BRIndex-30 8,232.55
KSE-30 Index 10,109.88
KSE-100 Index 9,409.58
LSE-25 Index 3,030.43
ISE-10 Index 2,263.04
Gold Per 10gm 26,442.00
KCA Spot Rate 3,500.00
Libor Rate 0.63875
Monday, September 28, 2009
US AMBASSADOR IN PAKISTA
ISLAMABAD: US Ambassador in Pakistan Anne W. Patterson called on Federal Minister for Overseas Pakistanis Dr Farooq Sattar here on Monday. -APP
Thursday, September 24, 2009
Bullish trend on stock market
KARACHI (September 21, 2009): KSE-100 index surged by 378.05 points, or 4.2 percent to close at 13-month high level of 9,436.82 points from 9058.77 points on the back of improved macro economic data and positive news flow in the energy sector. Foreign investors' interest at the share market continued with a net buying of $16.2 million worth of shares while local investors also joined the rally.
NEW YORK
NEW YORK: President Asif Ali Zardari shakes hand with Prime Minister of Turkey Recep Tayyip Erdogan during the meeting, here on Thursday
US Congress approves $2.376 billion aid
ISLAMABAD (September 24, 2009): American Congress has approved aid amounting to $2.376 billion for Pakistan. According to a private TV channel this aid amount was meant for the fiscal year 2008-09, while the US government has also presented an aid bill for Pakistan for the fiscal year 2009-10 amounting to $2.282 billion in the American Congress. This assistance includes both military and non-military aid.
Clinton to help secure investments
NEW YORK (September 24, 2009): Former US President Bill Clinton on Monday promised to help Pakistan in securing much-needed foreign investments that would create opportunities for the country's economic growth and well-being of its people. The former US president, who heads the Clinton Global Initiative (CGI), told President Asif Ali Zardari at a meeting with the Pakistani leader that his organisation would work with Pakistan's private and public sectors in furthering those objectives.
Tuesday, September 22, 2009
Cotton price rises to Rs 3,600 as forward buying continues
KARACHI (September 18, 2009): Mills and exporters indulged in forward buying on the cotton market on Thursday ahead of Eid-ul-Fitr holidays, they said. Approximately 11,000 bales changed hands between Rs 3450-3600, they said. Phutti prices in Sindh were same at Rs 1680-1700 and in Punjab, the rates were at Rs 1725-1750, they added.
Foreigners sent $102.7 million profits abroad in July-August
KARACHI (September 20, 2009): Foreign investors have repatriated about $103 million on account of profit and dividend during the two months of current fiscal year. The government has allowed 100 percent transfer of profit or dividend to foreign investors to boost foreign investment, they are enjoying the policy fully by consistently sending their earnings abroad.
Bullish trend on stock market
KARACHI (September 21, 2009): KSE-100 index surged by 378.05 points, or 4.2 percent to close at 13-month high level of 9,436.82 points from 9058.77 points on the back of improved macro economic data and positive news flow in the energy sector. Foreign investors' interest at the share market continued with a net buying of $16.2 million worth of shares while local investors also joined the rally.
4,000 CNG buses to be operational in Karachi
KARACHI (September 21, 2009): Some 4000 CNG buses would be operated in Karachi with the co-operation of federal government, which has given a subsidy of Rs 2.5 billion. Immediately, under the project, to be implemented by Karachi Mass Transit cell with the participation of private sector, 500 buses would start plying in the city by the end of December 2009.
Eid-ul-Fitr today
KARACHI (September 21, 2009): The Shawwal moon has been sighted and Eid-ul-Fitr will be celebrated on Monday, September 21. This was announced by Chairman Central Ruet-i-Hilal Committee, Mufti Munib-ur-Rehman, here on Sunday evening. Mufti Munib made the announcement after he chaired a meeting of the Central Ruet-i-Hilal Committee.
Eid celebrated in most parts of NWFP and Fata
PESHAWAR (September 21, 2009): Eid-ul-Fitr was celebrated in most parts of the Frontier province on Sunday, following the unofficial Ruet-e-Hilal committee's announcement. However, the whole of Hazara division, Swat and Dera Ismail Khan did not join the provincial government, and people kept on fasting on Sunday.
Monday, September 7, 2009
Uncertainty hits Punjab sugar market
The millers failed to get a stay order from the court while cautious dealers refused to place fresh orders.—Photo by APLAHORE: Uncertainty over price gripped the sugar market on Monday because the millers failed to get a stay order from the court while cautious dealers refused to place fresh orders.
Market analysts maintain that if things do not get cleared in next two to three days, the supply and price situation may worsen.
According to them, there has to be either a stay against the LHC order or the provincial government should make its policy on price clear.
The present Punjab government sugar policy, according to a miller, is breeding confusion. He says the government has promised to seek a clarification from the LHC about those dealers who have already purchased sugar at higher rate. This clarification is yet to come.
Similarly, he says the old price of Rs47 a kg is till being allowed but no one knows for how many days it is permissible.
To further add to the confusion, he says the Punjab government had decided to approach the federal government to convince or force other federating units to reduce their price so that sugar from Punjab is not smuggled to other provinces.
‘This process is totally uncertain because it has heavy political undertones. The federal government is hardly expected to bailout Punjab so quickly, and any delay will only hurt the market. Even if other provinces agree to reduce sugar price, the way forward lies through the Supreme Court, which is totally independent,’ he said.
Moreover, the miller says the government is hoping for a stay order against the LHC decision which did not come on Monday.
‘All these factors are keeping sugar market volatile because the dealers do not know what will be the sugar price in next few days and, hence, are not placing orders.’
Rao Akram of the Lahore Retail Merchants says the Eidul Fitr is only two weeks away when sugar demand increases due to higher use of sweets, confectionary items and beverages.
‘Precisely for this reason, things should get clear either way and the market should settle down’, he said.
He says the Punjab government is yet to notify new price but its magistrates have already started booking retailers for violating LHC-fixed price.
‘No one really knows what is going on. It looks to be free for all when it comes to so-called market economy.’
The dealers say they have already been stung twice. They purchased sugar at ex-mill price of Rs52 per kg, when the government reduced price to Rs49.75 per kg.
They bought it at the new price when the price was lowered further to Rs45, causing a loss of millions of rupees to dealers.P.
Market analysts maintain that if things do not get cleared in next two to three days, the supply and price situation may worsen.
According to them, there has to be either a stay against the LHC order or the provincial government should make its policy on price clear.
The present Punjab government sugar policy, according to a miller, is breeding confusion. He says the government has promised to seek a clarification from the LHC about those dealers who have already purchased sugar at higher rate. This clarification is yet to come.
Similarly, he says the old price of Rs47 a kg is till being allowed but no one knows for how many days it is permissible.
To further add to the confusion, he says the Punjab government had decided to approach the federal government to convince or force other federating units to reduce their price so that sugar from Punjab is not smuggled to other provinces.
‘This process is totally uncertain because it has heavy political undertones. The federal government is hardly expected to bailout Punjab so quickly, and any delay will only hurt the market. Even if other provinces agree to reduce sugar price, the way forward lies through the Supreme Court, which is totally independent,’ he said.
Moreover, the miller says the government is hoping for a stay order against the LHC decision which did not come on Monday.
‘All these factors are keeping sugar market volatile because the dealers do not know what will be the sugar price in next few days and, hence, are not placing orders.’
Rao Akram of the Lahore Retail Merchants says the Eidul Fitr is only two weeks away when sugar demand increases due to higher use of sweets, confectionary items and beverages.
‘Precisely for this reason, things should get clear either way and the market should settle down’, he said.
He says the Punjab government is yet to notify new price but its magistrates have already started booking retailers for violating LHC-fixed price.
‘No one really knows what is going on. It looks to be free for all when it comes to so-called market economy.’
The dealers say they have already been stung twice. They purchased sugar at ex-mill price of Rs52 per kg, when the government reduced price to Rs49.75 per kg.
They bought it at the new price when the price was lowered further to Rs45, causing a loss of millions of rupees to dealers.P.
Industrial areas face massive power outages
A new wave of loadshedding has severely affected production in three of Karachi’s four major industrial areas. — PhKARACHI: Three main industrial areas out of the city’s four, especially situated close to residential localities, are equally facing severe power outages which not only causing production losses but also affecting workers’ efficiency.oto by APP/File
Govt not to raise power tariff anytime soon: PM
ISLAMABAD: Prime Minister Yousuf Raza Gilani has said the government would not raise electricity tariffs any time soon and nor would the subsidy on electricity be removed. The premier did however say the government was reviewing the imposition of Value Added Tax (VAT) for increasing revenue.
‘Steps have been taken by the Government of Pakistan (GoP) to implement macro economic reforms such as phased removal of subsidies on petroleum and power prices, tightening of monetary policy, increasing revenue and controlling expenditures while reducing borrowing from the State Bank,’ said the premier while talking to IMF’s Mission Chief for Pakistan Adnan Mazarei and Resident IMF Representative in Pakistan Paul Ross who called on him at the PM House.
While dilating upon government’s achievement in successfully increasing the Tax to GDP ratio from 8.8 to 10.6 per cent in one year, the prime minister expressed his government’s firm commitment to enhance the ratio to the level of 15 per cent in the next five years by broadening the tax base. He further said that through stringent fiscal measures, the government had successfully brought down the fiscal deficit from 7.6 per cent to 5.2 per cent.
The prime minister said that steps had been taken to improve the power situation in the country by installing new power plants as well as tapping alternate energy sources besides encouraging conservation of energy.
Gilani said the government would not raise electricity tariffs and neither would the subsidy on electricity be removed, according to sources. However, the premier said the government was reviewing the imposition of Value Added Tax for increasing revenue and a decision in this regard would be taken after taking all stake holders on board.
Adnan Mazarei appreciated that the GoP had taken difficult decisions in difficult times. He said that the IMF Board had fully acknowledged the achievements of GOP in enhancing tax to GDP ratio, reducing inflation and improving the overall economic situation by adopting right economic policies.
The meeting was also attended by Federal Minister for Finance Shaukat Tareen, Minister of State for Finance and Economic Affairs Hina Rabbani Khar, Special Secretary Finance and Chairman FBR.—Online
‘Steps have been taken by the Government of Pakistan (GoP) to implement macro economic reforms such as phased removal of subsidies on petroleum and power prices, tightening of monetary policy, increasing revenue and controlling expenditures while reducing borrowing from the State Bank,’ said the premier while talking to IMF’s Mission Chief for Pakistan Adnan Mazarei and Resident IMF Representative in Pakistan Paul Ross who called on him at the PM House.
While dilating upon government’s achievement in successfully increasing the Tax to GDP ratio from 8.8 to 10.6 per cent in one year, the prime minister expressed his government’s firm commitment to enhance the ratio to the level of 15 per cent in the next five years by broadening the tax base. He further said that through stringent fiscal measures, the government had successfully brought down the fiscal deficit from 7.6 per cent to 5.2 per cent.
The prime minister said that steps had been taken to improve the power situation in the country by installing new power plants as well as tapping alternate energy sources besides encouraging conservation of energy.
Gilani said the government would not raise electricity tariffs and neither would the subsidy on electricity be removed, according to sources. However, the premier said the government was reviewing the imposition of Value Added Tax for increasing revenue and a decision in this regard would be taken after taking all stake holders on board.
Adnan Mazarei appreciated that the GoP had taken difficult decisions in difficult times. He said that the IMF Board had fully acknowledged the achievements of GOP in enhancing tax to GDP ratio, reducing inflation and improving the overall economic situation by adopting right economic policies.
