Pakistan Economy - News & Updates

[ameer219]

THE RUPEE: dollar sharply down


RECORDER REPORT

KARACHI (April 07 2010): All-round gains were seen on currency market on Tuesday on hopes that the political condition to improve after the approval of 18th Amendment Bill, which is due shortly, money experts said. On the interbank market the rupee extended its ground versus the greenback, rising 30 paisa for buying and selling at 83.90 and 83.94, they said.

The rupee may gain more strength after the settlement of energy crisis, which expectedly would help set up more industries in the country, currency experts said. During the second session, the Australian dollar gained after the Reserve Bank of Australia (RBA) raised its cash rate on Tuesday although with many in the market already holding the currency, the hike wasn't enough to propel it up substantially. The euro tumbled as bearish sentiment re-ignited, aided by reports on Greece's fiscal problems, while sterling eased ahead of an expected election announcement in Britain and yen seized back lost ground as short yen positions looked stretched.

OPEN MARKET RATES: The rupee followed the same pattern versus dollar as it gained 25 paisa for buying at 84.20 and rose by 20 paisa for selling at 84.40, dealers said. The rupee also picked up 85 paisa in terms of the euro for buying and selling at Rs 112.15 and Rs 112.65, they added.

 

[ameer219]

Pakistan's exports to Malaysia surged by 24.6 percent in 2009


M RAFIQUE GORAYA

LAHORE (April 07 2010): Pakistan's export to Malaysia in year 2009 registered an unprecedented increase of 24.6 percent compared to the export figures of year 2008. According to Commercial Counsellor in Kuala Lumpur, Wajiullah Kundi, Pakistan's exports to Malaysia reached RM 526.12 million in 2009 compared to RM422.32 million for year 2008, thereby registering an increase of 24.60 percent despite the recession that continued in the first 3 quarters of 2009.

In an email message to Business Recorder here on Tuesday, he said Malaysia made exports of RM5.75 billion to Pakistan in 2009 compared to RM5.74 billion in 2008, registering an increase of 0.2 percent. Elaborating, he said major exports from Malaysia to Pakistan during 2009 remained palm oil with exports of RM 4.01 billion compared to RM 3.842 billion in 2008, registering an increase of 4.3 percent.

Other Malaysian exports to Pakistan such as insecticides, natural rubber, and fibre wood board suffered a decline of 5.11, 51.62 and 8.9 percent respectively, he added. "The surge in exports of Pakistani products was recorded in exports of fish valued at RM44.25 million compared to 36.60 million in 2008, thereby registering an increase of 20.87".

Kundi said export of Pakistan rice suffered a major setback with total export of RM88.36 million compared to RM 110 million in 2008, registering a decline of 20.38 percent. However, according to the High Commission, rice export to Malaysia is likely to increase fourfold keeping in view various orders booked by Malaysian companies for year 2010.

Giving further analysis, he said exports of yarn from Pakistan were recorded at RM. 22.82 million compared to RM 22.78 million in 2008, thereby registering a slight increase of 0.18 percent. Woven fabric of synthetic stable fibre registered an unprecedented increase of 100 percent from export figure at RM 25.84 million in 2009 compared to MR 12.90 million in 2008.

Another robust increase of up to 224.69 percent was recorded in the export of electrical appliances, line telephony in 2009, valued at RM 18.49 million compared to 5.69 million in 2008. The Commercial Counsellor hoped that the volume of trade between the two countries will receive a quantum jump in coming years with growing awareness among the business community of the benefits of FTA signed between the two countries in 2007.


Copyright Business Recorder, 2010

 

[Omar1984]

Pakistan to get 23.864m tonnes wheat crop in 2010​

* Government has 1.66 million tonnes net surplus of wheat

By Ijaz Kakakhel

ISLAMABAD: The government expects wheat production of 23.864 million tonnes for the year 2010 as against the set target of 25 million tonnes, reflecting a shortfall of 4.5 percent, sources told Daily Times here on Wednesday.

The initial estimates of 23.864 million tonnes wheat production was achieved from 9.041 million hectares sowing area. The provincial break up is; Punjab 18.240 million tonnes as against the target of 19.205 million tonnes, Sindh 3.651 million tonnes as against the target of 3.862 million tonnes, NWFP 1.184 million tonnes against the target of 1.210 million tonnes and Balochistan 0.789 million tonnes against the target of 0.903 million tonnes.

The total wheat stock on April 4 was 4.33 million tonnes comprising 3.49 million tonnes with food departments of four provinces and 0.84 million tonnes with PASSCO. Officials in the Ministry of Food and Agriculture said if the government releases from April 5 to 15, around 30,000 tonnes per day, the total wheat requirement of the country would be 0.33 million tonnes and the carryover stock of the commodity would be 4 million tonnes.

With the arrival of new wheat production of 23.86 million tonnes and carryover stock of 4 million tonnes, total availability of the commodity would be 27.86 million tonnes, the sources said. Total requirement for population of 175 million at 124 kilogrammes per capita/annum is 21.70 million tonnes. They further said that about 2 million was used for seed, feed and wastage at 8 percent (for seed 1 million tonnes, feed 0.6 million tonnes and wastage 0.4 million tonnes).

The strategic reserve has been set at 2.5 million tonnes. Accumulatively, total wheat requirement is 26.20 million tonnes against the total availability of 27.86 million tonnes. The net surplus of wheat in the country is 1.66 million tonnes, the sources maintained.

In 2007-08, when the wheat support price was Rs 425 per 40kg, the farmers brought 8.55 million hectares under sowing and produced 20.99 million tonnes. After an increase in wheat support price from Rs 425 per 40kg to Rs 950 per 40kg in 2008-09, the farmers brought 9.05 million hectares under sowing and wheat production enhanced to 24.032 million tonnes. Doubling the wheat support price resulted in an increase of 5.9 percent (1.24 million acres) wheat sowing area. The increase in wheat support price benefited only producers of the commodity and the cost of flour in open market shot up from Rs 20 per kg to Rs 30 to Rs 32 per kg. The government has fixed the wheat procurement target at 7.5 million tonnes for the year 2010 against the initial target of 6.5 million tonnes last year but later on procured 9.233 million tonnes.

According to schedule the procurement target is Punjab has to procure 4 million tonnes against last year’s target of 3.5 million tonnes, Sindh 1.5 million tonnes while last year it was 1.20 million tonnes, NWFP and Balochistan have to procure 0.3 and 0.1 million tonnes, respectively for the coming season. The procurement target for PASSCO has been fixed at 1.6 million tonnes in the current year against the last year’s initial target of 1.5 million tonnes. It is for the second time that the provinces would directly procure wheat in the market. Before this decision, the whole procurement would be made through PASSCO.

Sources said that on special directives of the prime minister, the Ministry of Finance would finance the entire 7.5 million tonnes wheat procurement operation in 2010 across the country. The procurement process has already begun in Sindh as 323,000 tonnes of new wheat crop has been procured by Sindh Food Department till April 5.

In Punjab and NWFP the procurement process would begin from April 20 and would get full momentum from next month, officials in the ministry claimed.

Sources said that Finance Ministry secretary informed the Wheat Procurement Advisory Board meeting held a few days ago that the government would provide entire cash for the procurement of 7.5 million tonnes in 2010.

According to the rules, the State Bank will have to provide funds for wheat procurement process but this year, the government has about 2 million tonnes wheat stock as carryover. It was suggested that first the government should dispose of surplus wheat through export or sell out in the local market. But the value of wheat in the international market has been lower than Rs 950 per 40kg, on which the government had purchased wheat from farmers. It was difficult for the government to export the commodity at reduced prices and incurred losses. On the other hand, the local flourmills were ready to purchase the old stock of wheat at subsidised rate but reduction in wheat price would distort the local market mechanism.

Despite the government’s announcement of Rs 950 per 40kg wheat support price, the farmers in Sindh were paid Rs 800 to Rs 900 per 40kg.

 

[Omar1984]

Expanding infrastructure, retirement of debt: Wateen to launch Rs 2 billion IPO on April 20-21​

KARACHI: Wateen Telecom Limited will float initial public offering (IPO) worth Rs 2 billion in Pakistan equity market on April 20-21 in order to expand its infrastructure network and retirement of debt.

The telecom giant will issue 110 million shares to institutional investors and general pubic at a price of Rs 10 per share amounting to Rs 1.1 billion with a green shoe option of 90 million ordinary shares. This will increase the paid up capital of the company from Rs 4.174 billion to Rs 5.275 billion.

The equity generated amount will be repaid to financial institution on the account of Letter of Credits (LCs) worth Rs 14 billion and produce capital for the company to acquire the rest of 49 percent shares in Wateen Solution (Pvt) Ltd. The shares’ subscription will be categorised into four for the various classes of investors. The IPO’s are pledged to underwrite by 14 leading banks of the country. Wateen Telecom CEO Tariq Malik said the company has long-term and committed investment plans in the country despite any political economy and law and order situation of the country.

The company is playing an active role in making Pakistan a regional hub for information and communication network with its optic-fiber international gateways.

Wateen is laying optic-fibre to connect India at Wagah and Chaman and Tukhum to link Afghanistan, he said and added it will offer services to various telecommunication services inside and in neighboring countries of Pakistan. Malik said the company is aggressively pursuing its multiple plans in all its services including wireless telephony, broadband and infrastructure services that will enhance its revenues manifold. Its corporate clients include leading financial institutions, cellular phone companies and television channels. The company has acquired a lion’s share in international calling traffic and it has been a leading performer in broadband and wireless local loops sectors. Arif Habib Group of Companies Chairman Arif Habib said the equity markets have shown impressive performance in the past few weeks on the stable cooperate sector and its flourishing financial health.

He said the opportunities are lucrative in Pakistani equity markets for local and international investors as it is recognised by all rating and financial institutions as the best market in delivering handsome returns with the lowest business cost. Arif Habib said the clouds of crisis in judiciary, politics and economy have been scattered and the situation is improving in the country for business and investments. The developments on judiciary, NFC Awards and tabling of 18th Amendment are good signs for the country’s stability that will be weighed positively by international rating agencies. staff report

 

[Omar1984]

Rising prices of cement, steel to hit construction: ABAD​

KARACHI: Expressing its concern over the ever-increasing prices of steel, cement and petroleum products Association of Builders And Developers of Pakistan (ABAD) has issued a statement saying the increase will have a very negative impact on the construction activities.

Not only will it become next to impossible for the poor and middle income segments of the society to acquire a roof over their heads, but the rate of unemployment for skilled and unskilled labours will touch new heights.

In a joint statement, ABAD Chairman Engineer Farooq-uz-Zaman Khan, Vice Chairman Muhammad Arif Siddiq and Regional Chairman Saleem Kassim Patel have said the last two months have seen record increase in the prices of steel. The cost of steel bars prepared from ship plates, which were available at Rs 45,000 per tonne two months ago, have now crossed Rs 60,000 per tonne. This increase in steel prices will resultantly increase the construction cost by at least 10 percent.

The ABAD office bearers said in a ground-plus-seven residential building, steel has a share of 30 to 40 percent in the total construction cost, whereas in a 4-storey building it is between 15 to 20 percent. The cement manufacturers too have enhanced the prices of a 50 kilogrammes bag by Rs 10 to Rs 15 soon after the end of the winter season. If the government fails to take prompt action it is feared the prices of cement will be increased further.

They said that the share of cement in the total construction cost comprises of 15 percent and the recent enhancement has resulted in an increase of 2 to 5 percent in the cost of a housing project.

The increase in petroleum product cost also enhances the construction cost especially the increase in the prices of light diesel, which has increased the transportation cost significantly.

They further said that there is a clause of price enhancement of residential unit in KBCA rules and regulations but majority of builders do not increase the prices keeping in view the hardships faced by their allottees.

The lapse of the Competition Commission Ordinance (CCO) has also provided a free hand to the cement manufacturers and it is feared, as in the past that cartelisation will take place to increase the cement prices.

They appealed to the president and prime minister to convert CCO into an Act of the parliament. Similarly, steps should be taken to check the prices of steel and petroleum products so that the increase in construction activities will boost the business of industries allied to the construction sector. ABAD demanded that maximum incentives and benefits should be given to the construction sector in order to put the derailed economy of the country back on its track. staff report

 

[Omar1984]

‘SBP to develop Shariah-compliant short-term papers’​

KARACHI: Governor State Bank of Pakistan Salim Raza has disclosed that the SBP is actively working with the industry and the federal government to develop Shariah compliant short-term securities, which will be issued on regular basis.

