Economic Review articles from February 2003

Economic Review archives from February 2003

New report analyses key trends in Titanium Minerals and Pigments industry worldwide. (Press Release).
February 1, 2003... A new report from market analyst Roskillsays that the fastest-growing market for [TiO.sub.2] during the 1990s was plastics, with a growth rate of between 5% and 6% py. The Economics of Titanium Minerals & Pigments (3rd edition, 2003), forecasts...

Cut in return on savings schemes: (this paper was originally prepared for a seminar on January 16, 2003 arranged by Pakistan press foundation in Karachi). (Editorial).
February 1, 2003... The recent cut in return on national savings schemes is in the news and is being widely debated. Interest rate reduction is a global phenomenon, LIBOR is currently ranging between 1 to 1.5 per cent as against 5 to 5.5 percent about two...

Human cloning: - in the name of science.
February 1, 2003... If the Raelians have it their way, you will be watching this spot on primetime TV not more than 20 years from now. In case you have not heard, CLONAID is the commercial (industrial sounds too ghastly) offshoot of the sect that believes in...

New power policy: - a comparative study.(Pakistan)
February 1, 2003... The main objective of the power policy announced recently, include, providing sufficient capacity for powergeneration at least cost; exploitation of indigenous resources including local manufacturing capabilities, and safeguarding the...

Automobile sector.(Pakistan)(Industry Overview)
February 1, 2003... SEL under administrative control of Federal Industry and Production Ministry, was incorporated in 1963 as an engineering based industry under the title of Wazir Ali Engineering. It was nationalised in 1972 under the economic reforms orders and...

Export of tobacco and its products from Pakistan.
February 1, 2003... Complexities of export of tobacco and its manufactures are well known. Peculiar feature of tobacco trade is that USA, being an important exporter of unmanufactured tobacco, is the leading importer of tobacco needed for blending purposes....

Coal-based power plants.(Pakistan)
February 1, 2003... The government has announced the policy for power generation projects that lays emphasis on promotion indigenous fuels and developing renewable sources of energy. Coal is considered a significant low cost alternative to other fuels....

Oil and gas production and development.(Pakistan)(Industry Overview)(Cover Story)
February 1, 2003... Overview The total contribution of electricity and gas distribution in GDP during 2001-02 was 3.6 per cent. Separately oil and gas are not indicated in the official documents but their contribution is estimated at around 1 per cent. The...

Oil & gas pricing policy.(Pakistan)
February 1, 2003... The finance ministry, he said, did not help WAPDA recover Rs. 32 billion from public sector institutions as compared to Rs. 20 billion in the same period last year. He says while the public sector institutions have to pay Rs. 32 billion to...

Who's who in oil & gas sector in Pakistan.
February 1, 2003... Arshad Nasar became the First Pakistani Country Head of Caltex Oil (Pakistan) Ltd. when he was appointed Managing Director of the company in 1998. He joined Caltex Pakistan in early 1968 and has been holding positions of increasing...

Performance of oil & gas sector (2001-02).
February 1, 2003... Oil and Gas Companies on KSE - 2002 There were eight companies in the list of KSE in 2002, almost equally divided in oil and gas. The total paid up capital of these companies stood at Rs.15,565 million in 2002, pretax profit at Rs.21 577...

Oil and gas exploration and discoveries.(Pakistan)
February 1, 2003... Over 25 oil companies of which 21 are multinational are presently exploiting reserves. The government has issued over 100 licenses for exploration of around 28,000 sq. km. Over the last couple of years, the pace of exploration and discoveries...

Opportunities in oil & gas sector.(Industry Overview)
February 1, 2003... Oil & gas, one of the vibrant sectors, achieved very high level of growth in a few years. Strategically located at the foot of Central Asia, Pakistan offers great opportunity for them and has an estimated resource potential of 200 trillion...

Engro announces full year 2003 results. (Press Release).
February 1, 2003... The Board of Directors of Engro Chemical Pakistan Limited met on January 29, 2003 to review the full year 2003 business results of the Company. The salient features of the audited results are as follows: Full...

Attacks on gas installations.
February 1, 2003... The recent series of explosions in Sui and Rajanpur caused disruption of gas supplies to many parts of the Central and Northern Pakistan, besides losses to the public assets. During the tribal clashes, the gas installations, pipelines and power...

Pakistan Oil, Gas & Energy Exhibition.(March 4-7, 2003)
February 1, 2003... 4-7 March, 2003 Karachi Expo Centre - Pakistan Industrial development and Pakistan's ideal geographical location at the cross roads of Central Asia and the Arabian Sea has brought into focus Pakistan's potential as an attractive market...

Pakistan Oilfields Limited. (Company Profile).
February 1, 2003... Pakistan Oilfields Limited (POL) commenced business in June 1952. It is listed on all three stocks exchanges of the country and its shares are eligible for transaction through Central Depository System (CDS). History and Objectives: POL is...

Attock Refinery Limited. (Company Profile).
February 1, 2003... The import parity pricing formula as regulated by the Government continue to govern the profitability of the Company whereby it is entitled to a minimum of 10% and maximum of 40% return net of tax on its paid-up capital from refinery operations...

Mari Gas Company Limited. (Company Profile).
February 1, 2003... Earlier Marl Gas Company Limited announced financial figures for the six months ended December 31, 2002, posting after tax profit of Rs.475.6 million, which was over six times the taxed profit of Rs.70.2 million earned in the corresponding...

Japan's fighting recession. (International Round-up: Gleanings from the Press).(Japan unemployment rate increases)(Brief Article)
February 1, 2003... Japan's unemployment rate jumped back to a post-war high of 5.5% in December, piling pressure on the Prime Minister as he laid out to Parliament his plan to dig the. economy out of its rut. Deflation is keeping its grip on the economy as...

India revises GDP growth estimates. (International Round-up: Gleanings from the Press).(Brief Article)
February 1, 2003... India has revised its GDP growth estimate for 2001-02 to 5.6% from an earlier estimate of 5.4%. Farm sector output grew 5.7% in 200l-02 compared with a fall of 0.4% in the previous year. The manufacturing sector grew by an estimated 3.4%...

Indian exports surge 34% in December. (International Round-up: Gleanings from the Press).(Brief Article)
February 1, 2003... Indian exports rose a record 34% in December over the same month in 2001 helped by sales to the US and EU which account for about half of total exports. Exports were valued at $4.36 billion in December 2002 against $3.25 billion in December...

US airlines want government help in case of Iraq war. (International Round-up: Gleanings from the Press).(trying to relieve cost pressures and cut taxes)(Brief Article)
February 1, 2003... The US airline industry, worried that a war with Iraq could trigger more bankruptcies said on January 31 it was forming a plan to present to Congress and Bush administration for easing cost pressures caused by taxes and rising fuel costs. ...

US budget boosts military, brings record deficits. (International Round-up: Gleanings from the Press).
February 1, 2003... President Bush on February 3 sent Congress a $2.23 trillion budget for next year that would expand the military, slash taxes for investors and overhaul government-subsidized health care, racking up record deficits even without cost of a...

India to help TCID achieve $50 billion export target. (International Round-up: Gleanings from the Press).(textile centres infrastructure development scheme)(Brief Article)
February 1, 2003... Indian government has announced 100% assistance to the textile centres infrastructure development scheme (TCID) to achieve $50 billion export target by 2010. The assistance was aimed at removing bottlenecks in the exports to achieve the...

BOE cuts rates to 48-year low. (International Round-up: Gleanings from the Press).(Bank of England cuts interest rates)(Brief Article)
February 1, 2003... The Bank of England stunned financial markets on February 6, by cutting British interest rates to 3.75%, their lowest level for almost half a century, citing fears of weakening global and domestic demand. The decision came as a relief to...

Growth to cut US deficits. (International Round-up: Gleanings from the Press).(according to U.S. president George W. Bush)(Brief Article)
February 1, 2003... President Bush said on February 7 the best way to get the US budget back into balance is to boost economic growth and to control spending. He added while unemployment had fallen to 5.7% in January from 6% in December that was inadequate.

US Blue chips hit by war worries. (International Round-up: Gleanings from the Press).(information technology stocks decrease)(Brief Article)
February 1, 2003... Blue chips sagged and technology stocks ended flat on February 7 as nagging worries about the outlook for the economy, soggy corporate profits and the threat of war weighed on investor sentiment Weak forecasts from companies and a surprisingly...

Energy thirsty Asia starts to feel oil price shock. (International Round-up: Gleanings from the Press).(Asian oil prices rise)(Brief Article)
February 1, 2003... To paraphrase President George Bush, the climb in oil prices is the re-run of a bad movie that Asian economic policy makers would rather not watch. As was the case during past oil shock, the price surge induced by the spectre of war...

Indian government vows to reform farm procurement policy. (International Round-up: Gleanings from the Press).(Brief Article)
February 1, 2003... Indian government burdened by huge stocks of grain, formally promised on February 17 to overhaul its farm procurement policy and raised prospects that the country might at last alter its decades-old subsidy system. "There is an urgent need...

US trade gaps in December and 2002 hit record highs. (International Round-up: Gleanings from the Press).(trade deficit rises)(Brief Article)
February 1, 2003... The US trade deficit unexpectedly jumped 10.6% in December to a record $44.2 billion, as the ravenous US demand for imports grew and exports slumped. The monthly trade gap far exceeded the average .estimate of $38.8 billion by analysts and...

Bush warns growth depends on tax cut. (International Round-up: Gleanings from the Press).(U.S. president George W. Bush)(Brief Article)
February 1, 2003... US President Bush said on February 20, failure to pass his $695 billion tax cut plan could make the economy grow more slowly than expected. "If Congress does not act there is a risk we won't have economic viability," Bush said.

China, India sign pact to offer lower tariffs. (International Round-up: Gleanings from the Press).(Brief Article)
February 1, 2003... China and India signed an agreement on February 22 allowing the two countries to lower trade tariffs between them. The agreement, signed in Beijing, will enable the two countries enjoy tariff rates lower than those they offer under the "most...

India asked to open foreign investment doors. (International Round-up: Gleanings from the Press).(Brief Article)
February 1, 2003... An Indian ministerial panel urged the government to raise foreign direct investment caps in a host of sectors including telecoms, petroleum and civil aviation as part of a move to liberalise the economy. India, Asia's third largest...

International commodity prices.
February 1, 2003... International Commodity Prices. International commodity prices quoted in London are as given below:- January 24, February 28, (%) Commodity 2003 2003 ...

Rupee maintains stability. (Currency Market).(rupee stability compared with U.S. dollar)
February 1, 2003... February, like the preceding months, saw stability in the value of rupee vis-a-vis US dollar. In the inter-bank market, the dollar fell by 9 paisa in both buying and selling. On the other hand, in the kerb market the dollar rose by 2 paisa in...

Price situation.(commodity industry sales)
February 1, 2003... (February 2003) The Karachi wholesale commodity markets showed firm trend during February as supply position remained under pressure because of decline in arrivals from the up-country trading centres as well as imports. Noticeable...

Bears tighten the grip. (Stock Market).(U.S. stock market results)
February 1, 2003... February witnessed bearish trend in the stock market after reachig the peak on January 20, when the KSE-100 index touched 2,920.63 as the market could not solidify the gains in the following weeks. In February, the index plummeted from 2,471.49...

Pharmaceutical companies allowed duty drawback facility. (Corporate Briefs).(government regulations)(Brief Article)
February 1, 2003... Taking a major step to boost the export of pharmaceutical products, the government on January 31, announced duty drawback facility for all local and multinational pharmaceutical companies through standardisation to provide level playing field...

Hubco posts Rs. 2.88 billion profit in 6 months. (Corporate Briefs).(Hub Power Co.)(Brief Article)
February 1, 2003... Hub Power Co. on February 6, announced the financial results for the six months ended December 31, 2002 and the power plant was run at a load factor of 32 per cent generating 858 Gwh of electricity. This was due to the country having better...

Net NPLs down to Rs. 257.97 billion. (Corporate Briefs).(loans down)(Brief Article)
February 1, 2003... The total net non-performing loans have reduced from Rs. 266.58 billion to Rs. 257.97 billion, a decline of Rs. 8.61. billion from June 2001 to June 2002.

Pak Suzuki asked to ensure timely delivery cut prices. (Corporate Briefs).(Brief Article)
February 1, 2003... Minister for Industries and Production, Liaquat Jatoi has asked the management of Pak Suzuki Motors to cut down the prices of vehicles and ensure on time delivery of booked vehicles to the customers. Jatoi appreciated Pak Suzuki for enhancing...

Urea consumption up 5% in 2002. (Corporate Briefs).(Brief Article)
February 1, 2003... Urea consumption during 2002 recorded an improvement of 5% as farmers bought more fertilizer compared with previous year on account of better water supply after getting good rains. After having gone through a stagnant phase during the last...

Vital statistics at a glance.(Brief Article)
February 1, 2003... Vital Statistics at a Glance January December Companies Listed on KSE (Nos.) 709 709 Paid-up Capital (Rs. billion) 292.411 291.315 Aggregate...

MCB profits higher by 48%. (Corporate Briefs).(Brief Article)
February 1, 2003... MCB announced 50 per cent (25% cash + 25% bonus) payout for the year 2002, definitely rare phenomenon in the local banking scene. President informed the Board that the bank earned Rs. 3.2 billion before tax profit in 2002, i.e. Rs. 1 billion...

PIA TFCs oversubscribed by 40%. (Corporate Briefs).(Brief Article)
February 1, 2003... PIA Term Finance Certificates have been oversubscribed by 40%. Against an issue size of Rs. 15.14 billion, commitments of Rs. 21 billion have been received. PIA Chairman described it as the "Largest Term Finance Certificates issued by a...

35% ghee units closed due to heavy taxation. (Corporate Briefs).(Brief Article)
February 1, 2003... Of total 89 vegetable ghee and cooking oil units working in the organised sector, 35% have pulled down their shutters and the remaining are fighting for their existence. The reason of the pathetic condition of this industry as given by Pakistan...

Deal signed for feasibility study of Thar Coal. (Corporate Briefs).(Brief Article)
February 1, 2003... An agreement for carrying out bankable feasibility study of vast Thar coal reserves was signed with Reheinbraun Engineering, a German company at Karachi on February 15. The chief minister, Sindh, was informed that there are some 173 billion...

Staple fibre prices increased by 16%. (Corporate Briefs).(Brief Article)
February 1, 2003... The local manufacturers of polyester staple fibre have increased their price by 16%, which is the largest single increase in the history of textile industry. The new price of the fibre is Rs. 70 per kg against Rs. 63 previously. The sudden...

Textile mill-owners slam fibre price hike. (Corporate Briefs).(Brief Article)
February 1, 2003... The latest price hike in polyester staple fibre has hammered the textile industry and would cause serious loss on exports front, warned the textile millers. The fibre manufacturers have increased the prices by 11.1% on February 15 as the prices...

July-January FDI up 163.6%. (Corporate Briefs).(Brief Article)
February 1, 2003... The inflow of Foreign Direct Investment (FDI) during the first seven months of current fiscal year July-January has exhibited an increase of 163.6% over the corresponding last year. The inflow of FDI during the period is $593.5 million whereas...

Pending PSO issues may damage financial evaluation. (Corporate Briefs).(Brief Article)
February 1, 2003... The outstanding issues of PSO which need to be settled before the oil giant is sold to the investors is likely to damage the financial evaluation of the company. These outstanding issues include the receivables of the PSO from WAPDA and KESC...

July-January remittances rise by over 117%. (Corporate Briefs).(Brief Article)
February 1, 2003... Continued record-high remittances have marked further increase of over 117% in the seven months of 2002-03 compared with the corresponding period of last year. In the first seven months July-January, the amount of remittances was recorded as...

Duty drawback rates on 11 textile items halved. (Corporate Briefs).(Brief Article)
February 1, 2003... The CBR has made steep reduction of over 50% in the duty drawback rates on the export of 11 major textile products including blended fabrics from February 18, 2003 Sources said that the CBR would also slash duty drawback rates of other textile...

Leasing business gives impetus to production, sale of cars. (Corporate Briefs).(Brief Article)
February 1, 2003... According to official figures, the total car production during the period July-December 2002 touched the figure of 25,531 units of all brands while sale stood at 24,932 vehicles. The total production of buses and trucks was 1,577 and sale was...

7 large scale industries show positive shift. (Corporate Briefs).(Brief Article)
February 1, 2003... A major positive shift in seven large scale manufacturing industries including textile, food, beverages and tobacco engineering, paper and board, nonmetallic minerals, automobiles and electronics has been observed in the first six months of...

PTCL profits register 16.5% growth. (Corporate Briefs).(Brief Article)
February 1, 2003... The profits of PTCL has shown a growth of 16.5% in the six months ending December 31, 2002. The profit amounted to Rs. 9.9 billion against a profit of Rs. 8.5 billion during the corresponding of last year.

Bangladesh slashes import duty on rice. (Corporate Briefs).(Brief Article)
February 1, 2003... Bangladesh has slashed import duty on rice from 29% to 7.5%, allowing Pakistan to take due share in its rice market.

SNGPL, SSGC, FFC-Jordan declare profits. (Corporate Briefs).(Brief Article)
February 1, 2003... Sui Southern Gas posted a profit of Rs. 605 million, Sui Northern Gas Rs. 956 million and FFC-Jordan Rs. 1.13 billion in the six months ending December 31, 2002.

ICI profits rise by Rs. 1.287 billion. (Corporate Briefs).(Brief Article)
February 1, 2003... ICI Pakistan Ltd. profit recorded an increment of Rs. 1.287 billion in 2002, against Rs. 567 million last year.

Cement makers trying to form cartel. (Corporate Briefs).(Brief Article)
February 1, 2003... Cement manufacturers are making desperate efforts to again form a cartel. Though they believe it is the only available channel to protect the industry but the consumers who have opinion otherwise say such tactics were basically meant for a...

Yarn price hike hits export contracts. (Corporate Briefs).(Brief Article)
February 1, 2003... Export contracts worth millions of dollars are in jeopardy owing to sudden hike in yarn price in the domestic market. There are fears that many exporters may run into default and lose their market in coming months if no immediate action is...

Export loans become cheaper. (Corporate Briefs).(Brief Article)
February 1, 2003... Exporters will get export loans at a maximum 5% in March 2003 as the State Bank has lowered its export refinance by another half a percentage point to 3.5%.