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The Federal Board of Revenue's (FBR) intelligence agency has sought details of 37 major cases of electricity theft from the Federal Investigation Agency (FIA) to ascertain the amount of duties and taxes evaded by units through suppression of actual production and sales during production process.

The government on Tuesday decided to keep the electricity tariff unchanged at an average rate of Rs 11.52 per unit against a Rs 13.81 per unit as recommended by National Electric Power Regulatory Authority (Nepra). The Prime Minister's office also announced that "the government has decided not to burden the electricity consumers with new tariff for the year 2013-14 as determined by NEPRA and maintain it at the level of current tariff. The average national tariff for the year 2013-14 as determined by NEPRA is Rs 13.81/Unit while the current average national tariff is Rs 11.52/unit".
The government may use equalisation surcharge instead of fuel price adjustment (FPA) as long as oil prices are declining internationally, sources told Business Recorder on condition of anonymity. FPA allows the consumers to benefit in the event that oil prices fall internationally. The same would not apply to equalization surcharge, sources maintained.
The Karachi share market witnessed another dull day Tuesday and the benchmark KSE-100 index fell by 17 points to close at 29,694 points compared to 29,711 points Monday. Analysts said bears won battle after conceding some territory in the early half of the day to the bulls as the market closed 0.06 percent down. Monday's relatively large foreign portfolio outflow kept the participants on the back foot, they added.
The Karachi share market witnessed another dull day Tuesday and the benchmark KSE-100 index fell by 17 points to close at 29,694 points compared to 29,711 points Monday. Analysts said bears won battle after conceding some territory in the early half of the day to the bulls as the market closed 0.06 percent down. Monday''s relatively large foreign portfolio outflow kept the participants on the back foot, they added.
The Board of Directors of MCB Bank Limited met under the Chairmanship of Mian Mohammad Mansha, on October 21, to review the performance of the Bank and approve the financial statements for the nine months period ended September 30, 2014. From financial performance perspective, MCB Bank has created history by posting the highest ever quarterly profit before tax of Rs 9.7 billion crossing profit before tax of Rs 9.4 billion reported in the preceding quarter.
The European Commission fined US banking giant JP Morgan more than 61 million euros ($78 million) on Tuesday for its role in rigging benchmark international interest rates. JP Morgan worked with Royal Bank of Scotland in 2008-09 to fix interest rates on Swiss franc LIBOR contracts, another example of major banks colluding "instead of competing with each other," EU Competition Commissioner Joaquin Almunia said.

 



 
Index Closing Chg%
Arrow DJIA 16,461.32 0.92
Arrow Nasdaq 4,382.85 0.83
Arrow S&P 1,927.11 0.73
Arrow FTSE 6,399.73 0.43
Arrow DAX 8,940.14 0.60
Arrow CAC-40 4,105.09 0.58
Arrow Nikkei 15,195.77 2.64
Arrow H.Seng 23,403.97 1.37
Arrow Sensex 26,787.23 0.80





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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 $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln