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Commerce Ministry has reportedly decided to get into a fight with Federal Board of Revenue (FBR) to bring down tariffs on import of machinery and raw material to offset trade diversion effects, well informed sources told Business Recorder. "Commerce Ministry is of the view that an import-related SRO should be transposed to normal tariff in such a manner that it does not increase duty burden," the sources added.

Asia-focused Standard Chartered bank said Wednesday net profit fell 37 percent in 2014, the second consecutive year of decline, almost a week after announcing two of its top bosses would leave in a reshuffle aimed at transforming its fortunes. The troubled British lender said net profit came in at $2.51 billion for the year, down from $3.99 billion in 2013 and described the result as "disappointing".
Exim Bank of China has reportedly agreed to extend mixed credit of $6.5 billion for two 1100MW each nuclear power plants to be set up at Karachi coast, sources told Business Recorder. ECNEC had approved the project at a cost of Rs 958.8 billion with FEC of Rs 727.8bn on February 21, 2013. Pakistan Atomic Energy Commission (PAEC) entered into contract agreement with M/s CNNC China for construction of the project at a cost of RMB 49bn ($7.903 billion). The ground breaking ceremony of the project was held on November 26, 2013.
Public Accounts Committee (PAC) on Wednesday referred a case related to the theft of 1,115 metric tons of urea of National Fertilizer Marketing Limited (NFML), to National Accountability Bureau (NAB). The committee met with its chairman Syed Khurshid Shah in the chair and examined the audit report of the Ministry of Industries for the year 2010-11. According to the audit report, 1,115 metric tons of fertilizer was dispatched through carriage contractor M/s Abdul Rasheed Jadoon during 2010, which did not reach the designated destinations.
Privatisation Commission (PC) is said to be on war path with Pakistan Steel Mills (PSM) management as the latter has failed to produce the desired outcome in response to a Rs 18.5 billion bailout package and is seeking another package of Rs 8.13 billion, sources close to Chairman PC told Business Recorder.
The Gwadar Port Authority (GPA) on Wednesday admitted that the port is enjoying free zone status, with huge incentives, including a 100 percent tax exemption on import and export, but failed in attracting investment. This was stated by GPA Chairman Dostain Jamaldini while briefing the National Assembly Standing Committee on Ports and Shipping, which met with Syed Ghulam Mustafa Shah in the chair here on Wednesday.
The failure of Finance Ministry and State Bank of Pakistan (SBP) to provide information about four private companies, limit of their paid-up capital and their capacity to handle data led to cause a delay in the passage of the Credit Bureau Bill 2015 by National Assembly's Standing Committee on Finance.
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Index Closing Chg%
Arrow DJIA 18,096.90 0.58
Arrow Nasdaq 4,967.14 0.26
Arrow S&P 2,098.53 0.44
Arrow FTSE 6,919.24 0.44
Arrow DAX 11,390.38 0.98
Arrow CAC-40 4,917.35 0.99
Arrow Nikkei 18,703.60 0.59
Arrow H.Seng 24,465.38 0.96
Arrow Sensex 29,380.73 0.72

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln