Federal government resisted the urge to slash the PSDP allocations last fiscal year; yet there was still a major shortfall in actual disbursements. By the close of FY12, the Planning & Development Division had yet to release Rs58 billion against its mandated PSDP funding limit of Rs228.4 billion.
Stock markets across the West exuded confidence last week. On Thursday, the S&P 500 climbed to a fresh four-month high, the Dow Jones Industrial Average sat pretty above the psychological benchmark of 13,000 and stock markets across the Euro zone were testing 12-month highs.
Crushed by the hazy global economy, the investors have been mystified lately over the precious metal which has been in a limbo.
According to the latest report issued by the World Gold Council, gold demand for 2QCY12 plummeted by seven percent YoY, largely driven by a fall in jewelry demand of 15 percent YoY India and some softening in China. Also, the investment component knocked down the overall demand.
From gas curtailment and delays in Thar Coal project to Asad Umars resignation, the current year has been harsh to Engro Corporation. Unlike CY11 when Engro rose above the choppy times, CY12 has been distressing for the corporation so far.
A subsidiary of the Al-Futtaim group of Dubai, Al-Ghazi Tractors Limited is a manufacturer of New Holland (Fiat) tractors in technical co-operation with Case New Holland, the foremost manufacturer of agricultural tractors in the world. Being a household name amongst the farming community, AGTL has a widespread presence across Pakistan, with as many as 82 dealers and 3,000 mechanical workshops spread all over the country.
Pakistans largest cement producer, Lucky Cement, recorded its best ever financial performance in FY12, as the company reported an increase of 71 percent year-on-year, in earnings. The stellar financial performance is mainly driven by top line growth, as the revenues net of sales tax and excise duty soared by an impressive 28 percent against the corresponding period last year.