AZHAR ALI KHAN
KARACHI: The country's fiscal deficit has recorded at 1.6 percent of the GDP during first quarter of the ongoing financial year, officials said on Wednesday.
"The fiscal deficit is at 1.6 percent of the gross domestic product which was at 1.5 percent in the same corresponding period last year," said the website of the Ministry of Finance.
The consistent rise in the fiscal deficit is a concern for the economic gurus as its further widening may impact adversely on the IMF's standby program for Pakistan.
The government had earlier announced that the fiscal deficit would be kept at 4.7 percent of GDP, nevertheless, it was revised downward to 4 percent after recent devastating floods.
However, analysts believe that the fiscal deficit could overshoot and may be seen at 6 percent of the GDP by June end.
Wednesday, December 1, 2010
Silver at peak of Rs875 per tola
AZHAR ALI KHAN
KARACHI: Silver metal prices have set another record on hefty international and domestic buying, traders said on Wednesday.
10gram silver prices incraesed by Rs30 to Rs750, while its tola prices have surged by Rs35 to Rs875.
Senior traders say that the investors have been diverted to metals from currencies, consequently all the metals are driving upward.
KARACHI: Silver metal prices have set another record on hefty international and domestic buying, traders said on Wednesday.
10gram silver prices incraesed by Rs30 to Rs750, while its tola prices have surged by Rs35 to Rs875.
Senior traders say that the investors have been diverted to metals from currencies, consequently all the metals are driving upward.
Sunday, November 7, 2010
Cotton reaches Rs10,000 per maund mark
AZHAR ALI KHAN
KARACHI: Cotton prices finally reached the much-awaited landmark of Rs 10,000 per maund on early Sunday trade, ginners said.
The prime-quality cotton prices further increased significantly by Rs 500 per maund and finally stayed at Rs 10,000 per maund level.
Cotton prices have been appreciated by Rs 2,000 per maund in just six days - raising eyebrows of the textile and allied sector besides sending shockwaves to the export-oriented units that are already revising down their expenses and started massive lay-off.
"Actually, the Indian traders have recently refused to dispatch one million cotton bales to Pakistan after their authorities did not signalled them 'go ahead'," said Naseem Usman, Chairman Karachi Cotton Brokers Forum.
The international cotton market is running short of this commodity (cotton) and the Pakistan has already sold its major chunk to different countries at much lower rates.
"We have sold some 0.8 million to 1 million high-quality cotton bales between 65-95 cents per pound, and now Pakistani importers have received he quotations at 150 cents per pound," said a Karachi-based cotton importer.
Pakistan has to procure at least 2.2 million bales to avert prevailing cotton crisis and facilitate export-oriented textile industry. Amid this international and domestic price hike fiesta, our agro-based economy (Pakistan) is to sustain a severe shock of over Rs 125 billion in the coming days.
KARACHI: Cotton prices finally reached the much-awaited landmark of Rs 10,000 per maund on early Sunday trade, ginners said.
The prime-quality cotton prices further increased significantly by Rs 500 per maund and finally stayed at Rs 10,000 per maund level.
Cotton prices have been appreciated by Rs 2,000 per maund in just six days - raising eyebrows of the textile and allied sector besides sending shockwaves to the export-oriented units that are already revising down their expenses and started massive lay-off.
"Actually, the Indian traders have recently refused to dispatch one million cotton bales to Pakistan after their authorities did not signalled them 'go ahead'," said Naseem Usman, Chairman Karachi Cotton Brokers Forum.
The international cotton market is running short of this commodity (cotton) and the Pakistan has already sold its major chunk to different countries at much lower rates.
"We have sold some 0.8 million to 1 million high-quality cotton bales between 65-95 cents per pound, and now Pakistani importers have received he quotations at 150 cents per pound," said a Karachi-based cotton importer.
Pakistan has to procure at least 2.2 million bales to avert prevailing cotton crisis and facilitate export-oriented textile industry. Amid this international and domestic price hike fiesta, our agro-based economy (Pakistan) is to sustain a severe shock of over Rs 125 billion in the coming days.
Wednesday, November 3, 2010
Acting MD KSE barred from assuming new office
AZHAR ALI KHAN
KARACHI: The country's biggest shares market and the securities watchdog have locked horns over the appointment of acting Managing Director of the Karachi Stock Exchange (KSE), revealed a letter sent by the SECP to KSE Wednesday directing Haroon Askari not to assume his new office.
"The acting MD has been barred to assume his new duties," confirmed an official of KSE.
The letter sent to KSE said that the Board of Directors can not appoint anyone to the post of managing director without the consent of the securities regulator.
KARACHI: The country's biggest shares market and the securities watchdog have locked horns over the appointment of acting Managing Director of the Karachi Stock Exchange (KSE), revealed a letter sent by the SECP to KSE Wednesday directing Haroon Askari not to assume his new office.
"The acting MD has been barred to assume his new duties," confirmed an official of KSE.
The letter sent to KSE said that the Board of Directors can not appoint anyone to the post of managing director without the consent of the securities regulator.
Saturday, October 30, 2010
Silver sets new record
AZHAR ALI KHAN
KARACHI: Silver metal prices touched another all time high in the domestic market after being appreciated globally, traders said on Saturday.
The 10-gram silver increased by Rs4.28 to Rs608, while a tola prices surged by Rs5 to set a new record of Rs710 in late Saturday trade.
"The silver metal has become the focus of investors as the gloabl metal prices are consistently setting new records," said a local trader.
The investors believe that the silver runs swiftly parallel to gold and the yellow metal prices are unexpected to go down sharply in near future.
"Silver is comparatively inexpensive and a considered as a very safe haven for the investors specially for the people managing medium-sized fund," he commented.
The global economies are being recovered at a much slower pace and the analysts believe that acquiring pecious metals are far better than hedging currencies.
Likewise, the international crude oil is not ready to fall below $75 per barrel mark as the world's prime economies are striving hard to get rid of the post-recession era.
KARACHI: Silver metal prices touched another all time high in the domestic market after being appreciated globally, traders said on Saturday.
The 10-gram silver increased by Rs4.28 to Rs608, while a tola prices surged by Rs5 to set a new record of Rs710 in late Saturday trade.
"The silver metal has become the focus of investors as the gloabl metal prices are consistently setting new records," said a local trader.
The investors believe that the silver runs swiftly parallel to gold and the yellow metal prices are unexpected to go down sharply in near future.
"Silver is comparatively inexpensive and a considered as a very safe haven for the investors specially for the people managing medium-sized fund," he commented.
The global economies are being recovered at a much slower pace and the analysts believe that acquiring pecious metals are far better than hedging currencies.
Likewise, the international crude oil is not ready to fall below $75 per barrel mark as the world's prime economies are striving hard to get rid of the post-recession era.
Friday, October 29, 2010
ECC decides to keep wheat support price same at Rs950 per maund
AZHAR ALI KHAN
KARACHI: The federal government has turned down the proposal to increase wheat support price and announced to it unchanged at Rs 950 per maund.
It was decided in the meeting of the Econonic Coordination Committee (ECC) of the cabinet held today (Friday) with Finance Minister Abdul Hafeez Shaikh in the chair.
The meeting decided that the flood-affected farmers would not be provided with free seeds and fertilizers, however, agriculture loans would be offered at the rate of 8 percent per annum.
"Farmers who own 25 acres of agriculture land would be given Rs2400 per acre," the meeting infomred.
KARACHI: The federal government has turned down the proposal to increase wheat support price and announced to it unchanged at Rs 950 per maund.
It was decided in the meeting of the Econonic Coordination Committee (ECC) of the cabinet held today (Friday) with Finance Minister Abdul Hafeez Shaikh in the chair.
The meeting decided that the flood-affected farmers would not be provided with free seeds and fertilizers, however, agriculture loans would be offered at the rate of 8 percent per annum.
"Farmers who own 25 acres of agriculture land would be given Rs2400 per acre," the meeting infomred.
DAP touches year's peak of Rs2900 per sack
AZHAR ALI KHAN
KARACHI: The black-marketers have once again joined hands against flood-affected farmers and started raising the prices of Di-Ammonium Phosphate (DAP) - an essential crop nutrient, farmers' representative bodies informed PBW on Friday.
They said that the delaers are selling DAP sack at at year's peak of Rs 2900, which was earlier being sold at Rs 2750.
"The Rabi season has begun and the demand of DAP is swiftly inching up as the farmers are buying fertilizer to sow different crops," said Rao Afsar Ali Khan, President Agri Forum Pakistan Southern Punjab.
The Rabi crops consume more or less 45 million bags of fertilizer and price hike during this season put an extra cost of billions of rupees to farmers.
"The farmers are still feeling the pinch of post-flood consequences and the dealers are exploiting the situation by minting money," he deplored.
"I don't know, where is the government," said a farmer of DG Khan, adding that the concerned departments have kept their lips tight over unjustified price increase, this year too.
The prices of DAP fertilizer have been jacked up by Rs400 per sack during the last few days.
KARACHI: The black-marketers have once again joined hands against flood-affected farmers and started raising the prices of Di-Ammonium Phosphate (DAP) - an essential crop nutrient, farmers' representative bodies informed PBW on Friday.
They said that the delaers are selling DAP sack at at year's peak of Rs 2900, which was earlier being sold at Rs 2750.
"The Rabi season has begun and the demand of DAP is swiftly inching up as the farmers are buying fertilizer to sow different crops," said Rao Afsar Ali Khan, President Agri Forum Pakistan Southern Punjab.
The Rabi crops consume more or less 45 million bags of fertilizer and price hike during this season put an extra cost of billions of rupees to farmers.
"The farmers are still feeling the pinch of post-flood consequences and the dealers are exploiting the situation by minting money," he deplored.
"I don't know, where is the government," said a farmer of DG Khan, adding that the concerned departments have kept their lips tight over unjustified price increase, this year too.
The prices of DAP fertilizer have been jacked up by Rs400 per sack during the last few days.
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