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
Posts
No comments:
Post a Comment