Oil companies withhold Rs40b of gas surcharge
As petroleum companies refuse to pay Rs40 billion in state revenues while first seeking a solution to the circular debt problem, an irked Public Accounts Committee (PAC) on Tuesday summoned the three most powerful federal secretaries for their inability to restrict the debt pile-up. more... (ET)
Corporate results: Lotte Pakistan baffles market by posting loss
Lotte Pakistan reported a loss during January to July 2012 despite market consensus estimating the company to post a profit.Lotte reported net loss of Rs294 million in the first six months of 2011 compared with net profit of Rs3.70 billion reported in the same period last year, according to a notice sent to the Karachi Stock Exchange on Tuesday. more... (ET)
Fatima Fertilizer switches to profit
Fatima Fertilizer has posted a profit of Rs2.59 billion in the first six months of 2012 against a loss of Rs153 million in the preceding period primarily by selling more fertiliser. more... (ET)
PSO in trouble; receivables rise to Rs 246 billion
Pakistan State Oil (PSO) is facing turbulent situation as its receivables have once again rose to the alarming level of Rs 246 billion as on August 28, 2012, sources said. They said the country's largest oil marketing company is in trouble to run its businesses due to shortage of cash. more... (BR)
US for promoting Pakistani exports
United States is by far Pakistan’s single biggest export market, taking 16 percent of Pakistan’s total exports, said Consulate General, Michael Dodman at an export workshop. Annually, Pakistan exports over $3 billion to the US and enjoys a large trade surplus with the US. Significantly, over 90 percent of Pakistani exports are in the textiles and apparel sector where it is very successful.
THE RUPEE: dollar lower on open market
The rupee firmed against dollar on the currency market on Tuesday in process of trading, dealers said. The rupee retained its overnight level at 94.80 while the national currency inched down by one paisa for selling at 94.85, dealers said.