Karachi —The oil prices in the international
market showed a record surge during the last
several months, which compelled the government
to pass on the increase to consumers but the
increase, should have been taken gradually and
in parts, expressed leading businessmen of
Karachi. They stress that the economy of
Pakistan is not in a position to absorb such
sudden and large shocks. It was much better if
government adopts a strategy of gradual
increases in oil prices. Now, this step will not
only create several economic problems, it may
also exaggerate the political unrest in the
country.
Islamabad—Pakistani banks are operating in a
group to fleece their depositors and this needs
to be effectively discouraged, says a senior
official of the Competition Commission of
Pakistan (CCP). “Prima facie banks are involved
in a group for which the investigation is being
conducted by the Competition Commission”,
Chairman CCP Khalid Mirza told a news conference
yesterday. He said that in case banks were found
to be involved in promoting groupism, action
will be taken against them. There was a Rs50
million fine but under the competition law
executives of the banks could also be
individually penalised, Mirza said.
Islamabad—AMSON Vaccines and Pharma Pvt (Ltd)
announced the launch of the world’s first
Neurotoxic Snakebite Management Kit for doctors
in developing nations. Neurotoxic snakes such as
the black mamba and Egyptian cobra in Africa,
the cobra and krait in Pakistan and other Asian
countries and the Taipan in Papua New Guinea
present major challenges to doctors in rural
areas. Their venom is fast acting and paralyses
the respiratory system such that victims stop
breathing and die of suffocation.
PAKISTAN’S external balances are worsening as
the economy stayed weak for a year, and a pick
up has yet to start while a new government takes
shape. If all goes well, a coalition government
should be in place in Islamabad in early March.
Its likely partners will be Pakistan Peoples
Party, Pakistan Muslim League (Nawaz), Awami
National Party, and other smaller groups. Some
of these parties may join the cabinet or just
support the new set up from outside. However,
even this coalition will take time to adopt
measures for a turnaround of the economy,
business, and foreign trade, particularly the
stagnating exports. The worsening external
sector will need a high priority for the new
government. That will, in turn, require several
remedial steps. Take for instance the current
account deficit (CAD).
Muscat—Shell Representative Office Oman, set up
about six years ago to represent Shell’s
interests in the Sultanate, has transformed into
a limited liability company and started
operations under a new name which, it said
yesterday, reflected its increasing activities
and commitment to “the long-term sustainable
development of the country.” It was also
announced that the company, now known as ‘Shell
Development Oman’ (SDO), would move to its new
office to be built near Petroleum Development
Oman (PDO) in about a year’s time. “Since 2002,
we have grown not only in numbers, but have also
broadened the range of our activities,” Dr
Andrew Wood, Shell Country Chairman, told a news
conference.
