US SHARES RISE ON EARNINGS, HIGHER OIL PRICES Wall Street stocks rose early Friday on solid earnings from Salesforce and others, winning back more of the losses suffered earlier in the week due to worries about President Donald Trump’s agenda. Investors bid up a number of stocks following earnings reports, including Salesforce, up 1.5 percent, Deere & Co., up 7.8 percent and Applied Materials, up 0.7 percent. Energy shares rose on higher oil prices, with Halliburton and Devon Energy both gaining 1.5 percent. About 15 minutes into trading, the Dow Jones Industrial Average stood at 20,718.63, up 0.3 percent. The…
Author: S. Kamal Hayder Kazmi
OIL SLIPS AFTER TURMOIL SURROUNDING DONALD TRUMP Oil is getting ensnared in the turmoil surrounding Donald Trump just as signs emerge that US crude production which has undercut OPEC’s output curbs is finally easing. Oil prices slipped on Thursday as the market remained well supplied with crude despite efforts by OPEC and other big exporters to curb production and support prices. Brent crude was down 17 cents at $52.04 a barrel. US crude oil was 16 cents lower at $48.91 on Thursday. Both benchmarks rose on Wednesday after news of a drawdown in US crude inventories and a dip in…
BALTIC INDEX DOWN FOR THIRD STRAIGHT DAY The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, declined for the third straight day on Wednesday on lower rates across all vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 20 points, or 2.04 percent, at 960 points. The capesize index declined 42 points, or 2.57 percent, to 1,590 points. Average daily earnings for capesizes, which typically transport 150,000-ton cargoes such as iron ore and coal, were down $377 at $11,737. The panamax index dropped 31…
[dropcap]L[/dropcap]EGITIMACY OF THE CORPORATION UNLESS THE POWER IN THE CORPORATION CAN BE ORGANIZED ON AN ACCEPTED PRINCIPLE OF LEGITIMACY, IT WILL DISAPPEAR. No social can endure unless it is legitimate power. And no society can function unless it integrates the individual member. Unless the members of the industrial system are given the social status and function that key lack today, our society will disintegrate. The masses will not revolt; they will sink into lethargy; they will flee the responsibility of freedom, which without social meaning is nothing but a threat and a burden. We have only two alternatives; either to…
BUDGETARY POSITION OF PAKISTAN (Rs. In Million) Classification Budget 2015-16 Revised Budget 2015-16 Budget 2016-17 I) RESOURCES ( a + b) 4,168,338 4,279,705 4,441,965 a. Internal Resources 3,366,827 3,406,416 3,572,354 Revenue Receipts (Net) 2,463,351 2,480,671 2,779,695 Capital Receipts (Net) 606,303 588,939 453,638 Estimated Provincial Surplus 297,173 336,806 339,022 b. External Resources 751,511 859,689 819,610 c. Privatization Proceeds 50,000 13,600 50,000 II) EXPENDITURE (a + b) 4,451,277 4,478,535 4,894,879 a. Current Expenditure and Revenue account 3,482,239 3,599,858 3,843,986 Current Exp. On Revenue Account 3,482,239 3,599,858 3,843,986 b. Total Development Expenditure 969,038 878,677 1,050,893 Federal PSDP 700,000 661,297 800,000 Dev. Expenditure outside…
[dropcap]H[/dropcap]ealthcare financing remained complex problem that developing nations are faced with. Market failure often compels states to step in to administer and offer health services and goods to the citizens. However, lack of resources, double burden of diseases, population growth rate, unregulated private sector, budget constraint coupled with displaced priorities, inefficient use of obtainable health budget, weak tax base and administration and ignorance about alternative mechanisms are the few important factors making financing into healthcare more complex. These factors may well characterize health systems of various developing nations. In Pakistan, public and private healthcare systems run in parallel. Presently, the…
[dropcap]P[/dropcap]resent government is firmly committed to promote education, improve literacy rate, capacity building of educators and providing enhancement facilities in all educational institutes. Federal and provincial governments are committed to offer free education up to the Matric level in the country. National and provincial governments are encouraging and facilitating the private sector to spend in the education sector for its promotion as a national cause. The government has earmarked Rs21.5 billion for the Higher Education Commission (HEC) for the fiscal year 2016-17 in the Public Sector Development Program (PSDP). According to experts total Rs5.4 billion has been earmarked for the…
US STOCKS DECLINE AS APRIL RETAIL SALES MISS EXPECTATIONS Wall Street stocks dipped in early trade Friday following disappointing US retail sales data for April and weak earnings from leading department store chains. US retail sales rose 0.4 percent last month, less than then the 0.6 percent pickup expected by analysts. US stocks face pressure due to the lofty state of equity valuations. About 15 minutes into trading, the Dow Jones Industrial Average was at 20,876.59, down 0.2 percent. The broad-based S&P 500 shed 0.2 percent to 2,390.15, while the tech-rich Nasdaq Composite Index declined 0.1 percent to 6,112.90. [divider…
WORLD OIL TO RISE FASTER, US OUTPUT TO HIT A RECORD The Energy Information Administration (EIA) said last week, US domestic output will climb to a record 9.96 million barrels a day in 2018, up from 9.9 million barrels projected last month. Production will average 9.31 million barrels a day in 2017, up from 9.22 million projected in April. World oil production is projected to rise faster than demand this year and in 2018. The EIA increased its forecast for global production to 98.47 million barrels a day, from 98.03 million last month. Production is projected to rise to 100.4…
GLOBAL’S DIRTIEST FUEL SEEN HOLDING OUT EVEN AS SHIPS CLEAN UP Even as the owners of ships carrying everything from bananas to oil spend billions of dollars to meet tighter clean-air rules, demand to buy the dirtiest fuel will still hold out in some parts of the world. In two and a half years, the International Maritime Organization will slash by 86 percent the amount of sulfur allowed in the fuel burned by the world’s cargo ships and oil tankers as they sail around the globe. Meeting the new standards will cost the world shipping industry $60 billion a year.…
[dropcap]M[/dropcap]ANAGEMENT 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…
PETROLEUM PRICES IN PAKISTAN (Rs./Ltr) Date HOBC Premium HS Diesel LS Diesel Kerosene 3-Apr-17 72.68 74.00 84.00 44.00 44.00 1-Mar-17 72.68 73.00 82.00 44.00 44.00 1-Feb-17 72.68 70.29 79.48 43.35 43.25 16-Jan-17 72.68 68.04 77.22 43.35 43.25 2-Jan-17 72.68 66.27 75.22 43.35 43.25 1-Dec-16 72.68 66.27 75.22 43.35 43.25 [divider style=”normal” top=”20″ bottom=”20″] OPEC DAILY BASKET PRICE PER BARRELS (US $) Date Value Date Value 12/14/2016 51.83 12/28/2016 53.39 12/15/2016 50.96 12/29/2016 53.46 12/16/2016 51.29 12/30/2016 53.3 12/19/2016 52.18 1/3/2017 53.13 12/20/2016 51.99 1/4/2017 52.71 12/21/2016 52.25 2/17/2017 53.37 12/22/2016 51.73 3/17/2017 50.32 12/23/2016 51.74 4/17/2017 51.34 12/27/2016 52.25 5/17/2017…
Company posts 14pc rise in net sales in first nine months of this fiscal [dropcap]I[/dropcap]n Pakistan, Attock Petroleum Limited (APL) is the only oil marketing company, belonging to a fully vertically integrated group covering all aspects of the Oil & Gas sector of Pakistan; from exploration, production and refining to marketing of a wide range of petroleum products. APL has managed to organize its presence and reputation as a progressive and dynamic organization, focused on offering quality petroleum products and services in the country and abroad. APL is continuously enlarging and its market share and customer confidence is rising steadily.…
[dropcap]S[/dropcap]hell is the number one worldwide lubricant supplier, delivering market-leading lubricants to clients in over 100 states. Shell Lubricants brings world-class technological insights to its products, offering customers the best formulations for their vehicles. In Pakistan, Shell is the second largest OMC and employs 400 plus people directly and over 12,000 indirectly. Shell’s presence in the region dates back to 1899 when kerosene oil was imported from Azerbaijan into the subcontinent. Maintaining its legacy of 116 years with a portfolio of robust businesses and global product offering. Shell Pakistan Limited (SPL) continues to meet the energy needs of Pakistan serving…
STRONG JOBS DATA INCREASE NASDAQ; WEAK IBM HITS DOW The S&P 500 and Nasdaq were boosted early Friday by a solid US jobs report, but the Dow dipped on news Warren Buffett sold shares of IBM. After a slow March, when hiring probable was held down by a winter storm, the US economic engine added an estimated 211,000 net new positions in April while the jobless rate declined a tenth to 4.4 percent, the lowest since May 2007. Buffett, meanwhile, told CNBC he divested about one-third of his shares in IBM following disappointing results. IBM shares fell 2.5 percent, pressuring…
GOLD LOGS LOWEST END IN A MONTH Gold prices closed on Wednesday at their lowest level in about a month, then fell further in electronic trading as the dollar strengthened against currency rivals following the Federal Reserve’s monetary policy statement. The central bank on Wednesday, after prices for metals futures settled for the session, kept interest rates unchanged, as expected, and signaled that it’s still on track to raise rates at a gradual pace. June gold GCM7, -1.05 percent was at $1,247.50 an ounce in electronic trading, just over a half-hour after the Fed news, but it had climbed above…
BALTIC INDEX DOWN FOR 11TH STRAIGHT SESSION The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for an eleventh straight session on Wednesday as rates across vessels segments weakened. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 39 points, or 3.63 percent, at 1,034 points, its lowest in nearly two months. The capesize index fell 126 points, or 7.55 percent, to 1,542 points. Average daily earnings for capesizes, which typically transport 150,000-tone cargoes such as iron ore and coal, were down $758 to $11,840.…
[dropcap]N[/dropcap]EED 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…
CREDIT/LOANS CLASSIFIED BY BORROWERS (Million Rupees) (Outstanding position at the end of month) Description June-15 Mar-16 June-16 Mar-17P 1. Credit to Government Sector (A+B) 7,265,070 7,589,419 8,109,481 8,601,435 A. SBP Credit to Government Sector (Net) 1,987,950 1,384,486 1,454,173 2,246,365 Investment in Govt. Securities 2,324,419 2,097,101 2,071,967 2,793,083 Loans to Government 8,035 2,740 2,740 2,740 Others 8,072 8,581 8,581 8,681 Less: Govt. Deposits 352,576 723,936 629,116 558,139 B. Scheduled Banks Credit to Government Sector (Net) 5,277,120 6,204,933 6,655,308 6,355,070 Investment in Govt. Securities 5,681,232 6,828,020 7,240,110 7,193,214 Loans to Government 581,328 483,870 650,448 512,680 Less: Govt. Deposits 985,440 1,106,958 1,235,250 1,350,824…
[dropcap]U[/dropcap]nited Bank Limited, one of the largest commercial banks in Pakistan, recently inked a memorandum of understanding (MoU) with the German Embassy in Islamabad. Through this collaboration, Pakistani students aspiring to obtain student visas for further studies in German educational institutions, will be facilitated through UBL by blocked funds in euro accounts sustained with UBL. This will offer comfort to the Embassy that the students have sufficient funds available to cover their living expenses. These blocked funds would be later remitted to the student’s account in Germany. No doubt, the management of the bank always continues to capture increased market…
[dropcap]H[/dropcap]abib Bank Limited, a Karachi based multinational bank and largely referred to as HBL Pakistan. The Bank is now looking towards an even brighter future with boundless opportunities. With a worldwide presence in over 25 states spanning across 4 continents, the Bank is also the largest domestic multinational. The management is enlarging its presence in principal international markets counting the UAE, UK, South and Central Asia, Africa and the Far East. The Bank aims to continue serving the state and all the regional markets where it operates with a focus on the needs of its customers and the resolve to…
