CCP to look into increase in Hajj fares

ISLAMABAD: The Competition Commission of Pakistan (CCP) would look into the reported increase in the Hajj fares by two international airlines. “We will use advocacy tool to look into the matter” said Chairman CCP Khalid Mirza while talking to newsmen on Thursday. He added that the CCP has received complaints from the intending pilgrims and “we are looking into it for explaining the matter”. He was of the view that there was no open sky policy agreement between Pakistan and Saudi Arabia for the airlifting of the intending pilgrims. Only two international airlines are allowed to operate Hajj flights from Pakistan to Saudi Arabia and vice versa. He was of the view that CCP is in the favour of competition between more than two airlines, in order to create competitive environment in the air fares.S Korea to provide $205m in loans to PakistanISLAMABAD: Pakistan and South Korea here on Thursday signed two loan agreements worth US$205 million under the Economic Development Cooperation Fund (EDCF). The agreements were signed by Secretary Economic Affairs Division, Farrakh Qayyum and South Korean Ambassador to Pakistan, Shin Un on behalf of their respective governments while State Minister for Economic Affairs, Hina Rabbani Khar, witnessed the signing ceremony. The first agreement was in connection with framework arrangement between the two governments concerning loans from EDCF for the year 2008-2011. Under this agreement, Pakistan would be entitled to avail opportunity of EDCF loan from South Korea up to $160 million at the interest rate of 0.1pc with repayment period of 35 years including grace period of 10 years.Trading on LSE remains at a standstillBy our correspondentLAHORE: Trading activities remained standstill at Lahore Stock Exchange (LSE) on Thursday along with the offices at the LSE building, which remained empty. However, trading of only 500 shares has been recorded as compared to the previous day’s zero share business. Over all 88 companies’ shares floated at LSE floor, out of which only Pakistan cement lost it rates while no trading has been recorded in the rest of the floated shares. LSE-25 index closed at 2823.62 points after registering a decline of 1.74 points.Reserves fall by $100mBy our correspondentKARACHI: Pakistan’s foreign currency reserves dropped $100 million or 1.5 per cent to $6.636 billion in the week ended on November 15, 2008. Reserves in the previous week that ended on November 8 stood at $6.736bn. Liquid foreign reserves with State Bank of Pakistan (SBP) came down to $3.459 billion from previous week’s $3.496 billion. Those held by other banks were also down to $3.177 billion from $3.239 billion. The fast depletion of foreign currency reserves last week pushed Pakistan to seek $7.6 billion loan from IMF. The first trench of the loan is expected sometime later this month.Rupee weaker in dull tradeKARACHI: The Pakistani rupee ended weaker on Thursday in dull trade but dealers said they expected it to remain stable for the next few weeks following a government agreement with the International Monetary Fund (IMF). The rupee was quoted closing at 79.30/35 to the dollar compared with Wednesday’s close of 79.22/28. The agreement with the IMF on a $7.6 billion emergency loan should help the rupee stabilise, at least in the short term, after a sharp depreciation of the currency this year as a balance of payments crisis developed, dealers said. The rupee has lost 22.3 per cent against the dollar this year.35pc margin on LCs removedKARACHI: The State Bank of Pakistan has decided to remove the condition of 35 per cent cash margin requirement on import letters of credit for certain items. Banks have been advised to refer to BPRD circular letter No32 dated November 11, 2008 on the above subject. However, other instructions contained in the above referred circular letter will remain unchanged, said a SBP circular here on Thursday.Jewellery, investment demand buoys goldLONDON: Gold prices rose on Thursday, buoyed by interest from jewellery makers and investors seeking safety, but a stronger dollar against the euro and lower oil prices are expected to weigh on sentiment. Spot gold was higher at $742.35/744.35 an ounce at 1407 GMT from $732.40 in New York late on Wednesday when it touched $762.30 an ounce, its highest in more than a week. Data from the World Gold Council showing an 18 per cent jump in demand for gold to 1,334.4 tonnes and a 56 per cent rise in investment demand to 382.1 tonnes in the third quarter has helped sentiment.BoK officers ask govt to solve problemsBy our correspondentPESHAWAR: The Bank of Khyber Officers Association (BoKOA) on Thursday demanded of the government to solve problems being faced by bankers. The demand was made by the association members at a meeting with Provincial Finance Minister Humayun Khan in the chair. The participants urged the minister to help resolve issues regarding bonuses, housing society, and living allowance. They demanded of the government to play its role in the release of bonus to the staff ahead of Eidul Azha. BoKOA General Secretary Saifur Rehman said despite current economic crises, the BoK has earned Rs600 million profit in nine months; which is 46 per cent higher than that of the last year. The finance minister asked the BoK managing director to look into the matter and resolve the issue immediately and also consider other issues on priority basis. Towel exporters seek R&D supportKARACHI: Towel manufacturers have urged the government to cut mark up rates and also allow them R&D facility as the cost of input has increased manifold during the last eight months.In a statement here on Thursday, former chairman, Korangi Association of Trade and Industry (KATI) and leading towel manufacturer, Sheikh Manzar Alam said that the cost of raw material, dyes and chemicals has increased exorbitantly and towel exporters cannot compete in the international market unless R&D support is available to them and mark up is reduced. He said that industrial production was declining in the country due to rising cost of business and feared that this can lead to unemployment. He said that there was an urgent need to save the textile industry from crisis as it accounts to 70 per cent of the country’s total exports.PQ activityKARACHI: Cargo throughput at Port Qasim (PQ) during the 24 hour period ended 0800 hours on Thursday, stood at 63,782 tonnes; comprising 47,914 tonnes imports and 15,868 tonnes exports. Berth occupancy was maintained at seventy per cent, where seven vessels ACX Marguerite, CMA CGM America, Musan, Gan Bake San, Darya Radhe, Ginga Cougar and YM Cultivation were loading/offloading containers, cement, wheat, chemicals and coal respectively during the said period. Kobe, QIA Fuja’a and Marion Green carrying containers and project cargo were expected to berth at Container terminal and Multipurpose terminal respectively, later on Thursday, while Fatima, CSAV Morumbi, Sea Sky and Ann were due at PQ the same day.World’s poorest nations call for more aidSIEM REAP, Cambodia: The world’s poorest countries on Thursday called on rich nations to continue giving aid despite the global financial crisis. The appeal from trade ministers and representatives from nearly 50 Least Developed Countries ended two days of talks in Cambodia’s tourist hub Siem Reap to discuss trade and the credit crunch. Jointly organised by the UN Industrial Development Organisation (UNIDO) and the World Trade Organisation (WTO), the meetings discussed the need for an Aid for Trade (AFT) initiative to speed up trade reforms in poor countries.


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