March, 24 2005	Thursday	13 Safar 1426

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Entire textile chain to be zero-rated: Refund issue KARACHI, March 23: The chairman, Central Board of Revenue (CBR) Abdullah Yousuf has said steps are under way to bring entire chain of textiles and related goods exports under zero rate...		Maximum duties may be cut to 20 per cent ISLAMABAD, March 23: The Central Board of Revenue (CBR) is considering a proposal to further scale down the maximum tariff rate or import duties to 20 per cent from 25 per...
Tax relief to cost Rs30 million to NWFP govt PESHAWAR, March 23: Incentives to the manufacturing sector under the industrial policy announced by the NWFP government recently would cost over Rs 30 million to the provincial government annually, according to...		Stock traders suffer huge losses PESHAWAR, March 23: Several new investors, who recently stepped into the stock business in the Frontier province, suffered substantial financial losses after they went for speculative buying because of inexperience and...
15pc GST on more items from next fiscal ISLAMABAD, March 23: The Central Board of Revenue (CBR) is considering to bring more items under the net of 15 per cent general sales tax (GST) from next financial year. Well-placed...		Rice exports cross $500m LAHORE, March 23: Rice exports have crossed $500 million mark in January this year and are expected to increase to $1 billion by 2007. Rice Exporters Association of Pakistan Chairman Najaf...
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PM refuses to cut gas prices KARACHI, March 23: Prime Minister Shaukat Aziz has refused to accept the industrialists demand seeking cut in gas price as he explained it is the demand of international oil and gas...		Malaysia liberalizes foreign exchange rules KUALA LUMPUR, March 23: Malaysia’s central bank Wednesday announced a second wave of foreign exchange liberalization including easing red tape on hedging activities and rules on overseas investment as part of...
India may spend $25bn on oil, gas NEW DELHI, March 23: India is ready to spend up to $25 billion on overseas oil and gas ventures to meet spiralling demand, Oil Minister Mani Shankar Aiyar said Wednesday. “We...		Oil prices fall as US inventory rises NEW YORK, March 23: US crude oil futures fell further at midday, dropping below $54 in a sell-off triggered by government data showing US crude stocks rose last week to their...
EU set to back Wolfowitz for World Bank chief BRUSSELS, March 23: The European Union appears set to back Paul Wolfowitz as head of the World Bank despite an initial cool response to the controversial US nomination, key leaders said...		British EU rebate termed ‘unjustified’ BRUSSELS, March 23: French President Jacques Chirac condemned Britain’s jealously-held EU budget rebate on Wednesday as “no longer justified,” setting the stage for a new row within the European Union. “We...
Asian stock markets react on US Fed warning HONG KONG, March 23: Asian stocks fell sharply on Wednesday as investors picked up on heavy losses on Wall Street after the US Federal Reserve hit confidence with a surprise warning...		Transfer of gas contracts opposed ANKARA, March 23: Russia and Iran are opposed to a Turkish plan to transfer their contracts for selling natural gas to Turkey to the private sector, energy officials said on Wednesday....
EC rejects Microsoft proposals BRUSSELS, March 23: The European Commission rejected on Wednesday proposals by US software giant Microsoft for application of competition measures the commission imposed in March 2004. A commission spokesman told AFP...		SEC charges: Citigroup to pay $20m WASHINGTON, March 23: Citigroup will pay $20 million to settle charges that it failed to provide customers with important information about mutual fund shares, the US Securities and Exchange Commission said...
Palm oil prices down sharply KUALA LUMPUR, March 23: Malaysian crude palm oil futures closed more than half a per cent down on Wednesday, just above the psychologically important level of 1,400 ringgit, after a drop...		US inflation rises WASHINGTON, March 23: US consumer prices rose a surprisingly large 0.4 per cent in February; data showed on Wednesday, fraying investors’ nerves still further a day after the Federal Reserve issued...