Tag: crunch

TIP undergoing financial crunch

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STAFF REPORT IBD: The Telephone Industry of Pakistan (TIP) is presently experiencing serious financial trouble mainly due to the management on the part of the authorities concerned.According to documents, the existing health of TIP is fast deteriorating following the consistent drop in sales and a substantial cut in its production during the last four years."The major reduction within 3-4 years with production dropping drastically and current sale hitting less than Rs70 million against the…Read More

Financial crunch dents cotton buying

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article image STAFF REPORT IBD: Most of the mills and spinners partially remained away from the cotton market due to financial turmoil mainly because of the change in official spot rate, dealers said.Prices of seed-cotton (phutti) in Sindh were at Rs 1800-2300 and, in Punjab Rs 2200-2650, they said. In ready dealings, approximately 7000 bales of cotton changed hands at Rs 4100-5800, they said.They said that both buyers and sellers were in the mood to do business, but lack of finances made a big hurdle.The…Read More