Pakistan on right track: World Bank \ Business Rcorder
ISLAMABAD (February 07 2010): The World Bank has committed up to $1.3 billion for Pakistan in the 2009/10 fiscal year and violence in the country will not deter it from continuing its projects, a World Bank official said. Out of new loans committed for this fiscal year, $300 million had been disbursed, Yusupha Crookes, World Bank country director for Pakistan, said in an interview.
Phutti arrivals jump by 44.3pc in Sindh \ Dawn
KARACHI (February 07 2010): Sustained flow of phutti from Sindh fields has helped cotton production to cross 12.513 million bales brightening the prospects of exceeding last year production of 12.5 million bales.
MARKETS
Oil down four percent \ Business Recorder
NEW YORK (February 06 2010): Oil slid 4 percent to below $71 per barrel on Friday as a stronger dollar and data showing additional US job cuts as investors fled from risky assets like commodities. It was the second straight session of steep declines, as oil prices on Thursday posted their biggest one-day fall since July. US crude oil for March delivery fell $2.92 to $70.22 per barrel by 1:56 pm EST (1856 GMT) after reaching a session low of $69.50. US crude on Thursday closed down 5 percent.
SECTORAL
State Bank grants MCR exemption to 13 banks \ Dawn
KARACHI (February 06 2010): The State Bank has provided exemptions to 13 banks from meeting the minimum paid-up capital requirement as most of these banks failed to meet the limit set by the regulator, chief spokesman of State Bank said on Saturday.
OGDCL and PPL to benefit from wellhead gas prices \ Daily Times
KARACHI (February 06 2010): Oil & Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) are poised to benefit immensely from wellhead gas prices of Qadirpur Gas Fields, made a day earlier.
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