Archive for the ‘Business’ Category

Pepco directs discos to lower industrial load by 15 percent

The Pakistan Electric Power Company (Pepco) has now directed the power distribution companies (discos) to lower industrial load by 15 percent after introducing five hours a day load shedding to the textile industry a day earlier, industries sources said. This decision by Pepco has gathered endless worries for different industrial sectors, particularly the textile industry.

According to sources, the textile industry has objected to the move strongly and pointed out that it was already deprived of the exemption, and the present move would be equivalent to its closure. Sources said that Pepco officials have assured of not applying the load lowering down formula to the textile sector. (more…)

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Saturday (May 16, 2009).

==================================

In rupees per 10 gram

==================================

KARACHI

———————————-

Gold Tezabi 23742.00

Silver Tezabi 325.71

———————————-

MULTAN

———————————-

Gold Tezabi-24 CT 23320.00

Gold 22 CT 21320.00

Silver Tezabi 385.00

Silver Thobi 382.00

==================================

NOTE(Bullion rates from Lahore and Hyderabad were not received).

Raja hints at increase in power tariff from July

Federal Minister for Water and Power, Raja Pervaiz Ashraf on Saturday hinted at increasing electricity tariff from new fiscal year but the poor segment of the society, he said, would be protected. Addressing a press conference here.

The minister said that at present the government is subsidising 82-paisa per unit of electricity and it is going to be difficult for the government to maintain this subsidy keeping in view the unprecedented surge in oil prices in the international market. (more…)

Govt to hire 1200MW of electricity

Pakistan will hire 1200 megawatt of electricity from the local and foreign organizations, as Pepco would soon be floating tender, which is being formulated.

Senior reporter, Hanif Khalid here said that the local and foreign organizations would supply electricity on rental basis by installing thermal power stations on trucks/ trailers. Pakistan’s electricity consumption is rising by 1200MW annually and the shortage of electricity during peak hours hits at 3000/4000MW. Hydel power production in the country has also gone down by 20 percent, while thermal power production remained at 5800MW. National grid will begin receiving 315MW of electricity by December 2008

Gold closes higher at Rs 19,571

Gold price has fallen by Rs 278 to close at Rs 19,157 per 10 grams in the local market on Saturday as its international price also dropped to $ 931 an ounce, market sources said.

A leading bullion dealer said that gold was closed at Rs 19,435 on Friday.

Silver also closed higher at Rs 368.57 per 10 grams.

Inflation up by 17.03 percent

The SPI inflation surged by 17.03 percent in week ending March 20 over the same period of last year, according to Federal Bureau of Statistic on Saturday. The Statistic Division noted substantial increase in the prices of essential commodities during the last few weeks.

The twice adjustment in the oil prices during the last few weeks had cumulative effect on inflation. The oil prices have been on the rise in the global market for quite some time, but the government had been enduring the difference through subsidies rather than passing on the increase to the consumers.

The increase in pressure on fiscal and current account has forced the economic managers now to pass on the difference at once to the consumers which otherwise would have been gradual. The State Bank of Pakistan has been pursuing tight monetary policy to control the inflationary pressure that it anticipates to persist and magnify in the months ahead.

The inflation led by demand-supply problems, excessive borrowing by the government and delayed but compulsory adjustment in oil prices poses serious threat to the economy. Weekly data on SPI inflation released by the FBS showed that dearness was 19.03 percent for Rs 3000 income group, 18.40 percent for Rs 3001 to Rs 5000 income group, 17.61 percent for Rs 5001 to Rs 12000 and 15.76 percent for families having above Rs 12,000 monthly income .

During the week price of per kilogram tomatoes went up from Rs 36.67 to Rs 40.24, chicken from Rs 90.67 to Rs 95.54, cooking oil tin 2.5 kg from Rs 366.53 to Rs 374.76, vegetables Rs 357.47 to Rs 363. 94, and red chillies from Rs 146.20, to Rs 153.40.

The prices of 27 essential commodities increased during the week while only 11 items declined from the list of 53 essential commodities being used to measure weekly inflation. The list showed that prices of 15 items remained stable during the week but were dearer as compared to the corresponding period of last year.

The SPI bulletin, based on data of 53 items collected from 17 urban centers, showed no let-up for the poor who have to spend more money to buy the same goods every week.

Gold touches new peak at Rs 19,542 per 10 grams

Gold on Saturday surged to new record high of Rs 19542 per 10 grams at market closing, while per tola it reached Rs 22800, said traders. The yellow metal was now being traded at Rs 19542 per 10 grams at the time of market closing which was previously available at Rs 19414 per 10 grams during the last trading session on Friday. Similarly, per tola it also hit the new peak of Rs 22800 surging from Rs 22650. (more…)

Rice exports increased

The export of Basmati rice was increased by 23.95 % during the period under review however the export of other rice commodities was declined by 19.50 %, according to Federal Bureau of Statistics.

The food export from Pakistan has shown upward trend during the first seven months of the current financial year as it increased by 4.78 % when compared to the figures of the corresponding period of the last financial year. (more…)

$2.4bn allocated to introduce modern transport system in Lahore

A sum of $ 2.4 billion would be spent for introducing new transport, light rail system in Lahore in collaboration with private sector in order to ensure latest facilities for people, Member Infrastructure Planning Commission of Pakistan Dr Asad Shah said Sunday.

Talking to Private TV channel, he said,$ 1.4 billion would be raised by private sector while $ 1 billion would be generated by public sector.

In addition, he said, the World Bank is providing a loan of $ 250 million for improving infrastructure of five big cities including Lahore, Faisalabad and Gujranwala. (more…)

PTCL invests $50 million in submarine cable project

Pakistan Telecommunications Company Limited (PTCL), has made an investment of US$ 50 million in a submarine cable, as a part of a consortium that will put in place a high-capacity fibre-optic submarine cable, stretching from India to Italy and France via the Middle East, says a press release.

The consortium of nine leading telecom operators signed the Construction and Maintenance Agreement (C&MA) and the Supply Contract of the fibre-optic cable named I-ME-WE (India, Middle East, Western Europe), which will be the fifth in a series of similar systems. (more…)