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Karachi, February 07, 2014 (PPI-OT): Power tariff up by Rs 1.01 per unit
According to MR Securities,
Nepra has increased power tariff of Distribution Companies (Discos) by Rs 1.01 per unit for December 2013, according to the monthly fuel adjustment formula. The increase will be applicable across the board except K-Electric (former KESC) consumers. The increase in tariff will be part of February, 2014 bills.
Avoiding project bidding: Power ministry seeks advice on direct award of contracts
As the country finds it difficult to attract significant investment in the energy sector, the Ministry of Water and Power has approached the Public Procurement Regulatory Authority (PPRA) to seek advice on awarding contracts for mega energy projects directly to foreign companies, investors and sovereign states.
Thar coal contract: SHC orders re-evaluation of complainant’s bid
The Sindh High Court (SHC) has directed Sindh Engro Coal Mining Company (SECMC) to re-evaluate the bid offered by Reliance Consultancy and Engineering Works Limited for the award of a contract for the open cast lignite mine of Thar block-II.
FAs for power sector PSEs, PIA: IMF timeline may not be met
The government may be unable to meet the timeline agreed with the International Monetary Fund (IMF) to hire three Financial Advisors for privatisation of two Public Sector Entities (PSEs) in power sector and Pakistan International Airlines (PIA) due to failure to clear bills for past advertisements in the local media, sources told Business Recorder. A senior official of the Privatisation Commission said the advertisements, which were to be published last week, have not yet been published.
Quarterly DFS data submission: SBP issues new directives
The State Bank of Pakistan on Thursday issued new directives related to Data Submission of Quarterly Data File Structure (DFS) under Reporting Chart of Accounts (RCOA). According to SBP, certain variations have been observed in quarterly asset quality data due to external audit adjustments, regulatory adjustments or due to other valid reasons, which do not reconcile with the closing balances of previous quarter.
Foreign investment to touch 20 percent of GDP in five years: BoI chief
Special assistant to the Prime Minister and Chairman Board of Investment (BoI) Dr Miftah Ismail on Thursday said that investments into the country would reach to 20 percent of Gross Domestic Product (GDP) in next five years, hence promote sustainable economic development in the country.
Foreign reserves inch up by $23.5 million
The country’s liquid foreign reserves rose by $23.5 million during the last week. According to State Bank of Pakistan’s (SBP) weekly report, the country’s totalled foreign reserves have surged to $8.017 billion as on January 31, 2014. Although the reserves of SBP and banks have showed a rising trend, however the major increase has been registered in the banks” reserves.
External debts stand at $47.962 billion, reserves at $8.444 billion: Senate told
The Senate was informed on Thursday, during question hour, that external debt of the country was about $47,962 million while total amount of foreign currency reserve stood at $8,444 million as on December 15, 2013. Replying to various questions, Barjees Tahir, Minister for Kashmir Affair, said that out of total debt International Monetary Fund (IMF) credit stands $3035 million while other lending organisations have given $44,600 million.
Gul Ahmed’s earnings up by 233 percent
Gul Ahmed Textile has posted a handsome profit before tax of Rs 670 million and after tax of Rs 570 million for the six-month period ending December 31, 2013, up 233 percent against Rs 171 million for the corresponding period of the previous year. The profit margin jumped from 16 percent to 19 percent while its sales have also increased in the first half of fiscal year 2014. On the other hand, earnings per share increased to Rs 3.12 against Rs 0.94 in the previous period.
Government incentivising oil and gas exploration: Pakistan cherishes close friendly ties with
UAE: Dar
Federal Minister for Finance, Economic Affairs, Revenue and Statistics Senator Ishaq Dar has said Pakistan cherished close friendly ties with the people and the leadership of the United Arab Emirates (UAE). He was talking to Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and Industry of the UAE.
SBP enhances per acre limits for crops financing
State Bank of Pakistan has enhanced per acre limits for major and minor crops, orchards and forestry. According to revised report on Indicative Credit Limits and List of Eligible Items for Agri Financing, under major corps, financing limits per acre for rice, wheat, cotton and sugarcane have been increased to Rs 34,000, Rs 29,000, Rs 39,000 and Rs 53,000, respectively from existing limits of Rs 19,000, Rs 16,000, Rs 21,000 and Rs 30,000 fixed in 2008.