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.
