Economic Review articles from May 2006

Economic Review archives from May 2006

Economy and budget.(BUDGET FY 2006-07)(Survey)
May 1, 2006... The state of the economy of a country and its budget are always closely linked. If the indicators of an economy are sound, there is a room for expansionary fiscal stance and, in general, some concessions and incentives to the public can be...

Rs. 1.315 trillion budget announced.(BUDGET FY 2006-07)
May 1, 2006... The Minister for State for Finance, Omer Ayub Khan, on Monday announced over Rs 1.315 trillion, budget for the fiscal year 2006-07. The allocation for defence has been increased to Rs 250 billion against revised target of Rs 241 billion. Of...

Federal budget FY 2006-07.(BUDGET FY 2006-07)
May 1, 2006... Taking a break from tradition, the Budget speech rendered by the Minister of State, Omar Ayub Khan, was replete with political rhetoric as well as economic facts and figures. The Minister repeatedly challenged the opposition, without naming...

Punjab budget: Rs. 274bn tax-free budget presented.(BUDGET FY 2006-07)
May 1, 2006... Punjab Finance Minister Hasnain Bahadur Dreshak has presented in the Provincial Assembly a Rs. 274 billion surplus budget for the year 2006-07, which proposes no fresh taxation and also includes a record Rs. 100 billion ADP outlay, higher than...

Sindh budget: Rs. 193.10bn tax free budget presented.(BUDGET FY 2006-07)
May 1, 2006... Sindh Finance Minister Syed Sardar Ahmed on Thursday presented before the provincial assembly a Rs 193.10 billion tax-free provincial budget for 2006-07 amid protests from the opposition on the law and order situation and the worst kind of...

N.W.F.P budget: Rs. 95.987bn tax free budget presented.(BUDGET FY 2006-07)(North-West Frontier Province )
May 1, 2006... The NWFP government on Saturday presented Rs 95.987 billion tax-free budget for financial year 2006-07, with the current expenditure estimated at Rs54.5 billion and capital expenditure of Rs 14 billion. Presenting the budget in the...

Balochistan Budget: Rs. 59.70bn tax free budget presented.(BUDGET FY 2006-07)
May 1, 2006... Finance Minister Syed Ahsan Shah has unveiled in Balochistan Assembly a Rs. 59.700 billion provincial budget for FY 2006-07, showing a staggering deficit of Rs. 10.963 billion. The budget session was marked by a rumpus, with some opposition...

A & J Kashmir budget: Rs. 19.93bn tax free budget presented.(BUDGET FY 2006-07)(Brief article)
May 1, 2006... Azad Kashmir's tax-free budget to the tune of Rs. 19.93 billion was presented in the Azad Kashmir Legislative assembly in Muzaffarabad on Thursday. The budget provides development outlay of Rs. 6 billion, showing 17.6 percent increase...

Rs. 44.087bn surplus budget for CDGK.(BUDGET FY 2006-07)(City District Government Karachi)
May 1, 2006... The City Nazim Syed Mustafa Kamal before the council presented Rs. 44.087 billion surplus budget of the City District Government Karachi (CDGK) for fiscal year 2006-07 here. However, there was pandemonium of the worst kind by the opposition...

Root causes of the gas crisis.
May 1, 2006... Sui Northern Gas Pipelines Ltd (SNGPL) has once again applied to OGRA for increase in gas tariff. This is despite the fact that gas tariff has already been increased by more than 30% in the last one year. This seems to be the final nail in the...

Increase in petroleum prices.
May 1, 2006... An almost consistent rise in world oil prices in the last few months has, it seems, finally forced the government to pass its impact to the domestic consumers. The Oil and Gas Regulatory Authority (OGRA), the new designated body to control the...

Iran gas pipeline in doldrums?
May 1, 2006... After their talks on the sidelines of the International Energy Forum in Doha, oil ministers of Iran and Pakistan gave the impression that their two countries and India are close to signing the Iran-Pakistan-India (IPI) gas pipeline project...

Optimal use of gas for power projects being ensured.
May 1, 2006... The government is likely to divert allocated gas from inefficient to more efficient thermal power projects for making optimal use of the limited indigenous resources. "The Ministry of Water and Power has been asked to pinpoint the power...

Distortions in oil.
May 1, 2006... The import bill of petroleum products rose by 64.46 per cent to $4.615 billion during the July-March period of the current fiscal year as against $2.806 billion during the same period last year. In the nine months compared, the import of...

Soaring oil prices make wind energy competitive.
May 1, 2006... The total installed wind power capacity now stands at 60,000 MW. Nearly 50 countries have laws and regulations to support the development of renewable energies such as wind, which are gaining importance, thanks to the spiraling cost of oil and...

Give fixed gas tariff to textile Mills.
May 1, 2006... The two points that at least everyone agrees on these days are that there is a major gas crisis in Pakistan and that it will only get worse. Choices have to be made. There are two dimensions to the crisis in that gas rates are ever increasing...

Oil & gas Statistics.
May 1, 2006... The primary commercial energy supplies increased by 9.2% to 55.5 million tones of oil equivalent (mtoe) during 2004-05 as compared to 50.8 mtoe in 2003-04. Major increases came from natural gas (2.7mtoe), oil (1.2mtoe) and coal (0.9 mtoe)....

Who's who in oil & gas sector in Pakistan.
May 1, 2006... Mr. Abdul Rashid Lone is presently holding the position of Chief Executive Officer/Managing Director, Sui Northern Gas Pipelines Limited, the largest integrated and leading gas utility Company in Pakistan. He is a Chemical Engineer holding...

Energy resources and requirements.
May 1, 2006... Pakistan's commercial energy needs double every ten years, and this is due to the rapid increase in burgeoning population and also the increased industrial development in the country. The government has therefore attaches high priority to the...

Energy plans.
May 1, 2006... It is well known that we do not we the resources to meet even our basic energy requirements and we seem to behave as if all we have to do is to extend piping to wherever we want to cover the availability of natural gas. This is similar to our...

KESC adrift on the high seas.(Karachi Electric Supply Corporation Ltd.)
May 1, 2006... KESC has always been taken by the citizens of Karachi as an inefficient, corrupt, and authoritarian organization. The government appointed, as well as the Army deputed, Managing Directors have all been failures in controlling the rot present in...

Was the Steel Mill sell-off really needed.
May 1, 2006... Khalid Anwar, counsel representing the winning consortium in the Pakistan Steels Mills (PSM) bid, is reported to have stated "the (PSM) mills privatization was the biggest single direct foreign investment in the history of Pakistan." This...

Thar coal power project: an unrealized dream.(Geological Survey of Pakistan)
May 1, 2006... A POWER plant based on the Thar coal, which is termed of greatnational importance, remains a distantreality. It was in 1992 that the Geological Survey of Pakistan (GSP) discovered huge sub-surface deposits of coal--the largest in the world--in...

Sui Northern Gas Pipelines Limited.(COMPANY PROFILE)(Company overview)(Brief article)
May 1, 2006... Sui Northern Gas Pipelines Limited, the leading and largest integrated gas Company in Pakistan was established in 1963 as a Private Limited Company and converted to a Public Limited Company in 1964. The Company took over the existing Sui-Multan...

SSGC reaches out to customers!(COMPANY PROFILE)(Company overview)
May 1, 2006... Sui Southern Gas Company (SSGC) is Pakistan's model gas utility and a blue chip company with a sound financial base, an annual turnover of over US$1 billion, a 3,000km high-pressure transmission network and a 26,000km distribution network,...

GIS: another first from SSGC.(COMPANY PROFILE)(Customer Information System)
May 1, 2006... Among the recent IT initiatives taken by SSGC is the implementation of an integrated Geographic Information System or GIS, which is supported mainly by in-house expertise and trained manpower. In essence, GIS uses satellite images/data,...

Hascombe Storage (Pvt) Limited.(Hascombe Storage (Pvt) Limited)(Company overview)
May 1, 2006... Hascombe Storage (Pvt) Limited is engaged in the purchase, storage, sale and distribution of petroleum products such as Fuel Oil, Gas Oil, Naphtha, Gasoline and Lubricants. Hascombe Storage (Pvt.) Limited was incorporated in 28 March 2001...

PPL sponsors Rehabilitation Center in Azad Kashmir for quake victims.(PRESS RELEASE)
May 1, 2006... Pakistan Petroleum Limited (PPL) donated 15.17 million rupees for the establishment of a Rehabilitation Center at Bagh, Azad Jammu & Kashmir under its Corporate Social Responsibility programme. Murshid Hospital and Healthcare Center...

Depleting forest growth in Pakistan.
May 1, 2006... Agriculture is a system of bringing plant growth under control and modifying it so as to produce it to maximum benefit to man. Food production has always been the paramount goal. As agricultural system has developed, plants for purposes other...

$100m WB loan for Punjab education uplift likely.(World Bank )(Third Punjab Education Development Policy Credit)(Brief article)
May 1, 2006... The World Bank is likely to approve shortly a $100 million concessional loan from its International Development Association (IDA) wing for Third Punjab Education Development Policy Credit (PEDPC-III) to enhance access and quality of education...

ADB approves $0.150m grant to fight corruption.(Asian Development Bank)(Brief article)
May 1, 2006... The Asian Development Bank (ADB) has approved a regional Technical Assistance (TA) grant of dollars 0.150 million to help strengthen the role civil society in the fight against corruption. (B.R. May 03, 2006)

HBFC to develop finance housing scheme in Gwadar.(House Building Finance Corporation)(Brief article)
May 1, 2006... The House Building Finance Corporation (HBFC) has linked 3-MoUs with Gwadar development Authority (GDA) and District Nazim, Gwadar These are for design, development and construction of small and medium -cost housing scheme on a 63 acres piece...

CBR to obtain real estate buyers' CNIC numbers.(News Flash)
May 1, 2006... The Central Board of Revenue (CBR) has decide to obtain the Computerized National Identity Card Numbers (CNICs) of real estate purchasers for compilation of a national Database. (B.R. May 04, 2006)

OGDCL's GDRs to be listed at London Stock Exchange.(News Flash)
May 1, 2006... The government on Wednesday decided to list Oil and Gas Development Company Limited (OGDCL) global depository receipts (GDRs) at London Stock Exchange for floating 10 to 15 percent shares with 15 percent green shoe option. (B.R. May 04,...

Kinnow exports set all time record.(News Flash)
May 1, 2006... An all time record in the export of Kinnow has been set by sending 162,873.81 tonnes till April 22. (2005-06 Kinnow export season), according to latest figures provided by the Pakistan Horticulture Development and Export Board (PHDEB). ...

Shaukat for setting up ECO free trade area.(News Flash)(Brief article)
May 1, 2006... Prime Minister Shaukat Aziz on Friday called for the establishment of an ECO free trade area and interregional oil and gas pipelines, saying an energy grid could create inter-linkages necessary for making the Economic Cooperation Organization...

Monetary policy may be tightened further.(News Flash)
May 1, 2006... State Bank Governor Dr. Shamshad Akhter on Saturday hinted at tightened the monetary policy to further bring down the inflation. (B.R. May 07, 2006)

Musharraf for greater Swiss ]market access.(international economic relations )(Brief article)
May 1, 2006... President Pervaiz Musharraf on Saturday said there is a need to enhance economic relation between Pakistan and Switzerland and called for greater trade access to Pakistani goods in the Swiss market. (B.R. MAY 07, 2006)

Reduced anti-dumping duty on bed linen becomes effective.
May 1, 2006... The reduced rate of ant-dumping duty of 5.8 percent in Pakistani bed linen by European Union has been enforced from May 06, 2006. (B.R. May 07, 2006)

Travelers allowed to carry foreign currency up to $10,000.(News Flash)
May 1, 2006... The Supreme Court has held that foreign currency up to $10,000 can be taken out of the country in the personal baggage with or with out moneychangers or authorized dealers receipts and the customs authorities cannot ask any question. (B.R....

Wind power projects upfront tariff at 905 cent/kWh.(News Flash)
May 1, 2006... The National Electric Power (NEPRA) has announced the 20 years upfront tariff of 905 cents per kWh for wind power projects to be established in Gharo-Keti Bandar corridor. (B.R. May 12, 2006)

Govt. plans to privatize Women Bank: Shamshad.(News Flash)(Brief article)
May 1, 2006... State Bank Governor (SBP) Dr. Shamshad Akhter said that government plans to privatized First Women Bank aiming at to further improve of its efficiency and ensure more credit t women for their battlement. (P R. May 13, 2006)

Import of 100 more items may be allowed.(Brief article)
May 1, 2006... Pakistan Likely to allow import of 100 more items from India, from next fiscal year, out of 286 items passed on by New Delhi through diplomatic channels and during the third round of JointStudy Group (JSG) held at end of March. (B.R. May...

Musharraf vows to facilitate textile sector.(News Flash)
May 1, 2006... President General Pervaiz Musharraf on Wednesday called for focused on value addition in the textiles and vowed to facilitate the vital sector of the economy in tapping its full potential and maximizing exports to world market. (B.R. May...

CBR paid Rs. 29.18bn sales tax refund.(News Flash)
May 1, 2006... The Central Board of Revenue (CBR) has paid Rs. 29.18 billion as sales tax refund to the exporters during July-April (2005-06) against Rs. 47.86 billion paid in the same period last fiscal, showing a decrease of39 percent. (B.R. May 19,...

Three agreements signed with Morocco.(trade agreements)(Brief article)
May 1, 2006... Pakistan and Morocco on Thursday signed three agreements for co-operational and industrial sector, avoidance for double taxation and culture and vowed to accelerate the pace of talks on the Preferential Trade Agreement (PTA) to increase the...

NWFP expanding private sector's role in uplift process.(News Flash)
May 1, 2006... Chief Minister Akram Khan Durrani on the said that the provincial government is expanding the private sector role in the development process of the province and bringing reforms to develop social sector through private-public partnership. ...

CDWP approves 65 projects worth over Rs. 100bn.(News Flash)
May 1, 2006... The Central Development Working Party (CDWP) approves 65 projects costing over 100 billion, of which 25 projects were recommended for approval of the Executive Committee of National Economic Council (Ecnec). (B.R. May 21, 2006)

National Assembly passes finance bill.(News Flash)(Brief article)
May 1, 2006... The National Assembly on Wednesday passed the finance bill 2006, incorporating 14 amendments in taxation, labour, and privatization laws, which the opposition termed as undermining the federation by overlooking the senate. (B.R. May 22,...

Italy ready to provide latest technology in marble sector.(News Flash)
May 1, 2006... Consul General of Italy, Bruno A Pisquino said that Italy is ready to provide latest technology in the marble sector. Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI). (B.R. May 22, 2006)

SC declares PSM deal of no legal effect.(News Flash)
May 1, 2006... In its historic judgment, announced here on Friday, the nine-member of the Supreme Court cancelled the sell-off deal of Pakistan Steel Mills, and declared the Letter of Acceptance (LoA) dated March 31, 2006 and the share purchase agreement...

Several groups keen to invest in Textile City.(News Flash)
May 1, 2006... Several local and international groups including some renown investment group from China And Turkey have seen keen interest to invest in setting up their own zones in the proposed Textile City to be established over an area of 1250 acres here...

MCB to appoint overseas bank to sell $ 100m GDRs.(contracts)(MCB Bank)(Brief article)
May 1, 2006... MCB Bank would soon pick Merrill Lynch co., Or Goldman sachs Group Inc.,to advise the lender to sell as much As $ 100 million worth of Global Depository Receipts in first quarter of the new fiscal year, it would be the first bank to sell...

15pc tax on tickets purchased abroad.(News Flash)
May 1, 2006... The central Board of Revenue (CBR) on Thursday ordered airlines to collect 15 percent federal excise tax from passengers leaving Pakistan after midnightjune 30,2006 on tickets purchased outside Pakistan. (B.R. June 30, 2006)

First cargo ship registered after 9 years.(News Flash)
May 1, 2006... The Government of Pakistan has registered the Canadian-built container vessel Mega-I' in private sector, after a break of nine years. (B.R. June 30, 2006)

President seeks report on Karachi load shedding.(News Flash)
May 1, 2006... President Pervez Musharraf has sought a report from federal Minister for water and power liaquat Ali Jatoi and governor sindh Dr Ishrat-ul-Ebad for loadshedding and deteriorating law and order situating in Karachi and directed them settle down...