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Cotton and Textiles: Pakistan

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Rates moved cautiously amid mills and exporters buying on the cotton market on Tuesday, dealers said. The official spot rate was unchanged at Rs 5,200, they added. In the ready session, around, 20,000 bales of cotton changed hands between Rs 5200 and Rs 5300, they said. In Sindh, rates were lower by Rs 100 to Rs 2000 and Rs 2025, in Punjab prices were at Rs 2300 and Rs 2600, they said.

Pest Warning Wing of the Punjab Agriculture Department has reported attack of pink bollworm on cotton crop in Lodhran, Bahawalpur, Bahawalnagar and Rahim Yar Khan districts of the province. The attack has been witnessed in Lodhran, Duniyapur, Kehror Pucca, Ahmedpur Sharqia, Hasilpur, Yazman, Fort Abbas, Khanpur, Liaquatpur and Sadiqabad areas of these districts.
Finance Minister Ishaq Dar has promised Punjab-based textile industry that the government would resolve their problem of tax refund and gas supply after the industry expressed inability to take advantage of the GSP Plus status. Sources said the industry has conveyed to the Finance Ministry that the country''s exports are declining and the situation would further aggravate if gas shortages persists. The Finance Ministry held a meeting with the business community of Lahore, Faisalabad, Multan to discuss gas supply situation to the industry.
The Pakistan Textile Exporters Association (PTEA) has expressed grave concern over alarming drop of 16.66 percent in exports in September 2014. Textile exports also witnessed 1.16 percent decline over the same month of outgoing fiscal despite the availability of GSP Plus benefit. Unprecedented energy shortage was the prime reason behind the substantial drop in exports.
Chairman Pakistan Textile City and Former Advisor to Prime Minister on textile Dr Mirza Ikhtiar Baig has inaugurated the largest textile machinery and accessories exhibition, IGATEX Pakistan at the Lahore Expo Centre on Tuesday. Dr Baig in his speech said "IGATEX is the biggest show of textile sector in Pakistan.
Federal Minister for Textile Industry Abbas Khan Afridi has assured smooth gas supply to the textile units of the Punjab in winter as per their demand to avoid any further loss to the textile industry in term of export orders and all issues including pending statutory regulatory orders (SROs) to be resolved on priority basis.
National Bank of Pakistan (NBP) has enhanced the credit line for Pakistan Textile City Limited (Textile City) by some Rs 1 billion against sovereign guarantee. Sources told Business Recorder on Tuesday that with this approval, Textile City can avail another Rs 1.16 billion financing from NBP to meet its financial needs. Previously, a credit line of Rs 2 billion was provided to Textile City in 2008 and the entire amount has already been consumed during the last couple of years on account of development and operational expenses.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln