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Independent power producers (IPPs) are in a state of frustration to continue producing power as their outstanding amount has reached Rs 230.6 billion. They have requested the finance minister to take notice of this critical condition. A letter signed by all 22 major IPPs sent to Finance Minister Ishaq Dar asking him to save them from total collapse.

The Federal Board of Revenue (FBR) has ordered recovery of 20 percent withholding tax on sales promotion expenses made by companies in the shape of prizes offered to its distributors on achieving sales targets, under section 156 of the Income Tax Ordinance, 2001. The FBR has issued instructions to all Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) in this regard here on Saturday.
EU ministers said Saturday investment was key to bringing the European economy out of the doldrums, but options were limited with funding and spending issues still unresolved. "There is a dearth of investment in Europe and this is the reason for weak growth," said Italian Finance Minister Pier Carlo Padoan, who headed a meeting of European Union finance ministers in Milan.
Reference to the statement carried by Business Recorder (Sunday, August 31, 2014) regarding the ICMA's Job Fair by our employee Asim Mehmood, We are writing to the newspaper to inform people that the given statement in no way represents the company's view and the concerned employee was not representing the company in the job fair.
Asian Development Bank (ADB) Country Director Werner Leipach Saturday called on Finance Minister Ishaq Dar to discuss the details of the upcoming visit of ADB President Takehiko Nakao. The Finance Minister welcomed the planned visit of President Nakao on his invitation to Pakistan and hoped that the visit would help in the ADB better understanding Pakistan's development priorities as well as critical issues facing the country.
US stocks fell on Friday as energy shares extended their recent slide, while rising bond yields drove down high-dividend paying shares. Major indexes finished lower after five straight weeks of gains. The S&P energy index fell 1.5 percent and was among the day's worst-performing sectors as US oil prices shed 0.6 percent. The energy group was down 3.7 percent for the week. Shares of Exxon Mobil Corp retreated 1.3 percent on the day, while ConocoPhillips fell 1.2 percent.
The US stock market has entered into a corrective phase, but the underlying bull market remains in place, David Rosenberg, chief economist and strategist of Canadian asset manager Gluskin Sheff, said on Thursday. "We are in some kind of corrective phase in the stock market but it's not the end of the world," Rosenberg told Reuters, saying that valuations are expensive but not necessarily in bubble territory.


Index Closing Chg%
Arrow DJIA 16,987.51 0.36
Arrow Nasdaq 4,567.60 0.53
Arrow S&P 1,985.54 0.60
Arrow FTSE 6,806.96 0.11
Arrow DAX 9,651.13 0.41
Arrow CAC-40 4,441.70 0.02
Arrow Nikkei 15,948.29 0.25
Arrow H.Seng 24,595.32 0.27
Arrow Sensex 27,061.04 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 $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 11, 2014
Reserves $13.415 bln