Speaking on the occasion of a talk on ‘Current Islamic Banking Paradigm and the Way Forward’ by Dr. Umer Chapra, a renowned international scholar on Islamic Economics and Finance on Wednesday, Raza said the State Bank’s immediate objective is to improve and diversify avenues for short-term liquidity management for the Islamic banking industry.

“Islamic banks in Pakistan have to live with the big constraint of only being able to place their surplus funds with other Islamic banks, in the absence of a suitable investment opportunity,” he said and added this market gap both limits earnings, and inhibits aggressive deposit mobilization drives.

Raza said the Islamic banking in the country, from a modest start in 2002, has made a good progress and achieved 6 percent market share. “The heightened global interest in the subject, particularly after the recent financial crisis, leads one to expect that Islamic banking will make more rapid strides globally and in Pakistan,” he added.

The SBP governor stressed the need to improve understanding among investors more broadly about those principles in Islamic finance that provide investors assurance about risk evaluation and risk management frameworks and practices that improve upon most conventional counterparts. Referring to participatory financing modes, where risk is shared between the entrepreneur, the bank and the investor, he said these structures could provide all the advantages that venture capital and private equity structures do in conventional finance without the risk often created by high leverage. The participatory modes also don’t view the investment merely a financial exercise, but the one that seeks to achieve true economic value addition, he emphasised.

He noted while the State Bank has taken a number of initiatives in the past to train Islamic bankers, the pace of growth of the industry is faster than the supply of trained and well-qualified Islamic bankers. “A strategy is, therefore, being developed to improve the skills of the Islamic banking industry professionals which include collaboration with reputed national and international institutions offering/ sponsoring Islamic banking trainings,” Raza added.

 

[Omar1984]

Asia Pacific Leather Fair: Pakistan receives $50m export orders​

KARACHI: Pakistan received around $50 million orders for the export of leather and leather products at Asia Pacific Leather Fair (APLF) 2010 in Hong Kong.

Pakistan Tanners Association (PTA) Chairman Gulzar Firoz said on Wednesday the successful participation of Pakistan in the world famous mega event of APLF-2010 shows the worth of the country’s quality products.

He said the event from March 29 to 31 at Hong Kong Convention Centre, Wanchai attracted a large number of businessmen and traders from 32 countries.

Firoz said, “On the spot about $30 million export orders of finished leather have been concluded and about $20 million orders are in the pipeline.”

He said PTA set Pakistan pavilion for its 55 participants in coordination with consulate general of Pakistan, Hong Kong with the financial assistance from Trade Development Authority of Pakistan (TDAP) and there were also seven private participants.

“This is a record participation of Pakistan in APLF-2010 out of 32 countries where PTA’s member participants displayed their finest quality of finished leather of all sorts with new and innovated fashion leather and leather products,” Firoz added.

He said the visiting traders and businessmen appreciated the highest number of participation of the exhibitors from Pakistan. Buyers from different countries including Indonesia, Vietnam, USA, New Zealand, Korea, Japan, Singapore, China, India, Taiwan, Germany, Canada, Turkey, Italy, Czech Republic, Romania, Poland and Hungry showed keen interest in Pakistan’s leather products.

Despite tough competition by China, India, Bangladesh and Vietnam in particular, Pakistan’s finished and semi finished leather goods are still in high demand in the international market, former PTA chairman Agha Saiddain said.

“The current export figures of leather products for 8-month period are $555 million as compared to $698 million in the same period of last year,” he added. Despite the high cost of production including power and gas tariffs, taxation and higher cost of inputs, the leather sector is striving for better position in the international market, he maintained.

“The export of leather sector industry needs a bail out package to come out from deep crisis by the government like relief packages with more incentives, which are allowed in India, China and Bangladesh,” he added.

Agha said in 2007-08 the exports of leather sector were $1,220 million and we were losing ground to India and Bangladesh. The leather industry should be allowed export refinance rate at 5 percent besides allowance of 25 percent subsidy on electricity and gas bills as allowed in Turkey, he added.

The leather industry should be exempted from withholding tax and Export Development Surcharge for 2 years, he added.

“It is a wrong conception given by the Federal Board of Revenue officials that the exporting industry would enjoy zero rating. In fact the status of zero rating has been for the past decade and it is the same all over the world,” he said.

Consulate General of Pakistan, Hong Kong Consul General Ahmad Balal accompanied by APLF Chief Executive and Organiser Michael Duck inaugurated the Pakistan pavilion.

