Halal Tamweel provides extensive news and information coverage and Islamic Wealth Management consultancy to prospective and existing investors looking to manage wealth in a Shariah Compliant manner in Pakistan.
ISLAMABAD: Chinese company M/S Dongfang Electric Corporation (DEC) is all set to invest in various sectors of energy generation in the country.
"The DEC, after 19 years presence in Pakistan, now intends to invest in various power sectors of Pakistan such as hydel, thermal, alternate and nuclear," Vice President of the Company, Zhu Yuanchao said..
SINGAPORE: Gold extended losses and dropped more than 1 percent on Thursday as investors turned to the safety of the U.S. dollar on uncertainty about a resolution of Europe's debt crisis that has stirred up fears for global growth.
KARACHI: Tractor manufacturers have urged government to devise new policies for the sector to bring it on reviving track.
ISLAMABAD: Pakistan expects Indonesia to place orders for its rice in coming days, said Irfan Ahmed Sheikh, the outgoing chairman of the Rice Exporters Association of Pakistan (REAP), as the Southeast Asian country seeks alternative sources of the grain.
KARACHI: The Board of Directors of Maple Leaf Cement Limited (MLCF) met on Tuesday to review the company's financial and operating performance for the year ended June 30, 2011.
The financial performance of the company remained unsatisfactory in 2011 in second consecutive year as company posted a loss of Rs 1,769.03 million as compared to the loss of Rs 2,583.95 million recorded in previous financial year.
ISLAMABAD: The non-bank financial institutions (NBFI) and Modaraba Association of Pakistan (MAP) Tuesday stressed the need for comprehensive system of Shariah compliance to keep intact the confidence of the stakeholders in the Islamic financial system.
According to SECP statement released here Tuesday, Chairman NBFIs and Modaraba Association of Pakistan, Chowdry Bashir during a meeting SECP delegation in Karachi, highlighted the significance of a comprehensive Shariah Audit system for the Modarabas and its importance for the sector.
KARACHI: Pakistan gold rates continuously falling in major bullion markets of the country following decline in the international gold markets as European countries are striving hard to stimulate the economy.
KARACHI: The month of July witnessed nominal growth in Large Scale manufacturing growth as it recorded growth of mere 0.68 percent to place the Quantum Index Numbers of the LSM Industries at 207.04 points as compared to 205.64 points in the corresponding period of the previous year, according to the latest statistics released by Federal Board of Statistics (FBS)
SINGAPORE: European stock index futures rose sharply on Tuesday, after Asian shares rebounded from multi-month lows and as the euro clung to gains on hopes that euro zone officials will act to corral Greece's debt woes and prevent a financial meltdown.
KARACHI: The heavy rainfall in Sindh has lifted up the weekly inflation by 0.27 percent as major crops have been ruined, according to the latest statistics released by Federal Bureau of Statistics (FBS).
The decline is mainly attributed to surge in prices of foods and vegetables as the major food crop have been affected due to heavy rainfall in rural areas of Sindh.
KARACHI: Lower cotton prices attracted mills to indulge in active buying and higher influx of phutti and seed cotton encouraged growers and farmers to sell at current prices on Saturday.
The Karachi Cotton Association (KCA) official spot rates decreased by Rs 100 to Rs 6,300 on Saturday, dealers said.
KARACHI: The net profit after tax (NPAT) of Sitara Chemical Industries Limited (SITC) plunged by 8 percent for the year ended Jun 30, 2011 and recorded at Rs 427.99 million against Rs 462.71 million recorded in last year.
Resultantly, the Earnings per share (EPS) for the year stood at Rs 19.97.
KARACHI: The worsening relationship of Pakistan with United States has dampened the sentiments of local and foreign investors badly as the Halal Stock Index tumbled by 2.7 percent or 571.52 points in early trade on Monday.
On the first day of the fresh week, local bourse following the fall in Asian stocks as well as worsening relations between Islamabad and Washington, dealers said.
SINGAPORE: Gold prices dipped 1 percent on Friday, headed for their sharpest weekly loss since May, amid a sell-off in commodities sparked by fears the global economy could plunge back into a recession.
WASHINGTON: Finance Minister Dr Abdul Hafeez Shaikh met with leaders of major financial institutions here on Thursday during the IMF-World Bank meetings and discussed cooperation for Pakistan's development.
KARACHI: Microfinance industry in Pakistan is a growing industry and it is currently serving approximately two million customers said Syed Samar Hasnain, Director, Agricultural Credit & Microfinance Department, State Bank of Pakistan.
KARACHI: The net profit of Sitara Peroxide Limited (SPL) recorded at Rs 166.25 million as compared to loss of Rs 179.145 million recorded in same period last year, according to the notice issued by company to Karachi Stock Exchange (KSE) on Tuesday.
ISLAMABAD: Prices of Liquefied Petroleum Gas (LPG) has increased by 16 percent or Rs 13 per kilogram, notification issued by Oil and Gas Regulatory Authority (OGRA) on Tuesday.
OGRA has imposed a levy on LPG and this imposition will make LPG expensive by 16 percent, said the spokesman of LPG Marketing Association in a statement.
KARACHI: Oil and Gas Development Company Limited (OGDC), a public listed oil and gas exploration company, has showed interest to enter into joint venture with Iranian companies.
Oil and Gas Development Company Limited (OGDC) is taking interest in areas of possible cooperation of joint ventures with Iranian National Oil Companies for any opportunity, as and when it arises, a full-fledged techno-economic evaluation will be conducted by OGDCL.
SINGAPORE: Brent crude slipped below $112 a barrel on Monday as Europe stumbled over attempts to solve the euro zone debt crisis, strengthening investor fears commodity demand growth may slow.
ISLAMABAD: World Bank has termed the economy of Pakistan, worst in the region which has been plunging down rapidly, said the recent report issued by World Bank.
According to the report, Pakistan's per capita income is decreasing and rate of unemployment is on the rise.
KARACHI: Pakistan does not have the intent to opt for another program of IMF loan as economy could bear the pressure alone to finance its budget deficit, said finance minister Dr. Hafeez Shaikh on Friday.
All government authorities including finance ministry, the State Bank of Pakistan and Planning commission jointly evaluated the position of Pakistan economy and decided not to go for fresh program of IMF.
The finance minister along with his team left for Washington to negotiate with IMF officials regarding end of the current IMF program and to brief them about the efforts taken to meet economic targets.
Finance ministry tried their best to implement all the major economic commitments but somehow they failed to introduce value added tax (VAT), limit fiscal deficit to 4.7 per cent of GDP, and bring reform in power sector, senior officials said.
KARACHI: The Pakistani rupee hit its second record low against the dollar in two days on Friday, touching 87.92 on increased import payments and pessimism about the country's economic outlook before firming to 87.75/78 at the close.
The rupee had ended Thursday's session at 87.61/66 after hitting its previous record low of 87.82.
"The rupee traded at 87.92 per dollar and there were import payments amounting to around $200 million," said a currency dealer at a foreign bank.
KARACHI: Gold rates in Pakistan moved downward on Friday in major bullion markets of the country in line with fall in the international gold markets.
Gold prices in Karachi went down by Rs 400 per tola and recorded at Rs. 60,000 per tola (11.66 grams). The price of 10 grams gold was also declined by Rs 343 to Rs. 51,428.
KARACHI: The return of ginneries and arrivals of Phutti allowed Pakistan cotton market to witness brisk trading activities on Friday.
The Karachi Cotton Association (KCA) official spot rate remained intact at Rs 7,400 while physical prices were recorded at Rs 7,450, dealers said.
KARACHI: Shell Gas (LPG) Pakistan has posted a lower profit-after-tax of Rs 50.104 million during the year ending June 30, 2011 and declared a final dividend of Rs 1 per share.
According to financial results reaching Karachi Stock Exchange (KSE) on Friday, profit-before-tax also declined to Rs 79.896 million during the period under review compared to Rs 82.897 in the same period last year.
