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Pakistan agriculture sector all set to grow 3.81% in current fiscal year!

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ISLAMABAD: Agriculture sector of the country is estimated to grow by 3.81 percent during the fiscal year 2017-18 against the growth of 2.07 in 2016-17 and 0.15 in 2015-16, showing considerable improvements as compared to last couple of years.

Among the agriculture sector, the crops sector witnessed 3.83 percent growth, with important crops growing by 3.57 percent and others crops by 3.33 percent, according to latest data available for six to eight months and projected for the whole year. During the year 2016-17, the growth of crops was recorded at 0.91 percent while there was negative growth of 5.27 percent in 2015-16, the provisional Gross Domestic Product (GDP) estimates revealed.

The Cotton Ginning sector was the top contributor in terms of percentage to help agriculture sector achieve this growth rate as this sector grew by 8.27 percent during the period under review. The cotton ginning had witnessed 5.58 percent growth in 2016-17 and negative growth of 22.12 in financial year 2015-16.Similarly, the livestock sector grew by 3.76 percent in 2017-18 against the growth of 2.99 percent in 2016-17 and 3.36 percent in 2015-16.

The forestry sector also grew by 7.17 percent in 2017-18, which had witnessed negative growth of 2.37 percent in 2016-17 and positive growth of 14.31 percent in 2015-16. The fishing sector also witnessed positive growth of 1.63 percent in 2017-18 against the growth of 1.23 percent in 2016-17 and 3.25 percent in 2015-16, the data revealed. 

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PSX: Bears growl on the week’s last working day!

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KARACHI: Benchmark KSE-100 Index closed in the red (45,259) on week’s last trading day shedding 128 points.

Rs. 6.5b worth of 144m shares changed hands today. Value of the shares of 196 companies plummeted, 143 augmented, while 21 remained stagnant.

With trade of 41.7m shares the Chemical Sector led the trading at the bourse. Today’s leading traders of the shares were: Lotte Chemical Pakistan Ltd., 21.8m shares (-2.76pc); Engro Polymer and Chemicals Ltd., 8.3m shares (+0.96pc); Azgard Nine Ltd., 8.0m shares (-5.91pc); Fauji Foods Ltd., 6.9m shares (-2.49pc); Descon Oxychem Ltd.,  6.0m shares (-4.80pc).

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Chinese telecom equipment maker ZTE Corp terms US ban unfair!

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SHENZHEN: Chinese telecom equipment maker ZTE Corp said in a statement here today that it will not accept a ban by the United States on the company, calling the decision “extremely unfair.”

The announcement came after the US Department of Commerce imposed a denial of export privileges against ZTE for alleged violations of the Export Administration Regulations earlier this week.

The Shenzhen-based company said it is determined to take all means permitted by law to safeguard its legitimate rights and interests, while it will continue efforts to solve the issue through dialogue.

China’s Ministry of Commerce (MOC) said yesterday (19th of April) that the US action against ZTE will damage itself. “The action targets China, however, it will ultimately undermine the United States itself,” said MOC spokesperson Gao Feng.

 

 

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Barclays’ CEO Jes Staley is being fined for breaching rules!

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LONDON: British regulators are to fine Barclays chief executive Jes Staley an undisclosed amount after he breached rules by trying to uncover a whistle-blower, the bank said  here today.

Following a year-long investigation, the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority each have proposed that Staley pays “a financial penalty”, Barclays said in a statement.

According to Barclays, “the FCA and PRA are not alleging that he acted with a lack of integrity or that he lacks fitness and propriety to continue to perform his role as group chief executive”. But regulators added that Staley had breached an individual conduct rule requiring him “to act with due skill, care and diligence”.

Barclays meanwhile noted that it would face no separate fine over the matter that took place in 2016. In April 2017, Barclays revealed that US national Staley was being probed by regulators and was to suffer a “very significant” pay cut after bypassing rules to try and uncover a whistle-blower.

The incident further tarnished the bank’s reputation as Barclays sought to repair its image following its role in the foreign exchange and Libor interest rate rigging scandals.

According to Barclays, an anonymous letter had been sent to board members raising concerns about a senior employee who had recently been recruited, including issues of a personal nature.

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