 

[Omar1984]

Pakistan, Czech Republic to expand trade relation​

RAWALPINDI: Ambassador of Czech Republic Pavol Sepelak said his country desires to enhance trade relations with Pakistan. He said Czech Republic has already invested in two energy projects of 250-megawatt capacity near Lahore.

He said Pakistan is a safe haven for foreign investors and it is the right time to invest in Pakistan. He further said Czech Republic is the only country in the European Union, which has largest trade volume of $79672 million with Pakistan. “But it is need of the hour to further enhance the bilateral trade relations between two countries”, he added. Pavol said Pakistani products such as chemical, paper, rubber, sports good and textile products are very popular in Republic. He lauded the services of RCCI for the business community of the region.

President Rawalpindi Chamber of Commerce and Industry (RCCI), Kashif Shabbir said Pakistan is striving hard to come out of the prevailing global economic crunch. He said Pakistan needs trade not aid and it is the right time for the friends of Pakistan to come forward and help Pakistan by investing in the country. staff report

 

[Omar1984]

WB review mission: FBR asked to ensure filing of ST, IT returns​

ISLAMABAD: In order to ensure tax compliance in the country, the World Bank (WB) review mission on Wednesday asked the Federal Board of Revenue (FBR) that there should be no non-filer of sales tax and income tax returns and withholding statements in cases of Large Taxpayer Units (LTUs).

The review mission had visited Pakistan during March 22-31 to access the need for further extension in the Tax Administration Reforms Project (TARP) for the year 2011, as the WB has already extended the TARP till December 2010, official sources informed Daily Times.

In his presentation at Commissioners Conference, World Bank’s Mission on Tax Administration Reforms Project head Carlos Silvani appreciated the increase in the number of registered persons with the sales tax department. He said that the potential revenue generating unit, which are non-filers should be given priority as compared to small non-filers. This strategy would help the FBR to deal with major non-filers in the first phase, which would be followed by comparatively low potential non-filers.

There is an increase of 10 percent return filers on the sales tax side, which was appreciated by the WB. In cases of non-filers of returns, he stated that the FBR should prioritise cases where potential non-filers should be given top priority for analysis of data and enforcement. The non-filers of returns should be analysed and priority should be given to those non-filers where business activity is taking place. Citing an example, he said, if a potential non-filer is carrying out business activity on the customs side like imports, sales tax, income tax or withholding taxes, it should be given priority for verification of data.

The FBR can also utilise information about the capital declared by the companies with the Securities and Exchange Commission of Pakistan (SECP). The companies declaring more capital should be given priority for analysis of data as compared to companies showing less capital. In this way, major cases could be securitised having more capital where data is available with the SECP. The similar strategy of prioritisation could be adopted by the FBR in companies’ cases to ensure that the FBR should utilise its resources on major cases of non-filers etc.

It has been pointed out that there should be no non-filer of sales tax and income tax returns and withholding statements in cases of LRUs. The LTUs are most compliant units with maximum business activity and turnover etc and there should be no case of non-filers whether sales tax, income tax or withholding tax at these units, sources added.

He expressed satisfaction over the progress made through reforms. He mentioned that new centralised IT systems are being rolled out to RTOs and LTUs. A national audit plan is being put in place along with new audit procedures; a new enforcement plan is also in place, expedited refund system is progressing well and new functionally integrated organisation is in place. The result is that the registered taxpayers have increased by 17 percent from July 2008 to December 2009. Number of sales tax returns grew by 10 percent during July 2009 to July 2010 as compared to the corresponding period of previous year. Non-filing has decreased. The amount of arrears has decreased by 14 percent while the number of cases fell by 13 percent. He further recommended that the performance indicators need to be refined and taxpayers categorised to set priorities. Targets should be set for gross and net revenue. Time of processing sales tax refunds should be used as an indicator. He advised that FBR’s action plan should be used as a comprehensive management tool.

He was of the view that a number of active non-filers in LTUs, although small, should be brought to zero. Regarding status of execution of audit plan, Silvani recommended to move from random selection to risk assessment selection. He pointed out that business processes review has not progressed enough. He also mentioned that additional tax to defaulters is not charged automatically. He urged the department to keep expanding the active taxpayers list. He stated that desk audit should be based on the Exception Management System (XMS) with special emphasis on risk-based audit regarding HR policies. He laid emphasis on evaluation of staff based on performance followed by merit-based compensation. He stressed the need to enhance technical capacity of mid-level staff. According to him, the challenges faced in 2010 include increase in revenue, full implementation of the expeditious refund system, VAT implementation, design and implementation of new HR policy and effective monitoring of withholding taxes.

