Economic Review articles from July 2003

Economic Review archives from July 2003

Obstacles to good corporate governance.
July 1, 2003... Corporates are essential to economic development in a market-based economy. They make a significant contribution to the GDP and employment. Their governance has a direct affect on their performance and the sustainable growth of the economy....

An analysis of trade policy (2003-04); the WTO does not lay down any conditions on tariffs, restricting various incentives to the industry. The trade policy seeks to provide generous institutional support to exporters and at the same time further liberalises imports in order to boost foreign trade.(World Trade Organisation)(Cover Story)
July 1, 2003... The trade policy (2003-04) has been unveiled on July 19 by Commerce Minister Humayun Akhtar Khan for the current year 2003-04 in the midst of the two opposite situations of post-2004 WTO challenges on the one hand and 6 per cent higher than...

Sugar Industry in crisis.
July 1, 2003... The Sugar Industry in Pakistan is on the verge of collapse. We are producing one of the most expensive sugar in the world. This is because Pakistan has the worst and the most expensive sugarcane of the world. The yield per acre and the recovery...

Critical appraisal of sugar industry.
July 1, 2003... Coming in the midst of brightening prospects for sugar industry, from the launch of the second phase of TCP-led export programme next month, the millers' outcry to the contrary, is apt to leave many intrigued. In a desperate appeal the Pakistan...

Textile industry.
July 1, 2003... Pakistan's garment and textile are two principal industries contributing more than 60 per cent to total export earnings, accounting for 46 per cent of total manufacturing and employing 38 per cent of the manufacturing labour-force. EXPORTS...

AC industry.(air conditioners)
July 1, 2003... Several hundred workers employed by three window air-conditioner manufacturers of the country may lose their jobs because of an increased influx of the low-cost Chinese slit units that have almost wiped out the demand for the former. "Our...

Tobacco Industry.
July 1, 2003... INTRODUCTION Though tobacco cultivation occupies a small area of 0.27% of the total irrigated land in the country and 3% in NWFP, it is of great significance as a source of revenue, employment and foreign exchange earnings to the country....

Painkillers damage liver.(Steven Kliewer)
July 1, 2003... Researchers say they have found a surprising mechanism by which acetaminophen causes liver damage and they are close to a better treatment for the overdoses that are the leading cause of liver failure. Until now, the accepted picture has...

Fertilizer use and cotton production.
July 1, 2003... Cotton is an important cash crop of Pakistan. Cotton and its products contribute 60-70% in foreign exchange earning of the country. Production of cotton has seen good growth during the last decade. The production reached all time record of 12.8...

KSE - the best performing market of the world.(Karachi Stock Exchange Ltd.)
July 1, 2003... The KSE Top 25 Companies Awards Ceremony is a valuable tradition whereby the best performing companies are honored from the perspective of investors and shareholders. It is also a practice that the award function is generally presided over by...

An overview of Pakistan's economy; third quarterly report for 2002-03.
July 1, 2003... By the end of the third quarter of FY03, it is clear that the acceleration in economic growth promised by early indicators has indeed materialized. Provisional estimates based on July-March figures show that the FY03 GDP growth is comfortably...

Leaders in industry: who are contributing to the industrial growth of Pakistan.
July 1, 2003... Mr. John Stoney was appointed as Chief Executive, ICI Pakistan Limited from 25 June 2003. When Pakistan PTA Limited was demerged from ICI Pakistan in August 2001 John was Chief Operating, and appointed Chief Executive, Pakistan PTA Ltd. from...

Privatisation of HBL and IDBP.(Habib Bank Limited)(Industrial Development Bank of Pakistan)
July 1, 2003... Habib Bank Limited The consortium of Supreme Council/Qatar National Bank and the Aga Khan Fund are considered to be serious contenders in the list of 19 buyers who have conveyed their interest to the Privatisation Commission (PC) in the...

Leasing and home financing.
July 1, 2003... With increasing amount of liquidity available with them, banks and leasing companies are fiercely competing with each other in the field of consumer durables financing through leasing. Many people are getting attracted towards these financial...

Press release.(Pakistan economy watch)
July 1, 2003... Home Remittances Cross $3.87 Billion Mark Home Remittances during the first eleven months of the current fiscal year (July 2002 to May, 2003) amounted to $3,873.35 million as against $2,120.51 million during the same period last year...

