Paraguay beat Japan to make last eight
June 29, 2010 by Trend PK
Filed under Breaking News
PRETORIA: Paraguay beat Japan 5-3 on penalties on Tuesday to reach the World Cup quarter-finals and book a meeting with Spain or Portugal.
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Paraguay beat Japan to make last eight
ECC defers import of wheat, LNG
June 29, 2010 by Trend PK
Filed under Breaking News
ISLAMABAD: Economic Coordination Committee (ECC) on Tuesday deferred many decisions on various important issues, including import of wheat and Liquefied Natural Gas (LNG), ARY NEWS reported.
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ECC defers import of wheat, LNG
Shaukat Tarin Chairs ECC Meeting
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet met under the chairmanship of Federal Minister for Finance, Shaukat Tarin at the PM’s Secretariat here Tuesday.
The ECC approved the recommendations of the PPIB Board for the revival of 10.5 MW power project by Davis Energen Limited.
ECC made it mandatory to produce national identity cards to get a pack of 2 kg sugar from the USC outlets.
The ECC allowed allocation of additional 16 MMCFD gas to the Pakarab Fertilizer Limited from SNGPL system from 2012 upto 2019.
The ECC also decided that the Shell’s offer at 15% Brent + $ 0.50 per MMBTU, subject to further improvement in the final round of negotiations will be accepted for upto 1MTPA Medium Term supplies of 6 years and 2.5 MTPA from 7 to 20 years.
The ECC was told that the overall CPI-based inflation registered decrease of 0.49 percent in December 2009 over November, 2009.
The stock of wheat as on January 31, 2010 amounted to 5.9 million tons as against 1.7 million tons in the same period last year, thereby showing a higher stock of about 4.2 million tons compared with last year.
The meeting was informed that trade deficit improved by 29.0 percent to $ 7.0 billion in July-December 2009-10 from $ 10.0 billion in the same period last year.
The ECC noted that workers remittances amounted to $ 4,531.0 million in July-December 2009-10 as against $ 3,640.0 million, showing an increase of 25.0 percent over the same period last year.
Foreign exchange reserves stood at $ 14.5 billion as on February 4, 2010 – up from $ 6.4 billion on November 25, 2008.
The provisional FBR tax collection stood at Rs.693.3 billion on net bases during July-January 2009-10 as compared to Rs.630.5 billion in the same period last year, thereby posting an increase of 10.0 percent.
Shaukat Tarin Chairs ECC Meeting was first posted on February 9, 2010 at 6:08 pm.
Wall Street Effects On Asian Stocks Market
HONG KONG: Asian shares pulled back on Wednesday after a sell-off on Wall Street prompted a round of profit-taking, even as upbeat Australian economic growth figures reassured on the health of recovery.
Japan’s Nikkei average led losses with a drop of 2.6 percent after a slide in financial shares hit U.S. indexes, while the drop in oil prices the previous day took a toll on resource related shares such as oil-and-gas field developer Inpex.
Some of Tuesday’s sharp moves partially reversed as markets settled down.
U.S. crude oil prices rose 57 cents a barrel to $68.62 having slid nearly 3 percent the previous day. The Australian dollar climbed 0.5 percent to $0.8300, bouncing back from its biggest one-day drop since June.
The Aussie got a boost after data showed Australian second-quarter GDP rose a surprisingly strong 0.6 percent from the previous quarter, reviving expectations for the country’s central bank to start raising policy rates from the current 3 percent as soon as November.
Manufacturing surveys from around the world on Tuesday provided more evidence that the global recovery accelerated in August. JPMorgan’s global gauge of factory activity showed growth returning for the first time in 15 months.
The Reserve Bank of Australia is poised to be the first among major central banks to start raising rates and normalizing the extremely loose policies around the world that were aimed at reviving the global economy from the worst recession in decades.
“That supports the Reserve Bank’s case for an eventual rise in interest rates. We think maybe they’ll go in November, but they don’t want to move too fast and endanger the recovery,” said Brian Redican, senior economist at Macquarie in Sydney.
The Australian dollar took a hit the previous day after the RBA declined to adopt an outright bias toward a tighter policy at a regular meeting, even as the central bank highlighted the economy’s strength.
The MSCI index of Asia-Pacific shares outside Japan fell 1.3 percent, holding up better compared with a 2.2 percent drop in the U.S. S&P 500 on Tuesday.
Material and financial shares were the biggest drag on the MSCI benchmark for Asia.
Helping limit losses was a 1.6 percent jump in the Shanghai Composite index, helped by gains in Sinopec and PetroChina after China hiked fuel prices to a near-record high.
PetroChina, the Shanghai Composite’s most heavily weighted stock, gained 1.56 percent but its Hong Kong-listed shares dipped 1.3 percent.
The Shanghai index was up for a second day running and seemed to regain its composure after a nearly 7 percent sell-off on Monday.
Worries about banks clamping down on lending after a splurge earlier in the year to pay for government stimulus have spooked the market. But analysts have warned investors not to read too much into the opaque and volatile market mostly closed to foreigners.
In currencies, the dollar was little changed after jumping the previous day as the Aussie and euro fell back on the slide in riskier assets.
The dollar index, a gauge of its performance against six major currencies, was flat at 78.744.
But against the yen, the dollar dipped as far as 92.51 yen, a seven-week low, as the Japanese currency posted broad gains from renewed worries about holding risky positions in higher-yielding currencies.
Government bond markets extended their winning streak, one of the signals that has worried some investors by suggesting the stock market rebound may be overdone.
The yield on five-year Japanese government bonds fell a basis point to 0.590 percent, a four-year low and underscoring how ultra-low interest rates are expected to persist for a while in the Bank of Japan’s battle against deflation.
Wall Street Effects On Asian Stocks Market was first posted on September 2, 2009 at 10:42 am.
©2009 “Pakistan News“.
TCP Decision On Suger Import
ISLAMABAD : The Economic Co-ordination Committee (ECC) of the Cabinet on Tuesday allowed import of 100,000 tons of sugar to meet domestic requirements of the country. The ECC meeting, presided over by Minister for Finance Shaukat Tarin, took serious notice of shortage of sugar in the Utility Stores Corporation and directed the Ministry of Industries to take stern administrative action against the culprits responsible for creating hurdles in smooth supply of sugar.
Keeping in view the export parity price, low domestic prices, cost escalating factors and future forecast of the world supply and demand, the ECC approved the intervention price for paddy crop 2009-10 at Rs 1250 per 40 kg for super basmati, Rs 1000 for basmati-385, and Rs 600 for Irri paddy. The ECC also allowed provinces transportation of imported wheat and preference for the mode of transportation will be Railways, NLC and the private transport contractors and companies.
The meeting decided that Trading Corporation of Pakistan (TCP) would establish effective co-ordination with the provinces for efficient and timely measures for transportation of the imported wheat. The decisions were taken on the recommendations of the committee formed by ECC in December 2008 with the mandate to thoroughly investigate the matter regarding transportation of wheat purchased by TCP from Karachi to other provinces.
On the issue of additional charges for transportation of imported urea from Gwadar Port, the ECC approved additional freight charges from Gwadar to Karachi from December, 22 2008 to March 2009 as Rs 798,209,950, from April 1 to August 12, Rs 713,980,518.
The ECC also allowed issuance of Government of Pakistan’s guarantee of Rs 1075 million, by the Ministry of Finance, in favour of National Bank of Pakistan for rescheduling of loan of Telephone Industries of Pakistan (TIP).
The ECC was informed that total stock of wheat as on August 23, 2009 amounted to 9.599 million tons as against 3.623 million tons in the same period last year, thereby showing a higher stock of about 5.976 million tons. The trade deficit improved by 31.09 percent to $1.15 billion in July 2009-10 from $1.66 billion in the same period last year. The foreign exchange reserves stood at $13.1 billion as on August 28, 2009 – up from $6.4 billion on November 25, 2008.
The provisional FBR tax collection stood at Rs 74.07 billion on net basis during July 2009-10 as compared to Rs 72.36 billion in the same period last year. Overseas workers’ remittances amounted to $747.2 million in July 2009-10 as against $627.2 million, showing an increase of 19.13 percent over the same period last year. Monthly core inflation rate has decreased 15.9 percent in June, 2009 to 14.0 percent in July 2009.
TCP Decision On Suger Import was first posted on September 2, 2009 at 10:55 am.
©2009 “Pakistan News“.
