Asian stocks drop

Asian stocks fell, dragging the MSCI Asia Pacific Index to its second straight weekly decline, as yen went up.
The MSCI Asia Pacific Index fell 0.7 per cent to 128.64 in Tokyo, extending this week’s decline to 1 per cent.
The gauge has climbed 1.8 per cent in October, set for its second month of gains since Federal Reserve Chairman Ben Bernanke said on Aug. 27 more securities purchases may be warranted if growth slows. Fed policy makers meet on Nov. 2-3.
Japan’s Nikkei 225 Stock Average decreased 1.7 per cent as government reports showed the country’s industrial production fell for a fourth month in September, adding to concern an export-led recovery is losing momentum.
Hong Kong’s Hang Seng Index sank 1.3 per cent, while China’s Shanghai Composite Index declined 1 per cent. South Korea’s Kospi Index dropped 1.4 per cent. Australia’s S&P/ASX 200 Index fell 0.5 per cent.

Faisal Bank purchases RBS Pakistan

KARACHI: Faisal Bank of Pakistan (FBP) has purchased Royal Bank of Scotland (RBS) Pakistan, Geo news reported on Wednesday.

According to notice issued by Karachi Stock Exchange (KSE), FBP bought 99.37 per cent shares of RBS in Rs 4.29 billion with Rs 2.50 per share.

Federal employees’ salaries raised by 50% in budget

ISLAMABAD: An unprecedented increase of 50 per cent in salaries of government employees and 15 to 20 per cent raise in pension is the salient features of the Federal Budget 2010-11.

The budget also envisaged some new tax exemptions on food items besides providing relief in health and education sectors.

The budget, presented in the National Assembly by Federal Finance Minister Dr. Abdul Hafeez Shaikh had a total outlay of Rs 3.259 trillion—a jump of 10.7 per cent over the last fiscal year. It offered scores of incentives to the working class at a time when the world was constantly in the grip of a sweeping recession.

A sizeable 50 per cent adhoc increase in salaries and 15 to 20 per cent raise in pension of government employees were among a host of people-friendly features of the third budget in row prepared by the PPP-led coalition government.

The budget envisaged employment opportunities for the youth and income-generating measures for laborers, workers and poor segments of the society.

Senator Hafeez Sheikh, who was inducted into the Federal Cabinet just hours before tabling the budget in the lower house of the Parliament, said the total budget deficit of an estimated Rs.685 billion would be met through internal and external resources.

The total size of the deficit is 4% of the GDP, the Minister said, adding that Rs.1033 billion would be transferred by the federation to provinces under the recently-adopted National Finance Commission (NFC) award.

In the current year, the provinces had been given an amount of Rs.655 billion under the same head, Hafeez Sheikh said, adding that according to the 7th NFC Award, the provinces would be paid their due share on quarterly basis, which would be released by the Federal Government automatically as per schedule.

“No big wig will have to visit finance department for the release of provincial share as now it will be released automatically,” he said.

He said the present government, in its efforts to revive the economy, has to strictly follow the policy of belt-tightening in its expenditures.

Now, he added, the current expenditures of the government had been frozen, with the exception of salaries, to the level of outgoing financial year as a major austerity step.

The Minister said that the recommendations formulated by the Pay and Pension Commission would be implemented during the next three years.

The minister said that despite severe financial constraints, weak and poor segments of the society were not forgotten as they have been provided cover under Benazir Income Support Programme, which provides financial assistance to 3.5 million households with Rs. 1,000 on monthly basis to each.

He said the incentives given this time include, a reasonable increase in medical and conveyance allowance.

In tax sector, he said, keeping in view the general consensus, the government decided to defer Value Added Tax (VAT) till October 1, 2010, he added.

The minister said that it has also been proposed that the rate of general sales tax would be increased from 16 per cent to 17 per cent from October 1 this year.

In order to minimise and discourage the use of electricity, he said, it has been decided to impose 10 per cent excise duty on air-conditioners and deep-freezers mostly used by the upper class.

Hafeez Sheikh further said that a one-rupee excise duty has been proposed on each filtered cigarette.

As a major step forward to reduce tax burden on salaried class, it has been proposed to enhance tax exemption slab from Rs.200,000 to Rs.300,000, whereas for the non-salaried class the exemption will be from Rs.100,000 to Rs.300,000.

In order to extend relief in the prices of essential food items, it has been decided to reduce import duty on palm oil to Rs. 9,000 per ton, he said.

The finance minister also announced an allocation of Rs.442 billion for defence sector. Where as the government has allocated Rs. 680 billion for repayment of loans and interests.

While announcing government determination and resolve, the minister said, maximum austerity measures would be adopted in all the government departments and ministries, reducing non-development sector expenditures.

OGRA reduces oil and diesel prices

ISLAMABAD (Faisal Hakeem): The Oil and Gas Regulatory Authority (OGRA) on Monday reduced prices of the products by 1 to 8 per cent, with immediate effect, ARY NEWS reported.

See original here:
OGRA reduces oil and diesel prices

External Debt To Rise By 43pc In Five Years

TrendPK.com External Debt To Rise By 43pc In Five Years :ISLAMABAD Pakistan’s total external debt is likely to grow alarmingly by more than 43 per cent over the next five years, to about $ 73 billion in 2015-16 from about $ 50.76 billion early this year.
According a report released by the International [...]

Two Man Arrested Over Togo Team Attack

TrendPK.com Two Man Arrested Over Togo Team Attack:Two people have been arrested in connection with a fatal gun attack on Togo’s football team.
According to a brief statement on Angolan state radio, the pair were detained on Sunday.
No other details were immediately available.
Angolan officials have blamed Friday’s ambush on a separatist movement in [...]

Asif Zardari’s ouster would have hampered fight against jihadists

TrendPK.com Asif Zardari’s ouster would have hampered fight against jihadists:An American newspaper columnist has described as “good news” the survival of President Asif Ali Zardari and Pakistan’s “effective” Ambassador to the United States Husain Haqqani in the face of a campaign to remove them, saying their ouster would have hampered efforts to [...]

Three Mile Island,Three Mile Island Nuclear Plant

Full Story And Original Content.TrendPK.com Three Mile Island,Three Mile Island Nuclear Plant:A small amount of radiation has been detected in a reactor building at the Three Mile Island nuclear power plant in central Pennsylvania. Officials say about 150 employees were sent home after the radiation was detected Saturday afternoon, but that there is no public health risk.

Full Story And Original Content.TrendPK.com Three Mile Island,Three Mile Island Nuclear Plant:A small amount of radiation has been detected in a reactor building at the Three Mile Island nuclear power plant in central Pennsylvania.
Officials say about 150 employees were sent home after the radiation was detected Saturday afternoon, but that there is no public health risk.
Investigators [...]

NRO List Out, 34 Politicians Among 8,000 Beneficiaries

Full Story And Original Content.TrendPK.com A majority of the NRO beneficiaries have been bureaucrats and government officials as a list, released by the government on Saturday, contained names of only 34 politicians out of a total of 8,000. According to the list, almost 97 per cent of the beneficiaries are from Sindh. The ordinance will lapse

Full Story And Original Content.TrendPK.com A majority of the NRO beneficiaries have been bureaucrats and government officials as a list, released by the government on Saturday, contained names of only 34 politicians out of a total of 8,000.
According to the list, almost 97 per cent of the beneficiaries are from Sindh. The ordinance will lapse [...]