge....
Humayun optimistic about G-20 meeting ISLAMABAD, July 11: Federal Commerce Minister Humayun Akhtar Khan on Monday expressed the hope that the G-20 member nations, at informal meeting in Islamabad, would adopt comprehensive strategy for getting free access of their products to developed countries....		S. American group ready for PTA talks with Pakistan ISLAMABAD, July 11: MERCOSUR — a trading zone of South American countries has agreed to initiate a preferential trade agreement (PTA) with Pakistan. Commerce Secretary Tasneem Noorani told reporters here on...
Cap on badla financing limits gain on stock market KARACHI, July 11: Investors on Monday welcomed the suspension of phase out of the Carry Over Trade (COT) but appeared to be disappointed on the cap on Badla financing at Rs12...		Rates ease despite Rs9.2bn outflow KARACHI, July 11: The overnight rates eased slightly on Monday despite an outflow of Rs9.2 billion from the money market, and dealers said rates may fall further in coming days....
S. Arabia to keep supply steady LONDON, July 11: Saudi Arabia has told global oil majors and European and US refiners it will keep crude supplies steady in August from July, traders said on Monday....		Oil falls by over $1 as supply fear recedes LONDON, July 11: Oil prices fell over a dollar on Monday as US oil and gas facilities started returning to normal following the passage of Hurricane Dennis without major damage....
Budget surplus MOSCOW, July 11: Russia recorded a record budget surplus of 726 billion rubles ($25.2 billion, 20.8 billion euros) in the first half of 2005, with government coffers boosted by record oil...		Dull conditions on cotton market KARACHI, July 11: Trading on the cotton market on Monday resumed on a dull note as spinners and mills kept on the sidelines apparently awaiting the outcome of TCP auction for 85,000 bales....
ST payment procedures for biscuit makers ISLAMABAD, July 11: The Central Board of Revenue on Monday issued new special procedures for payment of sales tax by manufacturers of biscuits and confectionery. The procedures were notified through a...		WTO members urged to make progress on talks DALIAN, July 11: EU trade chief Peter Mandelson on Monday urged trade ministers from WTO member states to move forward in global trade liberalization talks that have stalled amid rifts over agriculture....
Karachi Port operations KARACHI, July 11: Five ships carrying coal, steel billets and containers are due to arrive at the outer anchorage on Tuesday, according to KPT sources. Berthing activity at the wharves was maintained on the higher side where nine ships were berthed....		LSE merger probe findings delayed LONDON, July 11: Britain’s Competition Commission is to delay until the end of July the publication of provisional findings from its inquiry over takeover bids for the London Stock Exchange (LSE), it said on Monday....
China works with US to reopen beef trade WASHINGTON, July 11: China has promised to work with the US Department of Agriculture toward reopening its market for American beef, US Agriculture Secretary Mike Johanns said on Monday....		Banks’ rates of profit KARACHI, July 11: The following banks have declared rates of profit for the period January 1 to June 30, 2005. SONERI BANK: The bank announced a two per cent per annum profit on PLS savings account, says a press release....
Aramco joins forces with Sinopec BEIJING, July 11: Saudi Arabia’s state-owned Aramco said on Monday it has joined with China Petroleum and Chemical Corp (Sinopec) on a massive oil and chemicals venture in China’s Fujian province....		Asian stocks close higher HONG KONG, July 11: Asian stocks closed sharply higher on Monday with many markets peaking at 52-week highs or beyond following a fall in oil prices to below $60 a barrel and a rally on Wall Street....