DINA for the issue of June 4, 2014

June 4, 2014 | Sha’baan 5, 1435
The DAWN Internet News Alert (DINA) is a free daily news service from Pakistan’s largest English language newspaper, the Daily DAWN.

Altaf arrested in London for interrogation

LONDON: Altaf Hussain, the London-based chief of the Muttahida Qaumi Movement (MQM), was arrested by the British police here on Tuesday on suspicion of money-laundering. He was arrested in northwest London where he has been living in self-imposed exile since 1992.
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Karachi Stocks down 284.87 Points:
KARACHI, June 3 : At the close of trading, the KSE-100 index was 29504.98 ,dawn 284.87 points.

Relief for the rich, peanuts for the poor

By Khaleeq Kiani

ISLAMABAD: The PML-N government unveiled its second budget on Tuesday which provided harsh cuts as well as populist measures. As a result, cuts in subsidies and increase in gas rates rubbed shoulders with incentives for the youth and business while the party’s signature infrastructure projects were also present.

Consequently, the government estimates that it will have an additional revenue of Rs405 billion to spend in the next fiscal year (2014-15). It has reached this figure by generating an additional Rs230bn through taxation, saving Rs120bn by reducing subsidies and earning around Rs58bn by increasing the Gas Development Infrastructure Cess (GIDC).

Eight killed in Kurram IED attack

By Hussain Afzal

PARACHINAR: Eight passengers were killed and seven others injured when a bomb blast ripped through a pick-up in Khumsa area of central Kurram Agency on Tuesday.

The pickup was going to Sadda in Lower Kurram from Para Chamkani in Upper Kurram. When it reached Khumsa area an improvised explosive device planted by unidentified men along the road went off. Four people died and 11 others suffered injuries and the vehicle was destroyed by the impact of the blast.

Additional taxes to yield Rs231bn

By Mubarak Zeb Khan

ISLAMABAD: The PML-N government has imposed Rs231 billion new taxes in its second budget with relief measures for industrialists and foreign investors.

The focus of tax proposals is to increase share of direct taxes in overall taxes, document the economy, remove distortions in tax laws, and promote foreign direct investment and industrialisation.

11pc increase in defence spending proposed

By Baqir Sajjad Syed

ISLAMABAD: The government announced on Tuesday an 11 per cent increase in defence spending for the next fiscal.

According to the budget documents placed before parliament, the government has allocated Rs700 billion to the armed forces for the fiscal year 2014-15 against the revised amount of Rs629.5bn for the outgoing year.

Two pilots among four killed as PAF plane crashes

By Our Staff Reporter

KARACHI: A Pakistan Air Force (PAF) aircraft crashed into a bus terminal in Yusuf Goth area here on Tuesday, killing both its pilots as well as two civilians on the ground.

According to a PAF spokesman, the fighter jet was on routine training mission when it went down near Baldia Town, apparently because of a technical fault. The pilots killed were identified as Wing Commander Khurram Samad and Squadron Leader Umair Elahi.

Rs1,175bn set aside for development works

By Amin Ahmed

ISLAMABAD: The national development outlay for the fiscal year 2014-15 has been set at Rs1,175 billion, including a foreign aid component of Rs192bn.

According to the budget documents released here on Tuesday, the federal PSDP has been set at Rs525bn with a foreign assistance of Rs102bn. The annual provincial development plans amount to Rs650bn and include a foreign aid component of Rs90bn. This PSDP is 13 per cent larger than the one initiated in 2013-14.

Rs77bn allocated for Railways

By Nasir Iqbal

ISLAMABAD: Seemingly obsessed with developing the country’s communications structure, the government has earmarked a staggering Rs77 billion to revive the fledgling Pakistan Railways. Of the total amount, Rs39.5bn has been allocated specifically for infrastructure expansion under the Public Sector Development Programme (PSDP) 2014-15, while the rest of the money will go towards paying salaries and pensions of railway employees.

In his long-winded budget speech on Tuesday, Finance Minister Ishaq Dar lamented the fact that for most people trains were not their first-choice mode of transport. Trains are supposed to be the faster, cheaper and more convenient mode of freight and passenger transportation and in the new budget the government is looking to encourage private-sector and international investment to help improve the railways.

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