Economic Review articles from July 2002

Economic Review archives from July 2002

Liberalization of trade: -- The alliance between government and business. (Press Release).
July 1, 2002... Throughout history trade has played a major role in spreading new faiths and cultures, and today free trade is playing a decisive role in changing the nature of political structures in developing countries. Liberalizing trade does not only...

An appraisal of trade policy (2002-03). (Editorial).
July 1, 2002... The new trade policy for 2002-03, announced by Commerce Minister Abdul Razzak Dawood on July 22, fixed export target at $10.4 billion, which has remained elusive for years. Import is projected a $11.1 billion, slashing the trade deficit to $700...

Globalization: Recipe or bane? This research paper has been prepared in two parts: one dealing with overall globalization and its ramifications and the other concerns Pakistan. (Cover Story).
July 1, 2002... In the changed environment of globalization, there is no room for rent seekers. Industrial magnates used to skim off entire capital within a very short period after investing only 20 to 25 per cent of equity, ending in huge non-performing loans...

Horticultural production to boost exports.
July 1, 2002... Abstract This article looks at one of the solutions identified by economic managers of the country to alleviate trade deficit of Pakistan. On being coaxed by President Musharraf to boost exports the Export Promotion Bureau has unfolded a...

Pakistan's water resources: -- problems and remedies.
July 1, 2002... Pakistan is largely an arid to semiarid country with an average annual rainfall of about less than 100 mm in parts of lower Indus plains to more than 750 mm in the northern foothills, against crop water requirements ranging from 1487 mm in...

Making women entrepreneurs.
July 1, 2002... The economic environment of women forms the very basis of sustainable development in a country. The strategic role of women as agents and beneficiaries of development can ensure the alleviation of poverty from a country like Pakistan, where...

Auto manufacturing: -- a boom for development.
July 1, 2002... All and sundry have these days decided to make the auto industry their favourite punching bag. In turn various misperceptions are being voiced, which at times have no basis in reality. For instance it has been opined that the domestic car...

Illusive fiscal deficit target.
July 1, 2002... The budget deficit in FY02 has gone up to 7 per cent of GOP from 5.3 per cent in the FY01, against the initial budget target of 4.9 per cent of GOP, as shown in the table. The most striking feature of the budget statistics perhaps, is that...

Political economy of Pak investment drought.
July 1, 2002... In the case of Pakistan a number of political and institutional fault lines have contributed to declining investment. The issue of trust is foremost. Policy decisions soon after the nuclear tests have eroded this trust considerably at the macro...

An overview of tobacco crop 2002.
July 1, 2002... The Board has kept close watch over the tobacco marketing operations lions through visiting of its Senior Officers on daily basis and Governor's Inspection Teams in NWFP and also receipt of information on tobacco purchases/prices from the...

US consumer sentiment rises. (Gleanings from the Press).
July 1, 2002... US consumer sentiments rose in May to its highest level in one and a half years as a steadily improving and a measure of calm in the Mideast helped lift consumers' assessment of the present and future hopes. The University of Michigan said...

Moody's cuts Japan long-term credit rating. (Gleanings from the Press).
July 1, 2002... Brushing aside government protests and signs Japan's economy is on the mend, Moody's Investors Service on May 31 cut Japan's long-term credit rating by a bigger-than-expected two notches, citing debt levels it said were unprecedented in the...

Dollar tumbles, worries about US, Wall Street mount. (Gleanings from the Press).
July 1, 2002... Concerns about the prospects for the US economic recovery and losses in Wall Street stocks slammed the dollar down to 15-month lows against the euro and six-month lows against the yen on May 30. The dollar shed more than one full percent to...

India's forex Reserves up. (Gleanings from the Press).
July 1, 2002... The Reserves Bank of India released data showing reserves rose by $242 million to a record $55.815 billion in the week ended May 24, boosted by foreign currency inflows believed to be for a local auto firm. Currency traders said they believed...

India's exports up. (Gleanings from the Press).
July 1, 2002... Indian exports grew a cracking 18 per cent year-on-year in April on increased demand from its key markets, Europe and United States. Figures released by Commerce and Industry. Ministry showed exports in April, the first month of the current...

South Korea exports rise. (Gleanings from the Press).
July 1, 2002... South Korea's May exports rose sharply from a year ago on brisk sales of wireless telecom equipment and electronics and the trend is expected to continue in June, the commerce industry said on June 1. Exports rose 7.8 per cent in May from a...

India's 2002-03 cotton crop seen larger: US attache. (Gleanings from the Press).
July 1, 2002... May 2002-03 cotton production is forecast to rise slightly to about 15.4 million bales (including 900,000 bales of loose cotton). The anticipated higher yields assume a normal monsoon and reduced insect damage in northern producing areas. ...

Argentina agrees to partly lift deposit freeze. (Gleanings from the Press).
July 1, 2002... Argentine President Eduardo Duhalde agreed on May 31 to partly lift a bank deposit freeze that has been a source of public anger against the government and paralysed the economy already mired in a four-year recession.

Asian currencies uncertain on $ direction. (Gleanings from the Press).
July 1, 2002... The Asian currencies went their own way on June 3 as uncertainty over the dollar/yen direction following the recent direction by Japanese monetary authorities prompted the market to shift focuses. to local leads. The dollar/yen recouped...

Foreign investment in US falls 60%. (Gleanings from the Press).
July 1, 2002... Foreign investors shied away from the US in 2001, as direct foreign investment fell by more than 60 per cent from 2000, the Commerce Department said. Foreign direct investment to buy orestablish US businesses dropped by 60.4 per cent to...

US economic outlook not changed: Greenspan. (Gleanings from the Press).
July 1, 2002... The US Federal Reserve's outlook for the nation's economy has not changed since January and inflation remains "remarkably quiescent", Alan Greenspan said on June 4, signalling there is no rush to raise interest rates. He cautioned that the...

Global economic recovery underway: IMF. (Gleanings from the Press).
July 1, 2002... The head of IMF said on June 4 that the global economic recovery was firmly underway but that stock market will remain volatile in the coming weeks and months. Speaking in an interview, IMF's Managing Director Horst Koehler said it would...

India pushes wheat into US export markets: USDA. (Gleanings from the Press).
July 1, 2002... Though not regarded as a major US competitor, India's subsidised wheat exports are directly competing with the US wheat in many Southeast Asian and Middle Eastern markets while the Government of India plans to triple exports next year. ...

Euro hits 5-month high. (Gleanings from the Press).
July 1, 2002... The euro hit a five-month high against the yen and stayed close to its best levels against the dollar in 17-months as weaker US share prices and wariness of Japanese intervention encouraged buying of the European currency. The bullish euro...

US exempts another 46 steel products from tariff. (Gleanings from the Press).
July 1, 2002... The US has exempted another 46 foreign steel products from hefty steel tariffs George Bush imposed in March, government sources said on June 18. Earlier this month, the US exempted 61 products totalling some 136,000 tonnes from the tariffs. The...

Malaysia losing electronic trade to China. (Gleanings from the Press).
July 1, 2002... Malaysia is fast losing out to China as a production centre for electronics and should shift to more advanced activities to remain attractive destination for foreign direct investment, government officials said on June 18. The electrical...

US trade deficit hits record $35.9b in April. (Gleanings from the Press).
July 1, 2002... The US trade deficit in goods and services widened to a record $35.9 billion in April, as improved US economic growth boosted demand for imported goods, the US government said on June 20. And for the first quarter of 2002, the US current...

India to become second largest rice exporter. (Gleanings from the Press).
July 1, 2002... India is set to become he world's second largest rice exporter after Thailand due to its competitive prices, timely monsoon rains and surplus stocks, the UN's FAQ said on June 20. "Lower export prices coupled with yet another anticipated...

China's key cotton growing areas hit by rain. (Gleanings from the Press).
July 1, 2002... China's cotton crop has been hit by excessive rainfall and unusually low temperatures in key areas and may suffer further if the weather does not clear up soon, traders said on June 20. China would harvest 4.7 million tonnes this year...

USDA attache trims India 2002 wheat output estimate. (Gleanings from the Press).
July 1, 2002... The US Agriculture Departments' attache in New Delhi released on June 18 that wheat prominent is down reflecting a lower production. The government's export subsidy programme, combined with firm international prices, have made Indian rice...

India to pay inland transport for sugar exports. (Gleanings from the Press).
July 1, 2002... India, saddled with sugar stocks, will reimburse inland transportation costs to exporters of sugar to boost overseas sales, a government statement said. India, one of the world's biggest sugar producers, holds surplus stocks of around 1.5...

Indian 2001-02 GDP seen around 5.4%. (Gleanings from the Press).
July 1, 2002... India posted 5.4% economic growth for 2001-02 in figures due out on June 25, making it one of the world's fastest expanding economies, analysts said. The performance was expected to be spurred by booming farm and services sectors. In February,...

IMF approves $1.15b for Turkey. (Gleanings from the Press).
July 1, 2002... The IMF on June 28 approved a $1.15 billion loan payment for Turkey, the latest under a $16 billion package armed at helping the nation recover from a banking crisis, the worst recession since 1945 and knock on effects of the 9/11 attacks.

India's forex reserves rise to over $57b. (Gleanings from the Press).
July 1, 2002... India's foreign exchange reserves rose to $57.066 billion in the week ended June 21 from $56.524 billion at the end of the previous week, according to Reserve Bank of India.

International commodity prices.
July 1, 2002... International Commodity Prices International commodity prices quoted in London are as given below:- Commodity May 31, July 5, (%) 2002 2002 ...

Rupee remains stable. (Currency Market).
July 1, 2002... June 2002: June witnessed declining tend of greenback in both interbank and kerb market. In the inter-bank market (buying), the greenback fell by 0.2 per cent or 14 paisa and in the kerb market (buying), it fell by 0.8 per cent or 50 paisa. The...

Price situation (June 2002).
July 1, 2002... The wholesale Karachi commodity markets consolidated post-budget gains during the month. There was sufficient stock with the stockists and commercial houses. There was quiet on the markets in the absence of strong demand from the wholesalers...

Bulls in the arena. (Stock Market).
July 1, 2002... June 2002: KSE 100 index climbed 7.4 per cent during the month of June, However, the bulls dominated in the first week when the index rose 8.7 per cent after which it fell 1.2 per cent. Correspondingly the aggregate market capitalisation rose...

Pak-Saudi Fertilizer sold to FFC. (Corporate Briefs).
July 1, 2002... The Privatisation Commission has signed agreement with Fauji Fertilizer Company Ltd. (FFCL) consortium for the sale of Pak-Saudi Fertilizer Co. FFCL offered Rs.135.85 per share for 90 per cent shares (54 million) of PSFL, the highest bid...

FWB's pretax profit up from Rs.26 m to Rs.115m. (Corporate Briefs).
July 1, 2002... The First Women Bank's (FWB) net profit before tax increased from Rs.26 million to Rs.115 million and deposit mobilisation from Rs.3.4 billion to Rs.6.2 billion. Advances enhanced from Rs.604 million to Rs.833 million and all the achievements...

Sugar output up by 12.2%. (Corporate Briefs).
July 1, 2002... Sugar production in the country recorded an appreciation of 12.2 per cent by May 15, 2002 compared to the same period last year. According to Pakistan Sugar Mills Association, the output amounted to 3.22 million tonnes during the period, up...

ABN AMRO raises over Rs.7 billion acquisition finance for Fauji Fertilizer. (Corporate Briefs).
July 1, 2002... Fauji Fertilizer Ltd. made the full and final payment for the purchase of 54 million shares(represent in 90% of the outstanding share capital) of Pak Saudi Fertilizer Ltd. ABN AMRO deposited a total of 7,185.90 million on May 30 and May 31.

MCB offers highest bid of Rs.8.5 b for UBL. (Corporate Briefs).
July 1, 2002... The consortium of Muslim Commercial Bank and Associates offered the highest price of Rs.8.5 billion to buy 51 per cent stake in United Bank Limited in the open bidding on June 10. According to privatisation investor, if UBL went to MCB it...

Debt-equity swap for KESC. (Corporate Briefs).
July 1, 2002... The debt-equity swap worth Rs.65 billion approved by the Government for the Karachi Electric Supply Corporation would increase its weightage in the local bourses 100 companies index, making it rank second in composition. As of March 31,...

SECP okays 50% right issue of security leasing. (Corporate Briefs).
July 1, 2002... The Securities and Exchange Commission of Pakistan has approved the proposed 50% right issue of Security Leasing. The Rs. 50 million preference shares (class-I) right issue was approved on May 31, by the members of Security Leasing to enhance...

EOIs invited for 28% stake in Bank Alfalah. (Corporate Briefs).
July 1, 2002... The Privatisation Commission has invited Expressions of Interest from investors to buy a minimum of 28 percent equity stake through block sale in Bank Alfalah Ltd. The offer is being made to the general public through open bidding process....

Sitara Chemical TFC oversubscribed. (Corporate Briefs).
July 1, 2002... The term finance certificate of Sitara Chemical Industries has been oversubscribed by over 100 times. The company offered Rs. 105 million in its first-ever profit and loss based term finance certificate and as per provisional figures the amount...

Attock Cement issue under-subscribed. (Corporate Briefs).
July 1, 2002... The Attock Cement issue was under-subscribed and received only Rs. 31. 138 million against the offer of Rs. 100 million. The issue was under-subscribed which indicated that the large group of investors are not interested in putting their money...

Stock market during 2001-02. (Corporate Briefs).
July 1, 2002... The strengthening of rupee against the dollar, grants and aids from the multilateral donor agencies, rescheduling of debt and timely decision taken by the SECP and KSE to resolve the badla finance problem helped the KSE index in recording a...

Vital statistics at a glance.
July 1, 2002... Vital Statistics at a Glance June May Companies Listed on KSE (Nos.) 725 725 Paid-up Capital (Rs. billion) 260,586,161 259,129,495 Aggregate Market...

Top ten companies according to the turnover.
July 1, 2002... Top Ten Companies According to the Turnover in June 2002 Total Highest Lowest Name of Companies Turnover (Rs.) (Rs.) Hub Power Comapany 10,934,000 23.35 23.10 PTCL 'A'...

Dividend announcement.
July 1, 2002... Dividend Announcement Bonus/ Dividend Right Book Companies (%) (%) Closing HUBCO 40(i) -- 15.03.02 Security Leasing...

Population, health, environment. (International Scene).
July 1, 2002... Urbanization has Both Positive and Negative Effects on the Environment: Almost 3 billion people worldwide live in urban areas, with more people joining them every day. People may choose to move because of a variety of "pull" and "push' factors:...

World population clock-2002.
July 1, 2002... World Population Clock-2002 More Less Developed Developed World Countries Countries ...

The World's top 50 countries in population.
July 1, 2002... The World's Top 50 Countries in Population Population Mid-2002 Country (Millions) 1. China 1,280.7 2. India 1,049.5 3. United States ...

Population key to sustainable development.
July 1, 2002... "The World Summit of Sustainable Development will not accomplish much unless it addresses how population dynamics relate to economic well-being, environmental stress, and human health", according to Jonathan Nash and Roger-Mark De Souza,...

Poverty fuels developing world's high birth rate.
July 1, 2002... Poverty fuels high birth rates in poor nations, as documented in the 2002 World Population Data Sheet released at he National Press Club by the Population Reference Bureau. Of the 41 countries designated as "heavily indebted poor countries" by...