AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, December 10, 2012 (PPI-OT): SPANNER IN THE WORKS: ECC BODY REVISES GAS SUPPLY PLAN FOR FERTILISER FIRMS
According to MR Securities,
A sub-committee of the Economic Coordination Committee (ECC) has turned down a plan to spend $400 million from the gas infrastructure development cess (GIDC) on gas supply to the struggling fertiliser firms and has instead come up with a revised plan, say sources.
CONSTRUCTION OF DIAMER-BHASHA DAM: US SAYS READY TO GIVE $200 MILLION ANNUALLY
The United States on Friday expressed its willingness to extend $200 million per year for Diamer-Bhasha Dam and financial assistance for international consultancy for import of Liquefied Natural Gas (LNG) but criticised Islamabad for not implementing power sector reform ageenda in letter and in spirit. This was the crux of a one-day Pakistan-US Energy Working Group meeting held in Islamabad.
GOVERNMENT URGED TO IMPOSE BAN ON IMPORT OF RAW-COTTON
Pakistan Cotton Ginners Association (PCGA) Chairman Mahesh Kumar has strongly opposed the import of cotton and urged upon the government to impose ban on the import of raw-cotton from different countries by spending precious foreign exchange because local produce was sufficient to meet the requirement of textile industry.
FALLING BEDWEAR EXPORTS: GOVERNMENT URGED TO REDUCE MARK-UP RATE
With a view to augmenting the country’s export of bed-wear textile, the government should reduce mark-up rate and high cost of inputs to enable the local manufacturers to compete with India, Sri Lanka, China and Bangladesh on world markets, said Chairman Pakistan Bedwear Exporters Association (PBEA), Zain Bashir on Saturday.
UNCOUNTED FOR GAS: SNGPL AND SSGC SET TO SUFFER RS 16.5 BILLION LOSS
Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC) will have to suffer an estimated loss of Rs 16.5 billion on account of Unaccounted for Gas (UfG) during the current fiscal year. Saeed Ahmed Khan, Chairman Oil and Gas Regulatory Authority (Ogra), while addressing a press conference on Friday said SNGPL will suffer a loss of over Rs 14.2 billion and SSGC over Rs 2.2 billion on account of UfG.
AVAILABLE IPP CAPACITY REMAIN UNUSED: INEFFICIENT PLANTS WASTED RS 14 BILLION IN NINE MONTHS: EXPERTS
Inefficient older power plants have cost the national exchequer Rs 14 billion between January and September this year, sources in the power sector claimed on Saturday. Experts said that despite worsening gas shortage, policy-makers insisted on using gas in least efficient power generating plants that were being run on less than 20 percent efficiency level.
UK INVESTORS INTERESTED IN PRODUCING DIESEL FROM COAL RESERVES: QAIM
Sindh Chief Minister Syed Qaim Ali Shah said the progress in the coal development programme in Thar telling that two foreign investors from the UK were making investments in addition to the Engro. “The UK investors say that they will produce diesel from the coal. This will massively help reduce the country’s fuel imports and MR Securities’ ever growing foreign payments,” he observed.
IMF AND PAKISTAN LIKELY TO HOLD TALKS ON NEW SBA
A team of experts from the International Monetary Fund is expected to come to Islamabad later this month to hold talks on a new economic stabilisation programme, it is reliably learnt. A Pakistani side led by Finance Minister Dr Hafeez Shaikh, which has returned from Washington, over the weekend, is confident that the Fund is definitely interested in signing a new Stand-By Arrangement.
FUTURES SPREADS DOWN BY 452 BASIS POINTS
The futures spreads decreased by 452 basis points (bps) during the outgoing week ended December 7 to 6.22 percent. Trading activities on the futures counter also decreased during the week, as average daily volumes declined by 56 percent to 11.3 million shares. The average daily trading value also witnessed a downward trend, settling 57.5 percent lower at Rs774 million.
PAKISTAN, IRAN BELIEVE CURRENCY SWAP NOT POSSIBLE
Pakistan and Iran are unlikely to sign currency swap arrangement (CSA), as central banks of both the countries believe that such an option “is not available”, officials told Business Recorder on Saturday. The sources said that because of international sanctions on Iran, Pakistani banks were hesitant to conduct transactions with Iranian banks and most of trade activities were either carried out in cash or via third country, particularly Dubai.
EXTORTIONISTS START TARGETING RICE SHIPMENTS
With no check in sight and no one to thwart their evil plans, extortionists have now started targeting rice consignments, threatening exports of a key commodity of the country.