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Finance Minister Ishaq Dar left for Dubai on Saturday to hold roadshow to float $500 million Sukuk bonds in the international market, sources said. Sources added the Finance Minister after holding a roadshow in Dubai on Monday would leave for London. Dar stated during a recent media briefing that the government plans to increase country's foreign exchange reserves to $15 billion by December 31, 2014 through floating $500 million Sukuk bonds and receiving the fourth and fifth tranche amounting to $1.1 billion from the International Monetary Fund (IMF).

Finance Minister Ishaq Dar has said the government would continue to pursue its policy to bring further macroeconomic stability, reduce energy shortages and help in a transparent manner the vulnerable segment of society through Income Support Fund which has increased from Rs 30 billion cash to Rs 95 billion cash in first 13 months of Prime Minister Nawaz Sharif's government.
The Lahore High Court (LHC) has dismissed a petition against Federal Tax Ombudsman (FTO) order to the Chairman FBR for holding a thorough investigation to identify the officials responsible for concealment, abetment of forgery and violation of rules.
The Direct-orate General of Intelligence and Investigation Inland Revenue of Federal Board of Revenue (FBR) is planning to raid the production premises/offices of ghee and cooking oil industry for getting tax record for recovery of evaded amount of sales tax on edible cooking oil/vegetable ghee. Sources told Business Recorder here on Saturday that it is the first major enforcement action of the newly appointed Director General DG I&I IR Haroon M K Tareen against one of the biggest sector - ghee and cooking oil.
The Bank of England has opened a formal investigation into the possible manipulation of money-market auctions held at the start of the financial crisis and whether its officials were involved, the Financial Times reported on Saturday. The months-old probe is being conducted by the lawyer who led the Bank's investigation into the rigging of forex markets, Anthony Grabiner, and he has so far interviewed about ten Bank staff, the business daily said.
Federal government had released Rs 111.13 billion for the Public Sector Development Programme (PSDP) by November 21 in the current year, which is 21.2 percent of total allocation of Rs 525 billion of development budget. A high official source in the Ministry of Planning, Development and Reforms told Business Recorder that the government released a smaller amount for PSDP in the early months of financial year, and accelerated the releases as the fiscal year advanced.
The Islamabad High Court will hear a constitutional petition challenging the surcharge for Neelum-Jhelum hydropower project, which is reflected in monthly electricity bills. The petition has been fixed for hearing before a single-member bench of Justice Athar Minallah on November 24 (Monday). The petition was filed by a resident of Islamabad, Imdad Hussain, through his counsel Yasir Mahmood Chaudhry under Article 199 of the constitution of Islamic Republic of Pakistan, 1973, urging the court to declare Neelum-Jhelum surcharge illegal.
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Index Closing Chg%
Arrow DJIA 17,810.06 0.51
Arrow Nasdaq 4,712.97 0.24
Arrow S&P 2,063.50 0.52
Arrow FTSE 6,750.76 1.08
Arrow DAX 9,732.55 2.62
Arrow CAC-40 4,347.23 2.67
Arrow Nikkei 17,357.51 0.33
Arrow H.Seng 23,437.12 0.37
Arrow Sensex 28,334.63 0.95

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln