August 2, 2005	Tuesday	Jumadi-us-Sani 25, 1426

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Efforts to boost output suffer setback: Taint-free cotton KARACHI, Aug 1: The efforts to boost production of contamination-free cotton in the country have suffered a serious setback because of the obstinacy of the super-rich class of textile mill owners to pay premium on better quality....		Agricultural development loans yet to take off KARACHI, Aug 1: Though banks made Rs108.6 billion agricultural loans in the last fiscal year, only one-tenth of this amount was meant for development loans, data obtained from the State Bank documents show....
Medium-term new action plan for textile sector ISLAMABAD, Aug 1: The government has a new action plan to improve the regulatory and policy framework of the textile sector with a view to making it a strong, dynamic and internationally competitive industry....		Leading operators interested in Gwadar port KARACHI, Aug 1: A number of leading international port operators, including Dubai Port International, Global Marine Service Company, Pakistan International Container Terminal, have shown interest in handling Gwadar port operations....
WT exemption Wheat flour importers waiting for SRO KARACHI, Aug 1: The importers who have already entered into a number of import contracts after opening L/Cs are eagerly waiting for the issuance of SRO under which the government is...		Japan to impose sanctions on US TOKYO, Aug 1: Japan on Monday became the latest major US trading partner to impose sanctions to protest a US anti-dumping law, taking the unprecedented step of levying punitive tariffs on 15 US goods including steel....
State Bank directive to insurance companies KARACHI, Aug 1: The State Bank has allowed the insurance companies to issue health/medical insurance policy in foreign currency to those intending to visit 15 European countries that are clubbed together as Schengen Countries....		PCMF, PSAF declare dividends KARACHI, Aug 1: The Board of Directors of Arif Habib Investment Management Limited — fund managers of Pakistan Capital Market Fund (PCMF) and Pakistan Strategic Allocation Fund (PSAF), both closed-end funds — declared dividends for the financial year 2004-05....
KSE 100-share index recovers 16.39 points KARACHI, Aug 1: Stocks on Monday opened on a positive note boosted by positive developments on the COT front but failed to sustain initial gains on late selling triggered by the weak-holders and jobbers at higher levels....		Cotton market lacks lustre KARACHI, Aug 1: Trading on the cotton market on Monday resumed on a sluggish note as spinners and mills were conspicuous by their absence apparently awaiting acceptance or otherwise of the bids against the TCP tender....
Body to select sugar mills: Power generation ISLAMABAD, Aug 1: The government has decided to constitute a committee for selection of sugar mills for the establishment of Power Co-Generation Units and fixing of criteria for the scheme....		Quality of raw materials needs to be improved: Construction LAHORE, Aug 1: The Technology Upgradation and Skill Development Company (TUSDEC) is planning to upgrade the testing and research & development (R&D) facilities at the Cement Research and Development Institute (CRDI)...
CBR delays collection figures for July 2005 ISLAMABAD, Aug 1: The Central Board of Revenue (CBR) has delayed the announcement of collection figures for the first month (July 2005) of the current fiscal year....		Oil hits record high LONDON, Aug 1: World oil prices rose strongly on Monday, to record high above $62, mainly on concerns about possible fourth-quarter supply shortages, while markets shrugged off the death of King Fahd of Saudi Arabia....
Karachi Port operations KARACHI, Aug 1: Ten ships carrying containers, base and crude oil and loading naphtha are due to arrive at the outer anchorage on Tuesday, according to KPT sources....		Saudi bourse bounces RIYADH, Aug 1: The Saudi stock market bounced back on confirmation of King Fahd’s death on Monday after falling sharply earlier in the day amid rumours that he had died....
Withdrawal of WT sought KARACHI, Aug 1: The Federation of Pakistan Chambers of Commerce and Industry has called for elimination of levy of 0.1 per cent withholding tax on withdrawal of Rs25,000 and above from banks announced in the budget 2005-06....		Asian stocks close mostly higher HONG KONG, Aug 1: Asian stocks shrugged off a disappointing performance by Wall Street to close mostly higher on Monday with many markets nearing or breaking record ground....
Interim results HONG KONG, Aug 1: Global banking giant HSBC on Monday posted better-than-expected results for the six months to June, fired by expansion in new markets but checked also by sluggish growth in more traditional business areas and higher costs....		HK gold HONG KONG, Aug 1: Hong Kong gold prices closed higher on Monday at US$431.40-431.90 an ounce compared to Friday’s close of $427.40-427.90. The market had opened at $429.50-429.90. —AFP...