By our correspondent
KARACHI: The State Bank of Pakistan (SBP) has withdrawn the conditions placed on commercial banks for giving financing facilities to the private sector for procurement of wheat with immediate effect. “Banks are now free to extend financing facilities to the private sector for procurement of wheat, keeping in view their lending policies, business consideration, risk profile of borrowers and compliance with SBP regulations,” says a circular of the SBP issued here on Tuesday. It may be recalled that earlier this year, the central bank had placed several conditions on banks which included fresh financing to eligible borrowers (licensed functional flour mills) only against the pledge of fresh indigenous wheat only, cash margin restrictions and adjustment of loans by January 31, 2010.
SBP buys Rs19.6bn of T-bills
KARACHI: The State Bank bought back 19.6bn rupees of Treasury bills on Tuesday under 4-day reverse-repo contracts at 12.17pc to inject liquidity into a tight money market.
Fifth urea ship arrives
KARACHI: Fifth vessel carrying 45,574 tons of urea for the Trading Corporation of Pakistan (TCP) took berth at the Gwadar Port on Tuesday. A TCP official said with the arrival of Star Cosmos from Oman, total imported quantity of urea for Rabi season has reached 175,449 tons from the awarded quantity of 600,000 tons.
UK trade deficit expands
LONDON: Britain’s trade-in-goods deficit expanded to an eight-month high at 7.2 billion pounds in September, as car imports surged thanks to the government’s new-for-old vehicle scheme, data showed on Tuesday. The figure, equivalent to 8.0 billion euros or $12 billion, compared with a revised deficit of 6.1 billion pounds in August, the Office for National Statistics (ONS) said in a statement. August’s trade-in-goods deficit had originally been put at 6.2 billion pounds. Market expectations had been for a September deficit of 6.1 billion pounds, according to economists polled by Dow Jones Newswires.
Trade team to visit Oman
KARACHI: The Trade Development Authority of Pakistan (TDAP) will organise a trade delegation for Oman in January 2010 to explore the market in this important Gulf country. In this regard, the TDAP has invited applications from interested manufacturers and exporters of rice, cotton cloth, plastic articles, footwear, fruits and vegetables and pharmaceutical by November 20.
Barclays profits drop 29pc
LONDON: British bank Barclays on Tuesday reported net profits of 2.73 billion pounds in the first nine months of the year, down 29 per cent, as the group’s bad debt provisions surged. Barclays said impairment charges soared by 65 per cent to 6.2 billion pounds (6.9 billion euros, 10.3 billion dollars) in the nine months to September 30, compared with the first three quarters of 2008.
Brazil economy grows 10pc
BRASILIA: Brazil’s economy posted eight to 10 per cent growth in the third quarter compared to the same July-September period in 2008, confirming its bounce back from recession, Finance Minister Guido Mantega said on Tuesday. For all of 2009, the country’s economy is expected to show a meager one per cent expansion after a sharp first-half decline triggered by the global financial crisis that hit Brazilian industry and exports hard. But, Mantega said, the strong pace of recovery suggested Brazil could look forward to “four to five per cent” growth per year going forward, with 2010 already set to show a full recovery.
PQ activity
KARACHI: The Port Qasim handled 0.11 million tons of cargo, comprising 0.09 million tons of import and 0.02 million tons of export cargo during last 24 hours ended 0800 hours on Tuesday.Berth occupancy was recorded at 91 per cent. Ten ships were loading/offloading container, cement, sugar, project cargo, palm oil, diesel oil, phosphoric acid and iron are during the reported period. Three ships sailed out to sea during last 24 hours. Three ships are due on Wednesday, while two ships are due on Friday.
BD tea prices slide
DHAKA: The average price of Bangladeshi teas fell marginally by 0.18 per cent to 139.49 taka ($2.02) perkg at the weekly action on Tuesday, brokers said. Nearly 1.78 million kg were sold on average at 139.49 taka per kg, down 0.25 taka from the last sale. Some 16.30 per cent of teas on offer remained unsold and were taken back. Buyers for Pakistan and Bangladesh, including exporters mainly to the Commonwealth of Independent States participated in the sale at the country’s lone auction centre in the main port city Chittagong. Different grades were sold between 90 taka and 189 taka per kg. The next weekly auction will be held on Nov. 17, with an offer of 1.69 million kg.