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Saturday, 11 August, 2012
Oil down in Asia after weak China trade data SINGAPORE AGENCIES
Crude was lower in Asia Friday as weak Chinese trade data provided a further indication that economic growth in the world’s largest energy consumer is slowing, analysts said. New York’s main contract, light sweet crude for delivery in September, retreated 36 cents to $93.00 a barrel
while Brent North Sea crude for September delivery fell 36 cents to $112.86. China’s General Administration of Customs said exports grew just one percent in July year-on-year to $176.9 billion, while imports rose 4.7 percent to $151.8 billion, cutting the trade surplus to $25.1 billion from $31.7 billion in June. The data follow results on Thursday showing retail sales,
industrial output and inflation eased in July, showing that the exportdriven economy was feeling the effects of Europe’s debt crisis was lowering demand in the key market. “The economic data out of China certainly has been bearish... it’s not good news and has prompted equities and oil futures to move down,” said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.
Raja Pervaiz has nerves of steel
Prime minister announces Rs 2 billion bailout package for Steel Mills
KARACHI ONLINE
P
RImE minister Raja Pervaiz Ashraf on Friday underlined that Pakistan Steel mills would not be privatised rather it would be made a profitable entity. Addressing a ceremony at Pakistan Steel mills, Prime minister Raja Pervaiz Ashraf said that the present government was paying special affection for the organization and did not want to privatise it. He announced a bailout package of about three billion rupees for Steel mills and vowed to become it a profitable entity. Announcing immediate release of two billion rupees to Pakistan Steel mills‚ he assured that releases of
the bailout package would be made on timely basis. The prime minister said Zulfikar Ali Bhutto, who had laid the foundation of this important institution at a difficult time, had declared it as a backbone of the economy. He said besides Pakistan Steel mills‚ there are several other institutions which were also running into losses and have become a burden on the national exchequer. He, however, assured that despite all financial crisis‚ resources will be provided for revival of Pakistan Steel mills. Paying rich tributes to Zulfikar Ali Bhutto‚ he said the credit of setting up basic infrastructure of these industries including heavy mechanical complex‚ electrical complex and Kamra complex goes to the vision of Shaheed leader.
China says July exports rise 1% to $176.9 billion
Weekly inflation witnesses nominal increase ISLAMABAD
BEIJING
APP
AGENCIES
The Sensitive Price Indicator (SPI) for the week ended on August 9, for the lowest income group up to Rs.8,000, registered increase of 0.34 per cent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 178.81 points against 178.21 points registered in the previous week, according to provisional figures of Pakistan Bureau of Statistics (FBS). The weekly SPI has been computed with base 2007-2008=100, covering 17 urban centers and 53 essential items for all income groups and combined. The SPI for the combined group increased by 0.21 per cent as it went up from 184.79 points in the previous week to 185.17 points
China’s exports grew one percent in July year-on-year to $176.9 billion, official data showed Friday, in a fresh sign of weakness in the world’s second-largest economy. Imports rose 4.7 percent to $151.8 billion, the General Administration of Customs said in a statement on its website, while the trade surplus for the month narrowed to $25.1 billion from $31.7 billion in June. The July trade data, combined with figures released Thursday, provide further evidence that the economy remains sluggish despite government efforts to prop up growth and investment. Industrial production, which measures output at the country’s factories, workshops and mines, and retail sales, the main gauge of consumer spending, both slowed in July, figures released Thursday showed. A slowdown in consumer price inflation in July for the fourth straight month, however, is seen as giving authorities more room to loosen monetary policy further in a bid to boost the slumping economy.
ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) has declared the profit of Rs 96.90 for financial year ended on June 30, 2012, witnessing an increase of 34.44 percent when compared with the profit of Rs 63.52 billion in the same period of last year. The company has also announced Rs. 22.53 earning per share (EPS) for current year against Rs 14.77 EPS in the same period last year, according to a data available here. In addition, the company has declared the cash dividend of Rs.2.75 per
nflation
share or 27.5 per cent. The profit of the company has registered a rise owing to a decrease in the expenditure of exploration and prospecting, an increase of other income of company and net sales. The net sales of company was increased to Rs 197.83 billion in current year from Rs 155.63 billion and the other income of company also stood at Rs 9.66 billion in 2012 against Rs 3.30 billion in the last year. Besides, the exploration and prospecting expenditure of company has registered as decrease from Rs 6.62 billion in the current
year to Rs.4.04 billion in the same period last year. Meanwhile, Pakistan State Oil (PSO) has posted the profit of Rs.9.05 billion for financial year ended on June 30, 2012 against Rs.14.77 billion in the same period of last year. The PSO has announced Rs.52.80 EPS for the current year against Rs 86.17 EPS of the last year and in addition the corporation has also declared the cash dividend of Rs 2.5 per share or equivalent to 25 percent cent, said a statement issued by the PSO here. The corporation has recommended to issue bonus
in the week under review. As compared to the corresponding week of last year, the SPI for the combined group in the week under review witnessed increase of 7.05 percent. As compared to the last week, the SPI for the income groups from Rs.8001- 12,000, 12,001-18,000, 18001-35,000 and above Rs.35,000 increased by 0.29, 0.26, 0.21 and 0.14 respectively. During the week under review average prices of 06 items registered decrease, while that of 15 items increase with the remaining 32 items’ prices unchanged. The items which recorded decrease in their average prices during the week under review included chicken live (farm), bananas, gram pulse (washed), egg hen (farm), vegetable ghee (loose) and sugar. The items which registered increase in their
shares in proportion of 1 share for every 5 shares held or 20 per cent. Despite increase of the net sales, the profit has witnessed a decrease because of an increase in the operating expenses which went up from Rs.9.54 billion to Rs 18.16 billion in the current year. Talking to APP, Stock Analyst said that the results of PSO has caused positive sentiments in the stock market on Thursday because of the cash dividend along with Bonus shares of 20 per cent announced by the corporation which led the positive activity here. APP
prices included onions, tomatoes, LPG (11 kg cylender), potatoes, wheat, garlic, mash pulse (washed), gur, wheat flour (bag), masoor pulse (washed), red chillies (powder), rice basmati (broken), moong pulse (washed), shirting and beef. The items with no change in their average prices during the week under review included rice (irri-6), bread (plain), mutton, milk (fresh), curd, milk (powdered), mustard oil, cooking oil (tin), vegetable ghee (tin), salt (powdered), tea (packet), cooked beef, cooked dal, tea (prepared), cigarettes, long cloth, lawn, georgette, sandal (gents), chappal (gents), sandal (ladies), electric charges, gas charges (upto 100m3), kerosene oil, firewood, energy, savor 14 wats, washing soap, match box, petrol, diesel, telephone local call and bath soap.