NPLs double in 2 years to Rs432bn

KARACHI: The State Bank has expressed concern over rising quantum of infected loans posing a challenge for the banking industry in the country.
It has, however, claimed that the sector is well established and strong enough to face shocks.“The Non Performing Loans (NPLs) of the system had been showing consistent and rapid increase for the last one and a half years or so and almost doubled since calendar year 2007,” said the SBP’s Quarterly Performance Review of the banking system issued on Monday.

National Savings Bonds to be launched on 11th

ISLAMABAD: The National Savings Organisation will start issuing National Savings Bonds from Jan 12 which would be tradable on stock exchanges in Karachi, Lahore and Islamabad.
 
Federal Finance Minister Shaukat Tarin will officially launch the savings bonds at a ceremony in Islamabad on Monday (Jan 11).

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.

Late buying helps KSE gain 10 points

Friday, January 08, 2010
By our correspondent

KARACHI: Late buying on selective counters helped the Karachi bourse inch up on Thursday, the fourth consecutive bull-run session. Earlier, notable increase of about four per cent in the last three consecutive sessions kept margin hunters active throughout the session.

The KSE 100-share Index posted a modest increase of 10.11 points or 0.10 per cent and closed at 9,737.47 points.

Trade between Pakistan, UK may be higher this year

Friday, January 08, 2010
By Farhan Zaheer

KARACHI: Over 100 UK companies have been functioning and performing well in Pakistan while others are keen to learn more about this market where entrepreneurial skills are thriving and opportunities attract new companies, said Sir Andrew Cahn, Chief Executive of UK Trade and Investment (UKTI).

He was speaking at the Institute of Business Administration (IBA) on Thursday. Cahn, who is on a two-day visit to Pakistan, said trade in goods and services between the UK and Pakistan was worth £1 billion last year and it is expected that this year bilateral trade will be higher.

US not willing to sign FTA: adviser

Friday, January 08, 2010
By our correspondent

LAHORE: The United States is not willing to sign a free trade agreement with Pakistan and the country will have to content itself with facilities to be granted under the Reconstruction Opportunity Zones.

Prime Minister’s Adviser on Textile Mirza Ikhtiar Baig stated this while speaking at the Lahore Chamber of Commerce and Industry on Thursday.

09 a tough year for banks due to

economic slowdown, rising NPLs

Saturday, December 26, 2009
By Jawwad Rizvi

LAHORE: The Pakistani banking sector has faced a tough year due to general slowdown in economic activities and associated deterioration in the business environment.

The continued slowdown of economic growth has reflected on banking system causing an increase in the non-performing loans (NPLs), as the overall macroeconomic outlook with slight improvement on a few fronts remained tenuous.

Forex reserves rise to $13.72bn

Friday, December 25, 2009
KARACHI: Pakistan’s foreign exchange reserves rose to $13.72 billion in the week that ended on Dec 19 from $13.54 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan rose to $10.04 billion from $9.88 billion a week earlier, while those held by commercial banks edged up to $3.68 billion from $3.66 billion the previous week, the central bank said in a statement.

Foreign investment declines by 25 per cent

KARACHI: Foreign investment has fallen since the beginning of the current fiscal year, and collective decline in the first five months was by 25 per cent over last year.

The State Bank reported on Wednesday that Foreign Direct Investment (FDI) could not improve and fell steeply by 52 per cent.

Currency swap deals likely with China, Malaysia

ISLAMABAD: The ministry of finance is considering entering into currency swap agreements with China and Malaysia for containing the eroding foreign exchange reserves, sources in the ministry told Dawn.

It has asked the State Bank to work out a strategy in consultation with the central bank of China for a currency swap arrangement.

‘China already has such an arrangement with 18 countries and the central bank of Malaysia is also working over this aspect,’ said a senior official of the ministry.

Investment in national saving schemes up by 172pc

ISLAMABAD: During the first four months of current fiscal year, investment in national saving schemes has been increased up to 172 percent.

Overall investment during this period remained Rs 88.51 billion. A local news channel while quoting BMA Capital reported that in October, Rs 25.60 billion invested in national saving schemes while this volume remained Rs 6.89 billion during September.

Gold falls 1.2pc as dollar strengthens

Wednesday, December 09, 2009
LONDON: Gold prices extended losses, dropping 1.2 percent in Europe on Tuesday to a session low of $1,142.30 an ounce, as the dollar strengthened against the euro after Fitch downgraded Greece’s credit rating.

Spot gold hit a low of $1,142.30 and was bid at $1,146.30 an ounce at 1353 GMT, against $1,156.90 late in New York on Monday.

In that session it fell to a two-week low of $1,135.80, having touched a record $1,226.10 on Dec 3.

12 foreign cos registered with SECP in Nov

By Israr Khan

ISLAMABAD: Despite poor law and order situation in the country due to war on terror, the economy still has potential to attract foreign investors as during November 12 foreign companies registered themselves with the Securities and Exchange Commission of Pakistan (SECP). It sends a strong signal to foreign investors to invest in various untapped sectors of the country.

The 12 companies belong to different countries around the globe including Australia, USA, Russia, Germany, China, Italy, Turkey, Bangladesh, Iraq and Lebanon.

Pakistan’s forex reserves ease to $13.72 bln

KARACHI: Pakistan’s foreign exchange reserves fell to $13.72 billion in the week that ended on November 28 from $13.90 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan were $10.14 billion, down from $10.27 billion a week earlier, while those held by commercial banks also fell to $3.58 billion from $3.63 billion the previous week, the central bank said in a statement.