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Privatization Commission Board has approved the appointment of United Bank Limited and Ernst & Young-led consortium as financial advisers (FAs) to undertake the Privatization of Faisalabad Electric Supply Company (FESCO) and Northern Power Generation Company Limited (NPGCL). The Board has also approved Dubai Islamic Bank-led consortium as financial advisers for strategic privatization of Pakistan International Airlines (PIA).

The World Bank on Wednesday offered India up to $18 billion in financial support over the next three years while lavishly praising new right-wing Prime Minister Narendra Modi's "ambitious vision" for the country. Modi's Hindu nationalist Bharatiya Janata Party was elected in May with the biggest electoral majority in three decades on pledges to revive India's sluggish economy, ousting the scandal-tainted, left-leaning Congress party.
Stocks ended marginally higher ahead of announcement session Wednesday. The benchmark KSE-100 index gained 63.34 points to close at 30,465.43 points. Ahsan Mehanti, an analyst at Arif Habib Corporation, said stocks closed higher in the earnings announcements session at KSE led by oil and fertiliser sector stocks on strong earnings outlook.
Stocks ended marginally higher ahead of announcement session Wednesday. The benchmark KSE-100 index gained 63.34 points to close at 30,465.43 points. Ahsan Mehanti, an analyst at Arif Habib Corporation, said stocks closed higher in the earnings announcements session at KSE led by oil and fertiliser sector stocks on strong earnings outlook.
National Electric Power Regulatory Authority (Nepra) on Wednesday cut consumer tariff by 8 paisa per unit for Wapda's Distribution Companies (Discos) for a month, in a bid to pass on lower average power generation cost for June 2014. Nepra held a public hearing in response to a petition filed by the Central Power Purchasing Agency (CPPA).
Former Member Energy Planning Commission, Shahid Sattar, has served a legal notice on Pakistan Procurement Regulatory Authority (PPRA) for not allegedly providing information on a bid submitted by and awarded to Engro Elengy Terminal (Private) Limited with respect to an LNG terminal.
Swiss bank UBS was on Wednesday charged with tax fraud in Paris for allegedly helping rich French clients to hide money in Switzerland, a judicial source said. The bank, which was already under investigation for illegal solicitation of customers in France, will now have to pay a total bail of 1.1 billion euros ($1.5 billion), the source told AFP. UBS's Swiss business is suspected of illegally canvassing French customers and setting up dual accounts to hide the movement of capital into Switzerland.
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IndexClosingChg%
ArrowDJIA 17,086.63 0.16
ArrowNasdaq 4,473.70 0.40
ArrowS&P 1,987.01 0.18
ArrowFTSE 6,798.15 0.04
ArrowDAX 9,753.56 0.20
ArrowCAC-40 4,376.32 0.16
ArrowNikkei 15,328.56 0.10
ArrowH.Seng 23,971.87 0.80
ArrowSensex 26,147.33 0.47





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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln