Pakistan's Economy - News and Updates

[muse]

I'm not so sure it's hypothetical - Tirmizi is a rather renowned journalist and Dr. Siddiqa Agha is as well -- So I use to have an agent in China, it was a nraml commercial company but it was owned by the PLA -- None of that means Fauji foundation is not military owned or is military owned - but I would agree that in substance, it is military owned

 

[muse]

Why do you rob banks? Because what's where the money is - Why is there so much theft in Pakistani State entities? because that's where the money??

"If you get some honest people, things will change" that's what our Awaam pasand (socialist) crowd always has to say about corruption in state enterprises, whether Steel, Airlines, Railways, you name it - but reality is that only privately owned enterprises are successful:


Audit report points out mega corruption in PSO
Agha Khalid
Saturday, June 29, 2013

KARACHI: The audit report 2011-2012 has pointed out misappropriation of millions of rupees in PSO in addition to some big fraud cases that would be no less than a challenge to the new petroleum minister, NAB, and FIA to deal with.

These fraud cases have already turned the profitable organisation into a sinking ship. Reinstatement of Nadeem Memon, who was terminated on allegations of corruption ofmillions of rupees, amounts to put him up with another opportunity to do corruption again. No case has been lodged against Memon whereas this decision could result into huge fines on the PSO.

Mangal Brothers, the suppliers of oil to Nato tankers, caused the PSO a loss of millions of rupees by providing fake bank guarantees. A tanker vanished in thin air after getting filled with diesel worth tens of thousands of rupees from a fuel station in Defence area of Karachi. Despite an agreement for recovery of amount with the contractor, the organisation has lodged a case against accountant of the fuel stations and fulfilled its responsibility.

A fraud of tens of thousands of rupees was also reported at a PSO fuel station in Islamabad but attempts are being made to save the culprits instead of handing them over to the FIA for interrogation.

A notice was issued to Nadeem Memon telling him that the leave he had applied was not approved and he was advised to appear in office immediately to make some explanations. The same was published in Jang too but Memon disregarded the notice and was reinstated in office as per presidential ordinance, though he was not entitled to its benefits since he was terminated on charges of misappropriation of funds.

M/s Mangal Brothers Transport (Ltd) had given the organisation a bank guarantee of Rs12.6 billion but it proved to be bogus later. A befitting action is yet to be taken against the culprits. A tanker came to PSO fuel station, got diesel worth Rs528,000 and vanished in thin air. The cashier said that the accountant let the tanker go and the PSO moved against the accountant instead of taking an action against the contractor of the fuel station as per law.

PSO Executive Director Muhammad Javed was called for the official version but he put this scribe on to Mariam Shah, who first got to know the questions through her subordinate and then sent their replies via e-mail. The replies said that FIR had been lodged against those responsible in the tanker scam while FIA would take action against the fraud of Mangal Brothers. It said Memon was restored in the light of a high court decision and after leave without pay, the organisation had again sought his services back.

 

[Introvert]

Turkey to invest $1 billion in Pakistan over 3 years​

Turkey has decided to invest one billion dollars in Pakistan’s communication, textile and automotive sectors during the next three years, according to Turgat Bayan, founder of the Pak-Turk Business Council.

According to the Board of Investment (BOI), Bayan informed the newly appointed Chairman Board of Investment Mohammad Zubair about the incoming investments from Turkey. Turkey has previously invested $370 million in direct investments in Pakistan.

The news is seen as a significant development that may boost dwindling investments long affected by red tape, a fact the PML-N government is trying to change. For the current year, the government has set an ambitious target of $ 2 billion in investment, more than double the investment that came in the last fiscal year. The Turkish investment, which matures in three years, will help increase an extremely low investment to GDP ratio that has plunged to historical lows.

“The country desperately needs to attract financial inflows to build up its dwindling foreign exchange reserves,” said Zubair, who was appointed the BOI chairman for five years by the PML-N government last week. Zubair previously served as the CFO of the American Multinational IBM for 25 years.

Turkey has also applied for the license of the Turkish TV channel Samanyolu in Pakistan that will broadcast Urdu and Turkish content simultaneously, according to Bayan.

Zubair also said that Turkey was interested in the hydropower and alternate energy projects in Pakistan and wanted to support the government to overcome the energy crisis

In the education sector, Turkey and Pakistan have been exchanging students in higher education. 23 Pak-Turk schools are also operating in Pakistan to promote Turkish language and culture in order to build cultural and economic linkages between the two countries.

 

[salman77]

Export market: China opens up for Pakistani mangoes

BEIJING: Pakistan and China have signed a protocol paving the way for a significant breakthrough for market access of Pakistani mangoes in China. The document was signed between Pakistan’s Ministry of National Food Security and Research (MNFSR), and General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) of China.

The protocol on phyto-sanitary requirements for export of mangoes from Pakistan was signed here on Monday.

Pakistan has been aggressively expanding markets for mango exports ever since Pakistani mangoes were cleared for export last fiscal year. Pakistan hopes to capture markets as diverse as the United States, Mauritius, South Korea and Japan among others. Officials are confident that the distinct taste and superior quality of the mangoes will assure its popularity.

According to the protocol all packing-houses and storage facilities intending to export mango fruit to China shall meet the protocol requirements and would have the necessary systems in place. PHOTO: FILE

BEIJING: Pakistan and China have signed a protocol paving the way for a significant breakthrough for market access of Pakistani mangoes in China. The document was signed between Pakistan’s Ministry of National Food Security and Research (MNFSR), and General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) of China.

The protocol on phyto-sanitary requirements for export of mangoes from Pakistan was signed here on Monday.

Pakistan has been aggressively expanding markets for mango exports ever since Pakistani mangoes were cleared for export last fiscal year. Pakistan hopes to capture markets as diverse as the United States, Mauritius, South Korea and Japan among others. Officials are confident that the distinct taste and superior quality of the mangoes will assure its popularity.

The protocol, signed by Pakistan’s Ambassador to China Masood Khalid on behalf of the MNFSR and the Chinese Minister Mr Zhi Shuting on behalf of AQSIQ, envisages export of fresh mango fruit from Pakistan to China in compliance with plant quarantine and phyto-sanitary regulations.

According to the protocol all packing-houses and storage facilities intending to export mango fruit to China shall meet the protocol requirements and would have the necessary systems in place.

The protocol shall remain in force for two years, and would be automatically extendable for a further period of two years.

Pakistan’s Ambassador to China, Masood Khalid described the inking of the protocol as a significant breakthrough for market access in China for Pakistani mangoes.

He expressed his optimism that the relevant departments would synergize their efforts for reinvigorating the processes expeditiously and in compliance with Chinese quarantine and phyto-sanitary requirements.

He pointed out that the protocol was a step forward as it incorporated Hot Water Treatment (HWT) through which mangoes produced in Pakistan could be easily treated.

 

[ejaz007]

Byco’s net sales increase by 220%


KARACHI: Byco Petroleum Pakistan Limited announced net sales of Rs 26,697 million for the half-year ended on December 31, 2012, which is 220 percent higher as compared with the net revenue of Rs 8,329 million during the same period in 2011, reflecting the reliability and robustness of the core refining and marketing business.

Byco earned profit before depreciation and amortisation, interest and tax of Rs 647 million as compared to a loss of Rs 464 million.

Highlighting the numbers released, Byco Chief Financial Officer Asad Azhar Siddiqi said, “This was primarily due to the higher refining and marketing margins as compared to last year.” Byco refined a total of 2,801,107 barrels averaging 20,152 barrels per stream day.

During this period, Byco also successfully concluded an agreement with the consortium of nine lending banks for reprofiling of its existing syndicated finance facilities.

Also, in December 2012, Byco’s Single Point Mooring (SPM) was successfully commissioned. With the SPM being on line, Byco is saving substantial expenses in the form of reduced road transportation cost, operational losses and storage charges.

During this period Byco’s retail network continued to grow. Currently it stands at 229 stations throughout Pakistan.

Byco is now in the final stages of commissioning its isomerisation plant, the first such unit installed in the country. This plant will enable the company to process light naphtha into low benzene environmental-friendly motor gasoline and will yield better returns to the company due to the significant differential between naphtha and motor gasoline prices. The isomerisation plant will be fed naphtha from Byco Oil Pakistan Limited’s new 120,000 bpd refinery. Furthermore, this conversion of naphtha would result into substantial savings in transporting, handling and storage costs to the company. staff report

Daily Times - Leading News Resource of Pakistan

 

[ejaz007]

PPL makes another gas discovery in Sanghar


KARACHI: Pakistan Petroleum Limited (PPL) the operator of the Block 2568-18 (Gambat South) EL with 65 percent working interest (WI) along with its joint venture partners Government Holdings Private Limited (GHPL) and Asia Resources Oil Limited (AROL) with 25 percent and 10 percent WI, respectively has made a gas and condensate discovery in its second exploration well Shahdad X-1 located in district Sanghar, Sindh province. This is the second discovery in the block as the first well Wafiq X-1 had also resulted in a gas and condensate discovery.

Exploration well Shahdad X-1 was spud on March 30, 2013 and reached the final depth of 3,665 metres on June 19, 2013. Based on wire line logs, potential hydrocarbon bearing zones were identified. Initial testing in the Massive Sand of Lower Goru Formation flowed 27.8 million cubic feet per day (MMCFD) of gas along with 337 barrels per day condensate at 64/64” choke size, thus confirming the presence of commercial quantities of natural gas and condensate at Shahdad X-1.

However, the final flow potential of the well will be determined after its completion. This discovery will add more hydrocarbon reserves and also reduce the gap between supply and demand of oil and gas during current energy crisis in the country. staff report

Daily Times - Leading News Resource of Pakistan

 

[salman77]

First commercial shipment of Pakistani mangoes to Japan

KARACHI: Pakistan made first commercial shipment of 550 kilogrammes (kg) of mangoes to Japan by Emirates, after Japan had lifted ban upon exports of mangoes in March 2011 last year.

Before this 1,700 kg of mangoes were shipped to that country in 2011, which was a promotional shipment.

Japan’s import market is small i.e they import about 12,000 metric tonne from the world but its requirements are rather strict where they require a special vapor heat treatment of mangoes before importing the commodity. Japan is a high value market where Pakistani mangoes could be sold at around $10-12 per kg, which is way above the prices obtained from other markets.

In this regard, the government has procured a big commercial plant with the capacity of 15 tonne per day, which is likely to arrive in the country in the next month.

Daily Times - Leading News Resource of Pakistan

 

[ejaz007]

BUSINESS PERISCOPE : FPCCI lauds first seafood consignment to EU

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed satisfaction on the clearance of the first export consignment of Pakistani seafood to the European Union (EU) after a lapse of six years. President FPCCI Zubair Ahmed Malik said it was a positive sign for the export of shrimp and fish products from Pakistan. The EU had re-allowed fisheries exports from Pakistan in February 2013, and two fisheries companies had received clearance from the 27-member bloc for their consignments. At the time of the suspension of fisheries exports in 2007, Pakistan was exporting $50 million worth of seafood products to the EU, which constituted 26 percent of our global seafood trade. With the imposition of the ban, Pakistan’s seafood exports had suffered considerably. Exports of seafood stood at $317 million in 2012-13. staff report

Daily Times - Leading News Resource of Pakistan

 

[ejaz007]

Etisalat hires Goldman to advise on Pakistan telco buy

DUBAI: Etisalat, the Gulf’s biggest telecommunications operator, has hired Goldman Sachs Group Inc to advise on its planned bid for Pakistan mobile operator Warid Telecom, two sources aware of the matter said.

Warid, the country’s smallest operator, has been put on the block in a sale likely to fetch up to $1 billion, Reuters reported last month. Etisalat and China Mobile, who have existing operations in the country, were seen as potential bidders.

Etisalat, which is also in exclusive talks with Vivendi to buy its 53 percent stake in Maroc Telecom, has existing operations in Pakistan through its stake in Pakistan Telecommunications Co Ltd (PTCL).

Acquisition of Warid, owned by conglomerate The Abu Dhabi Group, would give the company an opportunity to consolidate its operations in the country, said one banking source speaking on condition of anonymity as the sale process has not been publicly disclosed.

Both Etisalat and Goldman Sachs declined to comment.

Pakistan’s mobile telecommunications sector has five operators and is ripe for consolidation after a period when a troubled economy, increasingly high levels of market penetration and stiff competition has forced companies’ margins lower.

Daniel Ritz, Etisalat’s chief strategy officer, told Reuters on Tuesday the UAE telecom group would look at opportunities to bolster its existing portfolio without specifying whether the firm was bidding for Warid.

