Cotton hits historic high
The international as well as the local cotton prices hit a record high, trendpk.Com reported on Sunday.
The local price of the commodity reached 10,000 rupees per 40 kg. After the international increase in prices, the local price of cotton also experienced an increase of 500 rupees. On the other hand per bale of cotton witnessed an increase of 100 rupees per 40 kg to become 4400 rupees.
According to the sources after the increase in the international price of the commodity, the Indian traders have refused to deliver the pledged quantity of the commodity on previous reduced rates. Consequently local markets are also witnessing an increase in the price of cotton.
Cotton price on record high
The local as well as the international prices have increased to a new unprecedented level, trendpk.Com reported on Saturday.
The cotton price in the local market has reached 9500 rupees per 40 kg. after an increase in the international cotton prices, the price level of the commodity also jumped up in the local markets. This week witnessed an increase of 1000 rupees per 40 kg of cotton.
On the other hand the cotton price in the international market has reached new record level of 1.60 dollars for urgent delivery.
Inflation resulting from incompetent policies of government, SBP
The State Bank of Pakistan (SBP) has said that the recent wave of inflation has resulted from the incompetent policies of the government, Dunya News reported on Wednesday.
A report published by the SBP has revealed that the international sugar price decreased from Rs. 50 per kg to Rs. 27 per kg in the first quarter of the current year but contrary to it the commodity price increased to 80 rupees per kg in the country. Similarly the wheat price in 2009 in the international market was 3 rupees less per kg than the local price of the commodity however the difference reached 12 rupees by the end of 2009.
According to the bank the surge in the prices of pulses, grains, onions, fresh fruit, meat and rice is unreasonable and lacks rationale when their supply is far greater than their demand.
Cotton export on despite shortage
Despite a steep decline of in cotton generation, i.e less than 40,000 bales, the commodity export has been initiated instead of its import.
The textile industry needed a 1,600,0000 bales of cotton for its needs, while according to a rough estimate around 1,200,0000 bales would be generated. Due to rise of cotton prices in the international market, exporters have turned to Pakistan for purchase.
Crude oil prices down as dollar rises
A mixed trend is witnessed during oil trading in the Asian market as the commodity rate remained less than $75.
Decrease in demand in USA also lowered the oil purchaseLight Sweet Crude Oil for November delivery is up by 13 cents to $74.84 cents. London Brent North Sea deals reached $77. 79 cents.
Crude oil prices down as dollar rises
A mixed trend is witnessed during oil trading in the Asian market as the commodity rate remained less than $75.
Decrease in demand in USA also lowered the oil purchaseLight Sweet Crude Oil for November delivery is up by 13 cents to $74.84 cents. London Brent North Sea deals reached $77. 79 cents.
Atta to be sold at Rs20/kg in Punjab ‘Bachat Bazars’
LAHORE: Pakistan Flour Mills Association (PFMA) has announced that Atta will be available at Rs20 a kilogram in Bachat Bazars across Punjab from tomorrow (Sunday).
Chairman PFMA Liaquat Ali Khan said that government will be supplying Atta in Bachat Bazars at Rs20 per kg while in open market the commodity will be made available at Rs21.25 a kilo.
He said 20 kg bag of Atta will be available at Rs400 in the open market.
According to sources, the Punjab government has released a subsidy of Rs4.5 billion for flour mills under Ramazan Package.
Strict measures on card to stop sugar hoarding
ISLAMABAD: Federal Minister for Finance, Dr. Abdul Hafeez Sheikh said the Economic Coordination Committee (ECC) would adopt strict measures to stop sugar hoarding.
He was talking to Geo News Monday.
He pointed out that monthly consumption of sugar was 278000 tones and the stocks were of 1246000 tones, enough till October.
The government would foil all bids to create artificial shortage of the commodity, he warned.
Fresh spate of targeted killings claim 8 lives in Karachi
KARACHI: Eight people including Sindh Assembly employee and workers of political and religious parties besides a former councilor have been killed in separate incidents of fresh spate of targeted killings during the last 24 hours while a vehicle was torched in the metropolis.
According to police sources, unknown men gunned down Abdul Aziz in Machhar Colony. He was a worker of Jamat Ahle Sunnat, claimed Jamat’s spokesman.
In another incident in Malir City, armed men opened fire and killed former councilor Shoaib Baloch while Gul Sher, aged 26, was shot down by gunmen in Saoodabad area of Malir.
Unknown assailants opened fire at a vehicle at Tipu Sultan Road near Najam Masjid, killing Ramesh Kumar, employee at Public Relations Department in Sindh Assembly and injuring his driver Saif-ul-Malook who later succumbed to his injuries at Jinnah Hospital.
An unidentified man was shot dead by armed men in Bhains Colony while Rizwan Hussain was fired at and killed near Do Minute Chowrangi in New Karachi area. Rizwan’s body was shifted to Abbasi Shaheed Hospital and later his funeral prayers were offered in Ancholi.
Armed assailants opened fire near an office of a political party, killing 25-year old Bilal.
Additional contingents of police and Rangers have been deployed in view of the prevailing tense situation in the city.
LPG price hiked by Rs6 /kg
ISLAMABAD: The advent of the new financial year has brought with it a fresh season of hardships for the common citizens despite government claims to the contrary.
The price of Liquefied Petroleum Gas (LPG) has been raised by Rs6 a kilo following the hike in power tariff.
Chairman LPG Distributors Association Irfan Khokhar told Geo News in Islamabad that the cylinder for domestic use has become expensive by Rs69 while the price of the one for industrial use has shot up by Rs265.
He said although the rate of LPG in international market has witnessed decline, it has been hiked by Rs6 per kg in Pakistan. OGRA should take notice of this, he demanded.
Irfan Khokhar said a major LPG producer of Pakistan has raised the rates of the commodity by Rs5,874 to Rs52,372 per ton from Rs46,498.
He called upon the Minister for Petroleum to intervene in the revision of LPG price.
