Govt releases Rs131bn development funds in first 10 months

Friday, May 13, 2011

ISLAMABAD: The government released Rs131 billion development funds in the first ten months (July-April) of the current fiscal year against the revised allocation of Rs150 billion.

The Planning Commission hopes that the entire released amount will be utilised by the end of June.

A working paper for Annual Plan Coordination Committee (APCC), which is going to meet on Friday for recommending Rs365 billion as federal share of Public Sector Development Programme (PSDP) for the next budget, states that since the allocation of ministries/divisions was reduced in certain cases by 70 percent, it was expected that the entire released amount would be utilised by them

Forex reserves ease to $17.18bn

 

KARACHI: Pakistan's foreign exchange reserves eased to $17.18 billion in the week ending on April 23, from $17.38 billion the previous week, a central bank official said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $13.68 billion from $13.91 billion a week ago, while those held by commercial banks rose slightly to $3.50 billion from $3.47 billion, said SBP chief spokesman Syed Wasimuddin.

NEPRA okays Rs. 1 rise in power tariff

ISLAMABABD: The National Electric Power Regulatory Authority (NEPRA) has allowed electricity distribution companies to increase their tariff by Rs. 1-Per unit.

Record earnings continue to keep KSE in the green

KARACHI: The Karachi stock market continued to close in the green zone on Wednesday as support from record earnings in oil and bank sectors had a positive impact on investor sentiment.

The Karachi Stock Exchange (KSE) 100-share index gained 13.98 points or 0.12 percent to close at 11,947.44 points as compared to 11,933.46 points of the previous session. The KSE 30-share index also increased 5.73 points to close at 11,605.61 points as compared with 11,599.88 points.

Analysts said swinging mood of the 100-share index was observed during the session as despite crossing psychological level of 12,000 points, it failed to sustain the tempo with selling pressure in the energy stocks closing with meagre gain of 14 points.

Fed Chairman Ben Bernanke's Press Conference

(BEGIN VIDEO CLIP)
BEN BERNANKE, FEDERAL RESERVE CHAIRMAN: If inflation persists or inflation expectations begin to move, then there is no substitution for action. We would have to respond. I think while it is very very important for us to try to help the economy create jobs and to support the recovery, I think every central banker understands that keeping inflation low and stable is absolutely essential to a successful economy. And we will do what is necessary to ensure that that happens.

Body set up to develop Fata mineral sector

PESHAWAR, April 26: A working group has been established that will chalk out a strategy to develop the mineral sector in Federally Administered Tribal Areas (Fata) and enhance its competitiveness.

Established with the direct support from the Fata Development Programme – Livelihood Development (FDP-LD), the Minerals Strategic Working Group (SWOG) comprises over 30 members representing the public and private sector, academia, mine owners, mineral sector experts, academia and key stakeholders of Fata`s mineral sector, said a statement issued here on Tuesday.
The group will highlight challenges facing the minerals industry and identify and plug gaps in its value chain besides improving livelihoods of the people.

Dollar Falls to 16-Month Low Versus Euro Before Fed; Yen Slides

April 27, 2011,

By Allison Bennett and Anchalee Worrachate

April 27 (Bloomberg) -- The dollar dropped to a 16-month low versus the euro on speculation the Federal Reserve will signal today it will hold interest rates steady to support the U.S. economy after its bond-buying program expires in June.

The greenback dropped for a seventh day in its longest losing streak since March 2009 before Fed Chairman Ben S. Bernanke gives his first press conference following a policy meeting. The yen weakened against all of its most-traded counterparts after Standard & Poor’s cut Japan’s outlook to “negative.” Australia’s currency rose to a record versus the dollar as consumer prices climbed the most since 2006, encouraging demand for assets related to economic growth.

“There is a huge assumption that the Fed is going to maintain ultra-loose policy longer than the hawks on the committee want, so the dollar is getting slammed all around,” said Andrew Wilkinson, senior market analyst at Interactive Brokers Group in Greenwich, Connecticut. “Investors have a voracious risk appetite at this time. They’re picking on the weaker currencies.”

Record earnings take KSE 17 points higher

KARACHI: The Karachi stock market closed higher on Tuesday as record earnings announcements in banks and chemical sectors propelled investors to go for buying activity.

The Karachi Stock Exchange (KSE) 100-share index gained 17.44 points or 0.15 percent to close at 11,933.46 points as compared to 11,916.02 points of the previous session. The KSE 30-share index also increased by 44.85 points to close at 11,599.88 points as compared with 11,555.03 points.

Analysts said stocks edged higher driven by healthy corporate results announcements by some companies, and dealers said volumes also improved as compared with the last few days.

However, they said stocks are unlikely to rise much in the coming days as investors remain worried that the upcoming budget, expected to be announced for 2011-12 (July-June) fiscal year by the end of May or early June, may include some measures that could affect stock investment.

The market turnover went up by 142.61 percent to 110.34 million shares from its opening at 45.48 million shares. The market capitalisation increased 0.12 percent to Rs 3.173 trillion as against Rs 3.169 trillion. Losers outnumbered gainers 152 to 137, while 77 stocks were unchanged.

Passco owes Rs58b to banks and DFIs

Published: April 15, 2011


LAHORE - Pakistan Agricultural Storage and Services Corporation owes a total amount of Rs 58 billion, including the markup of Rs2.2 billion, to different banks and DFIs against the procurement made during last several years. However, the Corporation has wheat and rice quantity equal to that amount at its godowns.
Pasco MD Sohail Shafqat said that the Corporation had already sold out rice procured during 2009-10 while some 40,000 tons of rice from the crop 2008-09 was still in its stores, which would also be disposed off soon.
He said that the Corporation had to face Rs 10,000

New Schedule: Two weekly offs, markets’ closure at 8pm

Published: April 15, 2011 

ISLAMABAD - Ministry of Water and Power on Thursday unveiled energy conservation measures for upcoming six months to help lessen impact of the growing energy crisis on country’s economy.

Under the energy conservation measures, government installations including the offices of president, the prime minister, provincial chief ministers, federal cabinet and other public offices will curtail their electricity consumption by 50 per cent.
Federal Minister for Water and Power Naveed Qamar in his detailed briefing to the National Assembly on Thursday said no official below BPS 20 can use air-conditioner. The authorised official too can use it after 11:00 am.
The ministry has recommended five working days, with two weekly offs, in all government and allied offices, he added.

Forex reserves down by $320m to $17.3bn

 

Friday, April 15, 2011

 

KARACHI: Pakistan’s foreign exchange reserves fell by $319.7 million to $17.3173 billion by the week ended on April 9 against $17.637 billion a week ago, the State Bank of Pakistan (SBP) said on Thursday.

“The reserves fell due to scheduled debt repayment,” said Syed Wasimuddin, chief spokesman of the SBP.