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Secretary Pakistan Railways Parveen Agha is considered to be the favourite candidate for the vacant slot of Auditor General of Pakistan (AGP). The Finance Division on Saturday issued a notification regarding the removal of Mohammad Akhtar Buland Rana from the office of the Auditor General of Pakistan. According to section 168 of the Constitution, the President has the authority to appoint the most senior officer in the Office of the Auditor General to act as AGP, if the office of the auditor general is vacant.

The government has projected a GDP growth rate of 5.5 percent for 2015-16 backed by projected growth of 3.9% in agriculture, 6.4% industry (with 6 percent in large scale manufacturing sector, 8.3 percent in small and household, 8.5 percent in construction industry and 6% in electricity generation and gas distribution), and 5.7 percent in services sector, according to an official document. The government is projecting a growth of 15.2% in indirect taxes in 2015-16 budget - a projection less than half of 34.2 % which it claims was achieved between 2013-14 and 2014-15.
The Federal Board of Revenue (FBR) is proposing the government to enhance Federal Excise Duty (FED) on sugar, beverages and edible oil to generate additional revenue in budget (2015-16). Sources told Business Recorder on Monday that the budget makers are examining different options for raising the incidence of taxes on these commodities/items its effect on common man.
The Karachi share market got a boost Monday as the growth-conscious central bank cut the cost of bank borrowings by one percent to a 'historic' 42-year low of seven percent Saturday. However, a sharp decline in the index heavyweight banking stocks made the day's rally marginal. The KSE-100 index rose by 102 points or 0.31 percent to close at 32,707.22 compared to 32,605.62 of Friday last.
The Karachi share market got a boost Monday as the growth-conscious central bank cut the cost of bank borrowings by one percent to a ''historic'' 42-year low of seven percent Saturday. However, a sharp decline in the index heavyweight banking stocks made the day''s rally marginal. The KSE-100 index rose by 102 points or 0.31 percent to close at 32,707.22 compared to 32,605.62 of Friday last.
The government is considering further amending relevant Public Procurement Regulatory Authority (PPRA) rules to further facilitate $46 billion Chinese investment, an official of PPRA told Business Recorder on condition of anonymity. However, when contacted, Federal Minister for Planning and Development Ahsan Iqbal, said the government is not considering making any amendment in PPRA rules.
Equities have swung to and fro on the stock exchange but settled in the green zone amid a slightly thin trading turnover. The LSE-25 index gained 57.48 points to 5550.57 against 5493.09 of last Friday while transaction volume stayed at 755,000 shares compared with the previous volume of 884,100 shares. The market after resuming trading on a positive sign sharply declined in the absence of buyers' interest.

 



 
Index Closing Chg%
Arrow DJIA 18,041.54 1.04
Arrow Nasdaq 5,032.75 1.11
Arrow S&P 2,104.20 1.03
Arrow FTSE 6,948.99 1.18
Arrow DAX 11,625.13 1.61
Arrow CAC-40 5,083.54 0.66
Arrow Nikkei 20,437.48 0.12
Arrow H.Seng 28,249.86 0.92
Arrow Sensex 27,531.41 0.41





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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 26, 2015
Reserves $17.749 bln