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Caretaker setup resolves major long-standing issues to ensure economic stability: PM

By
Najam ul Hassan
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ISLAMABAD, Feb 16 (APP):Caretaker Prime Minister Anwaar-ul-Haq Kakar on Friday said that the caretaker government had resolved major long-standing problems in a short span of time to move the country towards economic stability.

He said the caretaker setup also provided all possible facilities on priority to the international investors and business community to attract maximum foreign direct investment in the country.

He emphasized that the caretaker government was committed to continue its efforts to resolve the problems facing the country’s economy till its last day of working.

Chairing a meeting to review various issues of Karachi Electric (K.E), the prime minister said that the government was trying to solve all the remaining problems as soon as possible to remove all obstacles in the way of uninterrupted supply of electricity to the residents of Karachi.

The prime minister directed to find out solutions on priority basis to the issues faced by the Karachi Electric.

The delegation of K.E thanked the prime minister and his team for resolving the long awaited issues of Karachi Electric.

The prime minister also hailed the signing of the interconnection agreement between National Transmission and Distribution Company (NTDC) and Karachi Electric (K.E) held the other day.

The CEO of Karachi Electric paid tribute to the caretaker PM and the government officials for solving the problems faced by the company on priority basis.

The prime minister directed that NEPRA and Karachi Electric should jointly find a solution to these problems on a priority basis and submit a report in this regard as soon as possible.

Caretaker minister for energy Muhammad Ali, Chief Executive Officer of K.E and concerned high officials participated in the meeting.

MWAP holds seminar at SCCI

By
Ali Ali
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SIALKOT, Feb 16 (APP):The Medical Women’s Association Pakistan (MWAP) organised a seminar “Empowering Mothers for Future Generations” at the Sialkot Chamber of Commerce and Industry (SCCI) here on Friday.
The seminar was attended by Vice President SCCI Amer Majeed Sheikh, Principal Khawaja Muhammad
Safdar Medical College Sialkot Haroon Hameed, President Women Medical Association of Pakistan
Dr Wajiha Rizwan, Senior Vice President Women Chamber of Commerce and Industry Sialkot
(WCCIS) Gulzeb Waqas Awan and a large number of students, including social workers,
 participated.
On this occasion, Amer Majeed Sheikh said that the purpose of the seminar was to empower
mothers to make the future of the new generation bright, successful and independent
in the society.He added that the role of mother in the formation of a healthy society is a fact
which no society can deny.
Speaking during the seminar, MWAP President Dr Wajiha Rizwan said that this platform supported
every initiative of women empowerment and:” We are here for every woman who has
desire and courage to lead”. “Let’s all encourage each other together”, she added.

Governor inaugurates Keamari- Boat Basin road

By
AHMD Raja
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KARACHI, Feb 16 (APP):Sindh Governor Muhammad Kamran Tessori on Friday inaugurated the Keamari-Boat Basin road constructed by the Karachi Port Trust (KPT).
The chairman of KPT and other senior officers were also present in the ceremony held here at Karachi Port Trust.
Speaking on the occasion, the Governor said the road project will prove to be a milestone for the commercial activities of the business of the port.
The governor said the road project was proof of the permanent efforts of the KPT chairman.
He said this road will make it easy to do port businesses and also resolve traffic jam issues of the port consumers.
Tessori said this project is the basic need of the people of Karachi as KPT is one of the major institutions of Pakistan which boosts the country’s economy.
The chairman of KPT said the Sindh Governor was working for the uplift of the people of the province.

Multanites ready to host PSL event, says DC

By
AHMD Raja
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MULTAN, Feb 16 (APP):Deputy Commissioner, Rizwan Qadeer, said on Friday that red alert security would be ensured during Pakistan Super League (PSL) matches at Multan cricket stadium to provide peaceful environment to cricket fans.
Deputy Commissioner expressed these views during detailed visit to the cricket stadium and routes.The first match of PSL season 9 will be played at Multan stadium on February 18. He also inspected the parking yard, lights and entrances of the stadium.
Additional Deputy Commissioner General Muhammad Saif and PCB officials gave detailed briefing on the arrangements.
Mr Rizwan Qadeer said that the residents of the City of Saints were ready to host the PSL.
He informed that double scanning will be done with modern devices to discourage fake tickets.
 A special free shuttle service would be plied from Fatima Jinnah Town parking to the stadium.

Engro fertilizers achieve record urea production

By
AHMD Raja
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ISLAMABAD, Feb 16 (APP):Engro Fertilizers, Pakistan’s premier seed-to-harvest solutions provider, achieved a record urea production of 2.3 million tons in 2023 to support the government’s efforts to ensure affordable and abundant supplies for the farmers.
The Company was able to achieve this feat and continued to play a pivotal role towards enabling the food security of Pakistan, amidst the headwinds of tough macroeconomic conditions, imposition of a higher super tax, and gas price hikes said a news release issued here on Friday.
Engro Fertilizers was additionally affected by the steep rupee devaluation as its 950,000 tons base plant supplies gas under Petroleum Policy 2012 pricing, which is dollar-pegged due to its linkage with crude oil rate.
According to the latest annual results, Engro Fertilizers urea production surged by 18.3 percent compared to the year 2022 (1.95 million tons) due to improved operational performance of both EnVen and Base Plants.
Consequently, the Company’s urea sales witnessed an uptick by 20.3 percent to reach 2.32 million tons, while its market share also increased to 35 percent.
“The local fertilizer industry has ensured that farmers continue to benefit from lower domestic urea prices. The Maximum Retail Price (MRP) of urea stood at Rs. 3,596/bag at year-end, at a discount of 40 percent to international prices.
This delta constitutes a contribution of approximately Rs. 330 billion per annum towards farmer income in Pakistan,” said a Company statement. The industry is also engaging dealers to support the Government’s initiatives to curb urea hoarding for market price manipulation, bolstering crop productivity, and farmer profitability.
In 2023, the robust domestic urea manufacturing industry enabled import substitution to the tune of USD 2.3 billion, including Engro Fertilizers’ share of USD 835 million.
Further, in 2023, the Company contributed nearly Rs. 34.7 billion towards the national exchequer by way of Government taxes, duties, and levies, compared to PKR 11.6 billion last year.
On a consolidated basis, Engro Fertilizers posted a profit after tax of Rs. 26.2 billion with earnings per share (EPS) of Rs. 19.61 in 2023, mainly on the back of increased production from long-term reliability projects, cost optimization, efficient working capital management and higher interest income.
To sustain domestic urea production levels and safeguard the food security of Pakistan, Engro Fertilizers and other major fertilizer manufacturers are investing heavily in the Gas Pressure Enhancement Facilities (PEF) project.
The expected share of Engro Fertilizers’ capital expenditure in this project is over USD 100 million.

Allied hospital’s surgical emergency opened after revamp

By
AHMD Raja
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FAISALABAD, Feb 16 (APP):The Allied Hospital’s surgical emergency after revamping has been made functional for patient’s treatment.
The emergency block has been designed according to modern medical requirements and the patients will feel more comfortable from the environment of the emergency ward, said Sara Qamar, XEN Building Department here on Friday.
She said that remodeling of the OPD and Dental Section was also near to completion.
Medical Superintendent Dr Faheem Yousuf said that several measures were in the pipeline for provision of best treatment facilities to patients at the hospital.

Large industry grows 3.43 percent in December

By
Muhammad Ashraf Wani
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ISLAMABAD, Feb 16 (APP):The production of Large Scale Manufacturing Industries (LSMI) increased by 3.43 percent on Year-on-Year (YoY) basis during the month of December 2023 compared to the output of the same month of last year, Pakistan Bureau of Statistics (PBS) reported.

On Month-on-Month (MoM) basis, the large industry grew by 15.69 percent in December 2023 compared to November 2023, PBS reported.

However, the industry witnessed negative growth of 0.39 percent during the first half of the current fiscal year as compared to the corresponding period of last year.

The provisional quantum indices of Large Scale Manufacturing Industries (LSMI) for October 2023 with the base year 2015-16 have been developed based on the latest data supplied by the source agencies.

The main contributors towards overall growth of -0.39% during July-December 2023-24 included, food (0.76), tobacco (-0.73), textile (-2.05) garments (2.26), paper & board (-0.12), petroleum products (0.55), chemicals (0.30), pharmaceuticals (1.43), cement (0.12), iron and steel products (-0.07), electrical equipment (-0.38) ,automobiles (-1.70) and furniture (-1.05).

Large industry grows 3.43 percent in December

The production in July-December 2023-24 as compared to July-December 2022-23 has increased in food, beverages, wearing apparel, coke and petroleum products, chemicals, fertilizers, pharmaceuticals, non metallic mineral products, machinery and equipment and other manufacturing (football) while it decreased in tobacco, textile, iron and steel products, electrical equipment, automobiles, other transport equipment and furniture.

 

Gold rates up by Rs.1,300 to Rs.212,400 per tola

By
NNPS Desk
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ISLAMABAD, Feb 16 (APP): The per tola price of 24 karat gold increased by Rs.1,300 and was sold at Rs.212,400 in the local market on Friday against its sale at Rs.211,100 on last trading day.

The price of 10 grams of 24 karat also increased by Rs.1,115 to Rs.182,099 from Rs 180,984 whereas that of 10 gram 22 karat gold went up to Rs.166,924 from Rs. 165,902, the All Sindh Sarafa Jewellers Association reported.

The price of per tola and ten gram silver remained unchanged at Rs2,580 and Rs.2,211.93 respectively.

The price of gold in the international market increased by $12 to $2,025 against its sale at $2,013 the previous day, the Association reported.

KP Govt decides establishment of EZs in tribal districts

By
AHMD Raja
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PESHAWAR, Feb 16 (APP):Caretaker KP Minister for Industries, Commerce, Technical Education and Newly Merged Districts Affairs, Dr Syed Amer Abdullah has directed the establishment of economic zones at tribal districts Kurram and South Waziristan and initiated work on all necessary processes in this regard.
He issued these directives while presiding over a meeting regarding the establishment of economic zones in the newly merged districts of the erstwhile Federally Administered Tribal Area (FATA) here at Civil Secretary, said an official press release issued here on Friday.
Besides, Special Secretary Industries and Commerce, Mohammad Anwar Khan, Chief Executive Officer (CEO), Khyber Pakhtunkhwa Economic Zones Development and Management Company (KP-EZDMC), Javed Iqbal Khattak and Manager Business Facilitation Centre (Board of Investment & Trade), Iqbal Sarwar, representatives of HA Consultant and other concerned authorities attended the meeting.
The meeting reviewed different aspects of the selected suitable sites for the establishment of economic zones.
The participants of the meeting were given a meticulous briefing on the feasibilities prepared by the consultants for the establishment of new economic zones in the newly merged districts and shared sketches, possibilities and utilities of the establishment of new zones.
Keeping in view various priorities, the meeting agreed on the establishment of two zones in two districts and decided that new zones should be established in such areas where there is no industrial estate of the Small Industries Development Board (SIDB) or no economic zone of the economic zones development company to provide maximum benefits to the local population of the area.

Kerb currency market

By
AHMD Raja
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0
KARACHI, Feb 16 (APP):Following were the Opening Rates of foreign currencies in kerb market issued by the Exchange Companies Association
of Pakistan, here on Friday.
F.C.                                               BUYING        SELLING
INTER BANK                                  279.25         279.30
USD                                                279.25         282.05
EURO                                            299.50         302.50
GBP                                                350.20          353.70
JPY                                                 1.84          1.92
AED                                                76.05          76.80
SAR                                                  74.25             75.00
CAD                                              205.50         208.00
AUD                                          180.00        182.50
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