Friday, March 26, 2010
Friday, December 18, 2009
‘Comprehensive partnership to boost Pak-Lanka trade’
Friday, December 18, 2009
By our correspondent
KARACHI: If a Comprehensive Economic Partnership Agreement (CEPA) is signed between Pakistan and Sri Lanka, it will boost trade between the countries and market access to other markets like India, China and the EU.
This was said by the VS Sidath Kumar, Consul General of Sri Lanka at a seminar on Pak-Sri Lanka Free Trade Agreement, co-organised by the Karachi Chamber of Commerce & Industry with the support of Sri Lankan Consulate. He said CEPA will incorporate trade in goods, services, investment and customs cooperation.
“Under the agreement, Pakistani businessmen could manufacture products in Sri Lanka, which can be exported to India under Sri Lanka FTA and EU GS Plus scheme,” added he. Speaking on the occasion, Abdul Majid, KCCI President, said currently, according to the Free Trade Agreement (FTA) signed on June 12, 2005 Sri Lanka now enjoys duty free market access on 206 products in the Pakistani market including tea, rubber and coconut.
Where as Pakistan, in return, has duty free access to 102 products in the Sri Lankan market. These products include oranges, basmati rice and engineering goods.
However, he announced that a number of products that can be imported from Sri Lanka to Pakistan have increased to around 4,000 which is under final phase of free Trade Agreement (FTA) between the two countries.
He said in FTA Sri Lanka will abolish customs duty on 4,527 tariff lines of 5,224 at six-digit level over three years and enjoy duty free benefits on exports of natural rubber, coconut products, spices, natural graphite, paper and paper products, copper and aluminum products.
Country’s teledensity intact at 62pc
Friday, December 18, 2009
By our correspondent
KARACHI: The Pakistan Telecommunication Authority (PTA), in the recently released data for October, says overall teledensity of the country kept almost intact at 62.4 per cent for the month. Penetration of all sub-segments of the industry including cellular, landline and wireless local loop also stayed muted at 58.6 per cent, 3.8 per cent and 1.6 per cent respectively.
During the month, the lukewarm growth trend further strengthened in the cellular segment with monthly net additions at just 10,000 taking the total to 95.9 million subscribers.
Subscriber additions during October 2009 were 114,000 lower than the addition in September 2009. Overall, the industry’s moderate subscriber additions are primarily attributable to the PTA’s recently launched unregistered/illegal SIMs blockage campaign.
According to telecom analysts, it is expected that subscriber additions in the segment are likely to remain dismal during the next a few months due to this factor.
As far as individual player level performance is concerned, Ufone was the worst performer of the month by losing almost 775,000 subscriber during the months. On top level, the additions for the industry stood at 785,000 subscribers.
However, a steep decline in Ufone’s subscriber base just mitigated the overall impact of addition on net basis.
Other than this, on subscribers basis, Ufone also lost its position as the third largest cellular company of the country.
Mobilink remained the market leader with 30.2 million (32 per cent) subscribers while the second position was held by Telenor with 22.0 million (23 per cent) subscribers. While, third position is narrowly shared by Warid and Ufone with 19 per cent market share for each.
However, Warid’s base is almost 254,000 higher than that of Ufone. Interestingly, on year to date basis, Mobilink has added 725,000 new subscribers (highest on net basis) while Ufone lost almost 1.7 million subscribers (lowest on net basis) during FY10. According to the data, WLL players attracted approximately 32,000 subscribers during October 2009 with their subscriber base expanding to 2.7 million growth of 4 per cent over end-June 2009 (FY09) level.
Furthermore, on monthly basis, the subscriber addition also remained higher than the September’s addition of 16,000 subscribers. For the month, Wateen attracted the highest subscribers at 16,000 or 4,000 higher additions than that of September 2009.
By our correspondent
KARACHI: The Pakistan Telecommunication Authority (PTA), in the recently released data for October, says overall teledensity of the country kept almost intact at 62.4 per cent for the month. Penetration of all sub-segments of the industry including cellular, landline and wireless local loop also stayed muted at 58.6 per cent, 3.8 per cent and 1.6 per cent respectively.
During the month, the lukewarm growth trend further strengthened in the cellular segment with monthly net additions at just 10,000 taking the total to 95.9 million subscribers.
Subscriber additions during October 2009 were 114,000 lower than the addition in September 2009. Overall, the industry’s moderate subscriber additions are primarily attributable to the PTA’s recently launched unregistered/illegal SIMs blockage campaign.
According to telecom analysts, it is expected that subscriber additions in the segment are likely to remain dismal during the next a few months due to this factor.
As far as individual player level performance is concerned, Ufone was the worst performer of the month by losing almost 775,000 subscriber during the months. On top level, the additions for the industry stood at 785,000 subscribers.
However, a steep decline in Ufone’s subscriber base just mitigated the overall impact of addition on net basis.
Other than this, on subscribers basis, Ufone also lost its position as the third largest cellular company of the country.
Mobilink remained the market leader with 30.2 million (32 per cent) subscribers while the second position was held by Telenor with 22.0 million (23 per cent) subscribers. While, third position is narrowly shared by Warid and Ufone with 19 per cent market share for each.
However, Warid’s base is almost 254,000 higher than that of Ufone. Interestingly, on year to date basis, Mobilink has added 725,000 new subscribers (highest on net basis) while Ufone lost almost 1.7 million subscribers (lowest on net basis) during FY10. According to the data, WLL players attracted approximately 32,000 subscribers during October 2009 with their subscriber base expanding to 2.7 million growth of 4 per cent over end-June 2009 (FY09) level.
Furthermore, on monthly basis, the subscriber addition also remained higher than the September’s addition of 16,000 subscribers. For the month, Wateen attracted the highest subscribers at 16,000 or 4,000 higher additions than that of September 2009.
Strikes hit Europe amid anger over recession, austerity
Friday, December 18, 2009
PARIS: Anger over the fallout from the crippling recession mounted across Europe on Thursday with strikes against austerity measures and court battles over threatened stoppages.
Europe’s busiest commuter train line remained strike bound for an eighth day, tens of thousands of Greek workers staged a protest against government spending cuts while British Airways took court action against a crippling Christmas walkout.
Even at a local level, the fallout from the financial crisis is being felt.
A French police union has called for a parking ticket strike to protest at blocked pay talks.
Hundreds of thousand of Paris commuters struggled to work in heavy snow on Thursday as a strike on the main regional commuter lines crossing the French capital spread.
Up to 320 kilometres (200 miles) of traffic jams were reported around Paris because of the strike and bad weather. The RER A line carries more than one million passengers a day, making it one of the world’s busiest lines.
The Paris transport authority has had to bring in managers to drive trains for a skeleton service for two hours in the morning and two in the evening. But there are mounting protests by passengers.
In Greece, thousands of teachers, hospital doctors and journalists answered a call for a protest strike made by communist unions against spending cuts ordered by the Socialist government to head off national bankruptcy.
Protests were organised in Athens about 60 other towns across Greece. But two powerful transport unions, the GSEE and ADEDY, which are socialist-led did not join the strike call, minimising the public disruption.
Prime Minister George Papandreou this week proposed major curbs on public sector hiring and pay, a 10-per cent cut in social security and “a significant reduction in military expenditures.”
He also called for a 90-per cent tax on bonuses at banks and an overhaul of the fiscal system to raise more revenue for the state as the state deficit is set to rise to 12.7 per cent of output this year well beyond the 3.0 per cent limit imposed for euro currency members.
A London court was to rule on the legality of a planned 12-day strike by British Airways cabin crew which threatens the Christmas holiday plans of up to one million people.
Some 12,500 British Airways cabin crew plan a mass walkout from December 22 until January 2 in protest over working conditions at the airline which has ordered major job cuts because of the crisis in the air industry.
More last-ditch talks between BA executives and union bosses were to be held on Thursday. Both sides have said they will not back down however.
Prime Minister Gordon Brown has urged both sides to work to resolve the dispute, which is expected to cost the loss-making airline tens of millions of pounds.
The British union, Unite, said on Wednesday that baggage handlers at London Heathrow and Aberdeen airports will take action from December 22 in a row over pay, with further walkouts planned on December 26 and January 3.
Eurostar’s British train drivers and staff are also set to walk out on Friday for 48 hours, union officials said. Eurostar said it would bring in drivers of other nationalities to avoid disruption on the London-Paris-Brussels.
PARIS: Anger over the fallout from the crippling recession mounted across Europe on Thursday with strikes against austerity measures and court battles over threatened stoppages.
Europe’s busiest commuter train line remained strike bound for an eighth day, tens of thousands of Greek workers staged a protest against government spending cuts while British Airways took court action against a crippling Christmas walkout.
Even at a local level, the fallout from the financial crisis is being felt.
A French police union has called for a parking ticket strike to protest at blocked pay talks.
Hundreds of thousand of Paris commuters struggled to work in heavy snow on Thursday as a strike on the main regional commuter lines crossing the French capital spread.
Up to 320 kilometres (200 miles) of traffic jams were reported around Paris because of the strike and bad weather. The RER A line carries more than one million passengers a day, making it one of the world’s busiest lines.
The Paris transport authority has had to bring in managers to drive trains for a skeleton service for two hours in the morning and two in the evening. But there are mounting protests by passengers.
In Greece, thousands of teachers, hospital doctors and journalists answered a call for a protest strike made by communist unions against spending cuts ordered by the Socialist government to head off national bankruptcy.
Protests were organised in Athens about 60 other towns across Greece. But two powerful transport unions, the GSEE and ADEDY, which are socialist-led did not join the strike call, minimising the public disruption.
Prime Minister George Papandreou this week proposed major curbs on public sector hiring and pay, a 10-per cent cut in social security and “a significant reduction in military expenditures.”
He also called for a 90-per cent tax on bonuses at banks and an overhaul of the fiscal system to raise more revenue for the state as the state deficit is set to rise to 12.7 per cent of output this year well beyond the 3.0 per cent limit imposed for euro currency members.
A London court was to rule on the legality of a planned 12-day strike by British Airways cabin crew which threatens the Christmas holiday plans of up to one million people.
Some 12,500 British Airways cabin crew plan a mass walkout from December 22 until January 2 in protest over working conditions at the airline which has ordered major job cuts because of the crisis in the air industry.
More last-ditch talks between BA executives and union bosses were to be held on Thursday. Both sides have said they will not back down however.
Prime Minister Gordon Brown has urged both sides to work to resolve the dispute, which is expected to cost the loss-making airline tens of millions of pounds.
The British union, Unite, said on Wednesday that baggage handlers at London Heathrow and Aberdeen airports will take action from December 22 in a row over pay, with further walkouts planned on December 26 and January 3.
Eurostar’s British train drivers and staff are also set to walk out on Friday for 48 hours, union officials said. Eurostar said it would bring in drivers of other nationalities to avoid disruption on the London-Paris-Brussels.
Abu Dhabi’s financial lifeline to Dubai is loan
Friday, December 18, 2009
DUBAI: Abu Dhabi’s last-minute lifeline to debt-laden Dubai, which prevented a potential major default, was an interest-bearing commercial loan and not a handout, a government-owned daily said on Thursday.
“It’s in (the form of) bonds,” the Emirates Business newspaper reported, quoting a source close to the Dubai government.
The 10-billion-dollar package announced on Monday allowed Dubai to pay maturing bonds worth 4.1bn dollars owed by its giant property developer Nakheel.
The loan was released “on similar commercial terms (to) the first tranche” of aid received by the Dubai Financial Support Fund from the Abu Dhabi-based central bank of the United Arab Emirates in February.
The DFSF, set up to deal with Dubai state-corporates debt, had in February obtained 10 billion dollars from the central bank, which subscribed to five-year Dubai government bonds carrying an annual interest rate of four per cent. Two Abu Dhabi-controlled banks in November subscribed to a second bond issue of five billion dollars. The paper said that the loan carried the same terms.
The Dubai government did not specify the nature of the financial injection it received from Abu Dhabi, sparking speculation as to whether it was a grant or a loan.
DUBAI: Abu Dhabi’s last-minute lifeline to debt-laden Dubai, which prevented a potential major default, was an interest-bearing commercial loan and not a handout, a government-owned daily said on Thursday.
“It’s in (the form of) bonds,” the Emirates Business newspaper reported, quoting a source close to the Dubai government.
The 10-billion-dollar package announced on Monday allowed Dubai to pay maturing bonds worth 4.1bn dollars owed by its giant property developer Nakheel.
The loan was released “on similar commercial terms (to) the first tranche” of aid received by the Dubai Financial Support Fund from the Abu Dhabi-based central bank of the United Arab Emirates in February.
The DFSF, set up to deal with Dubai state-corporates debt, had in February obtained 10 billion dollars from the central bank, which subscribed to five-year Dubai government bonds carrying an annual interest rate of four per cent. Two Abu Dhabi-controlled banks in November subscribed to a second bond issue of five billion dollars. The paper said that the loan carried the same terms.
The Dubai government did not specify the nature of the financial injection it received from Abu Dhabi, sparking speculation as to whether it was a grant or a loan.
BD GDP growth to slow due to global crisis: ADB
Friday, December 18, 2009
DHAKA: Bangladesh’s economic growth is poised to slow to 5.2 per cent in 2009/10 fiscal year through June from 5.9 per cent in last year, the Asian Development bank said on Thursday, citing the continuing effect of the global economic slump.
“The adverse effects of the global economic slowdown would dampen export sector growth in 2009/10 fiscal year, which, in turn, will affect domestic industrial production,” the ADB said in its Quarterly Economic Update on Bangladesh.
Export earnings in July-October fell 6.7 per cent to $4.89 billion, reflecting subdued demand for its key readymade garments, which account for 80 per cent of total overseas sales.
The government had earlier said the impoverished south Asian country had hardly been hit by the global recession and it was hoping to achieve 6 per cent growth in the current fiscal year.
“To move the economy onto a higher growth trajectory, Bangladesh needs to improve its investment climate, upgrade infrastructure, reduce power and energy shortages, and accelerate economic reforms,” the Manila-based ADB said in the report.
It said the country’s farm growth is likely to slow to 4.1 per cent in 2010 from 4.6 per cent in 2009 while the service sector is projected to grow 5.5 per cent from 6.3 per cent in the last fiscal year.
The ADB said rising commodity prices, including rice prices in the international market, may create pressure on domestic prices while excess liquidity in the banking system may also be contributing to inflationary pressure. Inflation is rising after hitting a 90-month low of 2.3 per cent in June 2009.
DHAKA: Bangladesh’s economic growth is poised to slow to 5.2 per cent in 2009/10 fiscal year through June from 5.9 per cent in last year, the Asian Development bank said on Thursday, citing the continuing effect of the global economic slump.
“The adverse effects of the global economic slowdown would dampen export sector growth in 2009/10 fiscal year, which, in turn, will affect domestic industrial production,” the ADB said in its Quarterly Economic Update on Bangladesh.
Export earnings in July-October fell 6.7 per cent to $4.89 billion, reflecting subdued demand for its key readymade garments, which account for 80 per cent of total overseas sales.
The government had earlier said the impoverished south Asian country had hardly been hit by the global recession and it was hoping to achieve 6 per cent growth in the current fiscal year.
“To move the economy onto a higher growth trajectory, Bangladesh needs to improve its investment climate, upgrade infrastructure, reduce power and energy shortages, and accelerate economic reforms,” the Manila-based ADB said in the report.
It said the country’s farm growth is likely to slow to 4.1 per cent in 2010 from 4.6 per cent in 2009 while the service sector is projected to grow 5.5 per cent from 6.3 per cent in the last fiscal year.
The ADB said rising commodity prices, including rice prices in the international market, may create pressure on domestic prices while excess liquidity in the banking system may also be contributing to inflationary pressure. Inflation is rising after hitting a 90-month low of 2.3 per cent in June 2009.
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