FOR THE RECORD
 

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Sep 26 - Oct 02, 2005
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"I have asked PPIB and Wapda to deal with the IPPs positively and resolve their genuine issues on priority basis, and if there is any hurdle, to approach the highest office," said one of the participants of meeting chaired by Shaukat Aziz.

(Prime Minister Shaukat Aziz has directed the Private Power Infrastructure Board (PPIB) and Wapda to resolve the genuine problems of Independent Power Producers (IPPs), including fuel supply and payments.)

"With long-term gas demand from India and Pakistan estimated at 50 billion cubic metres a year, there is a need for more than one pipeline," said Dan Millison, a senior ADB energy specialist.

(Future gas demand in South Asia is projected to be strong enough to need imports via pipelines from both Iran and Turkmenistan, and possibly a third pipeline, according to the Asian Development Bank)

"The prices have touched $470 an ounce, and we expect that they would cross Rs 9,100 per 10 grams in the domestic market," said Haroon Rashid Chand, President of Karachi Sarraf and Jewellers Group.

(The gold prices in the domestic market reached new height as the gold in the international markets touched 18-year high mark.)

"The textile and garment exports have increased by 12 per cent during the first six months (Jan-June 2005) of quota-free trade compared to only 0.4 per cent growth during the last six months of quota restrictions," said S M Muneer, ex-president Federation of Pakistan Chambers of Commerce and Industry.

"All pending claims of refund of sales tax would be settled in coming few weeks," said Chairman Central Board of Revenue (CBR) Abdullah Yusuf.

"The Cabinet has allowed, in principle, the use of LPG in vehicles, and stressed on encouraging replacement of diesel oil by CNG in urban areas as part of energy conservation plan," said the official sources.

(In a cabinet meeting, presided by Prime Minister Shaukat Aziz, the Cabinet has allowed the use of LPG in vehicles)

"Foreign exchange reserves fell by $14 million to $12.002 billion in the week ending September 16," the State Bank of Pakistan.

(The fall in foreign exchange reserves continues as foreign exchange reserves further decline by $14 million last week.)

 

"Sony would cut about 7 percent of its global workforce, sell more than $1 billion in assets and post a loss this year," Sony Corporation.

(To cope with new emerging challenges in global electronic market, Sony Corp will cut 10,000 jobs. Sony estimates the restructuring will produce cost savings of 200 billion yen by the end of the business year to March 2008.)

"Delta Air Lines Inc plans to eliminate up to 9,000 jobs, or 17 percent of its workforce, as part of a plan to save $3 billion as it seeks to revive itself in bankruptcy," Delta Air spokesman.

"The Eden Enterprises of Malaysia will invest over $2 billion in Pakistan's energy, housing, construction and tourism sectors," said Tansri Dato, Chairman and Chief Executive of the group.

(Tansri Dato told Board of Investment (BoI) Chairman Waseem Haqqie that the group takes Pakistan as a promising market for investment and it was joining hands with DHA Cogen, a local group, for investing in the power sector.)

"Pakistan is capable to attract foreign investment of more than Rs 2.6 billion in the satellite television in the coming years, besides generating more than 4,000 jobs in the country," according to PEMRA

"Me and my colleagues had not been paid for between five and six months and our monthly wages did not exceed 600 dirhams (164 dollars)," said an Indian protestor.

(Hundreds of Asian workers building a luxury development project in Dubai demonstrated to protest over months of unpaid wages, highlighting the plight of low-paid expatriate laborers in the oil-rich Gulf region. The workers - mostly from India, Pakistan and Bangladesh - marched from the site of the huge Palm Island project to the emirate's main highway.)

"The country's exports increased by 13 percent with trade deficit of 176.3 percent during July-August period as compared to corresponding period of last year," Statistics Division.

(July-August trade deficit rises to $1.552 billion. Exports amounted to $2,680.196 million against $2,371.471 million in the same period of last year, showing growth of 13.02 percent, in exports up to August-end.)

"Punjab government is spending more than Rs 160 million during current fiscal year on the upgrading of existing industrial estates of Daska, Gujrat, Gujranwala and Sargodha," official sources of Punjab government.

"India's foreign exchange reserves fell to $145.277 billion on September 9 from $145.555 billion a week earlier," the Reserve Bank of India.

"While the US twin deficits may remain a problem, it will have to be tomorrow's problem rather than today's," said Michael Woolfolk, senior currency strategist at The Bank of New York.

(US current account still a long-term dollar drag.)

"The shipping policy should be coherent and at par with the international maritime practices to encourage private sector ship owning," advise given to Prime Minister Shaukat Aziz by the 'Advisory Committee on Pakistan Flag Ship Owning'.