Morning Buzz for September 20, 2011

Karachi: Food import soars 24pc to $440m in August

According to MR Securities, Pakistan’s food import bill increased by 23.7% to $440.055m in August 2011 from $355.614m in same month last year, shows a data report of the Federal Bureau of Statistics.

Price overtakes volume to lift textile export
Better prices have contributed to more than 12% growth in Pakistan’s textile exports during July-August this fiscal year, but a receding recession in the international markets may jeopardise future growth.

Marketing firms seek revision in LPG policy
Companies marketing Liquefied Petroleum Gas (LPG) in Pakistan have rejected the new LPG policy, asking the government for a revision in consultation with the stakeholders.

KSE ends flat as suicide attack scares away investors
KSE 100-share index ended almost flat on Monday as a suicide attack at the residence of a senior Sindh police officer subdued trading volumes, traders said.

Pakistan, Indonesia sign PTA, effective from Jan
After long negotiations, Pakistan and Indonesia signed an agreement on preferential trade that will go into force in January, a statement said on Monday.

Faheem to discuss trade with India next week
Federal Minister for Commerce Amin Faheem is scheduled to leave for New Delhi on September 25 on a six-day official visit to India for discussing trade-related issued between the two countries, an official said on Monday.

Laws fail to protect consumers from sales gimmicks
Lax government laws fail to protect the interests of consumers from the machinations of manufacturers, dealers and service providers who twist warranties on their products.

Convention: Govt trying to resolve CNG dealer issues, Hussain
Federal Minister for Petroleum and Natural Resources Dr Asim Hussain has said that govt is cognisant of the problems faced by CNG dealers and is striving to resolve their issues.

Five years after merger, BOC gives way to Linde brand
Five years after its global parent company was acquired, BOC Pakistan on Monday officially rebranded itself as Linde Pakistan, taking on the name of its Munich-based parent.

Planning Commission formulates new strategy
The Planning Commission will hold consultative workshops in major business hubs of the country to facilitate implementation of the framework for economic growth.

Rift between KCCI, small traders takes new turn
The ongoing rift between small traders and big industrialists of Karachi has made a group of small traders announcing it will support the big industrialists rather than their own leaders.

BoP submits written statement to Supreme Court
Bank of Punjab (BoP) submitted a written statement to the Supreme Court pertaining to non-cooperative behaviour of Sheikh Afzal whose accounts payable liability is estimated at Rs 9b.

MoP&NR proposes royalty sharing
The Ministry of Petroleum and Natural Resources has proposed to the Economic Coordination Committee of the Cabinet that royalty, transferred by the Federal Government to the respective provincial governments, may be equally shared between the province and the District where wellhead is located for spending of royalty on the social and infrastructural development of the respective district.

Transformers: EC and Iranian companies’ cooperation under study
Pakistan and Iran are considering a proposal of co-operation between Heavy Electrical Complex (HEC) and Iranian companies for manufacturing of high module power transformers and grid station equipment to meet the future needs of power sector.