Karachi: The Results of latest draw of P.B. Rs. 200 has been announced in Hyderabad on Monday, June 15, 2009. According to the details, PB # 055127 has won the 1st Prize of Rs. 750,000 , 2nd Prize of Rs. 250,000 is won by to PB# 889419, PB# 668785, PB# 523394, PB# 246922, and PB# 914331.

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Tuesday, June 16, 2009

The Bank of Japan said the nation’s worst recession since World War II is easing after exports improved and industrial output rose the most in 56 years.

“Japan’s economic conditions, after deteriorating significantly, have begun to stop worsening,” the bank said in a statement in Tokyo today, after leaving the overnight lending rate at 0.1 percent. “In the coming months, Japan’s economy is likely to show clearer evidence of leveling out over time.”

Governor Masaaki Shirakawa may signal later today that it’s too soon to consider unwinding the bank’s policies of buying corporate debt and providing lenders with ample funds because the economy remains fragile. The yen rose, worsening the outlook for exporters, and stocks slumped the most in more than two months on concern a global recovery may be delayed.

“The BOJ is still cautious about the prospects for the economy and is still far away from an exit,” said Masaaki Kanno, chief economist in Tokyo at JPMorgan Chase & Co., who used to work at the central bank.

Japan’s currency gained 1.6 percent to 96.27 per dollar at 3:41 p.m. in Tokyo from 96.84 late yesterday. The Nikkei 225 Stock Average slumped 2.9 percent, the biggest drop since March 30, as a report on New York manufacturing damped optimism for a U.S. recovery.

The central bank said there are “continued high downside risks” facing Japan, citing developments in domestic and global financial conditions and the world economy.


(Bloomberg)

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Tuesday June 16, 2009

Asian stocks fell, sending the MSCI Asia Pacific Index down the most in a month, as commodity prices declined and investors questioned the pace of the economic recovery. The yen strengthened and Treasuries rose.

PetroChina Co., China’s biggest oil producer, sank 4.2 percent in Hong Kong and Rio Tinto Group, the world’s third- largest mining company, lost 3 percent in Sydney as oil and copper fell. Toyota Motor Corp., the No. 1 automaker worldwide, fell 3.4 percent after a New York manufacturing report missed estimates. Asia stocks extended a global slump that dragged the MSCI World Index down by the most in two months yesterday.

“Some may have believed that the deterioration of the global economy had ended, but that’s not the case,” said Kiyoshi Ishigane, a senior strategist at Mitsubishi UFJ Asset Management Co., which oversees about $52 billion in Tokyo. “Those who bought stocks on a perception the economy would improve are now selling on reality.”

MSCI’s Asia index retreated 1.6 percent to 101.92 as of 3:05 p.m. in Tokyo, the biggest drop since May 14. The gauge has surged 44 percent from a more than five-year low on March 9 amid speculation the global economy is recovering. The index trades at 23.4 times estimated earnings, compared with 14.5 for the Standard & Poor’s 500 Index in the U.S.

Japan’s Nikkei 225 Stock Average fell 2.9 percent to 9,752.88 even as the central bank raised its assessment of the economy for a second month. The Bank of Japan left its benchmark overnight lending rate unchanged at 0.1 percent. Hong Kong’s Hang Seng Index slumped 3 percent.

(Bloomberg)

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Tuesday June 16, 2009

ISLAMABAD: Doubts over the "timing and nature" of the external financing that Pakistan is banking on to cover its fiscal deficit need to be removed before any review of its lowly sovereign credit rating can take place, an analyst for Moody's Investor Services said on Monday.

Rated deep in junk bond territory, Pakistan was saved from a balance of payments crisis and default by a $7.6 billion emergency loan package from the International Monetary Fund in November last year. But an annual budget announced on Saturday showed the nuclear-armed Muslim ally of the West needed more foreign support to help recover from virtual recession while also fighting a Taliban insurgency raging in its north-west.

"We recognise the improvement in terms of sovereign ratings but we need more reassurance of the timing and nature of the external financing," said Aninda Mitra, Moody's sovereign analyst for Pakistan. Moody's cut Pakistan's credit rating to B3 last year with a negative outlook due to the balance of payments crisis.

Pakistan's foreign reserves dropped to $6.6 billion in November last year, but have since recovered to $11.5 billion. Pakistan targeted a fiscal deficit of 4.9 of GDP in the budget for 2009/10 (July-June) announced on Saturday. The budget foresaw external borrowing covering nearly 265 billion rupees ($3.2 billion) of the projected 722.5 billion rupee deficit. Mitra described the budget as "supportive" but the dependence on foreign inflows created uncertainties. "It's a matter of flows being smooth enough to meet expenditure needs," he said.


(Reuters)

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Tuesday June 16, 2009

KARACHI: The currency market on Monday welcomed the new budget as the rupee depicted firm trend against both the dollar and the euro, dealers said. The rupee gained 10 paisa in relation to dollar on the interbank market for buying and selling at 80.95 and 81.00, they said.

Explaining the impact of new measures of the 2009-10 budget on money circulation, they said that withholding tax on commercial imports has been raised to 4 percent from 2 percent. This factor may be a hurdle in achieving the government's claim of bringing down inflation rate and the interest rate to single digit.

It was announced in the budget speech that inflation decreased from 25 percent to 14 percent and present interest rate is 14 percent. The State Bank of Pakistan (SBP) cut its discount rate on 20 April, 2009, the key policy rate by 100 basis points to 14 percent for the rest of the fiscal year ending on June 30, On that occasion, the State Bank of Pakistan Governor Salim Raza had said that inflation was expected to come down to 8 percent by next year.

In the first Asian trade, the dollar rose broadly as investors took profits on other major currencies, which had climbed to multi-month highs on hopes for a recovery in the global economy.

Some traders said a cautious tone from policy makers who gathered at a Group of Eight finance ministers meeting on the weekend helped temper recent optimism about the economy, encouraging bets in riskier assets to be cut further. Commodity currencies, including the Canadian and Australian dollars, also fell after sharp gains this week in tandem with a drop in oil prices, and as G8 finance ministers prepared to meet in Italy.


(BRecorder)

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Tuesday June 16, 2009

ISLAMABAD: Civil society has strongly criticised the budget 2009-10 with a view that the government has mainly relied on indirect taxes for revenue collection during the next fiscal year, which will further burden the poor and weak sections of the society, besides higher inflationary impact.

(BRecorder)

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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)

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Tuesday June 16, 2009


KARACHI: Habib Bank Limited (HBL) has decided not to participate in the bidding for Royal Bank of Scotland (RBS) Pakistan Limited, and has withdrawn its interest from acquisition. The HBL had expressed interest in acquisition of RBS Pakistan Limited. It was also granted permission by the State Bank of Pakistan (SBP) to conduct due diligence of RBS.

Accordingly, it did conduct due diligence of the information made available to it. In a notice sent to Karachi Stock Exchange (KSE) on Monday, HBL said that after careful consideration it decided not to participate in the bidding of RBS Pakistan Limited, and has withdrawn its interest from its acquisition. Total four parties-HBL, MCB, JSBL and Orascom-had expressed interest to buy RBS Pakistan Limited. However, after withdrawal by HBL, now three remaining parties will participate in the bidding process of RBS Pakistan Limited.


(BRecorder)

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