LATEST/BRIEF NEWS:
PAKISTAN (Brief News):
o
Karachi: 3 killed in firing incidents
o
Shahrukh Jatoi arrested from Duabi
o
Several including police hurt in
Peshawar blast
o
Two-day CNG closure in Sindh from
Tuesday
o
SC accepts surprising Altaf apology
WOLRD(Brief News):
o
Turmoil in Indian court as five
accused of rape appear
o
Assad "peace plan" greeted
with scorn by foes
o
Activists wary as India rushes to
justice after gang rape
o
Richardson, Schmidt arrive in North
Korea: media
o
Analysis: Fiscal crisis seen hurting
tech earnings
o
Afghan policy debate fueled White
House, Pentagon mistrust: book
o
China to reform controversial forced
labor camps
o
Exclusive: U.S. nuclear lab removes
Chinese tech over security fears
o
Analysis: Doom scenario far-fetched
but euro gloom to deepen
o
Exclusive: Property investors keen on
U.S., Turkey; China stumbles: survey
o
Obama to nominate Hagel for defense
secretary: Democratic aide
o
Northern Irish militants seen
hijacking flag protests
o
Nixon hailed as foreign policy genius
at centennial of birth
o
Analysis: Air assaults raise doubts
about Myanmar's reformist rulers
o
Activists wary as India rushes to
justice after gang rape
o
Republican Sen. McConnell rules out
more taxes in U.S. fiscal fight
o
Assad "peace plan" greeted
with scorn by foes
o
Egypt strengthens Islamist role in
cabinet, eyes IMF deal
o
Netanyahu tries to hold back far-right
surge before Israel votes
o
Analysis: Obama may turn Medicare
reform into wider health debate
o
U.S. drone attack kills 10 in
Pakistan: intelligence sources
o
Indian rape victim's father
says he wants her named
o
Four dead in townhouse shooting in
Aurora, Colorado
o
Double suicide attack kills four in
Afghan south
WOLRD BUSINESS(Brief News):
o
Netflix to carry some Warner Bros
shows
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IMF official in Egypt as currency
crisis bites
o
Canada leading indicator edges up 0.1
percent in November
o
Carlyle scores its best profit ever
with exit from China's CPIC
o
Exclusive: Disney looks for cost
savings, ponders layoffs - sources
o
Japan to compile 12 trillion yen extra
budget: sources
o
Global shares, oil fall, but growth
prospects limit falls
o
ING Bank may cut more costs as bad
loans weigh
o
BYD gains permission to sell e-buses
to EU
o
Harmony may close Kusasalethu mine
after death threats
o
Japan stimulus plans include $4.9
billion business support: draft
o
Falling energy costs cut euro zone
factory prices
o
Geely's Volvo sees
challenging 2013 after 2012 sales drop
o
Burundi coffee earnings fall 63 pct in
December
o
Morrisons sales fall worsens over
Christmas
Business News:
IMF team due today for talks
ISLAMABAD, Jan 7: Pakistan and the International Monetary Fund (IMF)
would hold talks in Islamabad this week on measures required by Pakistan to
sustain macroeconomic stability in the context of a difficult global
environment.An IMF mission, led by Jeffrey Franks, would visit Islamabad between Jan 8 and 20 to continue dialogue with Pakistan’s economic team, led by Finance Minister Abdul Hafeez Shaikh.
When contacted, Minister of State for Finance, Saleem H. Mandviwalla, who was part of the Washington dialogue, told Dawn that the IMF mission is visiting Islamabad as a follow up of the talks the Pakistani delegation held in Washington. The current IMF programme for Pakistan would be reviewed in detail, he said.
IMF has already informed Pakistan that the implementation of Pakistan programme had initially been good but remained incomplete thereafter in the face of adverse external and domestic shocks.
Progress on structural reforms was mixed and goals for sustainable fiscal consolidation could not be met.
IMF has felt that better analyzing the risks to the programme, including those related to donor financing, strong ownership, and securing broad political support for tax and other reforms are critical.
The Fund is of the view that Pakistan’s continued engagement with IMF remains beneficial and policy advice could usefully focus on ensuring fiscal discipline and boosting revenues, overcoming monetary accommodation, strengthening structural reform implementation, and managing fiscal decentralization.
IMF has also suggested Pakistan to consider credible alternative revenue measures, including modified GST and strengthening the income tax.
It has called for strengthening the fiscal position in the long run and create space for capital and poverty-related spending.
According to finance ministry officials, the IMF mission during its two-week stay in Islamabad, would hold discussions on various aspects of economy, including the outlook for Pakistan’s economy for the rest of fiscal year ending June 2013 and beyond, country’s fiscal and external position, monetary aggregates and steps required to sustain macroeconomic stability.
The mission would also discuss with the economic team, led by Hafeez Shaikh, the policy framework, including the measures needed to strengthen economic growth, mobilise domestic resources and reforms in energy sector as well as other areas, officials said.
Pakistan
EXCHANGE FOR CURRENCY NOTES:
U.S.A 98.27
S.Arabia 26.20
U.K 157.71
Japan 1.1155
Euro 128.31
U.A.E 26.76
BULLION RATES IN RUPEES PER 10 GRAMS
KARACHI
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Gold Tezabi (24-ct) Rs 53,057
Silver Tezabi Rs 968.57
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