INDUSTRY

 

Dec 02 -Dec 15 , 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

2 MILLS START CRUSHING 

Out of 27 sugar mills in Sindh, the managements of two sugar mills started sugarcane crushing, while eight others have notified to start crushing on December 10.Cane commissioner, Sindh, Mohammed Siddique Memon, informed APP, Ranipur Sugar Mill and Khairpur Sugar Mill had started crushing, while the managements of eight other sugar mills have assured to begin crushing on December 10, 2002.

 

He, however, said cases had been filed in the relevant court of law against 25 sugar mills on charge of their failure in start of crushing season.

The cases against these mills have been filed under section 8 r/w 2 (H) Sindh Sugar Factories Control Act 1950, punishable under section 21 (A) of the same act, Siddique added.

These sugar mills are: Al-Abbas Sugar Mill; Fauji Sugar Mill, Tando Muhammed Khan; Larr Sugar Mill; Sindh Abadgar Sugar Mill; Sanghar Sugar Mill; Al-Asif Sugar Mill; Tharparkar Sugar Mill; Fauji Sugar Mill, Khoski; Habib Sugar Mill; Al-Noor Sugar Mill; Ansari Sugar Mill; Army Welfare Sugar Mill; Bawani Sugar Mill; Digri Sugar Mill; Dewan Sugar Mill; Faran Sugar Mill; Khairpur Sugar Mill; Larkana Sugar Mill; Mirza Sugar Mill; Mirpurkhas Sugar Mill; Pangrio Sugar Mill; Sakrand Sugar Mill; Seri Sugar Mill; and Shah Murad Sugar Mill.

Though the managements of eight sugar mills have intimated to start crushing on December 10, but cases were also filed against them.

IMF WANTS NEW GOVT TO STABILIZE REFORMS

The continuation of reforms by the new government is essential for Pakistan's growth and poverty reduction objectives, believes the IMF.

According to official sources, the IMF has linked its assistance with the continuation of broad economic and financial agenda introduced by President Musharraf's government three years ago.

The Fund officials were expecting from Prime Minister Mir Zafarullah Khan Jamali's government to further stabilize the process of reforms by deepening essential reforms specially in the field of banking sector, privatization, state enterprises and fiscal consolidation.

Sources said that the Fund officials presumed that conditionalities attached with three years $1.3 billion Poverty Reduction Growth Facility (PRGF), including gradual increase in the prices of various utilities, will be implemented by the new political government.

GOVT ORDERS CANE CRUSHING

The government has asked sugar mill owners particularly in Sindh to immediately make full use of their mills to start the crushing season.

Official sources told that the directive was issued by Minister for Industries and Production Liaqat Ali Khan Jatoi.

The sources said that the minister was informed at a meeting that crushing season has been delayed in Sindh by the sugar mill owners, which was creating a lot of hardships for the growers. The growers were not only getting depressed sugar rates but were also losing in weight as the sugarcane was drying out.

The sugar mill owners have been demanding levy of regulatory duty on imported sugar but the finance ministry had refused to entertain the demand for the fact that crushing season was not in full swing and that there were no reports of sugar import.

AUTO SECTOR OUTPUT, SALES JUMP

The entire auto sector showed an impressive performance in October 2002, marked by rising sales of cars by 33 per cent and bikes 55 per cent, followed by increase in sales of trucks, buses and light commercial vehicles (LCVs) by 141, 124 and 36 per cent, respectively.

Only tractor segment was the exception as the combine sales plunged by 12 per cent due to decline in Millat (MF) tractors sales, otherwise sales of Al-Ghazi had improved by 7.1 per cent in October as compared to same month of last year.

Data released by Pakistan Automotive Manufacturers Association (PAMA) showed car sales of 4,626 units in October as compared to 3,485 units in same month of 2001. Production jumped by 49 per cent to 4,672 units from 3,138 units. A 30-per cent increase was witnessed in production of car during July-October 2002 to 17,417 units from 13,384 units in four months of 2001. Sales went up by 24 per cent to 17,351 units from 13,970 units.

JOBLESS, POVERTY MAY TOP AGENDA

Rising unemployment and growing poverty in the country are expected to be the dominating issues of the first cabinet meeting of the multi parties coalition government led by Prime Minister Mir Zafarullah Khan Jamali.

No firm date for the meeting has been indicated, but business leaders claiming to be in touch with relevant people in Islamabad, expect the 21-member cabinet to meet sometimes in first week of December.

With more than 12 million men and women unemployed and almost 50 million people living below the poverty line in the country, the cabinet is expected to hear from Shaukat Aziz, the former finance minister and now adviser to the Prime Minister on finance, revenue and economic affairs, the long and short term strategy to combat this twin menace.

PHARMA COS IN PURSUIT OF CONSOLIDATION

While Glaxo Wellcome is in the throes of amalgamation of business with Smith Kline & French and Beecham Pakistan, Abbott Laboratories (Pakistan) Limited has unveiled plans of expansion , extension and upgradation of operations at a cost of Rs330 million. The plan is expected to be completed by 2004.

The Board of directors of Abbott Pakistan, decided to consolidate the two manufacturing facilities now owned by Abbott, following the merger of former Knoll Pharmaceutical Limited with Abbott Pakistan Limited.