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Several member states of the World Trade Organisation voiced frustration after India's demands for concessions on agricultural stockpiling led to the collapse of the first major global trade reform pact in two decades. WTO ministers had already agreed the global reform of customs procedures known as "trade facilitation" in Bali, Indonesia, last December, but were unable to overcome last minute Indian objections and get it into the WTO rule book by the July 31 deadline.

The Executive Committee of the National Economic Council (Ecnec) was informed that the construction of Hasanabdal-Havelian Expressway at a cost of Rs 30.494 billion would create a strategic link with Pak-China Economic Corridor.
French Prime Minister Manuel Valls blasted eurozone policies for failing to deliver growth and warned that the European Central Bank seemed "powerless" to ward off deflation, in a speech on Friday. Valls, struggling to push through reforms of the lagging French economy, also said his government could not boost any further proposed tax breaks for businesses in return for jobs.
Followed by the higher imports, the country's services trade posted a $2.6 billion deficit, widening by 69 per cent, during the last fiscal year 2013-2014 (FY14). The latest statistics released by the State Bank of Pakistan (SBP) revealed that Pakistan's services trade performance continues to deteriorate mainly due to higher imports and decline in exports. Although, imports during the last fiscal year are lower than those of the previous year, however, still higher than exports, which also posted a decline of 22 per cent end of June.
The Ministry of Water and Power has reportedly put on hold its plan to increase power tariff by Rs1.30 per unit for domestic consumers due to Pakistan Tehreek-e-Insaf (PTI) scheduled million march on August 14, 2014, well-informed sources told Business Recorder.
Argentina said there was little hope of resolving its damaging debt dispute at a US court hearing Friday, accusing the judge of bias as repercussions from its partial default continued to mount. The country needs to strike a deal with two US hedge funds whose legal battle against its debt restructuring has blocked it from paying bondholders who agreed to take a 70-percent write-down after its 2001 economic crisis.
The ghee and cooking oil industry is expected to contribute around Rs 2.2 billion additional revenue per annum to the Federal Board of Revenue (FBR) on implementation of the budgetary measures taken through Finance Act, 2014.
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Index Closing Chg%
Arrow DJIA 16,493.37 0.42
Arrow Nasdaq 4,352.64 0.39
Arrow S&P 1,925.15 0.29
Arrow FTSE 6,679.18 0.76
Arrow DAX 9,210.08 2.10
Arrow CAC-40 4,202.78 1.02
Arrow Nikkei 15,523.00 0.63
Arrow H.Seng 24,532.43 0.91
Arrow Sensex 25,480.84 1.60

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