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Senate Standing Committee on Water and Power headed by Senator Iqbal Zafar Jhagra on Friday took K-Electric management to task for its questionable performance during the heatwave that claimed hundreds of lives and constituted a committee to probe the entire matter. During the standing committee meeting, National Electric Power Regulatory (Nepra) and K- Electric's top management disagreed with the figures of generation, reliability of distribution and transmission systems and investment in infrastructure.

The National Electric Power Regulatory Authority (Nepra) has made electricity costlier by 20 to 80 per cent for domestic consumers of K-Electric by slashing the amount of subsidy as per agreement with the International Monetary Fund (IMF). The Ministry of Water and Power had submitted a request to the regulator to slash subsidy for K-E consumers. The impact of reduction in subsidy for domestic consumers will be between Rs 2 to Rs 4.28 per unit.
Asian markets mostly retreated Friday ahead of the weekend's Greek referendum that could decide its eurozone future, while Shanghai plunged more than seven percent, at the end of a torrid week for mainland investors. Wall Street ended in the red as a strong increase in US jobs was overshadowed by the Greek crisis and stagnant wage growth.
Greece is officially in default but the declaration will have no immediate consequences, the eurozone's stability fund said in a statement Friday. The European Financial Stability Facility (EFSF) declared "an event of default by Greece", but added that it had "decided not to request immediate repayment of its loans nor to waive its right to action."
A new survey Friday ahead of Greece's make-or-break weekend referendum showed a swing against the government to a 'Yes' result, amid a sense of crisis fuelled by cash rationing and burgeoning protests. The poll by Greece's Alco institute said 44.8 percent of Greeks intend to vote 'Yes' and 43.4 percent are for 'No' - making it the first published survey to give a lead to the 'Yes' vote ahead of Sunday's ballot.
Eurogroup chief Jeroen Dijsselbloem said Friday an IMF analysis on Greek debt restructuring was based on "outdated" figures, as he criticised comments by Greece's finance minister that a debt deal was "in the offing". "The IMF analysis (on Greek debt) is based on outdated numbers and figures," said Dijsselbloem, referring to a report released Thursday by the International Monetary Fund that said the EU may need to take losses of 53 billion euros ($59 billion) on money it has lent to Greece.
Commerce Minister Engineer Khurram Dastgir on Friday quizzed sugar mill owners over increase in sugar prices after the approval of a 150 percent increase in Regulatory Duty (RD) on import of sugar. According to an official statement, Commerce Minister chaired a meeting to ensure stabilisation of price of sugar convened on the directions of EEC of the Cabinet which was attended by the representatives of Ministry of Commerce, Ministry of Industries and Pakistan Sugar Mills Association (PSMA). The meeting directed PSMA to enhance the supply of sugar in the open market in order to maintain the price of sugar at a reasonable level.
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Index Closing Chg%
Arrow DJIA 17,730.11 0.16
Arrow Nasdaq 5,009.22 0.08
Arrow S&P 2,076.78 0.03
Arrow FTSE 6,585.78 0.67
Arrow DAX 11,058.39 0.37
Arrow CAC-40 4,808.22 0.57
Arrow Nikkei 20,539.79 0.08
Arrow H.Seng 26,064.11 0.83
Arrow Sensex 28,092.79 0.53





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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln