Thar's UCG project: Sindh asks Centre to increase PSDP allocations - Business Recorder (blog)

YASIR BABBAR

KARACAHI: The Sindh government has finally stepped in to save the multi-billion Thar Coal Underground Coal Gasification (UCG) and has asked the federal government to increase allocations for the project.

The project's fate is hanging in balance due to lack of funds.

Informed sources in Sindh Coal and Energy department told this scribe that the department had submitted proposal to the federal government for PSDP 2012-13, wherein the centre had been asked to increase allocation for UCG project at Thar.

They said that UCG project at Thar coalfield was purely funded by the federal government. They further said that the project team had started work on phase I & II in April 2010 and 100 percent funds were released for the phases of the project by December 2011.  The project team had conducted first test burn successfully on December 11, 2011 and syngas was being produced, they added.

Work on the phase three has not yet been started, as the government has not yet released a single penny of the Rs. 900 million allocated for the phase.

In the proposal moved to Federal government, Sindh demanded to increase funds for the project by 2014 million from Rs900 million allocated in FY 2011-12. It further demanded of the federal government to allocate Rs20 million (Rs 10 million each) for the already completed two phases of UCG project as well, they said.

The federal government had already released Rs. 490.48 million for first phase of creation of new processing facilities for handling & purification of Coal Gas produced by Underground Coal gasification and Rs. 494.45 million for the second phase of creation of new processing facilities (for production of Coal gas by underground coal gasification), they said. Sources further said the demand has been made on the proposal of the project team, which has proposed revision of first two phases to accomplish the working on production of syngas on commercial scale, its purification and installation of syngas generators to produce electricity.

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Agri credit disbursement up by 15 percent YoY basis - Business Recorder (blog)

RECORDER REPORT

KARACHI: Agricultural credit disbursement by banks surged by 15.29 percent on year-on-year basis to Rs 223.845 billion in the first ten months (July-April) of the current fiscal year (2011-12).

In absolute terms, disbursement of credit to the agriculture sector increased by over Rs 29.688 billion in July-April, 2012 when compared with total disbursement of Rs 194.157 billion in the same period of the last fiscal year.

Overall credit disbursement by five major commercial banks including Allied Bank Limited, Habib Bank Limited, MCB Bank Limited, National Bank of Pakistan and United Bank Limited stood at Rs 120.415 billion in July-April, 2012 compared with Rs 107.720 billion disbursements in July-April, 2011 depicting an increase of Rs 12.695 billion or 11.79 percent.

Zarai Taraqiati Bank Limited, the largest specialized bank, disbursed a total of Rs 43.906 billion in July-April, 2012, up by 0.51 percent when compared with Rs. 43.681 billion disbursement in the same period of the last fiscal year. Punjab Provincial Co-operative Bank Limited disbursed Rs 6.352 billion in July-April, 2012 up 39.81 percent when compared with Rs 4.543 billion disbursement in the same period of the last fiscal year.

Fourteen domestic private banks also loaned a combined amount of Rs 44.143 billion in July-April, 2012 up by 15.52 percent compared with Rs 38.213 billion disbursement in the same period of the last fiscal year. Five Microfinance banks including Khushhali Bank Ltd., NRSP Microfinance Bank Ltd., The First Microfinance Bank Ltd., Pak Oman Microfinance Bank Ltd. and Tameer Microfinance Bank Ltd. disbursed a total of Rs 9.030 billion in July-April, 2012 period. It may be pointed out that the State Bank of Pakistan for the first time has given an indicative target of Rs 12.20 billion to Microfinance banks for disbursement of credit to agriculture sector during the current fiscal year. The State Bank has set an indicative agricultural credit disbursement target of Rs 285 billion for the current fiscal year.

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RECORDER REPORT: KSE mid day update - Business Recorder (blog)

KARACHI: On Tuesday until mid day, KSE-100 Index remained positive with a rising trend since market opening and was at 14,360.17 with a positive change of 131.40 and volume of 68,486,961 shares. High and Low were 14,370.75 and 14,228.77 respectively. Total volume traded in the market was 83,769,259 shares with 316 total traded companies out of which 195 were up, 109 were down and 12 were unchanged.

Fixed Line Telecommunication sector was in the lead with a total traded volume of 16,731,655 shares and P.T.C.L.A as leading company in that sector (15,723,169 shares) followed by Food Producers sector with a total traded volume of 16,207,082 and Engro Foods as the leading company in that sector (15,865,353 shares).

The three top traded companies were Engro Foods with a volume of 15,865,353 and price per share of 63.30 (-3.00), P.T.C.L.A with a volume of 15,723,169 and price per share of 16.87 (0.51) and D.G. Khan Cement with a volume of 7,091,431 and price per share of 45.07 (0.12).

The top three advancers were Nestle Pakistan with price per share of 4,055.00 (100.32), Unilever Pakistan with price per share of 7,199.00 (62.77) and Bata Pakistan with price share of 670.00 (21.13).

The top three decliners were Unilever Food with price per share of 3,200.00 (-116.85), Indus Dyeing with price per share of 380.00 (-10.17) and Island Textile with price per share of 194.00 (-5.43).

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ISE index falls marginally - Business Recorder

RECORDER REPORT

ISLAMABAD: Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of hot favourite amid decrease in index.

ISE Ten Index was down by 0.03 points as the ISE Ten Index moved from 2,843.00 to 2,842.97 points.

The overall turnover amounted to 65,800 shares as compared to previous turnover of 24,503 shares.

Total 123 companies participated in buying and selling activity. Majority of stocks (73) closed in negative territory, 50 landed in plus column and no company remained pegged to its overnight levels.

The volume of Lotte Pakistan PTA was 35,000 shares. The volume of Bank of Punjab was 20,000 shares. The turnover of Askari Bank Limited was 5,000 shares.

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Top seat: Pakistan Business Council elects new chairman - The Express Tribune

Ali Habib is the chairm­an of Indus Motor Compan­y Limite­d; also overse­es the operat­ions of The House of Habib compan­ies ISLAMABAD: 

The Board of Directors of the Pakistan Business Council (PBC) in its meeting here Monday elected Ali S Habib, a founding director of the council, as its new chairman following the early retirement of Asad Umar.

Ali Habib is the chairman of Indus Motor Company Limited. He heads and actively oversees the operations of The House of Habib (HOH) companies.

The PBC includes Pakistan’s largest corporations and business groups including multinationals and is a non-political, not for profit section 42 company whose objectives include promoting policies that will lead to the improvement of the business environment and acceleration of economic growth in the country. The PBC in 2011 organised the Pakistan Economic Forum (PEF) which proposed solutions to five major issues confronting Pakistan.

Published in The Express Tribune, May 15th, 2012.

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Kalash Spring Festival begins - Business Recorder (blog)

The three-day Kalash Spring Festival started on Monday to mark the rituals practiced by all the people living in all three Kalash valleys of Chitral.

Tourism Corporation of Khyber Pakhtunkhwa (TCKP) is co-ordinating the festival to guide the local and foreign tourists for travelling and staying at Kalash valley, said an official of TCKP while talking to APP here.

Celebrating the Spring Festival, the Kalash people pray to nature and to their ancestors though songs and dances for an abundance of honey and maize in their valleys after Joshi, the Kalash name for the Spring Festival.

Visitors are welcomed to the festival every year who also join in the dances with respect as the Kalash people celebrate this festival as part of religious affairs.

The Kalash is an ancient pagan tribe living in three valleys of Chitral namely Bumboret, Birir and Rumour.

The Kalash religion is based on myths and superstitions that relate to the relationship between the human, soul and the universe.

This relationship, according to Kalash mythology, needs its manifestation in music and dance, which also contribute to the pleasure of gods and goddesses.

The Kalash celebrate four major festivals commemorating seasonal change and significant events in agro-pastoral life by offering sacrifices on altars, cooking traditional meals and dancing to traditional music during the week-long events.

Joshi or Chillmjusht Festival seeks the blessings of gods and goddesses for the safety of the herds and crops of the Kalash community.

Every religious ceremony is accompanied by dancing and rhythmical chant to a beat of the drum. Copyright APP (Associated Press of Pakistan), 2012

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Business Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here. Nor shall Business Recorder be held liable for any actions taken in consequence. ">Copyright Associated Press of Pakistan, 2012

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Khar feels NATO supply routes should be reopened - Business Standard

Khar feels NATO supply routes should be reopened Press Trust of India / Islamabad May 14, 2012, 13:45

Nearly six months after Pakistan shut NATO supply lines to Afghanistan, Foreign Minister Hina Rabbani Khar has said she personally believes that the routes should be reopened.

Khar made the remarks while speaking to reporters, who accompanied Prime Minister Yousuf Raza Gilani on an official visit to Britain, 'The Express Tribune' said today.

She said it is in Pakistan's interest to facilitate the international operation in Afghanistan and that there are many friendly countries whose supplies have been blocked.

NATO and ISAF supplies should not be seen in the context of Pakistan's relations with the US, Khar said.

NATO and ISAF are umbrella organisations for over 40 countries, including Pakistan's close friends like Turkey and Britain, she said.

Pakistan shut the supply routes to Afghanistan after a cross-border NATO air strike on November 26 last year killed 24 Pakistani soldiers.

A joint session of Parliament recently adopted a resolution that demanded an unconditional apology from the US for the attack.

Islamabad's insistence on an apology has held up efforts to put Pakistan-US ties back on an even keel after a year of crises, including the NATO attack and the unilateral American raid that killed Osama bin Laden.

Pakistan's participation in a crucial NATO Summit to be held in Chicago from May 20 too has been linked to the resetting of ties with the US.

Speaking at the end of Gilani's five-day visit to Britain, Khar, however, said Pakistan's decision to close the supply routes was the correct one.

In this regard, she recalled the NATO air strike and the American "incursion" to kill bin Laden.

Khar described the operation against the al-Qaeda chief as an effort by the US to take sole credit for finding bin Laden. (More)

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Blast heard during search operation in Lyari - Business Recorder

KARACHI: A huge explosion has been heard on Cheel Chowk in Lyari, the media reported on Saturday.

In what can be called a war zone, at least two people were killed and more than 15 suspects detained during a joint operation conducted by the Police and Rangers on the second consecutive day.

The killings have brought the death toll so far to at least 7 in the last two days of violence in the area.

Police vehicles were being attacked with rockets.

Women and children came out of their homes but were sent back in by law enforcement agencies.

Talking to the media, SSP CID Aslam Chaudhry said that forces will rid the area of criminal elements and bring the law and order situation under control tomorrow or the day after if not today.

Copyright Business Recorder, 2012

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Malik links improved policing to rise in FDI - Business Recorder

RECORDER REPORT

ISLAMAABD:  Interior Minister Rehman Malik on Friday said that police was playing vital role in maintaining law and order in the country, therefore it should be provided modern training to counter criminals using latest weapons and technology.

"Modern technology has created a lot of challenges for police as its increasing use is promoting crime. Hence the skill of police force should be improved according to new trends to tackle criminals," he said while addressing the passing out parade of the 37th Specialized Training Programme (STP) of the Assistant Superintendent of Police batch held here at the National Police Academy (NPA). The STP comprises 35 officers including a lady officer.

He said that he had directed secretary Ministry of Interior to establish an Information Technology (IT) department in police academy aimed at providing training to new officers for curbing cyber crimes.

The Minister said that successful policing was not possible without the participation of general public. "Police is playing very important role in the economic development of the country," he said. Malik said that if police ensure strict law and order foreign investors would come and invest here.

He said that public would lose confidence when police fails to ensure security of public property. Malik said that pay package of the employees of the academy would be made equal to pay package offered to police training school of capital police after July this year and announced 25 percent extra allowance for the employee of the academy.

Shoaib Ahamd, commandant National Police Academy, speaking on the occasion said that no society could progress when its citizens were not free of fear and not confident of the security of their lives and property. "To achieve a vibrant society and indeed a state, it is necessary to have professionally well trained police force which has the necessary vision to meet the challenges of modern day policing," he said.

He said that the graduating officers would do their job honestly and would  succeed in earning the respect of the public and government. Despite the sever constraints of human resource, the academy in the present premises has with the support of foreign government been able to train more than 5600 officers belonging to various law enforcement agencies, he said. Shoaib said that they had earlier drawn the attention of the government to the severe resource constraints faced by the academy due to which the academy has not been able to attract and retain quality police officers. The academy has also requested for enhancement of pay package of employees of the academy to overcome the problem. The police academy has lower pay package than the pay package offered to employees of police training school Islamabad, he said.

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7-member bench of SC convicts Prime Minister Gilani till rising of court - Business Recorder (blog)

ISLAMABAD: A seven member bench of the Supreme Court, headed by Justice Nasir ul Mulk, convicted Prime Minister Syed Yousuf Raza Gilani till rising of court in a contempt case, initiated against him for not implementing NRO judgement.

The bench comprising Justice Nasir ul Mulk, Justice Asif Saeed Khosa, Justice Sarmad Jalal Osmany, Justice Ejaz Afzal Khan, Justice Ijaz Ahmed Chaudhry, Justice Gulzar Ahmed and Justice Muhammad Athar Saeed announced the verdict as reserved on April 24.

The Prime Minister remained standing for 30 seconds after the announceemnt of judgement.

Prime Minister Syed Yousuf Raza Gilani and a large number of cabinet members including Qamar Zaman Kaira, Ghulam Ahmed Bilour, Makhdoom Amin Fahim, Rehman Malik, Babar Ghauri, Raja Pervez Ashraf, Sardar Israrullah Zehri, Makhdoom Shahabuddin and Dr. Firdous Aashiq Awan besides others including Chief Minister Sindh Syed Qaim Ali Shah and Governor Punjab Sardar Latif Khan Khosa were also present in the court room at the time of announcement of the judgment.

Ch. Shujaat Hussain accompnied the Prime Minister in the court room.

The judgement was reserved by the bench headed by Justice Nasirul Mulk on April 24 after conclusion of arguments by Attorney General for Pakistan Irfan Qadir and barrister Aitzaz Ahsan, counsel for the Prime Minister.

Copyright APP (Associated Press of Pakistan), 2012

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