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Tuesday, 19 July 2011
DAILY BUSINESS NEWS AND STOCK MARKET: 20.07.2011
Gold hits new peak of Rs51,150
KARACHI, July 19: Rising international gold prices continued to make an impact on domestic gold rates which hit a new record peak of Rs51,150 per tola, up by Rs300 as compared to the rate prevailing on Saturday.According to rates issued by the All-Sindh Sarafa Association, a jump of Rs257 was recorded in 10 gram gold rate which rose to Rs43,842 on Tuesday as international gold was traded at $1,605 per ounce.
On July 1, the per tola rate (11.664 grams) was Rs48,700 followed by 10 gram rate at Rs41,742 and $1,493 per ounce in world markets.
According to Federal Bureau of Statistics (FBS), gold imports plunged to 2,816kg ($109.6 million) in July-June 2010-2011 as compared to 4,779kg ($139 million) in the same period of last fiscal year.
Export of jewellery plunged to $404 million in July-June 2010-2011 as compared to $638 million the corresponding period of last fiscal year.
Due to surging gold prices, investors continue to show interest in gold trading at Pakistan Mercantile Exchange Limited (PMEX).
An official said that volume of trade in gold in 2010-2011 reached Rs312.7 (1279718 lots) as compared to Rs57 billion (313886 lots) in 2009-2010.
He said traders playing in future trading at PMEX include mix of gold market people and investors looking for inflation hedge and price escalation. He added that most of the PMEX clients are individual investors.
Gold import is not feasible as yellow metal is selling under cost in Pakistan by Rs400 per tola as compared to rates prevailing in Dubai and Saudi Arabia.
Exporters usually import gold for export of jewellery and later they will have to import fine gold from abroad within 180 days.
Yaseen takes over as SBP Acting Governor
KARACHI, July 19: Yaseen Anwar on Tuesday took over as Acting Governor State Bank of Pakistan following the acceptance of the resignation of SBP Governor Shahid H. Kardar, said a press release issued by the State Bank.
The Federal Government on Monday night notified the acceptance of the resignation of Mr Kardar and appointment of Mr Anwar as Acting Governor.
Mr Anwar was also the Acting Governor SBP from June 3 to September 8, 2010 after the resignation of the former SBP governor Syed Salim Raza.
Mr Anwar, who has been serving the State Bank as its Deputy Governor since March 29, 2007, has managed all the four clusters of the central bank i.e. Banking, Reserve Management, Monetary Policy and Operations; SBP subsidiaries — Banking Services Corporation (BSC) and the National Institute of Banking & Finance (NIBAF).
He has served on the Boards of SBP, Pakistan Security Printing Corp. (PSPC), Policy Board of SECP, Board of NIBAF and SAARC Payments Council Board. He is a member of Monetary Policy Committee (MPC) of SBP Central Board and has interacted with the IMF under the Standby Arrangement with Pakistan.
He has also served as an alternate to the governor on the Asian Clearing Union (ACU) Board.
Taliban say Mullah Omar alive, phones hacked
KANDAHAR: The Taliban on Wednesday said Mullah Omar was alive, accusing the Americans of hacking their phones after a text message sent to media from a spokesman's phone said the leader was dead.
In the message, Zabihullah Mujahid said: "Leadership council of IEA announces that Mullah Omar has passed away. May mighty God bless him."
He later denied sending the message, speaking by telephone.
"We strongly reject this claim. We are not aware of such news. Americans have hacked our cellphones with advanced technology and sent the message to the media," said Mujahid.
A second spokesman, Qari Yosuf Ahmadi, also said phones had been hacked.
"That's a false message. The Westerners hacked into our cellphones and sent the message from our numbers to everyone. They want to deceive the Afghan people. It's wrong. He is not dead and is alive," said Ahmadi.
Pakistan ranking slips 8 marks: World Bank 'Doing Business' program: report
The World Bank wants to reduce the cost of doing business in Pakistan, enhance export competitiveness, and accelerate industrialisation while helping to support the National Trade Corridor Improvement Program, which includes targeted investment lending for key ports reforms, railways, the road freight industry, highways, air transports, and other transport logistics.
The World Bank's President, Robert B Zoellick, said in his remarks at the Third Global Review of Aid for Trade at the World Trade Organisation (WTO), held in Geneva, that the trade policy agenda has to keep up with the fast-paced changes in the world economy. The old trade in goods has to shift to a more complex agenda, including behind-the-border issues such as domestic regulation and services, he added. Zoellick said that last year, the World Bank support for transport was around $8.4 billion. Two-thirds of this focused on roads and highways, particularly in the South Asia Region.
He said that the World Bank has been helping the developing countries with tools to improve their regulatory environments. "We are, for example, working with partners to establish knowledge platforms on services and regulatory reform to give policy makers access to the best-practice knowledge, increasingly from other developing countries."
He said, "We need to better assess the impact of trade projects and programs, so we can learn what works best and where we need to make improvements. The World Bank's Trade Facilitation Facility can help finance improvements."
According to 'World Bank report on Doing Business 2011', during the tenure of the PPP-led regime, the overall ranking of Pakistan slipped down by eight marks in just one year from being at the 75th position in the year 2010 to the 83rd position in 2011. The report indicates serious flaws, related to overall governance that created barriers in the way of doing business in Pakistan. The report says, "In 2002, Pakistan implemented the Access to Justice Programme to reduce delays in a number of pilot courts. The improvements cost $350 million and focused on providing more training, such as in case of management techniques. Research analysing court data for 2001-03 shows that after the court reforms, 25 percent more cases were decided in the affected districts."
The WB report said that Pakistan's ranking was downgraded in terms of registering property because of an increase in taxation rate from 2 to 4 percent as it declined to 126th position in 2011 against the 18th position in 2010.
The overall performance of the transport system in Pakistan had not been up to mark, with high economic losses from congestion and poor quality roads. So, it was decided to launch a program titled, 'National Trade Corridor'. The World Bank is a major contributor of the program. The World Bank's financing program consists of a series of Development Policy Loans (DPLs); specific sub project investment lending; and technical assistance loan, to assist with the implementation and monitoring/evaluation of the National Trade Corridor program over the next 5 to 6 years. The Bank is also providing analytical support to develop the framework to guide sub-sector policies (for railways, the road transport industry, ports, air transport and trade facilitation), including pricing, regulation and enforcement, medium term budgetary frameworks, restructuring and progressive commercialisation of public entities and strengthening of institutions (National Highway Authority, Pakistan Railways, etc) and processes to increase sector efficiency.
Brief News:
Navy drone crashes near oil refinery
Zardari, Karzai vow to continue anti-terror war
Pak role ‘vital’ in Afghan peace: UK
Business News in Brief:
Restoration of IMF’s suspended $11.3bn SBA
SECP okays measures for derivates and leverage segments
PAC seeks report on powers and BoDs
Yaseen Anwar takes over as SBP acting governor
Dr Asim admits gas cos failed to end UFG losses
Cements despatches likely to rise
Pak traders urged to avail opportunities in UAE
Smartphone sales on the rise in local markets
Fed govt decides to implement LNG import project
Lint prices decline to Rs 2,700/maund in 20 days
Spot rate declines on selective buying at KCA
PSO and PR at odds over insufficient funds
Stakeholders invited to partake in public-private dialogues
WB official discusses strategy with Shaikh
PMN-Citi launch RM workshop for microfinance practitioners
‘Analytical Review of the PSDP Portfolio’ launched
KSE gains 125 points on record exports, c/a surplus
ISE rises 46 points
Dollar unchanged versus rupee
Euro rangebound against dollar
European shares rise as banks rebound
US stock futures rise
Indian chips snap 2-day fall
Asian markets down on US, European default fears
China likely to face power shortage in Q3
India reveals ‘world’s biggest’ uranium discovery
Gold eases from record highs, eyes euro summit
Coca-Cola profit seen up despite weak US economy
Russia eyes record German trade with gas, minerals
Venezuela tops oil reserves league in OPEC table
Oil gains $2 on dollar, equities
Mohammed Saleem Mansoori
Monday, 18 July 2011
DAILY BUSINESS NEWS AND STOCK MARKET: 19.07.2011
State Bank Governor’s resignation accepted
ISLAMABAD: Prime Minister Yousuf Raza Gilani accepted on Monday the resignation of State Bank Governor Shahid Kardar.
A statement issued by the prime minister’s secretariat said the prime minister had appointed senior most Deputy Governor Mr Yasin Anwar as Acting Governor of the State Bank with immediate effect.
The statement ended speculations that Mr Kardar might withdraw his resignation at the insistence of the government because a change of SBP governor in just nine months would not send good vibes to the international community at a time when the country is facing serious economic challenges.
Mr Kardar had tendered his resignation in a letter dated July 15 addressed to the prime minister. The letter said: “I hereby resign from the position of Governor, State Bank of Pakistan. I am grateful for the privilege and great honour bestowed upon me to serve the country.”
Surprisingly, news of Mr Kardar’s resignation has been doing the rounds for more than a week, but the statement said it was dated July 15.
Sources told Dawn that Finance Minister Hafeez Sheikh and Planning Commission Deputy Chairman Dr Nadeem ul Haque had tried to persuade Mr Kardar to take back his resignation and even prevailed upon Mr Gilani not to accept it.
A senior official in the prime minister’s secretariat expressed surprise over the acceptance of Mr Kardar’s resignation because, he said, until Sunday night there were clear indications that the governor would stay.
He said the prime minister left for the UK in the afternoon and it appeared quite odd that the official statement attributed to him was issued when he was not in the country.
The sources said Mr Kardar’s departure after remaining in office just for nine months would not augur well for the country’s economy.
They said the finance minister and the planning commission’s deputy chairman, who worked in close cooperation with the outgoing governor, would be facing a difficult situation in policy-making as far as the SBP was concerned.
Names of Finance Secretary Dr Waqar Masood, former SBP governor Dr Shamshad Akhtar and former National Bank president Ali Raza are being mentioned as potential replacements of Mr Kardar. The government has 90 days to appoint a new governor.
The sources said the decision to accept the resignation had been taken by the presidency which wanted somebody more pliant as SBP governor.
US House bill to cut aid to Pakistan
WASHINGTON: A House panel unveiled a bill Monday that would block US aid to Pakistan, Egypt, Lebanon and the Palestinian Authority unless the Obama administration reassures Congress that they are cooperating in the battling terrorism.
The legislation is a direct challenge to President Barack Obama and his foreign policy authority, and comes as the House is looking at significant cuts in the annual budget for the State Department and foreign assistance. The House Foreign Affairs Committee will consider the bill authorizing the money on Wednesday. Rep. Ileana Ros-Lehtinen, the Republican chairwoman of the panel, released an initial draft on Monday.
While the House is likely to approve the bill, its prospects in the Democratic-controlled Senate are dim. Senate Foreign Relations Committee Chairman John Kerry, a Democrat, is likely to reject many of the bill’s provisions.
The bill would bar aid to Pakistan unless the secretary of state can certify to Congress that Islamabad is “fully assisting the United States with investigating the existence of an official or unofficial support network in Pakistan for Osama bin Laden, including by providing the United States with direct access to Osama bin Laden’s relatives in Pakistan and to Osama bin Laden’s former compound in Abottabad.”
A separate spending bill likely will provide $40 billion for foreign operations next year, $9 billion less than the current amount and $11 billion less than Obama requested.
Ishratul Ibad to resume governorship
KARACHI: Politically isolated and chastened by surprise government moves to scrap the local government system and initiate contact with nemesis Afaq Ahmed, the Muttahida Qaumi Movement on Monday decided to allow Sindh Governor Dr Ishratul Ibad to resume office.
However, it announced that it was in no hurry to rejoin the treasury benches in Islamabad and Karachi.
In Islamabad, the President’s spokesman confirmed the apparent change of heart on both sides. “Mr Ibad is returning to the country from Dubai by Monday midnight and will withdraw his resignation he had sent to President Asif Ali Zardari,” said Farhatullah Babar.
Sources in the presidency said a special plane had been flown to London on the orders of Mr Zardari to bring back Mr Ibad to Karachi.
Dr Ibad tendered his resignation on June 27 hours after the MQM pulled out of the ruling coalition in the province and the centre in protest against the postponement of election on two Karachi seats of the Azad Jammu and Kashmir Legislative Assembly.
According to an MQM press release, Muttahida chief Altaf Hussain directed Dr Ibad to resume his gubernatorial responsibilities at the suggestion of President Asif Ali Zardari.
Dr Ibad — who was uncharitably described by senior Sindh minister Dr Zulfikar Mirza as an absconder in the venomous outburst last week — was set to fly back to Karachi from the United Arab Emirates in the early hours of Tuesday.
According to a source in the Governor’s House, the President specially sent his aircraft to bring back Dr Ibad at the earliest.
“This decision was taken in a telephonic conversation between Mr Hussain and President Zardari in view of the political situation of the country and province,” the MQM press release said.
Dr Ibad was directed to work with the federal and provincial governments in the light of directives issued by the President, the Urdu-language press release said.
It added that Dr Ibad would play an “effective role for stability” in the province and a “proactive role for a change and betterment in ties”.
