Sui Northern Suffers Huge Gas Transmission Losses

Sui Northern Company has borne around 25billion cubic feet gas transmission losses during the current fiscal year.
Company sources said that Rs7.30 billion loss has been incurred in gas sale owing to the transmission losses, which resulted into the Rs270million loss to the company.
They added that the company bore millions of rupees loss despite 18percent rise in gas tariff. The said company has asked OGRA to raise the gas tariff by 20.36 paisas per million cubic feet from July 1st.

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Sui Northern Suffers Huge Gas Transmission Losses

Oil Slips From $82

SINGAPORE: Oil prices fell below $82 a barrel Thursday in Asia as traders eyed tepid U.S. crude demand amid an overall economic expansion.

Benchmark crude for April delivery was down 51 cents to $81.58 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 60 cents to settle at $82.09 on Wednesday.

Crude prices have hovered in the low $80s this week — after jumping from $69 early last month — on investor optimism that sluggish U.S. oil demand will eventually reflect a growing global economy.

U.S. data for last week was mixed. The Energy Information Administration said Wednesday that crude inventories grew while gasoline and distillate supplies fell.

Some analysts are concerned economic growth in developed countries may slow in the second half as massive government stimulus spending peters out, making commodity demand even more dependent on growth in emerging markets such as China and India.

“We have actually become more worried about the outlook for the global economy,” London-based Capital Economics said in a report. “The boost from policy stimulus will soon fade. The recovery looks fragile in the U.K. and may already have stalled in the euro-zone.”

Capital Economics said it expects an oil price of $60 a barrel at the end of this year and the end of 2011.

In other Nymex trading in April contracts, heating oil fell 0.77 cent to $2.1085 a gallon, and gasoline dropped 1.41 cents to $2.271 a gallon. Natural gas was almost unchanged at $4.557 per 1,000 cubic feet.

In London, Brent crude was down 52 cents at $79.96 on the ICE futures exchange.

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Oil Slips From $82

Remittances Rise Over 17Pc To $5.79bn

Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $5,786.89 million was received in the first eight months (July?February) of the current fiscal year 2009?10, showing an increase of $868.26 million or 17.65 percent over the same period of the last fiscal year. The amount of $5,786.89 million includes $1.0 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
In February 2010, an amount of $588.78 million was sent home by overseas Pakistanis, compared with $641.32 million in the same month last year.
The inflow of remittances in the July-February, 2010 period from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,317.17 million, $1,173.37 million, $1,148.86 million, $826.93 million, $596.26 million and $171.41 million respectively as compared to $1,035.55 million, $1,156.51 million, $962.30 million, $783.39 million, $344.08 million and $150.05 million respectively in the July?February, 2009 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eight months of the current fiscal year amounted to $550.65 million as against $486.34 million in the same period last year.
The monthly average remittances for the July?February 2010 period comes out to $723.36 million as compared to $614.83 million during the same corresponding period of the last fiscal year, registering an increase of 17.65 percent.
During last month i.e. February 2010 remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $149.45 million, $136.88 million, $111.48 million, $89.21 million, $45.91 million and $13.48 million respectively as compared to $123.64 million, $166.62 million, $127.48 million, $93.09 million, $54.12 million and $18.31 million in February 2009. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during February 2010 amounted to $41.13 million compared with $58.04 million in the same month last year.

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Remittances Rise Over 17Pc To $5.79bn

Production Of Cotton Likely To Rise

Production of cotton is expected to reach 1 crore and 60 lac bales next year due to rise in price at local level. Cotton Ginners Association chairman Haji Muhammad Akram told that this year 1 crore and 27 lac bales of cotton were produced in the country while last year this volume was 1 crore 14 lac bales.

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Production Of Cotton Likely To Rise

Rice Export To Malaysia Increases Four Times

ISLAMABAD PAKISTAN: Malaysia is expecting fourfold increase in import of Pakistani rice during the current year, Commercial Counselor for Pakistan High Commission Wajihullah Kundi said in Kuala Lumpur on Tuesday.

The Commercial Counselor said that Malaysian Padiberas Nasional Berhad (BERNAS) and its group of companies which are involved in the procurement and processing of paddy; as well as, importation, warehousing, distribution and marketing of rice in Malaysia has been actively engaging Pakistan to bring about fourfold increase in import of Pakistani rice.

The objective is to diversify its import base of rice and to minimize its dependence on rice import from Thailand and Vietnam.

The Malaysian import of rice from Thailand and Vietnam make up 45.91 percent and 34.5 percent, respectively. Currently Pakistan is the third biggest exporter of rice to Malaysia, but it makes up only 4.1 percent of the total rice import which now have been projected to increase four fold in the year 2010.

The Commercial Counselor said that during the visit of the Minister of Agriculture and agro-based industry of Malaysia from December 14-17, 2009 to Pakistan, the Malaysia importers secured many contracts for Pakistani companies for rice import, the trend will continue the year 2010 leading to substantial increase.

The rice varieties of Pakistan which are priced world over and by Malaysia consumers due to their excellent taste, enchanting flavor and healthy nutritious value includes various varieties of Basmati rice including Super, Shaheen and Kernal, Basmati and other varieties includes  NIAB, IRRI-9 and IRRI-6, broken rice, rice in the husk, paddy husked or brown rice both semi-milled or wholly milled.

In the year 2008, total rice export to Malaysia was valued at RM 110.97 million. However this sector did not perform well in the same year and registered a decline in its share of export to Malaysia of Pakistan goods from 32 to 14 percent whereas import of rice during first ten month of 2009 was recorded at RM. 57.523 registering a decline of 46.25 percent from import of 107 percent in first ten months of year 2008.

This declining trend is being harnessed and in 2010 is expected to register substantial increase of fourfold.

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Rice Export To Malaysia Increases Four Times

Asian Stocks Trade In Narrow Range Again

HONG KONG : Asian stock markets were mixed in early trade on Wednesday due to a lack of firm direction as dealers awaited the impact of key Chinese economic numbers.

Beijing said its trade surplus reached 7.61 billion dollars in February and its exports for that month totalled 94.5 billion dollars — up 45.7 percent year on year.

With no strong signals from the United States, regional investors were awaiting the figures from China that could dictate Beijing’s monetary policy.

China’s much-anticipated inflation figures are due for release on Thursday.

Shanghai shares rose 0.39 percent and Hong Kong added 0.41 percent, although trade was cautious amid fears China’s leaders could move to put a lid on lending in a bid to put the brakes on its fast-growing economy.

Singapore rose 0.64 percent.

Tokyo stocks were flat, with dealers unmoved by data showing Japanese core private-sector machinery orders, a key indicator of capital spending, fell 3.7 percent in January from the previous month, reversing a 20.1 percent rise in December.

The news was in line with market expectations and still showed a general improvement, Yumi Nishimura of Daiwa Securities Capital Markets told Dow Jones Newswires.

However, Australian shares dropped 0.29 percent in early trade, while Wall Street gave little for dealers to hold on to, adding just 0.11 percent, although trade and weekly jobless claims are scheduled to be released on Thursday, which could give some indication to the strength of the US economy.

There were still some concerns over the state of eurozone economies, with many dealers worried that Greece’s massive debt problems could seep into other European nations.

Portugal said this week it would cut spending, delay investment and sell state assets in an attempt to fix its finances.

Greek Prime Minister George Papandreou said Tuesday that President Barack Obama offered a “positive” verdict on European plans to thwart speculators blamed for deepening Greece’s crisis, in talks in Washington.

The euro was at 1.3599 dollars in Tokyo morning trade, compared with 1.3598 in New York late Tuesday, and at 122.37 yen against 122.35. The dollar inched up to 89.99 yen from 89.96.

Oil was lower in Asia, with New York’s main contract, light sweet crude for April delivery, 25 cents down at 81.24 dollars a barrel and Brent North Sea crude 20 cents off at 79.71 dollars.

Gold opened at 1,122.00-1,123.00 US dollars an ounce, down from Tuesday’s close of 1,123.00-1,124.00 dollars.

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Asian Stocks Trade In Narrow Range Again

Oil Down In Asian Trade Ahead Of Energy Report

SINGAPORE: Oil declined in Asian trade Tuesday amid fading euphoria over better-than-expected US jobs data, analysts said.

New York’s main contract, light sweet crude for April delivery, was off 32 cents to 81.55 dollars a barrel.

Brent North Sea crude for April delivery eased 23 cents to 80.24 dollars.

Oil struggled Monday to extend last week’s rally, which was driven by encouraging numbers from the US Labor Department showing a smaller-than-expected fall in non-farm payrolls of 36,000 in February.

Analysts were predicting about 67,000 job losses for last month.

“There was a lack of significant fresh news to drive the oil price strongly in either direction,” analysts from the Commonwealth Bank of Australia said in a report.

Analyst Mike Fitzpatrick at MF Global noted that actual supply and demand data for oil remained weak.

“All this points to the possibility of corrective selling,” he added.

Fitzpatrick also said that the Greece debt crisis continued to haunt the market.

“Perhaps the sight of Greek Prime Minister (George) Papandreou going hat in hand to European capitals seeking help has made investors uneasy,” he said.

The oil market, meanwhile, weighed weekend comments from Saudi Arabia’s King Abdullah, who said that his key crude-producing nation would maintain its moderate policies.

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Oil Down In Asian Trade Ahead Of Energy Report

Price Of Ghee/16 Kg Up By Rs 20

Price of ghee or cooking oil per 16 kg has increased by Rs20 in the local market while open ghee or cooking oil price has increased by Rs2. According to Retailers Grocers, price of ghee or cooking oil per 16 kg in the local market has increased up to Rs1860. Price of cooking oil after March 1 has been increased by Rs40.

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Price Of Ghee/16 Kg Up By Rs 20

Global Stocks Pull Back From 6-Week Highs,Euro Slips

LONDON: European stocks eased lower Tuesday and Asia closed flat, as investors stepped back to assess the pace of the global economic recovery in the wake of last week’s strong U.S. jobs data and the debt crisis in Greece.

Britain’s FTSE 100 benchmark index was down 0.4 percent at 5,584.32 while Germany’s DAX was 0.3 percent lower at 5,856.79. France’s CAC-40 shed 0.3 percent to 3,892.31.

Asian indexes were little changed, with Tokyo closing down but Chinese benchmarks edging up, and Wall Street was expected to fall on the open. Dow industrials futures were down 22 points at 10,516.00 and Standard & Poor’s 500 futures were down 4.1 points at 1,133.00.

A few earnings reports mostly disappointed in Europe. Defence and aerospace company EADS NV reported that spiraling costs on its military transport plane and its A380 superjumbo led to losses in the fourth quarter and full year. Its shares fell 5.3 percent to €15.04 ($20.55) in Paris morning trade.

Financial shares were somewhat weaker after Moody’s credit ratings agency said the withdrawal of stimulus measures would leave some banks in Britain fragile. Barclays was down 1.1 percent and Royal Bank of Scotland was down 2.1 percent. Lower commodity prices, meanwhile, weighed on mining stocks.

Trading was subdued, however, as investors took stock of recent swings in sentiment.

“The market seems to be in the mood to take a breather at the moment with little appetite for the choppiness and volatility witnessed over the past week,” said Stuart Bennett, forex analyst at Credit Agricole CIB.

Greek Prime Minister George Papandreou was due to meet President Barack Obama later Tuesday to discuss stricter regulations on hedge funds and currency traders that Athens believes aggravated their crisis. Shares of MAN Group, the world’s largest publicly traded hedge fund, were down 2.5 percent in London.

Pledges of support for Greece from France and Germany over the weekend lacked concrete details, and investors will keep an eye on the country’s financial markets — particularly the rate at which is can raise money on capital markets — for signs that confidence in being restored.

Greece last week raised €5 billion ($6.83 billion) in a 10-year bond sale, but the 6.25 percent rate it paid is still considered too high. The country would like to borrow at more moderate rates.

To avoid future fiscal crises, France and Germany have floated the idea of creating a European monetary fund which would have the authority to enforce budget cuts and offer funds to countries facing debt trouble. Such a fund, however, would not be of help to Greece now as it would take months to agree.

In Asia, markets were cautious ahead of key reports on the region’s two biggest economies, China and Japan, that are due Wednesday. The strength of Chinese trade data could give investors a better sense of when and how Beijing will wean the country off its economy-boosting measures. A report on Japanese machinery orders, a key gauge of company spending, could provide more insight into the state of global trade and the world’s second-largest economy.

Tokyo’s Nikkei 225 stock average fell 18.27 points, or 0.2 percent, 10,567.65. Hong Kong’s Hang Seng added 0.1 percent to 21,207.55 and South Korea’s main benchmark edged up 0.1 percent to 1,660.83.

Shanghai’s market climbed 0.5 percent, while markets in Australia, Taiwan and Singapore rose as well. India’s market was down.

Oil prices slipped to near $81 a barrel, losing momentum after a monthlong run-up fueled by growing investor optimism about global economic growth. Benchmark crude for April delivery was down 84 cents to $81.03 a barrel after adding 37 cents overnight.

The dollar was lower at 89.76 yen from 90.28 yen and the euro weakened to $1.3590 from $1.3631.

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Global Stocks Pull Back From 6-Week Highs,Euro Slips

Yen Hikes In Asia

Mixed trend prevailed in the Asian markets, while Yen rose against 16 other currencies.
Pound is up by 0.4% against Yen. MSCI Asia Pacific Index remained stable at 122 points. Hong Kong’s Hang Seng gained 40 points whereas Nikkie Index Japan added 18 points.

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Yen Hikes In Asia

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