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President Xi Jinping announced on Thursday he would cut troop levels by 300,000 as China held its biggest display of military might in a parade to commemorate victory over Japan in World War Two, an event shunned by most Western leaders. China's confidence in its armed forces and growing military assertiveness, especially in the disputed South China Sea, has rattled the region and drawn criticism from Washington.

President Mamnoon Hussain on Thursday said Pakistan and China had achieved a consensus on various infrastructure and energy projects, and were determined for their effective implementation and timely completion. The President expressed these views in a meeting with China's Executive Vice Premier and Member of Standing Committee of Political Bureau of Communist Party, Zhang Gaoli at the Diaoyutai State Guest House here.
World finance ministers and central bankers gather in Turkey this weekend to grapple with the fallout of slowing growth in China, tanking emerging economies and panicked global stock markets. Signs that China''s economy - the world''s second-largest - is slowing more than expected have panicked stock markets, pushed commodity prices to fresh lows, sparked a rout in emerging market currencies and thrown into question a US interest rate rise previously expected in September.
The Economic Co-ordination Committee (ECC) of the Cabinet has allowed SNGPL and SSGCL to raise Rs 101 billion for laying of North-South gas pipeline and directed the ministries concerned to make arrangements for export of rice to Iran against payables towards imported electricity. The ECC meeting presided over by Finance Minister Ishaq Dar was submitted a proposal by the Ministry of Petroleum to allow gas companies to raise required funds for RLNG pipeline for supply to 3600MW planned power plants to be set up by 2017.
Prime Minister Nawaz Sharif chaired a meeting to review the progress on installation of LNG power plants in the country at PM House here on Thursday. Secretary Water and Power Younas Dhaga briefed the Prime Minister about the current status of the development of LNG power plants with combined capacity of 3600 MW. The Prime Minister directed to speed up the development work so that benefit of LNG power plants could be given both to industrial and domestic sectors.
Following increase in gas tariffs, the domestic fertiliser manufacturers have raised urea price by Rs 159 per bag. Recently, the federal government had increased gas tariff for feedstock by 63 percent for old fertilizer plants while 67 percent for new plants, besides 23 percent for power generation gas supply to fertilizer manufacturers with effect from September 1, 2015. As the gas is the basic raw material for urea production, accordingly the domestic fertilizer manufacturers have announced increase in urea price by Rs 159 per 50-kg bag.
Federal government and K-Electric are expected to finalise a revised Power Purchase Agreement (PPA) and Gas Supply Agreement (GSA) during the second round of talks to be held on September 7, 2015 under the chairmanship of Secretary Water and Power Younas Dagha. Well-informed sources told Business Recorder that both the National Transmission and Despatch Company (NTDC) and Sui Southern Gas Company Limited have sent drafts of PPA and GSA, respectively, to the K-Electric management for comments.
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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln