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Author Archives: Shazad Ahmed

Record 34.28mt cement produced in 2013-14: Industry likely to grow over 6pc, post 5-year highest growth rate

KARACHI – The cement industry is likely to grow over 6% as it has risen in the first seven months (Jul-Jan 2014-15) of the fiscal year, and is also set to post highest-ever growth rate in the last five years, experts say. In the last fiscal year 2013-14, cement production posted the highest-ever number of 34.28 million tons. Dispatches increased ... Read More »

‘Under IMF deal’, govt releases only Rs216.2b, 41pc of Rs525b annual allocation for PSDP in July to January

ISLAMABD – The government has released a total of Rs216.2 billion – 41 percent of the Rs525 billion annual allocations – for Public Sector Development Programme (PSDP) during July to January period of Fiscal Year 2015. For the PSDP, the PML-N government is not releasing funds according to its own set criteria apparently to restrict the budget deficit as agreed ... Read More »

GSP Plus status by EU: Pakistan beats target of addl $1b exports during Jan- Oct 2014 to European countries

FAISALABAD – Khurram Dastgir Khan, the federal minister for commerce, has disclosed that Pakistan had exceeded the target of an additional USD 1.08 billion export from January to October 2014 to the EU under GSP Plus status despite all the handicaps. Addressing the members of Pakistan Textile Exporters Association, he said being confronted with severe energy shortage and extremism, it ... Read More »

KSE-100 Index reverses early gains, reaches 34685.08 points

KARACHI – The benchmark KSE-100 Index reversed its early gains till mid day trading on Tuesday and went back to 34685.08 points from all-time high of 34819.79 points when it gained 143.48 or 0.41 percent in early trading of the same day. Till mid day trading, the index gained 8.77 points or 0.03pc with High and Low of 34844.77 and ... Read More »

SC moved against hike in GST by 10pc on POL products “in violation of Article 73 (2)(a)”

ISLAMABAD – Against increase in the General Sales Tax (GST) on all petroleum products by 10 percent announced on January 31, 2015, the apex court has been moved, under Article 184(3) of the Constitution, with the pray to early restrain the federal government from collecting extra amount with GST until the ruling on the petition. The petitioner made the Centre ... Read More »

Pakistan’s Ra’ad missile successfully test-fired: Capable of delivering nuclear warheads up to 350km

Islamabad – Pakistan successfully test-fired a new indigenously developed cruise missile which is capable of delivering nuclear and conventional warheads up to 350 km. It brings many Indian cities under its range. Pakistan army said the Ra’ad missile enables Pakistan to achieve “strategic standoff capability” on land and at sea, as it uses extremely complex “Cruise Technology” that has been ... Read More »

Fuel price, SBP’s 1bps rate cuts lift KSE-100 Index to 34575.35 with 131.48 points gain

KARACHI – Till mid day trade on Monday, the benchmark KSE-100 Index advanced to 34575.35 By gaining 131.48 points or 0.38 percent as compared to 34,444 points at which the index had closed the week with 1.2 percent WoW hike. It was because of further petrol price decrease and State Bank of Pakistan’s cut of 100bps in discount rate. Experts ... Read More »

2,281-acre land to be leased out to Chinese firm for 40 years, Rs6.69b paid for Gwadar ‘free trade zone’

ISLAMABAD – For the establishment of a ‘free trade zone’ in Gwadar, a lease agreement is being processed under which over 2,281 acres of land will be handed over to the China Overseas Port Holding Company for 40 years while the Ministry of Ports and Shipping has paid over Rs6.69bn to acquire the land through the deputy commissioner of Gwadar. ... Read More »

Though deadline extended to mid-Feb 2015, Rs50b Metro Bus Project may need further time for completion

Islamabad – The Rs50 billion Metro Bus Project was to be completed within record 10-month time after its inauguration on February 28, 2014 and its deadline extended to mid-February 2015, is likely to need further time period for its completion. On January 28, Monitoring and Implementation Committee on Metro Bus Project Chairman Hanif Abbasi had said that the project would ... Read More »

Trade activities after MQM strike props up KSE-100 Index by 83.75 points to 34492.49

Karachi: The KSE-100 Index surged by 198.18 points or 0.58 percent to 34606.92 points and 153,115,840 till mid day trade on Friday as normality returned after the partial closure of business activities on the call made by MQM on Thursday. Earlier the other day, stocks showed recovery led by selected scrips across the board on strong valuations while the KSE-100 ... Read More »

Trade activities after MQM strike props up KSE-100 Index by 83.75 points to 34492.49

Karachi – The KSE-100 Index surged by 198.18 points or 0.58 percent to 34606.92 points and 153,115,840 till mid day trade on Friday as normality returned after the partial closure of business activities on the call made by MQM on Thursday. Earlier the other day, stocks showed recovery led by selected scrips across the board on strong valuations while the ... Read More »

Replacement of Securities Bill 1969: Govt tables Securities Bill 2014 to strengthen Securities and Exchange Commission of Pakistan

ISLAMABAD – The government has presented Securities Bill 2014 before the Parliament so as to replace the existing Securities and Exchange Ordinance 1969 with the objective to strengthen the Securities and Exchange Commission of Pakistan, said SECP Chairman Zafar Hijazi. The SECP chief said was briefing the Senate Standing Committee on Finance and Revenue, which met under the chair of ... Read More »

CNG sector to directly import LGN from March 31: APCNGA lauds decision

ISLAMABAD – An official of Ministry of Petroleum and Natural Resources said the CNG sector will directly import the Liquefied Natural Gas (LNG) after which no filling station would face closure. The official added that the import of LNG will start from March 31 in Pakistan. He said, “After arrival of LNG the annual demand of petrol in Punjab would ... Read More »

People’s United Financial reports net income of $64.7m for fourth quarter versus $59.3m

BRIDGEPORT, CT: People’s United Financial, Inc. announced net income of $64.7 million, or $0.22 per share, for the fourth quarter of 2014, versus $59.3 million, or $0.20 per share, for the fourth quarter of 2013. Operating earnings were $65.1 million, or $0.22 per share, for the fourth quarter of 2014, compared to $60.0 million, or $0.20 per share, for the ... Read More »

Pakistan’s trade deficit widens by 34.78pc: FPCCI making economic revival plans

ISLAMABAD—Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President M Adrees said that the federation was developing short, medium and long term plans through consultation with chambers and trade bodies for economic revival and would fully support the government in uplift of national economy. As per data by the Pakistan Bureau of Statistics, Pakistan’s trade deficit widened by 34.78 ... Read More »

KSE-100 index up by 39.88 points to reach 34426.74 points

KARACHI – The benchmark KSE-100 index appreciated by 39.88 points or 0.12 percent to reach 34426.74 points and volume of 70,641,280 shares till mid day trade on Thursday. The High and Low were 34502.27 and 34368.25 respectively. The other day, the index remained in green zone over corporate earnings’ announcements while cement and oil sectors led the rally. An expert ... Read More »

Per day consumption up from 9,000 tonnes to 15,000: 9-day stock of petrol, 18-day diesel available: Abbasi

ISLAMABAD – The petroleum minister said per day consumption of petrol in the country has increased from 9,000 tonnes in January 2014 to 15,000 tonnes in January 2015 and for the running month the government has projected an estimated demand of petrol at 19,000 tonnes a day. Shahid Khaqan Abbasi said that there was satisfactory stock of petroleum products in ... Read More »

CNCBI Cross-border Banking Demand Index rises 0.7 to 5.89

Hong Kong: China CITIC Bank International Limited announced that the CNCBI Cross-border Banking Demand Index rises 0.7 over the last quarter in 2014 to 5.89. CNCBI Chief Economist and General Manager of Research Department Dr. Liao Qun points out that the 0.9 increase of the Corporate Demand Index to 57.6 indicates an acceleration of cross-border banking demand from mainland corporations. ... Read More »

Community Bank System, Inc. announces net income of $23.1m versus $15.5m of last quarter

SYRACUSE, N.Y: Community Bank System, Inc. announced fourth quarter 2014 net income of $23.1 million, a hike of 49.5% compared with $15.5 million earned for the fourth quarter of 2013. For the fourth quarter of 2014, diluted earnings per share totaled $0.56, compared with $0.38 per share reported in the fourth quarter of 2013, which included $0.15 per share of ... Read More »

Union Bankshares, Inc. reports net income of $7.7m with 7.8% hike

Morrisville, VT: Union Bankshares, Inc. reported Net Income for the year ended December 31, 2014 of $7.7 million while the last year Net Income represents a 7.8% increase over Net Income for the year ended December 31, 2013 of $7.1 million. Earnings per share as of December 31, 2014 increased to $1.73 per share compared to $1.60 per share for ... Read More »