Islamabad—In recent times, there has been a
rapid increase in the use of new technologies to
increase access to financial services in many
countries including Pakistan, reports World Bank
in its annual book let said.
Kuwait —Kuwait wants to see the price of oil
stay above $60 a barrel, the OPEC member’s oil
minister said on Sunday. “We will be watching
the market very closely,” Kuwait’s Oil Minister
Sheikh Ahmad al-Abdullah al-Sabah told reporters
at parliament. “We would not like to see the
price go below a certain level so it at least
meets our budgetary requirements.”
Islamabad—The Securities and Exchange Commission
of Pakistan (SECP) is said to have refused to
pay three percent of its income to the
Competition Commission of Pakistan (CCP), which
is mandatory under Competition Ordinance 2007.
Sources told that SECP had written a letter to
the Advisor to Prime Minister on Finance,
Shaukat Tarin, in January, 2009 stating that
charge of 3 percent of fee and charges had been
issued without consultation with SECP, and the
charge levied would burden the financial
resources of the Commission.
Washington—They are the biggest of the big the
Citigroups, the Goldman Sachses, the AIGs and
other financial behemoths. The Obama
administration doesn’t want so many around
anymore. Financial regulations proposed by the
president would result in leaner and simpler
institutions that don’t carry the weight of the
system on their marble columns. Around
Washington and Wall Street they have come to be
known as TBTF — too big to fail. It’s not just
size, though. These companies are so far-flung,
so intertwined and so precariously leveraged
that a single one’s collapse can create
systemwide tremors that imperil the finances of
millions of Americans.
Beijing—China has no plans to raise its proposal
for a new global currency to replace the dollar
at the G8 meeting this week but is willing to
discuss it, a top Chinese diplomat said, as
President Hu Jintao left Sunday for Italy. China
is not one of the Group of Eight major economies
but is attending the meeting in the Italian city
of L’Aquila as part of a group of five large
developing countries. Beijing called in March
for the creation of a new currency, possibly
based on the IMF’s Special Drawing Rights,
created in the 1960s and used as the monetary
standard for dealings between the fund and
member governments.
