September 2, 2010
KARACHI: Pakistan has so far received $150 million grant and relief goods against the total foreign commitments of $991.8 million for the assistance of flood victims, the Finance Ministry said.
According to the update on foreign assistance in response to floods devastation, the commitments made with the non-government organisations stood at $679.84 million and the foreign pledges made to the government stand at around $281.13 million, the Finance Ministry data said.
Money
September 2, 2010
LONDON: Oil rose to $72 per barrel on Wednesday after news Chinese manufacturing growth accelerated last month, easing concerns over the pace of economic recovery.
ICE Brent rose $1.00 to $75.64, pushing its premium over US crude to more than $3.00 per barrel, near the highest margin for three months.
Money
September 2, 2010
KARACHI: The remittances inflow helped the rupee maintain its level against the dollar, dealers said on Wednesday.
They said that the rupee, however, was unable to gain on the greenback demand for import payments.
The rupee closed at 85.63 to a dollar in the inter-bank market from the previous day’s close of 85.62.
“The market witnessed mixed trend and the dollar demand was fed by inflows of remittances,” a dealer at IGI Securities Pvt Limited said.
Money
September 2, 2010
KARACHI: The KSE-100 Index yielded negative return of 6.7 percent in August with the volumes hitting a nine-year low amid looming uncertainties related to taxes, leverage product coupled with natural catastrophes hitting the economy, analysts said on Wednesday.
The KSE declined by 6.7 percent, shedding the bulk of 8.2 percent gains witnessed in July and underperforming the regional market by an average seven percent.
Money
September 2, 2010
LAHORE: The United Nations Food and Agriculture Organisation (FAO) called for more international funds to save the upcoming sowing season of wheat in Pakistan where floods have wiped out much of the country’s household wheat seed stocks, said a statement on Wednesday.
Wheat is due to be planted in September through to November. The floods have destroyed more than half a million tonnes of wheat-seed stocks.
In addition, in the flood-hit areas, people are using wheat seed stocks meant for sowing to feed their families and the displaced people they are sheltering.
Money
September 2, 2010
ISLAMABAD: Pakistan economic growth is most likely to continue to suffer for three to four years as the growth in the large-scale manufacturing (LSM), textile, cellular and other industries are highly dependent on the demand from the most of agriculture areas of the country, which has now eroded in the wake of the devastating floods, experts said on Wednesday.
Money
September 2, 2010
LONDON: British oil giant BP has agreed to sell some of its Malaysian assets to local state energy firm Petronas for 363 million dollars (285 million euros), the group announced on Wednesday.
“BP today announced that it has agreed to sell its interests in ethylene and polyethylene production in Malaysia to Petronas,” the London-listed company said in a statement.
“The agreement concerns BP’s 15 percent interest in Ethylene Malaysia and 60 percent interest in Polyethylene Malaysia.”
Money
September 2, 2010
JOHANNESBURG: South Africa’s largest union on Wednesday suspended a one-day sympathy strike this week that could have shut mines in order to give about 1.3 million striking state workers more time to consider a new wage offer.
Money
September 2, 2010
FRANKFURT: The European Central Bank, which has become used to handling crises, must now draft a monetary policy for what is becoming a two-speed economic zone, economists say.
“The good news is — the Eurozone economy is still on a growth path. The bad news is — there is still a deep division between Eurozone countries,” Commerzbank analyst Christoph Weil said.
After ECB governors make their decision on interest rates Thursday, president Jean-Claude Trichet is to unveil the latest forecasts by bank staff for Eurozone growth and inflation.
Money
September 2, 2010
KARACHI: Local gold surged by Rs400 a tola to touch Rs39,600 following a rise in the international gold prices, dealers said.
Local bullion rates increased by Rs342 to Rs33,942 per 10 grams from Rs33,600 a day earlier. It is the second highest rally in three months, a dealer said.
“Rising prices in the international market pushed up the local rates. The local rates were still shy of record high of Rs39,950 a tola recorded on June 28, 2010,” said a Karachi-based gold dealer, M Hanif.
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