 |
Archive | Business RSS feed for this section
Petrol shortage: 90% petrol stations close down in Faisalabad
FAISALABAD: The fuel crisis worsened in South Punjab on Monday, as 90% of all petrol pumps closed down in the city of Faisalabad and surrounding areas. Locals were forced to queue up to buy petrol at up to Rs160 per litre by pump owners. Petrol pump owners complained that only 8,000 litres of petrol are [...]
Continue reading...Standard Chartered to expand consumer, Islamic banking in Pakistan
12. June 2011
To grow its business in Pakistan, Standard Chartered plans to focus on expanding its consumer banking line as well as its Islamic banking portfolio, according to the bank’s Pakistan head, Mohsin Nathani. We have a fairly bullish view to Islamic banking in Pakistan, said Nathani in an interview. Islamic banking is one of the fastest [...]
Continue reading...US Aid to Pakistan – Corruption becoming a hurdle in implementation
12. June 2011
In its new report on US aid to Pakistan, the Congressional Research Service (CRS), the public policy wing of Congress, has cited corruption, lack of transparency, certification by the US government on Pakistan’s requirements to act against terrorist groups and a lack of economic reforms as some of the biggest hurdles in the implementation of [...]
Continue reading...Rental power projects: Audit report reveals massive discrepancies
6. June 2011
ISLAMABAD: Of the 19 rental power projects (RPPs) that the government has committed to, only one has come online as scheduled, adding only 62 megawatts of electricity to the national grid compared to the planned 2,700MW, according to a report by the Auditor-General of Pakistan. The government’s financial watchdog noted in its annual audit report [...]
Continue reading...Two new power plants add 390MW to national grid
31. May 2011
ISLAMABAD: Two private sector power projects, having cumulative net capacity of 390 megawatts, have been added to the national grid in the last one month. This was told in a meeting of the Private Power and Infrastructure Board (PPIB) held on Monday under the chairmanship of Minister for Water and Power Syed Naveed Qamar, said [...]
Continue reading...ADB to give $400m for infrastructure
31. May 2011
KARACHI: The Asian Development Bank (ADB) will give $400 million for a programme to improve the infrastructure and municipal utility services for about five million people of the province through reforms and investments, said ADB’s urban specialist Kathie Julian on Monday. She said this at a meeting on the Sindh Cities Improvement Programme (SCIP) presided [...]
Continue reading...Increase in income tax on the cards
31. May 2011
KARACHI: The government’s aggressive stance on increasing tax revenues points to a possible rise in taxes on the banking sector, according to BMA Capital. Higher regional taxes on financial institutions have been cited as a reason for the move to rationalise taxes on the domestic banking industry, said BMA Capital analyst Omar Rafiq. Top seven [...]
Continue reading...Chinese company to enhance capacity of power plants
31. May 2011
KARACHI: China Water and Electric Corporation (CWEC) is ready to provide all possible technical assistance in enhancing capacity of power plants, said CWEC President Wang Yu. Leading a five-member delegation, Yu said this in a meeting with Sindh Minister for Power Shazia Marri at the minister’s office on Monday. Power generation based on water, furnace [...]
Continue reading...Petrol and furnace oil shortage feared
31. May 2011
ISLAMABAD: As stocks of petrol and furnace oil decline to alarming levels, the petroleum ministry has asked the Oil and Gas Regulatory Authority (Ogra) to cancel licences of Oil Marketing Companies (OMCs) that fail to stock petroleum products for at least 20 days. OMCs are currently maintaining stocks of petrol for eight days and furnace [...]
Continue reading...Electricity shortfall reaches 2,000MW: PEPCO
31. May 2011
The Pakistan Electric Power Company (PEPCO) claimed that electricity shortfall has reached over 2,000 megawatts. The company’s demand is 16,340 while the production is 14,229. This shortfall has caused up to 16 hours of power cuts in rural areas of Punjab while the duration is six to eight hours in urban areas. A similar situation [...]
Continue reading...Ordinance imposes 15% tax surcharge
31. May 2011
ISLAMABAD: Three days before the federal government is due to lay out its budget for the fiscal year 2011, the government has added a 15% surcharge on income taxes for the outgoing year, payable for the month of June. Under a presidential ordinance approved in the early hours of Tuesday morning, the government announced that [...]
Continue reading...Budget 2012: Govt likely to slash social safety net funding
31. May 2011
ISLAMABAD: The government’s flagship social safety net programme, the Benazir Income Support Programme (BISP), may get only 37 per cent of its required budget for the next financial year, according to financial ministry sources. The BISP management had asked for Rs120 billion to give monthly stipends of Rs1,000 to seven million households, but the government [...]
Continue reading...Interior Ministry budget estimated at Rs. 55.80 billion
31. May 2011
ISLAMABAD: The budget allocation for the Interior Ministry for fiscal year 2011-12 has been estimated at Rs 55.80 billion, including Rs 50.29 billion including non-development expenditure while Rs 5.89 billion as development expenditure. According to a budget document obtained, Rs. 04.68 billion will be spent on the ongoing development schemes and Rs. 01.12 billion will [...]
Continue reading...
© 2011 Voice of Pakistan 
13. June 2011
0 Comments