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12 foreign cos registered with SECP in Nov

osamakhaliq — Wed, 09 Dec 2009 05:51:44 +0000

12 foreign cos registered with SECP in Nov By Israr Khan ISLAMABAD: Despite poor law and order situation in the country due to war on terror, the economy still has potential to attract foreign investors as during November 12 foreign companies registered themselves with the Securities and Exchange Commission of Pakistan (SECP). It sends a strong signal to foreign investors to invest in various untapped sectors of the country. The 12 companies belong to different countries around the globe including Australia, USA, Russia, Germany, China, Italy, Turkey, Bangladesh, Iraq and Lebanon. Foreign investment has been made in four companies in the trading sector, two companies each in transport, information technology and services sectors and one company each in food and beverages and agriculture farming. Including these foreign companies, total registration of companies stood at 189 during November 2009. Among these, two and a half dozen companies were in the services sector, followed by 23 in trading, 19 in information technology, 17 in construction and 14 in food and beverages. With these 189 new registered companies, total corporate portfolio at the end of November rose to 54,166 registered companies. The 189 companies incorporated during the month comprise one public unlisted company, 175 private companies, 11 single-member companies and two associations not for profit under section 42 of the Companies Ordinance 1984 (the ‘Ordinance’). Total authorised capital and paid-up capital of companies, incorporated during November, amounted to Rs4,895 million and Rs189.74 million respectively. During the month, the number of new incorporations was the highest in Lahore, where 73 companies were registered, followed by Islamabad registering 56 companies and Karachi 49 companies. Peshawar, Faisalabad, Multan and Quetta registered 5, 3, 2 and 1 company respectively. During the month, the commission granted licence to one association not for profit under Section 42 of the Companies Ordinance, having social services objectives.

Gold falls 2pc

osamakhaliq — Wed, 09 Dec 2009 05:49:26 +0000

Tuesday, December 08, 2009
LONDON: Gold prices fell 2 per cent to session lows in Europe on Monday, on selling prompted by the dollar’s rise to a five-week high versus the euro following above-consensus jobs data in the previous session.

Spot gold and was bid at $1,147.85 an ounce at 1031 GMT, against $1,159.55 late in New York on Friday. Earlier it hit a two-week low of $1,135.80 an ounce, but quickly bounced. Friday’s much better than expected non-farm payrolls data prompted speculation the US Federal Reserve may lift interest rates from their current historic lows sooner rather than later, which could help the dollar and cut support for gold.

However, the metal’s underlying appeal as a hedge against potential inflation and ongoing instability in the financial markets mean prices are likely to find support around these levels, analysts said. “The first line of support is around the $1,135 area. So far we have held that level,” said Tom Kendall, precious metals strategist at Mitsubishi Corp.

He said while the jobs data and the dollar’s subsequent bounce were pressuring gold, he did not expect to see a significant change to expectations for US monetary policy. “I don’t think a couple of data points are really enough to make people readjust their expectations of what the US Treasury and the Federal Reserve are going to be doing in the next six to nine months,” he said.

The market was generally expecting a move on rates from Q3 2010 onwards, and I think once this settles down that is still going to be the case.” US gold futures for February delivery on the COMEX division of the New York Mercantile Exchange fell $21.40 to $1,148.10 an ounce.

The US currency has been depressed for much of the year on the view that US rates will stay low while those elsewhere rise. Strength in the US unit cuts gold’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies. “Will this start a larger dollar recovery as investor confidence is restored in USA Inc…. or will investors merely view this as a temporary correction in an otherwise deeper bear trend?” said James Moore, an analyst at TheBullionDesk.com.

“We are unconvinced of the former at present and believe there are plenty of factors to support the latter, particularly the scale of debt accumulated through the US’s quantitative easing programme.” Other commodities also fell, with oil prices easing below $75 a barrel, tracking weaker equities

Pakarab to convert investment into loan

osamakhaliq — Wed, 09 Dec 2009 05:26:58 +0000

Tuesday, December 08, 2009
KARACHI: Pakarab Fertilizers has planned to convert its Rs2 billion investment in Fatima Fertilizer Company into a loan and make further investment by way of loan.

According to a communique despatched to the Karachi Stock Exchange on Monday, the company said that an extra ordinary meeting has been convened on December 28 to approve this plan.

The loan will enable Fatima Fertilizers to meet the project cost of its upcoming plant which is expected to cost Rs59.238 billion and scheduled to commence production by end of the current year.

The total authorised investment limit is Rs10 billion inclusive of Rs2 billion investment already made on August 28, 2009 while another Rs2.238 billion will be invested in the form of subordinated loan.

Osamakhaliq's Weblog

12 foreign cos registered with SECP in Nov

Gold falls 2pc

Pakarab to convert investment into loan

Tuesday, December 08, 2009 KARACHI: Pakarab Fertilizers has planned to convert its Rs2 billion investment in Fatima Fertilizer Company into a loan and make further investment by way of loan.

Tuesday, December 08, 2009
KARACHI: Pakarab Fertilizers has planned to convert its Rs2 billion investment in Fatima Fertilizer Company into a loan and make further investment by way of loan.