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Last update: Mon, 26 Sep 2016 05pm

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The Engineering Development Board (EDB) has reportedly failed to provide the agreement of three local car assemblers with their Japanese principals to the Senate and National Assembly's Standing Committees on Industries and Production despite passage of months after the issuance of the directives.

Turkish Prime Minister Binali Yildirim hit out at Moody's on Saturday, claiming it was biased after it cut Turkey's sovereign debt rating to "junk" status. Amid months of political turmoil, the ratings agency cut Turkey to "Ba1" level, saying the country's finances had weakened while its reaction to the July 15 attempted coup set back expected reforms.
With all the economic indicators moving in the desirable direction State Bank of Pakistan kept its policy rate unchanged for the next two months on Saturday. In a policy statement, issued on Saturday, SBP's Monetary Policy Committee (MPC), chaired by Governor SBP Ashraf Mahmood Wathra, took the above decision. Some of the members (who were in the minority) wanted a 'symbolic cut' in the SBP policy rate. But to protect depositors (savers) MPC, by a majority, voted to keep the rate unchanged at 5.75 percent.
The Planning Commission is not reflecting non-CPEC projects with CPEC projects and working on the projects under the CPEC has been expedited. Project Director/CPEC Co-ordination Dr Zahir Shah said this while taking to Business Recorder Saturday. He said projects under the CPEC are not only funded by China but also the Asian Development Bank (ADB).
Lahore High Court (LHC) has set aside an order passed by Commissioner Inland Revenue on the issue of exemption sought by a taxpayer having income under Final Tax Regime from withholding tax on purchase of immovable property under section 236K of the Income Tax Ordinance, 2001.
Wall Street retreated on Friday as lower oil prices weighed on energy shares and Facebook and Apple declined, but major indexes still posted gains for the week. Energy was the worst-performing major S&P sector, dropping 1.3 percent. Oil prices tumbled 4 percent on signs Saudi Arabia and Iran were making little progress on a bilateral agreement ahead of talks by crude exporters aimed at freezing production.
Japanese equities are vulnerable to global political risks because overseas investors essentially see Japan as one of the most sensitive markets to global growth concerns and swings in sentiment, a Japan-focused fund-manager said. As Japan could take the brunt of a US rate hike and possible rising protectionism after the US presidential election, the Dutch hedge fund Pelargos Capital is focusing more on mid-cap stocks and real estate investment trusts (REITs) with less exposure to the global macro factors.