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Site update: January 16 2017, at 14:00 PKST
Stock update: January 13 2017.

Recent Financial News in the 'sugar' category

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Friday, January 13 2017

Sugar mills face bankruptcies, says PSMA
ISLAMABAD: The Pakistan Sugar Mills Association (PSMA), a lobbying group of sugar millers, has dismissed the talk of making billions of rupees with regular price increases, saying the industry has instead faced bankruptcies over the last few years. “Sugar price remained subdued due to a glut in the local market and also the sugar price in the international market was at a very low level that’s why the industry faced nine bankruptcies during the last few years,” claimed PSMA Chairman Javed Kayani in a statement. He said four mills had been completely shut down and the industry had not been able to break-even at a previously prevailing sugar price and requested the provincial government to review the sugarcane price in order to survive.
Related news categories: business misc sugar

Cash crop under threat: Textile ministry opposes new sugar mills in cotton zone
ISLAMABAD: The Ministry of Textile Industry has emphasised that provinces should stop granting permission for setting up new sugar mills in the cotton growing areas that has led to a decrease in cotton plantation. Provinces may be asked to refrain from issuing no-objection certificates (NOC) for establishing, increasing capacity or shifting of sugar mills to the cotton growing areas, the Ministry of Textile Industry suggested in a presentation sent to the National Assembly Standing Committee on Food Security. Sugarcane cultivation has widened in the wake of improved returns and timely supply of inputs. In the meantime, sugar prices have also gone up from Rs31 to Rs68 per kg in the last 10 years. The Ministry of Textile Industry argued that the price increase had encouraged the setting up of more sugar mills, which increased from 45 to 85 in the country. Of these, 45 were in Punjab, 32 in Sindh and eight in Khyber-Pakhtunkhwa.
Related news categories: business misc sugar textile-composite textile-spinning textile-weaving

Thursday, January 12 2017

Sugar millers making billions with regular price rises
ISLAMABAD: The powerful sugar millers have got billions of rupees in extra income with a regular hike in sugar prices, though prices of the input – sugarcane – have remained almost static for the last three years. The disclosure was made in a meeting of the Economic Coordination Committee (ECC) of the cabinet held on December 28, 2016. Sugar millers fetch billions as prices rise suddenly Apart from the price increase, the sugar millers are receiving a huge monetary incentive from the national kitty. The current government has provided over Rs10 billion in bailout packages on the export of sugar. The Inter-Ministerial Committee, constituted by Prime Minister Nawaz Sharif, assessed price trends in the international and domestic markets and noted that sugar rates had dropped from $597 per ton in September 2016 to $490 on December 20, 2016 in the world market. The committee found that the sugarcane price had remained stable at Rs180 per 40 kg in Punjab since 2014-15 and was slightly increased by Rs10 in Sindh in the current crop year.
Related news categories: business misc sugar

Friday, January 06 2017

Sugar prices continue to rise despite surplus stock
KARACHI: The price of sugar has continued to edge higher despite huge stocks. The wholesale price of sugar, which was Rs57 a kilogram when sugarcane crushing began in November 2016, has now risen to Rs62 per kg. The decision of the Economic Coordination Committee (ECC) taken in the last week of December 2016 of allowing sugar exports of 225,000 tonnes has put extra pressure on sugar prices. Retailers, blaming rising wholesale prices, have pushed up the commodity’s price to Rs64-65 per kg from Rs62 two days back. The government allowed sugar export from the surplus available after ascertaining that there would be 1.23 million tonnes of surplus stocks available in the country. With a monthly consumption of around 400,000 tonnes, the available stocks are enough to meet consumers’ demand till March.
Related news categories: business misc sugar

Thursday, January 05 2017

Textile industry assured of support
KARACHI: State Bank of Pakistan (SBP) Governor Ashraf Mahmood Wathra said on Tuesday the central bank will extend all kinds of support to the stakeholders of the textile industry. He said this at a meeting of the Senate Standing Committee on Textiles that took place at the SBP headquarters to discuss the problems faced by the textile industry and seek proposals for its sustainability. Besides members of the committee, representatives of major banks of the country also attended the meeting, according to an official statement. Mr Wathra asked the representatives of the banking sector to play their due role in the rehabilitation of the textile industry by extending soft loans to exporters. It is a moral responsibility of the entire business community to bring back its foreign assets and liquidity into the country to strengthen the textile industry, he said.
Related news categories: business misc sugar textile-composite textile-spinning textile-weaving helpline: +92-042-3631-4186 (10:30am to 5:30pm)