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