While the MQM’s decision to let Dr Ibad go back to the Governor’s House predictably incurred the opprobrium of Pakistan Muslim League-Nawaz, most political parties, notably the Awami National Party, hailed the move and said it augured well for peace in the city.
The Sindh chief minister and the home minister also appreciated the move.
However, MQM leader Faisal Subzwari told a television channel that his party would not rejoin the government. He sought to reject the widely held view that the decision to quit the government had been taken by ‘hardliners’ among the MQM.
He said that there were no groupings in the party, adding that crucial decisions in the party were taken by the coordination committee.
Syed Irfan Raza adds from Islamabad: Insiders in Islamabad told Dawn that Pakistan Muslim League-Q (PML-Q) chief Chaudhry Shujaat Hussain, who was sent by President Zardari to Karachi last week for negotiating with the Muttahida, played a key role in restoring ties between MQM and the People’s Party.
Chaudhry Shujaat met the president on Friday to apprise him about the MQM’s point of view.
The Q-League chief had agreed to concede to the MQM two provincial ministries and two posts of advisers in the Sindh cabinet that it had recently obtained, a source told Dawn..
“All the slots given to the Q-League were held by MQM before it parted ways with the ruling coalition. Therefore MQM sought all these posts back as one of the conditions to rejoin the government,” the source said.
The Q-League has now asked President Zardari for alternative portfolios in the Sindh cabinet, the source added.
A spokesman for the Muttahida, however, denied any understanding to this effect.
Political circles felt the Muttahida would eventually join the federal and Sindh cabinets, but the decision to remain in opposition had been taken for now in order to pre-empt criticism.
President Zardari has welcomed the statement of Altaf Hussain asking Ishratul Ibad to resume work as governor, terming it a good omen for harmony and reconciliation not only in the province but also throughout the country.
“The President expressed the hope that it will mark a new era of peace and stability in Sindh,” said Farhatullah Babar, his spokesman.
Raza Haroon, the MQM’s Rabita Committee chief, said Altaf Hussain had asked Mr Ibad to work in harmony with the federal and provincial governments under the guidance of President Zardari.
The decision on the governor’s return was purely made in the “larger national” interest because the party was under immense pressure to at least ask Mr Ibad to retain the office of Governor.
“The pressure was exerted by Ulema, diplomats, lawyers, journalists, business community and scholars who were of the view that the office of governor should be kept above partisan politics,” he said.Mr Haroon said his party believed that Mr Ibad would play his role in restoration of peace in Karachi because he was “impartial and all groups respect him”.
Mr Haroon denied any deal between the PPP and his party on re-joining the government, saying Chaudhry Shujaat had not offered anything when he met MQM leaders last week.
In reply to a question about the restoration of commissioner and the old local bodies systems in the province, the MQM leader said his party would welcome any decision of the government if these laws were withdrawn or amended again, as desired by the MQM.
The Muttahida Qaumi Movement had left the federal cabinet twice before the latest separation, The Sindh governor and the party’s ministers in Sindh cabinet figured in both decisions.
Brief News:
Business News
Tuesday, July 19, 2011 01:35
- PM accepts resignation of Governor SBP
Shahid Kardar had in a letter dated July 15, addressed to the Prime Minister tendered his resignation.
- Stock prices end lower at KSE
The trade volume today stood at 57.34 million shares. (Reuters)
- NEPRA allows KESC to increase tariff
KESC under the monthly fuel adjustment had requested that the tariff be increased. During hearing of the case NEPRA allowed the increase for the month of MAY which will be included in consumers next bills.
- FY10/11 c/a surplus at $542 mln
In June, the current account had a provisional surplus of $501 million, compared with a deficit of $527 million in May. (Reuters)
- Lahore, Gojranawala, Multan CNG stations shut
- Crude prices mixed in Asian trade
- Euro slips against dollar, yen on Greece fears
- Asia stocks mixed on US impasses, EU bank tests
- PM persuades Governor SBP to stay
Shahid Kardar had tendered his resignation a few days back due to his reservations on some of the policies of the government but it was not accepted.
- IMF mission visits Islamabad on July 19
Siddiqui said that tax administration reform would end on December 31, 2011 after which CNIC number would be the national tax number of a taxpayer.
- Zardari welcomes Ebad resuming charge
Taliban video shows policemen’s execution
Indo-Pak officials discuss cross-LoC travel, trade
House bill to limit aid to Pakistan
Reinstatement of Zafar Qureshi
Pakistan looms large as Clinton reaches India
Sanaa | En masse
Mohammed Saleem Mansoori
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