COST Financial News

Pakistan's headline inflation persisted at 27.4 percent year-on-year in August, official data showed, as a tumbling rupee and soaring bills blamed on an IMF bailout package hampered government efforts to rein in prices. Pakistan was on the brink of default this summer, before the International Monetary Fund agreed to a lifeline deal on condition that the government cut subsidies that had cushioned living costs. Since then, the rupee has crossed an historic threshold of 300 to the dollar, whilst Islamabad has hiked petrol prices and electricity costs have spiked, sowing widespread discontent. Prices rose 1.7 percent month-on-month in August, according to government statistics released Friday, and the year-on-year figure of 27.4 percent was only one point shy of July's, signalling little relief. In August, motor fuel cost eight percent more than July, whilst water bills in urban areas rose more than 11 percent and the price of tomatoes was up as much as 82 percent. Pakistan's retailers said they will keep shops shuttered Saturday in protest over the soaring costs which have become a lightning rod for public anger ahead of forthcoming general elections.

By Chayut Setboonsarng and Panarat Thepgumpanat

By Xie Yu, Kevin Huang and Li Gu

Pakistan Caretaker Prime Minister Anwarul-Haq-Kakar called the matter of inflated electricity bills, which have led to the countrywide protests, a «non-issue», Dawn News reported on Saturday.Kakar also said it was raised by some political parties and was a «tool» in their election campaigns. «It is not a very serious issue, but political parties are in election mode and using it as a social cause,» the interim prime minister told senior journalists and news anchors on Friday. «I realise their position. If I were to contest the election, I would have followed the same as well,» he added. As per the Dawn News, the caretaker PM also claimed that the security forces are not using a single unit of free electricity and are paying their bills with the allocated financial budget. He added that the Wapda employees were using free electricity units and their usage would be rationalised, especially for higher-grade officers, some of whom are getting huge amounts of free electricity. More people are joining the nationwide protest every day against excessive electricity prices.

Aadhaar card holders to update Aadhaar details for continues accuracy of demographic information. To update it, upload your proof of identity and proof of address documents. To encourage the same, it is offering uploading of documents online free of cost from 15 March – September 14, 2023. Earlier the last date was June 14, 2023. Individual uploading physically at Aadhaar Centre will be charges Rs 25 as usual. According to the UIDAI website, “Please update Aadhaar for continues accuracy of demographic Information. To update it, upload your proof of identity and proof of address documents."

International Monetary Fund warned that emerging markets must grapple with post-pandemic risks from tougher global financial conditions, the fragmentation of world trade into rival blocs and the impact of climate change. Those forces are “transforming the economic landscape and making the world more volatile and uncertain,” Gita Gopinath, the fund’s No. 2 official, said at a central banking conference in Cape Town, South Africa on Friday. Addressing those interconnected challenges will require an array of tools, she said, including more efficiently raising revenue and spending, diversifying trade, accelerating reforms to attract more investment, and implementing fiscally and socially sustainable climate strategies. Global interest rates could remain high “for quite some time” amid the fight against inflation, she said, adding that average long-term yields on emerging market dollar bonds have risen about 200 basis points — meaning their borrowing costs are higher — since the Federal Reserve began tightening policy.

Life Insurance Corporation of India (LIC) has launched a special campaign for the revival of individual lapsed policies. This special drive will be carried out from September 1-30. The campaign was launched to benefit those policyholders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.

Streamlining this multifaceted electoral system presents a formidable challenge. The Indian government, said to be driven by a desire for development and efficiency, has recently expressed its interest in retreating to a voting system reminiscent of the 1960s. Any change — whether beneficial or detrimental — also may mean the government is walking on a thin rope as they will have to counter severe scrutiny, especially now that several opposition parties have united under the banner of «INDIA.» Nonetheless, the government, led by Prime Minister Narendra Modi, appears committed to the cause. The government has reportedly formed a committee under the chairmanship of former President Ram Nath Kovind, who too had voiced support for this idea years back, to explore possibility of 'One Nation, One Election'. Also Read: Indian govt forms committee to explore possibility of 'one nation, one election': Report The government in a surprise announcement on August 31 called for a special session of Parliament for five days starting September 18. However, no official announcement was made regarding the agenda of the session. But speculation is rife that the session may include discussions on the upcoming elections, with some expecting a 'One nation, one election' move from the Centre, while others predict a poll preponement.

Pakistan's inflation rate remained over the target in August at 27.4 per cent as reforms outlined as requirements for an IMF loan make it more difficult to control price pressures, ARY News reported citing the official data released on Friday. After the avoidance of a sovereign debt default in July thanks to a USD 3 billion loan programme of the International Monetary Fund (IMF), Pakistan is on a difficult road to economic recovery under a caretaker administration. Reforms related to the bailout, such as loosening import limits and demanding the removal of subsidies, have already fuelled annual inflation, which increased to a record 38.0 per cent in May. In addition, interest rates were increased, and the rupee dropped to record lows.

Wind and solar developers want to be able to connect projects directly to parts of the electricity grid to sidestep the roadblock of new transmission and ease the strain on a system creaking during the energy transition.

(In paragraph 10, corrects to say: Bank of Nova Scotia (TO:BNS), the only bank among Canada's top five to offer variable payments for its floating rate customers," instead of saying "… top five not offer...")

By Jonathan Stempel

(Reuters) — As an awful August gives way to an uncertain September, investors hope this month will confirm that the seemingly relentless rise in interest rates will end soon, meaning respite for both stocks and bonds.

The Financial Industry Regulatory Authority Inc. has censured and fined a New Jersey-based broker-dealer and its chief compliance officer for allegedly violating the compliance and care obligations of Regulation Best Interest.

Interest on federal student loans has started accumulating again after a three-year pause because of the COVID-19 pandemic

Drugs and medical devices rarely come from the nonprofit world

By Patrick Wingrove

By Corina Pons and Helen Reid

Investing.com-- Gold prices moved little on Friday, steadying near three-week highs as markets awaited more cues on U.S. monetary policy from nonfarm payrolls data due later in the day, while copper prices rose on positive Chinese factory data.

India has filed a total of 516 Advance Pricing Agreement (APA) so far resulting in bringing finality in taxation to income of about ₹ 19,000 crore, according to the APA report released by the Central Board of Direct Taxes (CBDT) on Friday. The CBDT has signed 95 APA and 32 bilateral APAs in the fiscal year 2022-23, marking the highest number of bilateral agreements filed so far in a year. It is estimated that the 516 signed APAs have resulted in bringing finality in taxation to income of about ₹19,000 crore. This translates into a payment of tax of about ₹7,000 crore," CBDT said in its fifth APA report. The best part was that this is litigation-free and does not give rise to appellate proceedings, the report said.