Economic Review articles from March 2003

Economic Review archives from March 2003

Lessons from Iraq War.(Letters To The Editor)
March 1, 2003... Arab countries are aghast with disbelief at the rapidity with which the Iraqi resistance collapsed. Saddam Hussein, anointed a new Saladin in a quintessential Pakistani outpouring of senitmentality at the start of the war has disappeared with...

Why Pakistan next?(Letters To The Editor)(Brief Article)
March 1, 2003... This is with reference to Azhar Nazir Sulehri's letter, "Why Pakistan next" (April 9). It is hard to understand why we consider ourselves as American friends or allies. As a nation we should be very clear about where we stand. We perform...

IMF and our economy.(Letters To The editor)(Brief Article)
March 1, 2003... The International Monetary Fund has recently demanded that Pakistan impose general sales tax on more items to be operational from the next financial year. These new items include bricks, cement blocks, computer hardware and software. The...

Religious, ethnic conflict in Iraq.(Letters To The editor)
March 1, 2003... The situation in Iraq, among other things, has also given rise to the discussion about the ethnic/religious conflict in the country. Most of the analysts have identified this problem as three-fold, i.e Kurds, Shias and Sunnis. However, they...

Performance of Top 100 Companies on KSE during 2001.(Brief Article)
March 1, 2003... The present study includes six tables on Top 100 Companies according to (1) Sales, (2) Net Worth (3) Ratio of Pretax Profit to Net Worth, (4) Earning per Share, (5) Break-up Value and (6) Dividend/Bonus. Pakistan State Oil Company commands the...

PSO tops in sales.(Top Companies According to Sales--2001)
March 1, 2003... Pakistan State Oil (PSO) a public sector organisation, has been maintaining the top position in sales for nearly last two decades by handling three quarter of the petroleum trade of the country during the year under review. Being a public...

PTCL again captured top position.(Net Worth--2001)
March 1, 2003... Hub Power Company Limited, second in the list, shows a rise of 29.7 per cent to Rs.27,685.36 million from Rs.21,339.51 million in 2000. The position of the Company improved following end of the dispute with the government over tariff. The...

Sarhad Cigarette Industries occupies the top position.(Pretax Profit to Net Worth--2001)
March 1, 2003... Sarhad Cigarette Industries occupied the top position in 2001 with ratio of Pretax Profit to Net Worth of 241.35 per cent. Lever Brothers maintained its second position as last year with a ratio of 177.68 per cent. Hilal Food and General Mills...

Fateh Textile maintains top position.(Break-up Value--2001)
March 1, 2003... Break-up Value is net worth per share and is one of the important criteria to measure the financial soundness of a company. The Break-up Value per Share is assessed by adding together the assets (current and fixed)including property and...

Parke Davis Company tops the list.(Earning Per Share--2001)
March 1, 2003... Parke Davis Company topped the list in Earning per Share (EPS) with Rs.103.17 followed by Lever Brothers Pakistan Limited (Rs.92.17), Pakistan Oilfields Limited (Rs.52.01), Ayesha Textile Mills (Rs.30.27) and Island Textile Mills (Rs.39.83)....

Parke Davis tops with 425 per cent dividend.(Dividend--2001)
March 1, 2003... A table of Top 100 Companies has been prepared with dividend and bonus ranging between 425 per cent and 30 per cent. A total of 36 companies paid bonus while 10 companies did not pay dividend, and 26 paid both dividend and bonus. The...

Who's who in Top 100 Companies--2001.
March 1, 2003... The following pages include life sketches of 15 executives responsible for managing the Affairs of top rated companies as shown in various Tables being published in this Issue. Munawar Baseer Ahmad--Managing Director--Sui Southern Gas...

Fateh Textile Mills Limited.(Company Profile)
March 1, 2003... Fateh Group is based at Hyderabad, Sindh, Pakistan, consists of seven Pakistani and nine foreign companies. The last five decades it is producing and marketing agro-based products all over the World. All the seven Pakistani Group Companies are...

Reckitt Benckiser.(Company Profile)
March 1, 2003... The company has been in operation in Pakistan for well over half a century. But up until the year 2000, the Reckitt Benckiser was the Reckitt & Colman of Pakistan. In the last four years, this fast-moving consumer goods Company (FMCG) appears...

Mahmood Group of Industries.(Company Profile)
March 1, 2003... Mahmood Group of vertically based on integrated Industries and started business in 1935. Since then, the group has grown immensely in the fields of cotton, ginning, spinning and weaving. The Group won many trophies for best export...

Jahangir Siddiqui & Company Limited.(Company Profile)
March 1, 2003... INTRODUCTION Jahangir Siddiqui & Co. Ltd. is the largest publicly quoted securities firm and corporate finance house in Pakistan with Rs.918.2 million in equity capital and assets of Rs.1,587.1 million as at June 30, 2002. The...

J.D.M. Textile Mills Ltd.(Company Frofile)(Brief Article)
March 1, 2003... Janana De Malucho Textile Mills Limited was incorporated in 1960 as a Public Limited Company by its founder Chairman, Late Lt. Gen. (Retd) M. Habibullah Khan Khattak. Currently the Mills has installed capacity of 43, 984 spindles. The company...

Thal Engineering.(Company Profile)
March 1, 2003... Thal Engineering isthe youngest company of House of Habib (HOH). In bare seven-year period, we have dreamt a lot and achieved even more. We could have, but never took credit of our association with this prestigious group of Pakistan, rather, we...

First quarter 2003 report to the shareholders: Engro Chemical Pakistan Limited.(Press Release)
March 1, 2003... On behalf of the Board of Directors of Engro Chemical Pakistan Limited, we are pleased to present the un-audited accounts for the first quarter ended March 31, 2003. The overall market demand for urea during the first quarter declined by...

Problems of textile industry.
March 1, 2003... Textiles and textiles made up constitute the single largest foreign exchange earners for Pakistan. The progress in this field is no doubt enormous, but still the manufacturers and exporters of Textiles face a lot off difficulties and...

Sugar Industry.
March 1, 2003... * The latest decision by the Trading Corporation of Pakistan (TCP) to relieve the sugar mills of their unsold sugar stocks belongs to that category. To please the grower a spate of fresh notifications trying to change the Sugar Factories...

Development of poultry industry.
March 1, 2003... The poultry industry has tremendous potential. However, the industry is characterized by small and unorganized operators. Lack of disease control, financial commitment and technology are the major problems facing the industry today. Artal...

Marble industry.(Brief Article)
March 1, 2003... World Production of dimension stone comprising of marble, granite, slate, limestone and sandstone is about 70 million tons. India's share in it is 25 percent. It exports around two million tons of dimension stones and ranks amongst the top five...

Insurance industry.(Brief Article)
March 1, 2003... It was this initiative that saw the end of the Department of Insurance and the Controller of Insurance and tranferring their functions of SECP. Among the objectives then specified for the Commission, emphasis was laid on expeditious settlement...

Democrats sharply criticise Bush policies.(Gleanings from the Press)(Brief Article)
March 1, 2003... Democrats gave President Bush's economic policies a failing grade, saying the President needed to do more to help Americans feel secure and improve the lacklustre economy. In the weekly Democratic address, Senator Patty Murray of...

UAE central bank steps up fighting on money laundering.(Gleanings from the Press)(United Arab Emirates)(Brief Article)
March 1, 2003... The UAE's central bank said it started applying a new supervisory policy to improve bank risk profile and fight rising laundering, in the latest move by the Gulf state to tighten financial laws.

Asian economy shows resilience but oil worries loom.(Gleanings from the Press)(Brief Article)
March 1, 2003... From Thailands output to Taiwan's exports, an array of recent Asian indicators has shown surprising strength but economists say it is only a matter of time until waning foreign demand and pricing oil bite into growth. Although Asia was...

European, Japanese manufacturers still struggling. (Gleanings from the Press).(Brief Article)
March 1, 2003... Manufacturers in Europe and Japan are still struggling to achieve business growth as companies and consumers worry about economic uncertainties and the likelihood of war in Iraq, surveys showed on March 3 Manufacturing activity shrank in...

ECB cuts rates by quarter point. (Gleanings from the Press).(European Union. European Central Bank)(Brief Article)
March 1, 2003... The European Central Bank trimmed interest rates by a modest quarter percentage point on March 6 and said it stood ready to cut again if faltering growth worsened. The action dashed market expectations for a more aggressive cut as expectations...

Bank of Japan keeps economic view gloomy.(Gleanings from the Press)(Brief Article)
March 1, 2003... The Bank of Japan maintained its sombre view of the economy on March 6 for the fourth straight month, saying business conditions were unlikely to recover for some time "Economic activity remains flat amid substantial uncertainty over the...

German joblessness five-year high.(Gleanings from the Press)(Brief Article)
March 1, 2003... German unemployment surged to a five-year high in February, highlighting a reform gridlock in Europe's largest economy and piling pressure on the European Central Bank to lower interest rates The unadjusted unemployment figure hit 4.7 million;...

ECB rate cut spurs euro to 4-year high.(Gleanings from the Press)(European Union. European Central Bank)(Brief Article)
March 1, 2003... The euro noticed a four-year high against the dollar on March 6 after the European central bank cut its key interest rate by a modest quarter percentage point in a bid to spur borrowing and investment. The euro soared to four-year high of...

US stocks fall on war worries.(Gleanings from the Press)(Brief Article)
March 1, 2003... The stocks sank on March 6 as uncertainty over war and a strong of corporate profit warnings knocked the blue-chip Dow to a closing low not seen since early October. The Dow Jones industrial average shed 101.61 point or 1.31 per cent to...

Greenspan warns big trade gaps can be disruptive.(Gleanings from the Press)(Alan Greenspan)(Brief Article)
March 1, 2003... Federal Reserve Chairman Alan Greenspan said on March 7 that more open economies like the US tend to attract large flows of foreign capital, which can lead to big and potentially destabilizing current account gaps. In recent year, the US...

Chinese industrial output up 19.8%.(Gleanings from the Press)(Brief Article)
March 1, 2003... China said on March 11 its industrial output surged 19.8% in February over a year earlier as the booming electronics and car industries fuelled the fastest growth in nearly 8 years. The number is fantastically good. It probably reflects the...

Japan plans $1.3 billion in Post War Aid.(Gleanings from the Press)(Brief Article)
March 1, 2003... Japan plans to provide up to $1.3 billion in aid to countries in the Middle East, if a US-led attack on Iraq were to take place. It is considering loans and grants for infrastructure such as water works and power lines, to help refugees and to...

Iraq war seen hitting airlines industry.(Gleanings from the Press)(Brief Article)
March 1, 2003... War in Iraq could discourage demand for travel and have far-reaching implications for Europe's airlines. Airlines are already reporting a fall in demand, including on lucrative business routes between Europe and the US, as travellers shun...

Federal Reserve keep rates steady.(Gleanings from the Press)(Brief Article)
March 1, 2003... The US Federal Reserve on March 18 held interest rates at 1961 lows but signalled it was ready to cut them quickly if an Iraqi war takes an economic toll by saying it would practice "heightened surveillance". The Federal Open Market...

No clear proof globalisation helps poor: IMF.(Gleanings from the Press)(International Monetary Fund)(Brief Article)
March 1, 2003... The IMF sounded more like its critics on March 17 when it admitted there is little evidence globalisation is helping poor countries. IMF, which has been the target of violent anti-globalization protests, in a new study found economic...

Fears for World Trade talks as Iraq war drags on.(Gleanings from the Press)(Brief Article)
March 1, 2003... The head of the World Bank and Germany's main industry federation expressed concern on March 30 at the pace of world trade talks underscoring fears that trans Atlantic differences over Iraq could blow them off course. The so-called Doha...

International commodity prices.
March 1, 2003... Oil prices slipped by a wide margin because of the start of the war on Iraq When the tension was high before the war, the price has zoomed to a height unprecedented in recent months. But after the war was launched, the price eased as the...

Price situation (March 2003).
March 1, 2003... The Karachi wholesale commodity markets showed, more or less, a falling trend in prices in March as prices of most of the essential items fell in the absence of strong demand from any quarter. Dealers said fears of disruption in supplies from...

Rupee maintains uptrend.(Currency Market)
March 1, 2003... March witnessed an uptrend in the value of rupee vis-a-vis greenback. In the inter-bank market (buying), it rose from Rs. 58 to Rs. 57.85 over the month. In the kerb (buying), the rupee went up from Rs.58 to Rs.57.80 In the beginning of the...

Stock market bounces back.(Stock Market)
March 1, 2003... After witnessing bearish trend in February, the stock market bounced back in March when the KSE 100 index rose 7.8 per cent and aggregate market capitalisation by 2.5 percent. In other words, the latter did not reflect fully the rise in the...

Deal inked with China on two coal power plants.(Corporate Briefs)(Brief Article)
March 1, 2003... Deal Inked with China on Two Coal Power Plants: China and Pakistan signed in Beijing to establish two coal-based 600-megawatt power plants in Sindh. The project will be carried on Build-Operate-Own (BOO) basis. The Chinese company is likely to...

IMF okays fifth PRGF tranche of $118m.(Corporate Briefs)(International Monetary Fund)(Brief Article)
March 1, 2003... IMF Okays Fifth PRGF Tranche of $118m.: IMF completing the fourth review approved a fifth tranche of $118 million which will bring total disbursements under the programme to $591 million. In approving the disbursement, the Executive Board...

PSF price further raised by Rs.5/kg.(Corporate Briefs)(Brief Article)
March 1, 2003... PSF Price Further Raised by Rs.5/kg.: The local manufacturers of polyester staple fibre have further raised the price of fibre by Rs.5 per kg from March 1 to Rs.75. This is the second jump in the prices in just 15 days from Rs.60 to Rs.75 a kg...

Cement sector records robust growth.(Corporate Briefs)(Brief Article)
March 1, 2003... Cement Sector Records Robust Growth: The cement sector in six months period up to December 31, 2002, recorded robust growth in sales on the back of exports to Afghanistan, pickup in house building activities and downward movement in prices. ...

Hubco declares 33% interim dividend.(Corporate Briefs)(Hub Power Company)(Brief Article)
March 1, 2003... Hubco Declares 33% Interim Dividend: Hub Power Company on March 5 declared an interim dividend of 33 per cent for six months ending December 31, 2002.

Sugar output expected at 3.5 million tones.(Corporate Briefs)(Brief Article)
March 1, 2003... Sugar Output Expected at 3.5 million tones: Sugar production as an February 28, has shown an increase by 4.2 per cent, with net production of 2.378 million tonnes despite a delay of a month in starting crushing operation. Punjab contributed...

PC to sell shares of public sector units through stock exchange.(Corporate Briefs)(Privatisation Commission)(Brief Article)
March 1, 2003... PC to Sell Shares of Public Sector Units Through Stock Exchange: The Privatisation Commission has decided to divest shares of some major public sector entities through stock exchange. The decision was taken in a meeting held to review the...

Cotton production expected at around 10 million bales.(Corporate Briefs)(Brief Article)
March 1, 2003... Cotton Production Expected at Around 10 million Bales: A target of 10.3 million bales for 2002-03 was fixed but the arrival figures stood at 9.321 million bales as on February 28.

Pak oilfields profit up by 27%.(Corporate Briefs)(Brief Article)
March 1, 2003... Pak Oilfields Profit up by 27%: The Exploration and Production sector listed at the KSE is again in the spotlight as the profitability shot up by 27 per cent during the first half of the current fiscal year as compared to the same period last...

UBL profit up by 87% in 2002.(Corporate Briefs)(United Bank Ltd.)(Brief Article)
March 1, 2003... UBL Profit up by 87% in 2002: The United Bank Ltd. pretax profit in 2002 jumped by 87% touching Rs.2.8 billion against Rs. 1.5 billion in 2001. UBL President Zarar Khan, first since the privatisation, said that the operating profit before...

Net profit of 10 private banks up by Rs.1.1 billion in 2002.(Corporate Briefs)(Brief Article)
March 1, 2003... Net Profit of 10 Private Banks up by Rs.1.1 billion in 2002: Profit after tax of 10 private banks rose by around Rs.1.1 billion or 55% to Rs.3 billion with pretax profit rising by Rs.1.6 billion to Rs.5.6 billion in 2002 as compared to 2001.

FDI rises to $630 million up to February.(Corporate Briefs)(foreign direct investment)(Brief Article)
March 1, 2003... FDI rises to $630 million up to February: The flow of foreign direct investment during the period July-February 2003 amounted to $630.07 million, showing an increase of 148% as compared to the corresponding period of last year which was $254.5...

Remittances up over 105% in 8 months.(Corporate Briefs)(Brief Article)
March 1, 2003... Remittances up Over 105% in 8 Months: Continued huge inflow of remittances has touched a high record of over 105% in the first eight months of the current fiscal year. During this period home remittances amounted to $2.874 billion against...

Cement makers to evolve uniform policy.(Corporate Briefs)(Brief Article)
March 1, 2003... Cement makers to Evolve Uniform Policy: After remaining stagnant from 1997 to 2001, cement industry has shown unprecedented increase in growth rate by 16 per cent in 2002 and industrialists hope that upward trend would continue in the future as...

SBP assigned to sell government shares in Allied Bank.(Corporate Briefs)(Brief Article)
March 1, 2003... SBP assigned to Sell Government Shares in Allied Bank: The Privatisation Commission has entrusted the task of selling the government stake in Allied Bank to the State Bank.

Rs.309 billion tax collected in nine months.(Corporate Briefs)(Brief Article)
March 1, 2003... Rs.309 billion Tax Collected in Nine Months: The government has collected Rs.309.2 billion revenue during the nine months of the current fiscal year against the target of Rs.310.2 billion revenue during the nine months of the current fiscal...

Three-pronged strategy evolved for privatisation.(Corporate Briefs)(Brief Article)
March 1, 2003... Three-Pronged Strategy Evolved for Privatisation: The advisor to the Prime Minister on Privatisation and Investment, Dr. Abdul Hafeez Shaikh, has said he has evolved a three-pronged strategy for privatisation which includes sales of potential...

PICIC offers interim cash dividend.(Corporate Briefs)(Pakistan Industrial Credit and Investment Corporation)(Brief Article)
March 1, 2003... PICIC Offers Interim Cash Dividend: Pakistan Industrial Credit and Investment Corporation (PICIC) has declared a 12.5% interim dividend for the first time in its history. The dividend has been announced for July-December 2002 based on the...

Saudi Pak approved Rs.1,413 million financing.(Corporate Briefs)(Brief Article)
March 1, 2003... Saudi Pak Approved Rs.1,413 million Financing: The Board of Directors of Saudi Pak Industrial and Agricultural Investment Company Ltd. approved total financing of Rs.1,413 million to 24 companies.

Sugar tender.(Corporate Briefs)(Brief Article)
March 1, 2003... Sugar Tender: The Trading Corporation of Pakistan on February 26 floated the second tender for the purchase of 12,000 tonnes of refined sugar from mills for export purposes. The TCP had procured 18,000 tonnes of sugar at Rs. 18,998 per ton last...