Foreign exchange seeping out of Pak markets
Following the drop of MSCI world index by 13% since May, all markets are facing recession. According to reports, in the last 13 sessions $300 million have been withdrawn from the markets. However, signs of improvement are present in the financial output of different companies and there are also reports that 27% raise is expected in the profits of listed companies.
Fujifilm aims to be largest camera maker by March
July 4, 2011 by Trend PK
Filed under Technology
Recently best known for inexpensive models, Fujifilm aims to become the world s fourth largest camera maker by next March. It aims tol become No. 3 manufacturer two years later, overtaking first rival Samsung and then Nikon.
Fujifilm is currently in fifth position behind Canon, Sony, Nikon and Samsung in digital still cameras unit sales. The company is confident that its plan to boost sales 25 percent to 14 million units this financial year and will gain the No. 4 spot.
Fujifilm is planning to spread risk by starting some production in Southeast Asia, with a decision to be made on the location by the end of the financial year.
SBP issues report of 1st quarter performance
The State Bank of Pakistan has issued its report on the financial performance of the country in the first quarter of 2010-2011.
According to the report, it is expected that performance of agri sector would be improved in the coming months. It is said in the report that inflation remained higher than expected during the first six months of the financial year and this will continue in the coming months thats why SBP has estimated inflation at 15-16 percent in 2011.
MQM submits Land Reforms Bill
October 12, 2010 by Trend PK
Filed under World News
Staff Report
KARACHI: Muttahida Qaumi Movement (MQM) on Wednesday submitted a draft of a new Land Reforms Bill to the National Assembly Secretariat here on Wednesday.
The bill was presented by MQM’s parliamentary delegation led by senior party leader Farooq Sattar. 25 MNAs and six senators, all from MQM, were present on this occasion.
Under the bill, nobody would be allowed to own more than 36 acres of agricultural and 54 acres of rain-fed land.
Addressing a news conference after submitting the bill, Dr. Farooq Sattar said that the bill will improve the financial conditions of people. It would end feudalism and bridge the gap between rich and poor.
The MQM leader added that the Land Reforms Bill would also bring about an agricultural revolution in the country. SAMAA
Bank of Japan dumps Yen
Bank of Japan dumps Yen in first intervention in six years. Japan’s central bank sold its own currency to stem its rapid rise against the U.S. dollar. It is the first such market intervention in six years pushed the dollar up sharply.
Rising value of yen was hurting the profit of Japanese companies; a strong yen hurts Japanese exports at a time when its economic recovery is stalling. Japan has in the past guarded its competitiveness by intervening in the currency market. Asian stock markets jumped after the news of intervention.
The Nikkei average jumped almost three percent on the news, with shares of large exporters Sony, Kyocera and Toyota rising.
The Bank of Japan did not reveal how many dollars the bank bought, but said it will continue to pump ample liquidity into the financial market.
World stocks up on ECB liquidity offer
June 10, 2010 by Trend PK
Filed under Breaking News
LONDON: European stocks rose Thursday after the European Central Bank left interest rates at a record low and promised short-term liquidity to the financial sector.
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World stocks up on ECB liquidity offer
Shares down by $53tr in Asia
Asian markets are bullish while shares are down by $53trillion owing to the financial crisis hitting Europe.
MSCI Index came down at 111 points after losing 1.5 percent. Japans Nikkei Index closed at 9,784 after shedding 46 points.
During trade, Indias Sensex lost 160 points while Hang Seng shed 33 points. Taiwan stock market lost 187 points.
Staff regularization to mount PSM financial woes
KARACHI (Raja Kamran): Suffering from financial deficit and corruption, Pakistan Steel Mills (PSM) has regularised the services of over 4,000 temporary employees which is feared to further add to the financial burden of the cash strapped organization.
PSM posted losses in July 2008.
The report of the Auditor General noted 75 objections according to which PSM incurred a loss of Rs39 billion till February 2010. It’s outstanding dues against bank loans amount to Rs40 billion and for which it has to pay Rs4 billion as interest.
The cash-strapped PSM will have to bear an additional expenditure of Rs1 billion as a result of regularization of employees against their salaries and perks.
The production activity has almost come to a halt in PSM and the government is mulling over granting Rs20 billion as bailout package to PSM.
Railways misused by all govt departments: Nisar
ISLAMABAD: Public Accounts Committee chairman Chaudhry Nisar Ali Khan on Monday said all government departments had misused the railways from the day Pakistan came into existence.
The PAC met today to review the prevailing state of affairs in the railways ministry.
Briefing the committee, Railways Secretary Sami Khilji said that railway’s annual revenue was Rs21 billion, out of which 12 billion rupees were being spent on oil consumption.
The committee directed the railways authorities to submit a report about the financial irregularities in two weeks.
Taking notice of theft of railways tracks and cables, the PAC asked the police to play a positive role.
MQM to retire country’s debt by selling feudals’ land: Altaf
LAHORE: Chief of the Muttahida Qaumi Movement (MQM), Altaf Hussain, Sunday said those who chanted slogan of ‘Roti, Kapra aur Makan’ (food, clothing and shelter) gave nothing to the people in the past 62 years.
In his telephonic address to the convention held simultaneously in Lahore, Multan and Rawalpindi, Hussain urged the people of Punjab to maintain order as ‘MQM has made its way to Punjab’.
He said that his party, after coming into power, would distribute feudals’ land among poor people. Hussain said that the country’s debt would also be returned by selling these lands.
He said today people have converged here to save Pakistan, which suffers from dual system of education and where children of the poor are made to sit on ground in yellow schools in the absence of chairs.
The MQM Chief said the masses continue to be subjected to atrocities for the last 62 years. He said actually “it our fault who cast vote in favour of defaulters of enormous debts,” asking, “Why do people of Punjab keep voting for plunderers and looters who have been tried before?”
He said the people will have to make a pledge not to support thieves. “It is Allah Almighty who has all the power to decide as to who gets respect and who gets humiliated,” he said citing Quranic verses.
Altaf Hussain said MQM has made its way to Punjab despite all the hurdles put in its way. “MQM is here to paint faces of thieves and looters in black and walk them in streets,” he warned.
The issue of Seraiki region and South Punjab would be resolved, he promised.
