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IP project, all other agreements to be pursued: FO

Saturday, 25 May 2013
ALI HUSSAIN
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Pakistan's foreign policy will not change with Pakistan Muslim League-Nawaz (PML-N) coming into power and all agreements signed by the former government, including Iran-Pakistan gas pipeline project, will be pursued, Foreign Secretary Jalil Abbas Jilani declared on Friday. Addressing a weekly press briefing along with Pakistan ambassador to China Khalid Masood, Jilani said that Pakistan was facing worst energy shortage and it will pursue all available options, including the Iran gas pipeline project, to meet the energy requirements.

Over 1000cc vehicles: ban on CNG use withdrawn

Saturday, 25 May 2013
ABDUL RASHEED AZAD
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The caretaker government has withdrawn its decision to ban use of Compressed Natural Gas (CNG) in over 1,000cc vehicles. The Ministry of Petroleum and Natural Resources has issued a notification in this connection here on Friday, saying that the caretaker government does not have the mandate to take such decisions.

Massive FDI expected in energy, telecom sector?

Saturday, 25 May 2013
WAQAR LILLAH
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Massive Foreign Direct Investment (FDI) is expected in energy and telecommunication sector of the country after transition of power to the newly elected government of Pakistan Muslim League -Nawaz (PML-N) from the caretakers. An official of the Board of Investment (BOI) on condition of anonymity told Business Recorder that several business delegations belonging to European countries had contacted the BOI and shown interest in investment in power sector, adding that a private firm of Bulgaria is interested to set-up 100 MW power plant in the country.

Rs 3.27 billion needed daily to overcome power shortfall: Ministry

Saturday, 25 May 2013
RECORDER REPORT
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The Secretary of Water and Power Ministry has said that approximately an amount of Rs 3.27 billion is required on a daily basis to deal with the electricity deficit. During the session of Senate standing committee on water and electricity, the senators protested against the prolonged hours of loadshedding and hike in power tariff.

US willing to help end energy crisis: Olson

Saturday, 25 May 2013
RECORDER REPORT
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US Ambassador Richard Olson on Friday met Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif at his Raiwind residence and discussed with him various matters of mutual interest. This was the second meeting of the US diplomat with the PML-N head after May 11 elections. Shahbaz Sharif and Ishaq Dar were also present in the meeting. Olson said that the US wanted to strengthen its ties with Pakistan and was willing to help the country overcome energy crisis.

Tax Laws (Amendment) Ordinance: President returns draft

Saturday, 25 May 2013
NAVEED BUTT
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President Asif Ali Zardari on Friday sent back the draft of Tax Laws (Amendment) Ordinance, 2013, to Prime Minister's Secretariat without signing it, Presidential Spokesperson Farhatullah Babar revealed exclusively to Business Recorder. Senior PPP leaders including Senator Raza Rabbani and former information minister Qamar Zaman Kaira had opposed the Ordinance arguing that it was against the 18th Constitutional Amendment.

July-April of fiscal year 2013: foreign investors repatriate $847 million

Saturday, 25 May 2013
RIZWAN BHATTI
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Capitalising on the government's liberal policy, the foreign investors have repatriated some $847 million as earnings on their investments during first 10 months of the current fiscal year (2012-13). Although, overall repatriation of profit and dividend has declined, however the repatriated amount is almost equal to the Foreign Direct Investment (FDI) fetched by the country during this fiscal year.

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Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyApril
Trade Balance $-1.779 bln
Exports $2.130 bln
Imports $3.909 bln
WeeklyMay 20, 2013
Reserves $11.601 bln