August 31, 2005	Wednesday	Rajab 25, 1426

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Salaried class: ITBAK asks CBR to cut tax rate to 25pc KARACHI, Aug 30: The Income Tax Bar Association, Karachi (ITBAK) has suggested to the Central Board of Revenue (CBR) to lower the tax rate from 30 per cent to 25 per...		Javedan Cement pre-bid meeting on Sept 3 ISLAMABAD, Aug 30: The Privatization Commission is holding a pre-bid meeting for the sale of 96.34 per cent shares in Javedan Cement Limited (JCL) on September 3, 2005....
Water scarcity, division threat to development: WB’s survey on Sindh KARACHI, Aug 30: The World Bank considers water scarcity and regional divide in Sindh a threat to development in the province. A primary survey of key stakeholders of the province carried...		Oil prices soar to new highs amid supply fears LONDON, Aug 30: Oil prices surged to fresh historic peaks on Tuesday on supply concerns, amid uncertainty over the extent of damage to US production facilities caused by Hurricane Katrina....
KSE index crosses 7,700-point psychological barrier KARACHI, Aug 30: Stocks on Tuesday maintained their winning streak as investors continued to build up long positions on oil and bank counters as both ensure handsome capital gains at the current lower levels owing to higher earnings....		CCoP meeting on KESC issue tomorrow KARACHI, Aug 30: The Cabinet Committee on Privatization (CCoP) is meeting on Thursday to decide on the divesture of 73 per cent shares of the Karachi Electric Supply Corporation (KESC) to...
SBP earns Rs31.4bn profit KARACHI, Aug 30: The State Bank earned Rs31.4 billion net profit during the last fiscal year ending June 2005, according to its audited annual accounts. The SBP’s annual accounts would be...		Conference on IPR ends ISLAMABAD, Aug 30: A two-day international roundtable conference on intellectual property rights ended here on Tuesday, formulating recommendations for an effective strategy to combat the problem of piracy....
Task force reviews revised PRSP strategy ISLAMABAD, Aug 30: The Task Force on Economic Policy (TEP) on Tuesday discussed the outline of the proposed revised Poverty Reduction Strategy Paper (PRSP-II) and reviewed a presentation on Pakistan’s employment and its comparison with South Asian countries presented by Dr....		Nine KSE brokerage companies penalized ISLAMABAD, Aug 30: The Securities and Exchange Commission of Pakistan (SECP) has penalized nine brokerage companies and firms of the Karachi Stock Exchange (KSE) for failing to maintain high levels of...
Growers indulge in panic selling KARACHI, Aug 30: The cotton market on Tuesday remained under pressure as ginners were not inclined to hold long positions in an uncertain price outlook and falling prices and remained active sellers....		Phase II of KEPZ to be ready by next year KARACHI, Aug 30: Investors have shown keen interest in phase II of Karachi Export Processing Zone (KEPZ) where development work is at full swing and is expected to be completed by middle of next year....
SRO 813 clarified ISLAMABAD, Aug 30: The Central Board of Revenue (CBR) has clarified that SRO 813 of 2005 is applicable for wholesalers, dealers, distributors dealing with goods other than the goods mentioned in the Third Schedule to the Sales Tax Act, 1990....		China, US struggle to end textile deadlock BEIJING, Aug 30: the US-China talks on Tuesday wrapped up a first day of complex textile talks seen as a last-ditch effort to strike a deal before a US visit by Chinese President Hu Jintao scheduled for next week....
US poverty rate up for fourth straight year WASHINGTON, Aug 30: The official US poverty rate increased in 2004 for the fourth straight year as overall incomes held generally steady, the Census Bureau reported on Tuesday....		UAE hikes fuel prices by 30 per cent ABU DHABI, Aug 30: The United Arab Emirates, a member of the Opec oil cartel, announced on Tuesday a 30 per cent rise in the price of petrol and diesel at the pumps because of soaring costs....
Lloyd’s sees ‘significant’ claims from Katrina LONDON, Aug 30: Lloyd’s, the world’s biggest insurance underwriting market, predicted on Tuesday that the devastating impact of Hurricane Katrina would result in a “significant” number of claims....		Rice prices flat KARACHI, Aug 30: The local rice market has been slow in the past week, with prices little changed, but activity is expected to pick up in about two weeks when supplies...
Europe gold eases LONDON, Aug 30: Gold prices drifted lower in Europe on Tuesday and although near record-high oil prices propped up the market, it remained vulnerable due to hefty long positions held by funds, traders said....		Karachi Port operations KARACHI, Aug 30: Three vessels carrying containers are expected to arrive at the outer anchorage on Wednesday, according to KPT sources. Berthing activity at the wharves was active where five ships,...