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Export numbers for August reveal that our sugar exports have dropped to zero - according to PBS data, not a single ton of sugar was exported during the month. The reason is simple; the permission given to mills to export the surplus (along with the subsidy being given) expired in July, effectively resulting in a ban.
The United Arab Emirates over the years has become a hub of business and tourism industry and in recent years it has enjoyed greater influence on global and regional politics. However, similar to its oil-rich Gulf neighbours, the country has long faced severe criticism from trade unions, human rights activists and world politicians for its treatment of low-paid labourers. These blue colour workers mostly from Pakistan, India, Bangladesh and the Philippines have not only built Abu Dhabi and Dubai's skyscrapers, hotels and cutting-edge infrastructure, but they also staff them.
The desperate move to raise Eurobond by the Ministry of Finance is seemingly a failed attempt to meet the IMFs September-end target for net domestic assets (NDA) held at SBP. The NDA ceiling is Rs2.21 trillion for September 30 (today) and as of September 11, the central banks NDA stock was Rs2.71 trillion; leaving a staggering gap of Rs498 billion.
The latest export numbers are in and it turns out that textile isn%9 entirely responsible for the fall in exports in the two months ending August 2015.
Export numbers for the month of August show that the textile industry is putting up some fight; total textile exports for the month were up by 11 percent year-on-year to $1.11 billion, as per PBS data. All the major segments (save for yarn) reported higher volumetric and dollar sales over August 2014. When you take the 2MFY16 numbers into consideration, however, total textile exports were lower by a 1.1 percent year-on-year. This is largely due to significantly drops in yarn and cloth exports.
Nest i/O, a tech incubator by P@SHA, is sending Pakistani startups to a trip to the glorious Silicon Valley in October by teaming up with Blackbox Connect, a Google for Entrepreneur's project. Some four to five tech-startups are attending Startup Istanbul, a leading startup event in Eurasia. DotZero has launched an angel fund for early ventures and startups. - the country's first virtual automotive maintenance portal - has raised $100,000 funding from PakWheels, Pakistan's largest online marketplace for buying and selling cars, while the Daraz Group, an ecommerce venture, has received over $50 million funding just recently.
Sixty one percent of fresh house loan disbursements in Pakistan during the year ended June 2015 were made by Islamic bankers sitting at Islamic banks or at the Islamic windows of conventional banks. While we let that sink in, let it also be known that the fiscal year 2015 was the first year since FY08 when the gross outstanding amount of housing loans actually grew.


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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 $-1.998 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklySeptember 21, 2015
Reserves $18.726 bln