Thursday, May 10, 2012, Jumada Al-Akhir 19, 1433
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Business & Finance
‘Pak can generate 2.3m MW from solar energy’Amanullah Khan karachi—Pakistan has a potential to generate over 2.324 million mega watt electricity per annum through solar system and industrialists should come into manufacturing in this sector for domestic as well as industrial use in order to overcome prevailing energy crisis in Pakistan.
Siemens offers energy solutionsAmanullah Khan karachi —Siemens Oil and gas stall at POGEE the International Oil and Gas exhibition at Expo Centre Karachi drew a lot of attention from the visitors that included customers, policy makers, media and oil and gas entrepreneurs from across the country and twenty other countries participating in POGEE
The Siemens stall offers end to end solutions in oil and gas and also in other sectors of energy as well as information on healthcare solutions available with the company. Customers demonstrated keen interest in Power generation solutions including oil and gas and alternate energy solutions like Solar, Wind and Bio Mass. Some players in the field also approached Siemens officials at the stall for joint ventures.
Indian bourses officials seek elimination of all constraintsSalim Ahmed lahore— Officials of the Indian Stock Exchanges have recommended eliminating all constraints to make the demutualization experience successful. The official shared their own experiences of demutualization at a luncheon hosted by the Lahore Stock Exchange (LSE) for the visiting dignitaries of Indian Capital Market.
The delegation comprising Mr. Joseph Massey, CEO, MCX- Stock Exchange, India & Chairman, South Asian Federation of Exchanges (SAFE), Dr. Dalbir Singh, Chairman, Delhi Stock Exchange (DSE), and other directors of DSE, Justice Vinod Kumar, Mr. Mahendra Nath, Mr. Vijay Kumar and Mr. Anuj Chowdhry held discussions with the Board of Directors and members of the Committee overseeing demutualization at LSE.Mr. Aftab Ahmed Ch, MD/CEO of the Exchange, while welcoming the delegation said: “timing of this visit cannot be any better as the Exchanges in Pakistan are in the process of demutualization. We can learn a great deal from the experiences of Delhi Stock Exchange and MCX in a post-demutualization environment”.
11.51 pc hike likely in PSDPStaff Reporter Islamabad—The Annual Plan Coordination Committee (APCC) in its meeting to be held here on May 10 (Thursday) is likely to earmark Rs.825 billion in the Public Sector Development Programme (PSDP) 2012-13 for various on-going and new development schemes at federal as well as provincial level, showing an increase of 11.51 percent over the PSDP of the outgoing fiscal year.
Out of the total PSDP 2012-13 ,the APCC is likely to be recommended Rs. 350 billion as federal PSDP while Rs. 475 billion are likely to be approved for provincial PSDP, official sources.
As compared to the PSDP of the last year, the PSDP this year has been increased by 11.51 percent, including federal PSDP by 17 percent and provincial PSDP by 9.47 percent, an official in the Planning Commission said.
FBR recovering money through freezing accountsStaff Reporter Karachi—The Federal Board of Revenue (FBR) has initiated harsh measures for recovery of outstanding liabilities by freezing bank accounts of taxpayers / entities, official sources said on Tuesday.The Large Taxpayers Unit (LTU) Karachi had recovered significant amount, especially in litigation cases where stay was granted by courts and lingered on for more than six months, they said.“The unit recovered Rs1.5 billion so far and more recovery is expected before June 30, 2012,” an official at the LTU Karachi said on the condition of anonymity.
Paapam opposes CBU importSalim Ahmed Lahore—The meeting of the auto industry representatives with Engineering Development Board (EDB) on new auto policy (AIDP-II) for 2012-17 has failed to reach any consensus to finalize the auto policy draft to be sent to Cabinet for approval. The EDB stuck to its anti-industry proposal of massive reduction in tariff regime, showing reluctance to support protect local manufacturers’ interests despite Industries minister’s clear directives.
This was stated by the Pakistan Association of Auto Parts and Accessories Manufacturers here in a letter to Senior Industries Minister Ch Pervaiz Elahi, who in earlier meeting, had assured Paapam and PAMA that government would protect interests of the local industry before finalizing any decision.
Egypt foreign reserves see first gain since 2010cairo—Egypt’s foreign reserves rose slightly last month, central bank data showed, their first gain since a popular uprising unseated the country’s autocratic leader and sent the economy into a tailspin.The central bank has spent heavily to support Egypt’s currency through the political turmoil since Hosni Mubarak’s overthrow in February 2011, which prompted foreign investors to scurry for the exit and hammered tourism.Foreign reserves - which stood at $36 billion in December 2010 and fell every month since the uprising began - edged up to $15.21 billion at the end of April from $15.12 billion at the end of March, the bank said. Some economists are expecting a sharp drop in the pound as reserves appear close to danger level and long-awaited help from foreign donors including the International Monetary Fund has been repeatedly delayed.China to give $448m loan for Neelum-Jhelum projectStaff Reporter Islamabad—The Chinese government has assured a long-awaited $448 million commercial loan disbursement to Pakistan for its most strategic 969 megawatt (MW) Neelum- Jhelum power project; the cost of which has already increased by more than two-and-a-half-times to Rs330 billion ($3.7 billion) from its initial cost of Rs130 billion, due to the delay and design change following the 2005 earthquake.
The assurance came here at the meeting of Pak-China Joint Energy Working Group (JEWG) meeting with a high-powered visiting Chinese delegation, comprising of 28 members from the public and private sectors, including EXIM bank.
Pakistan also asked China to come in a competitive bidding for the award of five big contracts under the Diamer Basha Hydropower Project.
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