LONDON: Gold softened in Europe on Tuesday, falling below $1,060 an ounce, as the dollar rebounded from its weakest level in 14 months versus the euro, clipping interest in the metal as an alternative asset. Platinum and palladium also pared gains after reaching their highest in more than a year, buoyed by earlier strength in gold prices and supply concerns. Spot gold was bid at $1,058.65 an ounce at 1520 GMT against $1,062.70 late in New York on Monday. Earlier the precious metal touched a session high of $1,067.70 an ounce, close to the record high of $1,070.40 it hit last week. US gold futures for Dec delivery on the COMEX division of the New York Mercantile Exchange rose $1.90 to $1,059.90 an ounce.
Gold hits another peak
KARACHI: Gold surged by Rs300 to touch a record Rs28,757 per 10 grams in the local bullion market on Tuesday, as its international price jumped to $1,064.50 an ounce, market sources said. A gold dealer said that per tola (11.664 grams) price also surged to an all-time high of Rs33,550. Silver also moved up to Rs441.42 per 10 grams.
SBP amends provisioning rules
By our correspondent
KARACHI: The State Bank of Pakistan (SBP) on Tuesday increased forced sale value (FSV) for banks from 30 per cent to 40 per cent by amending regulations pertaining to provisioning of classified loans and advances. The banks can now include the forced sale value of industrial property (excluding plant and machinery) held as collateral against advances that became NPL three years back for calculating provisioning requirement. The benefit was earlier available on pledged stock and mortgaged residential and commercial properties, SBP statement said. The State Bank has also introduced interim instructions on restructuring/rescheduling of classified loans and advances that are overdue by less than one year.
Dollar recovers
NEW YORK: The dollar hit a 14-month low against a basket of currencies on Tuesday as policy makers in Europe and Asia remarked on its decline, but rebounded after options-related buying kept it from pushing through $1.50 per euro and 90 yen. The euro was off 0.2 per cent at $1.4933 after failing to take out options barriers at $1.50.
Bannu growers oppose transfer of loans
By our correspondent
BANNU: Farmers of Union Council Mammishkhel on Tuesday expressed concerns over the transfer of loan from the Crop Maximisation Project phase-I (CMP-I) to CMP-II. Speaking at a village farmers’ committee meeting, the farmers said they had borrowed loans under CMP-I in 2003 and were repaying installments regularly. They said the farmers were trying to increase per acre production by using new technology and seeds and that no farmer defaulted during this period. The transfer of the loan from CMP-I to CMP-II would not serve the purpose of agriculture development, they said and demanded of the Project Director Masood Rana not to transfer the loans to the new project.
LCCI forms standing committees
By our correspondent
LAHORE: The Lahore Chamber of Commerce and Industry on Tuesday constituted 128 sector-specific standing committees to supplement government’s efforts aimed at economic revival in the country. LCCI President Zafar Iqbal Chaudhry, Senior Vice President Ejaz A Mumtaz and Vice President Faisal Iqbal Sheikh jointly gave away letters to newly-appointed conveners of standing committees at the LCCI. The LCCI president said extra care had been taken while appointing conveners of standing committees as on the basis of feedback of these sector specialists, the chamber would formulate a set of proposals for the government to achieve economic revival.
PTC announces dividend
KARACHI: Pakistan Tobacco Company (PTC) has posted a record profit after tax of Rs2.525 billion for nine months ended September 30, and declared an interim cash dividend of Rs2.75 per share. According to the financial results of the company sent to the Karachi Stock Exchange on Tuesday, pre-tax profit surged to Rs3.879 billion during the period under review while earning per share improved to Rs9.89.
PQ activity
KARACHI: The Port Qasim handled 99,937 tons of cargo, comprising 68,148 tons of import and 31,786 tons of export cargo during the last 24 hours ended 0800 hours on Tuesday. Berth occupancy was recorded at 73 per cent. Eight ships Maersk Virginia, Costanza, Alaska-II, Hiba AI-Nour-B, Catterlck, Meta, Spirit and Genie were loading/offloading containers, cement, rice, chemicals, palm oil and furnace oil during the reported period.
Kuwait plans to spend $63bn on mega projects
KUWAIT CITY: OPEC member Kuwait plans to spend 18 billion dinars ($63 billion) over the next four years on 250 massive projects, a newspaper reported on Tuesday. The projects are included in a four-year programme approved by the cabinet on Monday and will be sent to parliament later this week, Al-Watan newspaper reported, citing government sources. The daily did not name any project but Kuwait, awash with cash from oil revenues, has been planning a new business hub dubbed Silk City as well as a new modern harbour, a railway and metro system. The plan which runs from the current 2009/2010 fiscal year until 2012/2013 will focus on boosting the private sector’s role in the domestic economy.
