340MW Nuclear Power Plant 'C-3' to be
inaugurated Dec 28:
A 340MW extension unit of the Chashma
Nuclear Power Plant (CHASNUPP), titled C-3, is all set to be connected to the
national grid on Wednesday, reported Radio Pakistan. The plant has been
completed with support from China, the report added. Prime Minister Nawaz
Sharif is expected to inaugurate the plant. The project was executed by the
Pakistan Atomic Energy Commission under the guidelines of the International
Atomic Energy Agency. Another unit of the same capacity, titled C-4, is
expected to be connected to the national grid in the future. CHASNUPP Unit-1
and CHASNUPP Unit-2 are already functional.
Sindh makes case for collecting
royalty on crude oil, gas:
The Sindh government has asked the
federal government to stop collection of royalty on crude oil and allow
provinces to collect the same under their own laws as a ‘constitutional
residual subject’, it emerged on Tuesday. Officials said the provincial
government raised the issue at a recent meeting of the Council of Common
Interests (CCI) in which Sindh Chief Minister Murad Ali Shah said the ‘ownership
right’ of the provinces over mineral oil and natural gas had never been an
issue.
Nepra Okays Rs3.6/unit cut in tariff
for Nov:
The National Electric Power Regulatory
Authority (NEPRA) on Tuesday approved Rs3.6 per unit reduction in power tariff for
ex-Wapda distribution companies for November under a monthly fuel adjustment
formula. At a public hearing presided over by NEPRA Chairman Brigadier
(retired) Tariq Saddozai, the authority observed that Discos charged Rs7.3040
per unit in November on account of fuel cost from the electricity consumers,
while the actual fuel cost was significantly lower. The authority decided that
Rs3.6 per unit may be returned to Discos domestic power consumers for November
under the monthly fuel price adjustment. The decision will help domestic
consumers to get a relief of Rs24b.
Govt anticipates $4b investment in
three industrial zones:
The government is expecting $4 billion
as fresh investment in three industrial zones that will be set up in Punjab and
Khyber-Pakhtunkhwa (K-P) along the China-Pakistan Economic Corridor (CPEC)
routes, said a senior official of Faisalabad Industrial Estate Development and
Management Company. In the first phase, the Faisalabad Industrial Estate,
Sheikhupura Industrial Estate and Haripur Industrial Estate are expected to
fetch over Rs400 billion or nearly $4 billion investment in setting up
factories and purchasing land, said Faisalabad Industrial Estate Development
and Management Company (FIEDMC) Chief Operating Officer Aamir Saleemi while talking
to The Express Tribune.
Over 30% of manufacturing capacity
standing idle:
Textile exporters have reiterated the
demand for early announcement of the incentive package promised by the premier
to control the widening trade deficit as substantial export capacity has been
shut down because of high energy cost and other factors. Commenting on recent
trade figures in a statement on Tuesday, Pakistan Textile Exporters Association
(PTEA) Chairman Ajmal Farooq and Vice Chairman Muhammad Naeem expressed concern
over the growing trade gap and shrinking exports.
Dollar gains, sterling slides after
Christmas:
The dollar inched higher against the
yen and a handful of other major currencies in holiday-thinned trade on
Tuesday, with sterling by far the biggest faller as concerns over next year’s
Brexit negotiations continued to weigh heavily. Going into the final week of
2017, the trend remains towards a stronger US currency, although a 1% retreat
for the greenback before Christmas suggested any attack on 120 yen and parity
with the euro may have to wait until January.
US asked to contribute to CPEC:
Privatization Commission (PC) Chairman
Muhammad Zubair on Tuesday urged US investors to contribute to the
China-Pakistan Economic Corridor (CPEC). Speaking to US Ambassador to Pakistan
David Hale, the PC chairman acknowledged the US companies’ contribution to the
Pakistani economy. He noted that the United States is one of the oldest trading
partners of Pakistan, adding that it remains one of the top sources of foreign
direct investment (FDI).Mr Zubair briefed the US ambassador about the
privatization program, saying that some of the key public-sector entities on
the privatisation list are in the final stage of due diligence.
60-paisa increase in KE tariff:
National Electric Power Regulatory
Authority (Nepra) on Tuesday approved a refund of Rs 3.60 per KWh in tariff of
power Distribution Companies (Discos) and 60-paisa increase in tariff for K-E
consumers for November 2016 under monthly fuel price adjustment mechanism. These
decisions were taken at two public hearings presided over by Chairman Nepra,
Brigadier Tariq Saddozai (Retd). Members from Sindh and Balochistan were also
present in the hearing. The officials of Central Power Purchasing Agency (CPPA)
and KE pleaded their case. Chairman Nepra clarified that Discos overcharged
consumers in November and that money is being refunded to them.
Government/semi-government entities:
SBP relaxes condition of obtaining identity documents:
The State Bank of Pakistan (SBP) has
relaxed the condition of obtaining photocopies of identity documents of
directors in case of government/semi-government entities for banking
relationship. Amending the Anti-Money Laundering and Combating the Financing of
Terrorism (AML/CFT) regulations for banks & DFIs, the SBP in its circular
BPRD Circular No 38 of 2016, said that AML/CFT Regulations requires banks/DFIs
to obtain photocopies of identity documents of all the directors and persons
authorized to open and operate the account while establishing banking
relationship with limited companies/corporations. In this regards, the SBP has
clarified that the condition of obtaining photocopies of identity documents of
directors of limited companies/corporations is relaxed in case of
government/semi-government entities, where banks/DFIs should obtain photocopies
of identity documents of only those directors and persons who are authorized to
open and operate the account.
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