Economic and Business Updates - February 22 to 28, 2010
Monday, March 1, 2010
- TREASURY bill rates have been increased again within 15 days, reflecting mounting pressure of inflation on economy which may result in more tightening of the monetary management.
- THE Trading Corporation of Pakistan purchases 50,000 tons of refined sugar at $779.95 per ton C&F. The contract for the purchase was given to Agrocrop, says a TCP spokesman.
- TEXTILE exports in January record $929.596 million against $830.990 million in December 2009, showing an increase of 11.87 per cent. Export of cotton cloth increased by 10.26 per cent and of yarn by 13.86 per cent during the month under review.
- WHILE there are no hindrances to the Indian imports to the country, Pakistan is facing non-tariff and para-tariff barriers in its exports to India, the commerce ministry informs the foreign office.
- THE Finance Corporation says it has provided Pakistan banks with $202 million under its Global Trade Finance Programme during the first half of fiscal year 2010, that helped increase its crossborder trade.
- THE Securities and Exchange Commission of Pakistan directs fund managers to gear up their efforts to expand the outreach of pension funds.
- THE State Bank declares Sukuk certificates issued by Pakistan International Airlines Corporation as an approved security.
- THE Chinese will invest $50 billion in Punjab during the next 10 years. The investment is aimed at building a state-of-the-art industrial city along with an industrial estate on100,000 acres.
- The annual target of 95.5 per cent of gems and jewellry export has been achieved just in six months of the financial year 2009-10.
- AGRICULTURAL credit disbursement by commercial and specialised banks rose 6.33 per cent year-onyear to Rs124.168 billion in the first seven months (JULY-Jan) of the current fiscal year.
- EIGHT to nine new housing projects, most of them apartments, have been launched since November 2009 and builders claim to have received a satisfactory response from buyers.
- THE federal government releases Rs10 billion for the construction of delay action dams while another Rs10 billion in this regard will be released soon.
- THE Oil and Gas Development Company Limited discovers sizable reserves of hydrocarbon from its exploratory Shah well No.1 located in Hyderabad district.
- THE government decides to impose capital gains tax on purchase of securities, to be charged on two types of holdings, at the rate of 7.5 per cent and 10 per cent, with effect from July 1, 2010.
Labels: Economy and Business, Pakistan Economy
posted @ 1:58 PM,
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