ISLAMABAD: National Economic Council (NEC), while setting a growth rate target of six percent, has given a nod apropos development budget for fiscal year 2017 and 2018 following a meeting that was chaired by the PM here today.
According to details an amount of Rs.1.001T will be go to the Federal Government and the remaining will be shared by Provinces.
The allocations are as under:
Rs30bn allocated to Prime Minister’s Global SDGs Achievement Programme; Rs40bn for Special Federal Development Programme; Rs7.5bn for ERRA; Rs12.5bn for the Energy for All program; Rs12.5bn for the Clean Drinking Water for All project; Rs5bn for completion of development projects under the China-Pakistan Economic Corridor; Rs90bn for IDPs and security; Rs4.34bn for the Aviation Division; Rs5bn for the Cabinet Division; Rs5.18bn for Capital Administration and Development Division; Rs810.5m for the Climate Change Division; Rs1.2bn for trade industry; Rs13.66bn for the Communications Division; Rs5.305bn, for the Defence Division; Rs4.46bn for the Defence Production Division; Rs270m for the Establishment Division; Rs2.96bn for the Federal Education and Professional Training Division; Rs18.93bn for the finance ministry; of which Rs200m will be allocated towards development projects; Rs35.66bn for the Higher Education Commission; Rs11bn for the Housing and Works Division; Rs300m for the Human Rights Division.
US stocks tumble on trade war fears
NEW YORK: Wall Street stocks were under pressure for a third session in a row Tuesday, joining a global selloff on heightened fears that US-China confrontations will mushroom into a trade war.
The Dow Jones Industrial Average dropped 1.2 per cent to 24,700.21. The broad-based S&P 500 shed 0.4 per cent to 2,762.57, while the tech-rich Nasdaq Composite Index lost 0.3 per cent at 7,725.59. Shares of big US companies active in China were among the hardest hit, with Boeing, Caterpillar and Deere each losing almost four per cent.
Trade brinkmanship between Washington and Beijing continued late Monday when President Donald Trump threatened to put fresh duties on between $200 billion and $400 billion in Chinese imports, prompting tough words from China.
White House economic aide Peter Navarro told reporters Tuesday China had “much more to lose” from the clash because of the imbalance in imports. Despite the escalating rhetoric, many on Wall Street are sceptical a worst-case scenario of an all-out trade war will come to pass.
“Our advice to clients has been to step back from the day-to-day noise,” said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.
Audi boss arrested in diesel probe
FRANKFURT AM MAIN: Audi chief executive Rupert Stadler was arrested Monday in connection with parent company Volkswagen’s “dieselgate” emissions cheating scandal, with prosecutors saying they feared he might try to suppress evidence.
The dramatic development comes a week after Munich prosecutors raided Stadler’s home after charging him with fraud and falsifying documents that allowed diesel vehicles equipped with cheating software to be sold to European customers. Four police officers detained the Audi boss at his home at between 6 and 7 am, a spokesman for Munich prosecutors told AFP, saying that the arrest was justified as he is suspected of “seeking to influence witnesses or other suspects”. Stadler has denied the accusations and has said he is ready to be interrogated from Wednesday, added the spokesman.
Hours after the arrest, the VW group’s management named Dutchman Bram Schot, who joined VW in 2011, to take over from Stadler as interim CEO. Stadler is the most senior executive yet to be detained in the dieselgate crisis, which started when the Volkswagen group admitted in 2015 to installing so-called “defeat devices” in some 11 million diesels worldwide that made them seem less polluting in lab tests than they actually were on the road. The affected vehicles involved VW’s own-brand cars, but also those made by Audi, Porsche, Skoda and Seat. VW’s luxury subsidiary Audi has long faced suspicions that its engineers helped create the software used in the scam.
Asian markets tumble as Trump tariffs spark trade war fears
HONG KONG: Fresh fears of a trade war between the world’s top two economies sent Asia markets tumbling on Monday after the United States and China imposed tit-for-tat tariffs on billions of dollars of imports.
Energy firms were among the biggest losers as oil prices plunged ahead of a key OPEC meeting, where Saudi Arabia and Russia are expected to lift a two-year-old production cap. Donald Trump’s decision to hit China with 25 per cent levies was met with an immediate retaliation, moving the two closer to a trade war that could potentially batter the global economy. The announcement came despite weeks of talks between the two sides.
The developments sent stocks into the red across Europe and on Wall Street, and Asian investors followed suit on Monday. Tokyo ended the morning session 0.8 per cent down, while Singapore sank more than one per cent, Seoul dropped 0.7 per cent and Sydney shed 0.1 per cent. Manila dived more than two per cent, while Wellington was 0.1 per cent off. Hong Kong and Shanghai were closed for public holidays.