The earning per share was slightly trimmed to Rs 2.21 against an EPS of Rs 2.22 in 2010. -APP
KARACHI: KASB Islamic Income Opportunity Fund (KIIOF) (formerly KASB Islamic Income Fund) has reported net loss of Rs 18.413 million year on year (YoY) as compared to Rs 5.021 million net profits in the previous year.
The fund's net asset value (NAV) per unit recorded at Rs 96.2502 as at June 30, 2011 as against Rs 99.3225 in the same period last year.
The company's board of management in their meeting held on Thursday, September 15, 2011 announced financial results for the year ended June 30, 2011.
KARACHI: Pakistan Petroleum Limited (PPL) confirmed here on Wednesday that it is interested to make an entry into an Exploration and Production business activities in Iran, according to the notice sent to the Karachi Stock Exchange (KSE).
The company further elaborated that it has evaluated a number of opportunities for investment in oil and gas sector of Iran and is looking for the government's assistance in acquiring working interest in prospective blocks of Iran on government to government basis on mutually agreed terms.
KARACHI: Pakistan Telecommunication Company Ltd's (PTCL) overwhelming performance in Broadband business has upgraded the rank to 4th place among the top countries enjoying extensive broadband users, said the press release issued by the company on Tuesday.
A monthly roundup of broadband penetration figures from US and elsewhere based on the findings of Nielson/Netratings has placed Pakistan fourth on its broadband ranking list for South Asia in Bandwidth report. The company has also declared 2011-2012 as "Year of the Broadband".
KARACHI: The sales of automobiles in a country witnessed a steep decline of 31 percent in month of August because of weakening demand in country as compared with the previous month of July, according to the data released by Pakistan Automotive Manufacturers Association (PAMA).
The total sales of all type of vehicles including cars, LCVs, Pickups and Jeeps were recorded at 12,117 units in the month. However, sales posted growth of 9 percent yearly mainly owing to lower sales the previous year.
SINGAPORE: Oil fell on Wednesday, pulling U.S. crude off six-week highs, as investors saw little upside from declining inventories in an environment where the euro zone debacle is taking precedence over tightening supply.
U.S. crude shed 79 cents to $89.42 a barrel after touching $90.52 on Tuesday, the highest intraday price since Aug. 4. Brent crude fell 31 cents to $111.58.
The euro zone crisis is capping gains in oil prices, said traders including Ken Hasegawa, a commodity derivatives manager at Japan's Newedge brokerage, while forecasters are lowering their demand growth outlooks for this year and next.
KARACHI: The rupee firmed on Tuesday to close at 87.42/52 to the dollar, compared with Monday's close of 87.43/53 but dealers expect pressure on the rupee due to negative sentiment surrounding the country's economic outlook.
The rupee had some support from higher remittances from Pakistanis working overseas. According to official data, remittances rose 40.45 percent to $1.31 billion in August, compared with $933.06 million in the same period last year.
The rupee hit a record low of 87.59 on Friday.
SINGAPOREL: Asian stocks, U.S. index futures and the euro fell on Wednesday as investors remained unconvinced that euro zone leaders have a coherent plan to tackle the bloc's sovereign debt problems, which many fear could trigger a new banking crisis.
Global markets have been roiled since the end of July by the twin fears of renewed recession in the United States and Europe's protracted debt woes, which have seen Greece, Ireland and Portugal forced to take bailouts and piled bond market pressure on Italy and Spain.
KARACHI: Floods triggered by monsoon rains crippled Pakistan's biggest city and commercial hub of Karachi on Tuesday, with few people able to make it to work or school, officials said.
Pakistan, regarded as one of the world's most unstable countries, is haunted by memories of last year's epic floods, which brought widespread criticism of the government because of its slow response.
Over 800,000 families remain without permanent shelter from last year's country-wide floods, aid groups say, and more than a million need food assistance.
SINGAPORE: Asian stocks slid on Monday and the euro sank to a 10-year low against the yen, after the resignation of a top German European Central Bank board member cast further doubt on the region's ability to tackle its worsening sovereign debt crisis.
Oil and copper prices fell and the dollar gained broadly as worries about the euro zone's woes combined with fears about the flagging world growth to ensure no let-up in the gloom that has gripped global markets for much of the past six weeks.
"People are quite nervous about Greece and other countries in the European area, so that is why investors are escaping to the dollar," said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd. "It's risk aversion."
Juergen Stark's resignation from the ECB's board underscored the internal divisions over its bond-buying programme -- one of the central bank's main weapons in fighting the debt crisis by forcing down yields of country's under pressure from the bond markets.
SINGAPORE: Gold fell further on Monday after posting its worst closing since June last week but bargain hunters could cushion the fall, while escalating worries about Europe's ability to resolve its debt crisis sent bullion-priced in euro to record.
Fears about a Greek default rose after senior politicians in German Chancellor Angela Merkel's centre-right coalition started talking openly about it following Juergen Stark's surprise departure at the European Central Bank last week.
Spot gold eased $8.87 to $1,848.29 an ounce by 0233 GMT, well below a lifetime high around $1,920 struck last week, with speculators still cashing in on the metal to cover losses in equities.
SINGAPORE: Oil fell by more than $1 on Monday as the dollar strengthened and investors shunned commodity risk because of Europe's deepening sovereign debt crisis, while economic gloom dampened the outlook for energy use.
Brent crude fell as much as $1.12 to $111.65 a barrel and was down by 0.8 percent at $111.90 by 0414 GMT, while U.S. crude slid $1.08 to $86.16. The dollar rose about 0.4 percent against a basket of currencies.
Risk aversion erased about 3 percent of Brent's value in the previous two sessions on speculation Greece would default, while G7 finance ministers pledged a coordinated response on Friday to the global economic slowdown, but offered no specific steps and differed in emphasis on Europe's debt crisis.
SINGAPORE: Asian stocks slid on Monday and the euro sank to a 10-year low against the yen, after the resignation of a top German European Central Bank board member cast further doubt on the region's ability to tackle its worsening sovereign debt crisis.
Oil and copper prices fell and the dollar gained broadly as worries about the euro zone's woes combined with fears about the flagging world growth to ensure no let-up in the gloom that has gripped global markets for much of the past six weeks.
"People are quite nervous about Greece and other countries in the European area, so that is why investors are escaping to the dollar," said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd. "It's risk aversion."
KARACHI: The Halal stocks KMI-30 share index went up by 373.02 points or 1.86 percent during the week.
KMI-30 Index closed at the level of 20,434.92 as compared to last week's closing level of 20,061.90 points. The overall 103 Halal Stocks recorded average daily volumes of 25.635 million shares as compared to 6.677 million shares in the previous week.
Improved city conditions build confidence of investors and healthy results announcement by Attock group brought positive momentum in the market. Foreign portfolio inflows of $1.7 million supported the market to close in green zone.
DG Khan Cement (DGKC) earnings declined by 27% in fiscal 2011. Chemical and oil and gas sector performed well during the week as chemical stocks gained 2.7 percent.
KARACHI: Agriauto Industries Ltd has reported increase in Net Profit after Tax (NPAT) of the company to Rs 438 million against Rs 394 million in the same period last year, according to a notice sent to the Karachi Stock Exchange on Monday.
The Board of Directors of Agriauto Industries Ltd met on Friday to review the company's financial and operating performance for the year ended June 30, 2011.
The Earnings per share (EPS) of the company also rose to Rs 15.24 as compared to Rs 13.69 recorded in preceding year.
KARACHI: The board of directors of Pakistan Oilfields Limited (POL) has announced final cash dividend of Rs 25 per share i.e. 250 percent for the year ended on June 30, 2011, according to a notice sent to Karachi Stock Exchange (KSE) on Monday.
The announced dividend is in addition to the interim cash dividend of Rs 10 per share thus making a total cash dividend of Rs 35 per share.
The net profit after tax (NPAT) of company grew by 45 percent to Rs 10,815.01 million against Rs 7,436.76 million recorded last year.
Resultantly, the Earnings per share (EPS) for the year stood at Rs 45.72 as compared to Rs 31.44 last year.
KARACHI: Pak Oilfields Limited (POL) is scheduled to announce its financial result for the year 2011 on Sunday September 11.
The sales turnover and profit margin of the company is expected to remain on higher side on account of higher crude oil prices and improved oil & gas production mainly from Manzalai. Along with that, other income of the company is also projected to increase mainly at the back of higher dividend income from associated companies i.e. National Refinery Limited (NRL) and Attock Petroleum Limited (APL).
Followings are the market opinions for upcoming PPO`s results.
HONG KONG/SINGAPORE: Asian stocks edged up on Friday as Chinese consumer price data soothed fears over inflationary pressures building in the world's No.2 economy, but the mood was cautious after Western central banks failed to offer any fresh stimulus plans to revive their sputtering economies.
The dollar eased against a basket of currencies and U.S. Treasuries slipped as markets reacted coolly to a $447 billion jobs package plan from U.S. President Barack Obama, who faces a fierce battle to win over Republicans which could revive fears of political paralysis inWashington.
Global markets have been dominated in recent weeks by fears of a U.S. relapse into recession and Europe's snowballing debt crisis. Citigroup analyst Jonathan Stubbs said in a note on Friday that "recession appears to be a more likely outcome now in Europe and/or the U.S. than 3-6 months ago".
Worries about the darkening outlook for the developed world prompted Asian central banks including South Korea and Indonesia to hold interest rates steady on Thursday, following similar moves by Australia,Canada, Japan and Sweden this week.
KARACHI: The gold rates in Pakistan eased further on Thursday in major bullion market of the country.
Gold prices in Karachi dropped by Rs 200 per tola and recorded at Rs 60,600 per tola (11.66 grams). The price of 10 grams gold was declined by Rs 172 to Rs 51,942.
On the other hand, silver price was recorded at Rs 1,330 per tola.
In International market, Gold prices bounced back more than 1 percent on Thursday and recorded at $1,832 per ounce, boosted by bargain-hunters after the previous session's fall of 3 percent, ahead of a speech by U.S President Barack Obama that could allay recession fears.
The London gold price fixing rates were recorded at $1855.
SINGAPORE: Brent crude oil edged up towards $115 a barrel on Friday, after falling more than a dollar in the previous session, supported by storm threats and uncertainty about U.S. President Barack Obama's latest plan to revive the world's largest economy.
Brent for October delivery was on track for a weekly gain of more than 2 percent, trading up 27 cents at $114.82 a barrel by 0505 GMT.
U.S. crude oil nudged four cents higher to $89.09 a barrel and was set for a gain of more than 3 percent this week.
Concerns over economic growth and tepid demand for oil remain the main pressure points for the oil markets, offsetting bullish sentiment from Libya's civil war, hurricanes and a battered U.S. dollar.
"The question for the oil market is demand destruction and how confident the consumer is, both of which are very uncertain," said Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong.
WASHINGTON: President Barack Obama's jobs package could lift economic growth by one to three percentage points in 2012, add well over one million jobs and lower the unemployment rate by at least half a percentage point, judging by early estimates.
It might not exactly deliver the "jolt" Obama claimed in his speech to Congress Thursday night, but it would be enough to make a difference.
The basic idea is to give a sufficient boost to get the stalled recovery over the hump where households, banks and businesses have paid down more of their debt loads and regained the confidence to start spending, lending and hiring again.
Once demand picks up, the private sector will kick in and begin hiring, and the fiscal props can fall away.
It would deliver the economic medicine prescribed in recent weeks by Federal Reserve Chairman Ben Bernanke and the International Monetary Fund to prevent a worrisome slowdown in global economic growth from turning into recession.
KARACHI: Gold rates in Pakistan are on the lower side on Wednesday for the second consecutive day in line with a fall in international gold market.
Gold prices in Karachi dropped by Rs 1200 per tola and recorded at Rs. 60,800 per tola (11.66 grams). The price of 10 grams gold was also declined by Rs 1028 to Rs. 52,114.
On the other hand, silver price also eased down and recorded at Rs. 1,140 per 10 gram.
KARACHI: Brisk buying activities witnessed at Pakistan cotton market which pushed cotton prices up on Wednesday.
The Karachi Cotton Association (KCA) official spot rate increased by Rs 200 to Rs 6,500 on, dealers said.
In international market, New York cotton increased by 4 cents per lb traded at 110.34 cents per lb on Wednesday as compared to 106.34 cents per lb on Tuesday. This resulted because of recovery in global commodities and markets which pushed up the prices in the international market.
ISLAMABAD: Pakistan has been ranked at 118th position in the Global Competitiveness Report, showing improvement in the position of the country as compared to the last year's placement at 123th number.
Switzerland tops the overall rankings in the Global Competitiveness Report 2011-2012, released on Wednesday by the World Economic Forum, Pakistan (118th) partially bounces back from last year's significant drop in ranks of (123).
Yet, in several categories, it still requires improvements in performance among the developing Asia region, the report said.
Pakistan particularly needs to concentrate on the most basic areas of competitiveness, namely institutions (107th), infrastructure (115th), health and primary education (121st), and the macroeconomic environment (138th).
SINGAPORE: Gold prices rebounded more than 1 percent on Thursday following a drop of 3 percent in the previous session, as sharply lower prices attracted bargain hunters, but improved risk appetite is likely to cap gains.
Spot gold rose as much as 1.5 percent to $1,842.89 an ounce after its most volatile day in two weeks, with a trading band of more than $80. It had pared some gains to $1,830.72 by 0410 GMT.
The most-active U.S. gold futures contract rose 1.6 percent to $1,846.6, before easing to $1,833.80.
"Some investors, speculators and physical buyers have shown a lot of buying interest at current prices, as they are much lower compared to a few days ago," said a dealer at a Tokyo-based bullion house.
KARACHI: Hub Power Company Limited (HUBCO), the largest power station of Pakistan, has declared a final cash dividend of Rs 3.00 per share (30 percent) to its shareholders for the year ended June 30, 2011, mentioned in a notice issued by the company to Karachi Stock exchange.
The board of directors of the company met on Thursday to approve financial information of the company for the year ended June 30, 2011.
Announced dividend is in addition to interim dividend already paid in April, 2011 at Rs 2.50 per share (25 percent).
HUBCO net sales surged by 23.69 percent year on year (YoY) to Rs 123.309 billion during the financial year 2011 (FY11) as against Rs 99.694 billion in the same period last year. Increase in sale turnover is due to higher load factor, hike in its tariff and higher indexation factor due to Pak rupee depreciation and inflation.
KARACHI: Hub Power Company (HUBCO), the largest power station of Pakistan, is scheduled to announce its financial results for the year 2011 on Thursday.
Income from Narowal is expected to be booked at old tariff which was notified prior to COD of plant by NEPRA which is expected to keep the margins under pressure. It is worth mentioning that HUBCO Narowal's revised reference tariff at COD is yet to be approved by NEPRA. The company is in a better state in the quagmire of circular debt in which all major stakeholders are finding some trouble. Pepco has recently delayed payment to some Independent Power Producers (IPPs) and this could be a concern for the company's liquidity position going ahead.
Following are the market opinions about the financial performance of the company.
KARACHI: The Board of Directors of DGK Cement (DGKC) met on Wednesday to review the company's financial and operating performance for the year ended June 30, 2011.
The Net Profit after Tax (NPAT) of the company declined by 27 percent and recorded at Rs 170.96 million as compared to Rs 233.02 million recorded in same period last year, according to the notice issued by company to Karachi Stock Exchange (KSE).
The Earnings per share (EPS) of the company stood at Rs 0.45 as compared to Rs 0.7 recorded in preceding year. Moreover, the company has not announced any payout in form of dividend or bonus shares for shareholders.
The sales turnover of the company was recorded at 18,577.19 million during the financial year registering a growth of 14 percent at the back of higher cement prices in the country and improvement in export sales particularly to Afghanistan.
SINGAPORE: Brent crude rose above $113 a barrel for the second consecutive day on Wednesday on expectations of lower U.S. crude stockpiles after a storm disrupted production in the Gulf of Mexico.
A Reuters poll ahead of the weekly inventory report from the U.S. Energy Information Administration showed an average forecast for a drop of 1.9 million barrels in the week to Sept. 2.
Tropical Storm Lee, which made landfall over the weekend, was also expected to have disrupted imports, adding to the impact of Hurricane Irene, which forced closure of several oil hubs on the U.S. East Coast the previous weekend.
Front-month Brent gained 47 cents to $113.36 a barrel by 0327 GMT, after settling up $2.81 on Tuesday. U.S. crude was trading at $86.44 a barrel, up 42 cents.
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Non-Banking Financial Companies (NBFC) and Notified Entities Regulations, 2008.
The SECP held detailed consultative sessions, especially with the Mutual Funds Association of Pakistan (MUFAP) and trustees of the mutual funds as key stakeholders.
As part of its continuous efforts for development of the capital markets, and mutual funds in particular, the amendments are aimed at strengthening the existing regulatory framework as well as extend operational flexibility to fund managers.
It is an important step forward for a more conducive regulatory framework to fuel growth of the mutual funds industry, said a statement issued here on Tuesday.
KARACHI: Meezan Bank, has entered into a Money Remittance Agreement with Ria Financial services, a wholly owned subsidiary of Euronet Worldwide, Inc.
This was announced in a statement issued here on Tuesday. It said that Ria Financial Services was founded in 1987 and today is recognised as the third largest money transfer company in the world, with a global agent network of 100,000 locations in over 130 countries on five continents.
ISLAMABAD: The Sensitive Price Indicator (SPI), for the lowest income group up to Rs.3, 000 has registered an increase of 0.9 percent for the week ended on August 30 over the previous week.
The SPI for the lowest income group earning was recorded at 314.44 points as against of 311.65 points, according to the latest data of Federal Bureau of Statistics (FBS).
The SPI for the combined group registered a gain of 0.9 percent as it went up from 304.83 points in the previous week to 307.58 points in the week under review. As compared to the corresponding week of last year, the SPI for the combined group in the week under review witnessed increase of 16.33 percent over the corresponding period last year.
ISLAMABAD: Member Science and Technology and Planning Commission Dr Samar Mubarakmand on Tuesday informed the National Assembly's Committee on Petroleum and Natural Resources that the first test burn of the underground coal gasification (UCG) at Thar is likely to be conducted in September.
The committee, which met here under the chairmanship of Sardar Talib Hussain Nakai, was told that the UCG project would cost $115.6 million and generate 100 megawatts (MW) of electricity.
Mubarakmand said that $9.22 million had been released so far for the project, adding that $8.1 million was allocated under the Public Sector Development Programme (PSDP) 2011-12.
"The current energy crisis is causing a loss of Rs 230 billion every year with the loss of 400,000 jobs," he said.
KARACHI: Pakistan cotton prices increased sharply on back of active buying as mills hold their positions to fulfill their demands.
The Karachi Cotton Association (KCA) official spot rate increased by Rs 300 to Rs 6,300 on Tuesday, dealers said.
In international cotton market, New York cotton increased by 0.45 cents per lb traded at 106.34 cents per lb on Tuesday as compared to 105.89 cents per lb on Monday. This resulted because of recovery in global markets which provided a support and pushed the prices up in the international market.
The rates of seed cotton in Sindh were Rs 2,300 and 2,600, while in Punjab, cotton rates were Rs 2,300 and Rs 2,800, dealers said. In ready business, around 9,000 bales of raw cotton were traded between Rs 6,200 and Rs 6,800 per maund during the session.
International Commodities Rates | |
| Cotton cents/lb | 106.34 |
| Crude Oil (WTI)$/bbl | 86.45 |
| Gold $/ozs | 1,873.10 |
| Copper Cent/pound | 406.60 |
| Wheat USD/bushel | 760.00 |
| Malaysian Palm Oil | 1,120.00 |
| Sugar NO. 11 cents/pound | 28.29 |
