The Nation : Business News

Govt fails to enhance foreign reserves

Wed, 11 Nov 2009 00:00:00 +0300

ISLAMABAD - Despite numerous opportunities to enhance foreign reserves by sending labour to developed countries, the government could not succeed in adopting alternative means to reduce dependency over foreign aid or loans being taken on strict conditions.
Reliable sources in the Ministry of Labour and Manpower informed that several economic prosperous countries including Middle East countries, Korea, Malaysia, Japan, Canada and Australia had sent offers for the skilled labour to

Germany to provide investment guarantee to business in Pak

Wed, 11 Nov 2009 00:00:00 +0300

ISLAMABAD (APP) - The German government will provide investment guarantees for its investors to invest in different sectors of economy in Pakistan to enhance bilateral trade and investment between the two countries.
This was stated by the German Head of International Investment and Finance Division, Ministry of Economics, Joachim Steffens addressing a press conference here on Tuesday.
Chairman Board of Investment Saleem H. Mandviwalla and Ambassador of Germany to Pakistan

KSE loses 202 points amid security concerns, political uncertainty

Wed, 11 Nov 2009 00:00:00 +0300

KARACHI - The stock market witnessed bearish trend on Tuesday as the benchmark 100-index plunged down by 202 points to close at 8734.22 points. Political uncertainty and security concerns kept the investors totally at the sideline and the daily volume drastically declined to 77.9 million shares as compared to 97.121 million to last trading session.
The market began with bearish note this morning and investors preferred selling shares due to deteriorating law and order

Banks loan portfolio to improve

Wed, 11 Nov 2009 00:00:00 +0300

KARACHI - The loan portfolio of the banking sector is likely to improve in the quarters to come on expectations of seasonal pick up in banks� advances and a little decline in NPLs growth, an analyst told The Nation on Tuesday.
Moreover, due to change in prudential regulation with respect to FSV benefit, credit provisions are also anticipated to drop further in the months ahead.
Kamran Rehmani, analyst at FECL Research, said that the flow of Non-Performing Loans of the

CCP issues show-cause notice to fertilizer cos

Wed, 11 Nov 2009 00:00:00 +0300

ISLAMABAD (APP) - The Competition Commission of Pakistan (CCP) on Tuesday issued show cause notices to the fertilizer companies for �abuse of dominance�.
This was disclosed by Chairman CCP Khalid Mirza while talking to a group of journalists here at his office today.
�We have issued show cause notices to Fertilizer companies for abuse of dominance and imposing condition of buying a bag of DAP to purchase of urea fertilizer�, he remarked.
The Chairman also expressed his

Food prices still high for poorest: UN

Wed, 11 Nov 2009 00:00:00 +0300

ROME (AFP) - Food prices remain stubbornly high in the developing world despite a strong cereal harvest this year, and 31 countries need emergency aid, the UN food agency warned Tuesday.
�For the world�s poorest people who spend up to 80 percent of their household budgets on food, the food price crisis is not over yet,� said Hafez Ghanem of the Food and Agriculture Organisation.
Investment in agriculture in developing countries should be a �global priority,� the FAO

Millers likely to delay cane procurement

Wed, 11 Nov 2009 00:00:00 +0300

ISLAMABAD - Most sugar millers are going to delay sugarcane procurement to benefit in terms of increased production of sugar from the commodity, but exploiting farmers at the same time.
President Agri Forum Pakistan Ibrahim Mughal while talking to TheNation said that 100-kilograms of sugarcane procured in the end of November or mid-December enables the production of 8.5 kilograms sugar, whereas the same quantity if procured in the end of December or start of January gives sugar

Women entrepreneurs urged to play role for growth

Wed, 11 Nov 2009 00:00:00 +0300

LAHORE - Vice President Lahore Chamber of Commerce and Industry Faisal Iqbal Sheikh has said that the women entrepreneurs need to play their role with greater reliance, self esteem and dedication for the economic growth of the country and for the purpose they should inculcate leadership skills for which the Lahore Chamber of Commerce would continue to play its role.
The LCCI Vice President was speaking at a function arranged in honor of women entrepreneurs here at the Lahore

Sri Lanka believes in market-oriented policies

Wed, 11 Nov 2009 00:00:00 +0300

KARACHI - Consul General of Sri Lanka, V.S.Sidhat Kumar on Tuesday said Sri Lanka believed in market-oriented policies for helping increase export trade.
In a meeting with members of SITE Association of Industry (SAI) here in the Association�s office, Kumar said we encourage foreign investment. Sri Lanka�s most dynamic sectors now are food processing, textiles apparel, beverages, port construction, telecommunications, insurance and banking, said a SAI statement here quoted

Ministry intervention vital to control yarn prices

Wed, 11 Nov 2009 00:00:00 +0300

KARACHI - Pakistan Readymade Garments Manufacturers and Exporters Association has demanded the intervention of textile ministry to control the rising yarn prices in domestic markets which would result in delay and cancellation of exports orders.
Chairman Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Mohsin Ayub Mirza said that 30 to 40 per cent increase in yarn prices and its shortage due to steep increase in its export would not only hurt this

Sugar price may go beyond Rs60/kg

Wed, 11 Nov 2009 00:00:00 +0300

ISLAMABAD - The retail price of sugar is likely to go beyond Rs. 60 per kilogram in the coming season due to higher price of the commodity in the international market, Chairman Pakistan Sugar Mills Association (PSMA) Iskandar Khan informed TheNation on Monday.
Iskandar said that Government was going to import one million tonnes sugar to overcome its shortage but the price of the commodity in the international market was so high that per kilogram price of sugar would surge beyond

Fish sale on the rise

Wed, 11 Nov 2009 00:00:00 +0300

LAHORE (PPI) - The fish sale has surged after winter wave and daily sale of this white meat has reached up to 2,500 maund per day in Pakistan�s largest fish market that is situated at Mori Gate in provincial metropolis. Currently, fish prices have increased up to Rs 15 per kg compared to corresponding month (November) of last year.
According to a fish market survey, the prices of different kinds of fish are as: Raho Rs 150 per kg, Bam Rs 210 per kg, Sanghara Rs 210 per kg, Malli

Oil prices rebound above $79 on hurricane threat

Wed, 11 Nov 2009 00:00:00 +0300

LONDON (AFP) - Oil prices rallied above 79 dollars on Monday as deadly Hurricane Ida threatened to damage oil installations in the Gulf of Mexico despite being downgraded to a tropical storm, analysts said.
New York�s main contract, light sweet crude for delivery in December, jumped 1.76 dollars to 79.19 dollars a barrel, also as the US currency weakened, they added.
Brent North Sea crude for December delivery gained 1.59 dollars to 77.46 dollars in London trading.
Both

Appointment of 'non-technical' chief at PNSC worries businessmen

Wed, 11 Nov 2009 00:00:00 +0300

KARACHI - The appointment of a retired brigadier as Chairman Pakistan National Shipping Corporation (PNSC) on day-to-day basis has created sheer insecurity among the subscribers to PNSC, The Nation has learnt.
The business community feared that this non-technical appointment of the state owned shipping line will hamper the current pace of the corporation.
While talking to The Nation they said that the former chairman left PNSC in green books but now the new appointment of a

Fish Harbour master plan not started yet

Wed, 11 Nov 2009 00:00:00 +0300

KARACHI - The Karachi Fish Harbour (KFH) master plan that includes the modernisation of the existing auction halls and construction of the new ones has not been started yet even after a span of one year, The Nation has learnt.
According to sources, the KFH, which also includes provision of a Shrimp-peeling unit and other plans based on the need for potential to generate revenues has still not made operational despite the fact that more than 9 months have been passed.
They