Feb-11 - 17, 2002
US to get money transfer data
Pakistan has agreed to share information with the
United States on transfer of money and channels mainly relating to
money laundering, hundi and hawala.
A team of US treasury officials and State
Department held on Thursday a meeting with Chairman of Securities and
Exchange Commission of Pakistan (SECP) Khalid A. Mirza.
An official statement of SECP said that Khalid
Mirza assured the US team "of full cooperation from the
commission and sharing of public information".
The officials of US treasury and state department
are currently on a visit to Pakistan "in pursuance of the policy
agreed by the coalition partners in the aftermath of the Sept 11
events for sharing information about working of the corporate sector,
especially relating to methods of transfer of money and channels
available to finance possible illegal activities," the SECP said.
The SECP said these officials assisted by the US
embassy staff were meeting with trade bodies and regulators in
connection with investment in capital market, money exchange and money
It said that money laundering, hundi and hawala
which were considered to be among the sources of illegal financial
activities, including terrorism, were subjects of particular interest.
The US delegation comprised George Edwin Smith,
III, director department of treasury, Mike Gayle of state department,
Carol A. Mesheske, chief special activities division of supervision of
federal deposit insurance corporation and the local embassy staff.
The SECP chairman, briefing the US team about
Pakistan's capital market, said the Pakistani securities regulator had
already achieved the 30 international standards prescribed by the
international organisation of securities commissions (IOSCO).
Chinese firms to set up two power projects
Two Chinese companies would set up $500 million
worth of two coal-based power projects in Jherruck, near Thatta, Sindh,
official sources told.
The Sindh government has issued a letter of intent
(LOI) to Jiangsu to carry out feasibility study of building a 250-mw
coal power project in Jherruck.
Separately, a memorandum of understanding (MOU) has
also been signed with China Machinery Import and Export Corporation (CMEC)
to set up another power project of similar capacity. The cost of each
project is estimated at $250 million, sources said.
Jherruck, near the historical city of Thatta, is
reported to have enough coal reserves to produce 500mw electricity for
more than 20 years and is second largest coal-bearing area after Thar
Govt to bear Rs92bn KESC losses: Altaf
Karachi Electric Supply Corporation's (KESC) losses
will reach Rs92 billion by the time of its privatization that will be
borne by the government to attract more buyers for the entity.
This was stated by the Federal Privatization
Minister Altaf M. Saleem while addressing the members and management
committee of the Karachi Chamber of Commerce and Industry (KCCI) on
He said the government would sell 75 per cent
shares of KESC and would like that the local investors buy some 10 to
15 per cent shares so the rest could be offered to foreigners. He said
that the appropriate measures have been taken to cover up the security
risks involved in sell-off of public sector entities to foreigners.
Wapda chief opposes sales tax
Wapda chairman Lt-Gen Zulfikar Ali Khan on Thursday
urged the government to refrain from charging 15 per cent General
Sales Tax on electricity consumption and "be sensitive to public
Talking to reporters at a prize distribution
ceremony of Pakistan Green Task Force, he conceded that if the GST was
imposed on Wapda, the brunt would obviously be passed on to consumers
in the shape of increased tariff.
A number of South Korean companies are interested
in joint ventures with Pakistan to increase present level of their
investment, says Yoon Jee-Joon, the outgoing Ambassador of South
Musharraf to meet Bush on 13th
Gen Pervez Musharraf, who meets President George
Bush at the White House on Feb 13, will a day earlier address a
meeting organized by two eminent Washington-based think-tanks on his
views of a vision for Pakistan.
The organizations arranging Gen Musharraf's lecture
are the Woodrow Wilson Centre for Scholars and the Carnegie Endowment
The European Union must use its experience in
forging cooperation between former enemies to facilitate a
comprehensive Pakistan-India dialogue on Kashmir and other key issues,
Foreign Minister Abdul Sattar said on Monday.
SME Bank plans package for Sialkot units
The president SME Bank Ltd, Kaiser H. Naseem has
said that the Bank will soon design a grand package of incentives in
collaboration with Smeda to develop the Small and Medium Enterprises (SMEs)
of Sialkot, besides making more easier the early provision of the soft
loans on long-term basis.
He was addressing a joint meeting of the local
traders, industrialists and exporters at Sialkot Chamber of Commerce
and Industry (SCCI) after visiting various industrial units in
Sambrial, Daska and Sialkot, on Monday.
ADBP being revamped
Agricultural Development Bank of Pakistan (ADBP)
has launched the process of revamping and restructuring its operations
for making available cost-effective credit to the agriculturists to
enable them increase their per acre yield and also marketing out their
produce on competitive international environment, bank sources told on