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The vision to have a steel mill for Pakistan was captured immediately after the birth of the nation. The first five-year plan of 1955-60 included the setting up of a steel mill. It was only in 1973 that the foundation stone of Pakistan Steel was laid, construction started with technology provided by the then Soviet Union and production started in the mid-1980s. PSM enjoyed few a short spans of good governance and good productivity. By and large, it remained a troubled entity on account of poor governance and political interference.

Indonesian President Joko Widodo has been a let-down for investors who thought he would slash red tape and push aside reactionaries to revive the economy. Now, after nearly a year in office, he is starting to look like the leader they expected. After months of policy confusion, internal bickering and pressure from powerful political forces rooted in the reflexive economic nationalism of Indonesia's past, aides say the president has had enough.
I am in Middletown Pennsylvania. Three Miles Island nuclear power plant is visible from my bedroom window. There is always a plume of white steam rising up its tall chimneys in the horizon. Pennsylvania produces a lot of its electricity from nuclear plants and the power is much cheaper compared with that in its neighbouring state of New York. Before moving to this place last year, my son was living in Albany in New York State. Observing very generous use of electricity, I enquired their monthly power bill. His answer left me wondering. Their bill ranged only between 50 to 100 dollars which appeared too low to me considering the air conditioning and heating use. He informed me that their monthly power bill in Albany was in the range of 400-500 dollars for nearly the same use of electricity.
"So what do you reckon?"
Beginning mid-1990s, power shortages in Pakistan began impacting its economy, and load-shedding steadily became the major contributor in eroding the competitiveness of its industrial sector. Next, beginning 2001, banks' financing of consumer credit, instead of helping the build-up of import substitution capacity, fuelled a steady rise in imports and the trade deficit.
Pakistan issued a 10-year $500 million Eurobond at a yield of 8.25 percent on September 24, 2015. This issuance of bond came under sharp criticism from analysts and independent economics from within and outside the country. The widespread criticism centered around the timing of issuance, poor response of the market, its costs, poor performance of Pakistani team on roadshow, inappropriate remarks by senior official of the Ministry of Finance (MoF) during the roadshow and the lack of interest exhibited by the Finance Minister during the entire roadshow.
Addressing concerns that a landmark nuclear deal reached this year could boost Iran's military power, the Obama administration reassured critics that it would maintain and enforce its remaining tough sanctions against the country. Yet the US government has pursued far fewer violations of a long-standing arms embargo against Iran in the past year compared to recent years, according to a review of court records and interviews with two senior officials involved in sanctions enforcement.


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln