INDUSTRY

 

Aug 19 - 25, 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

MANGLA DAM FILLED AFTER THREE YEARS

Water at the Mangla Dam on Thursday touched 1,203 feet level, one foot above its prescribed capacity of 1,202 feet.
The dam remained below its optimum level for the last three years; in 1999, it went up to 1,189.30 feet, in 2000, it touched 1,191.28 feet and 1,181.36 feet in 2001.

 

The lake now houses 4.71 million acre feet of water against its capacity of 4.64maf. Punjab irrigation authorities plan to take the water level to 1,206 feet, getting an additional 1maf.

The Tarbela lake also was approaching its optimum level of 1,550 feet as inflows of the Indus River were improving. On Thursday, water inflows maintained a flow of 334,100 cusecs for the fourth day. The lake level was 1,523.44 feet with a storage of 5.682maf. The capacity of the lake is 7.2maf.

The river flow in the country also registered improvement with total supplies shooting up to 558,580 cusecs; some 432,380 cusecs were released for irrigation and 126,200 cusecs were stored at the dams.

The Indus River System Authority has decided to fill the lake only by three feet a day keeping in view dam safety. Though, according to a hydrologist at the Water and Powers Development Authority's water wing: "Even three feet a day could put some extra pressure on the dam. Once the lake touches 1,508 feet level, it should not be filled by more than two feet a day. It is a vital precaution, given the seismically active nature of the area. The extra risk is not worth taking."

IRSA OKAYS PLAN TO FILL TARBELA

The inflows in the country's rivers reached the level of 482,000 cusecs on Tuesday highest in the last three years with Mangla dam attaining the height of 1200 feet, only two feet below the maximum level.

A meeting of the Indus River System Authority held on Tuesday noted with satisfaction that the rivers flow had significantly improved over the past few days. The authority gave a green signal to the Water and Power Development Authority to go ahead with its plan of filling Tarbela Dam.

POVERTY ROSE DURING LAST DECADE

About 47 million people are living below poverty line in Pakistan, with more than 12 million were added to the rank of the poor between 1993 and 1999, says an Asian Development Bank report released on Monday.

The report "Poverty in Pakistan: Issues, Causes and Institutional Responses," was released at a press conference by ADB's Country Director Marshuk Ali Shah and bank's Principal Economic Adviser Naveed Hamid.

The report said during the period from 1993 to 1999 the level of poverty worsened from 26 per cent of the population falling below the poverty line in 1993 to 32 per cent in 1999.

AGOSTA READY FOR TRIALS

Pakistan's second Agosta 90-B class submarine is ready for launching and six months of sea trials, a navy spokesman told AFP Sunday.

The submarine is equipped with four bow torpedo tubes and missiles, with its fighting capacity coordinated by the French-made Submarine Tactical Integrated Combat System (STICS).

"It is ready for launching. We have not decided the final date, but in all probability it will be launched by the third week of August," he said.

MOVE TO ELIMINATE GINNERS ROLE

In a new drawn up strategy, the rich textile mill owners of central Punjab and the politically powerful growers of cotton belt in Sindh and south Punjab are planning to join hands to eliminate the role of ginners.

All Pakistan Textile Mills Association (Aptma) is proposing the concept of 'Custom Ginning'. This system reduces the role of ginnery to a mere service provider as the textile mill owner will purchase cotton directly from the grower.

Under this strategy, the number of ginneries is proposed to be drastically cut down from the existing 1,220 in the country. At present there is more than 20 million bales ginning capacity available in the country. "We want to bring it down to 10 to 11 million bales ginning capacity," a senior official involved in the planning of cotton policy informed.

AUTOMOBILE INDUSTRY

The government will provide more incentives to the automobile industry so that it could play a prominent role in the national progress.

This was stated by Commerce Minister Abdul Razak Dawood while chairing a meeting on automobile on Thursday, said an official announcement. The meeting was attended among others by stakeholders of automobile sector.

DEMAND FOR LOCAL GOODS TO INCREASE

The consumer financing will increase the demand of locally produced items but it is hard to predict any specific percentage at this moment, Habib Bank president Zakir Mehmood told.

"The main aim of the new scheme is to boost the domestic industry," he said referring to the example of car demand and sales, which boosted due to banks' attractive financing scheme.

"Consumer durable items demand and sales will not go up overnight. The market of these items will increase progressively. Consumer financing is meant for long term purpose," the HBL chief said.

COTTON PRICES RAISED BY RS50

After having risen sharply higher during the last couple of sessions, cotton prices on Monday took a technical pause as spinners remained busy to take part in TCP tender for both local and foreign buyers.

"At Rs2,300 per maund, the market seems to have taken a breather", says a leading broker "whether to go up or sustain the current seasonal peak level is now appears to be its chief worry".