ECC discusses options for countering gas shortfall
By Sajid Chaudhry
ISLAMABAD: To bridge the natural gas shortfall of 1.1 bcf in the winter season 2009-10, the sub-committee of Economic Coordination Committee of the Cabinet here on Monday discussed the option for declaring two days’ holidays for the Compressed Natural Gas (CNG) stations... 
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‘IMF’s review of Pakistani economy will be positive’
ISLAMABAD: Federal Minister for Finance, Shaukat Tareen said on Monday that ongoing International Monetary Fund review of the Pakistani economy, underway at Dubai, would be completed with a positive outcome. He said that he would leave for Dubai on November 10 to participate in ongoing IMF review of...
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Banks’ earnings down in Jan-Sept ’09
By Mushfiq Ahmad
KARACHI: Cumulative earnings of listed commercial banks during the first nine months of current calendar year stood at Rs 44.1 billion, declining by 23 percent from Rs 57.4 billion in 9M2008.
Major listed commercial banks except Bank of Punjab (BoP) have announced...
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Investors Confidence: SECP issues new directives to AMC, PFMs
ISLAMABAD: Securities and Exchange Commission of Pakistan has issued circulars to assure good corporate governance and to increase investor confidence. According to new directive issued to all Asset Management Companies (AMC), Pension Fund Managers (PFMs) and brokers the following requirements have...
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SBP launches Refinancing Facility for SMEs
Staff Report
KARACHI: The State Bank of Pakistan (SBP) has launched a new Refinancing Facility for modernisation of Small and Medium Enterprises (SMEs) and for the development of SME sector in the country.
Initial financing under the Scheme, which is effective from November 2, 2009,...
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‘SBP Law includes steps for promotion of Islamic Banking’
By Sajid Chaudhry
ISLAMABAD: Muhammad Kamran Shehzad, Deputy Governor State Bank of Pakistan said here on Monday that draft State Bank Law also includes the steps for the promotion of Islamic Banking in the country.
He also said that there would be no threat to the banks in case...
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Results of NBP, PPL
Staff Report
KARACHI: National Bank of Pakistan (NBP) earned profit after tax of Rs10.1 billion in first nine months of current calendar year against Rs 12 billion in the same months of last year.
The net profit of the bank translated into earnings per share of Rs 9.34 during the...
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Foundation Seed Cell to provide basic seeds to companies
Staff Report
LAHORE: Foundation Seed Cell has been inaugurated at Ayub Agricultural Research Institute, Faisalabad to provide basic seeds of various crops to private seed companies other than Punjab Seed Corporation to enhance crop yield.
Malik Ahmad Ali Aulakh, Minister for Agriculture,...
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APTMA demand govt not to interfere in yarn issue
Staff Report
KARACHI: All Pakistan Textile Mills Association (APTMA), Sindh-Balochistan Region has demanded the government not to intervene in the market mechanism over the cotton yarn issue otherwise it will have a negative impact on the spinning industry.
“Spinning industry is...
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Govt to resolve rice exporters’ problems
KARACHI: The government is interested in resolving rice exporters’ problems and a meeting with Shaukat Tareen, Federal Minister for finance has been scheduled on Tuesday in which reduction of mark up rate in refinancing and enhancement in days of loan reimbursement would be discussed.
Nazar...
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Czech Republic to initiate joint ventures with Pakistan
Staff Report
LAHORE: Czech Republic has huge business opportunities for potential Pakistani businessmen in Power, Textile, Pharmaceutical, Leather and Construction sectors and Czech businessmen are ready to initiate joint ventures with their Pakistani counterparts for the mutual benefit...
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Bomb blast in Rawalpindi drags KSE index 287 points down
KARACHI: The Karachi stock market witnessed intense selling pressure on the first trading day of the week Monday after a suicide bomb blast in Rawalpindi killed 35 people.
The Karachi Stock Exchange (KSE) 100-share index decreased by 286.78 points or 3.13 percent to close at 8,872.40 points as...
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LSE faces bearish trend
LAHORE: The Lahore Stock Exchange (LSE) remained bearish on Monday with a low turnover due to the suicide bomb blast in Rawalpindi. The LSE 25-share index lost 93.48 points to close at 2,708.84 points as against its opening at 2,802.32 points. The volume of the market was recorded at 10.76 million shares,...
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FTSE up 0.6% as miners, oils bounce
LONDON: Britain’s top share index rose 0.6 percent in mid-session trade on Monday supported by gains from miners and oils after bullish economic data, which offset weaker defensive stocks.
The FTSE 100 was up 31.71 points at 5,076.26, having fallen 1.8 percent on Friday, notching up its largest...
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Wall Street to rise ahead of key data
NEW YORK: US stock index futures pointed to a higher open on Monday ahead of data expected to show the US manufacturing sector grew in October alongside improved global manufacturing.
Ford Motor Co shares rose 8 percent to $7.56 in pre-market trading after the US carmaker surprised Wall Street...
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ChiNext stocks hit by profit-taking
SHANGHAI: More than one-third of shares on China’s newly launched Nasdaq-style board were limit-down on profit-taking in early trade Monday after a wild debut last week, dealers said.
Ten of the 28 stocks listed on the Shenzhen-based ChiNext fell 10 percent, but analysts said the drop was not...
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European shares drift lower
LONDON: European shares hit a four-week low on Monday, extending the previous session’s sharp declines on doubts that the stock market had rallied ahead of economic recovery, with banks featuring among top losers.
The FTSEurofirst 300 index of top European shares was down 0.3 percent at 973.90...
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Greenback increases against rupee
KARACHI: The dollar recorded strength versus the rupee in the interbank market, dealers said on Monday.
The dollar initiated the day’s trading at Rs 83.65 for buying, incurred gains and closed at Rs 83.69for buying and Rs 83.74 for selling. Thus, the rupee incurred a loss of four paisas. However,...
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Asian markets hit by CIT bankruptcy
HONG KONG: Asian markets tumbled Monday as a heavy loss on Wall Street at the end of last week was compounded by the bankruptcy of US bank CIT at the weekend, hitting confidence for a global economic recovery.
Tokyo lost 2.31 percent, Sydney 2.21 percent and Seoul 1.37 percent as dealers went...
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Indian crop estimate to steer sugar, grain markets
* India’s summer-sown grain output may dip 10% n Late rains have improved soil moisture for winter crops
* Total grain output in 2009-10 projected to fall 4.7%
NEW DELHI: India’s summer-sown harvest may have fallen at least 10 percent this year, setting the stage for large sugar imports,...
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RBS faces forced sales as UK bank shake-up looms
LONDON: Royal Bank of Scotland Group Plc said it will be forced to sell more assets than it had expected as another radical shake-up looms for Britain’s banks.
European competition authorities are set to force RBS to sell its insurance arm, over 300 branches and shrink its investment banking...
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CIT bankruptcy deals new blow to recovery hopes
WASHINGTON: CIT Group, a key lender to small US firms, declared itself bankrupt becoming the fifth largest failure in American history and dealing a new blow to market nerves.
CIT said late Sunday it has agreed a restructuring plan with creditors that will reduce its debt by about $10 billion....
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Deutsche Bank CEO warns against big bank carve-up
LONDON: Cutting big international banks down to size would not solve problems raised by the financial crisis and would create a sector unable to offer services required to support corporate clients, a top banker said.
“Size is not an end in itself and it is not necessarily evil either,” Chief...
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Oil prices boosted by Chinese manufacturing data
LONDON: World oil prices rallied on Monday, partly boosted by positive manufacturing data from China, which is the world’s second biggest energy consuming nation after the United States.
New York’s main contract, light sweet crude for December delivery gained $1.03 to $78.03 a barrel. Brent North...
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China manufacturing activity expands
BEIJING: China’s manufacturing activity continued to expand in October, as domestic and overseas demand strengthened and employment picked up, an independent survey published Monday showed. The HSBC China Manufacturing PMI, or purchasing managers index, rose to an 18-month high of 55.4 in October from...
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China seeks to redress trade imbalance with Kenya
NAIROBI: China wants to address the imbalance in its trade with Kenya by encouraging Chinese firms to import more from east Africa’s largest economy, its envoy to Nairobi said on Monday.
Ambassador Deng Hongbo told Reuters in an interview that trade between the two nations was valued at $1.25...
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