# -._.-Yah0o-RuleZ-._.-
Welcome in Yah0o-rulez

# -._.-Yah0o-RuleZ-._.-

HomeRegisterLog in


 Karachi suffers Rs10bn single-day loss

Go down 
Cute Desire
Cute Desire

Posts : 30
Join date : 2010-06-21
Age : 29

Karachi suffers Rs10bn single-day loss  Empty
PostSubject: Karachi suffers Rs10bn single-day loss    Karachi suffers Rs10bn single-day loss  Icon_minitimeWed Aug 04, 2010 6:33 am

Karachi suffers Rs10bn single-day loss  Khi-316

KARACHI: Production in majority of the industrial areas came
to a grinding halt and all markets and shopping centres remained
completely closed on Tuesday following the killing of MPA Syed Raza
Haider of the Muttahida Qaumi Movement on Monday.

Industrialists and businessmen offered different estimates on one-day loss which ran into billions of rupees.
About 80-90 per cent workers could not reach to their industrial
units as public transport remained completely off the roads while many
people having their own transport also did not take the risk. Even
workers living in the vicinity of industrial estates stayed at home in
view of lingering violence in the city. Even the shops located inside
the residential areas were also closed.
The supply chain from the industrial areas to wholesale markets and
to retail markets from main wholesale bazaars were paralyzed till the
Karachi Chamber of Commerce and Industry President Abdul Majid Haji
Mohammad told Dawn that “The city has suffered Rs10 billion single-day
loss in view of production losses, suspension in sales and exports,
demurrage at ports on imported goods, loss of perishable goods, daily
wage earners, non-salary disbursement, transportation of goods, non
plying of public transport, sale losses to shop owners and government
revenues.” He added that there were many invisible losses also.
All Karachi Tajir Ittehad (AKTI) Chairman Atiq Mir was of the view
that during the last one month the traders had suffered a loss of Rs10
billion due to closure of markets due to violence, arson of shops etc.
He said in case the situation did not improve in the next two days
the life of two million daily wage earners would severely be affected.
“Around 3.5 million salaried class people working in different private
jobs, industrial units, shops etc., have still not drawn their
salaries,” he added.
He said that many traders and manufactures were expecting huge orders
from upcountry for upcoming Eidul Fitr but in case the tense situation
prevails they would lose these orders.
Due to suspension in container movement, no export shipments could be
made causing huge losses to the exporters for not meeting the shipment
Korangi Association of Trade and Industry Chairman Razzak Hashim
Paracha said that less than 10 per cent workers and staffers marked
their attendance despite the fact that 80 per cent labour and workers
live in the surrounding areas.
“Daily production of various goods in Korangi industrial area is
estimated at Rs2.75 billion but in view of thin attendance only 10-20
per cent production is recorded,” he said.
KATI has a total of 4,500 units in which 60 per cent are
export-oriented units. He said exports had suffered heavily due to
suspension in container movement.
Chairman North Karachi Association of Trade and Industry (NKATI)
Sadiq Mohammad said that majority of the workers, which live in
surrounding areas, did not turn up in view of rising insecurity.
He said half of 45,000-50,000 workers mostly employed in 2,000 small
and medium units earned their livelihood on daily wages while the rest
was on contractual and permanent basis. Around 70 per cent are
export-oriented units.
“Almost all the units were closed and no production was recorded,” he
claimed and added that even factory owners also stayed at their homes.
Acting chairman of Site Association of Industry (SAI) Ahsan Arshad
Ayub said that 60-70 per cent industries out of 3,500 units were
remained completely closed. He said about 80 per cent were
export-related industries whose shipments failed to reach the ports.
Around 600,000-700,000 people work in the Site industrial area in
which 80 per cent are on daily wages. Chairman F.B. Area Association of
Trade and Industry (FBATI) Shahid Ismail said that 80-90 per cent of the
industries were shut as labour could not turn up for want of public
The F.B. Area has over 2,000 units in which 150,000-200,000 people are working on daily wages, contract and permanent basis.
Some workers who could not return to their homes on Monday evening
were asked to run the units but they were very limited in numbers. He
added that the workforce arrive in the industrial units from all parts
of the city.

<div align="center"><br></div>
Back to top Go down
Karachi suffers Rs10bn single-day loss
Back to top 
Page 1 of 1
 Similar topics
» 50% largest single contract requirement
» single package vs multiple contracts
» Average Weight Loss
» Dr Garett Smith - North Shore Weight Loss Clinic
» No instant only imersion?

Permissions in this forum:You cannot reply to topics in this forum
# -._.-Yah0o-RuleZ-._.- :: News :: Business News-
Jump to: