New Issues 500-Rupee Notes In SBP

KARACHI, Pakistan News: State Bank of Pakistan (SBP) has issued new currency notes of 500 denomination with stepped up security features as guard against counterfeiting.

According to the SBP spokesman Waseemud Din, Pakistani flag has been added to the 500-rupee note, adding the green part of the flag has been added to the note with optical variable ink with crescent and star on it.

Earlier, this anti-counterfeit special feature was present in 5000 and 1000-rupee notes.

According to the central bank spokesman, these new currency notes in the denomination of 500 have been issued with the signature of the SBP governor Salim Raza.

Reopen CNG Stations In NWFP After 2 Days Closing

PESHAWAR, Pakistan News: All the CNG stations across NWFP have reopened after closure of two days here on Wednesday morning and the provincial capital city Peshawar is also no exception.

Under the announcement of government, as many as 197 CNG stations in Peshawar alone and a total of 486 stations in the region remained closed till 6am in the morning today.

Chairman All Pakistan CNG Association (APCA), Ghayyas Paracha has said people are being forced to stay unemployed by closure of CNG stations besides, investors intending to invest billions of rupees have come on stake.

Not only poor people, investors are being adversely affected by this decision, he worried further fearing, also government is loosing taxes worth of billions of rupees.

Pak Govt Charges 39pc Tax Per liter of Petrol

KARACHI, Pakistan News: The government is receiving a juggernaut of 39 percent tax on a liter of petrol that becomes Rs19.82/lit.

The government yesterday rocketed the petrol price by Rs6.10 to Rs71.21/lit.

In December 2009, the ex-factory price of petrol was Rs42.72/lit tagged with Rs4.42 as transportation charges, Rs2.36 as dealers’ commission and Rs1.89 as profit for the oil marketing company, totaling at Rs51.39/lit.

Besides, the government charges Rs10 as Petroleum Development Levy and 16 percent as Sales Tax amounting to Rs19.82/lit, which add up to Rs19.82/lit; it means that government is charging 38.57 percent on the per liter of petrol.

Experts said the government can slash its taxes to impart relief to the people at large and the business community, which will be instrumental in affording relief to the common man and it will help control the inflation rate as well.

Life Turns 50pc Costlier in 2 Years

ISLAMABAD, Pakistan News: In sharp contrast to the rulers’ repeated rhetoric of burning the midnight oil to bring prosperity in the lives of the poor and the people at large, the government’s own statistics show a phenomenal price hike in the last two years as the average life of every citizen has become 50 per cent costlier than what it was in February-March 2008 when the present regime took power.

In a report, editor investigation and senior analyst of Geo News Ansar Abbashi stated while the overall economic health of the country has deteriotated, corruption, too, saw a record increase, governance is in tatters, mismanagement is the rule of the day, the rupee-dollar parity rate has jumped from 60-1 to the present 85-1; the lives of citizens from the common man to the business class have gone from bad to worse.

The sensitive price index (SPI) of the government shows it shooting up from 173 in Feb 2008 to 254 in January 2010 with certain daily-use commodities showing an unprecedented increase up to 250-300 per cent. The rulers, who in their public speeches promise “Roti, Kapra” and “Makan” have in fact given an exceptional price hike since Feb 2008. For example, according to the average price index of the statistics division, sugar has jumped from Rs26 to the present Rs70 per kilogram; Ata (wheat flour average quality) has reached the present Rs30 from Rs16.5 per kilogram; tea (250 grams packet) has gone up from Rs65 to Rs124; farm chicken per kilo rose to Rs116 from Rs71, etc.

Almost every daily-use commodity, vegetables and fruits, electricity and natural gas rates, petroleum product prices, everything has gone up and up. The only exception in the list of 53 commodities, listed in the official essential commodities list, is tomato whose price has decreased from Rs38 to the present Rs16 per kilogram.

Electricity price for the poor, i.e., those who use up to 100 units per month, has been increased by almost 50 per cent from Rs2.65 per unit in Feb 2008 to Rs3.91 per unit today.

For those who use electricity beyond 100 units, and for commercial and industrial consumers, the power rates have been increased far more than the minimum users. Today the domestic users, who consumed between 101-300 units have to pay Rs4.96 per unit (excluding taxes), for those using between 301 and 700 units are paying Rs8.03 per unit (without taxes), and above 700 units the tariff rates are Rs10 per unit (without taxes). For commercial users, the power tariff in Feb 2008 was Rs9.53 per unit (including taxes) but now it is Rs14.93 (including taxes).

Natural gas prices saw 15 per cent increase for the minimum users whereas the price of LPG has gone up from Rs817 to Rs1,092 per cylinder, i.e., an increase by over Rs270 per cylinder. Petrol price has jumped from Rs53.83 to the present 65.92 per litre, diesel jumped from Rs37.86 to Rs69.27 per litre and kerosene shot up from Rs42 to Rs72 per litre. For the poor — who don’t afford LPG, have no natural gas and are dependent on wood, whose price per 40 kg has increased from previous Rs230 to Rs302.

According to the government statistics, during this period the prices of essential commodities have increased from Rs18 to Rs27 per kg in case of wheat; from Rs16.5 to Rs30.19 — Ata (wheat flour) per kg; from Rs36 to Rs43 per kg rice basmati; from Rs26 to Rs34 per kg rice IRRI; from Rs71 to Rs123 per kg masoor pulse washed; from Rs51 to Rs84 per kg moong pulse washed; from Rs42 to Rs84 per kg green pulse washed; from Rs122 to Rs174 per kg beef; from Rs234 to Rs312 per kg mutton; from Rs62 to Rs80 per dozen eggs; from Rs19 to Rs26 per bread plain medium size; from Rs26 to Rs70 per kg sugar; from Rs31 to Rs73 per kg Gur; from Rs133 to Rs167 per kg red chilli powder; from Rs30 to Rs41 fresh milk; from Rs114 to Rs115 per kg vegetable ghee; from Rs44 to Rs147 per kg garlic; from Rs65 to Rs124 per 250 grams of tea packet; from Rs318 to Rs353 per 2.5kg cooking oil tin; from Rs11 to Rs17 per kg potato; from Rs12 to Rs25 per kg onion; from Rs32 to Rs38 per dozen banana; from Rs7 to Rs11 per cup tea; from Rs33 to Rs45 cooked beef plate; from Rs20 to Rs29 per cooked daal plate; from Rs71 to Rs116 per kg farm chicken, etc.

Economic growth in 2007-08 was 4.1 per cent, which has tumbled to 3.4 per cent (revised estimates). The foreign and internal debt issue is already extremely serious. The ‘Debt Policy Statement 2009’, recently submitted to parliament, has already warned the government that the rising trend of debt to the GDP ratio, now touching 58.1 per cent, is a cause of concern and should not be allowed to continue or it could breach the 60 per cent targeted level as laid down in the Fiscal Responsibility and Debt Limitation (FRDL) Act 2005.

The detailed Debt Policy Statement, prepared by the Ministry of Finance’s Debt Office headed by its DG Masroor Ahmed Qureshi, stated that the total stock of Pakistan’s outstanding external debt and liabilities (EDL) has increased by $6.6 billion or 14.3 per cent. “The largest net yearly increase since the turn of the century saw the stock of outstanding EDL rise from $46.2 billion at the end of 2007-08 to $52.8 billion by the end of 2008-09,” the report added.

Pakistan’s Total Public Debt (TPD), during the first three months (July-Sept) of the current fiscal year, rose to Rs8,100 billion, registering an increase of Rs495 billion or 6.5 per cent, mostly on account of considerable inflows of foreign currency denominated debt.

The exact size of domestic debt stands at Rs4,010 billion and external debt in terms of rupee at 4,090 billion. “Disbursements under the third tranche of the IMF-SBA and from multilaterals caused the foreign currency component of the TPD to increase by Rs338 billion by end-September 2009,” the report disclosed.

During the year 2008-09, the total public debt increased by Rs1,600 billion (26.6 per cent). As of end-June 2009, Pakistan’s Total Public Debt stood at Rs7,605 billion. The Rupee denominated public debt increased from Rs3,266 billion to Rs3,853 billion during the same period, increasing by Rs587 billion or 18 per cent during the period.

The increase in the domestic component of public debt accounted for 37 per cent of the total increase in public debt. The primary source of increase in public debt during 2008-09 has been a rapid increase in the foreign currency component, which accounted for 63 per cent of the total increase in the TPD.

New Year’s gift: An Increase in Power and Gas Rates Erode the Value of Rupee

ISLAMABAD,Pakistan News: The government’s New Year gift to the masses will be a significant increase in electricity and gas tariffs, which will further erode the value of each rupee earned. Under the Stand-by Arrangement (SBA) with the International Monetary Fund (IMF), the government has agreed to increase power tariff by 24 percent during the current fiscal year in three phases.

Power and gas prices will rise by 14.5 percent and 18 percent respectively effective from Friday (January 1, 2010). The notification to this effect has been issued. Standard normal IMF conditions support elimination of energy subsidies with the objective of full cost recovery, a policy that creates fiscal space and enables the debtor government to invest larger amount in development expenditures in 2009-10.

According to revised notification, tariff for above two million lifeline consumers would be increased by 43 percent because of adjustment in fuel charges. The Ministry of Water and Power had earlier announced that electricity subsidy for the lifeline and agriculture consumers would not be withdrawn.

The government had allowed Rs 56.8 billion in subsidy to the consumers falling under the two categories in the first half of the current year. Tariff for lifeline consumers will be raised from Rs 1.6 to Rs 2 per kWh, while the agriculture consumers will feel the brunt of Rs 1.5 per kWh. Domestic consumers who use 1-100 units will have to pay Rs 9.75 per unit from January.

Consumers, who consume 101-300 units per month, will have to pay Rs 12 per unit. Tariff for 301-700 units will be Rs 14 and above 700 units Rs 15.50 per unit. The government claims that the increase will fetch Rs 21 billion additional revenue to the Sui Northern Gas Pipelines Limited (SNGPL) and Rs 11 billion to the Sui Southern Gas Company Limited (SSGCL) during the current fiscal year.

The Oil and Gas Regulatory Authority (Ogra) has determined the increase through a process of public hearings held recently in Karachi and Lahore where representatives of categories of consumers opposed the increase on the ground that it would make input costs unbearable for industries and exports and push up the prices of all commodities and reduce purchasing power of the people.

The Ogra allowed about Rs 64.02 per million British thermal Unit (mmbtu) increase in the average rate of the SNGPL to Rs 296 per unit, up by about 18 percent. Likewise, the average rate for the SSGCL has been allowed to be increased by Rs 38.06 per mmbtu, up by about nine percent.

The average rate for all consumers, of both the SSGC and SNGPL, would go up by 18 percent to ensure uniform gas price across the country. According to Ogra’s gas price determination, tariff for the lowest slab (50 cubic metres per month) of domestic consumers would go up from Rs 80.65 to Rs 95.20 per mmbtu and for the second slab (50-100 cubic metres) from Rs 84.45 to Rs 99.65 per unit.

The rates for the third slab (100-200 cubic metres) would rise from RS. 153.73 to Rs 181.40 and for the fourth slab (200-300 cubic metres), it would jump from Rs 325.48 to Rs 348.07 per mmbtu. The domestic gas rate for the fifth slab (300-400 cubic metres) would increase from Rs 423.42 to Rs 499.64 per unit, for the sixth slab (400-500 cubic metres) from Rs 550.44 to Rs 649.52 per unit and the last slab (over 500 cubic metres) from Rs 730.17 to Rs 861.60 per mmbtu.

The gas rate for places of worship, educational institutions and armed forces and Roti Tandoors would also increase like the first four slabs of domestic gas consumers and for commercial consumers and ice factories from Rs 324.30 to Rs 382.67 per unit and for the CNG stations from Rs 427.15 to Rs 504 per mmbtu.

The gas price for the power stations of the Water and Power Development Authority (Wapda) has been allowed to raise from Rs 333.98 to Rs 394 per unit and for Liberty Power Project from Rs 1,060.4 to Rs 1,251.26 per mmbtu. Likewise, the gas price for independent power producers would increase from Rs 282.88 to Rs 332.62 and that of captive power plants from Rs 324.30 to Rs 382.67 per mmbtu. Mission chief for Pakistan at the IMF Adnan Mazarei has recently told journalists in Washington that there are significant challenges that remain.

“Significantly, the budget needs to be managed better. There is a need to fully reverse the first quarter fiscal outturn and slippage, and avoid future overruns to keep inflation low, build economic confidence and ensure that resources are available for poverty reduction, assisting internally displaced persons and boosting social spending.

“The budget deficit target for the fiscal year, ending in June 2010 is 4.9 percent of the GDP, including spending on IDPs financed by foreign grants. The overall target for the first quarter, which means end of September, was 0.3 percent of the GDP. The shortfall was 0.3. And the fiscal deficit should have been roughly 1.2 percent of the GDP, and it was 1.5,” he said.

According to the IMF, the government’s programme targets a reduction in the budget deficit to more sustainable levels. The programme seeks to achieve this reduction by raising revenues and restraining expenditures in 2008-09, including by phasing out fuel and electricity subsidies and better prioritising development spending.

The Fund staff is more concerned about aggregate spending and the revenue targets than their detailed composition. However, given the importance of adequate funding for priority development projects in Pakistan, the Fund-supported programme includes adjusters’ allowing for higher than projected development spending if external assistance turns out to be higher than envisaged in the programme. The programme also makes specific provisions to ensure an appropriate level of poverty-related spending in 2008-09 and the future.

OGDCL to Winning Oil, Gas Self-Sufficiency

ISLAMABAD ,Pakistan News: As Pakistan’s largest oil and gas producer, OGDCL share in country’s total oil and gas production stands at 43,437 bpd of Crude oil (Net Averaged), 976 mmcfd of Gas (Net Averaged) and 339 M. T/d of LPG (Net Averaged).

Having 40 operated oil & gas fields, geographically distributed all across the country, OGDCL has embarked upon development works on 32 fields, to bring these on production.

OGDCL has 35 oil and gas processing plants which include Dehydration, LPG, Sulphur Recovery, H2S Removal, Gas Sweetening, Condensate Stabilization, Refining and Compression plants, it was officially learnt on Tuesday.

Various measures have been taken to augment production levels to reach new heights, which include setting up of aggressive targets, enduring commitment by its professionals, and induction of latest technologies, pursuing industry best practices, strengthening surveillance techniques, enhancing in-house engineering design & simulation capabilities, utilization of state-of-the art automation systems and fostering use of information technology.

Meanwhile, the company is currently undertaking four projects which include: Uch-II Development Project, Qadir Pur Gas Compression, TAY Developmental Project and Sinjhoro Development Project.

Uch gas field is located about 67 km southeast of Dera Bugti in Balochistan province. Discovered in 1955 by Pakistan Petroleum Ltd, the field was abandoned because of its low BTU content.

OGDCL reactivated the Uch gas field in the 1980s, and to date it has drilled 15 wells and currently supplying 220-225 MMcf per day to Uch Power Ltd. via a 47 km pipeline at the first mega low heating value gas-fired 586 MW power plant.

Qadirpur Gas Compression Project is located 80 km northeast of Sukkur Town and is a joint venture among OGDCL, PKP Exploration Ltd, KUFPEC and PPL, each holding 75.0%, 9.5%, 8.5% and 7.0%, respectively.

Initial discovery at this field was made in 1990. Development at the field has taken place over multiple phases, with the current production at 500 MMcf per day of gas. Raw gas of 50 MMcf per day is provided to SNGPL and 1,100 bbls of condensate per day is also extracted from this field.

A compression project is being undertaken at the Qadirpur field that involves the installation of compression facilities to maintain the gas production plateau of 650 MMcf per day through 2013 and maintain gas pressure through 2017.

In order to reach this goal, OGDCL is installing compression facilities to increase pressure to 880 psig (pounds-force per square inch gauge) and deliver this pressure to an existing gas processing plant, as well as the extension of header and gas gathering systems.

Tando Allah Yar (TAY) Development Project is located in Hyderabad District, and is an operated joint venture between OGDCL (77.5%) and GHPL (22.5%).

The current project involves the installation of surface facilities adjacent to the Kunnar field, including a 25 km trunk line from TAY to the Kunnar Field, as well as a liquid separation unit, an oil stabilization unit, an amine unit and a dehydration unit.

Projected production upon completion is estimated to be 28 MMcf per day of sales gas, 2,500 bbls per day of oil and 85 mt per day of LPG.

Sinjhoro Development Project is located in the Sanghar District, Sindh Province, and is a joint venture among OGDCL (76%), OPI (19%) and GHPL (5%), with OGDCL serving as the operator.

The projected additional production at this facility upon completion is 2,940 bbls per day of oil, 25 MMcf per day of gas and 224 mt per day of LPG.

Oil Holds Above 81 Dollars

LONDON News: World oil prices rose on Tuesday, holding above 81 dollars per barrel, supported by increased consumption of heating fuel because of cold weather in the northern hemisphere, analysts said.

New York’s main futures contract, light sweet crude for delivery in February, gained 12 cents to 81.63 dollars a barrel.

Brent North Sea crude for February delivery added 16 cents to 80.28 dollars in London trading.

Oil had begun 2010 with a bang on Monday, soaring by more than two dollars as cold weather boosted expectations of higher energy demand.

Reports that Russia cut supplies to Belarus also helped push prices higher, dealers said. Officials in Belarus denied it had cut supplies.

“Cold weather across the Northern Hemisphere propelled crude prices two dollars higher,” said PVM analyst David Hufton.

“Help also came from Russia’s oil dispute with Belarus and universally positive manufacturing data from China, India, Korea, the UK and US.”

“On the weather front, in the US heating oil demand is expected to be 21 percent higher than normal this week,” he added.

There was news on Monday of robust activity in the US manufacturing sector, in a further sign that the US economy — a key engine for global growth — is well on its way to recovering from a deep recession.

The Institute for Supply Management said its manufacturing index, also known as the purchasing managers index, climbed to 55.9 percent in December from 53.6 percent in November, for a fifth consecutive month of expansion.

The figure was stronger than the consensus estimate of a modest rise to 54.3 percent. Any number above 50 percent indicates growth.

Separately, a survey showed on Monday that manufacturing in China continued to expand in December as new orders received by factories rose for the ninth month in a row on booming demand from home and abroad.

“Signs of improving conditions in US and Chinese manufacturing helped spur buyers into the oil markets,” said ODL Markets analyst Marius Paun, adding that oil prices have now rallied by around 15 percent since mid-December.

Meanwhile on Monday, a spokeswoman for oil refineries in Belarus denied reports that Russia had cut oil supplies from January 1.

Both of Belarus’s oil refineries are working normally and Russian oil is arriving on schedule, a spokeswoman for oil processor Belneftekhim told AFP.

Pakistan’s Inflation Will be 11 Percent: IMF

EW YORK News: International Monetary Fund (IMF) hinted that Pakistan’s inflation rate will be increase from 9 to 11 percent for current fiscal year.

In an analytical report, IMF has increased the inflation rate for Pakistan from 9 percent to 11 percent for current fiscal year. The increased in the target has been made keeping in view increment in the crude oil prices and rise in power tariff. The economic growth rate will be 3 percent whereas threats to economic progress will also remain same.

The report added that there is increment in flow of remittances in Pakistan therefore, it is expected that current accounts deficit will be decline from 4.7 percent to 4.2 percent.

Reopen CNG Stations In NWFP After 2 Days Closing

PESHAWAR, Pakistan News: All the CNG stations across NWFP have reopened after closure of two days here on Wednesday morning and the provincial capital city Peshawar is also no exception.

Under the announcement of government, as many as 197 CNG stations in Peshawar alone and a total of 486 stations in the region remained closed till 6am in the morning today.

Chairman All Pakistan CNG Association (APCA), Ghayyas Paracha has said people are being forced to stay unemployed by closure of CNG stations besides, investors intending to invest billions of rupees have come on stake.

Not only poor people, investors are being adversely affected by this decision, he worried further fearing, also government is loosing taxes worth of billions of rupees.

Pak Govt Charges 39pc Tax Per liter of Petrol

KARACHI, Pakistan News: The government is receiving a juggernaut of 39 percent tax on a liter of petrol that becomes Rs19.82/lit.

The government yesterday rocketed the petrol price by Rs6.10 to Rs71.21/lit.

In December 2009, the ex-factory price of petrol was Rs42.72/lit tagged with Rs4.42 as transportation charges, Rs2.36 as dealers’ commission and Rs1.89 as profit for the oil marketing company, totaling at Rs51.39/lit.

Besides, the government charges Rs10 as Petroleum Development Levy and 16 percent as Sales Tax amounting to Rs19.82/lit, which add up to Rs19.82/lit; it means that government is charging 38.57 percent on the per liter of petrol.

Experts said the government can slash its taxes to impart relief to the people at large and the business community, which will be instrumental in affording relief to the common man and it will help control the inflation rate as well.

Pak Forex Reserves Decline by $586.5 MLN

KARACHI, Pakistan News: Pakistan’s total liquid foreign exchange reserves have witnessed a decrease of 586.5 million dollars to 14.51 billion dollars due to a payment made for Euro Bonds, State Bank of Pakistan said Thursday.

SBP spokesman, Syed Wasimuddin said that the government made a payment for Euro Bonds worth 600 million dollars on January 26.

According to break-up, foreign reserves held by SBP amount to 10.72 billion dollars and net forex reserves held by banks (other than SBP) 3.79 billion dollars.

SBP Provided Rs 91.6 BLN to Commercial Banks

Lahore, Pakistan news: The State Bank of Pakistan has provided Rs 91.6 billion to the commercial banks to inject liquidity into the Money Market.

The central bank received offers of Rs 94 billion for re-buying T-bills and Pakistan Investment Bonds (PIBs) by operation market operation. The central bank accepted offers of Rs 91.6 billion. The central bank bought back PIBs and T-bills under 7-day reverse-repo at interest rate of 11.09 percent.

Soneri Bank Says Eyes RBS Pakistan

KARACHI, Pakistan News: Pakistan’s Soneri Bank (SBL) said on Monday it is interested in buying the local operations of Royal Bank of Scotland.

Pakistan’s MCB Bank had agreed last August to buy virtually all of RBS Pakistan shares for about $87 million, but the deal collapsed last month after MCB failed to get regulatory approval.

“SBL will be seeking approval of the State Bank of Pakistan to proceed with the due diligence of RBS Pakistan,” SBL said in a statement to the Karachi Stock Exchange.

Soneri has a market value of around $72 million and, according to its website, operates 154 branches nationwide.

Last week, Egypt’s No.1 bank EFG-Hermes expressed interest in buying RBS Pakistan, and Pakistan’s Faysal Bank last month also expressed interest.

The planned Pakistan sale of RBS is part of moves by part-nationalised RBS to sell assets globally as it tries to exit some three dozen countries and focus on its mainly British core businesses.

Before MCB Bank agreed the now-lapsed deal, Egypt’s Orascom Telecom Holdings and Rojhan Capital were also among those to express interest in acquiring RBS Pakistan.

SBL was trading 5.8 percent higher in a broader market up 0.2 percent by 0717 GMT.

Pak TCP Scraps Tender to Import 150,000 Tonnes Sugar

ISLAMABAD, Pakistan News: Pakistan has scrapped a tender to import 150,000 tonnes of white sugar over problems with the terms of the lowest bid, officials of the Trading Corporation of Pakistan (TCP) said on Thursday.

The tender, issued on Dec. 31, was opened on Saturday and the TCP, which issued the tender, said a non pre-qualified company, World Base Trading FZE, had offered the lowest bid of $723.20 a tonne C&F.

“The bid bond submitted by them was not in accordance with the tender terms,” the TCP said in a statement.

“They were asked to remove the discrepancies from the bid but they failed to do so in spite of the fact that ample opportunities were given to them,” it said.

The tender could, therefore, not be finalised, it said.

TCP chairman Saeed Ahmed Khan told Reuters another tender to import 150,000 tonnes of white sugar issued on Jan. 8 would be opened on Feb. 13 as scheduled.

A total of six bidders took part in the bidding for the scrapped tender, the first of six the TCP has floated since Dec. 31 to import a total of 500,000 tonnes of white sugar.

All the tenders are to be opened this month.

Pakistan went on a buying spree after a forecast the 2009/10 crop would produce about 3 million tonnes of white sugar against annual demand of 4.2 million tonnes.

Pakistan produced 3.2 million tonnes of refined sugar in the 2008/09 crop and the country imported 225,000 tonnes of sugar last year to meet demand.

The TCP is aiming to get the sugar it has already tendered for by mid-May.

The government has encouraged the private sector to import another 750,000 tonnes by waiving excise and sales tax if it is bought and imported before June 1.

But a top TCP official said last week the trading agency would issue tenders in April to import 700,000 tonnes of white sugar if private traders remained wary of using the tax breaks to tap the international market when sugar prices are high

Increases Gold Price Local, int’l Markets

Latest news in Gold Price : Bullish trend witnessed in local and international gold markets on Saturday.

Gold prices increased to Rs35,950 per tola, up by Rs 100 whereas the price of 10 grams increased to Rs30,814, up by Rs 172. In international market, gold price reached to $1119 per ounce, up $11.

Singapore Budget 2010

Singapore Budget 2010: latest news about , singapore budget, singapore budget 2010 announcement, channel news asia, budget 2010, budget 2010 singapore, Minister for Finance Mr Tharman Shanmugaratnam will deliver the Singapore Budget speech on 22 February 2010.

PricewaterhouseCoopers (PwC) will provide an analysis of the main tax proposals in our 2010 Budget Commentary, which will be available here on 23 February 2010, the day after the Budget speech.

PwC will also be holding its annual Budget Seminar on 26 February 2010. Our tax specialists and panellists will digest and deliver the key points of the Budget speech and what they mean for executives and the business community. Click here for details on the Budget Seminar.

Oil Exceeds $80

SINGAPORE: Oil prices extended gains made last week to push above 80 dollars a barrel in Asian trade Monday on the back of a weaker dollar and signs of a stronger US economy. New York’s main futures contract, light sweet crude for April delivery, rose 50 cents to 80.16 dollars a barrel.

London’s Brent North Sea crude for April was up 47 cents at 78.06 dollars a barrel.

“It’s higher due to the fact that the US dollar opened a little bit weaker against the euro,” said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.

Oil is traded in dollars and a weaker US unit makes the commodity cheaper to holders of other currencies, stimulating demand and pushing prices higher.

Moore said however that sentiment could be hit by a report showing China’s manufacturing sector posted slower-than-expected growth in February.

China’s official purchasing managers index fell to 52.0 in February from 55.8 in January, despite analysts’ forecasts of 55.45, as the sector slowed due to factory closures during the Lunar New Year holidays.

A reading of above 50 indicates growth in the world’s most populous nation and the second-biggest oil consumer after the United States.

New York crude soared 1.49 dollars Friday to close at 79.66 dollars a barrel, lifted by data showing that the US economy grew by 5.9 percent in the final quarter of 2009, beating estimates of a 5.7 percent expansion.

It followed a 2.2 increase in the gross domestic product in the third quarter, the first economic growth after four consecutive quarters of contraction.

Bullish Trend Prevailed the Asian markets

Bullish trend prevailed the Asian markets owing to reports of improvement in economic condition of Greece.
A rush of investors marked bullish trend in Asia. MSCI Asia Pacific Index gained 5 percent to 120 points. The Index has reached a positive level.
Nikkie Index Japan added 31 points while Hong Kong’s Hang Seng gained 44. Euro was at 1.343 in the currency market.

Oil Price Edges Back Towards $80

LONDON: World oil prices rose on Wednesday as the market awaited a weekly snapshot of crude stockpiles in the United States — the world’s biggest energy consuming nation. New York’s main contract, light sweet crude for delivery in April gained 17 cents to 79.86 dollars a barrel.

Brent North Sea crude for April climbed nine cents to 78.27 dollars a barrel in midday London trade.

Traders were turning their attention to an upcoming stockpiles report from the US Department of Energy (DoE).

Analysts polled by Dow Jones expect the DoE report to show that US crude inventories rose by one million barrels last week and that distillate stocks declined by 700,000 barrels.

Gasoline, or petrol, reserves are forecast to have risen by 700,000 barrels, the poll results showed.

A report by the American Petroleum Institute (API) published on Tuesday showed that US crude reserves had risen by 2.67 million barrels in the past week while gasoline reserves increased 909,000 barrels.

Distillate stocks, which include heating fuel, fell 4.07 million barrels.

“I think the crude build-up is certainly bearish so inventories remain high,” said Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz.

“The (supply and demand) fundamentals will prevent pricing from being sustainable at the 80-plus dollar level,” he said.

Banks Asked to furnish details of Shareholding of Executives

Lahore, Pakistan News: The State Bank of Pakistan has asked all the locally incorporated banks to furnish to it (SBP) the details of shareholding of their Chairman, Managing Director or Chief Executive Officer on yearly basis.

‘In terms of powers conferred under Section 14(3) of the Banking Companies Ordinance,1962, it has been decided that every Chairman, Managing Director or Chief Executive Officer (by whatever name called) of a banking company shall furnish to the State Bank of Pakistan through the banking company returns on yearly basis containing full particulars of the extent and value of his holding of shares, whether directly or indirectly, in the banking company and of any change in the extent of such holding or any variation in the rights attaching thereto as per prescribed format within 15 days of the close of each calendar year’, says BPRD Circular No.4.

The first such return shall be furnished containing details of shareholding as on December 31, 2009 within 15 days, the circular said and added that misreporting or delay in submission of information shall attract penal action under the provisions of Banking Companies Ordinance, 1962.