LATEST NEWS UPDATE: 06.09.2012

Pakistan ranked 124th amid 144 economies

ISLAMABAD: Pakistan has been ranked among bottom 20 of the 144 economies around the world in The Global Competitiveness Report 2012-2013, released Wednesday by the World Economic Forum.
According to the Global Competitiveness Report (GCR) 2012-13, Pakistan lacks a long-term view of competitiveness. The level of corruption and poor governance are some of the factors slowing down Pakistan’s economic growth, therefore ranking Pakistan at 124 among 144 other countries on the index. The World Economic Forum ranks countries on more than 100 economic indicators comparing 144 countries.
“Persisting divides in competitiveness across regions and within regions, particularly in Europe, are at the origin of the turbulence we are experiencing today, and this is jeopardizing our future prosperity.” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum. “We urge governments to act decisively by adopting long-term measures to enhance competitiveness and return the world to a sustainable growth path.”
Pakistan’s secured ranking on 12 pillars: institutions (115), infrastructure (116), macroeconomic environment (139), Health and Primary Education (117) Higher Education and Training (124), Goods Market Efficiency (97), Labor Market Efficiency (130) Financial Market Development (73), Technological Readiness (118), Market Size (30), Business Sophistication (78) and Innovation (77).
‘Pakistan has lost its competitive advantage almost on all the pillars of the competitiveness index except for in Health, Primary Education and Labor market Efficiency’ says Amir Jahangir Chief Executive Officer Mishal Pakistan, country partner for the Center of Global Competitiveness and Performance at the World Economic Forum. Further adding, although Pakistan showed good performance on the innovation and sophistication pillars, but on the factors for basic requirements and efficiency enhancer pillars Pakistan continues to show poor performance.
The Pakistani business community has identified Corruption as the most problematic factor for doing business in the country. The report indicates that Pakistan has failed to come up with effective regulations on intellectual property protection, where the country lost its position of 93 to 108 from 2011 to 2012 respectively. Poor governance in terms of favoritism in decision-making (129) and wastefulness of government spending (96) have also shown significant decline in rankings.
The Efficiency of Legal Framework in Challenging Regulations has also impacted the competitiveness of Pakistan’s economy as it has declined from 79 in 2011 to 97 in 2012.
The law and order situation has been a serious threat to the economic activities, with war on terror and other target killing issues impacting throughout the year, the Reliability of Police Service has gone to 127 in the current year as compared to 116 in the last year.
On the Macroeconomic Pillar the government’s performance has been weak with the budget balance ranking (% of GDP) deteriorating from 108 to 125 from 2011 to 2012 respectively. The general government debt has also seen poor performance as it has lost 11 points from last year, by being ranked at 107 in the current year.
Although Pakistan ranked 41 in 2011 on the Tax Collection Efficiency index, however the economy has lost its competitive advantage due to decline in 2012 by ranking to 59, limitations on the ease of access to loans and venture capital availability, where Pakistan stands at 65 and 55 respectively.
Nonetheless, Pakistan has also shown some positive indicators on improving its competitiveness, where the burden of government regulation has improved from 76 in 2011 to 62 this year, similarly the transparency of government policy making has also been improved from ranking of 119 to 109. The country credit rating index has also improved from 123 this year to 116 compared to last year.

 More rains predicted from today

KARACHI: The Pakistan Meteorological Department in its weather advisory issued on Wednesday has forecast that moer widespread rain/thundershowers with isolated heavy falls is expected from Thursday to Saturday in Sindh.
It said yesterday's well marked Low Pressure Area is located over Madhya Pradesh (India) and adjoining areas today. This well marked low is likely to move northwest ward in next 48 hrs (towards Pakistan).
Under the influence of this weather system strong monsoon currents would start to penetrate in Pakistan from Thursday, giving Widespread Monsoon rains with scattered heavy downpours in the country from Thursday to Saturday.
Heavy downpours would generate urban and flash floods in the vulnerable areas during the period. There is also a probability of Riverine Floods, particularly in Eastern Rivers.
The weather advisory has advised all concerned authorities to remain alert during the current week.
LATEST/BRIEF  NEWS:

PAKISTAN

o    Balochistan situation case hearing today

o   Nation observing Defence Day today

o   Pakistan crush Aussies by seven wickets

o   'PML-N ready for talks with PPP anytime'

o   5 including ASI gunned down in Karachi

o   US pressuring Haqqani network: State Dept

o    

WORLD o    Obama named as presidential candidate o    Democrats nominate Barack Obama for second term as president o    Michael becomes 7th hurricane of the season in Atlantic; no immediate threat to land o    Obama joins Bill Clinton on stage of Democratic convention after Clinton's nominating speech o    Campaign officials say Obama will join Bill Clinton on stage at Democratic convention o    Federal judge says police can enforce most contentious part of Ariz. immigration law o    AP Source: Obama personally intervened to change Dem platform language on Jerusalem, God o    Democrats restore references to God and Jerusalem to platform o    Obama arrives in convention city to accept nomination and make case for re-election o    Forecasters: Leslie strengthens into 6th hurricane of Atlantic season, remains well offshore o    French electricity utility says 2 people lightly injured in steam blast at nuclear o    Company: Nigerian navy retakes hijacked oil tanker; 23 Indian sailors unhurt o    Campaign aide: President's convention speech to be moved inside because of weather forecast o    Alarm lifted around US embassy, Belgian defense ministry after suspicious car is found o    Area around US embassy in Brussels sealed off as bomb squad assesses suspicious vehicle o    US productivity grew at 2.2 percent rate in April-June quarter, faster than previously thought o    Ex-police chief in China political scandal charged with defection, power abuse, bribe taking o    Egypt's president says Syrian regime should learn from 'recent history' and step aside o    Nigeria navy: Pirates seize oil tanker off coast of Lagos, kidnap crew in latest attack

Business News:

EXCHANGE FOR CURRENCY NOTES:

U.S.A              95.65

S.Arabia         25.50

U.K                 151.71

Japan              1.2197

Euro               119.92

U.A.E                         26.04

BULLION RATES IN RUPEES PER 10 GRAMS

KARACHI

Gold Tezabi (24-ct)         Rs 50,914 Silver Tezabi                    Rs 917.14 Thu, 6 Sep 2012
-	Oil higher ahead of ECB meeting SINGAPORE: Oil was higher in Asian trade Thursday with investors hopeful that a European Central Bank meeting will
-	SBP to develop rules for Islamic bankers DUBAI: State Bank of Pakistan has announced it will develop rules defining the roles and responsibilities of all t
-	Rupee firms up against US dollar KARACHI: In the currency market, the rupee ended stronger at 94.68/94.74 to the dollar, compared to Tuesday s close
-	Karachi Stock Exchange tracks global market fall KARACHI: The stock market closed lower on Wednesday due to a decline in international equity markets, traders said
-	Pakistan ranked 124th amid 144 economies ISLAMABAD: Pakistan has been ranked among bottom 20 of the 144 economies around the world in The Global Competitively
-	US national debt hits $16 trillion WASHINGTON: The Treasury Department said Tuesday that the national debt has topped $16 trillion, the result of chr
-	Euro weaker in Asia ahead of ECB meeting TOKYO: The euro weakened in Asia early Wednesday, with markets cautious ahead of a European Central Bank meeting d
-	Asian markets slip on weak US manufacturing HONG KONG: Asian markets slipped further on Wednesday following losses in Europe and on Wall Street after a third
-	Rs10bn released to Water, Power Ministry ISLAMABAD: The Finance Ministry has released Rs10 billion more to the Ministry of Water and Power for production o
-	Stocks end lower; rupee weakens vs dollar KARACHI: The local equities witnessed decline at Karachi Stock Exchange (KSE) on Tuesday as investors booked profit
-	USC also hikes flour price/kilo by Rs2 KARACHI: Utility Stores Corporation (USC) s countrywide outlets have also jacked up per kilo flour price by Rs2, G
-	Moody''s downgrades EU rating outlook to ''negative'' NEW YORK: Moody s on Monday lowered the European Union s long-term issuer rating outlook from stable to negative,
-	Euro rises ahead of European Central Bank meeting TOKYO: The euro strengthened in Asian morning trade on Tuesday ahead of a European Central Bank meeting at which o
-	Asian markets steady, euro up ahead of ECB meeting HONG KONG: Asian markets were mixed but the euro rose Tuesday as attention turns to a European Central Bank policy
-	Oil up in Asia on China, Europe stimulus hopes SINGAPORE: Crude rose in Asia on Tuesday as weak manufacturing numbers from Europe and China boosted hopes of fresh MOHAMMED SALEEM MANSOORI