Updated News:

 

BUSINESS RECORDER

04  June 2010

 

Cotton prices continue to sink
LAHORE (June 04, 2010): After losing about Rs 1,200 per maund (37.32 kgs)

over the last month, lint prices continued to nosedive in the domestic market due

 to our bearish fundamentals. Steeply high Regulatory Duty (RD) on yarn exports

imposed on May 13, 2010, impending closure of some spindles till the arrival of

the new crop (2010-2011), increasing the count number of yarns by the Pakistani

 mills and accumulation of yarn stocks due to notable decrease in yarn exports

have joined together to plummet fiber prices precipitously.
Dullness prevails again on cotton market
KARACHI (June 04, 2010): Lacklustre business was again witnessed on the

cotton market on Thursday as mill are still waiting for encouraging news on the

economic front, dealers said. The Karachi Cotton Association (KCA) official

spot rate was unchanged at Rs 6,400. In the ready business no deal finalised

during the day, they said.
Fertiliser, domestic sectors: textile ministry opposes cross subsidy on gas
ISLAMABAD (June 04, 2010): Ministry of Textile has strongly opposed cross

subsidy on gas being given to fertiliser and domestic sectors and proposed to the

Finance Ministry to pick up subsidy for these sectors through budgetary allocation

in upcoming budget 2010-11, Business Recorder has learnt.
15 percent regulatory duty on export of yarn not acceptable: Aptma
LAHORE (June 04, 2010): All Pakistan Textile Mills Association (Aptma) said

categorically on Thursday that export duty of 15 percent is punitive and it could

not be accepted by Aptma. In a letter to the Federal Minister for Textile Industry

Rana Farooq Saeed, the Aptma spokesman thanked for chairing marathon meetings

of the stakeholders held on 30th & 31st May 2010 at Karachi for resolving the issue

of imposition of Regulatory Duty on the export of yarn.
Government likely to revise duty structure on import of PTA, PSF
ISLAMABAD (June 04, 2010): The government is likely to revise duty structure on

 import of Purified Terephthalic Acid (PTA) from 7.5 percent to 3 percent and Polyester

Staple Fiber (PSF) from 4 to 6 percent in the upcoming budget 2010-11, Business

Recorder has learnt reliably.

03 June 2010

Solo deal seen after a long pause on cotton market

KARACHI (June 03, 2010): After a long-time, a deal was finalised on the cotton market

on Wednesday as the buyers were still waiting for market moving factor, dealers said.

The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 6,400.

In the ready business, a deal of 400 bales of cotton from Khan Pur done at Rs 6450, they said.

Spinning industry at halt since last 20 days
LAHORE (June 03, 2010): The spinning industry is at halt since last 20 days,

as the ongoing stand-off between spinning industry, value-added industry and Ministry of Textile

Industry, as 110 million dollar surplus yarn is lying at production facilities besides 12 - 15 million

dollar stuck up consignments at the Karachi port.

Government urged to extend 15 percent regulatory duty on yarn export
ISLAMABAD (June 03, 2010): National Assembly Standing Committee on Textile has

recommended to the government to extend 15 percent Regulatory Duty (RD) on the yarn

export for indefinite period after July 12, 2010 to save the value-added textile sector,

as the international market would witness shortage during the next season.

2 June 2010


KARACHI (June 02, 2010): Lackluster business was seen on the cotton

market on Tuesday as not a single deal was reported following the prolonged

issue about Regulatory Duty (RD), dealers said. The Karachi Cotton Association

(KCA) official spot rate was unchanged at Rs 6,400. In the ready business,

no trade was seen mainly because of higher prices, they said.

27  May 2010

10-month cotton export up 140 percent
KARACHI (May 27, 2010): Despite a massive shortage in the domestic market, the country's raw cotton export registered a robust increase of 140 percent during the first 10 months of current fiscal year mainly due to rising demand in the world market. Industry sources told Business Recorder on Wednesday that Pakistani exporters are getting massive orders on the back of high production and low prices in the domestic market as compared to other countries.
Cotton yarn controversy: who will solve the regulatory duty imbroglio?
KARACHI (May 27, 2010): No change was seen in the obtaining scenario on the cotton market on Wednesday as both buyers and sellers were waiting for any outcome of several meetings of cotton related circles and the government officials to settle the Regulatory Duty issue, dealers said. The Karachi Cotton Association (KCA) official spot rate was saved from further decline as it did not show any change at Rs 6,300, they said.
Textile Policy 2009-14: Ministry yet to initiate Rs eight billion skill development programme
KARACHI (May 27, 2010): Despite prime minister's approval of Textile Policy 2009-2014 and directives for its proper implementation, the ministry of textile is yet to initiate Rs 8 billion skill development programme for industrial workforce during current fiscal year 2009-10, Business Recorder learnt on Wednesday.
Seminar on Cotton Yarn Issues and National Interest
LAHORE (May 27, 2010): Former Advisor to Prime Minister on Finance, Dr Salman Shah will address an important seminar on 'Cotton Yarn Issues and National Interest' being organised by Pakistan Textile Value Added Forum at a local hotel on Thursday (today).

21  May 2010

Cotton circles keenly await government's intervention outcome
KARACHI (May 21, 2010): Official spot rate saved from further decline on the cotton market on Thursday as any positive outcome is keenly watched by the cotton circles after the expected discussions between the government and textile mills, dealers said. The Karachi Cotton Association (KCA) official spot rate was left unchanged at Rs 6450.
Cotton business remains suspended
LAHORE (May 21, 2010): Cotton business remained at a virtual standstill for the second week in a row in the domestic market due to continuing imbroglios between the spinners and the value added textile sector after the government imposed regularity duty (RD) on yarn exports on Thursday of previous week. The stiff export duty on yarn exports stunned the spinners who called last Thursday (13 May 2010) a black day in the history of the textile industry of Pakistan.
APTMA calls off strike: another meeting today
ISLAMABAD (May 21, 2010): After successful negotiations with the government All Pakistan Textile Mills Association (APTMA) has called off spinning mills indefinite countrywide strike against the imposition of Regulatory Duty on yarn export. Another meeting will be held on Friday (today) where a breakthrough is expected.

19 May 2010

KCA cuts spot rate by another Rs 100, cotton market remains dormant
KARACHI (May 19, 2010): Official spot rate continued to be lowered for the second day on the cotton market on Tuesday in process of lacklustre trading, dealers said. The Karachi Cotton Association (KCA) official spot rate was again curtailed by Rs 100 to Rs 6500, they said. In the ready business, not a single deal finalised due to lack of buying interest, they added.
15 percent regulatory duty on exports: spinning mills shut
KARACHI (May 19, 2010): Nearly all of 400 textile spinning mills shut down on Tuesday to protest against the imposition of a 15 percent regulatory duty on exports of all types of cotton yarn, millers said. Pakistan is the world's fourth biggest cotton producer but often has to turn to imports to feed its textile sector, which accounts for about 60 percent of its exports.
No transaction on Faisalabad yarn market due to strike
FAISALABAD (May 19, 2010): Yarn prices continued decreasing slightly for the last two weeks and no big deal has been struck here due to strike. The tow camps (spinners and yarn users) announced strike at the same time but demands are different. Cotton spinners' protest begins due to 15 percent regulatory duty on yarn exports and value-added sector protest and demanded cap export of yarn and cotton and increase regulatory duty from 15 to 30 percent.

 

17 May 2010

Yarn exporters-value-added units tussle reduces business to almost stand still, no solution in sight
KARACHI (May 17, 2010): Cotton trading in Pak markets moved slowly as 15 percent RD was imposed on exports of yarn but cotton prices were also down during the week but the impact was not visible from the pace in trading. The spot rate was stuck up until Thursday at Rs 6700.
Better prospects may produce record high cotton crop next season
KARACHI (May 17, 2010): Cotton sowing is going on peak as ideal sowing season starts from 15th May and extends till 15th of June month but availability of irrigation water make it adjustable on both sides. Reportedly, some 40 to 45% cotton sowing has been completed in Multan, Khanewal, Muzaffargarh, D.G. Khan, Ali Pur, and Rajanpur areas where irrigation water has been made available.
PHMA castigates Aptma's threat to close units twice a week
FAISALABAD (May 17, 2010): Chairman Pakistan Hosiery Manufacturers and Exporters Association (PHMA) Mian Naeem Ahmed has castigated the threat of All Pakistan Textile Mills Association (Aptma) to close down their units on every Tuesday and Wednesday and said that it is worst kind of economic black mailing.

5 May 2010

28 April 2010

26April 2010

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Prepared by Hala Quadri( Computer Programmer)