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The recently released quarterly housing finance review by the central bank reveals that housing finance portfolio during the quarter ended March 2015 saw meager growth Rs0.8 billion, taking the total size of outstanding loans to Rs54.5 billion, from Rs53.7 billion in December 2014. Clearly, in the face of falling interest rates that’s a sorry state of affairs.
Mao Zedong led China for about a quarter century. Yet his foreign tours were a sum total of two. And both of them were in service of the intimidating Polar Bear in the north (Soviets). This paucity of foreign travel may reflect China’s isolation and her own foreign policy predilections in the 1950s and ‘60s, but literature suggests that it was more in line with Chairman Mao’s cognizance of the burden of nation-building at home, that “Mandate of Heaven”.
In 2001 when Greece officially joined the Euro, who would have thought that in just over a decade things would be where there are. On Sunday, the anti-austerity government of Greece won a decisive victory in the referendum as over 61 percent of Greeks voted ‘no’ in a hastily called referendum. The government received the victory in every region of Greece.
The IMF was told last month there will be a revision in natural gas tariffs come July 1, 2015. It came and went, without any notification or even indication of a notification regarding revised gas tariffs. Recall that gas tariffs, which are supposedly a biannual affair, were last touched two years ago. Any attempt in that territory, ever since, has been resisted, mostly based on political compulsions, despite the IMFs restlessness.
Things really hit the fan last week when APTMA announced the voluntary closure of textile mills. On Friday, it was reported that around 30 percent of textile mills had shut down their operations owing to lack of competitiveness.
On July 1st, 2015, the State Bank of Pakistan sent out its first tweet: "SBP is pleased to join the social media on its 67th anniversary. Governor SBP," it tweeted from "@StateBank_Pak" account. And with that it took its first step into the world of social media.
Anybody who has been following the recent activities of Punjab Food Authority should be left appalled and impressed at the same time. Appalled because of the kind of famous food joints and bakeries that have been caught with their pants down on account of their repelling, dirty and unhygienic kitchen conditions; impressed, because, well, there is at least one authority in this country that is actually working to protect consumer interests whereas those in the rest of the country are mostly sleeping.


Index Closing Chg%
Arrow DJIA 17,6630.27 1.09
Arrow Nasdaq 5,089.21 0.98
Arrow S&P 2,093.25 1.24
Arrow FTSE 6,555.28 0.77
Arrow DAX 11,173.91 1.06
Arrow CAC-40 4,977.32 1.01
Arrow Nikkei 20,328.89 0.10
Arrow H.Seng 24,503.94 0.62
Arrow Sensex 27,459.23 0.37

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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln