Money Market, Forex and General News - 07-09-09
Monday, September 7, 2009
MONEY MARKET:
Money Market opened at 12 percent.Market topped at 12.10 percent while closed at 11.500 percent
FOREX:
NewYork is closed today on account of Labor Day and trading was done on Value Tom basis.Inter bank opened at 82.90 & 82.95.
Rupee depreciated to 82.92 against USD,day's top while market closed at 82.91 & 82.93
GENERAL NEWS:
Shenhua Group Corporation, a Chinese state run company, is keen to invest $1.5 billion in coal-fired power plant at Thar. The company rolled back its plan in 2006 due to issues over power purchase tariffs with NEPRA. The plant is expected to generate 1000 Mega watts of electricity in next three years. Coal reserves at Thar estimated at 850 trillion cubic feet (TCF) of gas, about 30 times higher than
Pakistan’s proven gas reserves of 28 TCF.
The sugar mills owners couldn’t retire debt of Rs 40 billion owed to State Bank due to ongoing sugar crisis in the country. The turmoil has pushed the industry on the verge of bankruptcy and therefore paying off massive debt seems surprising. The sugar mills have idle stock of 1.3 million tons since government has preferred imported sugar over locally manufactured due to price issue.
Money Market opened at 12 percent.Market topped at 12.10 percent while closed at 11.500 percent
FOREX:
NewYork is closed today on account of Labor Day and trading was done on Value Tom basis.Inter bank opened at 82.90 & 82.95.
Rupee depreciated to 82.92 against USD,day's top while market closed at 82.91 & 82.93
GENERAL NEWS:
Shenhua Group Corporation, a Chinese state run company, is keen to invest $1.5 billion in coal-fired power plant at Thar. The company rolled back its plan in 2006 due to issues over power purchase tariffs with NEPRA. The plant is expected to generate 1000 Mega watts of electricity in next three years. Coal reserves at Thar estimated at 850 trillion cubic feet (TCF) of gas, about 30 times higher than
Pakistan’s proven gas reserves of 28 TCF.
The sugar mills owners couldn’t retire debt of Rs 40 billion owed to State Bank due to ongoing sugar crisis in the country. The turmoil has pushed the industry on the verge of bankruptcy and therefore paying off massive debt seems surprising. The sugar mills have idle stock of 1.3 million tons since government has preferred imported sugar over locally manufactured due to price issue.
Labels: Economy and Business, Pakistan Economy
posted @ 11:14 PM,
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