Tuesday, September 01, 2009
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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. Need more financial stories?? Visit Finance.KalPoint.ComTuesday, September 01, 2009
Tuesday, September 01, 2009
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.
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. Tuesday, September 01, 2009
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.
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.
"We must continue to work hard to ensure that a sustainable recovery comes indeed in the first half of 2010. But, despite the recovery, unemployment will continue to rise in 2010 and perhaps in the more developed economies even in 2011," he said in an interview with the Greek Kathimerini newspaper.
He warned against taking the recovery for granted, saying risk still remained. "The basic short-term risk is for the recovery to stop, something that could be caused by a series of negative developments," he said.
"A possible premature exit from a loose fiscal and monetary policy constitute a risk, if fiscally supported growth is erroneously seen as a sustained recovery." He said another key concern is that higher oil prices could hinder recovery.
Monday August 31, 2009
Monday August 31, 2009
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