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Prime Minister Nawaz Sharif Monday said Pakistan's economy is witnessing a turnaround with key indicators showing improvement while operation against terrorism is also achieving success. He was talking to German Foreign Minister Dr Frank Walter Steinmeier who called on him at the PM House. During the meeting, matters relating to bilateral and regional interest with particular focus on peace and stability in the region were discussed, said a press release.

Afghanistan has conveyed to Islamabad that economic and trade relations between the two countries will remain on the backburner until there is a visible improvement in its security environment which the Afghan government is linking to what it claims is lack of Pakistani action against the Haqqani network, well informed sources told Business Recorder. A scheduled meeting of Pakistan Afghanistan Joint Economic Commission (JEC) was recently cancelled by the Afghan Finance Minister Eklil Hakimi through a telephone call to his Pakistani counterpart.
The Oil and Gas Regulatory Authority (OGRA) on Monday announced an increase of up to 38.5 percent in gas prices for consumers effective from September 1 (today). Addressing a press conference, Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi and Information Minister Pervaiz Rasheed said the government did not pass the full impact of international oil price decline to end consumers with a view to bridging a revenue shortfall amounting to Rs 60 billion.
The Federal Board of Revenue (FBR) has increased sales tax from 20 percent to 25.5 percent on Motor spirit, 17 to 24 percent on HOBC, 20 to 30 percent on Kerosene, 36.5 to 45 percent on High speed diesel oil and on Light diesel oil from 20 to 29.5 percent from September 1, 2015. In this regard, the FBR has SRO.847 (I)/2015 issued here on Monday. According to sources, the FBR has estimated revenue to the tune of Rs 6-7 billion from changes in the sales tax rates on POL products.
The federal government has postponed the scheduled Council of Common Interests (CCI) meeting for August 24, which was expected to take up Sindh government's concerns on LNG imports, it was learnt. Sources said that on the request of Sindh government, the LNG import issue was included in the agenda of the CCI which did not take place. They added that the Sindh government's proposal with respect to LNG import was on the agenda as federal government contention was that as per the 2015 power policy the centre can import LNG for power generation.
Karachi stocks ended the month on a positive note Monday on the back of a strong rally in international crude oil prices. Another major trigger for the risk-averse investors came from abroad where foreign investors ended their two-week selling spree and bought net portfolios worth $18.613 million. Since August 17, foreign outflows at the Karachi bourse totalled $85.7 million.
Karachi stocks ended the month on a positive note Monday on the back of a strong rally in international crude oil prices. Another major trigger for the risk-averse investors came from abroad where foreign investors ended their two-week selling spree and bought net portfolios worth $18.613 million. Since August 17, foreign outflows at the Karachi bourse totalled $85.7 million.
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IndexClosingChg%
ArrowDJIA 16,528.03 0.69
ArrowNasdaq 4,776.51 1.07
ArrowS&P 1,927.18 0.84
ArrowFTSE 6,247.94 0.90
ArrowDAX 10,259.46 0.38
ArrowCAC-40 4,652.95 0.47
ArrowNikkei 18,890.48 1.28
ArrowH.Seng 21,670.58 0.27
ArrowSensex 26,283.09 0.41





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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln