Electric, cement cos to be
D.G. Khan Electric Company Limited the captive power
plant of the Nishat group is proposed to be merged with its sister concern, the
D.G. Khan Cement Company Lirnited.
Market sources said that the directors intend to move resolutions
seeking shareholders' approval at the separate AGMs of the two companies scheduled to be
held on Dec 31.
CE okays plan for de-silting water channels
Chief Executive General Pervez Musharraf on Monday approved, in
principle, a plan prepared by the Army's Corps of Engineers for desilting of water
channels in the country.
The chief executive, who was given a presentation on the plan during a
corps commanders' meeting held at the General Headquarters here, directed that concerted
efforts should be made incorporating concerned civil departments as well as civil
administration, to achieve maximum desilting.
The presentation was made by the Director-General, Army Engineers
Corps, Major-General Tariq Javed. During the discussion the chief executive emphasized
that he would like to see maximum benefit for the farmer by improving the quality of
water, which would be the result of this de-silting.
The Director-General, Military Operations, Major-General Shahid Aziz,
apprised the participants of the progress on the functioning of Army's Monitoring System,
which was set up to provide regular and organized feedback on issues of public concern.
Cotton crop estimated at 10.6-11m bales
The official cotton crop assessment committee has put the current
cotton crop output between 10.6 to 11 million bales and it believes that in Punjab 8.5 to
8.7 and in Sindh 2.1 to 2.3 million bales would be produced.
The committee members who met at the Pakistan Central Cotton Committee
on Monday noted that the current crop was sown on 2.988 million hectares (2.351 million
hectares in Punjab and 0.634 million hectares in Sindh) as against 2.885 million hectares
of last year, showing a rise of 3.46% (3% in Punjab and 5% in Sindh).
It was observed that the insect pest situation including that of CLCV
remained under control which coupled with favourable weather conditions, helped growers in
getting higher average yield per hectare this year in both the provinces.
The committee was informed the the cotton arrivals as on Dec 1 were
equivalent to 5.98 million bales visa-vis last year's corresponding arrivals of 4.43
million bales, showing an increase of 35%.
Sale of govt holdings thru stock markets
Federal Finance Minister Shaukat Aziz has said the government will
carry out privatization, involving capital markets to allow participation of the people.
He was speaking to the board of directors of Islamabad Stock Exchange
which he visited on Saturday.
Besides acting ISE chairman Chaudhry Mohammed Rashid Randhawa, the
meeting was attended by the chiefs of Karachi and Lahore Stock exchanges and senior
executives of the Securities and Exchange Commission.
Mr Aziz's visit to ISE was a part of his programme to acquaint himself
with of various economic issues and listen to businessmen.
Responding to the points raised by Mr Randhawa in his welcome address,
Mr Aziz said the government attached high priority to the restoration of investors'
confidence, both domestic and foreign, through well-thought policies.
' The government, he pointed out, was faced with enormous task of
reprofiling the debt accumulated by the past governments, especially under circumstances
where a large portion of the loans had not been utilized in productive investments.
He also told the members the issues relating to IPPs, particularly
Hubco, would be resolved soon.
He also underlined the importance of development of human capital as
the key for optimal utilization of the national resources.
Earlier, the acting ISE chairman recommended that the Economic Advisory
Board committee on the capital markets should comprise elected members of the three stock
exchanges with a view to ensuring a practical implementation of the government's economic
policy to be announced by mid-December.
Talking about other issues pertaining to stock market, he said the
institutions like NIT and ICP should primarily work for mobilization of national savings
and provide depth and stability to the secondary markets.
Economic programme to be home-grown
Finance Minister Shaukat Aziz on Saturday said, the government held
talks with the visiting IMF delegation on the broad economic policies and the macro-level
"They have just come to understand thinking of the new team
vis-a-vis the economic policies of the government," he said while talking to newsmen
here. "We did not discuss with them any new programme," he responded to a
"We told them the (economic) programme will be home-grown and they
have supported it," the Minister said.
On the IPPs' issue, the Minister said, the government wants to resolve
the issue in the best national interests. "Discussions and negotiations with them are
underway," he added.
Aziz informed that a team of HUBCO is coming next week and hoped that
there will be progress on the issue.
Responding to a question, the Finance Minister said, the major thrust
of the new economic policy will be on agriculture, poverty reduction and boosting
Cotton arrivals at ginneries up
The cotton arrival at ginning factories has registered an increase of
35 percent to 5.986 million bales till December 1 compared to the same period last year.
A fortnightly report of Pakistan Cotton Ginners' Association (PCGA)
said here Saturday that the arrival of cotton was estimated at 4.428 million bales during
the same period last year.
Of the total, more than 4.538 million bales came from Punjab while
1.447 million bales from Sindh during the period under review, showing a rise of 34.99 and
35.62 percent respectively over the last year. The 925 operative ginning mills have sold
more than 4.162 million bales leaving a unsold stock of more than 1.822 million bales.