Pakistan's Economy - News and Updates

[Anish1]

One does not want to minimise its importance but, macroeconomics is not all that there is to an economy. Failed reformers have been telling ordinary citizens stretched to the limits of economic survival, ad nauseam, that the fiscal deficit is the mother of all ills. And that the high price of both meat and vegetables, the acute shortage of gas and electricity, the abysmally low quality of education and healthcare are its consequences. The Steel Mills, PIA and the Pakistan Railways fail to perform because of it. Recent presentations by the finance minister, the State Bank governor and the finance secretary before two committees of parliament also focused on this point.
The macro-micro dichotomy appears in its worst form in estimating energy demand. Energy-related ministries have no idea how to go about on the matter. At the Planning Commission, energy is a technical section while economic sections are concerned with macroeconomics, and never do the two work together to estimate the country’s long-term energy demand. This macroeconomic fetishism is not the monopoly of the official economic team. The media pays more attention to macroeconomic perspectives than microeconomic issues. Partly, the bias results from the compulsion of most reporters to report accurately what policymakers have to say. Editorial writers not trained in economics fall into the same trap, unwittingly allowing officials to set up the economic agenda.

 

[SHAMK9]

Wateen to revolutionise communication

Wateen Telecom, Pakistan’s leading converged communications company, is proud to announce the launch of its new Freedom Booths, a revolutionary communications medium. The Freedom Booths, the first of their kind to be launched anywhere in the world , reflect Wateen’s capabilities as a leader in converged communication services and exemplify the company’s data, voice and content creation services.

The applications for the Freedom Booths are limitless. This cutting-edge medium of communications aims to maximise the application potential of the Internet, while helping connect people across the country. The Freedom Booths, which looks like old telephone booths from the 60s, include a laptop fitted with a web camera and a telephone system through which consumers can make voice calls to their loved ones and record the ideas and messages they would like to share with others.

With approximately 1.5 million connections serving a population of over 175 million people, Wateen believes it is necessary to promote the benefits of telecommunications technologies and the Internet to the people of Pakistan. Currently, Wateen has launched the Freedom Booths in select areas with extremely low Internet penetration in order to generate interest in telecom and Internet technology.

 

[Hyde]

Pakistani kinnow enters Dutch mainstream market

WEDNESDAY, 07 MARCH 2012 20:42
KARACHI: A successful in-store promotion of Pakistani kinnow was held at Hanos, Amsterdam on March 2, 2012.

The display and sale of kinnow was jointly organised by Trade Development Authority of Pakistan and Commercial Wing Embassy of Pakistan the Hague in collaboration with Hanos Group, the leading Dutch supermarket chain specializing in Horeca (hotel, restaurant and catering) supplies.

TDAP said that the objective of the promotion was to organise an interactive campaign at point of sale (POS) to introduce Pakistani Kinnow to the Dutch consumers.

In the annual day-long in-store promotion, a grand display of Kinnow was setup near the store entrance and tasting of Kinnow slices and juice was arranged for the consumers.

Simultaneous with the tasting arrangement, the Hanos management offered a price discount on the Kinnow to lure the customers to try and buy the product. The immediate result of tasting arrangement was a three-fold increase in the sale of Kinnow compared with the daily average.

Speaking on the occasion, Head of Fresh Produce Purchase Department in Hanos, Mr Nick said that Hanos had introduced Pakistani Kinnow in the assortment last year. We have found it to be a strong product with immense growth potential, he added.

Commercial Counselor Muhammad Ashraf said that Pakistani Kinnow was repositioned in the Dutch market last year as a juicy mandarin (persmandarijn) and its sale has registered continuous growth in the Dutch mainstream market segment since then. Despite a difficult season for citrus in Europe, Kinnow has successfully penetrated the Dutch market.

Source: Pakistani kinnow enters Dutch mainstream market

---------- Post added at 07:58 PM ---------- Previous post was at 07:55 PM ----------

PM constitutes committee for recommendations to enhance exports of valuable gems, jewelry

THURSDAY, 08 MARCH 2012

ISLAMABAD: While appreciating the Export Promotion Strategy of Pakistan Gems and Jewelry Development Company (PGJDC), Prime Minister Syed Yusuf Raza Gilani Wednesday constituted a committee consisting of Secretaries of Finance, Commerce, Production Divisions and Chairman of FBR to submit a summary to the Economic Coordination Committee of the Cabinet (ECC).

The Committee would suggest recommendations to increase the export of valuable gems and jewelry for which there is big international market to realize the target of $ 5.5 billion by 2016-2017.

Source: PM constitutes committee for recommendations to enhance exports of valuable gems, jewelry

 

[A1Kaid]

http://www.thenews.com.pk/Todays-News-3-98168-Pakistani-plastics-have-export-potential

 

[RiazHaq]

A recent book "The Growth Map" features Goldman Sachs' Jim O'Neill's personal account of the BRIC phenomenon, how it has evolved, and where those four key nations currently stand after a turbulent decade.

And the book also offers an equally bold prediction about the "Next Eleven" countries: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam. These developing nations may not seem exceptional today, but they offer exciting opportunities for investors over the next decade, just as BRIC did before them.

The Growth Map: Economic Opportunity in the BRICs and Beyond - Jim O'Neill - Google Books

 

[Baby Leone]

Wateen to revolutionise communication

Wateen Telecom, Pakistan’s leading converged communications company, is proud to announce the launch of its new Freedom Booths, a revolutionary communications medium. The Freedom Booths, the first of their kind to be launched anywhere in the world , reflect Wateen’s capabilities as a leader in converged communication services and exemplify the company’s data, voice and content creation services.

The applications for the Freedom Booths are limitless. This cutting-edge medium of communications aims to maximise the application potential of the Internet, while helping connect people across the country. The Freedom Booths, which looks like old telephone booths from the 60s, include a laptop fitted with a web camera and a telephone system through which consumers can make voice calls to their loved ones and record the ideas and messages they would like to share with others.

With approximately 1.5 million connections serving a population of over 175 million people, Wateen believes it is necessary to promote the benefits of telecommunications technologies and the Internet to the people of Pakistan. Currently, Wateen has launched the Freedom Booths in select areas with extremely low Internet penetration in order to generate interest in telecom and Internet technology.

i saw so many freedom booths in my university, first we thought its a sort of some advertisment display..

 

[kawaraj]

A recent book "The Growth Map" features Goldman Sachs' Jim O'Neill's personal account of the BRIC phenomenon, how it has evolved, and where those four key nations currently stand after a turbulent decade.

And the book also offers an equally bold prediction about the "Next Eleven" countries: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam. These developing nations may not seem exceptional today, but they offer exciting opportunities for investors over the next decade, just as BRIC did before them.

The Growth Map: Economic Opportunity in the BRICs and Beyond - Jim O'Neill - Google Books

this is foreseeable and we could call it tidal phenomena.

we have all the good element to be the forefront of the next 11, as long as the WOT end in next year or so.

 

[Great Sachin]

A recent book "The Growth Map" features Goldman Sachs' Jim O'Neill's personal account of the BRIC phenomenon, how it has evolved, and where those four key nations currently stand after a turbulent decade.

And the book also offers an equally bold prediction about the "Next Eleven" countries: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam. These developing nations may not seem exceptional today, but they offer exciting opportunities for investors over the next decade, just as BRIC did before them.

The Growth Map: Economic Opportunity in the BRICs and Beyond - Jim O'Neill - Google Books

This book got bad rating....full of baseless imaginations

 

[z9-ec]

UBL tops performance among big four banks


KARACHI:
United Bank Limited profits grew by an impressive 49% during January to March 2012, making it the top performing private bank among the big four.

The bank posted net profit of Rs4.87 billion in the first quarter of 2012 against Rs3.27 billion posted in the same period last year, according to unconsolidated results sent to the Karachi Stock Exchange.

In line with the industry trend, the growth was led by jump in non-interest income and a drop in bad loans, said analysts.

The result is at least 16% higher than expectation as analysts expected net profit, on average, to stand around Rs4.2 billion. The deviation stems primarily from higher than expected other income and lower than expected provisioning, according to Global Securities. The result could not help the stock close in the green as all 23 listed banks closed in the red following news of prime minister’s conviction in the contempt of court case.

Net interest income (NII) – core area of earnings – grew marginally by 5% to Rs9.6 billion despite contracting margins.
Announced earlier this week, Habib Bank and Allied Bank profits grew by 22% while MCB Bank followed with an increase of 12% during January to March 2012.

UBL’s better dividend income from treasury and trading related led overall growth in non-interest income to Rs4.1 billion. The banking industry’s focus has recently shifted towards government securities rather than private sector dealing. Allied Bank, one of the top four banks, had 70% of its total investment portfolio skewed towards government securities in 2011.

Fee and commission income also supported non-markup growth, up by 17% while income from foreign exchange declined 24%.
Controlled lending along with improved paying capacity of borrowers after decline in interest rates led overall provisioning to decline to Rs800 million from Rs2.3 billion.

The bank’s board of directors in its meeting held in Abu Dhabi, UAE also declared an interim cash dividend of Re1 per ordinary share of Rs10.

Lucky Cement profits and foreign projects double

KARACHI: Lucky Cement has managed to increase its profit by 90% to Rs4.69 billion in the current financial year despite production levels staying at the same levels as last year.

The astounding boost was solely driven by selling prices which surged 25% to Rs425 per bag against Rs339 per bag in the same period last year, said Summit Capital analyst Sarfraz Abbasi. Lucky Cement even outpaced its fellow peers when it came to increasing prices, said another analyst who requested anonymity.

The massive increase has been beneficial for the industry, however, it has sparked a debate among builders who question the legitimacy behind the hikes. Association of Builders and Developers of Pakistan on Thursday termed the industry a cartel and decided to protest against the regular price hikes.

Volumetric sales rose marginally by 2% to 4.37 million tons against sales of 4.28 million tons.
Total interest bearing debt reduced by 42% on a quarterly basis as the company repaid debt of Rs2.7 billion on a quarterly basis.

Expansion plans

The company also disclosed its plan to set up a cement grinding facility in Iraq in a joint venture with a local partner. The plant with production capacity of 870,000 tons will cost $30 million of which 50% will be paid by Lucky Cement. The company is already establishing a one million ton manufacturing plant in Congo under a joint venture project.

It also announced plans to buy a 13.8% equity stake in Yunus Energy Limited for $4 million. The company plans to set up 50MW wind farm in Jhimpir, Thatta.

The company also disclosed it would start supplying electricity to Hyderabad Electric Supply Company (Hesco) by May. Lucky Cement has power generation units at production facilities of Karachi and Pezu, KPK, capable of producing around 175MW electricity. Since 2010 both plants installed are contributing additional 22MW electricity converted out of wasted heat it captures and reuses to produce energy.

 

[Nishan_101]

Please answer my question:
http://www.defence.pk/forums/economy-development/184585-there-any-new-shares-available-kse.html

 

[justanotherdale]

Resource Industry News from the Pakistan Observer

MQM hails reduction in petroleum prices

Karachi— Hailing the government’s decision of reducing the prices of petroleum products, including Compressed Natural Gas (CNG), the Haq Parast members of the National Assembly, urged the government to take more measures aimed at providing further relief to poor people of the country.



Transporters welcome petroleum prices decrease

Quetta—Transporters bodies of Balochistan have welcomed the government’s move to reduce the prices of petroleum products and said it would give impetus to economic activities in the country. All Balochistan Bus Federation president Haji Juma Badeni talking tomedia on Saturday described reduction in the petroleum prices, a great relief to the people on the part of the government and said it would help check upward spiraling trend in the prices of essential commodities in the country.

 

[Omar1984]

 

[tanzeel736]

Those growth rates are pretty abysmal for a country that has had a three figure per capita GDP for most of its existence(two figure for the first 20 odd years).

 

[Introvert]

Pakistan leads world in mango shelving

By Asad Farooq

KARACHI: Pakistan is considered as a country, lagging behind the developed world regarding science and technology, but the situation was not as much worst as seen, because Pakistan has an edge in treatment of mangoes and its shelving.

Mango is a well-regarded fruit and is known as ‘King of fruits’. Mango appears in local markets as the summer season commences.

Globally, it is one of the most eaten fruits. As many as 11 countries, including Pakistan export mangoes. To meet the global standards, mangoes are treated before export. There are four ways of treatment, out of which three are recognised across the world: hot water treatment (HWT), vapor heat treatment (VHT) and radiation.

There are nine types of bacteria that prevail in mangoes. To kill all of those, in most common way of hot water treatment, mangoes are treated with hot water for one hour, during which the temperature is managed at 75 degree centigrade. Resultantly, the pores at mangoes surface get rupture and its shelving become difficult.

Pakistan has a double edge in regard with treatment and shelving of mangoes. The country has a capacity to treat 15 tonnes of mangoes per hour. Besides this, Pakistani private sector has ability of shelving mangoes for 35 days after treatment, however, the rest of exporter countries could shelve mangoes for maximum seven days.

Recently, Pakistan has achieved another significant achievement in export of mangoes sector. Pakistani has recently initiated to export mangoes to China, which itself is the second largest producer and one among the largest consumers of mangoes.

Though China itself produce mangoes in massive quantity, it still is a vast market for Pakistani mangoes as locally produced mango is small in size and less sweet, however, Chinese people like larger in size and sweeter mangoes and Pakistani types of mangoes all their desired qualities.

AQ Khan Durrani, the owner of treatment plants in Pakistan and exporter of mangoes to China, said while talking to the Daily Times that China is biggest country in term of population and is 2nd largest producer of mango in the world with production of 4.5 million tonnes of mangoes annually. Chinese people like mangoes a lot and while exploring this big market of ‘mango lovers’, Pakistan can earn millions of dollar in fruit sector.

“China can be the biggest market of Pakistan mangoes and within three years Pakistani export can be doubled,” he added.

It is pertinent to mention here that the Pakistan produces 1.6 to two million tons of mangoes annually and was ranked fourth to fifth among producer countries of mango. The dire need of hour is that the government should follow and respond to the achievements and strive of private sector, which is going to explore even largest producer countries of mango as consumer market.

Pakistan would become the largest producer and exporter of mangoes due to the quality of local mango, if the government supports the sector. This also would result in very positive impacts on local economy and the position of the country as well.

Daily Times - Leading News Resource of Pakistan

 

[A1Kaid]

I was reading the Economist... Pakistan's latest GDP 2012 figure is 4.2%, industrial production latest March is up by .6% (compare that to Indonesia's which is at .8%), unemployment rate 2011 6.0%


Source Economist magazine June 2, 2012