Business News

Power generation capacity to improve after provision of LNG

Staff Reporter

Islamabad—Finance Minister Senator Mohammad Ishaq Dar was informed on Wednesday that the overall power generation capacity would improve after the provision of LNG to gas-based power plants from first quarter of next year. The minister was chairing a meeting here to evaluate situation regarding production and supply of electricity in different areas of the country.

Sports products export witnesses positive growth

Staff Reporter

Islamabad—The exports of sports products from the country witnessed positive growth during the first quarter of the current fiscal year compared to the corresponding period of last year. The sports goods worth $82.015 million were exported during July-September (2014-15) compared to the exports of $81.527 million in July-September (2013-14), showing a positive growth of 0.60 percent, according to the latest data of Pakistan Bureau of Statistics (PBS). The sports goods that contributed in positive growth included footballs, exports of which increased by 15.05 percent during the period under review compared the last year. The football exports reached to $40.705 million in 2014-15 compared to the exports of $35.380 million during the last year, the data revealed.

FPCCI, SAARC Chamber hail PAT decision to end sit-in

Islamabad—The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) and SAARC Chamber of Commerce and Industry Wednesday hailed the decision of the Pakistan Awami Tehreek (PAT) leader, Dr.Tahir-Ul-Qadri to wind up sit-in (Dharna) in the federal capital. “The winding up of sit-ins is a welcome decision as it would help boost the trade activities in the capital, hence providing relief to businessmen and people of the city,” FPCCI Chief Zakaria Usman said.

Pakistan can produce 150,000 MW power from wind energy

Salim Ahmed

Lahore—“Pakistan has the potential of producing approximately 150,000 MW of power from wind energy sources,” Mr. Shah Faisal Afridi, President Pak-China Joint Chamber of Commerce and Industry, said. While referring to a recent report compiled by United States Agency for International Development (USAID), which adds that the wind projects can fetch an investment of around two billion dollars, Mr. Afridi urged the government to opt for the short-term and quick start up energy projects to curb the prevailing energy crisis that had crippled down the national economy in general and the industrial sector in particular.

Meezan Bank acquires HSBC Bank Pakistan

HSBC business to be converted into Shariah compliance

Amanullah Khan

Karachi—Meezan Bank has successfully completed the acquisition of HSBC Pakistan that has added 10 branches, incremental deposits of Rs 22 billion and a high quality-financing portfolio. The entire business of HSBC Pakistan will be converted into the various Shariah-compliant products offered by Meezan Bank under the overall direction of the Bank’s Shariah Supervisory Board and the Islamic Banking Division of the State Bank of Pakistan.

Mobilink reaches 1m 3G customers in 90 days

Staff Reporter

Karachi—Mobilink 3G customers have reached 1 million mark rendering it as the fasted growing 3G service in Pakistan. Mobilink hit the 1 million mark within 90 days of commercial launch, which is the fastest uptake of 3G services of any cellular operator in Pakistan. Mobilink’s 3G services were launched in July this year and continue to provide high-speed Internet to customers in 12 cities of Pakistan and counting. The evolution of Mobilink’s 3G network is a result of carefully designed roll-out plan that makes the best use of 10MHz spectrum while focusing on excellence in customers’ experience.

Shahbaz to promote trade, economic cooperation with Denmark

Salim Ahmed

Lahore—Punjab Chief Minister Muhammad Shahbaz Sharif has said that there are strong economic relations between Pakistan and Denmark, however, there is a need for further promotion of trade and economic cooperation between the two countries. All out measures will be taken for this purpose, he added. He said that there is a vast scope of investment in power, renewable energy, livestock & dairy development, mining, environmental protection and other sectors in Punjab and Danish companies should benefit from these investment opportunities. He said that a conducive atmosphere has been created in the province for investment and all necessary facilities are being provided to investors under one roof.

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