Cement
production capacity projected to rise by 26m tons:
Encouraged by
consistent domestic demand and government’s focus on a host of infrastructure
projects, the cement industry has planned to increase its capacity by 26.25
million tons over the next two to three years to support a smooth growth of the
national economy.Reviewing the six-month performance of the industry, All
Pakistan Cement Manufacturers Association Chairman Sayeed Tariq Saigol said
sales of the industry rose 8.6% and reached 19.81 million tons in the first
half (July-December) of current fiscal year 2016-17. “The growth trend
indicates that in the next two years the current production capacity of 46
million tons will be insufficient to meet domestic demand. The industry is
making massive investments to add new capacities,”
Govt
plans 10-paisa per unit surcharge to cover Neelum-Jhelum cost overruns:
The government is
expected to impose 10-paisa per unit surcharge for all electricity consumers
for at least 18 months to finance cost overruns of Rs 500 billion Neelum-Jhelum
Hydropower Project and extend Rs3 per unit reduction in power tariff for
industrial consumers for six months. The official said the 10-paisa per unit
surcharge was originally imposed in 2007 when the Neelum-Jhelum project cost
was approved at Rs130bn with a sunset clause of Dec 31, 2015. It was envisaged
that half of the financing would be generated through this surcharge on every
unit of electricity sold to consumers in eight years.
Tarbela-4
extension: Company suspends contract, may go to international court:
The contractor of Tarbela-4
extension project has issued a contract suspension notice to the Pakistan Water
and Power Development Authority (Wapda) and has threatened to approach the
international court following the government’s move to recover the incentive
money paid under a work acceleration plan.The contractor said it would reclaim
in the international court the disputed amount of $130 million, which had been
settled earlier with the government.The government had committed to paying $50
million as an incentive to the contractor if it succeeded in completing the
Tarbela hydroelectric power fourth extension project by June 2017.
PSO’s
receivables mount to Rs219.4b:
Pakistan State Oil
(PSO) has asked the government to release Rs30 billion immediately, to meet its
payment obligation and avoid any untoward situation, as the company receivable
to the power companies reaches to Rs219.4 billion.Besides, there is overdue
receivable of Rs5 billion to the gas utility company Sui Northern Gas Pipeline
Limited (SNGPL) by the PSO for the supply of Liquefied Natural Gas (LNG),
official sources told The Nation here. Despite default of the power sector
against payment commitment, PSO is continuously supplying furnace oil to the
power sector and the overdue reciveable has reached to Rs219.4 billion, the
source said. In a letter to the Ministry of petroleum and Natural Resources,
PSO said, “During next few days PSO has to make international L/C payments
worth Rs18 billion while Rs10 billion will become due towards local refineries.
However, due to the huge outstanding receivables, PSO is under severe liquidity
crunch and has utilised its borrowing line to the maximum.”
Traders
express reservations over CPEC:
The business
community has urged the government to announce a ‘domestic business plan’ along
the route of the China Pakistan Economic Corridor (CPEC) in consultation with
the concerned industrial associations to take care of local industry so that
domestic investor can reap maximum benefit of this mega project.Pakistan
Readymade Garments Manufacturers & Exporters Association (PRGMEA) Central
Chairman Ijaz Khokhar suggested to set up a CPEC Business Committee or a CPEC
Business Wing to update the local industry about the nature of China’s planned
industrial units in the country, warning of its adverse effect on local
industry and apprehending that such a scenario might turn Pakistan into a
purely consumer market. He said that domestic industries are already at risk of
being wiped out due to dumping of cheap Chinese products. “We appreciate the government
efforts for CPEC which has opened opportunities for industrial cooperation
between the two friendly countries. However, it is our opinion that CPEC
committee or CPEC Business Wing should be established to safeguard the existing
local industry as well as international investors.”
Foreign
reserves decline by $30m:
The total liquid
foreign reserves held by the country stood at $23,163.6 million on December 30,
2016. According to weekly break-up of the foreign reserves position released on
Thursday showed that foreign reserves held by the State Bank of Pakistan (SBP)
stood at $18,268.9m, net foreign reserves held by commercial banks are
$4,894.7m thus total liquid foreign reserves reached at $23,163.6m. During the
week ending December 30, 2016 SBP’s reserves decreased by $30m to $18,269m due
to external debt servicing.
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