February 25, 2020 (MLN): Flying Cement Company Limited has decided to increase the Authorized Share Capital of the company from Rs 2,000,000,000 or Rs 2 billion divided into 200 million ordinary shares of Rs 10 each to Rs 4 billion divided in to 400 million ordinary shares of Rs 10 each.
The above information was disseminated by the company via notification to Exchange.
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February 25, 2020: Pakistan is planning to sign a Memorandum of Understanding (MoU) with Kingdom of Saudi Arabia (KSA) to formalize export of its manpower which envisaged the gulf state as a prospective employment destination.
“The MoU is likely to be signed during the forthcoming visit of Prime Minister Imran Khan to Saudi Arabia,” a senior officer in the ministry of Overseas Pakistanis and Human Resource Development (OP&HRD) told APP on Tuesday.
After the signing of MoU, Pakistani emigrants choosing Saudi Arabia as a potential destination for employment would start getting Standardized Labour Contract (SLC) from their employers.
He said the agreement, once signed, would help evolve a mechanism for early dispute resolution between Pakistani labourers and their foreign employers.
It would also help both countries in exploring new avenues in the field of the workforce.
To a query, he said Pakistan’s manpower export through ‘Musaned’, a digital platform launched by the Kingdom to facilitate the labour recruitment process and ensure the protection of workers’ rights, would also become possible after signing of this agreement.
February 25, 2020: Zubair Motiwala, Patron of SITE Association of Industry, has in a press statement, appealed the government to allow early clearance of import consignments containing dyes & chemicals, from China.
He said that Pakistan’s imports from China are of USD 12 billion and mostly comprise of dyes & chemicals which are the basic raw material for the textile sector – the biggest foreign exchange earning sector in Pakistan.
Motiwala said that It is a known fact that prices of raw material are increasing due to consignments stuck up at Chinese ports and other alternative suppliers such as Korea, Taiwan and India have now either stopped supplying or quoting 30 to 35 pc higher prices. Members are complaining that it is becoming difficult to continue production activities due to a shortage of raw material, while prices in the local market have gone up by 50-100 pc.
He further added that in such a scenario, the opportunity of increasing exports has now become the question of survival for local textile industries. Everyone is talking about increasing exports from the country, but the fact is that production cannot be undertaken in the absence of raw material. The value-added textile sector requires an ample quantity of dyes & chemicals to complete processing & finishing of the fabric. It is obvious that no one keeps the inventory for more than 1 or 2 months due to cash flow constraints as a large number of exporters are stuck up in sales tax refunds. Also, every item doesn’t utilize simultaneously and sometimes, one item is required and some other item available in stock is not needed.
“Therefore, it is feared that exports, instead of increasing with the kind of advantage, it might be the other way round as it is in common knowledge that orders are based on season to season at least for six months in advance and if this price hike continues and consignments are not timely cleared, production would suffer and industries would not be able to complete their orders on time and as per commitment”, Motiwala remarked.
Zubair Motiwala has requested Prime Minister, Finance Minister, and Commerce Minister to foresee this situation and take urgent measures, as import consignments are lying on Chinese ports and Pakistan Embassy and Consulate in China be directed to work in this regard. If the situation prevails, other countries would increase raw material prices further. The govt. should immediately withdraw all the levies and front-loading with immediate effect so that there should be minimum burden on cost escalation on the products which is being sold earlier to this crisis.
February 25, 2020 (MLN): Precious metal prices plunged today. Gold price lost Rs 1,150 in today’s session to settle at Rs 95,150 per 12 gram i.e. almost 1.20% lower than yesterday’s close in the local market.
According to the Karachi Sarafa Association, gold price per 10 gram clocked in at Rs 81576, down by Rs 986 from Rs 82,562 per 10 in the previous trade.
As a result of a decrease in demand for silver, the silver prices edged lower by Rs 10 and closed at Rs 1050 per 12 gram. Similarly, 10-gram silver witnessed a decrease of Rs 8.57 to peg at Rs 900.2.
In the global market, gold prices dropped by $29 to $1,655 per ounce, while silver was valued at $18.50 per ounce.
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February 25, 2020: The export of pharmaceutical goods from the country witnessed an increase of 4.49 percent during the first seven months of the current financial year (2019-20) as compared to the export of corresponding period of last year.
The pharmaceutical exports were recorded at $129.100 million during July-January (2019-20) as against the export of $123.555 million during July-January (2018-19), showing the growth of 4.49 percent, according to the Pakistan Bureau of Statistics (PBS).
In term of quantity, the export of pharmaceutical products also increased by 8.25 percent by going up from 7,588 metric ton to 8,214 metric ton, according to the data.
Meanwhile, year- on- year basis the pharmaceutical export, however, witnessed a nominal decline of 0.41 percent during the month of January 2020 as compared to the same month of last year.
The pharmaceutical exports in January 2020 were recorded at $16.999 million against the export of $17.069 million in January 2019, the PBS data revealed.
On month- on- month basis, the exports of pharmaceutical product decrease by 12.30 percent in January 2020 when compared to $19.384 million in December 2019.
It is pertinent to mention here that the country's merchandise trade deficit plunged by 28.40 percent during the first seven months of the current fiscal year (2019-20) as compared to the deficit of the same month of last year.
During the period under review, the country’s exports registered about 2.14 per cent growth, whereas imports reduced by 15.95 per cent, according the foreign to trade statistics, released by the Pakistan Bureau of Statistics (PBS).
During the period from July-January (2019-20), exports reached to $13.498 billion against the exports of $13.216 billion of the same period of last year, it added.
Meanwhile, the country’s imports witnessed a significant decrease of 15.95 % as these went down from $32.420 billion in first seven months of last financial year to $27.249 billion of the same period of the current financial year, it said.