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National Electric Power Regulatory Authority (Nepra) has reportedly refused to accept provisional price of Re-gasified Liquefied Natural Gas (RLNG) for Independent Power Producers (IPPs) fearing that any such approval can become a headache for the regulator, well informed sources told Business Recorder. An inter-ministerial meeting duly represented by the Ministries of Water and Power, Ministry of Petroleum and Natural Resources and IPPs had agreed on a provisional price of $12.80 per MMBTU for RLNG-fired power plants because of incomplete house of OGRA - the only authority which is empowered to approve price for gas and petroleum products.

Prime Minister Nawaz Sharif has directed the authorities that Quaid-e-Azam Solar Power Project (QASPP) should be completed by April 2016, to enable the country to meet energy shortage at the earliest. PM Nawaz Sharif expressed views while chairing a meeting held here on Saturday to review progress of the 900MW solar power generation project, which is prioritized under China Pakistan Economic Corridor (CPEC). Representatives of Zonergy, the Chinese company working on QASPP, MD NTDC and officials from Punjab government participated in the meeting.
The National Transmission and Despatch Company (NTDC) has enhanced its transmission capacity by 6,120 minimum vectoring altitude at a cost of Rs 29,045 million by completing its projects during 2013-15. Minister of State for Water and Power Abid Sher Ali, who made the announcement in a press conference held at the Water and Power Development Authority's House on Saturday, said: "The capacity to transmit and despatch power on the NTDC system has increased to 273,00 minimum vectoring altitude now from 21,180 minimum vectoring altitude in 2013-14."
Due to two days hot weather forecast by the Met Department, the Ministry of Water and Power has advised the electricity consumers across the country to adopt electricity conservation measures and specially minimise usage of Air Conditioners to avoid forced load shedding due to increase in demand. The weather has been forecast as severe hot for next 48 hours in most parts of the country due to which the electricity consumption is also expected to rise.
Greece's finance minister accused creditors of trying to "terrorise" Greeks into accepting austerity, warning Europe stood to lose as much as Athens if the country is forced out of the euro after a referendum on Sunday on bailout terms. After a week in which Greece defaulted, shuttered its banks and began rationing cash, Greeks vote on Sunday on whether to accept or reject tough conditions sought by international creditors to extend a lending lifeline that has kept the debt-stricken country afloat.
The National Accountability Bureau (NAB) has authorised an inquiry against Haroon Akhtar Khan, special assistant to Prime Minister and his brother Ghazi Akhtar, Director and Chief Executive Officer of M/s Tandlianwala Sugar Mills (Pvt) Limited on a transaction of $6.9 million. Sources said that NAB received a Suspicious Transaction Report (STR) lodged under the provisions of AML Act, 2010 by the State Bank of Pakistan (Financial Monitoring Unit) against Haroon Akhtar former MPA and Senator and Ghazi Akhtar.
Thousands of businesses could be hit by a general strike calling for a complete shutdown of shops throughout the Punjab on July 7 as the All Pakistan Anjuman-e-Tajran protests the implementation of a 0.6-percent withholding tax on cash withdrawal by non-filers of income tax returns. Anjuman-e-Tajran President Khalid Pervez and central leader Abdul Razaq, whose call came on Saturday after a meeting, told Business Recorder that the government must drop the decision. "In case the tax is not withdrawn, there will be a complete shutter-down strike in the Punjab on Tuesday, July 7," they warned.

 



 
Index Closing Chg%
Arrow DJIA 17,730.11 0.16
Arrow Nasdaq 5,009.22 0.08
Arrow S&P 2,076.78 0.03
Arrow FTSE 6,585.78 0.67
Arrow DAX 11,058.39 0.37
Arrow CAC-40 4,808.22 0.57
Arrow Nikkei 20,539.79 0.08
Arrow H.Seng 26,064.11 0.83
Arrow Sensex 28,092.79 0.53





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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln