Category - Business News

Rs500 old currency notes to become obsolete after 30th
Oil falls below $85 in Asia
LPG Prices Increases by OGRA Rs: 13
Oil prices mixed as economic worries weigh
KESE announced 10 hours load shedding in Karachi
New Punjab Budget 2011 – 12 details

Rs500 old currency notes to become obsolete after 30th

SLAMABAD: The State Bank of Pakistan (SBP) has again asked the public to exchange old currency notes of Rs500 with the new one because the former will become obsolete after September 30.

The SBP also reminded all the banks including micro-finance banks (MFBs) operating in the country to facilitate general public in exchanging Rs500 old design notes within stipulated deadline of September 30.

The SBP Banking Services Corporation will neither exchange nor be liable to pay any value of such banknote to any person or a bank after above-mentioned deadline as from October 1, 2011 old design Rs500 bank note will cease to be a legal tender, an SBP official told APP here on Thursday.

To a question, he said, the SBP for benefit of general public, has already supplied posters in both English & Urdu languages on demonetization and exchange of Rs500 old design bank note to SBP Banking Services Corporation and all banks for their placement at prominent visible places in their field offices, branches and public places.

He said all banks and 16 field offices of SBP Banking Services Corporation have been advised to prominently display dates of demonetization and acceptability of Rs500 old-design banknote at visible places in all their branches

Oil falls below $85 in Asia

Oil prices fell below $85 a barrel Thursday in Asia, extending losses from the previous session after the US central bank warned of major risks to economic growth.

Benchmark oil for November delivery was down $1.35 at $84.57 at midday Singapore time in electronic trading on the New York Mercantile Exchange. Crude dropped $1.00 to settle at $85.92 on Wednesday.

In London, Brent crude for November delivery was down $1.72 at $108.64 on the ICE Futures exchange.

Federal Reserve Chairman Ben Bernanke said Wednesday at the end of a two-day policy meeting that there were “significant downside risks” to the Fed’s economic forecasts, and highlighted a weak labor market and high unemployment rate.

The Fed also sought to lower lending rates and spur economic growth with a $400 billion program to sell short-term Treasury bills and buy long-term debt _ dubbed “operation twist” _ but analysts said it falls short of last year’s $600 billion bond-buying program that ended this year. Most of the Fed’s lending rates are already near zero per cent, blunting the possible benefits of the measure.

We expect it to have only a limited downward impact on longer-term interest rates and the impact on the wider economy will be even more modest,” Captial Economics said in a report. “The cost of borrowing simply isn’t the problem.”

Plunging global equities also weighed on oil prices since traders often look to stocks as a barometer of overall investor sentiment. Dow Jones industrial average fell 2.5 per cent Wednesday and Asian stock markets were down Thursday.

In other Nymex trading for November contracts, heating oil fell 2.8 cents at $2.92 per gallon and gasoline futures slid 3.5 cents to $2.62 per gallon. Natural gas for October delivery slumped 1.8 cents to $3.71 per 1,000 cubic feet.

LPG Prices Increases by OGRA Rs: 13

LPG Prices increases by OGRA  Oil and GasRegulatory Authority – OGRA has increased the prices of LPG Rs.13 per KG and new notification issued on Tuesday, E Pakistan News Reported.

Spokesman of LPG Marketing Association said the new rate would be applicable from Wednesday and as a result the price of the service would go up by Rs. 13 per KG.

Oil prices mixed as economic worries weigh

SINGAPORE: Oil prices were mixed in Asian trade Tuesday as a downgrade by Standard & Poor’s of Italy’s sovereign debt rating added to market jitters, analysts said.

New York’s main contract, WTI light sweet crude for October delivery, was down five cents to $85.65 a barrel in morning trade, and Brent North Sea crude for November climbed 48 cents to $109.62.

“The downgrade of Italy by S&P upset the markets a little bit,” said Nick Trevethan, senior commodities strategist at ANZ Research in Singapore.

The US credit ratings firm on Monday cited economic, fiscal and political weaknesses in cutting Italy’s sovereign debt rating to “A/A-1” from a “A+/A-1+”.

S&P added that Italy’s weak governing coalition would “limit the government’s ability to respond decisively” to events.

The downgrade was more bad news for Italian Prime Minister Berlusconi and added to market nervousness already triggered by fears of a debt default by Greece.

Greece was to continue talks with the IMF and EU on Tuesday after being warned to tighten austerity measures and ramp up state asset sales to secure rescue funds and stave off bankruptcy early next month.

But heightened tensions between Athens and its bailout lenders, the European Union, European Central Bank and International Monetary Fund, have sparked concerns it could affect efforts to coordinate action to battle the crisis.

“The lack of agreement on fundamental issues is a major barrier to coordination of macroeconomic policy responses to the many threats to the global economy and financial system,” said Julian Jessop, chief global economist at research house Capital Economics.

Other analysts said investors are also awaiting the results of a meeting this week of the US central bank’s Federal Open Market Committee, which traders hope will announce fresh monetary loosening measures. (AFP)

KESE announced 10 hours load shedding in Karachi

Sui Southern Gas Company has give notice to KESC justification of suspension of Gas supply from the former.

Ghafran Atta spokesperson of KESC talking to the media, he said SSGC has powerfully shouted down valves of the main pipeline used for gas supply to KESC.

SSGC official’s gives statement, rejecting the allegation, and said that KESC has commenced a brutal campaign plan at tarnishing SSGC’s market standing.

Being wary of complete blackout in Karachi in case of perseverance of the issue, KESC’s envoy said the company always becomes the prime target whenever there is decline in gas pressure.

Inayat Ismail of SSGC said despite the fact that KESC has to pay off outstanding dues worth 28 billion rupees even then his company is as long as KESC gas on regular basis

New Punjab Budget 2011 – 12 details

New Punjab Budget 2011 – 12 Speech continue in Punjab Assembly. Kamran Michael Speech the Punjab Budget 2011 – 2012.

Chief Minister Punjab Ordered to audit the all government offices. The expanse of Chief minister house  25 % decreased. Taxes increased on 1000 CC vehicles, Big Farm houses, and Swimming pools.

Punjab government presented a balanced budget of Rs 654.96 billion for fiscal year 2011-12 in the Punjab Assembly session started here on Friday.

Giving break-up of the estimated General Revenue Receipts of Punjab government during next fiscal year, the Finance Minister Kamran Michael, in his budget speech, said that provincial government would receive a major share of its budget from the Federal Divisible Pool under National Finance Commission Award amounting to Rs 530.65 billion.

The Punjab would earn an estimated revenues of Rs 88.51 billion from Provincial Tax and Rs 35.65 billion under the head of Provincial Non-Tax Revenue, he added.

The Finance Minister elaborated that total Non-Developmental Budget has been estimated at Rs 434.74 billion, while a total of Rs 220 billion, 34 percent of the total budget, has been allocated for development projects.
He said, the Health Sector would receive a total budget of Rs 48.80 billion with Rs 25.50 billion for non-development and Rs 23.30 billion for development purposes.
The Education Sector’s total budget is Rs 62 billion with Rs 27.10 billion for non-development and Rs 34.90 billion for development, he said, adding, a grant of Rs 3 billion has been earmarked for Danish School Project in the financial year 2011-12.
The Finance Minister said that Police Department would get Rs 52.80 billion, while a grant of Rs 4.50 billion has been allocated for Yellow Cab Scheme and Rs 2 billion for provision of laptops/computers to students.
He said, a total of Rs 1.55 billion has been collected under Chief Minister Relief Fund, which was spent on reconstruction of 89 villages and 22 Model Villages.
The Punjab government, he said, has saved Rs 6 billion through austerity measures and 800 posts in various departments have been abolished as well as merging six deparments and abolishing project allowance and imposing ban on purchase of new furniture and equipment.
About tax measures, Michael said that Entertainment Tax has been reduced from 65 percent to 20 percent; GST on Services reduced from 17 to 16 percent; increase in token tax of over 1000cc vehicles; Rs 60,000 water conservatory charges on swimming pools per annum; Education Cess on membership of elite clubs. / APP

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