Twin cities trade activities suffer Rs3b loss due to route blockage

ISLAMABAD (Online): The trade activities in the twin cities of Rawalpindi and Islamabad had to suffer loss of Rs 3 billion due to blockage of routes in the backdrop of Azadi March.  As per media reports ministry of commerce is collecting statistics on how much loss was caused to national economy due to long marches. Government has placed 7000 containers on the highways and roads to stop Azadi and Inqilabi march. The international trade has also been affected adversely due to suspension of connection among all four provinces in the perspective of long march.  Commerce minister Khurram Dastgir says it will take one year at least for recovery of national economy.

Social and economic experts said trade loss has occurred and now the government should change its strategy and ensure supply of food items to the citizens and stability of prices.

PIA to receive fourth A320 aircraft

in October

ISLAMABAD (APP):  Pakistan International Airlines (PIA) will receive fourth A320 aircraft in October while it will have 7-10 more aircraft inducted in its fleet by December this year. The national flag carrier is in the process of acquiring latest aircraft in its fleet and has received delivery of the third A320 aircraft on wet lease which has already arrived at Karachi Airport increasing the operational fleet to 28 aircraft. Managing Director PIA, Shahnawaz Rehman in a statement said, “Our aim is the revival of PIA as desired by the Prime Minister, Muhammad Nawaz Sharif and under the guidance and supervision of Shujaat Azeem, Advisor to the Prime Minister on Aviation, the airline is moving in the right direction.”

He said that with the induction of these latest technology fuel efficient aircraft, the airline will be in a better position to offers services to its passengers and at the same time will benefit PIA in terms of fuel savings which is a major cost factor for the airline.

He said that PIA’s Pre-Hajj operation will begin from August, 28 and this year too PIA will use its own aircraft Boeing 747 and 777’s.

He is very confident that with employees team work and the support of Government of Pakistan PIA will soon be able to restore its past glory.

Govt spending Rs2b on welfare

of working class: Sarwar

LAHORE (APP): Labour Minister Punjab, Raja Ashfaq Sarwar Friday said the PML-N government is pursuing a revolutionary agenda of serving masses and ensure participation of the poor in the development process. Talking to various labourers’ delegations at his office, he said the dream of rapid progress and development could not materialize without promotion of education and provision of modern health cover. He said that an effective strategy has been adopted for poverty alleviation and resolving the problems of deprived segments of the society under which welfare programmes have been initiated throughout the province.

He said in view of rising unemployment, Sarwar said dozens of schemes have already been initiated under which soft term loans were being provided to skilled jobless people, adding that a huge amount of Rs 2 billion were earmarked for the welfare of working people.

POL reports earnings of Rs12.9b

LAHORE (Staff Reporter): Pakistan Oilfields Limited (POL) has announced its FY14 result wherein the company reported earnings of Rs12.9 billion – a growth of 19%YoY. This result is accompanied with final cash dividend of Rs32.50/share, taking full year payout to Rs52.50/share. Hike in earnings comes from increase in company’s topline. During the period under review, POL’s net sales increased by 23% to Rs35.5b versus Rs28.9b last year on account of higher oil and gas production, up 26% and 4%, respectively. While exploration costs stood at Rs1.7b (down 5%YoY), amortization of development and decommissioning costs rose by 154% to Rs5.2b due to further write-down of Manzalai reserves.

In 4QFY14 alone, company posted EPS of Rs11.77, up 26% versus Rs9.32 in 4QFY13. Growth in earnings primarily stems from 25% growth in net sales during the period.

Foreign reserves reach $14.26b

Karachi (Staff Reporter ): The total liquid foreign reserves held by the country stood at $14,264.1 million on August 8, 2014. Giving a break-up of the foreign reserves position a statement of Central Bank issued on Friday said that foreign reserves held by the State Bank of Pakistan stood at $9,188.0 million while the net foreign reserves held by banks were US $ 5,076.1 million on August 8, 2014. During the week ending August 8, 2014, SBP’s Liquid FX Reserves decreased by $89 million to $9,188 million compared to US $ 9,277 million in the previous week. The decrease in SBP reserves is mainly attributed to payments of $80 million on account of external debt servicing. SBP did not receive any significant inflows during this week, the statement said.