Saturday, June 02, 2012, Rajab 11, 1433
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Business & Finance
Govt allocates Rs.774.4m for industries divisionStaff Reporter Islamabad—The government allocated Rs.774.485 million for Industries Division projects in Public Sector Development Programme (PSDP) for the year 2012-13.
According to the budgetary document released here on Friday, out of the total allocations, Rs.70 million have been allocated for establishment of Intake ad Brine Disposal system/Civil Works for desalination plants at Gadani, Jiwani and Pasni.
The government allocated Rs.55.083 million for establishment of Bostan Industrial Estate Phase-I while Rs.55 million have been have been earmarked for Establishment of Infrastructure in Quetta Industrial and Trading Estate (Phase- II).
Indian growth weakest in nine yearsNew Delhi—India’s economic growth slumped to its lowest level in nine years in the first three months of 2012, marking a dramatic slide in the fortunes of a country whose economy boasted nearly double-digit growth before the global recession. “Urgent and bold steps are immediately needed to prevent the economy from descending into a full blown crisis. This must be averted at all costs,” said Rajiv Kumar, secretary-general of the Federation of Indian Chambers of Commerce and Industry.Business community receives new budget as an election ployAmanullah Khan Karachi—Apart from political conflicts, the trade & industry took the budget proposals presented by Dr Hafeez Shaikh, the finance minister in the national assembly amid roaring and protesting opposition on Friday.
Prominent business community leaders including Siraj Kassam Teli, Younus Muhammad Bashir, Acting President KCCI, Zubair Motiwala, Qaiser Ahmed Shaikh, Zafar Moti, Haroon Agar, Anjum Nisar, A. Q. Khalil and others in their initial remarks said “ Overall the budget is good and will support business and services sector”. However they added it seems an election budget and needs to be substantiated with major steps to address energy crisis, food inflation and deteriorating law and order situation across the country.
PIA’s nationwide safety awareness campaignAmanullah Khan Karachi—Pakistan international Airlines (PIA) has launched a nationwide fire safety awareness campaign under the leadership of new Chairman and CEO PIA, Rao Qamar Suleman in schools.
PIA has started this awareness campaign for children in order to educate them how to tackle the situation of fire eruption. Under the banner of Corporate Social Responsibility (CSR), PIA has planned a countrywide drive which will give the school children an opportunity to understand how to control their nerves in such a critical situation and how one has to react in fire eruption situation. PIA has a well developed Corporate Safety Division which had always participated in the time of need by the nation.
Stocks rise on ‘budget optimism’ while rupee hits record lowStaff Reporter Karachi—Karachi stocks rallied on Friday with investors optimistic ahead of the Pakistan government’s budget announcement, dealers said.
Finance Minister Abdul Hafeez Shaikh announced the country’s budget for fiscal 2012/13 during an evening session of parliament on Friday.
The Karachi Stock Exchange benchmark 100-share index rose 0.66 per cent, or 90.35 points, to close at 13,876.97 on volume of 78.168 million shares, compared to Thursday’s close of 13,786.62 points.
Post Budget Comments Non-taxing of Rs3200tn agriculture produce irks FPCCIM M Alam Karachi—Acting President Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Sheikh Shakil Ahmed Dhingra while commenting on Federal Budget has lamented that contrary to their advice given to the Finance Minister during meeting with FPCCI members here, Sales Tax was not decreased enough. He maintained smuggling would not stop if 16% upper limit of Sales Tax was not reduced.
Financial access termed key driver in developing SME sectorSalim Ahmed Lahore—SME Business Support Fund (BSF) , Ministry of Finance, Government of Pakistan arranged SME Financial Expo 2012 in collaboration with State Bank of Pakistan today at local hotel in Lahore.The chief guest of the Event was Kazi Abdul Muktadir, Executive Director, State Bank of Pakistan.
This event was planned with respect to the launch of BSF’s first SME Development Centre at Sundar Industrial Estate, which is an initiative taken by BSF to foster private sector development in Pakistan by providing high quality information support, competent policy advice and research, ensuring a wide dissemination of best practices of SME support in business community and providing effective professional services to the Industrial Estate.
KWSB wants 50pc cut in KESC’s tariffStaff Reporter Karachi—Karachi Water and Sewerage Board (KWSB), which is defaulting over Rs. 17 billion of Karachi Electric Supply Company (KESC), has moved to National Electric Power Regulatory Authority (Nepra) demanding at least 50 percent reduction in KESC’s tariff for it.
In a surprise move against the power utility, which is frequently disconnecting power supply to KWSB’s installation for non-payment of dues, the board has approached Nepra seeking separate tariff structure.
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