US stocks’ week of reckoning arrives

NEW YORK: The wait is almost over. After a two-month rally in the stock market, some investors are about to see if they get what they wished for: more Republicans in Congress and lots of cheap money.

The US stock market has priced in the Republicans gaining ground in Tuesday’s midterm elections, an outcome widely seen as more business-friendly, as well as the Federal Reserve pumping billions into the economy through Treasury debt purchases. The Fed’s statement on Wednesday afternoon at the end of its two-day policy meeting is widely anticipated for details of the central bank’s economic stimulus plan.
Jobs will be a touchstone, with the high US unemployment rate figuring into the campaign rhetoric of Democrats and Republicans alike in the midterm elections.

USAID launches assessment, strengthening programme

 ISLAMABAD: The United States Agency for International Development (USAID) launched a five-year assessment and strengthening programme for capacity building of the officials in government and private sector to ensure full implementation on the USAID money for the improvement of living standard in Pakistan, an agency official said on Wednesday.

Inaugurating the project, which will cost $45 million, USAID Chief Financial Officer David Ostermeyer expressed the hope that the programme would be helpful in ensuring the spending of the USAID funds on various projects.

US to provide $60m for dams

ISLAMABAD: The United States has agreed to finance the under-construction Gomal Zam Dam and Satpara Dam and also pledged to encourage its private sector for investment in the energy sector of Pakistan, an official said in a statement on Tuesday.

Federal Water and Power Minister Raja Pervez Ashraf said that Pakistan would spend money from its own resources on the construction of both the dams (Gomal and Satpara) and the United States would reimburse $40 million and $20 million, respectively, for these two projects.

US offers Pakistan two billion dollars in military aid: Clinton

Secretary of State Hillary Clinton. – AP (File Photo)

WASHINGTON: The United States will offer two billion dollars in fresh military assistance to Pakistan, Secretary of State Hillary Clinton said Friday, hailing Islamabad's efforts against extremist groups.