May 14, 2006	Sunday	Rabi-us-Sani 15, 1427

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Right issues dishearten mutual fund investors KARACHI, May 13: The plethora of ‘right issues’ by mutual funds dishearten investors, who in the matter of subscribing to such issues are faced with the Hobsons’ choice (damned if they do and damned if they don’t)....		Bank found involved in financial crimes KARACHI, May 13: Crescent Standard Investment Bank Limited (CSIBL) has been found involved in serious financial crimes, including maintaining six fake accounts, hiding Rs6 billion liabilities and making transaction with a dubious offshore company....
Egyptian oranges import begins KARAHCI, May 13: Some private firms have started importing fruits from various countries and one firm has imported Egyptian citrus (oranges) for the first time with a claim of introducing them in the market at affordable rates....		Budgetary steps likely to broaden tax net ISLAMABAD, May 13: Central Board of Revenue chairman M Abdullah Yusuf on Saturday said that the government would announce budgetary measures for bringing in 20 per cent new taxpayers under the tax net during the next fiscal year....
EU says WTO deal in summer unlikely VIENNA, May 13: Differences between leading members in the World Trade Organisation’s (WTO) Doha round may not be bridged in time for a deal this summer, the European Union’s trade chief said on Saturday....		D-8 states sign two accords to boost trade BALI, May 13: The Developing Eight (D-8) member countries here on Saturday signed two accords to strengthen trade relations and economic cooperation during the 5th summit of the grouping....
FWB earns Rs1 billion from small business KARACHI, May 13: The First Women Bank earned a profit of Rs1 billion during the last five years from business in microfinance and small and medium enterprises that are bank’s ‘biggest...		CFS rates show sharp increase KARACHI, May 13: Weighted average CFS rates on the Karachi Stock Exchange last week again rose to 17.1 per cent from the previous 15 per cent owing to tight liquidity position on the inter-bank money market....
Number of income tax defaulters declining KARACHI, May 13: With the introduction of the Universal Self Assessment Scheme (USAS), the number of income tax defaulters has significantly reduced. Of the total 87,000 registered taxpayers in Karachi, only 3,000 were declared as ‘defaulters’ during the tax year 2005....		Reduction in tax rate for salaried class urged ISLAMABAD, May 13: The Association of Chartered Certified Accountants (ACCA) has proposed a set of amendments in tax laws relating to income tax, sales tax and customs duty for consideration in the next budget....
Lint prices consolidate overnight gains KARACHI, May 13: The cotton market on Saturday consolidated overnight gains, as leading ginners held on to their unsold positions and were not inclined to sell below Rs2,500 per maund....		Exporters booked for misuse of DTRE ISLAMABAD, May 13: The Central Board of Revenue (CBR) has lodged FIRs against exporters in four cases for the misuse of the Duty and Tax Remission Rules for Export (DTRE) resulting in massive loss of revenue....
CBR to restructure DGTR ISLAMABAD, May 13: The Central Board of Revenue has decided to restructure and reorganise the Directorates General of Training and Research (DGTR) on functional lines in accordance with the best international practices....		Development company KARACHI, May 13: A development company of the Federal B Industrial Area has been incorporated with the Securities and SECP, under the Companies Ordinance, 1984....
Poultry rates KARACHI, May 13: The following were poultry rates as announced on Saturday....		Activation tax KARACHI, May 13: The abolition of activation tax, expected to be announced in the upcoming budget, will increase the reinvestment rate and affordability. It will in turn lead to the increased teledensity and more equitable access....
Metals forge new record highs, crude oil volatile LONDON, May 13: Metals prices rallied to all-time highs this week on a rush of speculative buying amid geopolitical concerns and tight supplies....		Oil prices drop on lower global demand forecast NEW YORK, May 13: World oil prices fell on Friday after the International Energy Agency lowered its forecast for global oil demand this year and foreign hostages were freed in major crude producer Nigeria....
UAE, South Korea ink oil cooperation agreement ABUDHABI, May 13: Opec member United Arab Emirates and South Korea signed a five-year agreement on Saturday to boost energy cooperation, which may include investments in the downstream sector....		NY cotton ends at 3-week high NEW YORK, May 13: Cotton futures surged on steady speculative buying to close on Friday at a three-week high, as the rally was sparked by bullish figures from a key government crop report, analysts said....
Gulf markets soar RIYADH/DUBAI May 13: Bourses in the Gulf Arab region soared on Saturday after Saudi Arabia replaced a key regulator who had borne the brunt of public outrage over a recent market crash....		Trade fails to lift dollar NEW YORK, May 13: The dollar fell to fresh lows against rival currencies on Friday after an improvement in the US trade deficit failed to stem a weeklong decline in the greenback....
Port Qasim KARACHI, May 13: Normal shipping activity was witnessed at the port where three ships to load/unload 1,157 containers, diesel oil and edible oil were allotted berths at QICT, Fotco oil terminal...		Karachi Port operations KARACHI, May 13: Five ships, including a rice loader and one with soyabean meal consignment, are expected to arrive at the outer anchorage on Sunday, according to KPT sources....