Pak-UK trade to be enhanced to 5bn pounds: Cameron

Azhar Ali Khan

ISLAMABAD: British Prime Minister David Cameron on Tuesday said that Pak-UK bilateral trade volume would be enhanced to 5 billion pounds by 2015.

Addressing media men in a joint press conference with Pakistani Prime Minister Syed Yousuf Raza Gilani, Cameron urged the need to explore trade avenues.

Citing illiteracy as the prime reason behind, he said, “Illiteracy is one of the core reasons behind extremism,” adding the UK would help promote education in Pakistan.

He said Pakistan has lost much against war on terror and this menace has also affected his country as well. “Pak-UK friendship is unbreakable,” he reiterated.

Silver touches new peak of Rs1120 per tola

Aysha Ehsan

KARACHI: Silver prices hit another all time high of Rs1120 per tola on hefty buying and unrest in the North African and Middle East, traders said on Monday.

Ten grams silver has become costlier by Rs25.72 and is available at Rs960, while its per tola prices have surged by Rs30 and is tagged at Rs1120.

“War in Libya has fanned woes about the crude oil supplies in the future,” said a senior trader. “And that is why investors are offloading currencies and considering metals again as ‘safe havens’.”

Gurus of precious metal trade have hinted silver will not stop breaching next barriers.

“I am seeing silver at Rs1500 per tola level by June end,” said a commodity analyst.

He further said that Libyan unrest does not seem to be resolved in near future and metals’ outlook is positive in short-term.

Japan to give Rs14.90bn soft loan to KPK

AZHAR ALI KHAN

KARACHI: Japan International Cooperation Agency (JICA) will extend a soft loan worth Rs14.90 billion to Pakistan for the “Khyber Pakhtunkhwa Emergency Rural Road Rehabilitation Project”.

An ODA Loan agreement to this effect was signed today at Tokyo between President JICA, Sadako Ogata, and Secretary Economic Affairs Division, Sibtain Fazal Halim. President Asif Ali Zardari and Japanese Prime Minister Noato Kan, witnessed the signing ceremony.

The funds for the project will be released after obtaining the legal opinion of Pakistan’s Federal Ministry of Law, Justice and Parliamentary Affairs. The project will address early restoration from the flood disaster which has brought serious damages throughout the country in the recent months.

 With another Japanese ODA loan agreement up to 5 billion Yen for “Emergency Import Support Loan”, signed on January 21, 2011, the Japanese ODA loans of total 19.7 billion Yen will be extended to flood disaster restoration activities in Pakistan. Both ODA Loans are extended on soft terms with interest rate of 0.01 percent and repayment period of 40 years including grace period of 10 years.

State Bank receives $633m under CSF

Azhar Ali Khan

KARACHI (Azhar Ali Khan): The central bank has received another $633 million from the United States under Coalition Support Fund (CSF), officials said on Monday.

The chief spokesman of the State Bank of Pakistan (SBP), Syed Wasimuddin said the CSF’s recent tranche has been deposited to the account of SBP held in the Federal Reserves, New York.

United States released $188 million in April and $656 in May this earlier under CSF.

Salman Siddique made new Chairman FBR

AZHAR ALI KHAN

KARACHI: The federal government has appointed Salman Siddique as the new Chairman of the Federal Board of Revenue (FBR), it is learnt.

Prior to his new posting, Salman Siddique was serving as the secretary of the Ministry of Finance (MoF).

Sohail Ahmed, who was heading the revenues collection department, has been transferred to the planning division as its secretary.

On the other hand, Waqar Masood, who was serving as the secretary of textile ministry is now made the new secretary of MoF.

Trade deficit swells by 33.5pc

Trade deficit swells by 33.5pc

AZHAR ALI KHAN
KARACHI: The country’s trade deficit swelled by 33.5 percent during November.
“Pakistan’s trade deficit rose by 33.5 percent and recorded at $1.35 billion in November,” official numbers posted on the Federal Bureau Statistics (FBS) showed Monday.
Exports grew by 17 percent to $1.78 billion, while imports jumped by 23.6 percent and recorded at $3.13 billion.
The trade deficit during first five months of the current fiscal year stands at $6.49 billion.

Red Chillies production may fall short by 20,000MT

AZHAR ALI KHAN

KARACHI: Red Chillies production may see a shortfall of 20,000 metric tons this season, agriculturists said on Thursday.

They said that the red chilli production target was set at 0.1 million tons, nevertheless it would hardly reach 80,000 tons by the season end.

“Water scarcity, expensive fertilizer and minor pest attacks have affected the crop,” said Chairman Red Chillies Growers Association, Mian Saleem.

“Despite negative impacts and decline in production, the crop output is still encouraging,” he remarked.

The country produces 125,000 metric tons of red chillies on average annually, of which nearly 80,000 tons is consumed domestically and the remaining production exported to different Asian destinations.