The meeting was also attended by Federal Minister for Finance Shaukat Tareen, Minister of State for Finance and Economic Affairs Hina Rabbani Khar, Special Secretary Finance and Chairman FBR.—Online
Government crackdown against sugar mills: Millers refuse to retire Rs 40 billion SBP loans/advances
KARACHI (September 07 2009): The sugar mills' owners have expressed their inability to pay off/retire Rs 40 billion loans and advances that they owed to State Bank of Pakistan (SBP) due to ongoing crackdown against the millers by the government.Talking to Business Recorder, Chairman Pakistan Sugar Mills Association (PSMA) Iskandar Khan said due to the crackdown of law enforcement agencies on the directives of government against sugar mills, the industry became bankrupt and it is impossible to retire the huge amount till October 31. The PSMA chairman said the government had opened tenders for the import of expensive sugar from international market by neglecting the local industry due to which the millers could not sold their sugar stocks in the market.Currently, the sugar mills have a stock of 1.3 million tons of sugar, but the government has started crackdown against the sugar mills to recover the stock under the cover of hoarding. "The sugar mills owners have decided to close their factories and stop supply of white refined sugar to the wholesale market until the operation against the millers is stopped," he added.It may be mentioned here that the SBP had reviewed the issue of final adjustment of loans/advances against pledge of sugar stock (both raw and refined) on the representation made by different stakeholders. After reviewing the situation, the central bank, granting three-month extension, has advised banks and DFIs to ensure adjustment of entire loans and advances against pledge of sugar stock (both raw and refined) by 31st October, 2009 positively, instead of July 31, 2009.The chairman argued that it is not possible for the sugar mill owners to sale refined sugar with ex-mill rate of Rs 36/kg while the cost of production on the manufacturing of sugarcane stood at Rs 38/kg. "The price of one kilogram sugarcane is Rs 35 and the millers paid Rs 2.31/kg General Sales Tax (GST) and 45 paisa Federal Excise Duty (FED) to the government, so how it is possible to sale sugar at the ex-mill price of Rs36/kg," the PSMA chairman added.
Slow work on power transmission projects: ADB warns of partial loan cancellation
ISLAMABAD (September 07 2009): The Asian Development Bank (ADB) has threatened to cancel part of the loan for power transmission, enhancement investment programme, tranche 2, if procurement process is not completed on time, official sources told Business Recorder.The Bank said that the overall implementation progress of the project has generally been slow. As of July 31, 2009, physical progress achieved was estimated at 13 percent, compared with the elapsed loan period of 21 percent. Cumulative contract awards and disbursements achieved are $41.8 million and $11.7 million, or 30 percent and 19 percent of the 2009 projections of $140 million and $62.5 million, respectively, which were jointly prepared at the beginning of the year.Pil-Bae Song, a Director of the ADB, in a letter to Tariq Qazi, Chief Executive, National Transmission and Dispatch Company (NTDC), observed that progress on procurement was significantly behind schedule and if the majority of the civil works contracts could not be awarded by the end of 2009 completion of all sub-projects by end-2013 would be at high risk."As has been extensively discussed, the current practice of procuring civil works, materials and equipment through multiple contract packages and diversified lots increases processing time and load for both NTDC and ADB and eventually slows down project implementation," he said.There are 15 contract packages remaining, including civil works and supply of material and equipment to be procured. One option would be to club the remaining contracts into the following four packages: (i) civil works for grid stations at T T. Singh, Okara, and Ghazi Barotha, on turnkey basis; (ii) civil works for 220 kv transmission lines; (iii) SVC installation at Quetta on turnkey basis; and (iv) procurement of materials and equipment. Procurement of 4 contract packages instead of 15 would clearly save cost as well as time. "We need to take prompt action to ensure timely processing of procurement, failing which, may risk partial cancellation of the items that are not procured in time. Also, ADB's approval for further tranches would be more difficult since the delays would be seen as lack of absorptive capacity," he concluded.
PML-N demands restoration of constitution to pre-October 12, 1999
BHURBAN : Pakistan Muslim League-Nawaz (PML-N) has demaded restoration of the constitution to pre-October 12, 1999, Aaj News reported. The demand came in a meeting of the party’s Central Executive Committee (CEC), held at Bhurban, under the chair of ....
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