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ImagePakistan is in the throes of one crisis after another. In fact we have been stalked by social issues right from the start. The confusion comes from the manner in which our social systems have been organized. We have never tried to work out the social systems prevalent in this country. During the period that one was involved in the management of this country at the highest bureaucratic level one was given the opportunity to visit various countries and to interact with the leadership at levels that are not normally available to bureaucrats. In fact when playing cricket (as a member of the Pakistan cricket team to India in 1960-61) one had the opportunity to meet the Indian Political leadership that included the President and the Prime Minister of India, and the second string that was being developed for stepping into the shoes of the leadership of the day.

After months of focus on slack in US labour markets, the Federal Reserve faces a new challenge: the possibility that weak inflation may be so firmly entrenched it upends the return to normal monetary policy. The soft global inflation backdrop, from sliding oil prices to stagnant wages in advanced economies, has triggered debate over whether the Fed and its peers merely need to wait for a slow-motion business cycle to improve, or face a shift in the underlying nature of inflation after the global recession.
European company directors have been scooping up shares in their own firms in recent weeks at the fastest rate since 2011 - a signal that it may be time to shrug off fears over global growth and buy beaten-down stocks. Unfazed by the stock market turmoil of the past month that has taken share prices to 13-month lows, company directors have been buying into the slump, according to data from two research firms, in a show of confidence in their own companies.
"Maulana Fazlur Rehman survived a suicide attack."
Pakistan's debt stands at Rs 18,241 billion as of end- June 2014. This includes Rs 16,321 billion of government (public) debt, equivalent to 89% of the total debt. The rest, Rs 1,920 billion, is owed by public sector enterprises, banks and companies, mostly with external creditors. Public debt has mushroomed rapidly since 2006-07. It was Rs 4,896 billion in June 2006-07, and has risen annually by 19%. At this rate, it is effectively doubling every four years. Today, each citizen of Pakistan has the burden of debt of Rs 87,200 on his/her head.
The Chairman of Federal Board of Revenue (FBR) has recently stated that in Pakistan millions are outside tax net-this is incorrect statement as millions of mobile users alone pay advance income tax though the vast majority of them have below taxable income. There is a distinction between a taxpayer and return filer. Our tax base is not narrow but number of return filers is pitiably low due to the pathetic performance of FBR. The real failure is that of FBR in forcing taxable persons, their number is not less than 15 million.
Spanish authorities are taking a tougher line against corruption by the country's long untouchable elites as a lengthy economic downturn fuels public outrage. With a year to go until the next general election, political parties, which have long been accused of turning a blind eye, talk of stepping up the fight against corruption at a time when one in four Spaniards is out of work. The most famous name to pay the price is Rodrigo Rato, a former head of the International Monetary Fund and one of the pillars of the ruling conservative Popular Party.


Index Closing Chg%
Arrow DJIA 16,677.90 1.32
Arrow Nasdaq 4,452.79 1.60
Arrow S&P 1,950.82 1.23
Arrow FTSE 6,419.15 0.30
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Arrow CAC-40 4,157.68 1.28
Arrow Nikkei 15,138.96 0.37
Arrow H.Seng 23,333.18 0.30
Arrow Sensex 26,851.05 0.24

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln