Wednesday, September 02, 2009
Thursday, August 20, 2009 KARACHI - Trading Corporation of Pakistan (TCP) has a sufficient stock of locally purchased and imported sugar at its godowns and designated sugar mills and further building up stocks through imports on the instructions of federal government. This was stated by the chairman TCP Saeed Ahmed Khan while talking to newsmen at his office here Wednesday. He said that TCP has about 166,000 metric tons of locally procured sugar from mills and 75,000 MT of imported sugar, making a total stock of 241,000 MT. At the same time, we had awarded a contract for the import of 50,000 MT of sugar from international sources, of which about 12,500 MT of sugar is reaching Karachi by August 22, 2009. We have also floated a tender for the import of 75,000 MT of sugar. This will be opened on August 29, 2009. This will also add to the existing stock, he added. Saeed Khan said that TCP has already issued delivery orders for the supply of 50,000 MT of sugar to Utility Stores Corporation (USC) at Rs 37,500 per ton. Now it is upto USC how quickly they lift this sugar from their specified nearest sugar mill and sell to their consumers , he added. He said that the media has incorrectly blamed TCP for the shortage of sugar at USC outlets. We are not at all responsible for this crisis. USC is facing lifting problems and they are not able to lift sugar in time due to insufficient transportation capacity. This is the reason that the Ministry of Industries and Production has sought the support of National Logistic Cell (NLC) to rapidly transport sugar from mills to USC stock area, he noted.aeed Khan said that TCP had started the process of importing sugar on the instructions of ECC since January this year in a staggered manner. We awarded contract for the import of 25,000 of sugar at $ 451/ton, This was supplied in April, 2009. Similarly, 50,000 was imported at $474 in June 2009, and another 50,000 at $494/ton. The weighted average price of all the imported sugar comes to Rs 55/kg. We are selling this sugar to USC at Rs 38 a kilo. The federal government will bear the difference of procurement and selling prices, he added. To a question about the reason of high international price of sugar, he said that entry of India has boosted sugar prices as it is facing a shortage of about 500,000 tons due to late monsoon. He said that TCP is mandated to work on the instructions of federal government to import or export essential commodities like sugar, wheat, urea, cotton or rice and maintain their buffer stock to meet any crisis in the country. We cannot take any action at our own, he observed. TCP chairman said that ECC has again decided to allow the import of 300,000 MT of raw sugar by mills and 100,000 MT of white sugar by TCP. We are waiting for the orders, he added. (The Nation)
Japan may face deflation through 2011: IMF
Posted by imdurrani Labels: Asia, economy, global finance, IMF, world finance| Thursday July 16, 2009 |
| WASHINGTON: The International Monetary Fund on Wednesday said that Japan would likely wrestle with deflation through 2011 as it struggles to recover from severe recession. "Inflation is projected to remain negative until 2011," the IMF said in a report. The IMF sees prices falling 1.1 percent this year, 0.8 percent in 2010 and 0.4 percent in 2011. (AFP) |
PSO seeks immediate release of Rs 50 billion
Posted by imdurrani Labels: business finance, economy, pakistan
Tuesday June 16, 2009
ISLAMABAD: The Pakistan State Oil (PSO) has requested the government to immediately release Rs 50 billion to enable it to continue to supply fuel in the country. Sources told Business Recorder that it is the second letter which PSO management has written to Petroleum Ministry and to other concerned ministries to bail it out of its financial crisis.
Earlier, PSO management had requested for the release of Rs 30 billion. That was not entertained due to Finance Ministry's reluctance. PSO has informed the Petroleum Ministry and others that if its letters of credit (LCs) defaulted, it would face serious problems in placing an order for oil imports in future. PSO credibility would be badly affected and it would lose market's confidence.
Sources said that Petroleum Ministry approached the Finance Ministry several times to arrange for the money for PSO but no positive measure has been taken so far by Finance Ministry in this regard. PSO management has warned the government that its LCs to import oil may default due to non-availability of money, and has urged the government to release funds immediately.
PSO dues against different clients have mounted to Rs 81.009 billion, putting heavy burden on the company. PSO is the major supplier of furnace oil to power sector that is to recover Rs 20.292 billion from Water and Power Development Authority (Wapda), Rs 32.253 billion from Hubco, Rs 20.046 billion from Kapco and Rs 2.736 billion from PIA. PSO is to recover Rs 5.092 billion price differential claims (PDCs) on petroleum products from the government.
Sources expressed fear that the country may undergo a serious oil and power shortage if PSO fuel supply is disturbed due to cash problems. PSO is depending on oil imports due to lower production of oil refineries, while refineries are also facing financial problems attributed to the circular debt.
Owing to non-payment of dues by the power sector, PSO has defaulted to oil refineries. PSO is to pay Rs 62.023 billion to oil refineries, Rs 30.221 billion to Parco, Rs 9.698 billion to PRL, Rs 9.187 billion to ARL, Rs 7.871 billion to NRL and Rs 5.046 billion to Bosicor on the fuel supply.
(BRecorder)
SBP Governor for transparency in governance in corporate sector
Posted by imdurrani Labels: business finance, economy, finance trading, pakistan, world economy
Tuesday June 16, 2009
KARACHI: Governor State Bank of Pakistan (SBP), Syed Salim Raza on Monday urged the corporate sector in the country to introduce more transparency in governance and decision making through greater disclosure of financial and non-financial information to the stakeholders.
He was addressing the 9th Best Corporate Report Awards-2008 ceremony organised by the Joint Committee of the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost Management Accountants of Pakistan (ICMAP) at a hotel here.
Earlier, the Governor SBP presented the awards/certificates to the representatives of the winning companies under seven sectors.
Syed Salim Raza said that there was still a need for fostering a change in the thinking of the corporate sector as the old system of protectionism cannot work in this global challenging environment.
He said that these awards would also assist the country's economy, which, he said needs sizeable investments in fixed capital.
The government's efforts towards structural reforms and recent geo-political developments in South Asian Region have once again put Pakistan in a position to attract foreign investments and these awards would serve as a catalyst in augmenting this progress, he added.
He urged the professional accountants to work with renewed zeal to enhance the prestige of the profession in the present global economic slowdown.
He said that the Best Corporate Award would certainly take us towards greater transparency in disclosure of annual accounts and to strengthen good governance practices in the corporate sector.
These awards would also narrow the credibility gap, which exists between various stakeholders and the management of the companies, he said.
The Governor SBP expressed hope that the level of reliance by all the stakeholders on the corporate reports and annual accounts will significant grow in the years to come.
He said the cross border exposure of the corporate sector, the exposure in new asset forms such as derivatives and accounting for off-balance sheet exposure are all accompaniments of globalization and liberalization and they make new demands for progress in the area of accounting and regulatory discipline.
He said that in order to maximise dividend of the global opportunity, the corporate sector has to improve the corporate governance even in tightly held ownership companies.
He observed that the modern accounting system underpins the continuity and evolution of the joint stock company, which is the base of all developments in the modern economy.
He said that from the simple-double entry book keeping system, the profession of accounting has evolved itself as a qualitative framework of methods and standards that ensure a company's affairs are well understood to all constituencies.
Syed Salim Raza said the accounting profession is one of the cornerstones that have immensely supported and contributed towards the emergence of modern day economic system and its institutions.
"The world is changing at a rapid pace and the accounting profession must come up to the international standards of accounting and good corporate governance", the Governor SBP said.
He congratulated the Chief Executives, Chief Financial Officers and representatives of all those companies, who have participated in the competition and those who have been selected as winners of the Awards/certificates.
These awards will play a major role in promotion of excellence in all forms in the corporate sector and such events should be held on regular basis to pay tributes to those who have contributed towards the profession, he added.
Earlier, the President ICAP Syed Asad Ali Shah and President ICMAP Hasan Bilgrami also spoke.
(APP)
Finance Bill reveals steps to meet Rs 1.375 trillion revenue target
Posted by imdurrani Labels: economy, global finance, money market, pakistanMonday June 15, 2009
ISLAMABAD: The government has increased the rate of capital value tax (CVT) from 2 to 4 percent on transfer of immoveable property; withholding tax on imports raised from 2 to 4 percent; 16 percent Federal Excise Duty (FED) in Value Added Tax (VAT) mode on services provided by fund/non-fund services provided by banking and non-banking financial companies, insurance services, ports/terminal operators, stock brokers and 16 percent FED on advertisements in newspapers, periodicals, hoarding boards, pole signs and shop boards.
Finance Bill 2009-10 released by the Federal Board of Revenue (FBR) on Saturday reveals taxation measures to meet the revenue collection target of around Rs 1.375 trillion for 2009-10. To meet this target, the FBR has envisaged collecting Rs 565 billion in shape of direct taxes, Rs 492 billion as sales tax, Rs 165 billion as FED and Rs 160 billion as customs duty in 2009-10.
Some major changes in tax laws show that the Presumptive Tax Regime (PTR) has been abolished on imports, exports and services. They would be liable to file returns and pay minimum tax.
Through another measure, the scope of advance tax collection on purchase of new locally manufactured motorcar/jeep is proposed to be extended to all types of motor vehicles. The basic limit of exemption from income tax in respect of salaried persons is proposed to be increased from Rs 180,000 to Rs 200,000. In the case of women salaried taxpayers, this limit is proposed to be increased from Rs 240,000 to Rs 260,000.
Presently, tax collected on monthly electricity bills in respect of non-corporate commercial and industrial consumers is treated as final tax. The tax deducted on the monthly electricity bills exceeding Rs 30,000 will be adjustable which consequently could be refunded.
The Seventh Schedule to the Income Tax Ordinance has been amended to restore the facility for banks to claim deduction on account of provisions of non-performing loans. However, the same is proposed to be restricted to 1 percent of the total advances made by the bank in a tax year. The government has also restored an important provision regarding payment of minimum tax on declared turnover by the companies showing losses.
The motor vehicle registration authorities are being empowered to collect advance tax payable on purchase of a new locally manufactured motor vehicle at the time of registration of such vehicle. It is being made mandatory that the taxpayers who are required to file wealth statement shall also file wealth statement reconciliation giving necessary details and documents in support thereof.
(BRecorder)
THE RUPEE: all round sliding trend
Posted by imdurrani Labels: business finance, Currency Trends, economy, finance trading, forex, global economy, pakistan, Pakistani Rupee, world economy, world finance
KARACHI: The rupee, despite being under pressure due to heavy payments by importers, somehow managed to reduce losses against dollar during the week ended on June 13, 2009. On the interbank market, the rupee lost 30 paisa against dollar for buying and selling at 81.05 and 81.10.
On the open market, the rupee followed same trend, shedding 10 paisa versus dollar for buying and selling at 81.00 and 81.20, and losing 50 paisa in relation to euro for buying and selling at Rs 113.00 and Rs 114.00. High demand for dollars made the rupee unable to keep its level firm versus both the US and European currencies. It looked that the rupee would not retain its firmness in the near future due to importers' hectic buying to clear payments yet it may resist sharp losses. According to State Bank of Pakistan (SBP) weekly data, foreign exchange reserves were down by 9.8 million dollars to 11.5 billion dollars.
INTERBANK MARKET RATE: On Monday, the rupee, despite being under pressure due to heavy payments before the end of the outgoing fiscal year, gained five paisa against dollar for buying and selling at 80.75 and 80.80. On Tuesday, strong demand for dollars pushed the rupee down which lost 25 paisa for buying and selling at 81.00 and 81.05.
On Wednesday, the rupee drifted lower by 5 paisa in terms of dollar for buying and selling at 81.05 and 81.10. On Thursday, the rupee managed to gain 25 paisa against dollar for buying and selling at 80.80 and 80.85. On Friday, the rupee dropped sharply by 20 paisa versus dollar for buying at 81.00 and 17 paisa for selling at 81.02. On Saturday, the rupee shed five paisa versus dollar for buying at 81.05 and 8 paisa for selling at 81.10.
OVERSEAS OUTLOOK FOR DOLLARS: In the first Asian trade, the dollar rose against a basket of currencies extending sharp gains made late last week as US Treasury yields rose to seven month highs, prompting investors to cover short-dollar positions.
Smaller-than-expected job losses in the United States in May sparked concerns on Friday that the Federal Reserve may lift interest rates sooner than previously thought, helping push up Treasury yields. In the second Asian trade, the dollar rose against a basket of currencies but stayed below a two-week high scaled after US jobs data last week stoked expectations for a Federal Reserve rate rise later this year.
The euro dipped but stayed above lows hit on Monday, when ratings agency Standard & Poor's cut Ireland's sovereign credit rating to AA, its second downgrade in three months.
Amid third Asian trade, the dollar was steady against a basket of currencies after sliding the previous day when investors questioned whether the economy had improved enough to justify talk of a Federal Reserve rate hike by the year-end. The dollar rose against the yen as traders cited regional players actively covering short positions with Asian shares extending gains in early trade.
In the fourth session of the Asian trade, the dollar fell against a basket of currencies, paring some gains made after the benchmark US Treasury yield hit its highest point in eight months the previous day.
In the fifth session of the Asian trade, the dollar was steady against other major currencies after falling the previous day when improved US labour market and retail sales figures boosted optimism about the economy, eroding the dollar's allure as a safe haven.
At the week-end, the US dollar rose broadly in New York, rebounding from a sell-off earlier this week, while demand for the euro fell after data showed a plunge in euro zone industrial production. The US dollar is likely to extend this week's drop in the trading week ahead as economic data fails to convince investors the US economy is recovering fast enough to warrant demand for the greenback. Despite a rally on Friday, this week's record auction of $65 billion of Treasury debt and burgeoning fears of inflation are also prompting investor caution on the dollar as they feel they are in uncharted waters regarding US fiscal policy.
Rhetoric about finding a new global reserve currency to challenge the greenback is another slight weight on the dollar before a meeting in Russia of BRIC nations Brazil, Russia, India and China.
OPEN MARKET RATES: On June 8, the rupee shed 10 paisa in terms of dollar for buying at 80.90 while it did not show any change for selling at 81.10. The rupee managed to hold the weekend levels versus euro for buying and selling at Rs 112.50 and 113.50.
On June 9, the rupee managed to hold its overnight levels against dollar for buying and selling at 80.90 and 81.10. The rupee managed to gain Re one in relation to euro for buying and selling at Rs 111.50 and 112.50. On June 10, the rupee shed 5 paisa against dollar for buying and selling at 80.95 and 81.15. The rupee shed Rs 1.60 versus euro to Rs 113.10 and Rs 114.10.
On June 11, the rupee inched up 5 paisa in relation to dollar for buying and selling at 80.90 and 81.10. The rupee adopted the same pattern versus the euro, gaining 60 paisa for buying and selling at Rs 112.50 and Rs 113.50.
On June 12, the rupee shed 5 paisa for buying against dollar for buying at 80.95 while it did not show any change for selling at the overnight level at 81.10. The rupee, however, lost 50 paisa for buying at Rs 113.00 and 114.00. On June 13, the rupee was down by 5 paisa against dollar for buying 81.00 and 10 paisa for selling at 81.20. The rupee rose 30 paisa in relation to the euro for buying and selling at Rs 113.00 and Rs 114.00.
(BRecorder)
THE RUPEE: all round sliding trend
Posted by imdurrani Labels: business finance, economy, finance trading, global economy, pakistan, world economy, world finance
KARACHI: The rupee, despite being under pressure due to heavy payments by importers, somehow managed to reduce losses against dollar during the week ended on June 13, 2009. On the interbank market, the rupee lost 30 paisa against dollar for buying and selling at 81.05 and 81.10.
On the open market, the rupee followed same trend, shedding 10 paisa versus dollar for buying and selling at 81.00 and 81.20, and losing 50 paisa in relation to euro for buying and selling at Rs 113.00 and Rs 114.00. High demand for dollars made the rupee unable to keep its level firm versus both the US and European currencies. It looked that the rupee would not retain its firmness in the near future due to importers' hectic buying to clear payments yet it may resist sharp losses. According to State Bank of Pakistan (SBP) weekly data, foreign exchange reserves were down by 9.8 million dollars to 11.5 billion dollars.
INTERBANK MARKET RATE: On Monday, the rupee, despite being under pressure due to heavy payments before the end of the outgoing fiscal year, gained five paisa against dollar for buying and selling at 80.75 and 80.80. On Tuesday, strong demand for dollars pushed the rupee down which lost 25 paisa for buying and selling at 81.00 and 81.05.
On Wednesday, the rupee drifted lower by 5 paisa in terms of dollar for buying and selling at 81.05 and 81.10. On Thursday, the rupee managed to gain 25 paisa against dollar for buying and selling at 80.80 and 80.85. On Friday, the rupee dropped sharply by 20 paisa versus dollar for buying at 81.00 and 17 paisa for selling at 81.02. On Saturday, the rupee shed five paisa versus dollar for buying at 81.05 and 8 paisa for selling at 81.10.
OVERSEAS OUTLOOK FOR DOLLARS: In the first Asian trade, the dollar rose against a basket of currencies extending sharp gains made late last week as US Treasury yields rose to seven month highs, prompting investors to cover short-dollar positions.
Smaller-than-expected job losses in the United States in May sparked concerns on Friday that the Federal Reserve may lift interest rates sooner than previously thought, helping push up Treasury yields. In the second Asian trade, the dollar rose against a basket of currencies but stayed below a two-week high scaled after US jobs data last week stoked expectations for a Federal Reserve rate rise later this year.
The euro dipped but stayed above lows hit on Monday, when ratings agency Standard & Poor's cut Ireland's sovereign credit rating to AA, its second downgrade in three months.
Amid third Asian trade, the dollar was steady against a basket of currencies after sliding the previous day when investors questioned whether the economy had improved enough to justify talk of a Federal Reserve rate hike by the year-end. The dollar rose against the yen as traders cited regional players actively covering short positions with Asian shares extending gains in early trade.
In the fourth session of the Asian trade, the dollar fell against a basket of currencies, paring some gains made after the benchmark US Treasury yield hit its highest point in eight months the previous day.
In the fifth session of the Asian trade, the dollar was steady against other major currencies after falling the previous day when improved US labour market and retail sales figures boosted optimism about the economy, eroding the dollar's allure as a safe haven.
At the week-end, the US dollar rose broadly in New York, rebounding from a sell-off earlier this week, while demand for the euro fell after data showed a plunge in euro zone industrial production. The US dollar is likely to extend this week's drop in the trading week ahead as economic data fails to convince investors the US economy is recovering fast enough to warrant demand for the greenback. Despite a rally on Friday, this week's record auction of $65 billion of Treasury debt and burgeoning fears of inflation are also prompting investor caution on the dollar as they feel they are in uncharted waters regarding US fiscal policy.
Rhetoric about finding a new global reserve currency to challenge the greenback is another slight weight on the dollar before a meeting in Russia of BRIC nations Brazil, Russia, India and China.
OPEN MARKET RATES: On June 8, the rupee shed 10 paisa in terms of dollar for buying at 80.90 while it did not show any change for selling at 81.10. The rupee managed to hold the weekend levels versus euro for buying and selling at Rs 112.50 and 113.50.
On June 9, the rupee managed to hold its overnight levels against dollar for buying and selling at 80.90 and 81.10. The rupee managed to gain Re one in relation to euro for buying and selling at Rs 111.50 and 112.50. On June 10, the rupee shed 5 paisa against dollar for buying and selling at 80.95 and 81.15. The rupee shed Rs 1.60 versus euro to Rs 113.10 and Rs 114.10.
On June 11, the rupee inched up 5 paisa in relation to dollar for buying and selling at 80.90 and 81.10. The rupee adopted the same pattern versus the euro, gaining 60 paisa for buying and selling at Rs 112.50 and Rs 113.50.
On June 12, the rupee shed 5 paisa for buying against dollar for buying at 80.95 while it did not show any change for selling at the overnight level at 81.10. The rupee, however, lost 50 paisa for buying at Rs 113.00 and 114.00. On June 13, the rupee was down by 5 paisa against dollar for buying 81.00 and 10 paisa for selling at 81.20. The rupee rose 30 paisa in relation to the euro for buying and selling at Rs 113.00 and Rs 114.00.
(BRecorder)
Budget 2009-10: Sindh government earmarks Rs 1.233 billion for industrial development
Posted by imdurrani Labels: business finance, economy, finance trading, forex market, global economy, pakistan, prize bond draw, prizebonds, world business, world economy, world finance
Monday, June 15, 2009
KARACHI : The Sindh government has allocated Rs 1,233 million for the development of industrial sector under the Annual Development Programme (ADP) in the fiscal year 2009-10. The funds earmarked for the industrial development have been increased by Rs 104 million as compared to the last year's allocation of Rs 1,129 million for some 16 new and ongoing schemes, official sources told Business Recorder.
Of these schemes, development work on ten projects is under way, while only six new schemes have been included in the next year's ADP, they added. The sources said Rs 73.884 million has been earmarked for the ongoing schemes of the Sindh Small Industries Corporation, and Rs 150 million for new projects.
Break-up of the allocations is as follows: Rs 34.457 million for extension of Small Industrial Estate, Hyderabad, Rs 11.854 million for establishment of Small Industrial Estate in Ghotki district, Rs 5.639 million for setting up of Small Industrial Estate in Mithi, district Tharparkar. While Rs 21.934 million has been earmarked for the up-gradation of nine Small Industrial Estates in districts Thatta, Sanghar, Dadu, Hala, Badin, Nawabshah, Rohri, Sehwan Sharif, and Mirpurkhas.
The new schemes include extension of Small Industrial Estate in Larkana district with an allocation of Rs 50 million, and Small Industrial Estate Power Looms, Hyderabad with an amount of Rs 100 million. The SITE Ltd will give Rs 100 million as its share.
Rs 29.053 million has been earmarked for the improvement of infrastructural facilities in five estates - SITE Limited in Karachi, Nooriabad, Kotri, Hyderabad and Sukkur. Rs 100 million has been allocated for the development of infrastructure at SITE Benazirabad (Nawabshah).
Rs 100 million for laying of water supply line from Keenjhar Lake, Thatta to SITE Nooriabad. The scheme is being undertaken on 50:50 basis between the provincial government and SITE Ltd. Rs 70 million for the construction of 5.0MGD filter plant at SITE Hyderabad on 50:50 basis between the Sindh government and SITE Ltd. The new scheme includes consultancy service for combined effluent treatment plants in Karachi with an allocation of Rs 20 million.
Rs 100 million has been allocated for water connection to industrial and economic zone at Dhabeji and adjoining areas under public-private partnership. Rs 400 million has been earmarked for establishment of development and management companies for SITE Karachi, Nooriabad, Kotri and SITE Sukkur. Rs 3.557 million has been allocated for the improvement of the office of the deputy director industries and residential accommodation in Hyderabad district, and Rs 14.273 million for up-gradation of Sindh Government Press in district Khairpur.
(BRecorder)
Foreign Direct Investment in China Tumbles on Crisis
Posted by imdurrani Labels: economy, finance, finance trading, global economy, pakistan, prize bond draw, prizebonds, world economy, world finance, world forexMonday, June 15, 2009
Foreign direct investment in China fell for an eighth month from a year earlier as companies cut spending to weather the worst economic slump since the Great Depression.
Investment slid 17.8 percent in May to $6.38 billion, the commerce ministry said at a briefing in Beijing today, after falling 22.5 percent in April.
China is relying on government-led spending under a 4 trillion yuan ($586 billion) stimulus plan to revive growth. Investment from abroad may increase when the global economy recovers from what the World Bank forecasts will be a contraction of almost 3 percent this year.
“Companies have just been trying to survive the crisis, I don’t think they’re in the mood for aggressive overseas expansion,” said Wang Qing, chief Asia economist for Morgan Stanley in Hong Kong. “It’s too soon to see a pick-up.”
For the first five months of the year, foreign direct investment declined 20.4 percent.
Premier Wen Jiabao cautioned during a tour of Hunan province on June 12 and 13 that the world economic outlook remains unclear, the government said in a statement on its Web site yesterday. China has yet to establish solid foundations for a recovery, he added.
The Chinese economy expanded 6.1 percent in the first quarter from a year earlier, the slowest pace in almost a decade. Full-year growth may be 7.5 percent, according to a Bloomberg News survey of economists last month.
Overcapacity, Unemployment
The nation’s economic problems include slumping exports, falling profits, industrial overcapacity, unemployment and potential budget shortfalls, the premier said. Positive signs include a bumper summer harvest, gains in retail sales, rebounding industrial output, improving market confidence and faster growth in urban fixed-asset investment, Wen said.
China “mustn’t underestimate” the difficulties and needs to prepare to tackle them over “a long-term,” the premier said.
Foreign-invested businesses account for 30 percent of industrial output, 55 percent of trade and 11 percent of urban jobs, according to the commerce ministry.
China will further relax and streamline procedures for investment from abroad, commerce ministry spokesman Yao Jian said at today’s briefing. The nation wants to create jobs and to attract money for high-technology industries, backward regions, and environmental protection, Yao said.
Tesco Plc , the biggest U.K. retailer, is among foreign companies still expanding in China, saying it will spend an average of 500 million yuan ($73 million) on each of four new shopping centers.
(Bloomberg)
PSO tells power generation companies it can't import LSFO
Posted by imdurrani Labels: business finance, economy, finance trading, global economy, pakistan, world economy, world finance, world forex
Monday, June 15, 2009
ISLAMABAD: Pakistan State Oil (PSO), the state owned fuel supplier, has conveyed to power generation companies that due to the current financial crunch owing to the accumulating circular debts it is unable to continue to tender for importing Low Supphar Furnace Oil (LSFO), official sources told Business Recorder. According to latest reports, PSO is owed Rs 80 billion by financially ill power generation companies.
PSO has been maintaining uninterrupted supply of LSFO to Kot Adu Power Company (Kapco) for the past several months. It was only after an exchange of correspondence and exchange of discussions, an amount of Rs 14 billion was transferred to the PSO directly in March 2009 for adjustment against Kapco outstanding dues of Rs 25 billion. Since then no payment has been received and with the continuity of supplies, the outstanding has accumulated to over Rs 20 billion (inclusive of the LSFO-HSFO price differential amount).
Consequently, PSO is unable to make payment to Attock Refineries Limited (ARL) as a result of which supply of local LSFO has been drastically reduced. Presently, the major portion of LSFO supplies is imported. Nonetheless PSO which is facing serious cash flow problems due to non payment by major fuel customers of the power sector totalling Rs 80 billion inclusive of Kapco, is not able to procure the product through imports.
"We apprehend that PSO will not be in a position to go for tendering process of LSFO cargos anymore. We have already conveyed this to WPPO with the request to arrange payment of the outstanding LSFO-HSFO price differential amount immediately," the sources quoted, PSO's top management informing the Petroleum Ministry. The sources said that PSO was of the view that it has taken this stand to save the utility from complete collapse/shut down as it is meeting 75 per cent POL requirements of the country.
"We asked Kapco to pay outstanding dues on most urgent basis enabling the company to make necessary arrangements for import of LSFO failing which we will not be in a position to import any further cargos," the sources quoted the General Manager, Consumer Business of PSO as writing in a letter a couple of days ago.
A couple of months ago, the government had floated Term Finance Certificates (TFCs) to clear a portion of the inter circular debt but the current status of outstanding amount of Rs 80 billion against public sector power generation companies and Kapco is again a source of serious concern. The government has earmarked Rs 30 billion in 2009-10 budget to pay interest on TFCs but this amount is clearly inadequate to deal with the issue of inter circular debt which indicates that the power crisis will intensify in the coming months.
(BRecorder)
$4 billion IMF aid to be sought if FoDP's pledges delayed
Posted by imdurrani Labels: business finance, economy, finance trading, forex market, global economy, pakistan
Monday, June 15, 2009
ISLAMABAD: The Advisor to Prime Minister on Finance, Shaukat Tarin, said on Sunday that in case of any delay in receipts of pledges from Friends of Democratic Pakistan (FODP) Pakistan has lined up commitment of $4 billion from the International Monetary Fund (IMF).
Addressing the post-budget news conference here, he said that FODP forum has been requested to give money for social sectors so that the growth-oriented policy could be pursued and implemented in true spirit through financial resources available with the country. He said that the World Bank, the Asian Development Bank, and Islamic Development Bank (IDB) would give $4.80 billion in the next two years. An assistance of $5.80 billion is expected from FODP forum in the same period.
"After achieving targets of economic stabilisation plan, the economy is poised to go for sustainable, equitable and job creating growth. The current account deficit and fiscal deficit are well under control.
The budget 2009-10 is focused on agriculture and manufacturing with agenda of enhancing productivity level through improvements to human capital base and physical infrastructure and ensure availability of cost effective energy in the country.
Shaukat said that during 2008-09 the response of this government was phasing out of the subsidies and sustaining the budgetary resources. He said that the expenditures were rationalised through a process of prioritisation of government development schemes to reduce budget deficit.
He said in this regard development expenditures were reduced and went down by Rs 120 billion. He added that SBP followed a tight monetary policy to reduce the aggregate demand and to bring down inflation. There were adjustments in petroleum prices and electricity prices to reduce burden on the budget, he added.
He said that net borrowing from SBP as of October was Rs 252 billion to Rs 258 billion. "By March it had been reduced to Rs 58 billion, which means we have started paying back to the SBP rather taking from it".
He said that import of non-essential items was curtailed by tariff adjustments to reduce the trade and current account deficits. He said that fiscal deficit has remained on target which means it has come down from 7.6 percent in 2007-08 to 4.3 percent in 2008-09. He said that current account deficit has been reduced from 8.5 percent to 5.3 percent of GDP, again a reduction of 3.2 percent in one year.
"Our tax and duty measures in Budget for Fiscal Year 2009-10 would revolve around providing protection to the poor and vulnerable against the current economic downturn by providing cash transfers and skill development, reviving manufacturing and industry, especially export-oriented industry, to raise their productive levels, broadening the tax base, instead of overburdening the existing taxpayers, and restraining unnecessary imports to improve the Balance of Payments position."
Tarin told a questioner that budgetary deficit will be around 3.4 percent during next fiscal year. Non-productive subsidies are being done away with this year, he said, adding that foreign exchange reserves stood at $11.30 billion while Gross Domestic Product valued Rs 14.82 trillion.
Responding to a query about entitlement of 15 percent ad hoc relief with regard to regular, contract and daily wage employees of the government and semi-government corporations, the Advisor said that all those who were getting their salaries from the national exchequer will be entitled to ad hoc relief. He said that levying carbon surcharge on POL products is a permanent feature and to help cut demand. "This will remain intact," he reiterated.
He said that the government would soon complete the National Finance Commission (NFC) Award within the next three months. This will help fair distribution of national resources between Centre and provinces. Tarin said that there was no jugglery of figures in the budget. "The Federal Budget 2009-10 is an open document. We have placed all our budget documents in the media cell of Ministry of Finance to maintain transparency," he added.
The government would pass on to the consumers impact in case oil prices increase along with rates of carbon surcharge on POL products. Although the government has imposed carbon surcharge on CNG, it would remain 35 percent cheaper than POL products and the aim of the government is to ensure use of gas resources wisely.
"Earlier, the CNG price was 58 percent of the POL products prices and now we have raised it from 58 percent of POL products prices to 65 percent of the POL products prices," he said.
The government would collect Rs 134 billion from carbon surcharge on POL products and carbon surcharge on CNG imposed in the budget 2009-10. Rs 122 billion would be collected from carbon surcharge on POL products and Rs 12 billion from carbon surcharge on CNG in next fiscal year 2009-10. Carbon surcharge on POL products will be Rs 8 per litre on high speed diesel oil (HSDO), Rs 10 per litre on motor spirit (petrol), Rs 6 per litre on kerosene oil, Rs 3 per litre on light diesel oil, and Rs 6 per kg on CNG.
He said that out of $1.5 billion Kerry Lugar Bill aid to be received from United States, $1 billion or Rs 80 billion would be spent in terrorism affected 25 percent districts of NWFP, Balochistan and Punjab during 2009-10.
He said NFC issue has been discussed in the special Cabinet meeting and Prime Minister would soon re-constitute Commission to hold detailed negotiations with provinces. Issue of arrears of Net Hydel Profits of NWFP against Wapda would also be discussed during NFC Award negotiations.
He said that power tariff increase would be made in case it was necessary, in gradual manner but not in one go. He hinted that the government would not pass on to the consumers the inefficiencies of public sector entities that are wasting Rs 150 to Rs 200 billion due to their inefficiencies. The government would reduce the line losses of distribution companies to keep the power tariff at reasonable level.
He clarified that Rs 19.4 billion that has been indicated income from privatisation in 2009-10 would mainly come from $700 million remaining PTCL privatisation proceeds that were held up due to the dispute over assets in provinces. He said that the issue has been resolved with the provinces and Etisalat will release to Pakistan the remaining privatisation proceeds soon.
(BRecorder)
OPEC says worst of crisis has passed for oil markets
Posted by imdurrani Labels: business finance, economy, finance trading, global economy, global finance, International business, world economy, world finance, world forex“In light of the considerable challenges the world economy and commodity markets, particularly the oil market faces, have undergone, the worst appears to be behind us,” the Organization of Petroleum Exporting Countries wrote in its latest monthly report.
“As the world economy stabilises, the world oil demand appears to be settling down,” it said. “Industrial production activities are steadying and in some parts of the world and have even improved slightly. This should stop the bleeding in oil demand. There are no significant downward revisions to our previous oil demand forecasts.”
OPEC estimated that demand would contract by 1.62 million barrels per day (bpd) or 1.89 per cent in 2009, only a marginal downward revision in demand from its earlier forecast.
In its previous monthly bulletin released in May, OPEC had been penciling in a contraction of 1.57 million bpd or 1.83 per cent for 2009. Nevertheless, uncertainties remained, OPEC cautioned.
To view the latest financial, forex stuff, please visit: http://finance.kalpoint.com
Asia Stocks Rise on Retail Sales
Posted by imdurrani Labels: business finance, economy, global economy, investment, world economy, world finance, world forex
Friday, June 12, 2009
Asian stocks rose, set for a fourth- straight weekly gain, on signs consumer spending in the region and the U.S. is improving and after new lending in China doubled.
Li & Fung Ltd., the biggest supplier of clothes and toys to Wal-Mart Stores Inc., jumped 6.2 percent after retail sales in the U.S. and China increased. Aeon Co., Japan’s biggest supermarket operator, soared 8.3 percent in Tokyo as Japanese consumer confidence climbed. China Construction Bank Corp., the nation’s second-largest lender, rose 2.9 percent in Hong Kong as new loans jumped in May. Baoshan Iron & Steel Co. slipped 3.2 percent amid concern new listings in China will flood the market with new shares.
“There is a general sense that the worst has passed,” said Matt Riordan, who helps manage about $3.2 billion at Paradice Investment Management in Sydney. “As things recover in the U.S., people will start buying imported products again, and that also flows through into resources.”
The MSCI Asia Pacific Index gained 0.2 percent to 105.23 as of 7:13 p.m. in Tokyo, the highest since Oct. 2 and bringing its three-day climb to 3.1 percent. The gauge added 1.9 percent on the week, its fourth-straight gain, after Australian consumer confidence jumped by the most in 22 years and fixed-asset investment in China accelerated.
Japan’s Nikkei 225 Stock Average added 1.6 percent, closing above 10,000 for the first time since Oct. 7. Stocks also climbed in South Korea and New Zealand. Australia’s S&P/ASX 200 Index advanced 0.4 percent to the highest since Nov. 10.
Chinese shares fell the most in almost two months after the 21st Century Business Herald newspaper reported the securities regulator will approve initial public offerings as early as this weekend.
(Bloomberg)
IMF ups 2010 growth view; World Bank cuts it for 2009
Posted by imdurrani Labels: business finance, economy, forex market, forex trading, global finance, International business, prizebonds, world business, world economy, world finance
Friday, June 12, 2009
-- China investment surges, adding to recovery hopes
-- Japan Q1 GDP record low, slow rebound seen
"Although growth is expected to revive during the course of 2010, the pace of the recovery is uncertain and the poor in many developing countries will continue to be buffeted by the aftershocks," Zoellick said ahead of the Group of Eight finance ministers meeting in Italy. The IMF has raised global growth estimates for 2010 to 2.4 percent from 1.9 percent in April, a G8 source who has seen the latest figures said.
"The estimate has improved thanks to the impact of stimulus measures taken in recent months," said the source, who had access to an IMF briefing note, containing the figures, prepared for the G8 meeting this weekend. Global data has given increasing signals of a rebound from the deepest recession in six decades, driving stock markets sharply higher from a March trough.
However, financial markets remain concerned that huge government spending and central bank cash injections, led by the United States but mirrored in Europe and Japan, will spark inflation and undercut any budding rebound. Analysts also expect job losses to remain high even as the economy begins to recover, as companies remain wary of hiring.
A record slump in Japan's first quarter GDP also highlighted expectations that any rebound would be slow, and European officials said jobs would lag any return to growth. "The (global) economy should start to turn into positive territory somewhere between the end of this year and the middle of next year," European Central Bank policymaker Christian Noyer told Hong Kong businessmen on Thursday.
China has sought to cushion the blow from falling exports with a 4 trillion yuan ($585 billion) economic stimulus plan. Data showed annual growth of fixed asset investment in Chinese urban areas accelerated to 32.9 percent in the January-May period from 30.5 percent in the first four months of the year, suggesting the stimulus is working.
Underpinned by this optimism, commodity-related stocks in Asia rose for a third straight day while oil prices extended gains to seven-month highs. The International Energy Agency upgraded its 2009 world oil demand forecast for the first time in almost a year, saying 2009 demand would fall to 83.3 million barrels per day, a less steep decline than previously forecast.
China's need for government pump-priming was underlined by May customs data that showed exports fell 26.4 percent on the year, while imports fell 25.2 percent, resulting in a trade surplus of $13.4 billion, compared with $13.1 billion in April and $18.6 billion in March.
Meanwhile, Japan's economy contracted a revised 3.8 percent in the first three months of the year, less than the initial 4.0 percent estimate, but still the fastest pace since World War Two. Weak capital spending and personal consumption are expected to remain a drag.
Courtesy: BRecorder
Pakistan’s forex reserves plunge $10mln over the week
Posted by imdurrani Labels: economy, finance trading, forex market, forex trading, global finance, investment, pakistanThe State Bank of
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.
Courtesy: Reuters
Low economic activity reduces energy demand
Posted by imdurrani Labels: business finance, economy, forex market, forex trading, pakistanISLAMABAD: Energy consumption declined in the 2008-9 fiscal year because of reduced economic activities and the circular debt issue arising out of high prices of petroleum products.
However, according to the Economic Survey released on Thursday, Pakistan is at present the largest CNG user country.
It said the consumption of petroleum products in the first nine months of the fiscal year declined by 3.4 per cent from the corresponding period of the previous year to 12.89 million tons, gas consumption declined by 2.5 per cent to 931,700 million cubic feet a day and the use of coal by 26.5 per cent to 4.82 million tons.
Electricity consumption grew by 0.7 per cent. The survey said the price difference between CNG and petrol was around 60 per cent and vehicles were still being converted.
There are around two million vehicles on CNG in the country. About 2,700 CNG stations have been set up with an investment of around Rs70 billion.
Consumption of gas increased in commercial, fertiliser, industrial and transport sectors, but declined in power, household and cement sectors.
‘Key power plants remained inoperative due to high circular debt and the cement sector faced a construction slump,’ the survey said.
Liquefied petroleum gas (LPG) contributes around 0.7 per cent of the country’s primary energy supply mix. The survey recommends that use of LPG should be encouraged in areas where supply of natural gas was not feasible.
The survey said that the total recoverable crude oil reserves in the country on Jan 1 were estimated at 313 million barrels.
Friday, June 12, 2009
The average crude oil production during July-March 2008-9 was 66,532 barrels per day, compared to 70,166 barrels during the same period of the previous year -- a decrease of 5.2 per cent.
The northern region witnessed a decrease of 4,490 barrels per day, but in the southern region the average production increased by 856 barrels per day.
The survey said that the trend of a slowdown in growth of electricity consumption had started in 2006-7.
‘Reduction in electricity consumption was mainly due to shortage of electricity as the power generation companies were unable to meet the high cost of fuel because of circular debt,’ it said.
Coal remained the fuel mainly for brick kilns, but some of it was used by the cement sector.Courtesy: DAWN
Government urged to take immediate steps to stabilise economy
Posted by imdurrani Labels: business finance, economy, finance trading, global economy, International business, pakistan
Friday, June 12, 2009
The decline in manufacturing sector, particularly in the large scale manufacturing sector that has shown a negative 7.7 per cent growth was an eye opener and there was a dire need to identify the root cause of this meltdown, said LCCI President Mian Muzaffar Ali in a statement issued here on Thursday.
He said that the most worrying factor in the overall scenario is that the growth rate of 2 per cent was the lowest in the region: Bangladesh had a growth rate of 5 percent, India 4.5 percent and even Sri Lanka experienced a growth rate of 2.2 per cent.
The LCCI chief said that the Lahore Chamber of Commerce and Industry had repeatedly pointed out that acute shortage of electricity, deteriorating law and order situation, and high mark-up rates were heavily denting the overall economic activity in the country and there was a dire need to take corrective measures. But the situation turned bad to worse for the want of any well-directed steps, he added.
He said that there was nothing wrong with the policies but the poor level of implementation deteriorated the industrial production. "Had a little attention been given towards the proper implementation of policies the situation would have not been so bad", he said adding that the performance of agriculture sector was, however, appreciable and needs to be maintained to wear off the negative impact of the industrial degradation.
Mian Muzaffar said that no one could challenge the multiplicity of factors that have negatively impacted on the manufacturing sector during the year. Major contributors to this decline were: automobile group (negative 39 per cent) followed by electrical (negative 31.3 percent), petroleum (negative 9.2 percent), food, beverage and tobacco (negative 10.5 percent), steel products (negative 5.62 percent), tyres and tubes (negative 4.0 percent) and textile (negative 0.73 percent).
The textile sector most affected by the global recession witnessed a decline of 7.6 percent in its export performance with cotton yarn's export performance declining by 15.5 percent, bed wear declining by 11.7 percent and readymade garments by 13.1 percent, he added.
Pakistan: Remittances rise to $7.076 billion in 11 months
Posted by imdurrani Labels: economy, finance trading, forex trading, global economy, pakistan, world economy
Friday, June 12, 2009
The amount of $7.07626 billion includes $0.46 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). In May 2009, an amount of $720.68 million was sent home by overseas Pakistanis, up 23.25 percent or $135.93 million, when compared with $584.75 million received in the same month last year.
This is the second highest amount of remittances received in a single month. Earlier, the overseas workers had sent the highest-ever amount of $739.43 million as remittances in March 2009.
The inflow of remittances in the July-May, 2009 period from USA, UAE, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,581.48 million, $1523.89 million, $1,407.23 million, $1,094.54 million, $537.11 million and $224.71 million respectively as compared to $1,618.46 million, $1,002.01 million, $1,127.65 million, $892.41 million, $420.79 million and $162.66 million respectively in the July-May, 2008 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eleven months of the current fiscal year 2008-09 amounted to $706.84 million as against $677.49 million in the same period last year.
The monthly average remittances for the period July-May 2008-09 comes to $643.30 million as compared to $536.71 million during the same period of the last fiscal year, registering an increase of 19.86 percent.
During last month ie May 2009, remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $157.10 million, $145.83 million, $143.16 million, $98.52 million, $69.13 million and $28.18 million respectively as compared to $94.49 million, $154.73 million, $125.94 million, $97.23 million, $41.76 million and $15.01 million in May 2008. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May, 2009 amounted to $78.75 million, up from $55.43 million received in same month last year.
Finance and insurance sector records negative 1.2 percent growth
Posted by imdurrani Labels: economy, finance trading, forex market, forex trading, International business, pakistan
Friday, June 12, 2009
While launching Economic Survey 2008-09, Tarin stated that the performance of finance and insurance sector shows that Pakistan's financial sector is integrated in the world economy and is feeling the heat of the crisis plaguing international financial markets.
He said that total investment declined from 22.5 percent of GDP in 2006-07 to 19.7 percent of GDP in 2008-09. Fixed investment fell to 18.1 percent of GDP from 20.4 percent last year. Private sector investment was decelerating persistently since 2004-05 and its ratio to GDP has declined from 15.7 percent in 2004-05 to 13.2 percent in 2008-09.
Public sector investment to GDP ratio, which has been depicting a consistent increase from 4 percent in 2002-03 to 5.6 percent in 2006-07, declined to 4.9 percent in 2008-09. The overall foreign investment during the first 10 months (July-April) of the current fiscal year declined by 42.7 percent and stood at $2.2 billion against $3.9 billion in the comparable period of last year, the advisor said.
He said that foreign direct investment (private) showed some resilience and stood at $3205.4 million during the first 10 months of the current fiscal year against $3719.1 million in the same period last year thereby showing a decline of 13.8 percent. Private portfolio investment on the other hand showed a net outflow of $451.5 million against a net inflow of $98.9 million during the comparable period of last year.
Agriculture sector depicted a stellar growth of 4.7 percent as compared to 1.1 percent witnessed last year. Major crops registered an impressive growth of 7.7 percent against a negative growth of 6.4 percent last year and the livestock sector grew by 3.7 percent against 4.2 percent last year.
The advisor said that the output in the manufacturing sector contracted by 3.3 percent in 2008-09 as compared to expansion of 4.8 percent last year. Small and medium manufacturing sector maintained its healthy growth of last year at 7.5 percent. Large-scale manufacturing depicted contraction of 7.7 percent against expansion of 4 percent during last year.
The massive contraction is because of acute energy outages, a weak security environment and political disruption in March 2009. He said that the services sector grew by 3.6 percent against the target of 6.1 percent and value added in the wholesale and retail trade sector grew at 3.1 percent as compared to 5.3 percent last year. Finance and insurance sector registered negative growth of 1.2 percent in 2008-09.
He noted that the performance of this sector shows that Pakistan's financial sector is integrated in the world economy and is feeling the heat of the crisis plaguing international financial markets. The transport, storage and communication sub-sector depicted a sharp deceleration in growth to 2.9 percent in 2008-09 as compared to 5.7 percent last year.
He said that Pakistan's per capita real income has risen by 2.5 percent in 2008-09 as against 3.4 percent last year. The per capita income in dollar term rose from $1042 last year to $1046 in 2008-09, thereby showing marginal increase of 0.3 percent.
Real private consumption rose by 5.2 percent against negative growth of 1.3 percent attained last year. However, gross fixed capital formation could not maintain its strong growth momentum and real fixed investment growth contracted by 6.9 percent against the expansion of 3.8 percent in the last fiscal year. Large-scale manufacturing witnessed an across-the-board decline of 7.7 percent during ongoing fiscal year against the growth rate of 5.2 percent last year.
Severe energy shortages, deterioration in domestic law and order situation, sharp depreciation in rupee vis-à-vis US dollar and most importantly, weak external demand on the back of global recession coupled with slowdown in domestic demand are responsible factors for sluggish performance of manufacturing sector.
Interest payments surpassed their budgeted level by a significant margin. A sum of Rs 557 billion was budgeted for interest payments in 2008-09. The year is likely to end with interest payments of Rs 618 billion which are higher by Rs 61 billion over budgeted amount.
He said that government borrowing from the central bank has been dampened since December 2008 in line with the target set under the macroeconomic stabilisation programme as part of the IMF Stand-By Arrangement. The government budgetary borrowing from the banking system decreased by Rs 339.9 billion during July-May FY 09 against an increase of Rs 360.4 billion in the corresponding period of FY08.
Credit to private sector grew by Rs 21.8 billion during July-May in ongoing fiscal year as compared to Rs 369.8 billion during the corresponding period last year. Foreign portfolio investment stood at a negative $418.4 million during first nine months of 2008-09.Dismal performance owing to a confluence of factors was exhibited by different sectors of the economy and the dull indicators left a weighty impact on the stock market activity during 2008-09.
He said that the inflation rate as measured by the changes in Consumer Price Index (CPI) stood at 22.3 percent during the first 10 months (July-April) of the current fiscal year ie 2008-09, against 10.3 percent in the comparable period of last year. The food inflation is estimated at 26.6 percent and non-food 19.0 percent, against 15.0 percent and 6.8 percent in the corresponding period of last year.
The increase in inflation rate during the current 2008-09 is attributable to the increase in food price inflation which has been due to increase in prices of wheat, wheat flour, sugar, milk, poultry, meat, fresh vegetables and fruits. Services account deficit shrank by 41.3 percent during July-April 2008-09 to reach $3. billion and financial account contracts from $6,224 million to $3,476 million during July-April against corresponding period last year.
Workers remittances amounted to $6355.6 million in July-April against $5319.1 in corresponding period last year, thereby showing an increase of 19.5 percent. Pakistan's total liquid foreign exchange reserves amounted to $11.6 billion by the end of May 2009.Of which, reserves held by State Bank of Pakistan stood at $8.28 billion and banks at 3.32 billion, the advisor said.
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