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Dark clouds are hovering over Nawaz Sharif's government. But, it is still fair to ask: how would the economy fare if Nawaz survives the political onslaught. Left bruised and scarred from the political fight, would he approach, or avoid the difficult but unattended economic issues? A few plausible scenarios are described here.
Remittance inflows last month stood at its highest ever monthly level of $1.64 billion--an impressive 10 percent growth over June 2014, and 17 percent year-on-year growth. But, this is no surprise; this column had already forecast record high remittance last month (See Roaring Remittances: July likely to break records, published Jul 14, 2014).
MCB does most things right. Yes, a slight decline in after tax profits for 1H CY14 on a consolidated basis. This is just because it has been doing most things right for some time now. The bank still managed to post its highest ever pre-tax profits on an unconsolidated basis, mainly driven by solid top line growth and continued improvement in interest margins.
Last two years have been quite impressive for International Steels (KSE: ISL). After turning around to profitability in FY13, ISL has been boasting impressive growth since then. According to the financial result announced yesterday, the company closed FY14 on a positive note as its bottom line surged by a massive 90 percent.
It was a show of political optics yesterday when the Planning Commission (PC) Deputy Chairman announced Vision 2025 at the time when it seems uncertain whether the government will continue even for ten days. The salient features and targets seem more of a wish list without having any concrete plan to implement and execute it.
Quite timing! Just as PM Nawaz Sharif and his Vision-walas were announcing the much-hyped Vision 2025, share prices at Karachi Stock Exchange were dropping like flies. By the closing bell, the benchmark index had lost a colossal 1,310 points; a never ever seen before event in the 20 years’ history of KSE-100 index. The biggest ever slide before yesterday was the fall of 696 points in December 2007; so you can imagine the psychological shock.
Despite the launch of the new WagonR model, Pak Suzuki Motor Co’s (KSE: PSMC) earnings remained subdued during the Apr-Jun period, owing to higher payables. The latest company results show that gross margins posted an increase of 50 percent for the half-year and over 34 percent for the quarter ended June 2014.

 



 
Index Closing Chg%
Arrow DJIA 17,098.45 0.11
Arrow Nasdaq 4,580.27 0.50
Arrow S&P 2,003.37 0.33
Arrow FTSE 6,819.75 0.20
Arrow DAX 9,470.17 0.08
Arrow CAC-40 4,381.04 0.34
Arrow Nikkei 15,424.59 0.23
Arrow H.Seng 24,742.06 0.01
Arrow Sensex 26,638.11 0.29





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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln