"There are no chances
for increase in sales this Eid season, as the earthquake has shifted
the focus of buyers to play a role now," said partner, Sanallah
& Co, Zaki Nawab.
(The Saturday's earthquake in
northern parts of Pakistan has dashed the sentiments of consumers.
People are not eager for Eid shopping now and most of them are
inclined to donate for earthquake victims.)
"Indian Prime Minister
Manmohan Singh during his visit to the valley on Tuesday pledged five
billion rupees to rebuild the earthquake devastated localities in held
Kashmir," said an Indian official.
"Despite bad weather,
all efforts are being made to send relief material to forward
villages. The bad weather has only slowed the process," said Army
Colonel H. Joneja.
(Bad weather is stopping
rescue teams from rescue operation.)
"We desperately want
tents for shelter, warm clothes for our children - otherwise they will
die," says Farooq Ahmad, a resident of Uri.
(Himalayan winter is the new
threat to earthquake survivors. People are homeless and can't find
shelter to protect themselves from freezing cold.)
"High inflation rate is
a great concern for the government that had touched as high as 11.5
percent, which has been brought down to 8.5 percent after liberalizing
import of essential items. Moreover, since the domestic production is
contributing now, the inflation would further decline," said
economic adviser to Prime Minister Dr. Salman Shah
(The government would be
targeting to reduce the inflation rate from current 8.5 percent to 7
percent in FY06.)
"The fiscal deficit
remains at an unacceptable high level. As revenues are rising, so is
expenditure. We are in danger of sliding back on our commitment to
fiscal responsibility," Indian Prime Minister Manmohan Singh told
heads of 15 Congress-ruled states.
"We expect 12 percent to
15 percent annual growth in China's aviation industry over the next
three to five years. Beyond 2010 the market will slow but still show
growth," said Ma Xulun, President Air China.
(Air China plans to invest
more than 3.5 billion yuan (431 million dollars) in its Beijing hub
over the next two years as it looks to key markets for future growth.)
would not affect country's GDP growth rate," said Adviser to the
Prime Minister on Finance Dr Salman Shah.
"Large-scale purchase of
medicines from the local market for donations to the relief effort in
the Northern Areas has resulted in an acute shortage of various
life-saving drugs in Karachi," according to report.
firm Impregilo and its international consortium won a 4.4 billion euro
($5.3 billion) contract to build the world's longest suspension bridge
to link Sicily to mainland Italy," spokeswoman of the company.
(Impregilo is joined by
Japan-based Ishikawajima-Harima Heavy Industries, Spain's Sacyr
Vallehermoso and small Italian firms. Impregilo beat a bid by another
consortium led by Italian rival Astaldi. Building is due to start next
year and finish in 2012.)
"America's freight rates
to Asia rising," said traders.
(Freight rates from the
Americas to Asia were rising as harvest shipments built up in the
United States and Canada)
"The government has
obtained $409 million foreign loans besides its domestic borrowing of
Rs 126.404 billion from March to May, 2005," government told the
(The Minister of State for
Finance and Revenue, Omar Ayub Khan told that foreign loans amounting
to $409 million were obtained/contracted by the government from the
banks and financial institutions. According to details, loans have
been obtained for education, water, power and governance sector.
Nearly $150 million are for power, $124.9 million for water, $27.9
million for education and around $106.2 million were obtained from
banks and financial institutions for governance sector. On the
domestic front, the government borrowed Rs 126.404 billion from the
banking and non-banking sources during the period of March to May
faces risks from oil price hike and security situation," said
Asian Development Bank report.
"Out of 90 per cent
tannery workers belonging to Punjab, Mansehra, Hazara, etc., 50 per
cent have returned to their respective affected areas. Even chowkidars
and drivers from Mansehra, Hazara and Muzaffarbad have gone
back," Korangi Association of Trade and Industry Chairman Gulzar
(Many industrial workers from
the quake-hit areas are in the process of going back, as huge rush at
upcountry bus routes and railway stations is causing delays in their
"Cut-off yield on TBs
(The State Bank kept cut-off
yield on T-Bills unchanged. It was expected that State Bank might have
increased the cut-off yield on 6-month T-bills rates to cop with
"The rise in China's
short-term foreign debt reflected continued hot money inflows, showing
speculation on a further rise in the yuan remains strong, despite the
revaluation," said Xiao Minjie, economist at Daiwa Institute of
Research in Shanghai.
(China's foreign debt rose
3.8 percent in the second quarter to $266.2 billion, indicating
continued speculation for a further appreciation in the yuan)