Economic and Business Updates - January 26 to 01, 2009
Monday, February 2, 2009
- PRIME Minister Yousuf Raza Gilani invites foreign businessmen to invest in Pakistan saying a successful elected government is in place to ensure safe business environment for investors.
- THE Competition Commission of Pakistan (CCP) is sues notices to four banks for advertising term/time deposit exaggerated and incorrect profit rates ranging between 16-18 percent.
- THE Rice Exporters Association of Pakistan (Reap) takes a strong exception to the floating of fourth purchase tender of rice by the Trading Corporation of Pakistan (ICP). The tender will open in the second week of this month.
- BANKS profit is likely to witness increase of some 20 percent in 2008, with the State Bank of Pakistan’s move to allow them to avail 30 percent benefit of the Forecast Sale Value (FSV) of collateral for calculation provisioning requirement, say industry sources.
- THE trend of retrenchment in Karachi’s industrial areas has deepened as around 250,000 employees, mostly contractual and daily wages, have lost their jobs over the last six months following economic downturn hitting industrial production.
- PAKISTAN signs an agreement with the World Bank for a soft loan of $500 million for launching various programmes for poverty alleviation.
- THE Federal Board of Revenue abolishes regulatory duty (RD), ranging between 15 and 30 percent on imports of 19 types of capital goods used for establishment of wholesale trade centers or retail chain stores. This is subject to conditions that companies have to import the goods for their own use and not for sale.
- THE State Bank of Pakistan allows banks to avail 30 percent benefit of Force Sales Value (FSV) of collateral for calculating provisioning requirement.
- THE Private Power and Infrastructure Board (PPIB) receive three bids for 964 MW of cumulative capacity, translating into around $1.16bn of investment.
- INDIAN exporters cancel import order of about 25,000 tons of cement from Pakistan and set a condition for $7 per ton reduction in its price, disclose industry sources.
- PRESIDENT Zardari asks the government to consider the public private partnership formula to revive Pakistan Steel Mills and to turn it into a profitable enterprise.
- THE Zarai Taraqiati Bank Limited (ZTBL) conveys to the local tractor manufacturers that their demand drafts worth millions of rupees will not be cleared until one of the blue eyed officials of the bank’s subsidiary is given dealership, sources in the bank said.
- THE government is set to cut Rs20 billion from the allocated amount of Rs125 billion for development projects in food and agriculture sector in an effort to meet its 4.2 percent fiscal deficit commitment with International Monetary Fund (IMF).
Ref: Dawn, Business and economic review dated 02-02-09
Labels: Economy and Business, Pakistan Economy
posted @ 11:27 AM,
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