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July 01, 2007 Sunday Jamadi-us-Sani 15, 1428 FTA with China comes into effect today ISLAMABAD, June 30: The multi-billion-dollar free trade agreement (FTA) between Pakistan and China comes into effect on July 1, allowing free movement of goods and investment in a bid to enhance volume of bilateral trade to $15 billion by 2011.... Towns allowed 50pc raise in property tax KARACHI, June 30: The Sindh government has allowed administration of municipal towns to raise property tax by 50 per cent from July 1, 2007. Consequently Gulshan Town will be first the town to increase the tax in the new fiscal....   Record portfolio investment KARACHI, June 30: The fiscal year 2006-07 ended with a record portfolio investment reaching close to one billion dollars, providing the government with some more numbers to present as a proof of its successful economic management.... Myth of $925 per capita income KARACHI, June 30: The prosperity of the people is at its peak. The income earned by each individual in the country is just a stone’s throw from $1,000 a year, which... IPBCC increases freight charges by 20 per cent KARACHI, June 30: India-Pakistan-Bangladesh-Ceylon Conference (IPBCC) member shipping lines have enhanced freight charges by 20 per cent for all cargo destined to Europe.... Pulses, vegetables put sheer burden on consumers KARACHI, June 30: Only pulses and vegetables proved a sheer burden on consumers last month compared with other kitchen items whose prices either declined or remained stable.... NIB Bank acquires PICIC for Rs20.5bn ISLAMABAD, June 30: The NIB Bank here on Saturday celebrated the acquisition of 63.36 per cent outstanding shares of Pakistan Industrial Credit and Investment Corporation Ltd (PICIC) valuing at Rs20.5bn.... Pakistan capital markets day on 6th ISLAMABAD, June 30: Federal Minister for Privatisation and Investment Zahid Hamid will open the London markets on July 6 as a prelude to the inaugural of Pakistan Capital Markets Day at the London Stock Exchange.... CDWP okays 32 projects of Rs77bn ISLAMABAD, June 30: The Central Development Working Party (CDWP) here on Saturday approved 32 development projects, costing Rs77 billion, including a foreign aid component of Rs23.5 billion.... Temasek to launch new scheme ISLAMABAD, June 30: Temasek Holdings, a Singapore-based investment firm worth over $90 billion, intends to launch a mass self-employment scheme in Pakistan. This was disclosed by the CEO of Temasek Holdings,... Forex reserves TEHRAN, June 30: Iran’s foreign currency reserves held in foreign banks have risen by 30 per cent to total the equivalent of 558,000bn rials by March 2007 due to high oil prices, a central bank report said on Saturday.... Dramatic increase in oil prices RIYADH, June 30: While the US crude inventories are currently at their highest level in a decade, interestingly, defying all logic between Q107 and Q207; market prices have strengthened by almost $10 a barrel, sending conflicting signals.... Cotton prices consolidate overnight gains KARACHI, June 30: Cotton market on Saturday consolidated the overnight gains, but physical business remained dull as spinners were not inclined to chase prices further higher.... Karachi Port operations KARACHI, June 30: Nine ships including three to load cement are due to arrive at the outer anchorage on Sunday, according to KPT sources. Berthing activity at the wharves was active... Port Qasim KARACHI, June 30: Brisk berthing activity was witnessed at the port where four ships to load and unload containers, coal and furnace oil were accommodated berths during the last 24 hours, said a PQA press release on Saturday.... Crude oil, cocoa, lead prices higher LONDON, June 30: World oil prices hit ten-month peaks this week on US supply woes, while cocoa soared as investors reacted to unrest in major producer Ivory Coast.Lead... Congress to take back trade powers from Bush WASHINGTON, June 30: Congress will take back its full trade authority from President George W. Bush, said the majority Democratic leadership, dismissing White House urgings to let him keep his special power.... Abu Dhabi to split contract for sour gas fields DUBAI, June 30: Abu Dhabi has asked oil companies to resubmit bids for a giant sour gas project in the United Arab Emirates as it divides the project into two separate contracts, a magazine reported on Friday.... NY cotton jumps NEW YORK, June 30: US cotton jumped 4 per cent on Friday, hitting a new lifetime peak for its benchmark futures after an 18-year low estimated for plantings.... Conversion rates KARACHI: The following are July 3 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....

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