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The chairman of Britain's biggest retailer Tesco resigned on Thursday as the troubled supermarket group said a huge accounting error began earlier than thought and contributed to plunging profits. Chairman Richard Broadbent said he would be stepping down after an independent investigation found that Tesco had overstated profits by £263 million ($422 million, 334 million euros) as a result of accounting errors stretching back to before 2013.

The Ministry of Water and Power has started the process to adjust overcharged amount in electricity bills as per decision of the Federal Cabinet. An official of the Ministry of Water and Power told APP Thursday that the overcharged amount in the electricity bills for September was being adjusted, while the matter was to be further probed.
The sugar and cement sectors have been involved in massive evasion of sales tax, income tax and federal excise duty, invoking immediate enforcement action by the Federal Board of Revenue (FBR) to plug revenue leakages from these two leading sector.
Equities on Thursday extended further gains amid decreased trading turnover on the Lahore Stock Exchange. The LSE-25 index was marginally improved by 3.21 points to close at 5292.66 against 5289.45 of Wednesday while transaction volume was squeezed to 1.315 million shares compared with day earlier volume of 2.208 million shares.
US stocks soared on Thursday, with major indexes up more than 1.5 percent in a broad rally, as strong results from industrial bellwethers reassured investors that corporations continue to fare well despite concerns about global economic growth. The advance extended a recent bout of strength for equities. The S&P 500 has posted a gain of 0.9 percent or more in four of the past five sessions, putting it less than 3 percent from its record close. After a four-week string of declines, the S&P is up 3.7 percent this week, on track for its biggest weekly advance since January 2013.
On Thurs-day, BRIndex30 opened at 16,089.50 points. It touched an intraday high of 16,186.10 points and an intraday low of 16,078.34 points and closed at 16,157.52 points which was 68.02 points or 0.42 percent higher than previous close. Total volume was 82,737,000, which was 43.26 percent of KSE All share volume and 76.28 percent of KSE 100 volume. The KSE All Share volume was 191,242,880 and KSE 100 volume was 108,461,400.
US stocks erased earlier gains to close lower on Wednesday as a shooting at the Canadian parliament unnerved investors, Boeing and Biogen sold off following results, and energy stocks fell along with oil prices. Indexes had traded in positive territory for much of the session, putting the S&P 500 on track for a fifth straight day of gains. Earnings initially drove the move higher, with technology and material shares up on the back of strong results.


Index Closing Chg%
Arrow DJIA 16,677.90 1.32
Arrow Nasdaq 4,452.79 1.60
Arrow S&P 1,950.82 1.23
Arrow FTSE 6,419.15 0.30
Arrow DAX 9,047.31 1.20
Arrow CAC-40 4,157.68 1.28
Arrow Nikkei 15,138.96 0.37
Arrow H.Seng 23,333.18 0.30
Arrow Sensex 26,851.05 0.24

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln