Category: Misc

The international oil prices are under pressure and prices fell to a record low during the past five months. There are calls from OPEC to have a close look at its current output practices in order to ease pressure on oil prices.

The Saudi strategy for crude oil can be crucial for international oil output. It is expected that Saudi Arabia will come under pressure during the 9th September meeting of OPEC at Vienna to reduce its crude oil output which it has increased in order to meet growing international demands.

The rising oil prices have put extra pressure on world economies. The developing countries are worst affected because of the rising oil import bill. I think that the OPEC must try to keep prices at a rational level so that developing countries may find some relief.

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You do not have to meet any hard documentary requirements. They only few basic requirements are that you should have a constant source of income and a bank account with direct deposit enabled. You will not be asked to fax documents at any state. You can apply for a loan up to $ 1500. This does not mean that you will get the maximum amount the first time you apply for a payday loan at Apex. Higher loan amounts are approved for oft returning customers.

Tata Group is one the largest business group in India. It has steel assets in India as well abroad. These include Crocus which was bought by Tata last year for 6.7 billion pounds, steel operations in Thailand and Singapore. It is now looking to spin off its international assets in an overseas listing to raise money for the steel unit’s expansion.

Various ways for raising capital are being considered and a listing of overseas steel assets is one such thing. The unit would be used to buy overseas steel plants and mines in order to guarantee constant supply for raw materials at cheap rates. Tata Steel has had some problems in iron ore supplies for its steel plant which forced it to buy in the market at higher rates. It is said that the company wants to improve this situation by purchasing mines in Asia and Africa.

Oil prices sank by over $ 40 after surging to a record $ 147 a barrel on July11. There is a mounting pressure on the US economy because of rising unemployment rate which means that more and more Americans will try to cut back on their fuel cost to save money. The unemployment rate has risen from 5.7 percent in July to 6.1 percent against the predicted figure of 5.8 percent.

The Organization of the Petroleum Exporting Countries has said that it may take action to keep the prices at $ 100 a barrel. This would require cut back in production.

In Pakistan the government had passed on the effect of the rising oil prices to the consumers. Now that the prices are falling world over, the government refuses to pass on the benefit to the people. If a slight rise in the rate of unemployment can disturb world’s largest economy, what would be the condition in a struggling economy like Pakistan.

The Financial Times has reported that the unemployment rate in the United States has jumped unexpectedly to a five year high of 6.1 per cent. This figure suggests a bleak picture of the world’s largest economy. Labor Department has released data which shows that there were more than 84000 job cuts in the month of August. This is worse than expected by the economists.

The government has announced an upward revision assessment of gross domestic product in the second quarter and it was expected that it will improve situation but the hopes were dented by the new job cuts. The republican presidential candidate has said that a focus on job creation will improve the situation.

The sliding rupee gained a little value versus dollar in the currency market after the governor of State Bank of Pakistan made a statement that funds will arrive shortly from international lenders which will provide some relief to the falling value of rupee. This may be short-lived as the main issue which the country is faced with at present is the balance of payment crisis which is fast depleting the foreign exchange reserves each day.

If the present situation continued without any solid steps from the central bank, I think that the rupee will hit the all time low in the coming days. In just a few months it has shed more than 15 rupees against dollar.

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Foreign exchange reserves of the country fell below 9.13 billion dollars in the week that ended on August 30 from 9.38 billion in the previous week. This figure has been released by the State Bank of Pakistan. The reserves held by the central bank fell below $ 5.76 billions from $ 6.01 billion previously while the reserves held by foreign banks were flat at $ 3.37 billion.

The foreign reserves were at a record high of $ 16.5 billions in October last years but were depleted because of high import bills for petroleum oil and the political turmoil in the country which contributed to flight of capital. The foreign investors are shying from coming to Pakistan because of political instability in the country.
If the forex reserves continue to deplete at this rate, Pakistan may find difficulty in paying its foreign debt.

Pakistani Parliamentarians talk about sovereignty and national integrity. We are always using pompous sounding words, words that have no meaning at all in our particular context. When I read in the newspaper that our parliamentarians have unanimously passed a resolutions calling upon the Federal Government to take all necessary steps in order to protect the sovereignty and territorial integrity of the country and in the aftermath of the US attack in the border areas of the country, I could not help smiling.

When our parliament does not want to do anything about an issue and want to give an outward impression that it will take strong measures, it passes resolutions. A number of resolutions have been passed by our parliament without any result. Remember the resolution passed regarding the publication of caricatures of the Holy Prophet (peace be upon him) in Danish newspapers. Does it have any effect on any country in world? Was the government of Denmark least perturbed by our resolution?

Countries have to look upon other countries even for their basic needs have to compromise their sovereignty. This is an established principle in the world. If anyone thinks otherwise, he lives in a fool’s paradise.

The United States has been saying for quite some time now that it will take unilateral action inside Pakistani territory if it has actionable intelligence. The United States has been paying the government of Pakistan for military operation in the tribal areas of the country. It now says that the government of Pakistan has not been doing enough to check the growth of Al Qaeda elements in its tribal areas. Now that the US forces have brazenly violated our “sovereignty” and according to reports appearing in the US media, it appears that more such violations will take place in the future as well, what can the government of Pakistan practically do? Can they afford to attack US forces and repulse them?

The Prime Minister of Pakistan, during his inaugural visit to the United States had also talked about sovereignty of the country. The visit was termed a success. How can the visit be a success if the US paid no heed to the sayings of the Prime Minister? The only way in which some success can be attributed to this visit is that the some dollars were obtained. We must choose between dollars and sovereignty.

The Standard Chartered Bank has intalled Cash Deposit Machines (CDMs) at some of its branches. The machines allows a user to deposit cash directly into their account or pay their credit card payment without any additional charge. You can also deposit cheques into your account. The proceeds of the cheque will be credited into your account after it is cleared.

Lack of maintenance has made CDMs almost unreliable. The machiens frequently go out of order at odd hours and people face a lot of difficulties. If the Bank has to keep CDMs then it must maintain it regularly. Machines must not be unreliable.