He also emphasised that the FBR should prioritise areas for taking enforcement actions. The priority of sectors or individuals having more potential should be analysed to obtain the desired results of broadening the tax base. For this purpose, the FBR has necessary tools of technology and FBR’s IT systems for obtaining necessary information and third party data.

 

[Omar1984]

KSE gains 103 points to cross psychological level of 10,500 pts​

KARACHI: The Karachi stock market crossed the psychological level of 10,500 points on Wednesday on account of renewed foreign interest in the local oil and gas sector following rise in international oil prices.

The market breached the 10,500 points level after a gap of 19 months. The Karachi Stock Exchange (KSE) 100-share index gained 103.19 points or 0.99 percent to close at 10,523.01 points as compared to the previous session’s 10,419.82 points.

The KSE 30-share index closed at 10,762.04 points with a rise of 100.16 points. The KMI 30 closed at 15,914.54 points with a surge of 116.59 points.

Analysts said that the market opened on a positive note and this trend continued throughout the trading session during which improved volumes were traded reflecting growing confidence among investors.

The market turnover went up by 22.90 percent and traded 300.74 million shares as compared with the previous session’s 244.70 million shares.

The overall market capitalisation was up by 0.94 percent and traded Rs 2.976 trillion as against Rs 2.948 trillion of the previous session. Out of 421 active companies, 228 closed in the positive zone, 174 in negative and 19 remained unchanged.

“Foreign driven activity at the market allowed the 100-share index to cross 10,500 points level after 19 months,” said Topline Sec analyst Frahan Seth.

“Lotte Pakistan dominated the volumes in anticipation of better first quarter results due to higher PTA margins.” Furthermore; Silk Bank remained in the limelight on the back of recent takeover gossips, he added.

“Bullish activity witnessed on renewed foreign interest in oil and gas, fertilizer and bank scrips,” said Shahzad Chamdia Sec analyst Ahsan Mehanti. “Rise in international oil prices near to $87, positive statements on Pakistan nuclear weapons by US, rise in local cement prices played a catalyst role in the positive activity ahead of quarterly result announcement sessions.”

“Lotte Pakistan continued to stay the volume leader followed by Silk Bank,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali.

The KSE 100-share index opened in the green zone with a gain of 22.99 points and at the end of the day closed at 10,523.01 points with a rise of 103.19 points. staff report

 

[Omar1984]

Pak-US ties need to be strengthened​

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Abdul Majid Haji Muhammad in a meeting held with US Ambassador Anne W. Patterson at the Embassy of United States of America Islamabad highlighted the role of Karachi Chamber of Commerce & Industry (KCCI) in the socio-economic development of Pakistan and its contribution in the national exchequer with a firm commitment to promote trade and industry in Karachi and elsewhere. President KCCI and US Ambassador also exchanged views on geo-political and socio-economic issues. staff report

 

[ameer219]

THE RUPEE: all-round gain


KARACHI (April 08 2010): The rupee managed to retain its upward move versus dollar on Wednesday after an apparent positive development on the political front following the approval of the 18th Amendment Constitutional Bill 2010 by the Cabinet, money experts said.

On the interbank market, the rupee posted fresh gain of 30 paisa for buying at 83.60 and 24 paisa for selling at 83.70, they said. The rupee was able to expand its ground on expectations of rising trend in Foreign Direct Investment (FDI) and easy flow in remittances, some analysts said.

During the third Asian session yen gave up some ground as Australian dollar pushed to a fresh 18-month high, while euro began to lose its footing again as Greek debt worries kept it under pressure.

The yen fell to its lowest level since September 2008 on the Aussie, nearing a key Fibonacci level at 87.70 yen, while dollar buying down near 93.50 yen saw the Japanese currency reverse early gains and fall against the greenback.

OPEN MARKET RATES: The rupee adopted the same path against dollar, gaining 10 paisa for buying and selling at 84.10 and 84.30, dealers said. The rupee was also up by 20 paisa in relation to euro for buying and selling at Rs 111.95 and Rs 112.45, they added.

Business Recorder [Pakistan's First Financial Daily]

 

[ameer219]

Government to adopt modern technologies for agriculture sector: Gondal


ISLAMABAD (April 08 2010): Federal Minister for Food and Agriculture, Nazar Muhammad Gondal, has said that the government is planning to introduce the latest agriculture technologies for the treatment of the brackish underground water in certain areas of the country. The minister stated this in a meeting held with the visiting delegates of Magnetic Technologies of United Arab Emirates here.

Gondal said that there is about 6 million of saline land available in Pakistan and making such a huge amount of land cultivable would definitely bring about a very positive change in the agricultural sector of the country. The minister urged the visiting delegates to provide at least two devices for testing purposes so that the results are observed before entering into any deal with the company.

The company claims that Magnetic Technologies Corner (MTC) of Dubai, UAE is presently operative in more than 25 countries in the world. MTC Magnetic Solutions (MMS) unit is an inline device designed to pass water through a magnetic field of high gauss strength. Magnetic treatment of water elevates the PH that has the effect of reducing corrosion tendencies. The MMS changes around 18 properties of water, thus making it active and potent to ensure improvement in productivity and efficiency.

The minister further said that the economy of the country is directly related to agriculture and no progress is possible without development in the agricultural sector. He said if the results of the testing units are productive, the government would promote the technology by even providing subsidy to the farmers.

He also directed the technical experts to make suggestions after evaluating the results of the units. The visiting delegation included CEO of the company Junaid Khouri, Director International Operations Farid Uddin and Sales Manager Ibtisam. Secretary, Additional Secretaries and other officials of the ministry also attended the meeting.


Copyright Associated Press of Pakistan, 2010
Economy & Development - Pakistan Defence Forum

 

[Mani2020]

KSE closes at 10,533.57

the second highest monthly inflow ever, after inflows of $127 million in September last year.

KARACHI: The Karachi Stock Exchange's benchmark 100-share index (KSE-100) ended almost flat on Thursday as investors booked gains on higher levels and dealers said the market's direction would be determined by foreign inflows.

KSE-100 ended 0.10 percent higher, or 10.56 points, at 10,533.57. The index touched an intraday high of 10,594.39 points.

Volume was 244.15 million shares, compared to 299.5 million shares traded Wednesday.

"The market took a breather today," said Asad Iqbal, chief investment officer at Faysal Asset Management.

"Future movement will be a function of foreign flows."

According to official data, foreigners bought shares worth a net $5.87 million on Wednesday, bringing the total to $31.84 million this month.

However dealers said foreign activity was limited compared to previous days, which led to local investors booking profits at higher levels.

Net foreign portfolio inflows stood at $113 million in March -- the second highest monthly inflow ever, after inflows of $127 million in September last year.

 

[ameer219]

Pak safe haven for investors


RAWALPINDI - Ambassador of Czech Republic, Pavol Sepelak, has said that his country desires to enhance trade relations with Pakistan, while the Republic has already invested in two energy projects of 250 MW near Lahore.

He stated this while exchanging his views with the President RCCI, Kashif Shabbir, during his visit to the Chamber here.
He said Pakistan is a safe haven for the foreign investors and it is the right time to invest in Pakistan. He further said Czech Republic is the only country in the European Union (EU) which has largest trade volume with Pakistan. “But it is the need of the hour to further enhance the bilateral trade relations between the two countries”, he added.

Pavol said Pakistani products such as chemical, paper, rubber, sports goods and textile products are very eminent in Republic. He lauded the services of RCCI for the business community of the region.
Speaking on the occasion, President RCCI Kashif Shabbir, said that Pakistan is striving hard to come out of the prevailing global economic crunch. He said Pakistan needs trade not aid and it is the right time for the friends of Pakistan to come forward and help Pakistan by investing in the country.

He demanded of the Ambassador, that Free Trade Agreement (FTA) should be signed to further enhance the trade relations between the two countries.

Ambassador ensured his full cooperation in this regard. At the end Kashif Shabir thanked the Pavol Sepelak for visiting the RCCI.
Senior Vice President, Syed Ali Raza Saeed Shah, Vice President, Khawja Rashid Waien and other members of the RCCI were also present on the occasion.

Pak safe haven for investors | Pakistan | News | Newspaper | Daily | English | Online