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The head of Germany's powerful Bundesbank sharply criticised what he called a radical new approach by the European Central Bank of easy money, in an interview published Sunday. The central bank chief, Jens Weidmann, told Der Spiegel news weekly that the bank's recent moves of setting interest rates at record lows while pumping liquidity into the financial system set a risky precedent.

Pope Francis warned during a visit to Albania on Sunday that religion can never be used to justify violence, making apparent reference to the bloodshed wreaked by Islamic State militants in Iraq and Syria. The 77-year-old pontiff said majority-Muslim Albania was an "inspiring example" of religious harmony, as hundreds of thousands thronged the streets of the capital Tirana to greet him.
After two consecutive optimistic weeks, the Karachi share market witnessed negative sentiments during the last week ended on September 19, 2014 amid uncertainty on political and economic front. The benchmark KSE-100 index shed 29 points (WoW) to close at 30,016 points end of the week compared to 30,045 points a week earlier. However, average traded volumes at the KSE surged by 25 per cent WoW as investors preferred to book profit.
The futures spreads stood negative (-4.98 per cent) after a 1306 basis points decline during the outgoing week ended on September 19, 2014. However, despite some decline in futures spread trading activity on the future counter witnessed an upward trend and average daily volumes reached 19.77 million shares, up by 37.5 per cent.
Persisting political uncertainty, non-quantification of flood damage as yet, an unexpected slowdown in privatisation proceeds, non-inflow of foreign exchange from Sukuk as well as a delay in the receipt of a scheduled tranche from the International Monetary Fund (IMF) were the major factors that forced the State Bank of Pakistan to keep the policy rate unchanged at 10 percent.
The Federal Board of Revenue (FBR) witnessed a sharp decrease in the number of companies that issued bonus shares in 2014 to avoid payment of a 5 percent tax imposed through the Finance Act, 2014. Sources told Business Recorder here on Saturday that the FBR is compiling data of the corporate sector on issuance of bonus shares to shareholders. So far, the FBR has observed a decline in trend of bonus shares issuance to shareholders on the imposition of a 5 percent tax on these shares under Finance Act 2014.
A delegation headed by Pakistan Indus Basin Commissioner Mirza Asif Baig will leave for India today (Sunday) as India approved site inspection of the 140 megawatt Miyar Powerhouse on the River Chenab in Indian-occupied Kashmir. According to the Ministry of Water and Power, the delegates from Pakistan will at first reach New Delhi and later proceed to Kashmir. Changing the route of the Miyar Valley associated with the River Chenab, the site inspection of 140 megawatt powerhouse would continue from September 21 to 24.


Index Closing Chg%
Arrow DJIA 17,279.74 0.08
Arrow Nasdaq 4,579.79 0.30
Arrow S&P 2,010.40 0.05
Arrow FTSE 6,837.92 0.27
Arrow DAX 9,799.26 0.01
Arrow CAC-40 4,461.22 0.08
Arrow Nikkei 16,321.17 1.58
Arrow H.Seng 24,306.16 0.57
Arrow Sensex 27,090.42 0.08

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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 18, 2014
Reserves $13.525 bln