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The weak eurozone economy poses a key threat to global growth, the OECD warned Tuesday, urging more flexibility in fiscal rules for struggling EU members like France and Italy to prevent another recession. Forcing the two major European economies to meet the EU's tough deficit criteria "would likely depress activity further and even risk tipping the euro area into another recession," it said.

Moody's Investors Service yesterday assigned a provisional (P) Caa1 senior unsecured rating to the proposed US dollar Trust Certificates to be issued by The Second Pakistan International Sukuk Company Limited, a special purpose vehicle established in Pakistan, by the Islamic Republic of Pakistan.
Finance Minister Ishaq Dar on Tuesday addressed meetings in London attended by leading investors, banks and financial institutions, highlighting the Sukuk. Earlier, the Pakistan team led by Ishaq Dar arrived in London to cover the Europe side of its campaign for Islamic bonds (Sukuk) after having concluded its visit to the Middle East where the minister addressed a well-attended investor conferences in Dubai and Abu Dhabi.
Pakistan has set final guidance of 6.75 percent-6.875 percent on its five-year US dollar benchmark sukuk, according to a lead. The order book is now in excess of USD1.3bn, excluding lead orders. Final guidance compares to initial profit thoughts of 6.875 percent area set earlier on Tuesday. US books are set to go subject at 17.30 New York time on Tuesday, while European, Asian and Middle East books will go subject Wednesday morning London time.
The Islama-bad High Court on Tuesday directed Ministry of Water and Power, National Electric Power Regularity Authority (Nepra), Water & Power Development Authority (Wapda) and Islamabad Electric Supply Company (IESCO) to submit comprehensive replies in response to a petition challenging Neelum-Jhelum surcharge which has been reflected in monthly electricity bills.
Chairman of Benazir Income Support Pro-gramme Senator (Retd) Enver Baig resigned from his position on Tuesday and was appointed as Chairman of Pakistan Industrial Development Corporation (PIDC). Baig submitted his resignation to Prime Minister Nawaz Sharif during a meeting before departure of the premier to Nepal to attend a Saarc summit in Kathmandu.
A bearish trend pervaded the stock market Tuesday as the benchmark KSE 100-index shed another 93.22 points or 0.30 percent to close at 31,223.74 points against 31,316.96 points Monday. Analysts said stocks closed lower amid institutional profit-taking ahead of a protest rally called by Pakistan Tehrik-e-Insaf for November 30, 2014.

 



 
Index Closing Chg%
Arrow DJIA 17,827.75 0.07
Arrow Nasdaq 4,787.32 0.61
Arrow S&P 2,072.83 0.28
Arrow FTSE 6,729.17 0.03
Arrow DAX 9,915.56 0.55
Arrow CAC-40 4,373.42 0.20
Arrow Nikkei 17,383.58 0.14
Arrow H.Seng 24,111.98 1.12
Arrow Sensex 28,386.19 0.17






Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln