Pakistan Economy - News & Updates - Archive

[Owais]

Lucky Cement earns Rs 791.503 million after-tax profit in July-December

KARACHI (February 20 2007): The Lucky Cement on Monday announced its profit after-tax of Rs 791.503 million translating an earning per share (EPS) of Rs 3.01 for the first half of current fiscal year as compared to Rs 855.136 million, EPS of Rs 3.25 in FY06. This was recommended by the board of directors of the company in a meeting held here on Monday.

According to the financial results, the company''s operating profit stood at Rs 1,401.078 million in the six-month period (from July to December 2006) as compared to Rs 1,209.693 million in the same period in 2005. The profit before tax was Rs 1,009.683 million in the period under review against Rs 1,125.818 million previously.

http://brecorder.com/index.php?id=530362&currPageNo=1&query=&search=&term=&supDate=

 

[Owais]

Banks disbursed Rs 80.97 billion farm loans in 7 months

KARACHI: The commercial banks disbursed an amount of Rs 80.977 billion agriculture credits in July-Jan 2006-07 against its full-year target of Rs 160 billion.

“The commercial banks provided Rs. 9.29 billion farm credits in January 2007 only, the State Bank spokesman Syed Waseemuddin told Geo News.

The five major banks disbursed Rs 37.91 billion agriculture credits in July-Jan 2006-07 period against their full-year target of Rs 80 billion.

Zarai Tariqati Bank Limited (ZTBL) disbursed credit of Rs 27.190 billion against its full-year target of Rs 48 billion, while Punjab Provincial Cooperative Bank disbursed Rs 4.039 billion against its full-year target of Rs 9 billion, the official said.

However, fourteen other private banks, which were given Rs 23 billion disbursement target for 2006-07, have provided credit of Rs 11.831 billion in July-Jan this year.
http://geo.tv/geonews/details.asp?id=2396&param=3

 

[Neo]

17 oil, gas exploration blocks to be offered in next bidding: official

ISLAMABAD: February 20, 2007: The government will offer 17 onshore blocks for oil and gas exploration for bidding this month, a senior government official said on Tuesday.

Sher Mohammad Khan, director for exploration and concessions at the Ministry of Petroleum and Natural Resources, said the blocks to be offered are in four zones.

"We plan an open bidding and local and well as international firms will be allowed to participate," Khan told reporters on the sidelines of an oil and gas conference in Islamabad.

"The bidding will be held this month."

"Those blocks are other than the 33 we already awarded for exploration since January 2007," he said.

Pakistan's liberal exploration policy has attracted interest from foreign firms in recent years, making oil and gas one of the largest foreign investment areas.

Total (TOTF.PA) of France and Austrian OMV (OMVV.VI) are among the foreign firms involved in exploration and production of hydrocarbons.

Pakistan imports 85 percent of its energy needs, including about $3 billion worth of crude a year, and is struggling to increase domestic oil production of about 65,000 barrels a day.

It hopes to produce 100,000 barrels a day within five years.

Pakistan also produces little over 3.5 billion cubic feet of natural gas a day, which meets 50 percent of its total energy needs.

Khan said the government will also sell one offshore bock in the Indus Basin, off southern Sindh province.

"The bidding for Indus Basin block will be held on February 27," he said.

"We expect some good response from the investors in both the biddings."

The government has set a target of drilling 100 exploratory wells each year, compared with an average of 60 a year previously.

However, most offshore wells drilled by Pakistani and foreign firms have turned out dry.

Total, Pakistan's Petroleum Ltd. and Premier Oil Pakistan made unsuccessful attempts in the past few years to find hydrocarbons in deep water off Karachi.

Pakistan's proven oil reserves stand at 800 million barrels. It has and scientifically estimated potential reserves of 27 billion barrels.

Proven gas reserves are 45 trillion cubic feet while its scientifically estimated reserves are 450 trillion cubic feet.

http://brecorder.com

 

[Neo]

Efforts underway to increase indigenous oil production: PM

ISLAMABAD: February 20, 2007: Prime Minister Shaukat Aziz has said that strenuous efforts were underway to increase indigenous oil production upto 100,000 barrels a day to meet domestic needs and bring down oil import bill.

"The country's oil production will be increased upto 100,000 barrels from 70,000 barrels per day as it enjoys encouraging successful exploration ratio of 25 percent," he told a private TV channel.

Presently, the government has planned to drill at least 100 new wells to explore for oil and gas.

Various companies have already been allowed to explore and scores of local as well as foreign companies are showing interest in investing the country's oil and gas sector, he said.

New LPG policy has helped in decreasing its prices, the prime minister said, adding that more and more CNG outlets are being established across the country to provide cheaper energy and reduce pollution.

Commenting on Iran-Pak-India (IPI) gas pipeline project, he said things were moving in the right direction and negotiations were underway to devise an agreeable price formula.

An Indian delegation would soon visit Pakistan to hold talks on the project, the prime minister added.

http://brecorder.com

 

[Neo]

SBP governor stresses need to diversify economy

ISLAMABAD (February 20 2007): State Bank of Pakistan Governor Dr Shamshad Akhtar has said that Pakistan will have to diversify its economy to sustain, for a longer period, the momentum of growth it has gained over the past few years.

"We realise this (the diversification) will not happen overnight, but it is imperative," she was quoted as telling the senators on Monday in a briefing ahead of the debate in the Upper House to forward suggestions for the coming budget.

A member told Business Recorder, after the meeting, that the SBP Governor appeared convinced that reliance on a few sectors for a prolonged period could have adverse impact on overall economy. Dr Shamshad came out with a suggestion that the government must now start looking for some unconventional sectors to keep the momentum of economic growth going.

Pakistan has been able to sustain a GDP (Gross Domestic Product) growth rate around seven percent for the past three-four years, but its economy is largely being oxidised by only three sectors, like agriculture, large-scale manufacturing, and services. Experts argue that the trend of economy revolving around some sectors can fire back at some stage.

Senators also endorsed the SBP Governor's point of view and called for outright changes in the pattern of economic growth for diversifying the economy. Dr Akhtar said the SBP would continue to strike a fine balance that could help control the inflation, and maintain a reasonable growth rate.

Meanwhile, a statement issued here said that members of the Senate were briefed by State Bank of Pakistan Governor Dr Shamshad Akhtar on monetary policy. The Governor highlighted the transparent manner in which the SBP and the government had chalked out their policies.

Pakistan's economy has shown strength and resilience despite the external shocks in the form of rising oil prices and the devastating earthquake of October 8, 2005, it emphasised. It was the resilience of the economy brought about by the sound structural reforms that allowed economy to withstand the challenges, the statement said. The senators appreciated the working of the SBP.

The SBP Governor informed the senators of the increase in Foreign Direct Investments (FDIs) and the confidence the international markets had shown in Pakistan's economic progress.

http://brecorder.com/index.php?id=530336&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Karachi stocks breach 11,500 barrier :flag:

KARACHI: Merrill Lynch positive outlook for Pakistan’s economy with ‘buy’ at Pakistani bourse suggestion was well heeded. Institutional buying at dips empowered bulls that placed 100-index well above 11,500-point psychological level.

Aggressive buying helped 100-index recover 198.36 points and closed at 11,577.76 on the first day of rollover week, on Monday. Junior 30-index also managed to regain 282.94 points to 14,627.12 after remaining in negative column for the last three-day long sessions.

“Merrill Lynch in its last report praised Pakistan for its ongoing economic reforms, liberal economic policies with consistency and privatisation programmes that all were helping to boost the country’s economy furthermore,” a leading analyst summarised the report.

He quoted excerpt of the report says, “In the past 18 months, Standard Chartered has bought Union Bank, China Mobile bought Paktel, and Philip Morris bought Lakson Tobacco. And this year Pakistan State Oil is to be privatised.”

The beginning of the rollover week played its traditional role of mounting selling pressure by mid of the session at KSE, but institutional buying on dips placed index in upper green territory, another analyst said.

Buyers felt relax to invest with borrowed money, as Continuous Funding System (CFS) had came below Rs50 billion on last Friday. The hectic buying increased CFS value from Rs49.46 billion to Rs50.88 billion.

Simultaneously, the amount in overall market capitalisation surged by Rs50 billion to Rs3.156 trillion. Ahsan Mehanti of Shahzad Chamdia sees no crackdown of the ongoing rollover week in short term and expects that market would continue moving up because of Merrill Lynch buying stance at the local bourse that has potential to be grown up significantly.

Muzammil Mussani of JS Research said that initially dull activity was seen in the market due to lack of interest by both retail and institutional investors. The news of train incident and suicide bombing in Quetta over the week kept the investors away from the market. However, with the result announcement of Lucky Cement, sentiment geared up.

Lucky Cement announced its first half of fiscal year 2007 result with EPS of Rs3.01, which was above the market expectation. Amid higher than the expected result helped closing Lucky Cement on its upper circuit breaker at Rs68.5, he noted.

Better corporate result of Lucky Cement impacted positively on its fellow scrip ie DKGC that also closed at its upper circuit breaker. Announcement of the result changed market behavior the other (positive) round. Moreover, some rumours of foreign interest in OGDC also led the market to move up, he added.

On the contrary, the overall volumes in the ready market were not as healthy as they were in recent astonishing days. The turnover of the session stood at 180.602 million shares that was a little bit higher than 146.159 million shares changed hands on Friday.

The positive sign dominated on board, as 174 scrips finished up the day business in positive column against 143 stocks closed in negative zone. Therefore, the value of 30 scrips remained unchanged with total 347 active counters in the broader market.

Oil and Gas Development Company was the day volume leader with 23.271 million shares. The scrip recovered Rs2.80 at Rs126.30, followed by National Bank that regained Rs7.80 at Rs294.80 with 12.539 million shares.

Pak Petroleum rose by Rs8.80 at Rs263.50 with 11.809 million shares turnover. DG Khan Cement improved by Rs3.90 at Rs82.75 with 10.846 million shares turnover.

Lucky Cement enhanced by Rs3.25 at Rs68.50 with 8.863 million shares turnover. Callmate Telips lower by 50 paisa at Rs47.50 with 8.215 million shares turnover.

Fauji Cement rose by 80 paisa at Rs17.55 with 7.700 million shares. Bank Alfalah increased by Rs1.10 at Rs52.50 with 7.226 million shares.

Pakistan Telecommunication Company surged by Rs1.15 at Rs58.45 with 6.116 million shares turnover. Bank of Punjab improved by Rs1.25 at Rs125.25 with 5.289 million shares turnover.

Forward Counter: OGDC-FEB led the list of actives on this counter, firmed by Rs3.25 at Rs126.50 on seven million shares followed by NBP-FEB, which rose by Rs6.95 at Rs295 on seven million shares, HUBC-FEB improved by 45 paisa at Rs31.95 on six million shares, HUBC-MAR enhanced by 75 paisa at Rs31 on six million shares, FFBL-FEB increased by 86 paisa at Rs32.06 on five million shares.

http://www.thenews.com.pk/daily_detail.asp?id=43569

 

[Neo]

PARCO to export 250,000T gasoline

ISLAMABAD: Pakistan’s biggest refinery will export up to 250,000 tonnes of gasoline in 2007 after increased use of compressed natural gas led to a sharp decline in consumption, a refinery official said on Monday.

The refinery will issue quarterly tenders for international buyers for its surplus, said Muhammad Rasheed Jung, managing director of state-run Pakistan Arab Refinery (PARCO). The refinery, in Mehmood Kot in the central province of Punjab, annually produces about 650,000 tonnes of gasoline, while Pakistan’s annual demand is about 1 million tonnes.

“The export of motor gasoline from the mid-country refinery is not a viable business proposition, but we have no choice other than to sell it abroad as we have surplus production,” Jung told Reuters on the sidelines of an energy conference in Islamabad.

“We plan to export 250,000 tonnes annually for the next four to five years,” he said. Jung said a government campaign to replace petrol with compressed natural gas in vehicles had been hurting the industry.

http://www.thenews.com.pk/daily_detail.asp?id=43577

 

[Neo]

February 20, 2007
Saudi group to acquire 68pc stakes in CCBL

KARACHI, Feb 19: Saudi investor Samba Group will acquire 68 per cent stakes in the Crescent Commercial Bank Limited (CCBL) after getting 600 million new ordinary shares of the bank.

This was decided in the extra-ordinary general meeting of the CCBL held on Feb 9, and a special resolution was passed, by which the authorised share capital of the bank was increased.

The resolution further authorised to issue 600 million ordinary shares of Rs10 per share to the Samba Financial Group of Saudi Arabia.

In November 2006, the CCBL board of directors had approved an investment of Rs6 billion in the bank by the Samba group.

The deal will be completed after the approval of the State Bank of Pakistan, the Security Exchange Commission of Pakistan and the Saudi Monetary Authority.

On completion of the deal, the bank’s issued and paid-up capital will increase to Rs8.8 billion. The shares, to be issued to the Samba, are ordinary shares in a single transaction, resulting in Samba owning 68 per cent of the bank’s equity.Following the investment, the bank’s board will be re-constituted accordingly to reflect the revised ownership structure and will be in accordance with the requirements of Pakistani and Saudi regulatory authorities.

Samba is a premier financial group of Saudi Arabia with a market capitalisation of $22.4 billion and shareholders equity of $3.9 billion.

http://www.dawn.com/2007/02/20/ebr2.htm

 

[Neo]

Tuesday, February 20, 2007

Pak-India trade may rise to $9b in 5 years: WB MD

* Corruption is a tax on the poor. Lack of transparency and corruption are pervasive, and if not curtailed would be self-defeating: Volcker

MUMBAI: World Bank Managing Director Graeme Wheeler said on Sunday that India-Pakistan trade has the potential to cross $9 billion in the next five years from the current $1 billion, if barriers relating to policies, infrastructure, corruption and red tape are addressed.

"Everyday we see obstacles, protective policies, poor infrastructure, corruption and red-tape. Trade between India and Pakistan is about $1 billion a year. Without barriers, it could be $9 billion within five years,” Wheeler said at the SAARC business leader’s conclave here.

Citing geography and its young population as the two major weapons to fight poverty, he said South Asian nations needed to integrate for the economic betterment of the region. Pointing out that severe infrastructure bottlenecks impede the region's growth, he urged countries to share energy and water resources.

“Trade integration is a major opportunity. But regional cooperation in energy and water could produce even bigger returns. India, one of the most energy-hungry nations in the world, sits next to three energy-surplus countries namely Bangladesh, Nepal and Bhutan. Yet, except for Bhutan, energy trade between them is miniscule,” Wheeler observed.

He said that for South and East Asia to be the growth hubs of global economy, countries in the region should transfer their dynamism in services sector to manufacturing.

However, when asked about the threats posed by a two-year high rate of inflation in India and expectations of a higher current account deficit fuelled by high domestic demand for imported goods, he declined to comment.

Speaking at the conclave, a former chairman of the US Federal Reserve, Paul Volcker, who had led the UN investigation into the Iraq's food-for-oil scam that threw up the name of former external affairs minister Natwar Singh, stressed on the need to deal with corruption and implementation of a more transparent regime in developing countries.

"Corruption is a tax on the poor. Lack of transparency and corruption are pervasive and if not curtailed would be self-defeating. Strong responses to specific instances of corruption is warranted," he said.

Commenting on the worrisome rate of inflation the country is facing, Volcker said that surging inflation in India was a matter of concern, but added that the response of the Reserve Bank of India was on track.

India's rate of inflation had of late hit a two-year high of 6.73%, well above the central bank's projection of 5-5.5%, thus forcing it to hike the cash reserve ratio of banks by one percent in the last three months. courtesy hindustan times

http://www.dailytimes.com.pk/default.asp?page=2007\02\20\story_20-2-2007_pg5_14

 

[Neo]

Tuesday, February 20, 2007

Pak-India trade rose by 129% in April-Oct 06-07

NEW DELHI: There has been a phenomenal increase of 129% in India's trade with Pakistan in April- October 2006-07. The two-way trade has reached record figure of $977.03 million. This comprises India's exports to Pakistan valued at $789.13 million and Indian imports from Pakistan valued at $187.90 million. India's imports from Pakistan have been growing at a steady pace 87% in 2005-06 and 86% in April- October (2006-07). This was indicated at a meeting between Minister of State for Commerce Hamid Yar Hiraj and Indian Minister of Commerce & Industry Kamal Nath here on Monday, an Indian statement said. Hiraj is leading a 187-member business delegation to India, the largest ever business delegation from Pakistan to India. The two ministers underlined desire on both sides to boost bilateral trade and promote economic and commercial cooperation within framework of composite dialogue.

http://www.dailytimes.com.pk/default.asp?page=2007\02\20\story_20-2-2007_pg5_15

 

[Janbaz]

Thar coal mining to start this year: Marwat

By Adeel Pathan

HYDERABAD: Sindh Minister for Mines and Mineral Irfanullah Khan Marwat on Tuesday informed The News that mining in Thar coalfield would start this year.

“The ground water study of Thar coal is complete and two new blocks have been added that makes a total of six blocks for exploration of coal in Thar,” the minister told this correspondent.

He was talking to The News after speaking at the inaugural ceremony of Postgraduate Level 18-day course on Rock Mechanics Design Mining and Civil Engineering at Mehran University of Engineering and Technology (MUET).

The Department of Mining MUET organised the program sponsored by the Higher Education Commission (HEC) British Council and Joint Higher Education Links Programme.

To a question, the minister said that feasibility studies of Thar coal was complete but added that international companies are feeling shy to exploit the coal reserves.

Addressing the MUET he said the government has finally decided to establish a company in collaboration with Sindh and federal government with an investment of $250 million to exploit Thar coal for power plants.

He said that Sindh has sixth largest coal reserves in world with 190 billion tonnes of coal available for exploitation.

A recent study by a Chinese company proved that there is a reserve of 16 billion tonnes of granite available in Thar as against previous estimates of one billion tonnes, he informed.

Irfanullah Khan Marwat revealed that an agreement with Chinese company would be signed to explore china clay in the province.

Supporting his stance of coal power projects, the minister said that Sindh government would not allow construction of Kalabagh dam and has taken bold stand on this issue and called for looking into other resources for production of electricity other than hydel.

He said at the government level, we are in a process of setting up coal fired power projects at Thar, Lakhra and Thatta-Sonda.

He said that Germans and Chinese companies have completed two mining feasibility studies and a number of exploration studies have already been launched.

The provincial minister went on saying that it would be ensured during these projects that employment would be provided to people of Sindh and added that natural resources benefits would be shared among the people of the province.

He said that government would take a decision within 15 days about the usage of methane gas that was found in abundance in Thar.

He said that government is alive with the problems of the province would not let down its people.

Sindh Minister said that thousands of qualified and highly trained engineers will be required in Thar Coal project and was happy to see that MUET is putting their extra efforts to improve the quality of education at the level of international standards.

He said that Sindh government is ready to provide all possible assistance to the students and graduates of MUET for their field training and would welcome such schemes.

The minister was of the view that Sindh has big reeves of coal deposits, which are sufficient to meet the energy demands for decades but unfortunately we have not yet been able to tap this energy resource.

Professor Abdul Qadeer Khan Rajput, Vice Chancellor MUET said that we are launching a postgraduate level course on Rock Mechanics Design in Mining and Civil Engineering as part of three-year linkage program between Mehran University and University of Nottingham. Dr. Rajput said that provincial and federal government are in process of establishing integrated coal fired power projects at Thar through foreign investment.

The News.
http://thenews.jang.com.pk/daily_detail.asp?id=43730

 

[Janbaz]

Pakistan ideal country for foreign investors

OUR STAFF REPORTER
LAHORE - Pakistan is an ideal country for foreign investors due to conducive business atmosphere created by the reforms initiated by the government in recent years.
Member Board of Directors Warid Telecom Parvez Shahid stated this, while speaking at Lahore Chamber of Commerce on Tuesday. The Warid Telecom CEO Hamid Farooq, LCCI President Shahid Hassan ,SVP Yaqoob Tahir Izhar, VP Mubasher Sheikh and former SVP Sohail Lashari also spoke on the occasion.
Parvez Shahid said that a number foreign research reports have revealed that Pakistan which is fast becoming economic leader in the region and would perform better in longer term. He said that the Warid’s investment in Pakistan depicted that the foreign investors were keen to invest in Pakistan. He said that Warid Telecom is one of the success stories of this country as one million connections are adding up every year.
He said that Pakistan has completed 85 per cent privatization in telecom sector and the teledensity is bigger than all the regional countries. He said that it was not correct to draw a comparison between Pakistan and European countries or
the United States in terms of business atmosphere. Speaking on the occasion, the LCCI President Shahid Hassan said that Pakistan had a lot of potential besides having an important location in the region. He said that Telecom sector has seen immense development over the last couple of years.
As a result of government’s policies of deregulation, privatisation and liberalisation the Telecom sector has attracted an investment of $9 billion, which includes the cost and up-gradation of equipment, equity and license fee. Warid is one of the largest telecommunication companies, which has made investment in Pakistan.
He said that telecom sector had become a major employer of skilled jobs as its exponential growth has resulted in creation of 80,000 jobs directly and 500,000 jobs indirectly.
The telecom sector constitutes 2 percent of the GDP, which is expected to rise to 3 percent in the next three to four years.
The country has 50 million phones
including cellular and fixed lines. The teledensity has increased from 4 percent in 2003 to 30 percent in 2007. Seventy percent of the country’s population now has access to improved telecom services at substantially reduced tariffs.
Earlier, the Warid Telecom also announced a special package for the LCCI members and its staff.

The Nation.
http://www.nation.com.pk/daily/feb-2007/21/bnews3.php

 

[Janbaz]

ADB help to be sought for mega projects in cities: Prime Minister

RECORDER REPORT
KARACHI (February 21 2007): Prime Minister Shaukat Aziz has said the federal government would seek financial assistance from the Asian Development Bank (ADB) to develop mega projects in cities so that the people in rural and urban Pakistan get proper feel of the overall developmental effort of 'their' government.

Shaukat was speaking at a PML (Q) dinner meeting held at the Chief Minister House on Tuesday. Host, Chief Minister Sindh, Dr Arbab Ghulam, Federal Information Minister Mohammed Ali Durrani, provincial ministers, advisers, MNAs, MPAs, Senators, City Nazims and local leaders of the PML (Q) were also present.

The Prime Minister said the PPP had lost Sindh card and it was now with the PML (Q) as the common man had identified them as their "true party" that would bring them prosperity, happiness, better health care, education and improved rural economy.

He said the present government would continue to invest in rural development. He said recent bye-election in Sindh had proved PML (Q) popularity. The elections were fair and transparent. It provided people a chance to elect their true representatives. "I congratulate the successful candidates, people who voted for them, people who worked for them and PML (Q) leadership that worked hard to earn this victory."

He said: "The year 2007 is election year. We should forget our differences and gather at one platform. Hold fast each other's hand and move forward. It will be only through unity PML (Q), along with its coalition partners, would sweep coming general elections. We will also elect President Pervez Musharraf president for the next term from this national and the four provincial assemblies. This will provide security and continuity to all our polices necessary for the development and progress of Pakistan." He said there would be no deal with anyone. "Our deal is with our people and with no one else."

He once again expressed his condolences over the death of people in Samjhota Express tragedy and said he had talked to Indian Prime Minister Manmohan Singh and requested him for investigation into the act of terrorism and informs Pakistan about its findings. "I have asked him to review his security measures and tighten them further."

He said he had asked staff at the Pakistan Embassy in Delhi to visit the site of accident and provide necessary assistance to victims of the accident. He said airforce planes were ready to fly to India and bring the bodies. "Some dead bodies have been shifted to Pakistan but still a few were yet to be identified and brought to Pakistan.

He said the government had already announced Rs 500,000 for the families of the dead and Rs 100,000 for the injured people. He did not mention about the proposed construction on two islands near Port Qasim but obliquely referred to the project and said that investment would create asset, which would remain in Pakistan. "The ownership may change and some money may go out but the asset would remain in Pakistan. It would be yours."

He counted a number of benefits of the project and said the government was doing its best for Pakistan and for the people of Pakistan. Shaukat said during the last seven years lot of development work had been done. "It is for the first time that Sindh Government is in surplus of Rs 30 billion. In the past it was always indebted to banks. Those days of indebtedness are over. Now we have money to spend on your welfare. It would be spend on rural development."

He referred to schemes launched for the betterment of young and educated unemployed men and women, availability of small loan for business, efforts in respect of poverty alleviation, reduction in prices of agricultural inputs and rationalisation in prices of agricultural produce and said the government would continue to support people so that they prosper.

Earlier, Federal Minister for Information Mohammad Ali Durrani addressed the meeting and said all deals were over. There is only one deal and that was "to fight general election in collaboration with our coalition partners. These elections will be held in 2007. We will elect President Pervez Musharraf next president through these assemblies."

Chief Minister Dr Arbab Ghulam Rahim gave an account of PPP-PML (Q) tiff over the question of transparency of the recently held bye-elections and said they should prepare for the coming general elections and forget what happened in the bye-elections. He called upon his party men to remain united and prepare, along with their coalition partners, for the coming elections.

Rahim criticised PPP and accused them of looting and plundering of national wealth. He advised them to ponder over their past when the people were deprived of their rights and only a selected few ruled over their voters and that too for their personal interest.

He said after indulging into sinful acts they ran away and left their voters alone. "We are with our people. We are determined to serve people of Sindh without any discrimination."

Business Recorder.
http://www.brecorder.com/index.php?id=530678&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Trade deficit reaches $6.450 billion during first half, Senate told

ISLAMABAD (February 21 2007): Senate was informed on Tuesday that trade deficit has reached 6.450 billion dollar during the first half (H1) of the current fiscal year. On a written question of Senator Mohammad Anwar Bhinder, the Trade Ministry has informed the House that during the first half of the current fiscal year the trade deficit has touched 6.450 billion dollar.

The House was also told that the trade deficit increased due to importing of inelastic nature of import including food and machinery groups, petroleum product and raw material for industrial consumption.

It was also stated that the petroleum prices in the world market have increased resulting in higher import bill, which touched 3.711 billion dollar during the first half of the current fiscal as compared to 3.04 billion dollar in the corresponding period of the last year.

The Senate was also informed that Pakistan is following a liberal trade regime in line with the WTO and restricting imports is neither feasible nor beneficial for the economic health of the country. To a written question, Finance Ministry informed the House that the annual lending rate of China, Indonesia, and Japan is 6.12 percent, 15.82 percent and 1.682 percent, respectively.

On the other hand, lending rate of Habib Bank of Pakistan is 7.03 percent by on one million, 8.84 percent on 10 million and 7.04 percent on 100 million per annum. National Bank's rate of lending is 7.92 percent on one million, 9.75 percent on 10 million and 10.60 percent on 100 million per annum. United Bank rate is 13.33 percent on one million, 9.60 percent on 10 million and 7.92 percent on 100 million.

The House was also informed that 41 employees are working in overseas branches of the National Bank of Pakistan. As per details, out of them, 19 are from Punjab, 14 from NWFP, 6 from Sindh, one each from Balochistan and Fata.

However, people from Sindh and Balochistan expressed their resentment over their less representation in these banks. State Minister for Finance and Revenue, Omar Ayub Khan said as per international standard, appointments are being made in purely on the basis of workers' performance and not on the basis of provincial quota.

Finance Ministry also informed the House that 547 persons were appointed in the Ministry during the last five years. Of them all 68 were recruited on contract.

Senate was also informed that Central Board of Revenue (CBR) collected Rs 2689.11 billion through different taxes during the last four years. As per provincial break up, Rs 1542.28 billion from Sindh, Rs 1004.51 from Punjab, Rs 100 billion from NWFP and Rs 42.39 billion from Balochistan.

http://www.brecorder.com/index.php?id=530751&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Thar coal mining to start this year: Marwat

HYDERABAD: Sindh Minister for Mines and Mineral Irfanullah Khan Marwat on Tuesday informed The News that mining in Thar coalfield would start this year.

“The ground water study of Thar coal is complete and two new blocks have been added that makes a total of six blocks for exploration of coal in Thar,” the minister told this correspondent.

He was talking to The News after speaking at the inaugural ceremony of Postgraduate Level 18-day course on Rock Mechanics Design Mining and Civil Engineering at Mehran University of Engineering and Technology (MUET).

The Department of Mining MUET organised the program sponsored by the Higher Education Commission (HEC) British Council and Joint Higher Education Links Programme.

To a question, the minister said that feasibility studies of Thar coal was complete but added that international companies are feeling shy to exploit the coal reserves.

Addressing the MUET he said the government has finally decided to establish a company in collaboration with Sindh and federal government with an investment of $250 million to exploit Thar coal for power plants.

He said that Sindh has sixth largest coal reserves in world with 190 billion tonnes of coal available for exploitation.

A recent study by a Chinese company proved that there is a reserve of 16 billion tonnes of granite available in Thar as against previous estimates of one billion tonnes, he informed.

Irfanullah Khan Marwat revealed that an agreement with Chinese company would be signed to explore china clay in the province.

Supporting his stance of coal power projects, the minister said that Sindh government would not allow construction of Kalabagh dam and has taken bold stand on this issue and called for looking into other resources for production of electricity other than hydel.

He said at the government level, we are in a process of setting up coal fired power projects at Thar, Lakhra and Thatta-Sonda.

He said that Germans and Chinese companies have completed two mining feasibility studies and a number of exploration studies have already been launched.

The provincial minister went on saying that it would be ensured during these projects that employment would be provided to people of Sindh and added that natural resources benefits would be shared among the people of the province.

He said that government would take a decision within 15 days about the usage of methane gas that was found in abundance in Thar.

He said that government is alive with the problems of the province would not let down its people.

Sindh Minister said that thousands of qualified and highly trained engineers will be required in Thar Coal project and was happy to see that MUET is putting their extra efforts to improve the quality of education at the level of international standards.

He said that Sindh government is ready to provide all possible assistance to the students and graduates of MUET for their field training and would welcome such schemes.

The minister was of the view that Sindh has big reeves of coal deposits, which are sufficient to meet the energy demands for decades but unfortunately we have not yet been able to tap this energy resource.

Professor Abdul Qadeer Khan Rajput, Vice Chancellor MUET said that we are launching a postgraduate level course on Rock Mechanics Design in Mining and Civil Engineering as part of three-year linkage program between Mehran University and University of Nottingham. Dr. Rajput said that provincial and federal government are in process of establishing integrated coal fired power projects at Thar through foreign investment.

http://www.thenews.com.pk/daily_detail.asp?id=43730