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The United States on Wednesday urged the Indian government that emerges from ongoing elections to follow economic policies that encourage investment, saying Washington would like to see bilateral trade grow to $500 billion a year. Nisha Biswal, US assistant secretary of state for South and Central Asia, said future economic growth in South Asia hinged on India as the region's growth engine. "India, the world's largest democracy, must decide its own path to the future," Biswal said in a speech at Harvard University's Kennedy School of Government.

Prime Minister Nawaz Sharif on Thursday removed Chairman Water and Power Development Authority (Wapda) Syed Raghab Abbas Shah and appointed Zafar Mehmood, former Federal Secretary Water and Power, as Chairman. Presently, Zafar Mehmood is serving as Chairman Public Service Commission Punjab. The sources said the government was not satisfied with the performance of Chairman Wapda and received a number of complaints on the award of billions of rupees of contracts of hydropower projects in sheer violation of rules.
The Economic Co-ordination Committee (ECC) of the Cabinet has withdrawn a 5 percent exemption on cotton yarn import and lifted ban on the import of gold. The ECC meeting chaired by Finance Minister Ishaq Dar on Thursday decided to withdraw SRO 15(I)/2010 that exempted cotton yarn import from customs duty of 5 percent to check the increasing cotton import as the cotton yarn industry has begun to suffer from a liberal tariff regime, said a statement issued after the meeting.
The Privatisation Commission (PC) on Thursday initiated the process of hiring financial advisors (FAs) for off-loading 10 percent government shares in Oil and Gas Development Company (OGDCL) and government shares in United Bank Limited (UBL). However, the hiring of a Financial Advisor for Pakistan Petroleum Limited (PPL) will be held today (Friday).
A delegation of consortium comprising UBS, Dubai Islamic Bank and Nomura International called on Finance Minister Senator Ishaq Dar at the Finance Ministry here on Thursday and discussed matters relating to performance of national economy in the country. The minister on the occasion briefed the delegation on the upward trend of the economic indicators and the clear roadmap which the government had put in place for economic development of the country.
The Federal Board of Revenue wants to collect 19.5 percent Federal Excise Duty (FED) on telecom services under the relevant Schedule of Federal Excise Act despite the fact the levy is already being collected by provinces after the 18th Amendment at the rate of 19.5 percent of the gross value of services. The FBR sources told Business Recorder on Wednesday that they are following the FED law in letter and spirit till now under the relevant entry of the Schedule of Federal Excise Act 2005.
Prime Minister Nawaz Sharif will inaugurate 747 MW Guddu and 404 MW Uch II thermal power plants on April 21 and 25, 2014 respectively, official sources told Business Recorder. A team of senior officials of Water and Power Ministry has already reached Guddu power plant to finalise the arrangements for plant's inauguration.
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Index Closing Chg%
Arrow DJIA 16,408.54 0.10
Arrow Nasdaq 4,095.52 0.23
Arrow S&P 1,864.85 0.14
Arrow FTSE 6,625.25 0.62
Arrow DAX 9,409.71 0.99
Arrow CAC-40 4,431.81 0.59
Arrow Nikkei 14,417.53 0.01
Arrow H.Seng 22,760.24 0.28
Arrow Sensex 22,628.84 1.58

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln