September 2, 2005	Friday	Rajab 27, 1426

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Wapda, KESC suffer losses: Fiscal 2004-05 KARACHI, Sept 1: The state-run Water and Power Development Authority (Wapda) suffered a financing gap of Rs1 billion during the last fiscal year, according to the data released by the Ministry of Finance....		Pulses, onion prices start moving up KARACHI, Sept 1: As Ramazan is only one month away and petroleum rates have been increased, prices of pulses have started moving up and market analysts smell hoarding activities and artificial...
Inflation target may be revised upward ISLAMABAD, Sept 1: The continued increase in international oil prices might force the government to revise upward inflation target, set for 2005-06....		SBP warns banks to stop ‘fooling’ customers: Deposit schemes KARACHI, Sept 1: Banks may now find raising deposits difficult on false promises as the central bank has warned them to stop this practice immediately. Director of the Banking Policy Department...
Potential for foreign investment great: PM ISLAMABAD, Sept 1: Prime Minister Shaukat Aziz on Thursday said Pakistan welcomed foreign investment, and the government was providing level-playing field to all without any distinction....		Oil prices hover around $70 LONDON, Sept 1: Oil prices eased on Thursday but remained within reach of $70, despite the US government pledging to open emergency petroleum reserves after Hurricane Katrina tore through Gulf Coast platforms....
Stocks undergo mild correction on profit-selling KARACHI, Sept 1: Stocks on Thursday suffered a mild correction, as a section of leading investors took profits at inflated levels, although the broader market performed well under the lead of refineries on active short-covering at lower levels....		Cotton market rules firm KARACHI, Sept 1: The cotton market on Thursday showed firm trend followed by reports of pest attack in some of the areas of the Punjab cotton belt....
World Islamic Economic Forum from Oct 1 KARACHI, Sept 1: The first World Islamic Economic Forum is being held from October 1 to 3 in Malaysia in which heads of the states and governments and the ministers from several Muslim countries along with many non-Muslim dignitaries will attend....		ECB leaves lending rates unchanged FRANKFURT, Sept 1: The European Central Bank, meeting for the first time after its month-long summer break on Thursday, held its key interest rates steady as expected but sounded a more...
Textile exporters seek amendments to SROs ISLAMABAD, Sept 1: The Central Board of Revenue has nullified the impact of zero rating of sales tax on a large number of textile inputs by issuing various notifications and clarifications...		US slaps quotas on more Chinese textiles WASHINGTON, Sept 1: The US government announced restrictions on imports of two more Chinese garments on Thursday, hours after crunch talks in Beijing failed to reach a deal on textiles trade....
Banks’ quarterly reports KARACHI, Sept 1: The State Bank has asked all banks and DFIs or development finance institutions to prepare their quarterly financial statements within 30 days of the end of the quarter....		FBS survey ISLAMABAD, Sept 1: The Federal Bureau of Statistics (FBS) is conducting a survey on the estimation of purchasing power parity in the country. An official announcement issued on Thursday stated that...
Karachi Port operations KARACHI, Sept 1: Seven vessels carrying coal and triple super phosphate are due to arrive at the outer anchorage on Friday, according to KPT sources. Berthing activity at the wharves was modest where four ships, Hyundai Future, Y.M....		Guidelines for TFNs issued ISLAMABAD, Sept 1: The Central Board of Revenue (CBR) on Thursday issued guidelines for allotting tax free numbers (TFNs) to eligible entities and departments. According to an official announcement, the TFN...
Taxation accord ISLAMABAD, Sept 1: Pakistan and Lebanon have signed an agreement on the avoidance of double taxation and prevention of fiscal evasion between the two countries. An official announcement issued by foreign...		Asian stocks mostly higher HONG KONG, Sept 1: Asian stocks closed mostly higher on Thursday as the cost of crude eased after a US government decision to release oil from its Strategic Petroleum Reserve, dealers said....