Tuesday, September 01, 2009

KARACHI: The result of P.B Rs. 40,000/- has been announced in Quetta today: 1st Prize of Rs.75000000/- went to PB# 305472, 2nd Prize of Rs.25000000 /- won by PB# 676795, PB# 869657, and PB# 236725. Complete results of other prizes are AVAILABLE NOW ! Click Here to Check Your Results...!

d, draw held at QUETTA:

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Tuesday, September 01, 2009

KARACHI: The rupee trimmed its loses against dollar on the currency market on Monday, experts said. On the interbank market the rupee gained 8 paisa versus the US currency for buying and selling at 83.02 and 83.07, dealers said.

In the First Asian trading yen rose to its highest in seven weeks against dollar, boosted by the end of election uncertainty following a thumping win for the opposition Democratic Party of Japan (DPJ) and then by dollar sell orders. The yen edged up after the landslide election victory on Sunday and then gathered pace as automatic dollar sell orders were triggered close to 93.00 yen per dollar, traders said.

OPEN MARKET RATES: The rupee inched up with a rise of five paisa in relation to dollar for buying and selling at 82.95 and 83.05 in process of trading, dealers said. The rupee also rose by 50 paisa in terms of euro for buying and selling at Rs 117.30 and Rs 117.80, they said.

Open Buying Rs 82.95

Open Selling Rs 83.05

Interbank Closing Rates: Interbank Closing Rates For Dollar On Monday.

Buying Rs.83.02

Selling Rs.83.07

(BRecorder)

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Tuesday, September 01, 2009

NEW DELHI: Pakistan is working towards developing a solution to climate change because it is in the country s interest, said Farrukh Khan, Director of Pakistan s Ministry of Foreign Affairs. In an exclusive interview with The News, he said: We are playing the role of a bridge builder and have been chairing meetings in the process. It s difficult, however, to quantify the achievements. Khan is Pakistan s top negotiator in climate talks and was here to attend the Media Briefing Workshop for Journalists on Climate Change organised by the Centre for Science and Environment (CSE), India s prestigious independent think-tank on environment. As many as 120 journalists from South Asia attended the two-day workshop. Asked what were his expectations for Copenhagen Conference in December, he said it was a million-dollar question since it was difficult to say at the moment that the participants would be able to work out a comprehensive solution during the talks. Talks on climate change in Bangkok from Sept 28-Oct 9 will determine what type of outcome one should expect at the Copenhagen moot, he said. He said climate change was a global problem that affects everyone and talks on climate change might need more time to reach a solution because of financial crisis. Financial requirements for mitigation run into billions of dollars, he explained.

As far as obligations are considered, they have to be met by developed countries because they are the major polluters, he added. The agreement on climate change hinges on financing commitments and transfer of technology, he said. Asked if melting of Tibetan glaciers due to the climate change coupled with drying up of River Indus due to building of large dams and barrages and scarcity of water in India and Pakistan could lead to a water war , as was being predicted in many studies, he said there was indeed an issue of water stress in Pakistan because its resources were shared and could lead to a conflict. But he hastened to add that there was always a silver lining because stress could also lead to cooperation. We waste 40 per cent of our irrigation water although ours is an agrarian economy, he said. Asked how could developing countries such as Pakistan could be optimistic that developed countries would agree to their demands on climate change given their dependence on the West, he said when nations define their interests they define them according to their national interests. In multilateral diplomacy if developing countries have similar interests they work together irrespective of differences in bilateral relations, he said referring to joint stand of Pakistan and India on climate change talks.

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Tuesday, September 01, 2009

KARACHI - Commercial banks earnings and profitability has sharply declined to Rs 26.7 billion during first half of calendar year 2009 as against earnings of Rs 38.8 billion in the corresponding period of last year. In terms of growth, the sector s profitability has seen a decline of 31 per cent during Jan-June 2009. This contraction attributed to higher provisions for Non Performing loans (NPLs) and higher impairment provisioning. After a depressing 1Q2009, earnings of listed commercial banks continued to remain depressed in 2Q2009 as well. However, the sector deposits and advances growth is projected to be around 7 per cent and 5pc respectively for the entire year of 2009. Despite improved NPL trend, analysts still expect 2009 to be a difficult year for the sector with earnings likely to decline by 8 per cent. It is important to note that since the last week of July, major listed banking companies have started to announce their 1H2009 financial results, according to which, commercial banks Net Interest Income (NII) increased by 19 per cent while Non Interest Income depicted sluggish trend during Jan-June this year. JS Research compiled this consolidated figure of sector profitability while taking up 24 banks, out of 25 banks listed at Karachi Stock Exchange for its analysis. BOP has been excluded as the bank is yet to declare its 1H2009 results.

According to JS Research, as of March 2009, sample banks represent more than 95 per cent of the total listed sector s deposits and assets.JS said that the decline in earnings was primarily driven by heavy provisioning for NPLs and higher impairment provisioning as total provisions for NPLs surged to Rs 35.0 billion (US$435million) as against Rs 20.2 billion (US$313 million) in 1H2008, an astounding growth of 74 per cent largely due to slowdown in economic growth. Moreover, stock market crash in the second half of 2008 resulted in impairment loss of Rs 4.2 billion as against only Rs 357 million recognized in 1H2008. Moreover, amid sharp decline in KIBOR, 2Q2009 has seen pressure on spread and resultantly NII. On a positive note, however, there seems to relative easing on the quantum of NPL acceleration as reflected by 45 per cent on quarter-on-quarter basis decline in incremental NPLs in 2Q2009. While profits remained subdued due to high provisions, Net interest income (NII) continued to post decent growth rising by 19 per cent to Rs 122.8 billion, amid higher spreads (7.6 per cent in 1H2009). In contrast, relatively week equity market conditions kept non interest income largely in check as it was recorded at Rs 40.7b similar to 1H2008. Fee income the largest component in non interest income recorded a growth of 9 per cent and stood at Rs 20.4b.

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Tuesday, September 01, 2009

LAHORE - Public and private sector LPG producers in Pakistan are likely to increase prices by up to 15 percent for September, said the LPG Association of Pakistan (LPGAP) on Monday. Local LPG producer prices are likely to increase by $75/MT with effect from September 3 based on the increase in the Saudi CP, said an LPGAP spokesman. The Saudi Aramco Contract Price, which is the ceiling price for local LPG producers, has increased from $508/MT in August to $583/MT for September. This translates into an ex-producer plant price increase of Rs 7,221/MT or Rs 85 per 11.8kg cylinder or Rs 7.2 per kg. The spokesman said LPG prices have remained reasonable during Ramzan and well within the limits prescribed by the Oil and Gas Regulatory Authority.
LPGAP requests all LPG producers to keep price increases to a minimum during the month of Ramzan, said the spokesman. We have also requested LPG marketing companies and LPG distributors to price product within reasonable limits in order to benefit the general public. The spokesman said all stakeholders must work in concert to ensure prices remain stable. He said pricing information would continue to be provided by LPGAP for the information and benefit of the consumer and general public. The spokesman said record imports have been made in Pakistan during the current calendar year. With the import of 7,500 metric tonnes expected in the first half of September, sea-borne imports will have reached 57,616 metric tonnes which is an increase of 140 percent over the previous year, he added.

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Tuesday, September 01, 2009

ISLAMABAD - By jacking up the petroleum prices by four to eight per cent, the Oil and Gas Regulatory Authority (OGRA) Monday night added insult to injury of the masses who were already hard pressed under the general price hike that traditionally accentuates in Ramazan.

It is feared that the latest increase in the petroleum products notified by the OGRA on Monday effective from Tuesday September 1, 2009, would impact another 10 per cent increase in the commoners’ routine expenditures, especially food and mobility. The price hike, contrary to the government’s claims of declining inflation, has already increased household expenditures. Low-income people and daily wagers are finding it hard to manage their bread and butter. However, OGRA is bound to adjust the domestic prices of petroleum products with the international crude oil fluctuations after every month as per the standing policy of the government.

OGRA is moving in monthly adjustments as if the related circumstances were all normal despite the fact that a petition against the petroleum prices increase is still pending with the Supreme Court of Pakistan. During the last hearing, the apex court has asked the government to explain the utility of petroleum development levy as well as the incidence of double taxation on the petroleum products. To sheer bad luck of the people, the international crude has improved significantly during the outgoing month, at times crossing $70 a barrel. Consequently, OGRA announced new maximum ex-depot prices of petroleum products effective 01 September, 2009 that increased Supreme Petroleum from Rs 60.46 to Rs 65.26 a litre. Similarly HOBC soared from Rs 77.01 to Rs 80.39 a litre. Kerosene had a jumped up from Rs 57.91 to Rs 60.6, and Light Diesel Oil have surged from 53.27 to Rs 56.96 a litre. According to spokesman of the OGRA, the prices of Motor Spirit, HOBC, Kerosene Oil and Light Diesel Oil (LDO) have gone up by Rs.4.80 per litre or 8 per cent, Rs.3.38 per litre or 4.3 per cent, Rs.2.69 per litre (4.6 per cent) and Rs.3.69 per litre or 6.9 per cent, respectively.

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