Gold, silver, oil down as dollar gain
Gold, silver and crude oil recorded downward trend in the wake of the improvement in dollar in international markets on Monday.
Crude oil shed three percent prices within two days in international markets, gold two percent while silver declined 4 percent. Oil is down by another 70 cents and traded at 80.56 cents. Gold is sold at $1360 per ounce and silver stood at $23.93. Dollar is up by 0.4 percent against other currencies.
Gold, silver, oil down as dollar gain
Gold, silver and crude oil recorded downward trend in the wake of the improvement in dollar in international markets on Monday.
Crude oil shed three percent prices within two days in international markets, gold two percent while silver declined 4 percent. Oil is down by another 70 cents and traded at 80.56 cents. Gold is sold at $1360 per ounce and silver stood at $23.93. Dollar is up by 0.4 percent against other currencies.
PEPCO announces to end domestic load shedding temporarily
September 12, 2010 by Trend PK
Filed under World News
Staff Report
LAHORE: After the improvement of weather conditions in country, PEPCO has announced to end domestic load shedding temporarily.
According to details, the current rains during the Eid holidays resulted in better weather and reduced the demand of power supply in the country.
At the moment, the demand of electricity and the current production of power are the same. Seeing the improved condition of the power supply and lower demand, PEPCO has announced to postpone domestic load shedding for a few days.
At the moment the production of power stands at 12,162 megawatts, while the demand in the country is also same. SAMAA
Hafeez for concrete steps to boost economy
KARACHI: Government is taking measures for the improvement of economic situation; Federal Finance Minister Abdul Hafeez Sheikh said this during his first post budget visit to Karachi Stock Exchange (KSE) on Monday.
According to Geo News, Finance Minister met with KSE members and assured them that government is taking measures to bring improvement in economic situation; however, he made it clear that assistance from private sector will be needed in this connection.
CGT will be implemented from July 1,2010 and those sales their shares within six months will have to pay 10 percent, between 6 to 12 month will have to pay 7.5 percent and after 12 month sale will be exempted from the tax.
About tax collection system, Hafeez Sheikh said that investors will not be harassed, however, question will be asked about source of the money. He made it clear that Sindh will remain collect the tax on services.
Britain will stay out of India-Pakistan dispute: FM
LONDON: Britain”s new coalition government will not “lecture” India and Pakistan over their relationship, Foreign Secretary William Hague said Thursday ahead of an upcoming trip to Islamabad.
His predecessor David Miliband caused a diplomatic row last year by linking the unresolved Kashmir dispute to the Mumbai terror attacks, and Hague signalled he would not make the same mistake.
“It will not be our approach to lecture other countries on how they should conduct their bilateral relations,” Hague told reporters in London.
He welcomed the improvement in ties between Pakistan and India, including plans for foreign minister-level talks in July on how to re-open the formal peace dialogue suspended after the November 2008 attacks on Mumbai.
“That such relations are improved is of course important to relations in that region and the future peace of the world,” Hague said.
“But our approach would not be to tell those countries what to do, they must take forward their own bilateral relations.”
Miliband, a member of the Labour government which lost power to a Conservative-Liberal Democrat coalition in May 6 elections, sparked a major row by linking Kashmir to extremism on a trip to New Delhi in January last year.
India has traditionally resisted any kind of outside interference in its dispute with Pakistan over Kashmir.
Hague said this week he intended to visit Pakistan “in the next few weeks” to discuss military operations in Afghanistan and bilateral issues.
Judiciary should stay away from politics
April 20, 2010 by Trend PK
Filed under Breaking News
Lahore, News Trends:- Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhary said that judiciary should stay away from politics and judicial system needs further improvement A News Trends Reports.
Addressing the inauguration ceremony of the National Judicial Conference, the CJP said that actions of March 9 and November 3 shook the judicial system and prevailing crises withered two important years.
He said that there is dire need to practice peace, unity and tolerance in the country. The CJP said that the profession of lawyers and judges is very sacred. He said that distribution of powers in a democratic system improves check and balance. Lawmakers should make laws as per limitations given in the Constitution, othertwise judiciary has power to reject it, he added. The CJP said that Article 2-A of the Constitution ensures freedom of judiciary. He said that the condition of jails in the country is not satisfactory.
Judiciary should stay away from politics was first posted on April 16, 2010 at 10:38 pm.
Copyright @ A News Trends.Com
Plea Filed in SC Challenging Delay in Judges’ Appointment
Plea Filed in SC Challenging Delay in Judges’ Appointment, A petition has been submitted in the Supreme Court against the delay in the appointment of judges today.
The petition has been filed by Advocate Akram Sheikh in which the federation has been made a party. In the application, it is argued that the government has been deliberately delaying the judges’ appointment requesting the court to sought record regarding the SC’s suggestion in this regard with the President’s and Governor’s version on that. The court was also asked to interpret Article 6 of the constitution, besides its imposition on those who tried to breach it.
Plea Filed in SC Challenging Delay in Judges’ Appointment was first posted on February 9, 2010 at 5:24 pm.
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.
Index falls below 9000 level on selling
November 8, 2009 by Trend PK
Filed under World News
KARACHI: Mounting selling pressure trimmed values at Karachi Stock Exchange (KSE) Friday as 100-Index plunged by 175.62 points to close at 8,936, dealers said.
KARACHI: Mounting selling pressure trimmed values at Karachi Stock Exchange (KSE) Friday as 100-Index plunged by 175.62 points to close at 8,936, dealers said.
A dealer said that market was opened on a positive note, but slipped on selling pressure in the first session.
The selling pressure continued in the second session till the close of trading, he added.
The turnover volume was the lowest at 97.120 million in the last one year as 238 scrips sustained loss and 131 advanced while 19 remained unchanged.
The market capitalization was eroded by Rs 51 billion to Rs 2.588 trillion.
Jahangir Siddiqui Co was the volume leader with a turnover of 10.274 million shares followed by Arif Habib Sec 7.297 million shares, Nishat Power 4.874 million shares, Attock Refinery 3.420 million shares and Pak PTA 3.311 million shares.
Nishat Mills closed at 59.09, Jahangir Siddiqui 29.48, Arif Habib Sec 48.43, OGDC 103.37, Attock Refinery 135.15 and Engro Chemical170.19.
Nestle Pak recorded the highest increase of Rs 24.50 to 1224.50followed by Bata Pak which moved up by 22.68 to 907.68 while Treet Corp dipped by 14.74 to 283 and Service Industries went down by Rs14.09 to 267.74.
IMF warns G20 on cutting economic support
November 8, 2009 by Trend PK
Filed under World News
WASHINGTON: The global economic recovery is uneven and the timing of any exit strategies should err toward supporting demand, according to an International Monetary Fund paper prepared for the G20. In the document prepared for a meeting of Group of 20 finance ministers and central bankers in Scotland, the IMF stressed the fragility of the global recovery, saying it was largely dependent on special government support. “The pace of recovery is uneven, particularly in advanced economies, with consumer confidence remaining subdued, the waning of temporary fiscal measures such as the cash for clunkers programme in the U.S.
WASHINGTON: The global economic recovery is uneven and the timing of any exit strategies should err toward supporting demand, according to an International Monetary Fund paper prepared for the G20.
In the document prepared for a meeting of Group of 20 finance ministers and central bankers in Scotland, the IMF stressed the fragility of the global recovery, saying it was largely dependent on special government support.
“The pace of recovery is uneven, particularly in advanced economies, with consumer confidence remaining subdued, the waning of temporary fiscal measures such as the cash for clunkers programme in the U.S. and similar programmes elsewhere is slowing production,” the paper said.
“This underscores the extent to which the improvement in demand is largely driven by policy stimulus, with a turn in the inventory cycle also playing a part.”
The IMF is forecasting growth of only 1.3 percent for the world’’s advanced economies in 2010. The euro zone is seen expanding by just 0.3 percent while the economies of emerging and developing nations are expected to grow by 5.1 percent.
This, it said, showed why policy stimulus was still important.
“The timing of the exit from stimulus should depend on the state of the economy and the financial system and should err on the side of further supporting demand and financial repair,” the paper said.
“One of the key lessons from the experience of similar crises (such as the Great Depression and Japan in the 1990s) is that withdrawing policy stimulus too early can be very costly, particularly if the financial system remains vulnerable and prone to adverse shocks.”
