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The MQM is in trouble yet again, this time more seriously since the source putting a question mark on the party leadership's loyalty to the country is not a local opponent but the BBC. The report makes a shocking purported revelation about the party's funding and training of militants by the Indian intelligence agency, RAW. Had the story emanated from the media or elsewhere in Pakistan, it would have been summarily brushed aside. The BBC report did quote Pakistani sources but only for providing the information that the London Metropolitan Police had recorded a confessional statement of Tariq Mir, a senior MQM leader who managed the party's finances for its chief Altaf Hussain.

Concepts of taxation are changing around the world. Many governments in developed and developing countries are facing record budget deficits and high levels of unemployment, taxes on consumption are thus increasingly becoming important as they are playing important role in the economy. These changes are being adopted in many countries and it looks that many more will follow the path. Economists are now focusing on consumption taxes as these taxes help to stimulate growth. Furthermore indirect taxes are viewed as having less of an impact on profits and thus appear to have less of an impact on corporate investment decisions.
A belated Thai clampdown on illegal fishing is forcing unlicensed vessels ashore, threatening to paralyse a key industry as the kingdom desperately tries to avoid a European Union ban on exports worth $1 billion a year. Barrels of fish packed in ice are usually rolled off boats at a bustling port in Samut Sakhon, a coastal province near Bangkok, by Myanmar and Cambodia migrant workers who prop up the world's third largest seafood producer.
"So Wattoo has done a luttooo..."
Tax expenditure is the revenue foregone due to exemptions and concessions, which are deviations from a normal tax regime. They are also referred to as tax loopholes. Tax expenditures are either embodied in the tax laws or promulgated through SROs in Pakistan. They have the same impact on the budget deficit as higher expenditure, thus are named as 'tax expenditure'. There is a strong perception that one of the major reasons for the low tax-to-GDP ratio in Pakistan is the high level of tax expenditure.
Each time there is a national crisis in Pakistan, the very first act of the incumbent government is to go on defensive and start the blame-game equally matched by a counter blame-game by those in opposition. All of this is abetted by the print and electronic media as it provides imputes for talk-shows, analyses, columns and editorials, publicising the photo sessions of dignitaries consoling the affectees. This aimless and result-deficient exercise goes on for a month or so and then everything moves into oblivion with no lesson learnt nor a strategy to audit the system of governance to fill in the gap and put in place standard operating procedures for future prevention.
Massive downward revisions to oil output in Brazil and Iraq have increased the risks for oil markets of going from the current feast to famine within just a few years, leading to a price spike that would give a new boost to the US shale industry. Brazil and Iraq had been expected to add over 2 million barrels per day to global supply by 2020 and another 2.5 million by 2025, becoming the two biggest contributors to help meet rising global demand, according to the long-term forecast of the International Energy Agency.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln