Fiscal deficit increases by 21 percent

Pakistan overall fiscal deficit has increased by 21 percent. The country witnessed deficit of 5.56 trillion rupees.

According to report of Federal Bureau of Statistics, overall imports of Pakistan from July-November stand at 13.17 trillion rupees while exports stand at 7.8 trillion rupees in this period. In US dollars, the deficit was recorded at 6.49 crore dollars.

Greece: on track to meet deficit targetsmeet

ATHENS: The Greek finance minister says his country is on track to meet its targets of reducing the deficit this year, and that any talk of the country defaulting on its debt is ridiculous.

The rest is here:
Greece: on track to meet deficit targetsmeet

New British govt awards itself a 5% pay cut

LONDON: Britain”s new coalition government cut its own pay by five percent on Thursday in a sign of the tough medicine the country faces to bring down a record budget deficit.

The centre-right Conservatives and smaller centrist Liberal Democrats agreed on Tuesday on what critics call an unstable partnership of expedience after an inconclusive election.

Reducing Britain”s record budget deficit of over 11 percent of national output will be the first test of the relationship.

Ministers met around the cabinet table for the first time on Thursday and promptly awarded themselves a pay cut.

Prime Minister David Cameron will see his annual salary cut to 142,500 pounds ($210,500) from 150,000, while senior ministers will be paid just under 135,000 pounds — a very healthy salary in Britain.

Ministers” pay will be frozen for the five-year lifetime of the parliament in measures expected to save a total of three million pounds — a drop in the ocean when weighed against a deficit forecast to reach 163 billion pounds this year. Markets are looking for signs the Conservative-led coalition will act quickly to reduce the deficit by trimming public spending, initially by 6 billion pounds this financial year.

“We are all very aware of the seriousness of the situation and frankly if we don”t have a credible programme to reduce the deficit…then we won”t have the confidence of the markets and the confidence of the country,” Culture Secretary Jeremy Hunt told reporters after the hour-long meeting.

The Conservative manifesto contained a pledge to freeze pay for public sector workers next year, excluding the one million lowest paid.

The government has promised an emergency budget within 50 days. Cameron said on Wednesday the government had the worst economic inheritance of modern times in Britain.

Economists quoted by British media said they also expected a rise in the VAT sales tax from the current 17.5 percent.

The head of British supermarket group J Sainsbury (SBRY.L) said on Thursday that consumer spending would remain subdued and the focus should be on spending cuts rather than raising taxes to clean up finances.

“If the government does decide to increase VAT, they should give us good notice and they should be firm on the fact that that is going to stick for a very long time,” King told a British radio. “We don”t want to see VAT swinging around in an uncertain and unpredictable way. It”s very costly and complex for retailers to change VAT.”

Other legislation expected on the agenda soon is a plan for a banking levy, a commission to investigate separating retail and investment banking and plans to give the Bank of England more clout as a financial watchdog.

The atmospherics of the new partnership between Conservative leader Cameron and his deputy Liberal Democrat leader Nick Clegg dominated newspapers, with most focusing on their new friendship after weeks of sniping at each other on the campaign trail.

Commentators warned of trouble ahead given the two parties” traditional ideological differences and Britain”s lack of experience with coalition rule. The new parliament includes a large number of new members with little Westminster experience.

However, markets have so far reacted positively to the commitment to make an early start on spending cuts. Turmoil in the eurozone has also given British assets greater appeal.

Legislation will be introduced to give parliaments five-year fixed terms, but the lower house could still be dissolved if 55 percent or more of lawmakers vote in favour.

120 trains operating in deficit: GM Railways

LAHORE: General Manager Railways Ashfaq Khattak has said that 120 trains out of 220 are operating in deficit.

Pakistan Railways had to suffer a loss of Rs17.5 billion in a period of eight months.

Talking exclusively to Geo News, the GM Railways called upon the government to plug the deficit for trains running in loss or stop their operation.

Steelers Vs Browns,Steelers Vs Browns Live Stream

TrendPK.com Steelers Vs Browns,Steelers Vs Browns Live Stream:Steelers vs.

TrendPK.com Steelers Vs Browns,Steelers Vs Browns Live Stream:Steelers vs. Browns score is 13-6. The Steelers vs. Browns game is in the fourth quarter, with the Steelers vs. Browns game being an extremely important match-up for Pittsburgh. The Steelers have to win this game if they want any chance to make it to [...]

U.S. Marines Were Tense Looking For Bombs Buried

TrendPK.com U.S.

TrendPK.com U.S. Marines Were Tense Looking For Bombs Buried:The U.S. Marines were tense looking for bombs buried near a mud compound in this remote farming town in southern Afghanistan. Their new Afghan police colleagues were little help, joking around and sucking on lollipops meant for local kids.
The government had sent the new [...]

U.S. Trade Deficit Unexpectedly Decreases

TrendPK.com U.S. Trade Deficit Unexpectedly Decreases:The U.S. trade deficit unexpectedly narrowed in October as exports from the United States surged to the highest level in nearly a year.

TrendPK.com U.S. Trade Deficit Unexpectedly Decreases:The U.S. trade deficit unexpectedly narrowed in October as exports from the United States surged to the highest level in nearly a year.
The U.S. Commerce Department said Thursday that the American trade deficit with the rest of the world fell to US$32.9 billion in October, 7.6 [...]

Gold price jumps to record Rs36,500/tola

PESHAWAR: The price of a tola of gold has surged to a record level of Rs36,500 in the city. According to Sarafa Association, the price of gold stood at Rs35,500 a tola a week ago which has now increased by Rs1,000 to the record level of Rs36,500. The rise in price of yellow metal is said to be the diminishing value of rupee against dollar

PESHAWAR: The price of a tola of gold has surged to a record level of Rs36,500 in the city.

According to Sarafa Association, the price of gold stood at Rs35,500 a tola a week ago which has now increased by Rs1,000 to the record level of Rs36,500.

The rise in price of yellow metal is said to be the diminishing value of rupee against dollar.

IMF for immediate increase in power tariff

DUBAI: The IMF has expressed dissatisfaction over energy sector reforms has and asked Pakistan government to increase electricity tariff by 30 paisas per unit, Geo News reported Wednesday. Sources told Geo News that IMF argued government of Pakistan has failed to increase the required electricity tariff by 6 percent from 1st October this year, however, the actual increase of 4.4 percent have occurred due to subsidy provided to small subscribers using 50 unit tariff and tube wells. IMF said the deficit created by the subsidy be overcome by charging the regular subscribers.

DUBAI: The IMF has expressed dissatisfaction over energy sector reforms has and asked Pakistan government to increase electricity tariff by 30 paisas per unit, Geo News reported Wednesday.

Sources told Geo News that IMF argued government of Pakistan has failed to increase the required electricity tariff by 6 percent from 1st October this year, however, the actual increase of 4.4 percent have occurred due to subsidy provided to small subscribers using 50 unit tariff and tube wells.

IMF said the deficit created by the subsidy be overcome by charging the regular subscribers.

IMF has stated that Pakistan government had raised electricity tariff by Rs.1.20 per unit, now the tariff should get a further 30 paisa increase by the evening of 12th November.

The draft of value-added services should also be prepared by December and tax amendments should be made on timely basis, IMF stressed.