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The new head of Britain's biggest retailer Tesco has suspended four senior executives and launched an independent investigation after the troubled supermarket revealed Monday it had massively overestimated profits. Following initial investigations into its UK food business, Tesco said its profit for the six months to August 23 "was overstated by an estimated £250 million ($408 million, 318 million euros)". The company did not specify which profit indicator this referred to.

The Federal Cabinet has directed Ministry of Water and Power to conduct the audit of alleged over-billing to assess the quantum and incidence of over-charging electricity consumers. The Cabinet also decided to lift ban on recruitment in public sector, as well as approved a Rs 25,000 financial assistance per household for flood affectees and decided to provide protection to the minimum wage earner through a legislation.
The Ministry of Water and Power has reportedly failed to reduce power loadshedding as people in urban and rural areas are facing 12 and 18 hours of outages respectively. Presently, electricity shortfall is hovering around 7000 MW but none of the officials was available to give a real picture of power sector.
The Argentine government ordered Bank of New York Mellon on Monday to give it back $539 million frozen in connection with the country's debt dispute with two US hedge funds. US federal judge Thomas Griesa ordered the money frozen in a Bank of New York account after ruling that Buenos Aires could not proceed with payments on the debt it restructured following its 2001 economic crisis until it settled its $1.3-billion dispute with the two "holdout" creditors.
After resisting for few sessions, the benchmark KSE-100 index closed below the 30,000 psychological mark on Monday in the absence of any market related triggers. The Karachi share market witnessed a dull session on the first trading day of the week and the KSE-100 index lost 22 points to close at 29,994 points compared to 30,016 points in the previous session.
After resisting for few sessions, the benchmark KSE-100 index closed below the 30,000 psychological mark on Monday in the absence of any market related triggers. The Karachi share market witnessed a dull session on the first trading day of the week and the KSE-100 index lost 22 points to close at 29,994 points compared to 30,016 points in the previous session.
The Securities and Exchange Commission of Pakistan (SECP) has conveyed to the brokerage houses that regulatory framework of the Karachi Stock Exchange (KSE) does not allow the use of clients' assets other than in his/her own benefit. Through an order issued against a brokerage house of the KSE by the SECP here on Monday, the SECP further observed that irrespective of the status of clients ie, associate or not, the broker cannot use the funds of his/her client even if authorised by the client.
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IndexClosingChg%
ArrowDJIA 17,172.68 0.62
ArrowNasdaq 4,527.69 1.14
ArrowS&P 1,994.29 0.80
ArrowFTSE 6,773.63 0.94
ArrowDAX 9,749.54 0.51
ArrowCAC-40 4,442.55 0.42
ArrowNikkei 16,205.90 0.71
ArrowH.Seng 23,955.49 1.44
ArrowSensex 27,206.74 0.43






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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln