ExxonMobil offers bunkering transparency and innovation ExxonMobil has announced that it is the first to supply via an independently accredited mass flow metering system (MFMS) in the Amsterdam-Rotterdam-Antwerp (ARA) region. ExxonMobil Premium HDME 50™ marine fuel is now available through an MFMS that has received third-party accreditation from Lloyd’s Register. Depending on stem size, bunkering with an MFMS can help reduce delivery time by up to three hours, compared with conventional tank dipping. As with the previous introductions, the ARA MFMS is calibrated in line with both OIML R 117 and ISO 17025 standards, ensuring accuracy to within +/- 0.5…
Author: S. Kamal Hayder Kazmi
Crude oil prices move higher Crude prices rose on Friday, but declined on the week on worries that oversupply would weigh on the US market while trade disputes and slowing global economic growth would dampen demand for oil. US crude declined for the seventh consecutive week, and global benchmark Brent was dropped for a third week. Brent crude oil futures LCOc1 settled up 40 cents, or 0.6 percent, at $71.83 a barrel, after touching a high of $72.49 earlier in the session. US West Texas Intermediate crude futures (WTI) CLc1 rose 45 cents , or 0.7 percent, to $65.91, after…
Management and Economic Development It can be said that there are no “underdeveloped countries.” There are only “under managed” ones. Management creates economic and social development. Economic and social development is the result of management. It can be said, without too much oversimplification, that there are no “under developed countries.” There are only “under managed” ones. Japan a hundred and forty years ago was an underdeveloped country by every material measurement. But it very quickly produced management of great competence, indeed, of excellence. This means that management is the prime mover and that development is a consequence. All our experience…
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] Pakistan Economic Indicators Overview Last Reference Unemployment Rate 5.9 % Dec/16 Employed Persons 57420 Thousand Dec/15 Unemployed Persons 3620 Thousand Dec/15 Population 200 Million Dec/17 Living Wage Family 28800 PKR/Month Dec/17 Living Wage Individual 14400 PKR/Month Dec/17 Wages High Skilled 49800 PKR/Month Dec/17 Wages Low Skilled 20700 PKR/Month Dec/17 Inflation Rate 5.83 % Jul/18 Consumer Price Index CPI 229 Index Points Jul/18 Core Inflation Rate 7.6…
Market indicators are a series of technical indicators used by traders to predict the direction of the major financial indexes. Most market indicators are created by analyzing the number of companies that have reached new highs relative to the number that created new lows, also known as market breadth. PAKISTAN MARKET INDICATORS EXCHANGE RATES Currency activity Friday 6-Jul Friday 13-Jul Friday 20-Jul Friday 27-Jul Friday 3-Aug Friday 10-Aug DOLLAR Buying 124.2 123.75 129.75 127.3 121 121 Selling 124.75 124.3 130.75 128.3 124 124 POUND Buying 163.5 162.5 167 164 153 155 Selling 165.25 164.25 168.8 165.75 160 160 EURO Buying…
Pakistan: Key financial data for the quarter ended March 31, 2018 (Non-Life Members) S.No Name of Companies Premium/ Contribution Premium Written Contribution underwritten Total Premium incl. Takaful Cont Net Premium Revenue Net Contribution Revenue Tot. Net Prem. Inc. Taka Cont. Rev. 1 Adamjee Insurance 2,506,526 262,412 2,768,938 1,757,600 80,569 1,836,169 2 Alfalah Ins. Co 797,655 88,992 886,647 275,790 42,690 318,480 3 Allianz EFU Health 866,477 2,465 868,942 308,001 11,062 319,063 4 Alpha Insurance – – 0 – – 0 5 Asia Insurance 106,598 7,452 114,050 135,301 1,122 136,423 6 Askari Gen. Insc. 536,050 71,483 607,533 428,229 50,252 478,481…
During the three months period closed March 31, 2018, EFU General Insurance has announced in financial statement that the written premium increased by 9 percent to Rs. 5,727 million (including Takaful Contribution of Rs. 436 million) as compared to Rs. 5,270 million (including Takaful Contribution of Rs. 308 million) for the same period of previous year. EFU General is the most powerful trusted brand and pioneer in the insurance industry and included in the China-Pakistan Economic Corridor’s projects policy. The management has always played a role of institution giving the emerging Pakistan insurance industry the leadership, manpower and drive needed…
Economists foresee that after Pakistan’s economy recorded a GDP growth of 5.28 percent during the year 2017 and the insurance sector grew at an average annual rate of around 13 percent on compound basis in the last five years, considering the steady growth and increased insurance penetration in the past five years, it can be inferred that the insurance sector has been performing healthier. Adamjee Insurance Company Limited (AICL) sees a stable and optimistic regulatory regime going forward to enable the insurance industry to grow faster and increase its penetration across Pakistan. During the first quarter closed on March 31,…
US stocks slip as Turkey crisis drags bank shares US stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank shares and triggered a move out of riskier assets. The Dow and S&P 500 posted declines for the week following five straight weeks of gains, but the S&P 500 remains just 1.4 percent below its record high from Jan. 26. A drop in technology shares added to the day’s bearish tone. The S&P technology index .SPLRCT fell 0.8 percent, with Intel down 2.6 percent after Goldman Sachs downgraded the stock to “sell.” Microchip Technology shares fell…
Korean shipbuilders sweep orders for large LNG tankers Korean shipbuilders have swept all of the orders for 30 large liquefied natural gas (LNG) tankers from around the world this year. Shipbuilding industry watchers quoted as saying that Korean shipbuilders outweighed those of China, Japan, and other competitors in terms of accumulated experience, technology and price competitiveness. According to data released by Clarkson, a UK shipbuilding industry analysis organization, on August 6, Daewoo Shipbuilding and Marine Engineering (DSME) received orders for 12 LNG tankers, the Hyundai Heavy Industries Group orders for 14 and Samsung Heavy Industries orders for four this year.…
Crude oil rises on Iran sanctions Crude oil prices rose more than 1.0 percent on Friday as US sanctions against Iran looked set to tighten supply, but futures contracts posted a weekly decline as investors worried that global trade disputes could slow economic growth and hurt demand for energy. Benchmark Brent crude oil LCOc1 settled 74 cents higher at $72.96 a barrel on Friday. US light crude CLc1 was 82 cents higher at $67.63 a barrel. A sell-off on Wednesday left both benchmarks down for the week overall, with Brent off 0.5 percent and US crude 1.2 percent lower. Hedge…
Need for a Harmony of Interests The demand of harmony does not mean that society should abandon its right to limit the exercise of economic power on the part of the corporation. Economic purpose does not mean that the corporation should be free from social obligations. On the contrary it should be so organized as to fulfill, automatically, its social obligations in the very act of seeking its own self-interest. An individual society based on the corporation can function only if the corporation contributes to social stability and to the achievement of social aims independent of the goodwill or the…
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] Pakistan – Economic Indicators Overview Last Reference Previous Unemployment Rate 5.9 % Dec/16 5.9 Employed Persons 57420 Thousand Dec/15 56520 Unemployed Persons 3620 Thousand Dec/15 3580 Population 200 Million Dec/17 208 Living Wage Family 28800 PKR/Month Dec/17 29000 Living Wage Individual 14400 PKR/Month Dec/17 14500 Wages High Skilled 49800 PKR/Month Dec/17 41100 Wages Low Skilled 20700 PKR/Month Dec/17 17000 Inflation Rate 5.83 % Jul/18 5.21 Consumer…
Market indicators are a series of technical indicators used by traders to predict the direction of the major financial indexes. Most market indicators are created by analyzing the number of companies that have reached new highs relative to the number that created new lows, also known as market breadth. PAKISTAN MARKET INDICATORS Exchange Rates Currency activity Friday 29-Jun Friday 6-Jul Friday 13-Jul Friday 20-Jul Friday 27-Jul Friday 3-Aug DOLLAR Buying 123.9 124.2 123.75 129.75 127.3 121 Selling 124.45 124.75 124.3 130.75 128.3 124 POUND Buying 162.25 163.5 162.5 167 164 153 Selling 164 165.25 164.25 168.8 165.75 160 EURO Buying…
Pakistan: Average sector wise natural gas consumption (July-Feb FY 2018) Sector Gas Consumption in MMCFD RLNG Total Power 936 401 1,337 Domestic 860 – 860 Commercial 88 – 88 Transport (CNG) 138 53 191 Fertilizer 613 7 620 General Industry 570 171 741 Total 3,205 632 3,837 [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [ads1] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″]
Oil and Gas Development Company (OGDCL) holds the largest exploration acreage in Pakistan which showing the 27 percent of the country’s total area under exploration during March 2018. During July 2017-March 2018, OGDCL continued with its seismic data activities acquiring 1,582 Line km of 2D and 461 sq. km of 3D seismic data. OGDCL’s 2D and 3D seismic data acquisition explains 39 percent and 63 percent of total seismic data acquired in Pakistan respectively. Furthermore, 3,927 Line km of 2D and 2,307 sq. km of 3D seismic data has been processed using in-house resources. In the financial report of the…
International oil experts calculated that worldwide oil demand to increase by almost 1.45 million bpd during 2019, following predicted growth of 1.65 million bpd for 2018. It is also said that this year, total world oil consumption is predicted at 98.85 million bpd, while the annual average worldwide consumption during 2019 is anticipated to surpass the 100 million bpd threshold. Balance Sheet Of PSO Details 2017 2016 2015 2014 2013 2012 Shareholders’ Equity 102,850 91,581 82,310 78,621 60,643 48,334 Non Current Assets 22,883 68,064 65,559 58,637 57,593 10,469 Current Assets 368,560 274,255 275,749 313,514 224,356 337,796 Total Liabilities 289,593 250,737…
Pakistan stocks gain 175 points in range-bound trading A day after losing 480 points, the KSE-100 Index gained 175 points in range-bound trading on Friday, driven by exploration and production and financial stocks. The market kicked off on a negative note and fell over 200 points in initial trading. However, heavy buying by investors in selective stocks pushed the benchmark Index above 42,500 points. There were occasional dips that made some stocks attractive for investors. Traded volumes dipped 29% to 203 million shares while the traded value fell to $75 million. Shares of 375 companies were traded. At the end…
Medium range tanker freight rates return to 2018 low Clean freight rates for Medium Range tankers have returned to 2018 lows seen earlier in the summer after a brief surge in activity in the second half of July. A weaker US Gulf market has again attracted ballasting ships to European waters, while West African demand, which led to increased fixing activity in mid-July, has waned. Tonnage on European waters is again building up faster than shipping demand, according to shipping sources. The UK Continent-US Atlantic coast route for 37,000 mt cargoes was assessed at Worldscale 100 Tuesday, back to where…
World oil prices pull back Crude futures pulled back on Friday, giving up gains from the previous session as trade concerns weighed on the market and fueled concerns about demand. US West Texas Intermediate (WTI) crude futures CLc1 settled down 47 cents at $68.49 a barrel. Brent crude futures LCOc1 settled at $73.21 per barrel, down 24 cents from their last close. Both grades briefly traded down more than $1 a barrel. US crude ended the week down 0.4 percent, while Brent has fallen 1.5 percent in the week so far. Fears that Chinese demand could taper fueled the pullback…
Demands on Political Leadership Beware Charisma. Charisma is “hot” today. There is an enormous amount of talk about it, and an enormous number of books are written on the charismatic leader. But, the desire for charisma is a political death wish. No century, and never have political leaders done greater damage than the four giant leaders of the twentieth century: Stalin, Mussolini, Hitler, and Mao. What maters is not charisma. What mater is whether the leader leads in the right direction or misleads. The constructive achievements of the twentieth century were the work of completely uncharismatic people. The two military…
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] Pakistan – Economic Indicators Overview Last Reference Previous Unemployment Rate 5.9 % Dec/16 5.9 Employed Persons 57420 Thousand Dec/15 56520 Unemployed Persons 3620 Thousand Dec/15 3580 Population 200 Million Dec/17 208 Living Wage Family 28800 PKR/Month Dec/17 29000 Living Wage Individual 14400 PKR/Month Dec/17 14500 Wages High Skilled 49800 PKR/Month Dec/17 41100 Wages Low Skilled 20700 PKR/Month Dec/17 17000 Interest Rate 6.5 % Jun/18 6.5 Interbank…
Market indicators are a series of technical indicators used by traders to predict the direction of the major financial indexes. Most market indicators are created by analyzing the number of companies that have reached new highs relative to the number that created new lows, also known as market breadth. PAKISTAN MARKET INDICATORS EXCHANGE RATES Currency activity Friday 22-Jun Friday 29-Jun Friday 6-Jul Friday 13-Jul Friday 20-Jul Friday 27-Jul DOLLAR Buying 123.75 123.9 124.2 123.75 129.75 127.3 Selling 124.3 124.45 124.75 124.3 130.75 128.3 POUND Buying 162.25 162.25 163.5 162.5 167 164 Selling 164 164 165.25 164.25 168.8 165.75 EURO Buying…
[divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [ads1] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] MAJOR WATER SECTOR PROJECTS UNDER IMPLEMENTATION IN PAKISTAN Project Location App. Cost (Rs. in million) Live Storage Irrigated Area (Acres) Status Basha Dam (Dam Part) Khyber Pakhtunkhwa & Gilgit Baltistan 510,000 6.40 – At initial stage Gomal Zam Dam Khyber Pakhtunkhwa 20,626 0.892 MAF 191,139 (17.4 MW Power Gen.) Completed & Operational Kachhi Canal (Phase-I) Balochistan 80,352 – 72,000 Physically completed. (Phase-I) Darawat Dam Sindh 9,300 89,192 (Ac.Ft) 25,000 (0.30 MW Power Gen.) Physically completed NaiGaj Dam Sindh 26,236 160,000 (Ac.Ft) 28,800…
The Pakistan Bureau of Statistics (PBS) recorded in the report published in June 2018 that the prices of top few commodities, which increased from previous month are; tomatoes (41.66%), potatoes (6.78%), onion (6.18%), fresh fruits (5.47%), spices (1.41%), meat (1.04%), wheat flour (1.00%), wheat (0.85%), vegetables ghee (0.74%), dry fruits (0.70%), tea (0.68%), sugar (0.62%), beverages (0.41%) and bakery & confectionary (0.31%). Furthermore, the few commodities which decreased from previous month are betel leaves & nuts (7.68%), eggs (3.74%), besan (2.78%), pulse mash (1.66%), pulse masoor (1.62%), pulse moong (1.59%), fresh vegetables (1.46%), gram whole (1.32%), chicken (0.98%) and pulse…
Economic experts reveal that the water issues presently faced by Pakistan was bigger than that of the energy sector have. And no doubt the factor is getting worse every day. Now the new government of Pakistan should urgently increase its water storage capacity. Second important issue which we all know that energy crisis, both issues could be resolved by the construction of Daimer-Bhasha Dam and Mohmand Dam. Experts calculated that approximately 22,000 to 24,000 megawatt (MW) electricity is needed in Pakistan. This demand grows up to 5 percent yearly. It means 1,000 or 1,200MW shortfall is added. Unluckily, the country…
Pakistan stocks extend winning run Pakistan’s stock market continued to enjoy a bull run on Friday with the KSE-100 Index climbing another 697.29 points or 1.66percent to settle at 42,786.45, as investors cheered the outcome of the country’s 11th general elections. The winning streak, which started on Tuesday, has now stretched across three sessions, cumulatively adding 5.74 percent to the index that bore the brunt of political as well as economic turbulence in the past few months ahead of the elections. On Friday, stocks continued their winning run with index-heavy cement, steel, banks as well as oil and gas sectors…
The VLCC race: US midstream companies plan to export more oil faster Since the US crude market began to grow only a short time ago, there has been a race to see who can load the most crude in the quickest time into the largest vessels possible along the US Gulf Coast. The stakes are high. Major Asian buyers are looking to load as much oil on to one vessel in order to maximize the economics of their US purchases. But the ports along the Gulf Coast were not built to accommodate the super tankers–Very Large Crude Carriers–which can carry…
World oil prices slip Oil prices fell on Friday, weighed down by a drop in the US equities market, but Brent still marked a weekly increase, supported by easing trade tensions and a temporary shutdown by Saudi Arabia of a key crude oil shipping lane. Brent crude futures fell 25 cents to settle at $74.29 a barrel, but notched a 1.8 percent weekly increase, its first increase in four weeks. US West Texas Intermediate (WTI) crude futures fell 92 cents to settle at $68.69 a barrel, and marked a fourth week of declines, falling about 2.4 percent. Depressing oil prices,…
Role of the Bystander …the bystander sees things neither actor nor audience notices. Bystanders have no history of their own. They are on the stage but are not part of the action. They are not even audience. The fortunes of the play and every actor in it depend on the audience, whereas the reaction of the bystander has no effect except on himself. But standing in the wings – much like the fireman in the theater – the bystander sees things neither actor nor audience notices. Above all, he sees differently from the way actors or audiences see. Bystanders reflect,…
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] Pakistan – Economic Indicators Overview Last Reference Previous GDP From Services 6970204 PKR Million Dec/17 6577139 GDP From Transport 1551714 PKR Million Dec/17 1492876 Unemployment Rate 5.9 % Dec/16 5.9 Employed Persons 57420 Thousand Dec/15 56520 Unemployed Persons 3620 Thousand Dec/15 3580 Population 200 Million Dec/17 208 Living Wage Family 28800 PKR/Month Dec/17 29000 Living Wage Individual 14400 PKR/Month Dec/17 14500 Wages High Skilled 49800 PKR/Month…
Market indicators are a series of technical indicators used by traders to predict the direction of the major financial indexes. Most market indicators are created by analyzing the number of companies that have reached new highs relative to the number that created new lows, also known as market breadth. PAKISTAN MARKET INDICATORS EXCHANGE RATES Currency activity Friday 8-Jun Friday 22-Jun Friday 29-Jun Friday 6-Jul Friday 13-Jul Friday 20-Jul DOLLAR Buying 118.2 123.75 123.9 124.2 123.75 129.75 Selling 118.75 124.3 124.45 124.75 124.3 130.75 POUND Buying 158.25 162.25 162.25 163.5 162.5 167 Selling 160 164 164 165.25 164.25 168.8 EURO Buying…
[divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [ads1] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″]
The Ministry of Finance, Government of Pakistan revealed in their statistical report that the cumulative health expenditures of federal and the provinces are predicted at Rs 384.57 billion for fiscal year 2017-18 which is 31.75 percent higher than the actual expenditures of Rs 291.90 billion realized during fiscal year 2016-17. The government officials also mentioned that the total health expenditures in Pakistan grew both in terms of growth and as percentage of GDP (gross domestic products). It rose by 29.54 percent to stand at Rs 291.90 billion during fiscal year 2016-17 as compared to Rs 225.87 billion in 2015-16. Encouragingly,…
Medical experts state that counterfeit medicines trafficking are a very dangerous challenge that impacts both developed and undeveloped nations. Globally, various organizations are implementing procedures to detect these counterfeits, and the Government of Pakistan is pushing to enact laws to punish those who are profiting from this crime. However, in the end, it would take the cooperation of all states working together to solve this rising threat to worldwide public health. Counterfeit medicines are typically of dubious quality; they may be contaminated with unsafe fillers or have the wrong ingredients or not enough active ingredient or fake packaging. These medicines…
US stocks dip as Trump talks of more tariffs on China Wall Street stocks finished slightly lower Friday as President Donald Trump’s latest tariff threats and attack on the Federal Reserve kept a lid on gains despite largely solid earnings. The Dow Jones Industrial Average finished down less than 0.1 percent at 25,058.06. The broad-based S&P 500 dropped 0.1 percent to close the week at 2,801.83, while the tech-rich Nasdaq Composite Index also fell 0.1 percent to 7,820.20. With the majority of larger earnings reports still to come, companies are on track to report second-quarter earnings about 20 percent above…
Southern Chinese ports prioritize thermal coal imports; coking coal buying slows Coking coal end-users in southern China are taking a step back from making seaborne purchases, given that port authorities are now prioritizing thermal coal imports over coking coal to meet summer power generation demand, trade sources said this week. Under current import restrictions on coal in southern China, authorities at ports such as Fangcheng, Xiamen and Kemen were allocated import quotas for the year by provincial governments and the General Administration of Customs. The port authorities in turn, allocate these quotas to power plants and steelmakers. At Fangcheng port…
Global benchmark Brent crude dips Global benchmark Brent crude dipped on Thursday as concerns about mounting supply returned after a brief rally earlier in the session on comments that Saudi Arabia’s exports would fall in August. Crude prices fell from session highs reached after Saudi Arabia’s OPEC Governor Adeeb Al-Aama statement that the kingdom expects crude exports to drop by roughly 100,000 bpd in August as it limits excess production. Brent oil fell 32 cents, to settle at $72.58 per barrel, previously reaching a session high of $73.79. US West Texas Intermediate (WTI) was 70 cents higher, or 1 percent,…
Modern Organization Must Be a Destabilizer Only a society in dynamic disequilibrium has stability and cohesion. Society, community, and family are all conserving institution conserving institutions. They try to maintain stability and to prevent, or at least to slow, change. And yet we also know that theories, values, and all the artifacts of human minds do age and rigidify, becoming obsolete, becoming affliction. Yet “revolutions” every generation, as was recommended by Thomas Jefferson, are no the solution. We know that “revolution” is not achievement and the new dawn. It results form senile decay, from the bankruptcy of ideas and institutions,…
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] PAKISTAN – ECONOMIC INDICATORS Overview Last Reference Previous Currency 128 Jul/18 128 Unemployment Rate 5.9 % Dec/16 5.9 Employed Persons 57420 Thousand Dec/15 56520 Unemployed Persons 3620 Thousand Dec/15 3580 Population 200 Million Dec/17 208 Living Wage Family 28800 PKR/Month Dec/17 29000 Living Wage Individual 14400 PKR/Month Dec/17 14500 Wages High Skilled 49800 PKR/Month Dec/17 41100 Wages Low Skilled 20700 PKR/Month Dec/17 17000 Food Inflation 2.07…
Market indicators are a series of technical indicators used by traders to predict the direction of the major financial indexes. Most market indicators are created by analyzing the number of companies that have reached new highs relative to the number that created new lows, also known as market breadth. PAKISTAN MARKET INDICATORS Exchange Rates Currency activity Friday 1-Jun Friday 8-Jun Friday 22-Jun Friday 29-Jun Friday 6-Jul Friday 13-Jul DOLLAR Buying 118.5 118.2 123.75 123.9 124.2 123.75 Selling 119.05 118.75 124.3 124.45 124.75 124.3 POUND Buying 157.5 158.25 162.25 162.25 163.5 162.5 Selling 159.25 160 164 164 165.25 164.25 EURO Buying…
[divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [ads1] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″]
According to statistics released by environmental advocate, non-governmental agency Shipbreaking Platform, South Asian yards now offer about $450 per light displacement tonnage, or LDT, while Chinese yards offer only $210 and Turkish yards slightly better at $280 per LDT. It is also showed that a large container ship weighs in at almost 25,000 LDTs. That translates into $11.25 million in India, but only $7 million in Turkey and $5.25 million in China. Furthermore, Shipbreaking Platform releases a yearly survey on the industry. During 2017, the organization recorded, the industry internationally scrapped 835 ships, which totaled 20.7 million gross tons. That’s…
Since inception, Pakistan National Shipping Corporation (PNSC) has been striving to fulfill its duty to the nation towards offering Pakistan a reliable and dedicated shipping service thus representing the nation in the international shipping arena. The officials of PNSC mentioned that PNSC’s commercial focus has enlarged beyond basic shipping into associated opportunities counting NVOCC business and maritime engineering works. They have also mentioned that PNSC’s commercial and financial profile has enhanced considerably in present years. PNSC group recorded the Profit after tax (PAT) of Rs 872 million has been attained during quarter closed March 31, 2018 to Rs 1,381 million…
US stocks soar, S&P 500 at five-month high US stocks rose slightly on Friday, putting the S&P 500 at its highest closing level in more than five months, as gains in industrials and other areas offset a drop in financials after results from three of the big banks mostly disappointed. The CBOE Volatility Index closed at its lowest level since June 15. The Dow Jones Industrial Average rose 94.52 points, or 0.38 percent, to 25,019.41, the S&P 500 gained 3.02 points, or 0.11 percent, to 2,801.31 and the Nasdaq Composite added 2.06 points, or 0.03 percent, to 7,825.98. The S&P…
Dry bulk shipping stocks poised to jump Given all the focus on trade between the US and China, it is interesting that the financial media seem to have missed the most salient indicator. No, it’s not a tweet or a summit meeting, it’s an index; the Baltic Dry Index, to be precise. With a recent London fixing of 1,622, the BDI has risen a jaw-dropping 22 percent since June 22. It is clear that the market for seaborne cargoes of coal, iron ore and grains is red hot right now. Dry bulk scrappage rates have come down from the record…
Oil prices manage to close higher Oil prices rose about 1 percent on Friday as strike actions in Norway and Iraq hit supplies, but futures were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite US sanctions. Brent crude LCOc1 rose 88 cents to settle at $75.33 a barrel, a 1.18 percent gain. The global benchmark fell about 2.7 percent for the week. West Texas Intermediate (WTI) crude CLc1 futures rose 68 cents to settle at $71.01 a barrel, but lost about 3.9 percent this…
The Transnational Company Successful transnational companies see themselves as separate, non national entities. Most companies doing international business today are still organized as traditional multinationals. But the transformation into transnational companies has begun, and it is moving fast. The products or services may be the same, but the structure is fundamentally different. In a transnational company there is only one economic unit, the world. Selling, servicing, research, finance, marketing, pricing, and management are conducted in contemplation of the world market. One of America’s leading engineering companies, for instance, makes one critical part for al its forty-three plants worldwide in one…
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] Pakistan – Economic Indicators Overview Last Reference Previous Unemployment Rate 5.9 % Dec/16 5.9 Employed Persons 57420 Thousand Dec/15 56520 Unemployed Persons 3620 Thousand Dec/15 3580 Population 200 Million Dec/17 208 Living Wage Family 28800 PKR/Month Dec/17 29000 Living Wage Individual 14400 PKR/Month Dec/17 14500 Wages High Skilled 49800 PKR/Month Dec/17 41100 Wages Low Skilled 20700 PKR/Month Dec/17 17000 Inflation Rate 5.21 % Jun/18 4.19 Gold…
Market indicators are a series of technical indicators used by traders to predict the direction of the major financial indexes. Most market indicators are created by analyzing the number of companies that have reached new highs relative to the number that created new lows, also known as market breadth. PAKISTAN MARKET INDICATORS EXCHANGE RATES Currency activity Friday 25-May Friday 1-Jun Friday 8-Jun Friday 22-Jun Friday 29-Jun Friday 6-Jul DOLLAR Buying 118.5 118.5 118.2 123.75 123.9 124.2 Selling 119.05 119.05 118.75 124.3 124.45 124.75 POUND Buying 158 157.5 158.25 162.25 162.25 163.5 Selling 159.75 159.25 160 164 164 165.25 EURO Buying…
[divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [ads1] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″]
Telecom sector no doubt is the fastest growing sector and has created various opportunities in Pakistan. The Government of Pakistan showed in their statistics that this sector has shown optimistic growth during the first two quarters of FY 2017-18. The total teledensity stood 72.7 percent at the end of 2nd quarter of FY 2017-18, as against to 72.5 percent at the end of last fiscal year. The prime driver of teledensity rise is the growth in cellular mobile subscribers and the teledensity as of February 2018 is 74.2 percent. Researchers revealed that technology is leaping forward, but humans hold the…
International statistics revealed that in 2019 the number of mobile phone users is predicted to pass the 5.0 billion mark. During 2016, a predicted 62.9 percent of the population worldwide already owned a mobile phone. Mobile phones presently have become such a necessity in everyone’s lives and even an important part of our standard of living when we have expensive mobile phones. Although there are quite a few benefits of bringing mobile phones to school/institution, the disadvantages of doing so surely outweigh them. Principals/educators urge that permitting mobile phones to school would be equivalent to giving an open invitation to…
Wall Street stocks flat as US, China tariffs hit Wall Street stocks were little changed early Friday following a solid US jobs report and the start of a long-anticipated trade war between the US and China. About 15 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent to 24,336.89. The broad-based S&P 500 added 0.2 percent to 2,740.79, while the tech-rich Nasdaq Composite Index gained 0.4 percent to 7,614.44. The US economy added 213,000 new jobs for the month, well above analyst expectations, according to the monthly Labor Department report. The unemployment rate rose 0.2 points to…
Freight rates on VLCCs and Suezmazes move up Freight rates have risen over the last quarter on VLCCs and Suezmaxes. However, there have been supply-side shocks which threaten to reduce tonne-mile demand and though more vessels have been sold for scrap, excess tonnage is still an issue for the dirty tanker market. VLCC rates have risen steadily over the last three months and the WAF to China VLCC route, basis 260,000 mt, was assessed at $11.44/mt April 3 compared with $13.85/mt June 27, a rise of $2.41/mt over the quarter, according to S&P Global Platts data. Market fundamentals have not…
World oil prices mixed Oil was mixed on Friday, with short-covering pushing up US crude futures while Brent slipped on global trade tensions and increased Saudi production. West Texas Intermediate crude futures CLc1 gained 61 cents to $73.55 by 11:30 a.m. (1530 GMT). Global benchmark Brent LCOc1 was down 39 cents at $77 a barrel. For the week, WTI was on track for a loss of about 0.4 percent while Brent was down about 3 percent. “We have a little bit of a rally that’s materialized” for WTI, said Bob Yawger of director of energy futures at Mizuho in New…
Knowledge and Technology The new technology embraces and feeds off the entire array of human knowledge’s. The search for knowledge, as well as the teaching thereof, has traditionally been dissociated from application. Both have been organized by subject, that is, according to what appeared to be the logic of knowledge itself. The faculties and departments of the university, its degrees, its specializations, indeed the entire organization of higher learning, have been subject-focused. They have been, to use the language of the experts on organization, based upon “product,” rather than on “market” or “end use.” Now we are increasingly organizing knowledge…
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] PAKISTAN – ECONOMIC INDICATORS Overview Last Reference Previous Currency 121 Jul/18 121 Gross Fixed Capital Formation 1975936 PKR Million Dec/17 1647268 GDP per capita 1182 USD Dec/16 1140 GDP per capita PPP 4866 USD Dec/16 4695 GDP From Agriculture 2284561 PKR Million Dec/17 2208087 GDP From Construction 320769 PKR Million Dec/17 294154 GDP From Manufacturing 1572948 PKR Million Dec/17 1494169 GDP From Mining 339747 PKR Million…
Market indicators are a series of technical indicators used by traders to predict the direction of the major financial indexes. Most market indicators are created by analyzing the number of companies that have reached new highs relative to the number that created new lows, also known as market breadth. PAKISTAN MARKET INDICATORS EXCHANGE RATES Currency activity Friday Friday Friday Friday Friday Friday 18-May 25-May 1-Jun 8-Jun 22-Jun 29-Jun DOLLAR Buying 117.3 118.5 118.5 118.2 123.75 123.9 Selling 117.85 119.05 119.05 118.75 124.3 124.45 POUND Buying 158.5 158 157.5 158.25 162.25 162.25 Selling 160.25 159.75 159.25 160 164 164 EURO Buying…
[ads1]
Consumer finance is an organized financial product across the globe, particularly in mature economies, where it constitutes a significant portion of banks’ lending portfolis. Economists focus that consumer financing has considerably contributed to the economic turnaround of Pakistan by stimulating investment and consumption patterns. They also mentioned that there has been a phenomenal rise in private consumptions because of easy availability of credit from banks to the customers. However, this particular financing has given increase to consumerism in the country. It also has contributed to the low level of national savings and even fueled inflation. They also mentioned that consumer…
Researches reveal that consumer confidence in Pakistan has been increased to a great extent by improvements in political stability and security situations in recent years and their spending is expected to increase further in 2018. According to the McKinsey 2018 Global Sentiment Survey, 54 percent of Pakistani consumers altered their consumer purchasing habits to save (while) 29 percent of consumers look to purchase their preferred brands/products at stores with lower prices in the country. McKinsey survey also reveals that spreading over September 2015 to September 2017, gleaned information from 4,007 respondents in Pakistan, UAE, Saudi Arab and Egypt as well.…
Pakistan Stocks Post Minor Recovery The KSE-100 broke a three-day positive streak, ending negative on Friday to mark the end of the fiscal year at just below 42,000 points. The market kicked off on a positive note but soon succumbed to selling pressure and thereafter, fell consistently to go below the 41,800-point mark. Cherry picking during the final hours meant stocks staged a minor recovery but not enough to end positive. At close, the benchmark KSE 100-share Index recorded a decrease of 86.95 points or 0.21 percent to settle at 41,910.90. Overall, trading volumes increased to 166 million shares compared…
Crude Oil Exports Hit Europe Aframax Rates; VLCCs Cut Clean Tankers Demand US crude oil exports to the Mediterranean and West European countries have dragged down Aframax rates in these areas, seriously hurting the earnings of shipowners in what was earlier one of their most remunerative regions of deployment, a senior research analyst at EA Gibson Shipbrokers quoted as saying last Tuesday. Many research models on US crude exports are based on VLCCs, but interestingly, trading patterns are pushing Aframaxes from the Caribbean region to Europe, resulting in excess supply at the destination and dragging down freight rates and earnings,…
Oil Gains On Anticipation Of Sanctions On Iran Oil prices rose on Friday on concern that US sanctions against Iran would remove a substantial volume of crude oil from world markets at a time of rising global demand. US crude rose 62 cents a barrel to $74.08 by 1:22 p.m. EDT (1722 GMT), on track for a weekly rise of 8.2 percent. The session high of $74.43 was the highest since Nov. 26, 2014. Benchmark Brent crude LCOc1 was up $1.54 at $79.39 a barrel after jumping as much as $1.85 to session high of $79.70. Brent was on track…
Face Reality Exploit the new realities. Today’s new realities fit neither the assumption of the Left not those of the Right. They don’t mesh at all with “what everybody know.” They differ even more from what everybody, regardless of political persuasion, still believes reality to be. “What is” differs totally from what both the Right and the Left believe “ought to be.” The greatest and most dangerous turbulence today results from the collision between the delusions of the decision makers – whether in governments, in the top managements of businesses, or in union leadership – and the realities. But a…
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1]
Market indicators are a series of technical indicators used by traders to predict the direction of the major financial indexes. Most market indicators are created by analyzing the number of companies that have reached new highs relative to the number that created new lows, also known as market breadth. PAKISTAN MARKET INDICATORS EXCHANGE RATES Currency activity Friday Friday Friday Friday Friday Friday 11-May 18-May 25-May 1-Jun 8-Jun 22-Jun DOLLAR Buying 117.5 117.3 118.5 118.5 118.2 123.75 Selling 117.8 117.85 119.05 119.05 118.75 124.3 POUND Buying 158.5 158.5 158 157.5 158.25 162.25 Selling 160.25 160.25 159.75 159.25 160 164 EURO Buying…
Pakistan Trades (Million Us $) Period Exports (BOP) Growth Rate Imports (BOP) Growth Rate Balance of Trade Value Cumulative Value Cumulative a b Monthly Period to Period c d Monthly Period to Period a-c b-d 1970-71 683 — — — 1,187 — — — -504 — 1971-72 625 — -8.6 — 954 — -19.6 — -329 — 1972-73 766 — 22.6 — 889 — -6.8 — -123 — 1973-74 1,020 — 33.1 — 1,493 — 67.9 — -473 — 1974-75 978 — -4.1 — 2,114 — 41.6 — -1,137 — 1975-76 1,162 — 18.9 — 2,139 — 1.2 — -977…
Economists believe that growth in exports open various opportunities for any nation’s economy because exports are a main component of Gross Domestic Products (GDP). EXPORT RECEIPTS BY FOOD GROUP (Thousand US Dollar) Details Jan-18 (P) Feb-18 (P) Mar-18 (P) Apr-18 (R) May-18 (P) Food Group 445,295 455,065 582,658 527,025 548,465 01 Rice 209,498 199,329 240,958 170,387 185,114 A) Basmati 36,661 40,938 65,059 41,946 50,652 B) Others 172,837 158,391 175,899 128,441 134,462 02 Fish & Fish Preparations 41,693 31,030 49,952 54,882 56,702 03 Fruits 50,030 52,157 57,911 34,651 27,210 04 Vegetables/Leguminous Vegetable 17,020 20,634 26,162 20,751 14,783 05 Tobacco 1,050 577…
According to the provisional statistics of the Pakistan Bureau of Statistics (PBS), imports into Pakistan during May, 2018 amounted to Rs671,212 million (provisional) as compared to Rs589,741 million (provisional) during April, 2018 and Rs530,620 million during May, 2017 explaining a rise of 13.81 percent over April, 2018 and of 26.50 percent over May, 2017. In terms of US dollars the imports in May, 2018 was $5,814 million (provisional) as against to $5,109 million (provisional) during April, 2018 explaining a rise of 13.80 percent and by 14.77 percent as against to $5,066 million during May, 2017. Imports during July-May, 2017-18 totaled…
The S&P 500 and Dow Jones Industrial Average climbed on Friday, as the Dow put to rest an eight-day losing streak with a boost from energy stocks, but losses in the technology space kept the Nasdaq in check. Exxon Mobil rose 2.1 percent and Chevron gained 2.0 percent, as the two biggest boosts to the S&P. The S&P energy index was up 2.2 percent, as the sector notched its strongest day in June. A rally in oil prices due to OPEC’s earlier decision to restrict supply in an effort to drain global inventories has given the sector a gain of…
Speculators Creates Waves In The Asian Bulk Carrier Market Despite the global economic recovery that is keeping shipping demand high in Asia, charter rates for large bulk carriers have been fluctuating wildly, driven by investors trading contracts for future carrier charter rates, or freight futures. Price movements in the futures are also causing spot prices for shipping to move erratically. Charter rates for carriers have been on a roller coaster ride since April. Rates for benchmark capesize vessels with a capacity of about 180,000 tons on key routes averaged $7,050 a day on April 5. They nearly tripled to $20,810…
Oil Jumps As Opec Agrees To Modest Output Hikes Oil prices soared on Friday after oil producers agreed to modest crude output increases to compensate for losses in production at a time of rising global demand. The Organization of the Petroleum Exporting Countries and other top crude producers, meeting in Vienna, agreed to raise output from July by about 1 million barrels per day (bpd). The real increase, however, will be around 770,000 bpd, according to Iraq, because several countries that recently suffered production declines will struggle to reach full quotas, while other producers may not be able to fill…
A Social Ecologist For me the tension between the need for continuity and the need for innovation and change was central to society and civilization. I consider myself a “social ecologist,” concerned with man’s man-made environment the way the natural ecologist studies the biological environment. The term “social ecology” is my own coinage. But the discipline itself boasts and old and distinguished lineage. Its greatest document is Alexis de Tocqueville’s Democracy in America. But no one is as close to me in temperament, concepts, and approach as the mid-Victorian Englishman Walter Bagehot. Living (as I have) in an age of…
Market indicators are a series of technical indicators used by traders to predict the direction of the major financial indexes. Most market indicators are created by analyzing the number of companies that have reached new highs relative to the number that created new lows, also known as market breadth. PAKISTAN MARKET INDICATORS EXCHANGE RATES Currency activity Friday4-May Friday11-May Friday18-May Friday25-May Friday1-Jun Friday8-Jun DOLLAR Buying 118.25 117.5 117.3 118.5 118.5 118.2 Selling 118.55 117.8 117.85 119.05 119.05 118.75 POUND Buying 161 158.5 158.5 158 157.5 158.25 Selling 162.75 160.25 160.25 159.75 159.25 160 EURO Buying 142 138.85 138.4 138.6 138 137.3…
[divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] POVERTY INCIDENCE IN PAKISTAN Year National Urban Rural 2005-06 50.4 36.6 57.4 2007-08 44.1 32.7 49.7 2010-11 36.8 26.2 42.1 2011-12 36.3 22.8 43.1 2013-14 29.5 18.2 35.6 2015-16 24.3 12.5 30.7 [divider style=”normal” top=”20″ bottom=”20″] [ads1] PAKISTAN: SUPPLY OF AGRICULTURAL CREDIT BY INSTITUTIONS (Rs Billion) Banks Target 2017-18 2017-18 (July-February) Target 2016-17 2016-17 (July-February) % Changeover the Period Disbursement Achieved (%) Disbursement Achieved (%) 5 Major Commercial Banks 516.0 292.0 56.6 342.0 204.4 59.8 42.9 ZTBL 125.0 51.9 41.5 102.5 46.7 45.5 11.2 PPCBL 15.0 6.1 40.5…
In any country, social experts see that charities and community groups bring citizens together, support communities as well as build social capital. Some social experts notice that the voluntary sector/organizations alone cannot solve the all economic challenges facing Pakistan at the moment but can help boost the economic growth. The UNDP’s National Human Development Report (NHDR) has clearly showed that current labor force participation and unemployment rates suggest that Pakistan’s working-age population includes almost 3.5 million unemployed individuals. At the current participation and unemployment levels and considering the number of retirees, the country needs to create 4.5 million jobs over…
Present Economic Survey of Pakistan during FY2018 calculated that over the last decade, Pakistan’s poverty headcount has recorded a persistent fall both at nationwide and regional levels. Percentage of people living below poverty line has fallen from 50.4 percent in FY2006 to 24.3 percent during FY2016. Economic experts also revealed that poverty in both rural and urban regions has also been on the falling trend with poverty headcount of 12.5 percent in Urban and 30.7 percent in rural regions during FY2016. The fall in poverty is more pronounced in urban than rural regions. Targeted poverty reduction programs such as Benazir…
Us Stocks End Higher Despite Global Trade Tension US stock indexes closed higher on Friday as investors shrugged off concerns about global trade tensions but trading volume was relatively light ahead of a busy week of central bank meetings. The S&P 500 stayed in positive territory in the afternoon after reversing losses in the early afternoon with its biggest boosts coming from the health care and consumer staples sectors. Investors appeared to put aside worries about US relations with its biggest trading partners. G7 major nations started what was expected to be a tense meeting after US President Donald Trump’s…
Container Shippers And Lines Battle Over Emergency Bunker Fuel Surcharges Several of the world’s largest container shipping companies have imposed emergency bunker surcharges upon their customers in the past two weeks, seeking to claw back revenues lost to rising fuel bills caused by the jump in crude prices in recent months. France’s CMA CGM announced a $55/TEU surcharge for dry cargo, Israel-based ZIM introduced surcharges ranging from $18-$65/TEU and the Mediterranean Shipping Company (MSC) announced an undetermined surcharge. Hapag-Lloyd and Maersk are reported to have made similar announcements to their customers. [divider style=”normal” top=”20″ bottom=”20″] Container Market Optimism Over Higher…
Oil Prices Tumble, Jp Morgan Cuts Price Forecast Oil prices fell on Friday as concerns about surging US output and falling demand in China weighed on the contract and JP Morgan cut its price forecast. Brent crude futures LCOc1 settled down 86 cents, or 1.1 percent, at $76.46 a barrel. US West Texas Intermediate (WTI) crude futures CLc1 ended 21 cents lower at $65.74 a barrel. For the week, Brent fell 0.5 percent, while US crude slipped 0.3 percent. In the past three weeks, prices have declined from three-year highs as the market has contended with supply concerns. On Friday,…
Feedback: Key to Continuous Learning To know one’s strengths, to know how to improve them, and to know what one cannot do – are the keys to continuous learning. Whenever a Jesuit priest or a Calvinist pastor does anything of significance (for instance, making a key decision), he is expected to write down what results he anticipates. Nine months later, he then feeds back from the actual results to these anticipations. This very soon shows him what he did well and what his strengths are. It also shows him what he has to learn and what habits he has to…
Market indicators are a series of technical indicators used by traders to predict the direction of the major financial indexes. Most market indicators are created by analyzing the number of companies that have reached new highs relative to the number that created new lows, also known as market breadth. PAKISTAN MARKET INDICATORS EXCHANGE RATES Currency activity Friday 27-Apr Friday 4-May Friday 11-May Friday 18-May Friday 25-May Friday 1-Jun DOLLAR Buying 118.2 118.25 117.5 117.3 118.5 118.5 Selling 118.5 118.55 117.8 117.85 119.05 119.05 POUND Buying 163.85 161 158.5 158.5 158 157.5 Selling 165.6 162.75 160.25 160.25 159.75 159.25 EURO Buying…
WORKERS’ REMITTANCES (Million US Dollars) Item Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 I. Cash Flow 1,654.45 1,576.72 1,723.57 1,638.72 1,450.17 1,772.77 1,650.59 1 USA 215.64 204.28 234.76 223.94 207.27 236.17 240.39 2 U.K. 270.46 213.47 223.30 235.10 201.01 244.20 232.58 3 Saudi Arabia 461.07 409.52 431.97 383.91 348.31 427.62 399.56 4 U.A.E. 333.57 352.64 396.74 351.58 332.18 420.24 358.28 Dubai 245.41 266.85 286.73 255.02 246.04 310.18 252.01 Abu Dhabi 82.27 80.82 106.06 92.75 82.59 106.11 103.31 Sharjah 5.14 4.56 3.46 3.51 3.31 3.69 2.56 Others 0.75 0.41 0.49 0.30 0.24 0.26 0.40 5 Other GCC Country 184.76 191.83 188.76…
Many economists advise that the remittances are the second largest source of financing after Foreign Direct Investment (FDI) in developing countries. In recent years, they have gained significant importance for their role in balance of payments. They have also urged that there has been growing interest in workers’ remittances as a tool for development and economic growth. According to the present report of State Bank of Pakistan (SBP) overseas Pakistani workers remitted $1.65 billion in April 2018, falling 6.89 percent from March 2018. However, the amount was up 7.25 percent from the corresponding month of last year. SBP reported that…
The State Bank of Pakistan (SBP) rightly making efforts to control the circulation of money (demand & supply) in the market by different monetary decisions and mechanisms in Pakistan as if the monetary policy decisions are effective then it can influence the economic growth and development of country. Recently the SBP has raised the interest rate by 50 basis points to 6.5 percent in May 2018. However some leading businessmen and economists talking to this scribe foresee this rise in interest rate push the domestic exporters and industrialists for further competition against their rivals who enjoy leverage of low interest…
US stocks rise on strong jobs data Wall Street stocks rose on Friday after the latest monthly jobs report pointed to strength in the US economy and geopolitical tensions eased. Technology stocks led the rally, with gains in heavyweight companies such as Apple, Microsoft and Alphabet lifting the S&P 500 tech index to a record high. Government data showed that in May the US economy added 223,000 nonfarm jobs and average hourly wages increased 0.3 percent, both topping economist estimates. The unemployment rate fell to an 18-year low of 3.8 percent. Data on construction spending and industrial production also pointed…
China planning more US coal imports to cut deficit China is considering a plan to buy more American coal as part of an effort to narrow its trade deficit with the US, sources quoted as saying last week. Chinese officials are currently looking at boosting purchases from West Virginia in particular, said the people, who asked not to be identified because they’re not authorized to speak publicly. They didn’t say whether Beijing is looking at buying more supplies from other states. A final decision hasn’t been made, they said. China this month pledged to increase purchases of US energy and…
World oil prices retreats Oil prices retreated on Friday after strengthening early in the session as US President Donald Trump’s remarks on trade led the dollar to strengthen against other currencies, weakening greenback-denominated commodities including crude. Trump told Canada and the European Union to do more to bring down their trade surpluses, a day after hitting the two US allies and Mexico with import tariffs on their steel and aluminum. The president’s comments led the dollar to strengthen and dollar-denominated commodities to sell off, said John Kilduff, a partner at Again Capital Management. US West Texas Intermediate crude CLc1 fell…