ISLAMABAD: State-run Trading Corporation of Pakistan (TCP) has received no bids for an international tender to sell and export 25,000 tonnes of rice, TCP officials said on Thursday. The tender was issued last month and closed on Nov 24. Bids were invited for Super Basmati rice in minimum lots of 1,000 tonnes. “No bids were offered against the tender,” said a TCP official, who declined to be identified. A TCP spokesman said this week rice offered was purchased last season not exported after objections from traders prompted a government decision not to export the grain. Pakistan is expecting output of 6.4 million tonnes of rice this year and is aiming to export up to 3.5m in the financial year ending to June 2010.
SBP buys Rs15bn of T-bills
KARACHI: The State Bank of Pakistan bought back 15 billion rupees (+ACQ-179.64 million) of treasury bills on Thursday under 9-day reverse repo contracts at 11.90 per cent to inject liquidity into a tight money market.
Forex reserves dip to $13.90bn
KARACHI: Pakistan’s foreign exchange reserves fell to $13.90 billion in the week that ended on Nov 21 from $14.12 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan were $10.27 billion, down from $10.49 billion a week earlier, while those held by commercial banks were flat at $3.63 billion from the previous week, the central bank said in a statement. Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely because of a soaring import bill. An International Monetary Fund (IMF) emergency loan package of $7.6 billion agreed in November helped avert a balance of payments crisis and shore up reserves. The IMF, which increased the loan to $11.3 billion in July, has disbursed more than $5 billion.
Sugar millers seek more time for CCP hearing
News Desk
ISLAMABAD: Pursuant to the show cause notice issued to All Pakistan Sugar Mills Association (APSMA), the Competition Commission of Pakistan held a second hearing on Thursday. The hearing was conducted by a three-member bench of CCP comprising Khalid A Mirza, Chairman, Abdul Ghaffar, Member Cartels and Mergers and Rahat Kaunain Hassan, Member Legal. The APSMA was represented by Abdul Hafeez Pirzada, senior advocate Supreme Court and Sikandar Khan, Chairman APSMA.The association requested the commission to grant more time for reconsideration of their earlier request for invoking leniency provision under the ordinance. Hearing has been adjourned and the matter shall be fixed in the month of December.
Silkbank calls meeting to okay right issue
KARACHI: Silkbank has convened an emergency meeting of its board of directors on December 2 to approve issuance of right shares at a discount to raise share capital.a According to an announcement on Thursday, right shares will help in meeting the capital requirement of the State Bank of Pakistan (SBP). It may be noted that Silkbank shareholders, Nomura Investment Japan, IFC and Bank Muscat had already given approval to the recapitalisation plan which will enable Silkbank to meet the capital requirement of Rs6 billion.
Gold hits Rs38,050 a tola
KARACHI: Gold continued its ascent on Thursday as it gained Rs50 to touch Rs38,050 a tola in local bullion markets, a bullion dealer said. The precious metal moved up by Rs42 to hit yet another high at Rs32,614 per 10 grams. International price also surged to $1,183 an ounce, market sources said. Silver touched a record high at Rs505.71 per 10 grams.
Delhi admits paying 23,000 non-existent workers
NEW DELHI: New Delhi authorities have been paying salaries to 23,000 non-existent employees at a cost of more than $40 million annually, a statement from the mayor’s office said on Thursday.The discrepancy was discovered after Kanwar Sain, mayor of the Indian capital, introduced a biometric system of recording attendance in August. It revealed 104,241 genuine employees on a payroll of 127,094 people, the statement said. “The Municipal Corporation of Delhi will go into the full depth of the matter to ascertain the facts,” Sain said in the statement. “Strict disciplinary action will be taken.” The MCD employs people ranging from teachers to cleaners and gardeners in the city of 14 million people.
CDC introduces electronic ‘Unpaid Rights’
By our correspondent
KARACHI: The Central Depository Company (CDC) has implemented the functionality for induction of ‘Unpaid Rights’ into its Central Depository System (CDS). “This system (electronic issuance and settlement of Unpaid Rights) will result in increased efficiency and convenience for the investors as well as issuers,” according to a press statement issued here on Thursday. Previously, the rights could only be issued in physical form which entailed the cumbersome manual processing. With the new functionality, the rights are credited into the shareholders’ accounts in CDS in the form of a separate security just like any other security in CDS which can be easily settled and pledged, the statement added.
Atlas Honda profit up
KARACHI: Atlas Honda has posted a profit after tax of Rs308.08 million for the half year ended September 2009.According to financial results sent to the Karachi Stock Exchange (KSE) on Thursday, pre-tax profit surged to Rs459.25 million during the period under review compared to Rs343.07 million in the corresponding period last year. Earning per share also increased to Rs5.68 compared to Rs4.43 in the same period last year.
Fish exports grow 37.85pc
ISLAMABAD: Seafood exports during October recorded a positive growth of 37.85 per cent as compared to exports in September 2009. Fish and fish preparation exports were recorded at $24.826 million in October as compared to exports worth $18.009 million in September, according to the Federal Bureau of Statistics. Compared to fish exports of $24.562 million recorded in October 2008, exports during the month under review posted a nominal growth of 1.07 per cent, the figures showed. Seafood exports during July-October (2009-10) witnessed a negative growth of 16.49 per cent, compared to exports in the corresponding period of last year. Fish and fish preparation exports during the first four months of the current year were recorded at $59.195 million against $70.882 million recorded during July-October (2008-09).