Financial Risk Manager

Ways of Financial and Risk Management

Economic and Business Updates - March 02 to March 08, 2009
Monday, March 9, 2009

The European Union abolishes anti-dumping duty on export of bed linen from Pakistan.
Iran sets a deadline of March 19 to settle the gas price formula and Pakistan is trying to settle a price within next ten days.
The consolidated budget deficit of the federal and the four provincial governments accumulate to Rs250.5 billion during first half of the current financial year.
Heavy participation is witnessed in the auction of 3 year Government of Pakistan Ijara Sukuk Bond. However, the State Bank accepts bids worth Rs15.325 billion for the sale of Sukuk bond.
Tax collection in the first eight months (July-Feb) of the current fiscal increases by 21 percent to Rs706.4 billion compared with Rs585.3 billion during the same period last year reveals FBR data.
The government finalizes the re-lending policy, according to which re-lending interest rate will be fixed at 12 percent against 17 percent per annum, say official sources.
The federal government increases power tariff for Pepco’s distribution companies by six paisa per unit with effect from Feb 25 on the insistence of the World Bank, it is learnt.
Pakistan, Turkey and Iran agree, in principle, to operate container train service from Istanbul to Islamabad via Tehran in the first phase a passenger train service in the second phase. The container train service is to start tentatively from August 14, discloses General Manager Railwasy (operation) Saeed Akhtar.
Retail price of liquid petroleum gas comes down across the country after a cut in tariff by LPG producers. It is now being sold at Rs65 per kg in most parts of the country.
Cement sales go up by 101 percent, as a result cement companies overall profit rise by 763 percent during the first half of the current fiscal year, reveals JS Global analyst.
To provide more relief, the State Bank allows exporters to take benefit of cheaper money under export finance scheme despite delay in bringing export proceeds into the country.
The Economic Coordination Committee of the cabinet orders import of 25,000 tons of sugar as its price crossed Rs45 per kg in some parts of the country.
The ministries are divided over opening of trade links with India through Wagha Atari Border, previously agreed between President Asif Ali zardari and Indian Prime Minister Manmohan Singh in New York in September last year.
Pakistan Electric power Company’s role irks leading banks and DFIs because of its inability to properly explain rental power projects, sources in the finance ministry reveal.