Daily Archives

September 13, 2012

FBR reduces GIDS to Rs50/mmbtu

KARACHI, September 13, 2012: In order to facilitate the business community the government has halved the recently imposed Gas Infrastructure Development Surcharge (GIDS), Geo News reported. The Federal Board of Revenue (FBR) has issued a notification in this regard. According to notification the GIDS has been reduced to Rs50 per mmbtu from an earlier Rs100 levied in the budget for the current year. Economists said the government after this reduction would be able to collect only around…

Waran Canal Irrigation System in KP

‘US to provide $12 million funds for construction’ ISLAMABAD, September 13, 2012: The United States will provide $12 million to fund construction of the Waran Canal Irrigation System that will supply year-round irrigation to 28,000 acres in Tank Tehsil, Khyber Pakhtunkhwa (KP). The Waran Canal will expand other US-funded irrigation systems in the area to cover a total of 191,000 acres, enabling thousands of farmers to increase production of agricultural goods. “Water is…

Spot gold to peak around $1,800 in four weeks

By Imaduddin SINGAPORE, 13 September 2012: Spot gold may peak around $1,800 in four weeks and fall towards $1,600 per ounce thereafter. The current short-term uptrend from the May 16 low of $1,527 is considered as a part of a correction that started from the 2011 high of $1,920.30. The correction will develop three big waves labelled as A, B, C, and is approaching the end of the wave B. The wave B could have adopted a flat pattern, which means its three smaller waves,…

NY sugar to test resistance of 20.03 cents

By Shoaib-ur-Rehman Siddiqui Thursday, 13 September 2012 SINGAPORE: New York October sugar will test a resistance at 20.03 cents per lb, a break above which will open the way towards 20.79 cents. The resistance is at the 23.6 percent Fibonacci retracement on the fall from 24 cents to 18.81 cents, blocking the way towards 20.79 cents, the 38.2 percent level. The current rebound from 18.81 cents is against a preceding five-wave cycle, it has a good chance to eventually reach 20.79…

NY coffee to retrace to $1.7505

By Shoaib-ur-Rehman Siddiqui SINGAPORE, 13 September 2012: New York December coffee will retrace to $1.7505 per lb as it failed to break a resistance of $1.7940 at its second attempt. The resistance is at the 61.8 percent Fibonacci retracement on the fall from $1.9355 to $1.5655, and has triggered a three-wave correction towards the 50 percent level at $1.7505. So far only two waves have completed, the third wave - the wave c, will drive the price down to $1.7505 again. A rise…

Rising stocks to drag on palm oil futures

By Imaduddin KUALA LUMPUR, 13 September 2012: Malaysian palm oil futures dropped on Thursday on expectations of output rising this month that could lead to a stock build-up, although losses were limited by expectations of strong Asian demand and tight supply of competing soyoil. Palm oil prices have lost 8 percent so far this year thanks to the euro zone debt crisis stirring concerns of weaker global growth and commodity demand. In recent weeks, palm oil has dropped below 3,000 ringgit…

Tarbela dam filled to its maximum level

September 13, 2012: The Indus River System Authority (Irsa) has filled the world's biggest earth filled Tarbela Dam on River Indus to its maximum level of 1,550 feet storing 6.77MAF water in the reservoir. Irsa is now releasing all the run of the river water downstream the dam for hydel power generation and irrigation purposes. Meanwhile the authorities have further reduced outflow from the Mangla Dam on River Jhelum to 8,000 cusecs to retain maximum water in the dam which is far behind…

US, Japan pledge assistance for Diamer Bhasha Dam

By Zafar Bhutta ISLAMABAD, September 13, 2012: The United States has shown its willingness to partially finance the gigantic Diamer Bhasha Dam to ease water and power shortages in Pakistan and this comes at a time when multilateral donors have backed down on assurances of funds following Indian objections. “Diamer Bhasha Dam needs massive financing and we can extend partial assistance for the project,” US Agency for International Development (USAID) Country Director Jock Conly told The…

Punjab World Bank Loan

http://youtu.be/9Ok63sz0lzU World Bank has approved $220 million loan for the province of Punjab Courtesy: Geo News

Pakistan buys canola from Australia and Black Sea

HAMBURG, September 13, 2012 : Importers in Pakistan have in past weeks purchased 33,000 tonnes of canola – also known as rapeseed – from Australia and a further 19,000 tonnes from the Black Sea region, European traders said on Wednesday. The Australian canola is for October shipment and was priced at $690 a tonne c&f, traders said. The Black Sea purchase was for shipment between Sept. 15-Oct. 15, while the price was unclear but thought to be around $695 a tonne c&f.…

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