Thursday 29 November 2012

LATEST NEWS UPDATE: 30.11.2012



LATEST/BRIEF  NEWS:

PAKISTAN (Brief News):
o   PPP marks 45th Foundation Day today
o   One dead two injured in Karachi violence
o   Two gunned down in last 10 minutes in Karachi
o   Altaf terms SC judge remarks unlawful
o   ECP dual nationality deadline ends today
o    Pakistan fiscal deficit goes double than the target: IMF
o   NEPRA says power load shedding to continue till 2020
o   Strike being observed in Sindh against SPLGO 2012
o   Next polls to be held on scheduled time, political forces get ready: President Zardari
o   PM blocks Maliks mobile decisions
WOLRD(Brief News):
o   U.N. set for implicit recognition of Palestinian state, despite U.S., Israel threats
o   Euro zone economic mood cheers up a little in November
o   Bombs kill 30 in Iraq Shi'ite cities
o   Geithner set for talks on cliff; senator sees "standoff"
o   Insight: France's love affair with nuclear cools
o   Mursi to speak as Egypt's Islamists seek way out of crisis
o   Insight: Cash crisis, Arab ferment threaten Jordan's stability
o   After election, pressure grows on Obama in Asia-Pacific trade talks
o   Two tickets share record $588 million Powerball win
o   U.S. bans BP from new government contracts after oil spill deal
o   Cracks show in Republican unity on tax rates
o   SAC Capital says it could be charged by SEC
o   Rice meets with Republicans, fails to win them over
o   New home sales stagnant, cast shadow on housing
o   Egypt assembly seeks to wrap up constitution
o   Car bombs kill 34 in pro-Assad Damascus suburb
o   House speaker Boehner optimistic can avert fiscal crisis
o   Iran "will press on with enrichment:" nuclear chief
o   Strong European support for Palestinian statehood move
o   New home sales stagnant, cast shadow on housing
o   Cracks surface in Republican unity on tax rates
o   Rice meets with Republican senators, doesn't win them over
o   Obama to host Romney at White House on Thursday
o   New York nanny pleads not guilty in deaths of two kids
o   Spain to overhaul rescued banks as condition of aid
o   Euro zone central banks may roll over their Greek bonds
o   Congo M23 rebels say withdrawing forces
WOLRD BUSINESS(Brief News):
o   Cyprus says euro ministers could decide on aid in December
o   German right won't snub Merkel in Greek vote: ally
o   Euro zone economic mood cheers up a little in November
o   RBC profit rises 22 percent on trading, loans
o   U.S. budget deal hopes lift shares and commodities
o   Angola October forex reserves rise to $30.49 bln - cbank
o   EU to launch free trade negotiations with Japan: EU officials
o   UK banks not as healthy as official ratios suggest: Bank of England
o   Mitsubishi Heavy, Hitachi to combine power system businesses
o   Day of reckoning for Cameron and British press
o   Bank of England warns UK banks may lack enough capital
o   Stock futures point to higher start
o   ECB right not to disclose Greece-related documents: court
o   Gold Fields to spin off oldest South African mines
o   Debswana cuts 2012 diamond output forecast on weak demand
Business News:
Pakistan
Pakistan needs broader tax base, fewer subsidies: IMF board
WASHINGTON: Pakistan should reduce subsidies and widen the tax base to tackle the government’s bloated budget deficit, the International Monetary Fund’s board said on Thursday.
The Pakistani government should also reform tax policy and boost tax compliance in the long-term to reduce the fiscal deficit, which is likely to reach 6.5 per cent of national income by June 2013, above the government’s target of 4.7 per cent, Fund directors said.
“(IMF) directors underscored that reducing the large fiscal deficit is essential for restoring macroeconomic and external stability,” the IMF said in a summary of the board’s discussion on Pakistan last week.
The board also called on Pakistan to discuss its policies with the Fund. Less than 1 per cent of Pakistan’s 180 million citizens pay income tax and no one is believed to have been prosecuted for tax evasion in 25 years, to the dismay of Western allies who have contributed billions of dollars in aid.
Pakistan’s new tax chief, Ali Arshad Hakeem, has pledged to make the country’s elite pay their fair share. To get more people into the program, he also plans to offer a 10-week amnesty that forgives past offenses and only places a small tax burden on participants in the first two years.
But the IMF said some of its directors said Pakistan should reconsider the tax amnesty. It did not provide further details.
Fund directors also urged the government to consider alternative tax measures beyond a VAT tax, which is often difficult to implement, such as strengthening the income tax.
The IMF periodically reviews countries whose IMF programs have lapsed, but who still owe money to the Fund.
Pakistan’s $11 billion IMF loan program ended in 2011 because of slow implementation of fiscal reforms, and some analysts have since warned about a possible balance of payments crisis.
The IMF board also said Pakistan should have a more independent central bank that will fight inflation, which is likely to return to double digits in the fiscal year ending in June 2013.
The State Bank of Pakistan cut its key policy rate by 50 basis points in October, saying inflation had slowed in recent months.
EXCHANGE FOR CURRENCY NOTES:

U.S.A              97.36
S.Arabia         25.96
U.K                 155.94
Japan              1.1861
Euro               126.12
U.A.E               26.51

BULLION RATES IN RUPEES PER 10 GRAMS
KARACHI
Gold Tezabi (24-ct)       Rs 54,000
Silver Tezabi                  Rs 998.57



Fri, 30 Nov 2012



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Oil prices lower in Asian trade
SINGAPORE: Oil prices eased in Asian trade Friday as investors took profit from a rise in New York, while markets



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Asian markets rise, yen weakens on Japan stimulus
HONG KONG: Asian markets mostly climbed on Friday after data showed the US economy grew more than first expected i



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Yen slips in Asia as risk sentiment turns up
TOKYO: The yen lost more ground in Asian trade Friday, hitting a seven-month low against the euro as risk sentiment



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Govt rejects OGRA proposed CNG price hike
ISLAMABAD: Advisor to the Prime Minister for Petroleum, Dr Asim Hussain Thursday set aside the Oil and Gas Regulation



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Electricity shortage to continue till 2020: NEPRA
ISLAMABAD: According to a report issued by NEPRA, the electricity shortage in the country will continue till 2020.



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OGRA prepares new CNG price formula
KARACHI: Oil and Gas Regulatory Authority (OGRA) has chalked out a formula for new CNG prices and sent it to the m



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Asian markets rise on US fiscal deal hopes
HONG KONG: Asian markets tracked Wall Street higher on Thursday as investors following talks in the United States



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Oil prices bounce back in Asian trade
SINGAPORE: Oil prices rebounded in Asian trade Thursday on hopes the United States will reach a deal to avoid the



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Dollar mixed in Asia on ''fiscal cliff'' remarks
TOKYO: The dollar was mixed in Asian trade on Thursday as markets look for signs of a deal in solving a US budgetary



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Several CNG stations remain closed despite go ahead from Sui Southern
the resumption



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SIM retailing ban to kill thousands of jobs: traders
KARACHI: Traders have flatly rejected a ban that bars the shopkeepers from selling of mobile phone SIM cards at re



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Sindh CNG stations to open Thursday 9AM: SSGC
KARACHI: The Compressed Natural Gas (CNG) outlets in Sindh will open for the consumers at 9:00 AM tomorrow (Thursday)



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Strong demand for dollar weakens rupee
KARACHI: The rupee on Wednesday weakened at 96.53/96.58 to the dollar, compared to Tuesday s close of 96.12/96.22,



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Karachi Stock Exchange on record-making spree
KARACHI: Local capital market hit a record high for the second straight session on Wednesday, surging above 16,500



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LPG price goes up by Rs15 per kg
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MOHAMMED SALEEM MANSOORI

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