Economic and Business Updates - From 1st November to 7th November, 2010
Thursday, November 11, 2010
- The State Bank launches a Rs10 billion concessional financing scheme for SMEs and agricultural sector through banks to improve access to financing in flood-affected areas.
- OGRA increases prices of petroleum products by Rs4.27 to Rs7.11 per litre or up to nine per cent with effect from November 1.
- Producers of liquefied petroleum gas, including Parco, increase LPG price by Rs9.60 per kg or Rs9,594 per ton.
- The International Monetary Fund warns Pakistan of aid cut-off in case Islamabad does not come up with credible irreversible plan to implement power sector reforms.
- Investment in National Savings Schemes declines by 32.51 per cent during the first quarter of the current fiscal year.
- The Economic Coordination Committee of the Cabinet abolishes the five per cent regulatory duty on import of sack paper.
- Revenue collection in the first four months of 201011 grew by seven per cent at Rs398.6 billion as against Rs371.7 billion in the corresponding period of last year.
- Some Rs27 billion worth agriculture and SME sector loans’ rescheduling/restructuring is expected following the State Bank of Pakistan’s flood relief package.
- Overall 1,579 industrial units have been closed throughout the country during the last five years, mainly because of financial constraints.
- The federal government reduces turnover tax from one per cent to 0.5 per cent for refineries, oil marketing companies, gas companies and any category of taxpayer having annual turnover of over one billion rupees.
- The European Union imposes definitive Countervailing Duty of 5.15 per cent on import of polythene terephthalate from Pakistan.
- The price of imported liquefied petroleum gas surges by Rs12,000 to hit record high at Rs95,000 per ton as Saudi Aramco contract price climbed by $93 to touch $788 in the international market.
- Sugar mill-owners in Punjab make huge profit of over Rs2.72 billion in a short span of two weeks by pushing the ex-mill sugar prices from Rs71 to Rs89 per kg.
- The chairman Pakistan Sugar Mills Association says sugar mills in Punjab will start crushing sugarcane after Eid-ul-Azha.
- Friends of Democratic Pakistan warn the Islamabad government of unmanageable energy crisis by 215-16 if it fails to introduce a 5-point recovery plan for immediate overhauling of its entire power infrastructure.
- Cotton production declines by 17.55 per cent as the arrivals recorded at ginneries as on November 1 stood at 60,71644 bales, showing a decrease of 17.55 per cent from 73,63,929 bales received in the corresponding period of last
Labels: Economy and Business, Pakistan Economy
posted @ 3:25 PM,
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