Oil & gas exploration and production.(Pakistan Oilfields Ltd.)(Company Profile)
July 1, 2003... Pakistan Oilfields Limited (POL) was incorporated in Pakistan on November 25, 1950 as a public limited company and commenced business in June 1952. It is listed on all three stocks exchanges of the country and its shares are eligible for...

Sui Southern Gas Co. Ltd.
July 1, 2003... Turkmenistan Offers Sovereign Guarantees for Availability of Gas for Trans-Afghan Pipeline Dispelling the impression that signing of long-term gas supply agreements with Russia and Ukraine may not leave enough gas to feed the Trans-Afghan...

Press release.(Brief Article)
July 1, 2003... Karachi Marriott Hotel held an exhibition of one of the paintings of partition by artist Jimmy Engineer. The painting, which depicts the men, women and children who are preparing to move to new homeland--Pakistan. The painting is done on canvas...

CNG kits.(Compressed Natural Gas)(new environmental regulations in Pakistan)
July 1, 2003... Pakistan attempts to address its environmental issues adequately, in the backdrop of continuing higher population growth. Environmental regulations, in the shape of the Pakistan Environmental Protection Act 1997, are already in place. The...

Coal-based power plants: Pakistan-China sign agreement.(strengthening international relations)
July 1, 2003... China and Pakistan signed an agreement in Beijing last month to establish two coal-based 600-MW power plants in Sindh. Sindh, Chief Secretary Mr.. K.B. Rind inked the agreement, which lays down necessary framework and modalities for...

Engro Chemical.(Dawood group)(Company Profile)
July 1, 2003... At the elections to the seven-member Board of directors held at the company's Annual General Meeting (AGM) on April 10, it became clear that the first of the two 'hostile takeover' bids ever witnessed in the country's corporate history, had...

ICI in Pakistan and its contribution to downstream industries.(ICI Pakistan Ltd.)(Company Profile)
July 1, 2003... ICI Pakistan is continually evaluating new business opportunities with appropriate technologies for transfer to Pakistan. Over the last six years, the Company has invested approximately Rs.29 billion in Pakistan, which incudes US$490 million in...

Clariant Pakistan.(Clariant Pakistan Limited)(Company Profile)
July 1, 2003... Clariant Pakistan Limited is scheduled to hold its annual general meeting on March 28, at the company's registered office in Karachi. One of the important items on the agenda is the approval of final cash dividend at 55 per cent, which together...

Gleanings from the press.(global economy)(Statistical table)
July 1, 2003... US Economy Poised for Rebound Federal Reserve Chairman Alan Greenspan said on April 30 that the US economy is poised to grow at better pace in second half of year with end to Iraq war in sight, provided business spending picks up. The...

Tal'c best growth prospects lie outside the largest end-uses new report analyses global supply and demand of Talc and Pyrophyllite.(Press Release)
July 1, 2003... A new report from market analyst Roskill says that the main areas of growth for talc in the next few years are likely to lie outside its two main end-uses of paper and ceramics. The economics of Talc & Pyrophyllite (9th edition, 2003) says that...

The Bank of Punjab disbursed agriculture loans to farmers in excess of target fixed by SBP.(Press Release)
July 1, 2003... The Bank of Punjab has not only achieved but surpassed its SBP allocated credit target of Agriculture finance for the year 2002-03. This was disclosed by Mr. Hamesh Khan, Managing Director of the Bank. He said that up to 15.05.2003, the bank...

Price situation: (May 2003).
July 1, 2003... The wholesale prices of Karachi market showed rise during May followed by reports of slow down in arrivals from the up-country trading centres and an active inter-dealer activity. The prices of foodgrains rose because of arrival of new wheat...

Rupee maintains strength.(Currency Market)
July 1, 2003... During the month of May, the rupee maintained strength vis-a-vis US dollar as it gained 17 paisa in interbank market (buying) and 7 paisa in kerb (buying denoting a rise of 0.3 per cent and 0.1 per cent respectively. It will be observed that...

Bulls in the ring.(Pakistan stock market)
July 1, 2003... Bulls continued to dominate during May as the index rose by 74 points to 3099.04 or by 6 per cent, crossing the 3,000 mark. Similarly, the aggregate market capitalisation jumped Rs.42.89 billion to Rs.684.279 billion or by 6.7 per cent. Several...

Export Refinance Rate Further Cut by 0.5%.(Corporate Briefs)(Brief Article)
July 1, 2003... Export Refinance Rate Further Cut by 0.5%: The State Bank on April 30 further cut the rates of export refinance by 0.5 per cent, under the export finance scheme for exporters. After the change, the new rate would be 3.5 per cent per annum which...

Sugar Export to Afghanistan Banned.(Corporate Briefs)(Brief Article)
July 1, 2003... Sugar Export to Afghanistan Banned: The Commerce Ministry has imposed ban on export of sugar to Afghanistan on the recommendation of the Finance Ministry, fearing that sugar destined to Kabul would be sold in the country.

PSF Prices Cut by Rs.3/kg.(Corporate Briefs)(polyester staple fibre (PSF))(Brief Article)
July 1, 2003... PSF Prices Cut by Rs.3/kg.: The manufacturers of polyester staple fibre have reduced prices by Rs.3 per kg. from Rs.63 to Rs.60 with effect from May 1.

NRL Profit Rises by Rs.110m in 9 Months.(Corporate Briefs)(Brief Article)
July 1, 2003... NRL Profit Rises by Rs.110m in 9 Months: The National Refinery Limited's net profit rose by Rs.110 million in the nine months ending March 31, 2003 because of higher oil prices during the period. The refinery posted a net profit of Rs.845...

Exporters Prefer Euro Over Dollar.(Corporate Briefs)(Brief Article)
July 1, 2003... Exporters Prefer Euro Over Dollar: Most of the exporters supplying goods to European countries have increasingly started opening their betters of credit in euro getting better return than the greenback said exporters. They said the situation...

KSE Asks SBP to Raise Limit to 40%.(Corporate Briefs)(Brief Article)
July 1, 2003... KSE Asks SBP to Raise Limit to 40%: The Karachi Stock Exchange has suggested to the State Bank to raise the limit of commercial bank's investment in equity market, from the proposed 20% to 40%. The State Bank has recently circulated draft rules...

July-April Exports Show 20.83% Growth.(Corporate Briefs)(Brief Article)
July 1, 2003... July-April Exports Show 20.83% Growth.: Pakistan's exports have increased by 20.83% to $8.85 billion during the first ten months of the current financial year (July-April) as compared to $7.32 billion of last year. Imports have increased by...

Leasing Sector's Profits Affected by Banks Entry in Business.(Corporate Briefs)(Bashir Chowdhry)(Brief Article)
July 1, 2003... Leasing Sector's Profits Affected by Banks Entry in Business: Banks have substantially marginalised profits of leasing companies but, at the same time, increased the volume of business in the leasing sector. Against fears that banks' entry in...

Crushing Ends with Bumper Sugar Output.(Corporate Briefs)(Pakistan Sugar Mills Association (PSMA))(K.A. Qazalbash)(Timing and Control Panel (TCP))(Brief Article)
July 1, 2003... Crushing Ends with Bumper Sugar Output: The Pakistan Sugar Mills Association on May 6 declared that all its units have closed down after completing the crushing season 2002-03 with 3.66 million tonnes bumper production, said PSMA Secretary...

ADB Offers $200 million for Oil, Gas Infrastructure.(Corporate Briefs)(Brief Article)
July 1, 2003... ADB Offers $200 million for Oil, Gas Infrastructure: The Asian Development Bank (ADB) has extended $200 million technical for the Public-Private Infrastructure Financing Facility Project (PPIFFP) in the oil and gas sector. The Asian Bank had...

Pak Steel to Off-load 10% Shares Through KSE.(Corporate Briefs)(Mohammad Afzal Khan)(National Electric Power Regulatory Authority (NEPRA))(Brief Article)
July 1, 2003... Pak Steel to Off-load 10% Shares Through KSE: Pakistan Steel will off-load its 10% shares through Karachi Stock Exchange by the end of the current fiscal year. All the formalities had been finalised in this regard and only financial advisers...

Cement Industry Registers 20% Sales Growth.(Corporate Briefs)(Brief Article)
July 1, 2003... Cement Industry Registers 20% Sales Growth: Cement sector has achieved record sales during the first nine months of this fiscal year, growing by 20% with in March deals highest ever in the history of local cement industry. Cement sales...

Import of Oil Rises by 20%.(Corporate Briefs)(Brief Article)
July 1, 2003... Import of Oil Rises by 20%: Imports of crude and oil products from July 2002 to April 2003 totalled $2.68 billion, a 20% increase from $2.23 billion in the same period last year. The oil import for the current fiscal year may touch $3.3 billion...

Shaukat Lists Five Obslactes to Investment.(Corporate Briefs)(Karachi Electric Supply Corporation (KESC))(Water And Power Development Authority (WAPDA))(Brief Article)
July 1, 2003... Shaukat Lists Five Obslactes to Investment: Finance Minister Shaukat Aziz has identified five major obslactes hindering private investment namely higher costs of inputs, 20 agencies conducting inspection, legal impediments, image problem and...

Pak Steel Makes Spectacular Progress.(Corporate Briefs)(Brief Article)
July 1, 2003... Pak Steel Makes Spectacular Progress: With the six more weeks left of the current fiscal year, the gross sales of Pakistan Steel have already crossed the Rs.20 billion and the annual figure is expected to peak to Rs.22 billion as compared to...

IDB Offers Soft-Term Finance to TCP for Sugar Export.(Corporate Briefs)(Trading Corporation of Pakistan (TCP))(Islamic Development Bank (IDB))(Brief Article)
July 1, 2003... IDB Offers Soft-Term Finance to TCP for Sugar Export: Islamic Development Bank has offered softterm financing facilities to the Trading Corporation of Pakistan to finance its sugar export.

Package for KEPZ.(Corporate Briefs)(Karachi Export Processing Zone (KEPZ))(Brief Article)
July 1, 2003... Package for KEPZ: Prime Minister has announced on May 22 abolition of cess on imports of raw material and reduction in different charges relating to land and warehousing units from 17 per cent to 58 per cent to make investment at Karachi Export...

Gas Tariff Raised by 7.5 per cent.(Corporate Briefs)(Brief Article)
July 1, 2003... Gas Tariff Raised by 7.5 per cent: The government has increased gas rates for Sui Southern Company and Sui Northern Gas Pipeline Limited for 2002-03 by 7.5 per cent to enable them to generate more finds to implement their expansion and services...

PSMA Unhappy with Government Apathy Towards Sugar Industry.(Corporate Briefs)(Pakistan Sugar Mills Association (PSMA))(Brief Article)
July 1, 2003... PSMA Unhappy with Government Apathy Towards Sugar Industry: Pakistan Sugar Mills Association Punjab Zone Chairman Javed Kayani has said that indifferent attitude of the government towards the problems of the sugar industry is not...

OGDCL to Enhance Oil, Gas Production.(Corporate Briefs)(Oil and Gas Development Company Limited)(Brief Article)
July 1, 2003... OGDCL to Enhance Oil, Gas Production: The Oil and Gas Development Company Limited (OGDCL) has set an ambitious target for 2003-04, to increase its oil production by 4,000 barrels per day by adding 15 new fields into its discoveries list,...

DG Cement, HBL Sign Rs.1.6 billion Loan Accord.(Corporate Briefs)(Brief Article)
July 1, 2003... DG Cement, HBL Sign Rs.1.6 billion Loan Accord: An agreement was signed between DG Khan Cement Company and Habib Bank Limited for Rs.1.6 billion seven-year Term Finance Agreement.

PAMA Demands Raise in Duty on Import of CBU Buses.(Corporate Briefs)(Brief Article)
July 1, 2003... PAMA Demands Raise in Duty on Import of CBU Buses: Pakistan Automobile Manufacturing Association (PAMA) has classified that it demanded increase in duty only on the import of CBU buses from 20 per cent to 60 per cent. It added that the local...

Export Refinance Rate Further Cut by 0.5 pc.(Corporate Briefs)(Brief Article)
July 1, 2003... Export Refinance Rate Further Cut by 0.5 pc: The State Bank on April 30 further cut the rates of export refinance by 0.5 per cent under the Export Finance Scheme for exporters. After the change, the new rate would be 3.5 per cent per annum...