Archive for April, 2009

Private sector loans plummet by over six-times: SBP

Posted on April 29, 2009

KARACHI: Private sector loans during the current fiscal year plummeted by over six-times depicting the slowdown impacts in country’s economy more visible. State Bank of Pakistan (SBP) released figures said that the volume of new loans to private sector during July 2008 to April 18, 2009 amounted to Rs55.43 billion as against Rs359 billion during [...]

Pakistan OGRA proposes cut in POL prices

Posted on April 29, 2009

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has prepared a summary to reduce petrol product price by Rs 3 to Rs 6 per litre. According to sources, OGRA proposed reduction in petrol price by Rs. 3 to Rs.4 per litre and diesel and kerosene oil prices by Rs 5 to Rs 6. OGRA would [...]

Pakistan Steel Mill production capacity to enhance up to 5M Tons

Posted on April 29, 2009

WATTOO LAHORE: Pakistan Steel Mills (PSM) annual production capacity would be enhanced from the existing 1.1million tons to 5 million tons. Federal Minister for Industries and Production, Mian Manzoor Ahmed Wattoo disclosed this in the 1st Iron and Steel Conference-2009, Problems and Prospects of IS in Pakistan, organized by All Pakistan Steel Re-rolling Mills Association [...]

Stocks at Karachi Stock Exchange close 158 points down to 7,271

Posted on April 29, 2009

KARACHI: Stocks at Karachi Stock Exchange fell sharply on Wednesday amid mounting concerns about insecurity as the army fought to drive Taliban fighters out of a key northwestern valley. During the morning, troops secured the main town in Buner valley, just 100 km (60 miles) northwest of Islamabad, but several hundred militants are holding out [...]

Buying improves value at Karachi Stock Exchange

Posted on April 28, 2009

KARACHI: Late entry of bulls improved values of leading scrips at Karachi Stock Exchange (KSE) as 100-Index gained 85.14 points to close at 7,430.08. The turnover volume was high at 1818.905 million shares as prices of 179 scrips sustained losses and 136 advanced while 19 remained unchanged. A dealer at a leading brokerage house said [...]

Engro chemical plans de-merger

Posted on April 28, 2009

KARACHI: The board of directors of Engro Chemical Pakistan Ltd, has, in principle agreed to carry out a de-merger of Engro Chemical. According to Engro’s communique to Karachi Stock Exchange here on Tuesday, the board of directors in its meeting today, has agreed to bifurcate fertilizer business of the company and transfer or merge into [...]

Oil falls in Asia on swine flu fall-out

Posted on April 28, 2009

SINGAPORE: Crude prices continued to decline during Asian trade Tuesday amid worries that an outbreak of swine flu globally would hurt air travel, thereby reducing oil demand, analysts said. New York”s main contract, light sweet crude for June delivery, dropped 20 cents to 49.94 dollars a barrel. Brent North Sea crude for June delivery was [...]

Pakistan to set up automatic power plants

Posted on April 28, 2009

KARACHI: Pakistan will set up power plants to produce 8800 Megawatt electricity, Chairman Pakistan Atomic Energy Commission Ansar Pervez said. He said 585 acres land has been acquired in Karachi to build four power plants. The nuclear power plant project will be completed till 2030 for which funds have been allocated.

Bears prevail in Karachi Stock Exchange

Posted on April 28, 2009

KARACHI: The bearish trend prevails in Karachi Stock Exchange (KSE) on Tuesday as benchmark KSE 100-Index shed 122 more points to plunge at 7223 points level. Market pundits attributed this bout of pessimism in the market to deteriorating law and order situation in northern areas, non-availability of product for those working on leverage basis and [...]

General Motors to retrench 23,000 more emplyees by 2011

Posted on April 28, 2009

DETROIT, Michigan: General Motors unveiled an accelerated overhaul plan Monday aimed at staving off bankruptcy by giving effective control of the ailing automaker to the US government and its main union. The new plan, which also calls for more job cuts and an end to the fabled Pontiac brand, aims to ease a crushing debt [...]