AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, December 03, 2012 (PPI-OT): SALIM GILANI RESIGNS
According to MR Securities,
Salim Abbas Gilani has resigned from the chairmanship of the Board of Directors of Sui Southern Gas Company Limited (SSGCL). He has been replaced by Shahid Aziz Siddiqui as acting Chairman of SSGCL.
Addressing the Board meeting held here on Friday Abbas Gilani said that since the Advisor to Prime
Minister on Petroleum and Natural Resources has moved a summary “for my removal which will fairly conclude that he has lost confidence in me, leaving with me no choice but to resign.”
MOBILINK: $1B TO BE INVESTED TO ENHANCE NATIONWIDE NETWORK
Mobilink will be investing over $1 billion towards enhancement of its voice and data services, paving the way towards introducing 3G services as soon as it is licensed in Pakistan, said Jo Lunder, Group CEO, VimpelCom – Mobilink’s parent company – during a meeting with Prime Minister Raja Pervez Ashraf at the PM House, according to a press release.
‘AIRTIME CAN BE USED AS UNDERLYING ASSET’
Approving the concept of airtime-based Sukuks, the Shariah Supervisory Board (SSB) of Meezan sBank gave its consent on Friday for the issuance of the Islamic financial instrument that will use mobile phone airtime as an underlying asset in structuring financial products in Pakistan.
US TO PROVIDE $50M TO SMES THROUGH PRIVATE EQUITY FUNDS
The US has announced that it will invest $50 million in small and medium enterprises (SMEs) in Pakistan, out of an economic cooperation package promised in the Kerry-Lugar bill. The amount will be invested through a privately-managed equity fund.
INDIAN TEXTILE GURUS HOPE TO MAKE MAJOR STRIDES IN PAKISTAN
Despite lacking market research, Indian textile gurus seem confident of gaining a handsome market share of the Pakistan. Even smaller players, who are visiting Pakistan for the first time, are convinced they will get an overwhelming response mainly due to similarities between their culture and weather.
DIAMER BHASHA: TURNED AWAY FROM ELSEWHERE, GOVT TO NOW KNOCK ON CHINA’S DOORS
After failing to secure funds for the multibillion dollar Diamer Bhasha Dam from multilateral donors – allegedly due to Indian lobbying – the government has now decided to seek a major portion of the project’s financing from China.
INDUS BASIN TREATY’S SIGNATORY: PF URGES WORLD BANK TO PUSH FOR CONSTRUCTION OF KBD
The Punjab Forum (PF) has called upon the World Bank to push construction of Kalabagh dam on river Indus as a signatory of Indus Water Treaty 1960 under which Pakistan’s three rivers, Ravi, Sutlej and Beas were given to India on condition that Pakistan would build reservoirs for providing alternate water releases to the irrigation canals emanating from these rivers for watering crops in south Punjab.
CIC URGED TO CREATE ENERGY INVESTMENT FUND
It has been suggested to the China Investment Corporation (CIC) to create energy investment fund. The idea was mooted by the Secretary of the Coal and Energy Development Department, Ajaz Ali Khan, while briefing a high powered delegation of the CIC at the Chief Minister House here on Sunday. Chief Minister Sindh, Syed Qaim Ali Shah, and other officials were also present on the occasion.
GOVERNMENT SET TO HIKE GAS PRICE BY RS 31.12/MMBTU
The government has decided to increase natural gas price for all categories of consumers by up to Rs 31.12 per MMBTU effective from 1 January next year. Official documents obtained by Business Recorder showed that Oil and Gas Regulatory Authority had approved the increase in gas tariff for Sui- Northern Gas Pipelines Limited (SNGPL) and of Rs 28.28 per MMBTU for Sui-Southern Gas Company Limited (SSGC) effective from January 1 till June 1 next year.
CSF BECOMES CRITICAL DUE TO PRESSURE ON BOP: US TO BE APPROACHED LATER THIS MONTH
With serious pressure on balance of payment position, the country”s economic managers are trying to persuade the United States to release $600 million on account of CSF as quickly as possible.
ZONG, ASKARI BANK LAUNCH ‘TIMEPEY’ BRANCHLESS BANKING SERVICE
Zong, cellular network and Askari Bank Limited have jointly announced to launch of ‘Timepey’, a technology-based branchless banking service that will make available a range of banking services to just about everyone, with remarkable convenience and efficiency. This announcement was made by Fan Yunjun, CEO Zong while addressing a press conference here at Hall No: 3 of Expo Centre.
FUTURES SPREADS UP BY 32 BASIS POINTS
The futures spreads increased by 32 basis points during the outgoing week ended November 30, settling at 10.74 percent. Trading activity on the futures counter increased during the week as average daily volumes surged by 241 percent to 25.72 million shares. The average daily trading value also surged by 226 percent to Rs1.822 billion.