Govt urged to stop TCP from meddling in rice exports

KARACHI: Exporters have opposed intervention in rice export trade from the state-owned Trading Corporation of Pakistan (TCP) and accused it of disturbing market mechanism thereby depressing prices of basmati rice in the world market.
 
The TCP floated export tender for 25,000 tons of super basmati rice on Dec 18, 2009 for the disposal of rice procured by the corporation last year, which is presently stocked at Pipri godowns, near Karachi.

Aptma claims surplus yarn in domestic market

KARACHI: Leaders of the spinning industry on Tuesday claimed that during the month of November 2009 cotton yarn was available in abundance and even after meeting export commitments of 59 million kg out of total production of 241 million kg around 182 million kg was available for the value-added textile units. 
 
They further said that the value-added textile industry consumed only 120 million kg and around 60 million kg were converted into cotton fabrics.

Food imports decrease by 34.65pc in November

ISLAMABAD: Food imports during the month of November registered a negative trend as they decreased by 34.65 per cent as compared to the previous month of the current financial year.
 
Data released by the Federal Bureau of Statistics (FBS) showed that during the month of November food commodities including milk, cream and milk food for infants, unmilled wheat, tea and spices costing $252.09 million were imported as compared to $325.7 million of last month.

SBP extends waiver to facilitate exporters

KARACHI: The State Bank of Pakistan (SBP) has extended waiver for another 180 days for the purpose of availing financing under the Export Finance Scheme (EFS) to facilitate the exporters whose export proceeds are overdue.

According to an official Circular issued Saturday, the period of waiver has been extended up to June 30, 2010.
Earlier in July, the SBP extended the waiver till December 31, 2009.

Cement units seek 50pc subsidy on freight

KARACHI: Cement manufacturers have sought 50 per cent subsidy on the inland freight cost to boost cement export to more than $1 billion, industry sources said here on Wednesday. 
 
All Pakistan Cement Manufacturers Association (APCMA) in a letter to the government said that the payment of $36 million as freight equalisation subsidy to the cement factories will get an additional export earning of $359 million.

Funds for nine major programmes not released

ISLAMABAD: The federal government, owing to financial constraints, did not release any funds to nine major programmes, including the Export Investment Development Fund, SME Development Support Fund and Venture Capital Fund, in the first quarter of the current fiscal year. 
 
The government had allocated Rs10 billion in the budget for fiscal year 2009-10 for the Export Investment Development Fund to finance initiatives for exports enhancement, but no amount was released in the first quarter for this programme.

State Bank announces payment of 6pc R&D

KARACHI: The State Bank of Pakistan has announced procedure for payment of 6 per cent Research and Development (R&D) support on export of processed food.
 
The SBP issued a circular inviting attention of authorised dealers to Trade Development Authority of Pakistan’s (TDAP) public notice on the subject of 6 per cent R&D support for export of processed foods.
The federal government has allowed 6pc R&D support on exports of processed food subject to observance of certain terms and conditions.

‘Claims so received may be forwarded to the TDAP for further necessary action at their end,’ said the SBP circular.