Economic and Business Updates - From 17th to 23rd January, 2011
Friday, January 28, 2011
- The country’s current account balance becomes positive and registers a surplus of $26 million in the first half of the fiscal 2010-11 primarily driven by massive decline in trade and services deficit and high foreign inflows.
- The private sector improves its borrowing record in the first half of the current fiscal year, but banks massive investment in treasury bills show that the advances are much below the market requirement.
- The Asian Development Bank announces to lend up to $100 million to a privately owned gas-fired power plant in Pakistan to help address the country’s energy crisis.
- The government is facing serious financial crises and is not in a position to give any industrial relief package, says Chairman Federal Board of Revenue.
- The Sindh government approaches the federal government for a new constitutional amendment authorising the province to collect royalty on oil and gas.
- A 150 megawatt wind power project will be set up by a United States power firm AES at Gharo, Sindh, for which the water and power ministry and USAID jointly arrange equity and funding.
- The import bill of eatables witnesses a substantial growth of 75 per cent during the first half of the current fiscal year threatening food sovereignty of the country.
- Textile and clothing exports witness a robust growth of 25.79 per cent in the first half of the current fiscal year over the corresponding period last year on the back of double digit growth in exports of value added products.
- The Punjab Food Department decides to export 0.8 million tons of wheat from its six million tons stock.
- The unusual flow of phutti during the third and last picking of the current season is proving a boon for the country, which badly needs cotton to meet a wide gap between demand and supply.
- Annual sales at the Utility Stores Corporation jumps from Rs2.5 billion some two years back to Rs60 billion in 2010.
- The sponsors of Arif Habib Investment Ltd and the MCB Asset Management Company Ltd sign the shareholders agreement for the proposed merger between the two entities.
- The existing structure of the Federal Board of Revenue remains in violation of the Constitution and must be revamped, says federal tax ombudsman.
- The State Bank of Pakistan includes the glass manufacturing industry producing exportable goods for financing under the Long Term Financing Facility.
- The Pakistan Cotton Ginners Association has stongly protest against levy of 3.5 per cent withholding tax on purchase of raw material from the middleman.
Labels: Economy and Business, Pakistan Economy
posted @ 10:31 AM,
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