Thanks for the explanation Sir, I hadn't gone into the calculation.
Poor journalism indeed, though Brecorder.com and Dawn have more professional coverage.
I believe the 66.000 barrel fig is correct, there is slight decrease in production.
Pakistan Economy - News & Updates - Archive
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I believe the 66.000 barrel fig is correct, there is slight decrease in production.
February 28, 2007
Irri-6 worth $160 million exported in 5 months
By Parvaiz Ishfaq Rana
KARACHI, Feb 27: The country earned around $160 million by exporting 0.7 million tons of Irri-6 rice at an average price of $226 per ton (fob) during the last five months (Oct to Feb).
The new crop size has been estimated at 2.2 million tons which is going to fetch sizeable foreign exchange earning because over 0.7 to 0.8 millions tons would still remain as exportable surplus.
After hitting supply problem owing to winter rains which created high moisture in paddy, many export shipments faced snags in late December and early January.
Consequently, short supply during this period surged Irri-6 prices in the domestic market to Rs14075 per ton from earlier rates of Rs11,750 per ton.
Rice traders and exporters told Dawn that around 0.536 million tons of Irri-6 had been exported in bulk and about 75,000 tons through containers during this period.
It has been further disclosed that on average around 15,000 tons per month was exported in containers to East African countries, including Kenya, Uganda and Zambia. Furthermore, around 0.1 million tons found its way to Iran and Afghanistan through border trade.
A sudden surge in prices for a short period also pushed world market prices higher and Irri-6, which was being sold at around $215 to $218, soared to $245 per ton (fob).
Pakistan, having advantage of earlier paddy harvest, helped avert huge losses to exporters because major players in rice like China, Vietnam, Indonesia and Thailand, enter the world market late after harvesting their winter paddy in March.
According to rice exporters, for a short period when paddy was in short supply and middlemen were unable to maintain supply of Irri-6, it resulted in soaring prices as many exporters, in order to meet shipping schedule and to avoid heavy demurrage, indulged in panic buying.
The Irri-6 prices, which were initially stable at Rs11,750 per ton, started to move higher as a ship anchored at Karachi harbour for loading rice faced short supply and exporters who were involved in shipment went panicky and in order to avoid heavy demurrage rushed to cover their position from open market which pushed rice prices in the domestic market.
Normally a chain of ships keeps arriving at countryââ¬â¢s ports to load rice during peak season, but somewhere late in December and early January, smooth supply or Irri-6 was disrupted owing to high moisture content created by heavy rains in paddy.
As a result of this situation, middlemen were unable to maintain supply of paddy to processing mills which disconnected the supply chain.
In the meantime when a ship faced with short supply while waiting at the harbour, 10 more ships reached the outer anchorage to load rice.
As a result of this, exporter came under tremendous pressure fearing $15000 per day demurrage, therefore, they indulged in panic buying which soared Irri-6 price to Rs1,475 per ton.
Exporters told Dawn that in peak season when every next day a ship arrives to load rice, a short supply to any of them would mean that a large number of ships would be detained at a time.
In this situation, around 0.360 million tons export contracts belonging to 10 exporters were put to jeopardy.
In case of breach of export contracts, exporters would also have faced GAFTA agreement (Grain & Food Trade Agreement) which could even resulted in cancellation of their licenses or payment of heavy penalties.
However, exporters said on improved supply, prices of Irri-6 rice have started to come down and are presently being quoted below Rs14000 per ton.
There is a strong demand that dryers should be installed in paddy growing areas and the natural method of dry should be done away to meet rapid movement of commodities in free world trade.
http://www.dawn.com/2007/02/28/ebr3.htm
Irri-6 worth $160 million exported in 5 months
By Parvaiz Ishfaq Rana
KARACHI, Feb 27: The country earned around $160 million by exporting 0.7 million tons of Irri-6 rice at an average price of $226 per ton (fob) during the last five months (Oct to Feb).
The new crop size has been estimated at 2.2 million tons which is going to fetch sizeable foreign exchange earning because over 0.7 to 0.8 millions tons would still remain as exportable surplus.
After hitting supply problem owing to winter rains which created high moisture in paddy, many export shipments faced snags in late December and early January.
Consequently, short supply during this period surged Irri-6 prices in the domestic market to Rs14075 per ton from earlier rates of Rs11,750 per ton.
Rice traders and exporters told Dawn that around 0.536 million tons of Irri-6 had been exported in bulk and about 75,000 tons through containers during this period.
It has been further disclosed that on average around 15,000 tons per month was exported in containers to East African countries, including Kenya, Uganda and Zambia. Furthermore, around 0.1 million tons found its way to Iran and Afghanistan through border trade.
A sudden surge in prices for a short period also pushed world market prices higher and Irri-6, which was being sold at around $215 to $218, soared to $245 per ton (fob).
Pakistan, having advantage of earlier paddy harvest, helped avert huge losses to exporters because major players in rice like China, Vietnam, Indonesia and Thailand, enter the world market late after harvesting their winter paddy in March.
According to rice exporters, for a short period when paddy was in short supply and middlemen were unable to maintain supply of Irri-6, it resulted in soaring prices as many exporters, in order to meet shipping schedule and to avoid heavy demurrage, indulged in panic buying.
The Irri-6 prices, which were initially stable at Rs11,750 per ton, started to move higher as a ship anchored at Karachi harbour for loading rice faced short supply and exporters who were involved in shipment went panicky and in order to avoid heavy demurrage rushed to cover their position from open market which pushed rice prices in the domestic market.
Normally a chain of ships keeps arriving at countryââ¬â¢s ports to load rice during peak season, but somewhere late in December and early January, smooth supply or Irri-6 was disrupted owing to high moisture content created by heavy rains in paddy.
As a result of this situation, middlemen were unable to maintain supply of paddy to processing mills which disconnected the supply chain.
In the meantime when a ship faced with short supply while waiting at the harbour, 10 more ships reached the outer anchorage to load rice.
As a result of this, exporter came under tremendous pressure fearing $15000 per day demurrage, therefore, they indulged in panic buying which soared Irri-6 price to Rs1,475 per ton.
Exporters told Dawn that in peak season when every next day a ship arrives to load rice, a short supply to any of them would mean that a large number of ships would be detained at a time.
In this situation, around 0.360 million tons export contracts belonging to 10 exporters were put to jeopardy.
In case of breach of export contracts, exporters would also have faced GAFTA agreement (Grain & Food Trade Agreement) which could even resulted in cancellation of their licenses or payment of heavy penalties.
However, exporters said on improved supply, prices of Irri-6 rice have started to come down and are presently being quoted below Rs14000 per ton.
There is a strong demand that dryers should be installed in paddy growing areas and the natural method of dry should be done away to meet rapid movement of commodities in free world trade.
http://www.dawn.com/2007/02/28/ebr3.htm
CBR eyes Rs1 trillion revenue next fiscal
By Azhar Mahmood
KARACHI: A record tax collection target of Rs1 trillion is likely to be set for the new financial year.
This ambitious tax collection target will be in line with new tax strategy approved by President Pervez Musharraf.
Official sources said on Tuesday however the tax authorities would be trying their best to provide tax relief to common man during next federal budget.
Sources said besides this during next financial year, new budgetary measures will be taken to bring transport sector as a whole and retail sector under tax net.
At present from manufacturing-cum-imports to local sale, the transport sector is not contributing to national exchequer as per the share of the transport sector in national economy.
Sources said the budgetary measure for retail and transport sub-sectors will be rationalization of tax rates.
The most important measures will be empowering administrative machinery with legal authority to ensure the writ of tax collectors.
Sources said that to improve the tax compliance and collection from corporate sector four major changes have been proposed in the Statutory Auditors Report.
Under the proposed draft, the auditors of the corporate sector will certify that:
1. In our opinion, income tax deductible at source has been deducted and deposited in the treasury, as required under the income tax ordinance, 2001.
2. In our opinion, all federal taxes, which the company is required to collect or deduct under various statutes and regulations applicable to the company, have been collected, or deducted, and have been deposited in the treasury.
3. We conducted our audit in accordance with auditing standards as applicable in Pakistan.
4. These standards require that we (auditors) plan and perform the audit to obtain reasonable assurance about whether the above statements are free of any material misstatement.
An audit (of accounts) includes examination, on test basis, evidence supporting the amounts and disclosure in the above said statements.
An audit also includes assessing the accounting policies and significant estimates made by the management (of company), as well as evaluating the overall presentation of the above statements.
The auditors would therefore have to certify that their audit includes an evaluation of entityââ¬â¢s compliance with applicable laws and regulations.
Sources said if implemented, these regulations will improve tax compliance levels of the corporate sector of the country.
http://www.thenews.com.pk/daily_detail.asp?id=44731
By Azhar Mahmood
KARACHI: A record tax collection target of Rs1 trillion is likely to be set for the new financial year.
This ambitious tax collection target will be in line with new tax strategy approved by President Pervez Musharraf.
Official sources said on Tuesday however the tax authorities would be trying their best to provide tax relief to common man during next federal budget.
Sources said besides this during next financial year, new budgetary measures will be taken to bring transport sector as a whole and retail sector under tax net.
At present from manufacturing-cum-imports to local sale, the transport sector is not contributing to national exchequer as per the share of the transport sector in national economy.
Sources said the budgetary measure for retail and transport sub-sectors will be rationalization of tax rates.
The most important measures will be empowering administrative machinery with legal authority to ensure the writ of tax collectors.
Sources said that to improve the tax compliance and collection from corporate sector four major changes have been proposed in the Statutory Auditors Report.
Under the proposed draft, the auditors of the corporate sector will certify that:
1. In our opinion, income tax deductible at source has been deducted and deposited in the treasury, as required under the income tax ordinance, 2001.
2. In our opinion, all federal taxes, which the company is required to collect or deduct under various statutes and regulations applicable to the company, have been collected, or deducted, and have been deposited in the treasury.
3. We conducted our audit in accordance with auditing standards as applicable in Pakistan.
4. These standards require that we (auditors) plan and perform the audit to obtain reasonable assurance about whether the above statements are free of any material misstatement.
An audit (of accounts) includes examination, on test basis, evidence supporting the amounts and disclosure in the above said statements.
An audit also includes assessing the accounting policies and significant estimates made by the management (of company), as well as evaluating the overall presentation of the above statements.
The auditors would therefore have to certify that their audit includes an evaluation of entityââ¬â¢s compliance with applicable laws and regulations.
Sources said if implemented, these regulations will improve tax compliance levels of the corporate sector of the country.
http://www.thenews.com.pk/daily_detail.asp?id=44731
Pak to attract five bln dollars worth of investment in telecom sector
Karachi News.Net
Wednesday 28th February, 2007 (ANI)
Islamabad, Feb.28 : Pakistan's Information Technology Minister Awais Ahmad Khan Leghari on Wednesday said the government is expecting an investment of five billion dollars in the country's telecom sector over the next two to three years.
Addressing reporters after the signing of separate contracts by Telenor Pakistan with Nokia and Siemens for the extension of ongoing frame agreements involving deployment of radio network equipment, core network elements and other services until 2009, Leghari was quoted by The News as saying that the arrival of world's biggest phone company China Mobile in Pakistan had further established the fact that the Pakistan telecom sector is an ideal place for investment for big players.
Wednesday's agreements are likely to bring in 750 million dollars in orders from Nokia to the two vendors. Leghari said the Rs.45 billion contract between Telenor Pakistan and the world's two telecom giants was testimony to the nature and potential of growth expected in coming days.
He said the telecom sector was riding a crest wave, with 300,000 jobs created directly or indirectly during the last few years which had also seen the mobile phone users going from a mere 2.8 million to 50 million. He stressed the exponential growth in telecom sector owed a lot to what he called the consistent backing and pushing from the president and the Prime Minister to the ministry of information technology for liberalizing and deregulating the sector to ensure an open competition.
Leghari said the number of cell sites in Pakistan had crossed the 10,000 mark and in the next couple of years 90 per cent of the country's population would have access to phone coverage.
http://www.karachinews.net/story/231197
Karachi News.Net
Wednesday 28th February, 2007 (ANI)
Islamabad, Feb.28 : Pakistan's Information Technology Minister Awais Ahmad Khan Leghari on Wednesday said the government is expecting an investment of five billion dollars in the country's telecom sector over the next two to three years.
Addressing reporters after the signing of separate contracts by Telenor Pakistan with Nokia and Siemens for the extension of ongoing frame agreements involving deployment of radio network equipment, core network elements and other services until 2009, Leghari was quoted by The News as saying that the arrival of world's biggest phone company China Mobile in Pakistan had further established the fact that the Pakistan telecom sector is an ideal place for investment for big players.
Wednesday's agreements are likely to bring in 750 million dollars in orders from Nokia to the two vendors. Leghari said the Rs.45 billion contract between Telenor Pakistan and the world's two telecom giants was testimony to the nature and potential of growth expected in coming days.
He said the telecom sector was riding a crest wave, with 300,000 jobs created directly or indirectly during the last few years which had also seen the mobile phone users going from a mere 2.8 million to 50 million. He stressed the exponential growth in telecom sector owed a lot to what he called the consistent backing and pushing from the president and the Prime Minister to the ministry of information technology for liberalizing and deregulating the sector to ensure an open competition.
Leghari said the number of cell sites in Pakistan had crossed the 10,000 mark and in the next couple of years 90 per cent of the country's population would have access to phone coverage.
http://www.karachinews.net/story/231197
Owais
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Plan to set up gold refinery in Karachi
KARACHI: Tessori Group in collaboration with the Kuwait Investment Group would soon kick off a project relating to the setting up of a gold refinery with a production capacity of 300 tons annually.
Tessori Group’s Director, Imran Tessori told Geo News that the government has already provided land on 99-year lease on the National Highway in this regard, while the Kuwait Group would be making 70 percent of this project’s investment.
He told that the gold dust would be imported in Pakistan, which would later be exported after refining, while the efforts were afoot for taking UBS and other world-renowned brands for the processed gold here.
Imran Tessori told that the project would cost up to $50 million, which was expected to go into production by the end of the current year.
http://geo.tv/geonews/details.asp?id=2749¶m=3
KARACHI: Tessori Group in collaboration with the Kuwait Investment Group would soon kick off a project relating to the setting up of a gold refinery with a production capacity of 300 tons annually.
Tessori Group’s Director, Imran Tessori told Geo News that the government has already provided land on 99-year lease on the National Highway in this regard, while the Kuwait Group would be making 70 percent of this project’s investment.
He told that the gold dust would be imported in Pakistan, which would later be exported after refining, while the efforts were afoot for taking UBS and other world-renowned brands for the processed gold here.
Imran Tessori told that the project would cost up to $50 million, which was expected to go into production by the end of the current year.
http://geo.tv/geonews/details.asp?id=2749¶m=3
Owais
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21pc increase in revenues in first 8th month of current FY
ISLAMABAD: Central Board of Revenue (CBR) managed to collect an amount of Rs507.8 billion during July-February 2006-07 showing an increase of 21.1% over the corresponding period of the last year.
CBR had collected an amount Rs419.3 billion in the same period of the last year.
The revenue on account of direct taxes has shown a remarkable increase of 57.1% by collecting Rs196.2 billion against Rs124.9 billion during last year.
The sales tax collection has reached Rs192.2 billion against Rs178.5 billion, indicating a growth of 7.7%.
Whereas the growth in revenue collection at sales tax import stage has been recorded at 3.7%, the domestic sales tax collection has increased by13.5%.
The tax receipts on account of excise duties have recorded an increase of 18.8%. The collection has reached Rs40.9 billion against Rs34.4 billion in the corresponding period of last year.
Finally, revenue from customs duties has decreased by 3.6% over the corresponding period of last year due to declining imports. The tax collection has been recorded at Rs78.6 billion against Rs81.5 billion last year.
The provisional collection of federal taxes for February, 2007 is Rs45.2 billion, which is expected to increase further in coming days when provisional figures are finalized.
http://geo.tv/geonews/details.asp?id=2774¶m=3
ISLAMABAD: Central Board of Revenue (CBR) managed to collect an amount of Rs507.8 billion during July-February 2006-07 showing an increase of 21.1% over the corresponding period of the last year.
CBR had collected an amount Rs419.3 billion in the same period of the last year.
The revenue on account of direct taxes has shown a remarkable increase of 57.1% by collecting Rs196.2 billion against Rs124.9 billion during last year.
The sales tax collection has reached Rs192.2 billion against Rs178.5 billion, indicating a growth of 7.7%.
Whereas the growth in revenue collection at sales tax import stage has been recorded at 3.7%, the domestic sales tax collection has increased by13.5%.
The tax receipts on account of excise duties have recorded an increase of 18.8%. The collection has reached Rs40.9 billion against Rs34.4 billion in the corresponding period of last year.
Finally, revenue from customs duties has decreased by 3.6% over the corresponding period of last year due to declining imports. The tax collection has been recorded at Rs78.6 billion against Rs81.5 billion last year.
The provisional collection of federal taxes for February, 2007 is Rs45.2 billion, which is expected to increase further in coming days when provisional figures are finalized.
http://geo.tv/geonews/details.asp?id=2774¶m=3
Owais
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Japanese financial help for PTC expansion in Karachi
KARACHI: Japan has provided a financial assistance of $7.3 million for the expansion of the Plastic Technology Centre (PTC) at the Korangi Industrial Area here.
Addressing at the inauguration ceremony of the PTC expansion work, Japanese Ambassador, Seiji Kojima told that the facility of testing high grade plastic products would locally made available following the installation of the high-tech testing machinery at the PTC here.
He said that the auto industry spare parts, water and sewage pipes and other plastic products, which were earlier imported, would now be made in Pakistan.
http://geo.tv/geonews/details.asp?id=2757¶m=3
KARACHI: Japan has provided a financial assistance of $7.3 million for the expansion of the Plastic Technology Centre (PTC) at the Korangi Industrial Area here.
Addressing at the inauguration ceremony of the PTC expansion work, Japanese Ambassador, Seiji Kojima told that the facility of testing high grade plastic products would locally made available following the installation of the high-tech testing machinery at the PTC here.
He said that the auto industry spare parts, water and sewage pipes and other plastic products, which were earlier imported, would now be made in Pakistan.
http://geo.tv/geonews/details.asp?id=2757¶m=3
Owais
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World Bank warns Pakistan against rising trade gap: $46 million loan deal signed
ISLAMABAD (March 01 2007): The World Bank has shown concern over Pakistan's soaring trade deficit and cautioned, if not capped it may hurt country's economic growth sustainability.
John Wall, the World Bank's Country Director while speaking to newsmen here on Wednesday after the signing of $46 million loan for Punjab Land Records Management System Project (PLRMSP), suggested Pakistan to take appropriate measures to augment its exports to achieve sustainability in economic growth.
He also said that though trade deficit is considered as a good omen for growing economy (rapid growth) yet in Pakistan's case it is very large and required immediate attention. Besides, he also advocated tight monetary policy to check inflation. About the decline in textile exports, he described China as a cause being a big competitor in this sector.
While, on the other hand, the economic managers are of the view that Pakistan is enjoying an economic boom and the trade deficit was manageable. There is no threat to economic growth sustainability, they added.
It is important to note that Pakistan's trade deficit during July-Jan 2006-07 has increased to $7.6 billion from $6.5 billion recorded in corresponding period last fiscal, depicting an increase of 16.92 percent. During the period under review, exports stood at $9.6 billion and imports $17.2 billion.
The $46 million project agreement was signed by Akram Malik, Secretary Economic Affairs Division, Shahid Mahmood, Secretary Planning & Development Department Punjab and John Wall.
It was the last official assignment of the Bank's out-going country director, as he would retire soon after spending seven and half years in Pakistan.
The loan would come from the Bank's concessionary International Development Association (IDA) with 35 years maturity and a 10-year grace period.
The project aims at improving land record service delivery in Punjab contributing to long-lasting tenure security thus creating an enabling investment environment.
According to World Bank, it would help in reducing litigation and introduce a reliable land registration procedure to farmers and other end users in the most agrarian province of Pakistan.
Under the project, service centres would be established where land records would be maintained and made available to the public in digital form, pilot linkages will be established between the land records system and the system for registration of deeds.
http://brecorder.com/index.php?id=533666&currPageNo=1&query=&search=&term=&supDate=
ISLAMABAD (March 01 2007): The World Bank has shown concern over Pakistan's soaring trade deficit and cautioned, if not capped it may hurt country's economic growth sustainability.
John Wall, the World Bank's Country Director while speaking to newsmen here on Wednesday after the signing of $46 million loan for Punjab Land Records Management System Project (PLRMSP), suggested Pakistan to take appropriate measures to augment its exports to achieve sustainability in economic growth.
He also said that though trade deficit is considered as a good omen for growing economy (rapid growth) yet in Pakistan's case it is very large and required immediate attention. Besides, he also advocated tight monetary policy to check inflation. About the decline in textile exports, he described China as a cause being a big competitor in this sector.
While, on the other hand, the economic managers are of the view that Pakistan is enjoying an economic boom and the trade deficit was manageable. There is no threat to economic growth sustainability, they added.
It is important to note that Pakistan's trade deficit during July-Jan 2006-07 has increased to $7.6 billion from $6.5 billion recorded in corresponding period last fiscal, depicting an increase of 16.92 percent. During the period under review, exports stood at $9.6 billion and imports $17.2 billion.
The $46 million project agreement was signed by Akram Malik, Secretary Economic Affairs Division, Shahid Mahmood, Secretary Planning & Development Department Punjab and John Wall.
It was the last official assignment of the Bank's out-going country director, as he would retire soon after spending seven and half years in Pakistan.
The loan would come from the Bank's concessionary International Development Association (IDA) with 35 years maturity and a 10-year grace period.
The project aims at improving land record service delivery in Punjab contributing to long-lasting tenure security thus creating an enabling investment environment.
According to World Bank, it would help in reducing litigation and introduce a reliable land registration procedure to farmers and other end users in the most agrarian province of Pakistan.
Under the project, service centres would be established where land records would be maintained and made available to the public in digital form, pilot linkages will be established between the land records system and the system for registration of deeds.
http://brecorder.com/index.php?id=533666&currPageNo=1&query=&search=&term=&supDate=
Owais
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Shortage of qualified manpower: IT-related foreign investors holding back
KARACHI (March 01 2007): Several foreign information technology (IT) related organisations, particularly from United States, which are eager to invest in Pakistan, are holding back due to shortage of qualified manpower.
A National Database and Registration Authority (Nadra) official, referring to a survey conducted in Islamabad, told Business Recorder that 82 percent of the IT graduates possess the required skill and are aware of what is expected of them in the job market.
But, on the other hand, only 34 percent of non-IT graduates and non-graduates have some IT exposure and understanding of what their potential employers would expect from them.
This, the official said, was not very encouraging for the IT related organisations. As far as non-IT qualified staff is concerned, they obviously are not required to do research, development, providing technical assistance, but at least they must know how to carry out their everyday task using IT resources. "But, unfortunately, that is not the case here," he added.
He urged the IT organisations to step up and prepare a strategy for provision of training to both IT and non-IT graduates, and undergraduates enabling them to fill the vacancies in this rapidly growing field.
Nadra, as a pure welfare measure, has launched a countrywide computer literacy drive by starting short but compact computer training courses, which would make them a proficient data entry operator within a short span of four weeks.
The contents of the curriculum of the course have been so designed that it will not only meet the demand of the local industry, NGOs and other government departments but also the foreign NGOs would be too eager to hire these qualified boys and girls trained by the most qualified staff of Nadra using modern techniques and tools in use world-wide for training.
The course would not only teach the students to undertake the multifaceted data entry operations but would also focus on a better code of conduct, which would help them in getting prepared for diversified nature jobs available in the country as well as abroad.
These courses would be conducted in phases, with Rawalpindi/Islamabad, Lahore and Karachi in the first phase and Peshawar, Sargodha, Multan, Sukkur and Quetta in the second phase.
The network of this computer training outfit will be further expanded to other towns in the near future. Nadra has planned to establish around 80 such training centres all over the country.
Preparation of a database of the citizens of Pakistan, introduction of machine-readable passport, automation of border control on basis of bio-metric facial and fingerprints and creating public convenience by introducing utility bill machines, preparation of database of more than 1.2 million people of earthquake-affected areas in a record time of five months speak of the quality of data entry operators (DEOs) Nadra has trained and subsequently employed.
The official said that Pakistan's information technology market is rapidly growing and going to emerge as an internationally recognised leading IT destination. Starting from a relatively low base in 2003, Pakistan's IT industry has developed into a $2 billion market and is still growing. Unlike India, which had the IT manpower and specific marketing strategies by 1950 and had funding management techniques by 1980, Pakistan's skilled IT manpower achieved a good position by 2000. "But, can Pakistan sustain this growth?" he asked.
Due to proper management of the industry in 2003, Pakistan had been one of the leading destinations for some leading businesses. Some of the multinational giants, like NCR, IBM and Chinese ZTE, have grown over 400 percent, in terms of human resource and office space.
The biggest IT organisation in Pakistan is Nadra, with more than 9,000 qualified persons of all shades of expertise in information technology.
The expansion of IT related field has always been the focus of attention of the Government, giving rise to more demands and creating more vacancies in IT related organisations.
But, still, various IT based organisations in the country keep on hunting for talented young boys/girls qualified in IT related field who are either in short supply or, due to financial constraints, cannot afford to acquire skills which would provide them a reasonable job in the market.
http://brecorder.com/index.php?id=533688&currPageNo=2&query=&search=&term=&supDate=
KARACHI (March 01 2007): Several foreign information technology (IT) related organisations, particularly from United States, which are eager to invest in Pakistan, are holding back due to shortage of qualified manpower.
A National Database and Registration Authority (Nadra) official, referring to a survey conducted in Islamabad, told Business Recorder that 82 percent of the IT graduates possess the required skill and are aware of what is expected of them in the job market.
But, on the other hand, only 34 percent of non-IT graduates and non-graduates have some IT exposure and understanding of what their potential employers would expect from them.
This, the official said, was not very encouraging for the IT related organisations. As far as non-IT qualified staff is concerned, they obviously are not required to do research, development, providing technical assistance, but at least they must know how to carry out their everyday task using IT resources. "But, unfortunately, that is not the case here," he added.
He urged the IT organisations to step up and prepare a strategy for provision of training to both IT and non-IT graduates, and undergraduates enabling them to fill the vacancies in this rapidly growing field.
Nadra, as a pure welfare measure, has launched a countrywide computer literacy drive by starting short but compact computer training courses, which would make them a proficient data entry operator within a short span of four weeks.
The contents of the curriculum of the course have been so designed that it will not only meet the demand of the local industry, NGOs and other government departments but also the foreign NGOs would be too eager to hire these qualified boys and girls trained by the most qualified staff of Nadra using modern techniques and tools in use world-wide for training.
The course would not only teach the students to undertake the multifaceted data entry operations but would also focus on a better code of conduct, which would help them in getting prepared for diversified nature jobs available in the country as well as abroad.
These courses would be conducted in phases, with Rawalpindi/Islamabad, Lahore and Karachi in the first phase and Peshawar, Sargodha, Multan, Sukkur and Quetta in the second phase.
The network of this computer training outfit will be further expanded to other towns in the near future. Nadra has planned to establish around 80 such training centres all over the country.
Preparation of a database of the citizens of Pakistan, introduction of machine-readable passport, automation of border control on basis of bio-metric facial and fingerprints and creating public convenience by introducing utility bill machines, preparation of database of more than 1.2 million people of earthquake-affected areas in a record time of five months speak of the quality of data entry operators (DEOs) Nadra has trained and subsequently employed.
The official said that Pakistan's information technology market is rapidly growing and going to emerge as an internationally recognised leading IT destination. Starting from a relatively low base in 2003, Pakistan's IT industry has developed into a $2 billion market and is still growing. Unlike India, which had the IT manpower and specific marketing strategies by 1950 and had funding management techniques by 1980, Pakistan's skilled IT manpower achieved a good position by 2000. "But, can Pakistan sustain this growth?" he asked.
Due to proper management of the industry in 2003, Pakistan had been one of the leading destinations for some leading businesses. Some of the multinational giants, like NCR, IBM and Chinese ZTE, have grown over 400 percent, in terms of human resource and office space.
The biggest IT organisation in Pakistan is Nadra, with more than 9,000 qualified persons of all shades of expertise in information technology.
The expansion of IT related field has always been the focus of attention of the Government, giving rise to more demands and creating more vacancies in IT related organisations.
But, still, various IT based organisations in the country keep on hunting for talented young boys/girls qualified in IT related field who are either in short supply or, due to financial constraints, cannot afford to acquire skills which would provide them a reasonable job in the market.
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Owais
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Two double-hull Aframax tankers: PNSC looking for investor, shipyard
KARACHI (March 01 2007): The Pakistan National Shipping Corporation (PNSC) is looking for potential foreign financier and reputed shipyard for the construction of two double-hull Aframax oil tankers for its fleet.
The national flag carrier has invited Expressions of Interest (EoIs) from reputable shipyards, shipbrokers with Baltic Exchange membership and/or any company, entity having extensive international experience in shipbuilding and ship financing for providing finance and construct two double-hull 'Aframax' class tankers for PNSC group of companies.
Earlier last month, the government had decided to grant exemption of income tax to PNSC on its financing arrangement with ABN Amro Bank for the acquisition of two 'Aframax' oil tankers and one 'Panamax' bulk carrier, worth $135 million.
According to details, three PNSC subsidiary companies - Karachi Shipping (Private) Limited, Quetta Shipping (Private) Limited and Lahore Shipping (Private) Limited - are acquiring state-of-the-art two Aframax oil tankers and one Panamax bulk carrier at a cost of approximately $150 million.
The acquisition is being financed through foreign currency funding arrangement from ABN Amro Bank N.V., the Netherlands (ABN) to the extent of 90 percent of the total cost of purchase, while the remaining 10 percent would be contributed by the Corporation.
The loan between the bank and the Karachi Shipping (Private) Limited, Quetta Shipping (Private) Limited and Lahore Shipping (Private) Limited has been arranged without any government guarantee.
The national flag carrier has planned to replace its ageing oil tankers, as its first oil tanker would be out of business in 2007, under restrictions of International Maritime Organisation (IMO), while other three tankers will fall under IMO restriction in 2010.
Lack of adequate fresh tonnage (new ships) due to past financial constraints has resulted in gradual deterioration of the PNSC's fleet in terms of age profile and, unless the trend is reversed, foreign vessels would grab a bigger chunk of the country's sea-borne trade.
The age profile of the fleet, however, is gradually deteriorating as, in terms of dead-weight tonnage (dwt), over 62 percent of the fleet, totalling 15 ships of about 645,466 dwt, is over 26 years of age, while the remaining 38 percent is between 23 to 18 years old.
Given this age profile, it has been estimated that over 60 percent of its fleet needs to be replaced within a period of four to six years. The PNSC has decided to operate ships till the age of 30 years, except the oil tankers, which would come under the IMO restrictions from next year.
http://brecorder.com/index.php?id=533629&currPageNo=2&query=&search=&term=&supDate=
KARACHI (March 01 2007): The Pakistan National Shipping Corporation (PNSC) is looking for potential foreign financier and reputed shipyard for the construction of two double-hull Aframax oil tankers for its fleet.
The national flag carrier has invited Expressions of Interest (EoIs) from reputable shipyards, shipbrokers with Baltic Exchange membership and/or any company, entity having extensive international experience in shipbuilding and ship financing for providing finance and construct two double-hull 'Aframax' class tankers for PNSC group of companies.
Earlier last month, the government had decided to grant exemption of income tax to PNSC on its financing arrangement with ABN Amro Bank for the acquisition of two 'Aframax' oil tankers and one 'Panamax' bulk carrier, worth $135 million.
According to details, three PNSC subsidiary companies - Karachi Shipping (Private) Limited, Quetta Shipping (Private) Limited and Lahore Shipping (Private) Limited - are acquiring state-of-the-art two Aframax oil tankers and one Panamax bulk carrier at a cost of approximately $150 million.
The acquisition is being financed through foreign currency funding arrangement from ABN Amro Bank N.V., the Netherlands (ABN) to the extent of 90 percent of the total cost of purchase, while the remaining 10 percent would be contributed by the Corporation.
The loan between the bank and the Karachi Shipping (Private) Limited, Quetta Shipping (Private) Limited and Lahore Shipping (Private) Limited has been arranged without any government guarantee.
The national flag carrier has planned to replace its ageing oil tankers, as its first oil tanker would be out of business in 2007, under restrictions of International Maritime Organisation (IMO), while other three tankers will fall under IMO restriction in 2010.
Lack of adequate fresh tonnage (new ships) due to past financial constraints has resulted in gradual deterioration of the PNSC's fleet in terms of age profile and, unless the trend is reversed, foreign vessels would grab a bigger chunk of the country's sea-borne trade.
The age profile of the fleet, however, is gradually deteriorating as, in terms of dead-weight tonnage (dwt), over 62 percent of the fleet, totalling 15 ships of about 645,466 dwt, is over 26 years of age, while the remaining 38 percent is between 23 to 18 years old.
Given this age profile, it has been estimated that over 60 percent of its fleet needs to be replaced within a period of four to six years. The PNSC has decided to operate ships till the age of 30 years, except the oil tankers, which would come under the IMO restrictions from next year.
http://brecorder.com/index.php?id=533629&currPageNo=2&query=&search=&term=&supDate=
Owais
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Germany to improve trade with Pakistan
KARACHI (March 01 2007): Germany has planned to improve bilateral trade with Pakistan, which stood at $1.863 billion in 2005-06. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) officials told Business Recorder on Wednesday.
A three-member German delegation, including Hans Joachim Kinderlene, Consul-General of Germany in Karachi, Rabbow, representative of Federation of German Chambers of Commerce & Industry, and Stefan Rolle, representative of Ministry of Commerce of Germany, visited the Federation House a day earlier and discussed bilateral trade with FPCCI office-bearers.
FPCCI officials said that the German government wants to establish more economic relations with developing countries, including Pakistan, and opening German Trade Office in Karachi was part of the German policy initiatives.
The Karachi office will help increasing the level of interaction between Pakistan and German businessmen, which is vital for promotion of commercial linkages between the two countries.
Zubair Tufail, FPCCI Vice President, said that he assured the delegation of full support and informed its members that, in Europe, Germany was the leading trade partner of Pakistan, and the second leading export destination of Pakistan's goods in the European region.
He said that the volume of bilateral trade between Pakistan and Germany increased by more than 112 percent during last six years from $877.58 million in 2000-01 to $1.863 billion in 2005-06.
The growth was mainly due to increase in the trade of boilers machinery and mechanical appliance, telecommunication appliance/equipment, article of apparel/cloth access, made up textile articles, rags etc and cotton yarn and woven fabrics.
During 2000-01 to 2002-03 the trade balance was in favour of Pakistan. However, due to increase in the imports of telecommunication appliance/ equipment and boilers machinery and mechanical appliance Pakistan faced trade deficit during last three years.
According to statistics, Pakistan's exports to Germany registered growth of 38.95 percent from $494.63 million in 2000-01 to $687.296 million in 2005-06. Germany is a major buyer of Pakistan's article of apparel/cloth access, which contributes 32.83 percent in total exports to Germany, followed by made-up textile articles, rags etc 23.58 percent, leather and leather manufactures 10.65 percent, cotton yarn & woven fabrics 10.24 percent and furniture, mattress etc is 0.06 percent.
Imports of Pakistan from Germany increased by 207.21 percent from $382.95 million in 2000-01 to $1.176 billion in 2005-06.
The major import items from Germany included boilers machinery and mechanical appliance, which contributed 32.91 percent in total imports from Germany, followed by telecommunication appliance/equipment 24.34 percent, iron and steel 5.31 percent, etc.
Tariq Sayeed, a former President of FPCCI said he appreciated the German approach for prompting its products through fairs and exhibitions and emphasised the establishment of Joint Business Council of Pakistan and Germany.
http://brecorder.com/index.php?id=533735&currPageNo=1&query=&search=&term=&supDate=
KARACHI (March 01 2007): Germany has planned to improve bilateral trade with Pakistan, which stood at $1.863 billion in 2005-06. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) officials told Business Recorder on Wednesday.
A three-member German delegation, including Hans Joachim Kinderlene, Consul-General of Germany in Karachi, Rabbow, representative of Federation of German Chambers of Commerce & Industry, and Stefan Rolle, representative of Ministry of Commerce of Germany, visited the Federation House a day earlier and discussed bilateral trade with FPCCI office-bearers.
FPCCI officials said that the German government wants to establish more economic relations with developing countries, including Pakistan, and opening German Trade Office in Karachi was part of the German policy initiatives.
The Karachi office will help increasing the level of interaction between Pakistan and German businessmen, which is vital for promotion of commercial linkages between the two countries.
Zubair Tufail, FPCCI Vice President, said that he assured the delegation of full support and informed its members that, in Europe, Germany was the leading trade partner of Pakistan, and the second leading export destination of Pakistan's goods in the European region.
He said that the volume of bilateral trade between Pakistan and Germany increased by more than 112 percent during last six years from $877.58 million in 2000-01 to $1.863 billion in 2005-06.
The growth was mainly due to increase in the trade of boilers machinery and mechanical appliance, telecommunication appliance/equipment, article of apparel/cloth access, made up textile articles, rags etc and cotton yarn and woven fabrics.
During 2000-01 to 2002-03 the trade balance was in favour of Pakistan. However, due to increase in the imports of telecommunication appliance/ equipment and boilers machinery and mechanical appliance Pakistan faced trade deficit during last three years.
According to statistics, Pakistan's exports to Germany registered growth of 38.95 percent from $494.63 million in 2000-01 to $687.296 million in 2005-06. Germany is a major buyer of Pakistan's article of apparel/cloth access, which contributes 32.83 percent in total exports to Germany, followed by made-up textile articles, rags etc 23.58 percent, leather and leather manufactures 10.65 percent, cotton yarn & woven fabrics 10.24 percent and furniture, mattress etc is 0.06 percent.
Imports of Pakistan from Germany increased by 207.21 percent from $382.95 million in 2000-01 to $1.176 billion in 2005-06.
The major import items from Germany included boilers machinery and mechanical appliance, which contributed 32.91 percent in total imports from Germany, followed by telecommunication appliance/equipment 24.34 percent, iron and steel 5.31 percent, etc.
Tariq Sayeed, a former President of FPCCI said he appreciated the German approach for prompting its products through fairs and exhibitions and emphasised the establishment of Joint Business Council of Pakistan and Germany.
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Owais
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Rs 6.14 billion construction, mining machinery imported in 7 months
KARACHI (March 01 2007): The country has imported construction and mining machinery to the tune of Rs 6.14 billion during the last seven months. According to Federal Bureau Statistics (FBS), imports of construction and mining machinery during July-January 2006-07 increased to Rs 6,143 million or 11.57 percent against Rs 5,506 million during the same period 2005-06.
Market sources on Wednesday said that due to standardisation and quality conscious in the construction industry had resulted in growth of machinery imports.
Similarly, imports of machinery in the mining industry have also registered growth after the government provided several incentives. A leading builder said that several mega projects initiated in the country, including industrial estates, underpasses and over-head bridges, which required machinery to speed up their completion.
Duty concession was given by the government had attracted contractors to use latest machinery in their projects.
The builder said that several construction works, which were done manually previously now being carried out through cutters to save time and for quality production.
To plug the housing backlog, which stood at 6.19 million at present, government and private sector had initiated several housing projects across the country and asked contractors to complete them on a priority basis. The contractors resorted to import machinery for the completion of housing projects on time.
Sources in mining industry said that Pakistan has possessed quality stones particularly granite and marble but share in world exports was very low.
The government has realised the importance of this industry and provided several incentives, which encouraged the miners to import machinery for better return to their finished products.
Pakistan Stone Development Company had also invited tenders to import latest machinery to materialise over $500 million export target, sources said.
http://brecorder.com/index.php?id=533694&currPageNo=1&query=&search=&term=&supDate=
KARACHI (March 01 2007): The country has imported construction and mining machinery to the tune of Rs 6.14 billion during the last seven months. According to Federal Bureau Statistics (FBS), imports of construction and mining machinery during July-January 2006-07 increased to Rs 6,143 million or 11.57 percent against Rs 5,506 million during the same period 2005-06.
Market sources on Wednesday said that due to standardisation and quality conscious in the construction industry had resulted in growth of machinery imports.
Similarly, imports of machinery in the mining industry have also registered growth after the government provided several incentives. A leading builder said that several mega projects initiated in the country, including industrial estates, underpasses and over-head bridges, which required machinery to speed up their completion.
Duty concession was given by the government had attracted contractors to use latest machinery in their projects.
The builder said that several construction works, which were done manually previously now being carried out through cutters to save time and for quality production.
To plug the housing backlog, which stood at 6.19 million at present, government and private sector had initiated several housing projects across the country and asked contractors to complete them on a priority basis. The contractors resorted to import machinery for the completion of housing projects on time.
Sources in mining industry said that Pakistan has possessed quality stones particularly granite and marble but share in world exports was very low.
The government has realised the importance of this industry and provided several incentives, which encouraged the miners to import machinery for better return to their finished products.
Pakistan Stone Development Company had also invited tenders to import latest machinery to materialise over $500 million export target, sources said.
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Owais
SENIOR MEMBER
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- Oct 3, 2005
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Canadian firm to set up chain of departmental stores
KARACHI (March 01 2007): A Canada based company plans to establish a chain of more than 30 departmental stores at the estimated cost of Rs 300 million in parts of Sindh province, including Karachi to provide public with essential commodities at reasonable prices.
Addressing a press conference at Karachi Press Club (KPC) on Wednesday, Anjum Laiq, chief executive officer (CEO) of Dollar Bazaar and Convenience 2U Inc, said that his firm was going to open first in the series of departmental stores in the city in July.
Regarding investment plan, he said it would depend on investors that how much investment would they invest on the project.
However, he said that, if his firm failed to find such investors for setting up franchises then it would itself establish the same in the city.
He said all essential commodities would be available under one roof at prices lower than the market ones. "Some 48 essential items will be sold at affordable prices which are presently being sold at higher prices in the local market," he added. Anjum apprised that his firm had an expansion policy to South Asia and in the first phase, departmental stores would be set up in Pakistan. He added that in the later phases, Dollar Bazaar would establish its franchises in Sri Lanka and India.
Around 30 to 40 such franchises would be set up in parts of Sindh province, as a part of expansion policy of the firm in Pakistan, he added. He said 200 to 400 departmental stores were planned across the country if the government continued its support in setting up of franchises.
He said that establishment of franchises would help improve quality of public life. He said around 40 essential daily use items would be imported from China and would be sold at reasonable prices at the stores. He ensured that monopoly would be discouraged and no one would be allowed to derail the proposed system of departmental stores by purchasing more than one store in the country.
Each store will be set up on 4000 to 5000 sq feet of land, in areas like Nazimabad, Azizabad, Gulshan-e-Iqbal, Federal B area, North Nazimabad, Liaquatabad, Landhi, Malir, Model Town, Guru Mandir, Lesbela, and Soldier Bazaar.
http://brecorder.com/index.php?id=533731&currPageNo=1&query=&search=&term=&supDate=
KARACHI (March 01 2007): A Canada based company plans to establish a chain of more than 30 departmental stores at the estimated cost of Rs 300 million in parts of Sindh province, including Karachi to provide public with essential commodities at reasonable prices.
Addressing a press conference at Karachi Press Club (KPC) on Wednesday, Anjum Laiq, chief executive officer (CEO) of Dollar Bazaar and Convenience 2U Inc, said that his firm was going to open first in the series of departmental stores in the city in July.
Regarding investment plan, he said it would depend on investors that how much investment would they invest on the project.
However, he said that, if his firm failed to find such investors for setting up franchises then it would itself establish the same in the city.
He said all essential commodities would be available under one roof at prices lower than the market ones. "Some 48 essential items will be sold at affordable prices which are presently being sold at higher prices in the local market," he added. Anjum apprised that his firm had an expansion policy to South Asia and in the first phase, departmental stores would be set up in Pakistan. He added that in the later phases, Dollar Bazaar would establish its franchises in Sri Lanka and India.
Around 30 to 40 such franchises would be set up in parts of Sindh province, as a part of expansion policy of the firm in Pakistan, he added. He said 200 to 400 departmental stores were planned across the country if the government continued its support in setting up of franchises.
He said that establishment of franchises would help improve quality of public life. He said around 40 essential daily use items would be imported from China and would be sold at reasonable prices at the stores. He ensured that monopoly would be discouraged and no one would be allowed to derail the proposed system of departmental stores by purchasing more than one store in the country.
Each store will be set up on 4000 to 5000 sq feet of land, in areas like Nazimabad, Azizabad, Gulshan-e-Iqbal, Federal B area, North Nazimabad, Liaquatabad, Landhi, Malir, Model Town, Guru Mandir, Lesbela, and Soldier Bazaar.
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Owais
SENIOR MEMBER
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ADB funding to be sought for Rs 22 billion Faisalabad Motorway
ISLAMABAD (March 01 2007): Pakistan has decided to approach the Asian Development Bank (ADB) for funding the Rs 22 billion Faisalabad-Khanewal Motorway (M-4) project, as the Malaysian government has categorically refused to undertake the project on BOT basis.
Sources in the Communications Ministry told Business Recorder that Malaysian government's refusal has taken the concerned authorities back. Pakistan and Malaysia had signed a Memorandum of Understanding (MOU) for construction of the 184 km long Faisalabad-Khanewal Motorway at an estimated cost of Rs 17 billion.
The Malaysian government had once again renewed its pledge to make M-4 project, but it was not ready to construct the highway on BOT basis. After talks, Pakistan government was optimistic that the Malaysian side had reviewed its decision and was willing to undertake the project.
Sources said that the Malaysian side even at that time was reluctant as it believed that the project was not viable. Interestingly, there has been an increase of Rs 5 billion in the estimated cost of the project, that now stands at Rs 22 billion.
When contacted, Communications Minister Shamim Siddiqui confirmed that Pakistan government had approached the ADB to seek financial help for the project.
He said they were going to meet ADB officials in July to arrange Rs 22 billion funding for the motorway. He said that Malaysian authorities were not willing to BOT option as they believed it was not financially viable for them. He dispelled the impression that it was some kind of 'backtrack', saying that they had showed inability due to financial constraints.
The Minister said that still there would be a Malaysian contractor who would construct the 184-km road. The plan is to construct Faisalabad-Khanewal Motorway in four years time. It would have four lanes, with the provision of upgradation to six lanes.
The designed speed limit on the M-4 will be around 120 miles/hour. There would be 25 bridges, two major bridges, 85 subways, 436 culverts, 42 flyovers and five service areas. The plan has seven interchanges--at Faisalabad, Painsara, Gojra, Toba Tek Singh, Shorkot, Abdul Hakeem and Khanewal.
http://brecorder.com/index.php?id=533683&currPageNo=2&query=&search=&term=&supDate=
ISLAMABAD (March 01 2007): Pakistan has decided to approach the Asian Development Bank (ADB) for funding the Rs 22 billion Faisalabad-Khanewal Motorway (M-4) project, as the Malaysian government has categorically refused to undertake the project on BOT basis.
Sources in the Communications Ministry told Business Recorder that Malaysian government's refusal has taken the concerned authorities back. Pakistan and Malaysia had signed a Memorandum of Understanding (MOU) for construction of the 184 km long Faisalabad-Khanewal Motorway at an estimated cost of Rs 17 billion.
The Malaysian government had once again renewed its pledge to make M-4 project, but it was not ready to construct the highway on BOT basis. After talks, Pakistan government was optimistic that the Malaysian side had reviewed its decision and was willing to undertake the project.
Sources said that the Malaysian side even at that time was reluctant as it believed that the project was not viable. Interestingly, there has been an increase of Rs 5 billion in the estimated cost of the project, that now stands at Rs 22 billion.
When contacted, Communications Minister Shamim Siddiqui confirmed that Pakistan government had approached the ADB to seek financial help for the project.
He said they were going to meet ADB officials in July to arrange Rs 22 billion funding for the motorway. He said that Malaysian authorities were not willing to BOT option as they believed it was not financially viable for them. He dispelled the impression that it was some kind of 'backtrack', saying that they had showed inability due to financial constraints.
The Minister said that still there would be a Malaysian contractor who would construct the 184-km road. The plan is to construct Faisalabad-Khanewal Motorway in four years time. It would have four lanes, with the provision of upgradation to six lanes.
The designed speed limit on the M-4 will be around 120 miles/hour. There would be 25 bridges, two major bridges, 85 subways, 436 culverts, 42 flyovers and five service areas. The plan has seven interchanges--at Faisalabad, Painsara, Gojra, Toba Tek Singh, Shorkot, Abdul Hakeem and Khanewal.
http://brecorder.com/index.php?id=533683&currPageNo=2&query=&search=&term=&supDate=
Janbaz
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Man, this chain should have been Zellers, the proud Canadian competitor to Wal Mart. The stuff they retail which varies from electronics to clothes from stationarey to auto parts is better built then Wal Mart. Plus they are quite competitve pricers and offer excellent benifits for employees. I just wish it was them with their flagship store The Bay!
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