Wednesday, June 13, 2012, Rajab 22, 1433
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Business & Finance
PM directs to finalize plan of Pak Steel MillsStaff Reporter Islamabad—Prime Minister Syed Yusuf Raza Gilani on Tuesday directed the Ministry of Finance to finalize the business plan relating to Pakistan Steel Mills through Cabinet Committee on Restructuring (CCOR) within a week.
The Prime Minister expressed these views while talking to CBA labour delegation Pakistan Steel Mills led by Chairman Shamshad Qureshi at the PM House here.
The delegation discussed proposals regarding making Pakistan Steel Mills a profitable public sector enterprise on durable basis.
Agreement signed for construction of New Lahore Grid StationSalim Ahmed Lahore—National Transmission and Despatch Company Limited (NTDCL) has signed an agreement of construction of New Lahore 500 Kv Grid Station as part of joint venture with Chinese companies.
Chief Engineer EHV-I NTDCL Muhammad Amin Khalid on behalf of NTDCL Management and President of China National Electric Equipment Corporation (CNEEC) Mr Zhau Ruolin signed the agreement, during a ceremony held at Avari Hotel Lahore, today.
JSIL announces maturity of JS PSF IStaff Reporter Karachi—JS Investments Limited has announced the maturity of JS Principal Secure Fund I (JS PSF I), after successfully completing its tenure of 3 years and 6 weeks on 11th June 2012.
JS PSF I was launched on April 24, 2009 and has successfully achieved its objective of providing 100% security of initial investment to its investors. Since the funds inception, JS PSF I has provided an impressive cumulative return of 47.31% as at June 11, 2012.
This includes the Interim Bonus Distribution of Rs.11.59 per unit for the unit holders of JS PSF I, which was announced by the Chief Executive Officer of JS Investments. The bonus entitlement was distributed to unit holders, whose names appeared on the Register of Unit Holders at close of Business of June 07, 2012.
Sindh Bank providing valuable services to peopleStaff Reporter Karachi—Sindh Finance Minister Syed Murad Ali Shah, in his budget speech, described the establishment of Sindh Bank as a very important step of the present PPP-led Government and noted that it was providing valuable services to people of the province.
Sindh Bank, established in memory of Shaheed Mohtarma Benazir Bhutto, was inaugurated by President Asif Ali Zardari on December 26, 2010 at Naudero town of Larkana.
The bank opened 50 branches in 2011, including branches in each district of the province.
Govt to support manufacturing to enhance exports: RizviKhalid Butt Lahore—The Government will support the manufacturers through prudent policies and encourage them to enhance the capacity and transfers of technology which will not only benefit local consumers but also increase exports of “Made in Pakistan” motorcycles; this was stated by Chairman Federal Board of Revenue (FBR) Mumtaz Haider Rizvi.
While inaugurating the Atlas Honda motorcycle’s production capacity enhancement to 0.75 million bikes a year alongwith Mr. Kenji Kawaguchi, President Honda R&D Southeast Asia, he said that he is looking forward to Atlas Honda’s next landmark of achieving production and sales targets of 1 million motorcycles a year, as it will be a direct support to achieve FBR’s revenue collection targets.
AEDB issues six LOIs to produce 148 MW solar powerStaff Reporter Islamabad—Alternate Energy Development Board (AEDB) has issued six Letter of Intents (LOIs) to different companies to produce 148 MW On-Grid Solar PV power.
In addition, three LoIs of 70 MW capacities have also been issued by Punjab Power Development Board (PPDB) with the objective to cash huge solar energy potential in the country.
According to an official at AEDB here on Tuesday, the government’s policies are aimed at meeting the demand fully with an emphasis on exploration of indigenous resources including solar.
Pakistani food festival inauguratedObserver Report Riyadh—Ambassador of Pakistan to Saudi Arabia, Muhammad Naeem Khan and the President of Al Riyadh Chamber of Commerce & Industry, Dr. Abdul Rehman Al Jeraisy jointly inaugurated First Ever Pakistani Food Festival at Riyadh Palace Hotel Monday night. The festival will continue for five days till June 15, 2012.
A large number of Saudi businessmen, government functionaries, diplomats and overseas Pakistanis attended the Inauguration Ceremony.
Bank Alfalah to cater to financial needs of SMEs: BajwaAmanullah Khan Karachi—Banks’ lending to the SMEs (small and medium) sector should be improved as SMEs are the major contributor to the country’s economy; this was stated by President and CEO, Bank Alfalah Ltd (BAFL), Atif Aslam Bajwa.
Speaking at a luncheon meeting at Korangi Association of Trade and Industry (KATI) here today, Bajwa said that SMEs contribution to the national economy should be 60 per cent instead of 30 per cent prevailing at present.
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