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KSE sustained by vibrant trading

KSE sustained by vibrant trading

KARACHI
The local bourse exhibited a sustained positive thread as investors poured money into the market in the hope of reaping rewards from positive results; the KSE 100 index gained 51 points.
The market opened on an encouraging note, after a statement by the Foreign Minister that Pakistan would receive a $7.5 billion grant from the US over the next five years.
All top shelf securities PTC, PSO, POL, NBP, FFC, MCB, ENGRO, PPL and NML performed extremely well and

Banks to consult counsels to secure written off loans

KARACHI
The heads of different banks informed the State Bank of Pakistan (SBP) that they would hold consultations with their legal counsels and key management officials regarding recovery of the written off loans in light of the order issued by the Supreme Court of Pakistan.
The chiefs of various banks promised commitment to adhere to the directives of the Supreme Court in order to recover loans, written off in the past. The bank officials discussed these issues at a

Tanners demand govt restrict livestock export

LAHORE
Punjab Governor Salmaan Taseer has assured his full cooperation to tanners and will put across their case to the prime minister in the federal cabinet meeting to be held on October 27, 2010 here at Governor House.
He was addressing a group of tanners at luncheon hosted by the Pakistan Tanners Association (PTA) on Monday. Taseer urged the PTA to develop a working paper on lather tanning industry, which would be helpful for them to contest their case with the prime

‘Conducive environment essential to FDI’

KARACHI
A major factor preventing foreign direct investment is the deteriorating security situation in the country. Security threats prevent investment but no apparent effort is seen by the government to address conditions and perception on the ground.
These remarks were made by the Chairman of Ahmed Jaffer & Company and President of the Pakistan Japan Business Forum (PJBF) Abdul Kader Jaffer, while talking to Pakistan Today in an exclusive interview.
He said that

The other face of South Asia

WASHINGTON
South Asia presents a depressing paradox. It is among the fastest growing regions in the world, but it is also home to the largest concentration of people living in debilitating poverty, conflict and human misery. While South Asia is far more developed than Sub-Saharan Africa and India (the largest country in the region) has achieved lower middle-income status, South Asia has many more poor people than Sub-Saharan Africa.
This raises the big question of whether

Currencies battle as the world rattles

A stuttering global economic recovery is now faced with a fresh round of challenges. The sub-prime mortgage crisis has revealed to the world the fragility of the market, in what some observers have termed in hindsight, the ‘age of risk’. The magnitude of these challenges is multiplied by the flux of a constantly changing world. It’s a world that is as unsteady and wobbly as a ship sailing across the rough Atlantic sea.
The US was perceived as the engine of the global economy,

Lack of bulldozers cripples agri output

KARACHI
The poverty stricken growers are undergoing serious difficulties to level their agricultural lands due to an acute shortage of earth leveling bulldozers, as only 80 bulldozers are functional, while 280 are lying out of order, it is reliably learnt.
The bulldozers are outdated and are well above their working life span, however, the Agriculture Department of Sindh has disturbingly repaired only 80 bulldozers, sources told Pakistan Today.
The provincial

G20 ministers likely to agree on IMF reforms

GYEONGJU
The G20 finance ministers are likely to reach an outline agreement on reformation of the International Monetary Fund (IMF) at their meeting ending on Saturday, a reliable source said.
“We are extremely optimistic about the IMF reform as everyone has shown goodwill,” the source told AFP. Ministers from a group of 20 leading economies are preparing for a summit to be held in Seoul next month.
The summit would discuss IMF reforms and address the issue of providing

FBR defaults on tax refunds

KARACHI
The Federal Board of Revenue (FBR) has defaulted on at least Rs 47 billion of sales tax refunds claimed by the exporters, Pakistan Today has learnt from reliable sources.
Exporters are irked at ‘illegal’ audit notices issued by the audit division of the FBR which has also asked for the submission of sales tax record records from the previous five years.
The notices, mostly issued this month through the Regional Tax Office, asked exporters to submit additional

CCP issues show-cause notice to 10 jute mills for alleged cartelisation

ISLAMABAD
The Competition Commission of Pakistan (CCP) has issued show cause notices to 10 jute mills, all members of Pakistan Jute Mills Association (PJMA), for alleged cartelisation in supply of gunny bags to various government departments, including Pakistan Agriculture Storage and Supply Corporation Limited (PASSCO), which is a violation of Section 4 of the Competition Act, 2010.
In order to detect cases of collusive tendering or bidding in public procurement, CCP

Dollar in tight range ahead of G20 meeting

HONG KONG
The dollar fell on Friday as speculation mounted that a US plan that included letting undervalued currencies strengthen would gain support ahead of a contentious weekend Group of 20 meeting. This had the sudden effect of lifting gold and oil prices.
Major European stocks opened lower, with Britain’s FTSE 100 down 0.1 percent, France’s CAC 40 down 0.5 percent and Germany’s DAX off 0.3 percent. The FTS Eurofirst 300 opened 0.1 percent lower.
A positive outlook

Forex reserves jack up KSE

KARACHI
A record increase in the foreign exchange reserves and birth of a soft corner over law and order situation jacked up the Karachi Stock Exchange 100-Index by 93.74 points on Friday as it closed at 10,652 points. The volume of trading also climbed to 114.67 million shares, as investors traded shares worth Rs 5.11 billion on Friday.
High trading activity kept the volume generating machine busy as the benchmark index hit a six month high, primarily associated with an

Government urged to write off all loans in flood-affected regions

ISLAMABAD
National Assembly Standing Committee on Food and Agriculture on Friday urged the government to waive all agriculture loans issued in the flood ravaged areas of the country.
The meeting which was held here under the chairmanship of Javed Iqbal Warraich discussed steps taken by the government of Pakistan, Zarai Taraqiati Bank Limited (ZTBL) and Insurance companies to compensate affected farmers.
Total agriculture loans granted in flood affected areas are about

Exporters press home the advantage on devaluation

KARACHI
Pakistan exporters have recorded a 16 percent jump in earnings from exports Rs 23 billion in terms of Pakistani currency exports exhibited 21 percent growth, showing five percent impact of the devaluation. These figures reflect an improvement in income of Rs 23 billion.
Details obtained by Pakistan Today showed that in the first quarter of this fiscal year, exports rose to 5.18 billion dollars compared to 4.43 billion dollars in the same period last year.
In

SSGC to curtail gas to industries

KARACHI
Sui Southern Gas Company Ltd (SSGC) has appealed to the industrial units to voluntarily curtail gas consumption by 20 percent from October 27 to November 4.
A spokesperson of SSGC said on Friday that the company will face curtailment of 204mmcf of gas daily from Zamzama gas field as Annual Turn Around is being carried out by operators on the field.
SSGC spokesperson stated that Annual Turn Around of the Zamzama Field will severely hamper the company’s capacity

Seafood exports surge by 55 percent

ISLAMABAD
Seafood exports from Pakistan surged by 54.90 percent during the first quarter of the current fiscal year in comparison to a similar period last year.
According to figures revealed by the Federal Bureau of Statistics (FBS), fish and fish preparation exports stood at a mammoth $53.055 million during July-September 2010-11, compared to exports of $34.252 million recorded during the corresponding period of last year.
Fish and fish preparation exports enhanced by

Shell exasperated over delay in Rs 5 billion payment

KARACHI
The international oil giant, Shell Pakistan is irked over continuous delays in payment of over five billion rupees by the government of Pakistan on account of price differential claims, sales tax and petroleum development levy refunds.
In addition, the petroleum company is also negotiating with relevant fiscal authorities in Islamabad to reconsider doubling of minimum tax on turnover to one percent.
“The company is suffering an immense burden due to the doubling

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