August 23, 2005	Tuesday	Rajab 17, 1426

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Continuous funding system takes off KARACHI, Aug 22: The continuous funding system (CFS) took off at the Karachi Stock Exchange on Monday with enthusiastic investor’s response, as the KSE-100 index gained 279 points....		Five major hurdles to FDI identified: World Bank-IFC survey ISLAMABAD, Aug 22: The World Bank has identified five major barriers to foreign investment in Pakistan that include land acquisition, financial regulation, tax administration, business registration and labour regulation....
Rice exporters for making QRC independent KARACHI, Aug 22: Rice exporters have urged the government to redefine the Quality Review Committee (QRC) responsibilities to make it an effective Pre-Shipment Inspection (PSI) company....		Local group ready to match highest bid: KESC sell-off ISLAMABAD, Aug 22: The second highest bidder of Karachi Electric Supply Corporation — Hassan Associates — has agreed to match the highest bid of Rs15.86 billion to take over 73 per cent shares along with management of the utility....
Cement exports fetching high prices KARACHI, Aug 22: Cement export prices to Afghanistan have registered phenomenal increase of 43 per cent or by $15 per ton, from $35 to $50 per ton (ex-factory), industry sources said on Monday....		SECP takes action against 25 companies ISLAMABAD, Aug 22: The Enforcement Department of the Securities and Exchange Commission of Pakistan (SECP) has taken action against 23 companies and two audit firms for committing violation of legal requirements....
KSE index up 278 points KARACHI, Aug 22: Stocks on Monday finished with an extended gain on strong follow-up support aided by the perception that the acceptance of major demands of bourses by the SECP after...		New crop prices fall on cotton market KARACHI, Aug 22: New crop lint prices on Monday eased modestly from the weekend higher levels on active selling by ginners fearing further decline owing to a strong pick in arrivals of phutti into lower Sindh ginneries....
Eight bids in sugar tender short-listed KARACHI, Aug 22: The Trading Corporation of Pakistan (TCP) short-listed eight bids on Monday for a tender to import 50,000 tons of white sugar at between $282.50...		Dollar falls against euro, yen LONDON, Aug 22: The dollar was mixed against major rivals on Monday in subdued trading as investors awaited US durable goods data and key German surveys later in the week, dealers said....
Oil prices rise on mounting supply fears LONDON, Aug 22: Oil prices rose on Monday amid ongoing unrest in Ecuador, southern Iraq and Nigeria, while hurricanes remained a threat to installations in the Gulf of Mexico, dealers said....		Saudi group interested in PS ISLAMABAD, Aug 22: A delegation of Saudi investors led by Hilal Al-Tuwairqi, chairman of Al-Tuwairqi Group, has expressed its keen interest in the privatization of Pakistan Steel Mills Corporation (PSMC)....
Palm oil prices lower KUALA LUMPUR, Aug 22: Malaysia’s palm oil market was down on Monday as clear weather helped allay fears of a recurrence of the haze that slowed work on plantations two weeks ago and drove prices up....		Karachi Port operations KARACHI, Aug 22: Cargo handling at the Karachi Port set a new record on Monday as the total tonnage handled soared to 0.173m tons, surpassing the previous record of 0.150m tons....
Steps to reduce poverty urged KARACHI, Aug 22: The country needs to embark on restructuring social relations and economic policy priorities with a view to half poverty by 2015 in order to meet the UN’s Millennium Development Goals....		European stocks up LONDON, Aug 22: European stock markets climbed on Monday, as a surge in mining shares offset the effects of negative news in London’s pharmaceutical sector, dealers said....