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Author: Faisal Shahnawaz

  • K-Electric, NIP sign MoU for enhancing supply for BQIP

    K-Electric, NIP sign MoU for enhancing supply for BQIP

    KARACHI: K-Electric and National Industrial Park (NIP) on Wednesday signed an MoU to ensure meeting electricity demands at Bin Qasim Industrial Park (BQIP).

    Under the MoU, KE will immediately start work on laying four 11KV feeder lines of 4-4.5 MW for the industrial units under construction and will ensure supply of needed electricity before they go into full production.

    A statement said that the current government is focusing on creating enabling environment for the businesses to grow and contribute in the economic development in the country.

    Special drive has been started by the Prime Minister’s Advisor on Commerce, Textile, Industries & Production and Investment Abdul Razak Dawood to address the chronic issues in the Industrial Zones of the country so that the business could grow and flourish in these zones.

    Bin Qasim Industrial Park (BQIP) is a 950 Acre Special Economic Zone situated on the Pakistan Steel land.

    It is a project of National industrial Parks Development and Management Company, a wholly-owned entity of Ministry of Industries & Production, Government of Pakistan. Currently, BQIP has only one 11KV feeder line of 4MW load capacity coming from K-Electric Pinri Grid station, which is currently unable to cater the needs of growing number of industrial units.

    Lately, four of the zone enterprises which are expected to come into full production capacity in the next 2-3 months showed their serious concerns on the inability of the Special Economic Zone to fulfill their immediate electricity needs of approximately 17MW.

    At the direction of the Advisor, Mr. Dawood KE authorities were engaged to find an immediate solution. NIP and KE have jointly come up with a short and long-term solutions to meet the electricity needs of the BQIP (SEZ) enterprises.

    Investors of the zone enterprises were also present at the signing ceremony and expressed their profound gratitude to Razak Dawood for his timely intervention and support to make it happen as it’s in larger interest of the country.

    They viewed that such measures are expected to attract more investment in the industrial Zones of the country.

  • Equity market gains on better corporate results

    Equity market gains on better corporate results

    KARACHI – The equity market in Pakistan witnessed positive momentum on Wednesday, driven by encouraging financial results declared by the corporate sector.

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  • Export sector complains non-compliance by power utilities

    Export sector complains non-compliance by power utilities

    KARACHI – The zero-rated textile export sector in Pakistan has raised concerns over the non-compliance of power utility companies in providing subsidized rates, according to a letter addressed to Abdul Razak Dawood, the Adviser to the Prime Minister on Commerce and Textile Industry.

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  • Dollar retreats against rupee

    Dollar retreats against rupee

    In a notable development on Wednesday, the US dollar experienced a decline against the Pakistani Rupee, driven by increased export receipts and foreign inflows, according to market dealers.

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  • Mari Petroleum board approves acquisition of two new exploration blocks

    Mari Petroleum board approves acquisition of two new exploration blocks

    The Board of Directors (BoD) of Mari Petroleum Company Limited (MPCL) has given its approval for the acquisition of two new exploration blocks, as announced in a statement issued by the company on Wednesday.

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  • United Bank registers 39 percent decline in annual profit

    United Bank registers 39 percent decline in annual profit

    United Bank Limited (UBL) has revealed a substantial decline of 39.53 percent in its annual profit for the year ended December 31, 2018, attributing the decrease to significant provisioning, write-offs, and pension liabilities.

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  • Engro Corp announces 35 percent surge in annual profit

    Engro Corp announces 35 percent surge in annual profit

    KARACHI: Engro Corporation Limited (ENGRO) has announced 35 percent surge in profit after tax to Rs12.71 billion for calendar year 2018 as compared with Rs9.41 billion in the preceding year.

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  • US dollar inches up in early trading

    US dollar inches up in early trading

    The US dollar saw a slight increase against the Pakistani Rupee in early trading on Wednesday, driven by persistent demand for import and corporate payments.

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  • PM directs harsh action against tax evaders, corrupt tax officials

    PM directs harsh action against tax evaders, corrupt tax officials

    ISLAMABAD: Prime Minister Imran Khan, on Tuesday, directed tax authorities to take strict measures against tax evaders and corrupt officials within the tax departments. The prime minister issued these directives during a meeting focused on the government’s revenue generation efforts.

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  • Steps afoot to rationalize tax regime: Asad Umar

    Steps afoot to rationalize tax regime: Asad Umar

    Finance Minister Asad Umar reiterated the government’s commitment to fostering a more supportive environment for taxpayers on Tuesday, announcing steps toward the rationalization of the tax regime.

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