PAKISTAN STOCKS SUFFER FURTHER DECLINE The stock market suffered a further decline on Friday as investors resorted to profit-booking ahead of weekend and weakening global crude prices brought down shares of oil companies. At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index recorded a fall of 180.80 points, or 0.37 percent, to end at 49,300.90. A day earlier, the market had dropped by 346 points. After a brief positive open, stocks traded volatile and entered the red zone as investors likely booked profits ahead of the long weekend amid no major news flow or earnings announcement. Shares of…
EDIBLE OIL PRODUCERS TO CUT PRICES BY 15PC In a major relief for consumers, edible oil producers are looking to cut their product prices by up to 15 percent effective immediately to pass on the similar fall in global markets and proportionate decline in seed prices locally. Indian edible oil (both branded and unbranded) producers, however, plan to offer discounts on the maximum retail price (MRP) on the consumer packs produced earlier. Lose retailers, too, would pass on the price fall in the international and domestic markets to consumers. Meanwhile, a cut on the MRP would depend on the sustainability…
BALTIC DOWN ON WEAKER PANAMAX, SMALLER VESSEL RATES The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for panamaxes and smaller vessels, even as rates for capesizes rose. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell for the seventh straight session and was down 7 points, or 0.61 percent, to end at 1,147 points, its lowest since mid-March. The capesize index snapped a six-session losing-streak and gained 23 points, or 1.3 percent, to 1,790 points. Average daily earnings for capesizes,…
[dropcap]D[/dropcap]EMANDS 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…
OPEC PER BARRAL OIL PRICES ($) Year Value Year Value 2004 36.05 2011 107.46 2005 50.64 2012 109.45 2006 61.08 2013 105.87 2007 69.08 2014 96.29 2008 94.45 2015 49.49 2009 61.06 2016 40.76 2010 77.45 2017 52.03 [divider style=”normal” top=”20″ bottom=”20″] PAKISTAN: STRUCTURE OF INTEREST RATES –I (%) w.e.f. SBP Reverse Repo Rate SBP Repo Rate SBP Policy (Target) Rate 26-Jan-15 8.5 6.0 – 24-Mar-15 8.0 5.5 – 25-May-15 7.0 5.0 6.5 14-Sep-15 6.5 4.5 6.0 23-May-16 till date 6.25 4.25 5.75 [divider style=”normal” top=”20″ bottom=”20″] PAKISTAN TRADES (Million US $) Period Exports (BOP) Growth Rate Imports (BOP) Growth…
[dropcap]I[/dropcap]nterest rates play a significant role in our economy. As signals direct the flow of a city’s traffic through a complicated grid of intersecting streets and avenues, interest rates channel the flow of funds from savers to borrowers. Usually, the funds flow through financial intermediaries like banks, mutual funds and insurance firms. A balance is struck between the demand for funds by borrowers and the supply of funds from savers by an ever-adjusting level of interest rates. Changes in the quantity of funds available to finance the spending plans of borrowers also changes in borrowers’ demands for funds alter interest…
[dropcap]B[/dropcap]anks offer a large array of financial services to attract customers and to meet their demands. The economists have often revealed banks as intermediaries between savers and users of capital. Banks are special intermediaries due to their unique capacity to finance production by lending their own debt to agents willing to accept it and to use it as money. Being at the same time borrowing and landing institutions, banks also provide other types of services, like: payments, settlements and funds transfer, foreign exchange transactions, savings and investment services, payroll services, financial advice, investments and bill finance, safe-deposit boxes. So as…
KSE-100 RISES ANOTHER 965 POINTS Jubilant investors breathed a sigh of relief as the two-month long gloom of the Panamagate scandal finally lifted. The KSE-100 Index registered an increase of another 965.09 points or 1.98 percent to end at 49,708.65 on Friday, inching closer to its record level after retreating from it in January. Stocks experienced a dramatic previous session when a timeframe of 10 minutes saw the KSE-100 Index jump over 1,200 points for one of the fastest increases ever posted by the Pakistan Stock Exchange (PSX). The last session of the week witnessed similar enthusiasm with the index…
GOLD, SILVER RECORD LOWER Gold and silver prices on the Multi Commodity Exchange (MCX) were trading lower in early trade on Thursday on account of weak demand of precious metals from jewellers, retailers and industries. The yellow metal was trading 0.17 per cent, or Rs 50, down at Rs 29255 per 10 kg around 10.25 am (IST), while the white metal was down 0.17 per cent, or Rs 73, at 41825 per 1 kg. According to SMC Investment and Advisors, bullion counter may witness volatile movement on mixed fundamentals on Thursday. However, Gold (June) can move in range of Rs…
DRY BULK MARKET SPRINGS A SURPRISE – BUT SWEATS ON SLOWER 2ND HALF Maritime Strategies International (MSI), a leading independent research and consultancy has forecast a positive short term outlook for dry bulk freight rates, but has cautioned on second half prospects. MSI notes a persistent and positive shift in dry bulk market sentiment in recent weeks, with most Baltic indices at their highest point of the year. Capesizes led the charge with spot rates rising to almost $20,000/day in late March – more than five times their levels of just a few weeks earlier, although they have since fallen…
[dropcap]R[/dropcap]OLE OF THE BYSTANDAR 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,…
ECONOMIC VIEW OF GCC COUNTRIES Overview Last Reference Previous BAHRAIN GDP Growth Rate -2.7 % Dec/16 1.7 Unemployment Rate 3.7 % Dec/12 3.7 Inflation Rate 0.4 % Feb/17 0.8 Interest Rate 1.25 % Mar/17 1.25 Balance of Trade 312 BHD Million Dec/15 1396 Government Debt to GDP 61.9 % Dec/15 44.4 KUWAIT Unemployment Rate 2.2 % Dec/15 3.4 Inflation Rate 3.22 % Feb/17 3.29 Interest Rate 2.75 % Mar/17 2.5 Balance of Trade 1693 KWD Million Dec/16 1383 Government Debt to GDP 11.2 % Dec/15 7.5 OMAN Unemployment Rate 7.2 % Dec/14 7.3 Inflation Rate 2.82 % Mar/17 2.38 Interest…
[dropcap]P[/dropcap]akistan-Qatar relations refer to the bilateral links between Pakistan and Qatar. Both countries emphasized on the need to increase the bilateral trade to correspond to the true potential of the two countries. Pakistan has embarked upon a key reform program that aims at fiscal stabilization, mobilizing local resources and restructuring the energy sector which makes Pakistan an attractive destination for financiers from Qatar. Pakistan has an embassy in Doha while Qatar maintains an embassy in Islamabad and a consulate-general in Karachi. Relations between the two are shaped by Pakistan’s usually close relations with the Arab world. Like other nearby Gulf…
[dropcap]T[/dropcap]he Pakistan-Kuwait relations are brotherly based on shared history, traditions and common culture. Both states enjoyed their bilateral, friendly, trade and cultural ties along with enormous respect of their commonality and cultural traditions. These bilateral relations exist both at the official-governments level and at the peoples’ level. Time has proved that Pakistan-Kuwait have stood for each other in their most difficult and testing times. Kuwait also responded well to its friendly state and has been the first among nations that have ever enlarged generous assist to Pakistan in difficult times. The Kuwait government donated generously to the Government of Pakistan…
THIN PARTICIPATION KEEPS KSE-100 UNDER PRESSURE The KSE-100 Index tumbled once again, losing 0.78 percent Friday to close near the 47,500 level amid political uncertainty, thin participation and concerns over geopolitics after the US strike in Afghanistan. At close on Friday, the Pakistan Stock Exchange’s (PSX) benchmark index recorded a fall of 373.52 points or 0.78 percent to end at 47,577.06. Most sectors including financials finished lower, however, major dent came from oils where Mari Petroleum (-3.9%) witnessed the most decline, due to government’s recent divestment decision, followed by Oil & Gas Development (-2.4%) on reported institutional selling. Volumes stood…
OIL PULLS BACK AS TRADERS EYE CUSHING BUILD, U.S. CRUDE SUPPLY Oil futures fell on Wednesday, pulling back after eight straight sessions of gains after US crude inventory data suggested the market was still heavily supplied. Traders focused on preliminary US production estimates in the weekly EIA report that suggested domestic output is still climbing. The report also showed stockpiles at the US crude hub at Cushing, Oklahoma, rose 276,000 barrels in the week. Brent crude futures settled down 37 cents to US$55.86 a barrel after hitting a one-month high of US$56.65. US West Texas Intermediate crude futures were down…
ASIA FUEL OIL-SPREADS FLIP TO CONTANGO AS AMPLE SUPPLIES OVERCOME BULLISH IMPETUS The near-dated market structure of 380-cst fuel oil slipped into contango on Wednesday, erasing steady gains made in the previous week, as ample prompt supplies of the fuel weighed on sentiment despite slowing fuel oil flows into Asia. Total fuel oil flows into East Asia for April to fall below the Q1 average of 7.1-7.2 million tons, with 6.3-6.4 million tons notionally assessed so far. Arrivals for May are expected to be similarly thin, with less than 3 million tons of Western arrivals seen so far, but the…
[dropcap]M[/dropcap]ODERN 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,…
FERTILIZER SUPPLY DEMAND SITUATION (000 Tones) Description Kharif (Apr-Sep) 2015 Rabi (Oct-Mar) 2015-16 Kharif (Apr-Sep) 2016 Urea DAP Urea DAP Urea DAP Opening stock 214 139 771 523 1,202 286 Imported supplies 294 376 50 833 0 0 Domestic production 2,686 421 2,817 369 2,700 400 Total availability 3,194 936 3,638 1,725 3,902 686 Offtake/Demand 2,425 414 2,434 1,439 2,900 520 Write on/off 2 1 -2 0 0 0 Closing stock 771 523 1,202 286 1,002 166 [divider style=”normal” top=”20″ bottom=”20″] FERTILIZER OFFTAKE AND IMPORTS OF FERTILIZERS & PESTICIDES IN PAKISTAN Fiscal Year Fertilizer Offtake (000 N/Tones) Total Import of…
[dropcap]E[/dropcap]ngro Fertilizers Limited is a subsidiary of Engro Corporation and a renowned name in Pakistan’s fertilizer industry. It is traded on the stock market under the symbol ‘EFERT. Engro holds a vast, countrywide production and marketing infrastructure and produces leading fertilizer brands optimized for domestic cultivation needs and demand. Engro is also a leading importer and seller of phosphate products, which are marketed extensively across Pakistan as phospatic fertilizers. Engro Fertilizers is poised to become the leading urea manufacturer in the country following major upgrading of its manufacturing capabilities. ENVEN 1.3–a tremendous expansion in Engro’s urea manufacturing facility went into…
[dropcap]F[/dropcap]auji Fertilizer Company (FFC) which started its 38 years long journey from one fertilizer plant has three plants now and is presently the largest producer of urea with an aggregate urea production capacity of well over 2 million tonnes per annum. PROFITABILITY RATIOS (%) Details 2016 2015 2014 Gross profit ratio 24.77 34.05 38.29 Gross profit ratio (Including Subsidy) 31.34 35.18 38.29 Net profit to sales 16.17 19.76 22.37 Net profit to sales (Including Subsidy) 14.75 19.42 22.37 FFC has attained long term credit rating of double A (AA) and short term rating of A1+ denoting high credit…
US SHARES FLAT AS MARCH JOBS GROWTH DISAPPOINTS Wall Street stocks were flat early Friday after US job growth in March disappointed and President Donald Trump ordered air strikes on Syria. The United States added just 98,000 new jobs last month, much below the 180,000 expected by analysts. In a bright spot, however, unemployment fell to 4.5 percent. Stock futures fell sharply on the news, but then recovered somewhat as the market viewed the US strikes “as an isolated incident without any meaningful economic impact. The Dow Jones Industrial Average was up slightly at 20,665.41. The broad-based S&P 500 remained…
OIL PRODUCTION VITAL FIGURES IN MARCH 2017 In February, OPEC remained largely compliant with the production cuts, with OPEC 12 production (ex-Gabon) down 1.11 Mbpd compared to October 16. Oman has offered solid support with a production cut of 50,000 bpd from a production base. Russia + FSU has done little (yet), with a 50,000 bpd reduction. Russia + FSU were supposed to cut 300,000 bpd. Global total liquids remain up 20,000 bpd YOY. The oil price stepped down in March to $50/bbl, confronted with a continuing glut and growing uncertainty, but has since recovered to $55. OPEC drilling remains…
BALTIC INDEX POSTS BIGGEST DAILY PERCENTAGE DECLINE IN 2 MONTHS The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, registered its biggest one-day percentage fall in about two months, primarily on weaker rates for capesize bulk carriers. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell for the fifth consecutive session on Wednesday. The Baltic dry index fell 2.55 percent, or 32 points, to 1,223 points – its biggest daily percentage fall since Feb. 7. The capesize index lost 153 points, or 6.42 percent, at 2,229 points.…
[dropcap]T[/dropcap]HE 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…
PRODUCTION OF AUTOMOTIVE INDUSTRY IN PAKISTAN (No of units produced) Category Installed Capacity 2014-15 (July-Mar) 2015-16 (July-Mar) % Change Cars 240,000 105,267 137,067 30.2 LCVs 43,900 17,521 29,529 68.5 Jeeps 5,000 868 621 -28.4 Buses 5,000 410 746 82 Trucks 28,500 2,781 3,940 41.6 Farm Tractors 65,000 35,753 21,942 -38.6 Two/Three Wheelers 2,500,000 811,459 982,423 21 [divider style=”normal” top=”20″ bottom=”20″] PRODUCTION & SALE DATA OF VEHICLES IN PAKISTAN PASSENGER CARS 1300 and Above cc 1300 and Above cc Jan’15 Feb’15 Mar’15 Apr’15 May’15 June’15 Cumulative Sub-Total Prod. 8,400 6,841 7,427 8,451 7,940 7,256 46,315 Sale 9,401 7,005 7,862 8,130 7,672…
[dropcap]I[/dropcap]n Pakistan, the overall automobile industry remained buoyant during first three quarters of the FY2016-17 after adjusting for some 5,000 and 45,000 units generated by the Punjab government scheme in the previous and last year respectively. The total industry production during this period was 128,109 units against 90,125 units in the same period of previous year. Accordingly the sales were also up to 124,837 units against 90,610 units in the same corresponding period, previous year. On the other hand, Honda Atlas Cars (Pakistan) Limited committed to meet customer expectations, and to offer good value for money recorded sales and growth…
[dropcap]I[/dropcap]ndus Motor Company Limited (IMC) was organized in 1989 as a consequence of a joint venture agreement among some companies of House of Habib of Pakistan, Toyota Motor Corporation and Toyota Tsusho Corporation of Japan. IMC has no doubt played a key role in the development of the entire value chain of the domestic auto industry in Pakistan and is proud to have contributed in poverty alleviation at the grass root level by nurturing localization that, in turn, has directly created thousands of careers opportunities and transferred technology to over 60 vendors supplying parts. Indus Motor manufactures and markets Toyota…
WALL STREET QUARTER ENDS WITH A LOSS Wall Street fell on Friday, pulled down by Exxon and JPMorgan Chase as investors wrapped up a strong quarter and weighed whether corporate earnings reports will justify the market’s lofty valuations. Major indexes have hit multiple record highs since the election of President Donald Trump on bets that he would improve economic growth by cutting taxes and boosting infrastructure spending. The rally has also benefited from robust economic data and a pickup in corporate earnings growth. For the quarter ending Friday, the S&P 500 gained 5.5 percent, its strongest quarterly performance since the…
OIL FALLS AFTER THREE-DAY RALLY Oil prices fell on Friday after a three-day rally ran out of steam due to a stronger dollar, promising to notch up the oil market’s worst-performing quarter since 2015 as investors fret that growing US supplies are undermining OPEC-led cuts. Brent crude futures LCOc1 have made the biggest losses across global asset classes this quarter. In March, the contracts posted the biggest monthly losses since July as growing U.S. crude inventories and drilling activity counterbalanced production cuts elsewhere in the world. Brent futures were down 53 cents at $52.43 a barrel at 1023 GMT. The…
BALTIC INDEX TOUCHES OVER 2-YEAR HIGH The Baltic Exchange’s main sea freight index, which tracks rates for dry-bulk carriers, hit a more than two-year high on Wednesday as rates for panamax vessels rose. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 5 points at 1,338 points, its highest level since Nov. 11, 2014. The panamax index was up 40 points or 3.1 percent, at 1,346 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes raised $318 to $10,805. The capesize index…
[dropcap]K[/dropcap]NOWLEDGE 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…
LITERACY RATE (10 YEARS AND ABOVE)-PAKISTAN AND PROVINCES (PERCENT) Province/Area 2013-14 2014-15 Male Female Total Male Female Total Pakistan 70 47 58 70 49 60 Rural 63 36 49 63 38 51 Urban 81 66 74 82 69 76 Source: GoP [divider style=”normal” top=”20″ bottom=”20″] PAKISTAN: STRUCTURE OF INTEREST RATES –I (%) w.e.f. SBP Reverse Repo Rate SBP Repo Rate SBP Policy (Target) Rate 26-Jan-15 8.5 6.0 – 24-Mar-15 8.0 5.5 – 25-May-15 7.0 5.0 6.5 14-Sep-15 6.5 4.5 6.0 23-May-16 till date 6.25 4.25 5.75 Source: GoP [divider style=”normal” top=”20″ bottom=”20″] DEMOGRAPHIC INDICATORS OF PAKISTAN Details 2016 Total Population…
[dropcap]P[/dropcap]akistan’s economy continued to sustain its growth momentum in the FY2015-16. The gradual building up of the growth momentum suggests that investment recovery is more sustainable. The growth that the economy has sustained for last few eras is underpinned by dynamism in industry, agriculture and services supported by strong growth in local demand. Government infrastructure development drive along with State Bank of Pakistan expansionary monetary policy stance has increased business activities. The prerequisites for maintaining growth appear to have gained during the last few eras on account of economic reform and enhanced security situation. Inflation significantly reduced during the present…
[dropcap]B[/dropcap]enazir Income Support Program (BISP) is Pakistan’s largest social safety net that offers quarterly stipends to over 5.4 million of the most vulnerable families of the country. These cash transfers ensure empowerment of the beneficiary women and feeds directly into PM Nawaz Sharif’s sustainable development goal of eradicating severe poverty and hunger. Present government-led by Nawaz Sharif has raised BISP budgets from Rs40 billion to Rs115 billion since it took charge during 2013. Number of beneficiaries has risen from 1.7 million to 5.4 million in the same period. Quarterly stipends which were not on time earlier and were only Rs1,000…
KSE-100 INDEX ENDS WEEK WITH SLIGHT LOSSES The Pakistan Stock Exchange ended the week on a flattish note, with the benchmark KSE-100 index losing 46 points, or 0.09pc, by the close of Friday’s trading session to reach 48,971.05. Volumes were led by commercial banks, engineering, and power generation and distribution scrips as the benchmark index turned red in the last hour of trading. It is said that stocks closed lower amid pressure in banking sector as investors awaited SBP key policy rate decisions. Investor interest remained in selected cement, auto and engineering sector stocks on likely gains in CPEC projects.…
US APPROVES TRANSCANADA KEYSTONE XL PIPELINE US President Donald Trump’s administration approved TransCanada Corp’s Keystone XL pipeline on Friday, cheering the oil industry and angering environmentalists even as further hurdles for the controversial project loom. The approval reverses a decision by former President Barack Obama to reject the project, but the company still needs to win financing, acquire local permits, and fend off likely legal challenges for the pipeline to be built. “TransCanada will finally be allowed to complete this long-overdue project with efficiency and with speed,” Trump said in the Oval Office before turning to ask TransCanada Chief Executive…
DRY BULK CAPESIZE RATES TO REMAIN FIRM Freight rates for large capesize dry cargo vessels on key Asian routes, which are close to multi-month highs, are likely to remain firm as cargo activity picks up from Australia after bad weather disrupted operations at Dampier last week. The capesize market is steady. Rates are well above where people expected them to be. The market might correct itself slightly, but there’s no need to panic. Average capesize earnings were around $19,180 per day last Friday, compared with around $2,931 per day a year earlier. That came as charter rates from Brazil to…
[dropcap]F[/dropcap]ACE 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…
CREDIT/LOANS CLASSIFIED BY BORROWERS* (Million Rupees) Description June-15 Jan-16 June-16 Jan-17P 1. Credit to Government Sector (A+B) 7,265,070 7,449,482 8,109,581 8,439,279 A. SBP Credit to Government Sector (Net) 1,987,950 1,556,724 1,454,273 2,369,851 Investment in Govt. Securities 2,324,419 2,247,504 2,071,967 2,893,169 Loans to Government 8,035 2,740 2,740 2,740 Others 8,072 8,581 8,681 8,681 Less: Govt. Deposits 352,576 702,102 629,116 534,740 B. Scheduled Banks Credit to Government Sector (Net) 5,277,120 5,892,759 6,655,308 6,069,428 Investment in Govt. Securities 5,681,232 6,435,427 7,240,110 6,864,624 Loans to Government 581,328 513,710 650,448 555,628 Less: Govt. Deposits 985,440 1,056,377 1,235,250 1,350,824 2. Credit to Non Government Sector (A+B)…
[dropcap]B[/dropcap]ankIslami Pakistan Limited was structured in Pakistan as a public limited company on October 18, 2004 under the Companies Ordinance, 1984 to carry out the business of an Islamic Commercial Bank in accordance with the rules of Islamic Shariah. The State Bank of Pakistan (SBP) granted a ‘Scheduled Islamic Commercial Bank’ license to the Bank on March 18, 2005. BankIslami Pakistan started its operations as a Scheduled Islamic Commercial Bank with effect from April 07, 2006, on receiving Certificate of Commencement of Business from SBP under section 37 of the State Bank of Pakistan Act, 1956. The Bank is mainly…
[dropcap]U[/dropcap]nited Bank Limited (UBL) is the first commercial bank in Pakistan to provide its customers with state-of-the-art facilities enclosed within a cutting-edge modern design. Historically, by June 1960, shortly after six months of opening its doors to the public, UBL had branches in: Karachi, Dacca Lahore, Lyallpur, Chittagong and Narayanganj. In 1963, UBL became the first bank in Pakistan to have a branch overseas at William Street, London, United Kingdom. The first saving scheme for school going children was introduced as early as 1960 or the formation of Pakistan’s first Staff College of employees in 1964, UBL, through the motivation…
FTSE 100 HITS YET ANOTHER RECORD HIGH The index’s most recent climb was largely the result of a cautious US Federal Reserve and the outcome of elections in the Netherlands. The FTSE 100 eked out yet another all-time closing finish on Friday, building on its slew of recent records and indicating that its fierce rally over recent months is not yet running out of steam. This week’s climb was largely the result of a cautious US Federal Reserve combined with elections in the Netherlands that saw anti-EU candidate Geert Wilders garner fewer votes than expected. Late Wednesday the Fed lifted…
OIL PRICES SOAR AFTER DROP IN US STOCKPILES Crude oil prices rose on Thursday to extend gains from the previous session after official government data showed US stockpiles had eased from record highs. Prices surged on Wednesday after a slew of market reports and official data offered some hope that a near three-year global glut in oil is coming to an end, albeit more slowly than many have anticipated. The market was also buoyed after the Federal Reserve raised interest rates in line with expectations but did not signal any pick-up in the pace of further rises. US West Texas…
BALTIC INDEX UP FOR TENTH STRAIGHT SESSION ON HIGHER CAPESIZE RATES The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a tenth straight session on Tuesday, helped by higher rates for capesize vessels. The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels, ended up 13 points, or 1.18 percent, at 1,112 points. The capesize index gained 86 points, or 4.67 percent, to close at 1,929 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, raised $607 to $14,250,…
[dropcap]A[/dropcap] 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 Friday 3-Feb Friday 10-Feb Friday 17-Feb Friday 24-Feb Sat 4-Mar Friday 10-Mar DOLLAR Buying 107.9 107.45 107.35 107.3 107.2 106.35 Selling 108.2 107.75 107.65 107.6 107.5 106.65 POUND Buying 134.25 133.5 133.5 134 131 128.75 Selling 136 135.25 135.25 135.75 132.75 130.5 EURO Buying…
ECO SUMMIT PARTICIPANTS’ ECONOMIC INDICATORS Markets Last Reference Previous AFGHANISTAN Currency 66.63 Mar/17 66.74 GDP Last Reference Previous GDP Annual Growth Rate 2.1 % Dec/15 6.5 GDP 19.3 USD Billion Dec/15 20.05 GDP per capita 620 USD Dec/15 632 GDP per capita PPP 1808 USD Dec/15 1844 AZERBAIJAN Unemployment Rate 5 % Dec/15 4.9 Inflation Rate 11.9 % Jan/17 12.4 Interest Rate 15 % Feb/17 15 Balance of Trade 981353 USD Thousand Sep/16 1311894 Government Debt to GDP 28.3 % Dec/15 11.2 IRAN Currency 32420 Mar/17 32416 GDP Last Reference Previous GDP Annual Growth Rate 0.6 % Mar/15 3.7 GDP…
[dropcap]P[/dropcap]akistan and Turkey undoubtedly have a strategically important and economically lucrative relationship. While Turkey could become a bridge between Asia and Europe, Pakistan shares borders with two large, densely populated economies and could become a gateway to energy-rich Central Asia. However, given their trade structures and volumes, Pakistan needs Turkey more than the other way around. Pakistan’s trade expansion with Turkey promises substantial gains. Direct gains are an expected outcome, given the trade surplus and Turkey’s large, as yet untapped market. There are also strong indirect gains, given the opportunity for greater firm synergies, enabling long-term structural improvements that are…
[dropcap]P[/dropcap]akistan enjoys good relations with Iran since the partition of sub-continent. Both the states have successful deals regarding the dissimilar socio-economic fields. Relations between Pakistan and Iran have spanned since the common prehistoric Indo-Iranian heritage. Since 2000, the relations between each state have been normalized and economical and military collaboration has strengthened the relations ever since. Both states aim to grow yearly trade volumes between the 2 states to $5 billion by 2021. In the 5-year strategic action plan inked last year both states also have aimed at boosting their bilateral trade to the level of US Dollars 5 billion…
PAKISTAN STOCKS KEEP FALLING It was a tumultuous day at the bourse, with the index experiencing a rough ride and ultimately ending negative on the back of falling crude prices. At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index ended with a fall of 200.69 points or 0.41 percent to end at 49,191.75. Market expert said that equities closed the last day of the week lower in a dull trading session where benchmark KSE100 Index traded a band of little over 400 points. Despite Thursday’s healthy foreign buying and positive news of stock brokers receiving Pakistan Stock Exchange…
OIL PRICES SPRING BACK Oil prices climbed on Thursday after sharp losses the session before, buoyed by strong compliance with touted international production cuts, although a surge in US crude inventories continued to drag. The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers reached an agreement last year to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017, with investors paying close attention to levels of compliance with the landmark deal. Kuwait’s oil minister said on Wednesday that OPEC’s compliance with the cuts had exceeded targets, standing at 140 percent…
CAPESIZES HEADED FOR SCRAP DESPITE MARKET REBOUND In what could only be described as a more than positive omen for the future prospects of the dry bulk market, dry bulk carriers and more notably Capesizes are still being sold to scrapyards, even if the number of vessels offered has declined over the past few weeks. According to the world’s leading cash buyer, GMS, a total of 13 Capes have been sold for scrap so far in 2017, as buyers are willing to pay more money, thus making it an easier decision for some ship owners, in the midst of a…
[dropcap]F[/dropcap]EEDBACK: 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-Jan Friday 3-Feb Friday 10-Feb Friday 17-Feb Friday 24-Feb Saturday 4-Mar DOLLAR Buying 107.6 107.9 107.45 107.35 107.3 107.2 Selling 107.9 108.2 107.75 107.65 107.6 107.5 POUND Buying 134.5 134.25 133.5 133.5 134 131 Selling 136.25 136 135.25 135.25 135.75 132.75 EURO Buying…
FDI INFLOWS IN CONSTRUCTION SECTOR IN PAKISTAN ($ Million) Sectors 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 (Jul-Jan) Construction 101.6 61.1 72.1 46 28.8 53.5 36.3 119.6 Source: GoP [divider style=”normal” top=”20″ bottom=”20″] COMPOSITION OF INDUSTRIAL SECTOR (%) DETAILS 2000-01 2015-16 Manufacturing 66.0 64.7 Electricity and Gas Distribution 13.9 8.8 Construction 10.2 12.3 Mining & Quarrying 9.9 14.2 Source: GoP [divider style=”normal” top=”20″ bottom=”20″] AVERAGE HOUSEHOLD SIZE IN PAKISTAN AREA 2011-12 2013-14 Total 6.41 6.35 Urban 6.22 6.09 Rural 6.51 6.49 Source: HIES [divider style=”normal” top=”20″ bottom=”20″] DEMOGRAPHIC INDICATORS OF PAKISTAN DETAILS 2016 Total Population (Million) 195.4 Urban Population (Million)…
[dropcap]DGKCC’s[/dropcap] products are preferred on projects of national repute both domestically and globally due to the un-parallel and consistent quality. DGKCC production processes are environment-friendly and comply with the World Bank’s environmental standards. The company has announced financial highlights of half yearly FY2017. Over the current first half industrial cement dispatches increased by about 11 percent on local front and dropped by about 4 percent on exports side in comparison with comparable 6 monthly statistics. This produced an entire growth of about 9 percent. Industrial dispatch utilization for 6 months stayed at about 87 percent. Almost 74 percent is used…
[dropcap]Y[/dropcap]ear 2016 was predicted to be a very promising one for Pakistan’s real estate industry with good reason. During 2015, investment in residential property (flats, houses & vacant plots) rose by 5 to 7 percent, while in commercial property (counting standalone shops, showrooms, retail and office space), there was a rise of 15 to 20 percent across the country, despite the levy of capital gains tax, capital value tax and stamp duties in the Federal Budget FY2015. Industry adepts were confident that investment will continue to rise during 2016 due to increased investor interest and consumer confidence in the property…
PAKISTAN INDEX SHEDS 72 POINTS Pakistan stocks, after two strong bullish sessions, ended in red at the weekend due to institutional profit-taking, consequently benchmark KSE-100 closed 72 points down or 0.15 percent at 49,623 level. Institutional profit taking witnessed at PSX amid consolidation post major earning announcements. Weak sentiments remained in the trading session on renewed concerns for foreign outflows, surging circular debt in the energy sector and dismal payouts in the earnings season. Overall, volumes declined by 1.5 percent to 392 million shares, while value declined by 2.8 percent Rs 17.2 billion/ $163 million. On the volume leaders’ chart…
GOLD INVESTORS GET A WAKE UP CALL AS US RATE-HIKE ODDS SURGE Gold investors are waking up to the reality of an increasing probability that borrowing costs in the US could rise this month. Bullion futures fell for a second day as the odds that the Federal Reserve will boost interest rates this month jumped to 80 percent on Wednesday, from 52 percent a day earlier and 34 percent last week. Higher rates curb the investment appeal of non-interest bearing gold, while boosting the dollar. Gold, which rallied more than 8 percent this year, has been thrown into reverse amid…
BALTIC INDEX INCHES HIGHER The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, edged up on Wednesday as panamax vessel rates rose to a more than two-month high. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 12 points, or 1.4 percent, at 871 points. The panamax index was up 46 points, or 4.62 percent, at 1,041 points, the highest level since Jan. 13. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tones, added $370 at $8,366…
[dropcap]M[/dropcap]ANAGING ONESELF: REVOLUTION IN SOCIETY MANAGING ONESELF IS BASED ON THESE REALITIES: WORKERS ARE LIKELY TO OUTLIVE ORGANIZATIONS, AND THE KNOWLEDGE WORKER HAS MOBILITY. Managing oneself is a REVOLUTION in human affairs. It requires new and unprecedented things from the individual, and especially from the knowledge worker. For, in effect, it demands that each knowledge worker think and behave as a chief executive officer. It also requires an almost 180-degree change in the knowledge workers’ thoughts and actions from what most of us still take for granted as the way to think and the way to act. The shift from…
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 20-Jan Friday 27-Jan Friday 3-Feb Friday 10-Feb Friday 17-Feb Friday 24-Feb DOLLAR Buying 107.8 107.6 107.9 107.45 107.35 107.3 Selling 108.1 107.9 108.2 107.75 107.65 107.6 POUND Buying 132 134.5 134.25 133.5 133.5 134 Selling 133.75 136.25 136 135.25 135.25 135.75 EURO Buying…
NATIONAL MEDICAL AND HEALTH ESTABLISHMENTS, PROGRESSIVE Year Hospitals Dispensaries BHUs Sub Health Centres Maternity & Child Health Centres Rural Health Centres TB Centres Total Bed Population per Beds 2000 876 4,635 5,171 856 531 274 93,907 1,456 2001 907 4,625 5,230 879 541 272 97,945 1,427 2002 906 4,590 5,308 862 550 285 98,264 1,454 2003 906 4,554 5,290 907 552 289 98,684 1,479 2004 916 4,582 5,301 906 552 289 99,908 1,492 2005 919 4,632 5,334 907 556 289 101,490 1,483 2006 924 4,712 5,336 906 560 288 102,073 1,508 2007 945 4,755 5,349 903 562 290 103,285 1,544…
[dropcap]T[/dropcap]he Dow University of Health Sciences (DUHS) officially came into existence during 2004. The vision at Dow University of Health Sciences is to be an academic leader through generating creative, collaborative, contextual resources to enhance health by all possible means. The vision and mission, initially planned to be completed in 16 years have already been attained in 12 years, having foreign standards, as all major institutions and departments have already been ISO certified with ISO 9001-2008 through Vincotte International, Brussels. More than 60 new establishments counting separate institutes and departments have been made to attain the vision, mission and targets.…
[dropcap]T[/dropcap]he Hamdard College of Medicine & Dentistry (HCM&D) enjoys a high-ranking amongst the medical institutions of Pakistan. Its Faculty of Health & Medical Sciences provides undergraduate and postgraduate programs – Bachelor of Medicine and Bachelor of Surgery (MBBS); Bachelor of Dental Surgery (BDS); FCPS Part-II training in Surgery Obstetrics & Gynaecology and Operative Dentistry under recognized supervisors — M.Phil and Ph.D scholars. HCM&D provides a congenial environment for students to develop confidence and give rise to highly competent medical practitioners, ready to meet the challenges and rewards of medical practice in the country. HCM&D is proud of its graduates for…
WALL STREET PAUSES ALL-TIME HIGH RALLY Wall Street opened lower Friday, taking a break from the steady rally of the past three weeks, amid a generally cautious move in global markets. Twenty minutes into trading, the Dow Jones Industrial Average gave up 0.2 percent to 20,762.46, after closing Thursday at an all-time high for the 10th consecutive session, breaking a 30-year record. The broader S&P 500 lost 0.35 percent to 2,355.44, while the tech-rich Nasdaq was down 0.38 to 5,813.40. Among the few negative factors on Friday, observers cited a decline in oil prices, persistent political uncertainties in Europe, and…
OIL PRICES RISE AFTER DROP IN US INVENTORIES Oil prices rose on Thursday after US data showed a surprise decline in inventories, suggesting that a global glut may be ending after moves by OPEC to cut production. Benchmark Brent crude oil LCOc1 was up 70 cents a barrel at $56.54, recovering from a drop of 82 cents on Wednesday. US light crude CLc1 was 70 cents higher at $54.29 a barrel. Both benchmarks are near the top of relatively narrow $4 ranges that have contained trade so far this year, reflecting a period of low volatility since the Organization of…
HIGHER SHIPPING RATES PUSH BALTIC INDEX UP The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday due to strengthening rates across all vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 28 points, or 3.6 percent, at 806 points. The capesize index gained 95 points, or 11.1 percent, to close at 951 points. Average daily earnings for capesizes, which typically transport 150,000-tone cargoes such as iron ore and coal, were up $700 to $7,708. The panamax index broke a six-session losing…