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.

BP sells its Pakistan assets to UEG at $775mln

AZHAR ALI KHAN

KARACHI: British Petroleum (BP) has sold its assets in Pakistan to a Hong Kong-based investment group.

“BP has sold its fields in Pakistan at $775 million to the United Energy Group (UEG), including a $100 million deposit,” said a report, adding that the deal would get finalized by first half of 2011. The net production of the assets is nearly 35,000 barrels oil per day.

Prior to this deal, BP had turned down the joint bid of Oil and Gas Development Company (OGDCL) and Pakistan Petroleum Limited (PPL) to acquire its assets.

The company (BP) had earlier planned to sell its $30 billion assets worldwide after the worst U.S. oil spill forced the company to set aside $40 billion for cleanup and litigation. The company has divested about $21 billion of fields so far.

Sindh Bank gets 'Go Ahead'

AZHAR ALI KHAN

KARACHI: The central bank has given a 'go ahead' to the Sindh Bank for launching its operations.
The State Bank of Pakistan has granted a license to the Sindh Bank on Friday.
Bilal Shaikh, who is a senior banker will be heading the bank as the Chief Executive while Javed Mehmood, Wazir Ali Khoja and Abdul Wahab have been inducted in the Board of Directors (BoD) from the private sector. 
Likewise, the Chief Secreatry Sindh, Ghulam Ali Pasha , additional secretary and the secretary Finance Sindh would also be the part of BoD.
The bank is being set up with a paid up capital of Rs 10 billion and it would facilitate agriculturists and enhance the size of agriculture credit.
"The Sindh Bank will provide loans to the farmers to boost agriculture output," said an official.
He also said that the bank is being set up on the desire of the President Asif Ali Zardari and will open 50 branches in the country by the end of year 2011 with one branch in every district of Sindh Province and one each in every province of Pakistan.

Chicken meat prices cut by Rs22/kg

AZHAR ALI KHAN

KARACHI: Prices of live chicken birds have slashed by Rs14 a kg to Rs110 a kg in the retail market on Thursday.
The prices of live broiler chicken meat have also decreased by Rs22 to Rs188 per kg.
"The prices have been revised downward after seen fall in its demand and excessive supplies," said Kamal Akhter Siddiqui, General Secretary Sindh Poultry Wholesalers & Retailers Association. 

Silver sets new record of Rs880 a tola

AZHAR ALI KHAN

KARACHI: Silver set new record in the domestic market on Thursday trade, traders said.
Ten grams silver increased by Rs4.28 to Rs754.28 while its tola prices have surged by Rs5 to Rs880.
The silver metal has been appreciated by Rs50 a tola during last few days.