QSC agrees to security
The Quota Supervisory Council (QSC) has agreed to readymade
garments proposal that security deposits should be waived for exporters who submit bank
guarantees for reserving quotas on first come first served basis.
The QSC also agreed that part of the earning made through quota auction
by the government should be reserved for meeting expenses of technical training institutes
of the sector and other export related activities.
The proposals will be put up to the Ministry of Commerce for final
The agreement came during exchange of views on the quota policy for
2000 between Abdul Razzak Teli, chairman QSC and members of Pakistan Readymade Garments
Manufacturers and Exporters Association (PRGMEA) at a dinner meeting on Tuesday.
Contracts for 703,800 cotton bales
Trading Corporation of Pakistan (TCP) has made contracts for
procurement of 703,800 bales of Afzal and other quality lint cotton from ginners by
December 07,1999 throughout the country.
According to figures received from TCP on Wednesday out of total
contracts made with ginners 71,100 cotton bales so far were delivered in corporation's
godowns in Karachi and Multan.
TCP said it procured 632,400 bales of MNH/Afzal and other types lint
from Punjab, 53,900 bales of K-68/1414 and other types from upper Sindh and 12,500 bales
of Niab/Nemis and other types from lower Sindh.
TCP is paying Rs. 1,500 per maund for Afzal grade lint cotton and
paying premium and discount for the superior and inferior quality cotton respectively.
'Small farmers be exempted from taxes'
All taxes including farm tax, revenue and abiana (water charges) should
not be collected from farmers who own less than 25 acres of the irrigated land.
This call was given at a Kisan convention here on Wednesday with
Chaudhry Manzoor Ahmad in the chair. The conference which was attended by hundreds of
farmers from the surrounding villages of Toba Tek Singh and Faisalabad districts passed a
number of resolutions. A resolution demanded abolition of feudalism for the unhindered
development of the country.
34 per cent of listed cos declare dividend
A total of 382 companies, which measured to nearly a half of all the
773 listed companies had posted profit for the year 1998, but only 266 companies or 34 per
cent declared dividends, the Karachi Stock Exchange (KSE) annual report 1999, revealed.
The report indicated that the figures were up to end-October 1999 by
which date 70 companies had not announced results and eight others were yet to begin their
commercial operations. Compared to the earlier year, however, the overall performance of
listed companies was gloomier, both in respect of declaration of profit and payment of
A company performance table appended to the KSE 1999 annual report
showed that the leasing sector was the star performer where 29 of the 32 listed companies
(91 per cent) returned profit during 1998 and 20 of those companies (63 per cent) declared
Fuel & Energy sector was also front runner with 22 (79 per cent) of
the 28 companies reporting profit and 20 (71 per cent) of them distributing dividends to
The low profile paper & board sector also showed healthier
statistics with 11 (73 per cent) of the total 15 quoted scrips in the black and eight of
them announcing payouts.
The performance of insurance companies almost matched that of the
investment companies/ securities companies/banks. Both sectors carried 39 companies under
their fold, of which 25 posted profit and 15 of them declared dividends.
Of the 39 mutual funds, 23 reported profit for 1998 and all but one
declared dividends. Twenty five of the 48 modaraba companies reported profit but only
one-half of them announced payouts for the certificate holders.
Of the 22 companies quoted on the food & allied sector, 25
companies on the auto & allied engineering and 41 companies on the chemical &
pharmaceutical sector, 13, 15 and 25 companies, measuring to around 60 per cent in each
case reported earnings, but 12, 10 and 23 companies or 55,40 and 56 per cent of them,
Default cases discussed
The loan default cases of Rs 100 million and above were deliberated
upon by the senior officials of Attorney General's Office and loan recovery department
officials of various banks at 5 Corps Monday, official sources said.
The meeting evaluated in detail the legal aspects of the loans extended
by banks to the defaulters.
The loan recovery departments were given 9-page performa asking them to
give details of the loan amount, the period in which the loan was extended, the project
detail, the head of the bank and his second in command in the bank, the whereabouts of the
company supposed to be set up under the loan, and details of collaterals.
Pakistan, Bahrain to further strengthen ties
Chief Executive General Pervez Musharraf held wide-ranging talks on
bilateral relations with the Amir of Bahrain Shaikh Hamad bin Isa Al-Khalifa at the Shaikh
Hamad Palace here on Wednesday afternoon and the two leaders agreed to further cement
their existing bonds of friendship.
The Amir of Bahrain extended full support to General Musharraf and
hoped Pakistan would progress under his able leadership. He invited the chief executive to
visit Bahrain again. The Amir was also invited by the chief executive to pay a visit to
Prime Minister of Bahrain Shaikh Khalifa bin Salman AlKhalifa was also
present on the occasion. Foreign Minister Abdul Sattar assisted the Chief Executive at the
talks spreading over 30 minutes.
China offers technology
Quite a few Chinese companies have shown keen interest in joint
ventures with the business community of Sialkot with a view to transferring technology and
latest machinery from China to Pakistan, especially Sialkot. "China can help the
Sialkot business community in the provision of the latest technology for the use of
surgical, sports goods, leather garments manufacturing," said the leader of the
Chinese trade delegation. The team was led by Mr Lau Schulan of Qing Qi which visited
various industries in Sialkot.