"Aside from compensation
of Rs100,000 for people who have lost their family members, Rs25,000
would be provided for each damaged house in Azad Kashmir and the NWFP.
The government is also extending Rs25,000 to Rs50,000 to each injured
as compensation," said President Musharraf.
(President Musharraf said the
government was targeting the distribution of Rs20 billion among the
quake-affectees to help them rebuild their lives after the colossal
"We have $312 million
flash appeal revised to $550 million but we have $133 million in
pledges and commitments compared to $112 million on the day of the
donor meeting in Geneva," said the Undersecretary General of
United Nations Humanitarian Assistance programme, Jan Egeland.
(The top United Nations
relief official made an urgent appeal to the member states to convert
$1.03 billion (approx.) of pledges into commitments and contribution
in order to meet the ongoing relief operations to save thousands of
Pakistani earthquake victims from the imminent death.)
"The earthquake damage
estimated to be more than $5 billions," said official sources.
(According to a preliminary
assessment by World Bank and Asian Development Bank, the damage caused
by the October 8 earthquake would exceed $5 billion. According to the
assessment, Pakistan will require more than $3.5 billion to restore
and reconstruct the countryside. It will need more than $90 million to
revive means of livelihood lost in the quake. These costs are in
addition to the $1.6 billion the United Nations has estimated would
need to be spent on relief efforts.)
"Oil prices fell below
$58 on Nov11 to the lowest level since July."
"The State Bank of
Pakistan is likely to avoid any more monetary tightening in FY06 as it
could further slow down the economy," says the annual report of
(The Annual Report for FY05
issued by SBP says that additional tightening of monetary policy could
run the risk of inducing recessionary pressures on the economy.)
"The government's net
borrowing for budgetary support from the banking system increased by
743 percent to Rs 56.807 billion during the first three-and-a-half
months of 2005-06," said a report of SBP.
(According to the data
released by the State Bank the central government made net borrowing
of Rs 33.488 billion between July 1, 2004 and October 15, 2005, and
the provincial governments borrowed Rs 23.319 billion from scheduled
and central bank. Thus, on balance, the overall government borrowing
for budgetary support stood at Rs 56.807 billion during this period.)
"Today we have taken a
decision that allows Saudi Arabia to become the 149th member of the
organisation...30 days after today they become a full member. It is a
historic day," said Kenyan Ambassador Amina Mohamed, who was
presiding the WTO's executive General Council.
(Saudi Arabia, the top global
oil exporter, will become the 149th member of the World Trade
Organisation (WTO) next month.)
"Exports to china
(Pakistan's export to China
shows an upward trend, registering an increase of about 36 percent in
the recent nine months. The export was amounted to around $612 million
from January to September 2005, whereas it was $448 million in the
corresponding period last year.)
"The consortium of
Hassan Associates with Al-Jummaih Group of Saudi Arabia was asked to
deposit $100 million for KESC," say official sources.
Secretary Tahsin Iqbal Khan has said that the consortium of Hassan
Associates with Al-Jummaih Group of Saudi Arabia has been asked to
deposit $100 million prior to signing shares purchase agreement (SPA)
for Karachi Electric Supply Corporation (KESC).)
"US jobs openings
(In its Job Openings and
Labor Turnover Survey, the Department of Labor reported that 3.677
million jobs were open in September, up from 3.487 million in August.
The number of jobs available increased in most sectors, most notably
government, where openings jumped to 426,000 from 370,000.)
will increase to 3% of GDP in next five years."
(Total share of telecom
sector in the GDP is likely to touch 3 percent in the next three to
five years. The share of telecom sector in GDP has increased from 1.5
percent in 1999-00 to 1.9 percent in 2004-05. The tele-density in the
country has jumped to 13.7 from 6.3 percent a year earlier and has
broken the record in single year growth of 105 percent.)
"Vodafone in talks to up
Vodacom stake for $2.4 billion."
(UK-based mobile phone giant
Vodafone Group has entered exclusive talks to raise its stake in South
African mobile phone operator Vodacom by paying up to 16 billion rand
($2.4 billion) for an additional 15 percent interest.)
"Microsoft launches SQL
server 2005 to re-gain market share from oracle and SAP."
(Microsoft Corp launched its
corporate database software programme aimed at taking market share
from Oracle Corp.)
"Micro chip industry
faces uncertain future."
(An uncertain US economy and
lack of a star-performing technology product are casting clouds over
the future of the microchip industry.)
"The Central Board of
Revenue (CBR) will suffer a huge loss of Rs 6 billion following
exemption of customs duty on the duty-free import of 3000-4000 CNG
buses under the new 'Green Punjab Transport Scheme."
"China raises personal
income tax cut-off," said the official Xinhua news agency.
(China has set 1,600 yuan
($198) per month as the new point above which residents must start
paying personal income tax, raising the cut-off from a previous 800
deposits on the decline."
(Foreign Currency Deposits (FCDs)
under FE-25, which reached to a peak of $3,302 million by the end of
July 2005- the first month of FY06, declined by $83 million since then
to reach to $3,219 million by the end of September 2005)