“We will consider ... opportunities in areas where it gives us a chance to consolidate our existing portfolio,” Ritz told Reuters.

Warid launched its cellular services in Pakistan in May 2005 and had 12.54 million subscribers by the end of March this year, down from 17.39 million in 2010-11.

Other operators in Pakistan are Oslo-based Telenor and Orascom Telecom, which operates under the name Mobilink and is the sector leader.

The sellers are being advised by Standard Chartered and Lazard. The Abu Dhabi Group, led by ruling family member Sheikh Nahayan Mabarak al-Nahayan, has large investments in Pakistan including Bank Alfalah Ltd, Al Razi Healthcare and Wateen Telecom. reuters

Daily Times - Leading News Resource of Pakistan

 

[ejaz007]

Jewellery exports surge 28% in FY 13

ISLAMABAD: The jewellery exports from the country has witnessed increase of 28.54 percent during fiscal year 2012-13 against the same period of last year. The jewellery exports during the period under review were recorded at $1.17 billion while during last year, the exports stood at $916.43 million. The gems exports increased by 15.79 percent which stood at $4.575 million during July-June 2012-13 against the exports of $3.951 million during July-June 2011-12, according to data of Pakistan Bureau of Statistics (FBS). On month on month basis, the jewellery exports of the country decreased by 90.68 percent and increased by 18.9 percent during June 2013 when compared to June 2012 and May 2013 respectively. The jewellery exports decreased from $19.249 million in June 2012 to $19.061 million in June 2013. The gems exports increased from $0.48 million in June 2012 and 0.417 million in May 2013 to 0.568 million in June 2013. Similarly exports of furniture, handicrafts and molasses also witnessed increase of 9.44 percent, 607.08 percent and 333.16 percent respectively. The furniture exports during the year 2012-13 remained $7.062 million against exports of $6.453 million during same period of last year. The exports of handicrafts during the corresponding period under review stood at $1.697 million whereas during last year the handicrafts exports stood at $0.24 million. The molasses exports increased from $6.411 million in July-June 2011-12 to $27.77 million during same period of current year. app

Daily Times - Leading News Resource of Pakistan

 

[ejaz007]

Foreign remittances reach record $13.92bn mark: Babar

ISLAMABAD: Overseas Pakistanis Foundation (OPF) on Thursday said remittances from overseas Pakistani workers reached $13.92 billion in fiscal year 2012-13, their highest level ever.

Managing Director OPF Iftikhar Hussain Babar said the remittances depicted a growth of 5.56 percent compared with $13.18 billion during the previous fiscal year 2011-12. Babar said OPF had recovered all dues and compensation amounts from various countries and disbursed it amongst the expatriate families. OPF schools and colleges across the country had shown outstanding result as we have appointed talented and highly qualified teachers at OPF educational institutions to provide standard and quality education at all levels. OPF had announced OPF Housing Scheme Zone-V Islamabad, which had been reorganised by completing work on its three sectors under the supervision of Frontier Works Organisation (FWO). app

Daily Times - Leading News Resource of Pakistan

 

[Argus Panoptes]

The "surges" "records" and "huge discoveries" continue to be revealed at nice and steady pace. The jokes at the nation's expense continue as well.

 

[Hyde]

First commercial shipment of Pakistani mangoes to Japan

KARACHI: Pakistan made first commercial shipment of 550 kilogrammes (kg) of mangoes to Japan by Emirates, after Japan had lifted ban upon exports of mangoes in March 2011 last year.

Before this 1,700 kg of mangoes were shipped to that country in 2011, which was a promotional shipment.

Japan’s import market is small i.e they import about 12,000 metric tonne from the world but its requirements are rather strict where they require a special vapor heat treatment of mangoes before importing the commodity. Japan is a high value market where Pakistani mangoes could be sold at around $10-12 per kg, which is way above the prices obtained from other markets.

In this regard, the government has procured a big commercial plant with the capacity of 15 tonne per day, which is likely to arrive in the country in the next month.

Daily Times - Leading News Resource of Pakistan

Anybody lives in Japan?

How about if I export Pakistani mangoes or other fruits to Japan? what is the market potential over there? Anybody know the import taxes in Japan?

 

[salman77]

Exploration of new markets pushes Pakistan’s export

By Tanveer Sher

KARACHI: Exploration of new markets for fruits and vegetables of the country has elicited positive results, which is evident from the fact that the country’s exports have made a substantial jump of 16 percent during the last one year.

According to All Pakistan Fruit and Vegetable Exporters Association (APFVEA) Chairman Waheed Ahmad, never before such a steep increase was witnessed in the export volume of fruits and vegetables in a one-year period as the total value of export stood at $625 million. The increase may be attributed owing to export to new valued markets of South Korea, Mauritius and Japan regarded as rewarding markets for the Pakistani exporters.

Besides export of potato, regarded as one of the most essential kitchen items, also took off for Middle East after a yawning gap of seven years from the current season and is expected to increase manifold in coming days ahead as the quality and nutritional value of the vegetable was highly appreciated by the importers which speaks volume of its future demand. The total export volume of the potato was recorded at around 300,000 tonnes, which may be regarded as an achievement and herald better future for the growers and farmers who are receiving healthy rates for their hard work.

During the year 2012-13 new records were set for the export of kinnow, potato and onion as after three years gap, the export target for kinnow was also realised. Previous years the kinnow exporters had suffered colossal financial losses on account of fruits’ poor yield and its high rates making its uncompetitive in the international market.

Similarly a very high volume of around 2.5 million metric tonnes of onion was also exported to traditional markets across the globe and this can be attributed due to bumper Sindh crop, which helped the exporters in fulfilling their commitments with foreign buyers.

The PFVAEA chairman informed that with a view to improve the annual yield of all fruit and vegetable varieties and sustaining export goals over the period of time, the association realising the significance of research and development in this regard has started preparation of a national level roadmap in collaboration with all stakeholders including all agriculture universities of the country and concerned government departments.

In this regard several meetings had been held with Pakistan Council of Scientific and Industrial research and agriculture department of Karachi University for realising the goal of enhanced work in research and development sector, which would ultimately herald revolutionary changes in decades old system of agriculture practices.

Daily Times - Leading News Resource of Pakistan

 

[salman77]

Australia allows import of Pakistani mango

After prolonged and sustained efforts by the Pakistani mango exporters, Australia has allowed import of Pakistani mangoes, which is likely to take off very soon.

It may be recalled here that the Australian market is regarded as very rewarding and allowing the import of any fruit from across the globe may spell a bright future for the growers and exporters alike.

With prospects of $4 million worth of market for Pakistani mangoes over next five years period, Pakistani exporters have also been enjoying three more lucrative markets including South Korea, Mauritius and Japan, which are also considered as very rewarding in terms of the expected high price they offer for fruit and high volume of the fruit.

According to All Pakistan Vegetable and Fruit Exporters Association (APVFEA) Chairman Waheed Ahmad, for the last two years intense visits were carried by the quarantine exporters and other stakeholders from Australia to different Pakistani processing factories and local quarantine to review the situation thoroughly.

The Australian delegations also visited hot treatment plants and laid special emphasis on the hygienic situation in processing factories and granted permission for import of Pakistani mangoes after being fully satisfied with the prevailing situation.

He said that Australia itself is a major mango-producing country but the season starts during November and December regarded as Summer season and before this allowing import of Pakistani fruit offers a great opportunity to Pakistani exporters to capitalise the occasion and help the country earn invaluable foreign currency which the country badly needs at this crucial juncture.

However, to ensure continuation of the export process to Australia during coming years special focus is required on improvement of fruit shape and appearance and introduction of new varieties which can only be accomplished through rigorous research and development (R&D) process at the farm level which is unfortunately not the focus of attention of all stakeholders in the country.

Without improvement in quantity of the export material, opening of the new market may not yield desired results as envisaged by the exporters celebrating the opening of the new lucrative market.

Barring few markets across the globe, majority of the consumers in different countries across the globe regarded as rewarding market are preferring fruit fine in appearance while any fruit lacking in their set standard and quality are out rightly rejected by such consumers which is a set back for exporters.

Replying to a query about major problems during export process to Australia, he said logistic problem is there as high tariff rates push overall cost of the fruit. There is no direct flight to Australia from Pakistan and this results in enhanced cargo rates for the export material.

Australia allows import of Pakistani mango