All that glitters is gold

Having reached their 10-year historical peak, gold prices are getting dizzier at the top. Yet, given the unyielding demand generated by punters, investors, and consumers alike, prices are seen stubborn in the days ahead. Soaring inflation amid weak global economic indicators has made gold quite enchanting - a tradition that has its roots in time immemorial. By the end of the second quarter this year, global gold demand stood at 919.8 tons, down by 17 percent year-on-year, according to World Gold Council. However, in value terms, gold demand surged five percent to reach $44.5 billion. Almost half the pull came from the jewellery segment with buyers from India, China, Saudi Arabia and USA topping the list. These four countries together made...

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Posted in: Gold Rates,Gold Silver Rates

Is banking industry as sound as a bell?

The latest financial soundness indicators released by the SBP have given out mixed signals on the performance of the local banking industry. The positives first: The banking industrys profitability is on the mend due to a variety of reasons. Higher interest rates, decent deposits growth (29 percent in 18 months), availability of high rewarding sovereign investments enabling banks to sustain high level of margins and cost cutting measures both at administrative level and pouring low cost demand deposits; all helped the banks attain improved bottom lines. The commercial banks ROE jumped significantly to 14.2 percent in 1HCY11 from 10.7 percent at the end of same period a year ago. This represents a significant improvement compared to CY09 and...

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Posted in: banking industry,Pakistan,Pakistani Currency

Bunds pare losses on weak manufacturing data

LONDON: German Bunds pared losses on Thursday as weak manufacturing data out ofSpain and Italy raised worries about growth and whether euro zone countries will be able to lift themselves out of an ongoing debt crisis. Bund futures were last 3 ticks down on the day at 134.53. European stocks were also down after a three-day rally. Copyright Reuters, 20...

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Posted in: Bunds pare,manufacturing data

Euro nurses losses, eyes on US jobs data

SINGAPORE/SYDNEY: The euro steadied on Friday after a drubbing overnight on weak euro zone data, supported by talk that Asian sovereign players were buying the single currency to defend an option barrier. Some traders said the euro may trend lower in coming days, given growing worries about the euro zone growth outlook and the possibility of the European Central Bank softening its hawkish stance at next week's policy meeting. Data on Thursday showed manufacturing in the euro zone contracted for the first time in almost two years and a Spanish bond sale drew lukewarm demand. Also boding ill for the euro is its drop below an upward trendline drawn through its mid-July low and troughs hit in early August. The trendline now comes in near $1.4295...

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Posted in: Euro nurses losses,US jobs data

Mobile phone import grows by 10.15 percent

ISLAMABAD: The import of mobile phone in the country registered an increase of 10.15 percent during first month of financial year as the country imported mobile phones units worth US $49.256 million in July 2011. According to the data released by Federal Board of Statistics (FBS), during the month of July, mobile phone units costing $49.256 million were imported as compared to the import of mobile phone unites worth of $44.716 million during month of June 2011. The mobile phone import was increased by 26.29 percent as compared to the same period of last year as phone import during the month of July 2010 was recorded as mobile units costing 39.003 million. Meanwhile, import of Telecom was increased by 27.18 percent as compared to the import...

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Posted in: China Mobile,Mobile phone,Pakistan

Sindh Bank posts pre-tax Profit of Rs628mn

KARACHI: Sindh Bank Limited posted an operating profit of Rs. 628.32 million and an after-tax profit of Rs408.57 million during the period from 29th October 2010 to 30th June 2011. A spokesman of the Bank said here on Tuesday that this included pre-tax profit of Rs245.852 million and an after-tax profit of Rs156.657 million earned during the quarter ended 30th June 2011 with a network of 10 branches in operation. He said that the Bank plans to enhance its branch network to 50 by the end of the current calendar year. The profits earned during the period under report translated into an overall EPS of Rs0.41 and Rs0.16 respectively reflecting not only the continuing growth momentum but also clearly indicating robust management strategies in...

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Posted in: Lahore Trade,Pakistan,Sindh Bank

LPG's Aramco price drops to $842.50 per ton

KARACHI: The international price of liquefied petroleum gas (LPG) has declined by $ 27.50 to $ 842.50 per ton for September 2011, and local producers should reduce local LPG price by Rs2500 per ton immediately. This was stated by the acting chairman of All Pakistan LPG Distributors Association (APLDA) Mohammad Atique Khan here Tuesday. He said Saudi Armco Contract Price (CP) the price of propane has slipped by $45 to $790 per ton while butane is down by $20 to $865 per ton. Atique urged local producers to announce a cut so that LPG can become affordable for domestic consumers. High LPG prices have gone out of reach of poor consumers and therefore, its sale has declined by 45 to 55 percent in the last so many months, he added. He maintained...

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Posted in: Aramco price,LPG

Pakistan's Zardari seeks to allay Chinese concerns on terrorism

URUMQI: Pakistan President Asif Ali Zardari has promised to work closely with China in the fight against terrorism, state media said, nearly a month after Chinese officials blamed an attack in the troubled far-western region on militants trained in Pakistan. Zardari made the comments during a meeting on Tuesday with Zhang Chunxian, the Communist Party chief of the restive region of Xinjiang, at the start of a trade expo in the capital, Urumqi. His visit comes after officials in Kashgar, a city in south Xinjiang, said a stabbing attack in late July was orchestrated by members of the separatist "East Turkestan Movement" who trained in Pakistan before returning to China. Xinjiang, a region torn by ethnic violence, borders Pakistan, and some...

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Posted in: allay Chinese concerns,Pakistan Zardari