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Civil Aviation Authority (CAA) has chalked out aggressive plans to give a new look to the organization, stagnant for the decades. The Category-1 recently accorded by the Federal Aviation Administration (FAA) of the United States of America of course goes to the credit of the present team of CAA led by its Director General. This elevating decision has placed Pakistan amongst those privileged countries, which enjoy easy access to any European and American airports. The national carrier is expected to gain special benefits from the re-categorization of Pakistan. CAA is setting forth new priorities in order to keep pace with changes in the aviation environment. CAA also plans to develop prestigious commercial complex in the periphery of the Jinnah Terminal and other major airports of the country for generating economic activities in the surroundings.


OIL PRICES
The GoP's decision to increase POL has been vehemently opposed. The rationale given at the time of announcement of price hike seems contradictory to crude oil price movement. The general feeling is that the GoP has once again opted for the easiest recourse rather than making the efforts to boost CBR related tax collection.


BANKS
The Central bank has raised the minimum capital requirement of commercial banks. These banks are required to enhance their paid-up capital net of losses to one billion rupee on January 1, 2003. The penalty for not meeting this requirement is the removal of scheduled status. Keeping in view the prevailing scenario, analysts expect a spate of mergers and acquisitions.


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