Economic and Business Updates From August 2 to 8, 2010
Wednesday, August 11, 2010
• PAKISTAN pays a staggering $5.6 billion as debt servicing during FY 200910 which is 43 per cent of the country’s official foreign exchange reserves.
• COTTON yarn prices move up slightly over the past few days as its production dips and phutti arrivals are disrupted due to devastating floods in the cotton growing areas.
• THE provisional revenue collection in July 2010 reached Rs82 billion against the target of Rs90.1 billion, reflecting a shortfall of Rs8.1 billion.
• THE country’s domestic debts surge by Rs792 billion to Rs4.6 trillion in FY 2009-10 due to significant rise in fiscal deficit and revenue shortfall.
• A Chinese firm has signed an agreement for the setting up of the refinery in Karachi with a capacity of 203,000 barrels per day.
• EXPORT orders worth millions of dollars are stuck at different stages of supply chain for the last three days as the port city of Karachi remains tense and volatile owing to breakdown in law and order.
• ESSENTIAL items will be available at reduced rate at the utility stores under a Rs4 billion Ramazan relief package. The package includes a direct government subsidy of Rs2 billion.
• ABOUT 77 million people go hungry in Pakistan while 36 per cent of the population are afflicted by poverty, says the Woodrow Wilson International Centre report.
• PAKISTAN signs a contract agreement with a Chinese firm the China Machinery Import and Export Corporation amounting to $134.45 million for procurement of 202 passenger coaches.
• THE Federal Board of Revenue communicates to the SBP and the Pakistan Banking Council to deduct 0.3 per cent as advance tax on transactions under a new section through Finance Act 2010.
• THE Competition Commission of Pakistan issues show cause notices to five companies for prima facie collusive bidding in Peshawar Electric Supply Company’s tender for the supply of high tension and low tension pre-stressed concrete poles.
• THE Trading Corporation of Pakistan seeksRs22 billion from the ministry of finance to open two letters of credit for import of 0.32 million tons of refined sugar.
• THE PPP-led government increases power tariff by 63.6 per cent during the last two and a half years.
• THE Securities and Exchange Commission of Pakistan, so far this year, issues warning letters to 27 brokers of the KSE and seven of LSE for possible violations of blank sales, wash sales, circular trading, cross trades, broker misconduct etc.
Labels: Economy and Business, Pakistan Economy
posted @ 5:15 PM,
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