Archive for October, 2011

Govt dumps plan to import gas from Iran

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Energy security steps aimed at personal welfare
Chief Justice asked to save masses from LPG mafia in winter
The Pakistan Economy Watch (PEW) on Sunday said that government has decided to dump plans to import gas from Iran to combat severe energy crunch in country.
The decision will not be announced to avoid hue and cry over it and prevent questions regarding spending billions on the project, it said.
Government has planned to reduce the gap by using Liquefied Petroleum Gas (LPG) which has raised some serious questions, said Dr. Murtaza Mughal, President of the PEW.

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Measures suggested avoiding restrictions on rice exports

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The Pakistan Economy Watch (PEW) on Sunday asked the rice exporters to use proper packing material in order to avoid US restrictions.
Local exporters having market in around 110 countries should use new jute bags for packing to stay clear from any punishment, it said.
Many exporters utilize used gunny bags bought from different flourmills containing pests that is causing concerns in the US, said Dr. Murtaza Mughal, President of the PEW.

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Call to rationalise interest rate spread to revive economy

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Role of commercial, industrial initiatives limited to earn profit for banks
Economy shouldn’t be scarified for bonanza of depository institutions
Women entrepreneurs on Wednesday called upon the authorities to rationalise the interest rate spread to revive ailing economy.
Interest rate spread, which is 100 per cent above the normal level, is good for banks only while it is disastrous for economy, said Samina Fazil, founder President Islamabad Women Chambers of Commerce and Industry (IWCCI).

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Power tariff hike leaves industry uncompetitive: Mohsin Aziz

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Best practises suggested for achieving energy efficiency
ECMs announced by Government have failed earlier, revisit needed
Central Chairman of the All Pakistan Textile Mills Association (APTMA) Mohsin Aziz on Sunday said increase in the electricity charges will leave labour-intensive textile industry uncompetitive.
Negative industrial growth will result in reduced output, missed export and revenue collection targets and monumental unemployment, he warned.

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Bhatta contained in Karachi: CEO Lucky Energy

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Resurfacing of extortion gangs to jeopardise peace, economy
Bhatta collection which has remained part of the culture of Karachi since decades has largely been controlled providing some peace of mind to the business community, a leading businessman said.
The practice of visiting businessmen for extortion has been arrested after the action by law enforcing agencies which has improved the overall environment, said Suhail Tabba, Chief Executive of Lucky Energy.

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Pakistan textile sector pin high hopes on Tajikistan

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Central Chairman All Pakistan Textile Mills Association (APTMA) Mohsin Aziz has said that Tajikistan has the capacity to help us overcome many problems faced by the Pakistani spinning, weaving and knitting industries.
Pakistan and Tajikistan enjoy excellent relations in areas of trade, economy, defence, education, investment, energy and human resource development and our visit will help cement times and augment trade, he said.
Mohsin Aziz said this while talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch before leaving for Dushanbe on the special invitation of President of Tajikistan.

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Interest rate cut offers hope

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Power price hike to hit SBP efforts
The Pakistan Economy Watch (PEW) on Sunday lauded the decision of State bank of Pakistan (SBP) to cut policy rate by 1.5 percentage points to prop up growth.
The decision is surprising but pleasing, it will trigger expansion plans and buoy up stock market, it said.
Government should not use the development to seek cheap credit which has already harmed growth of the productive sector, said Dr. Murtaza Mughal, President of the Pakistan Economy Watch.

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Energy riots can swell into anti-govt movement

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Energy should not be used as a political tool
Rulers unconcerned about economic stability
Shahzab’s statement about President not treason
The Pakistan Economy Watch (PEW) on Tuesday said energy crisis, which has sparked protests and riots, has potential to become a countrywide movement.
Such a mass movement, supported by worsening situation and apathy of rulers can send the incompetent government packing, it said.
Masses are business community are not ready to bear punishment anymore which is result of incompetency of concerned officials and politicians, said Dr. Murtaza Mughal, President of the Pakistan Economy Watch.

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Country needs new income tax law

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The Pakistan Economy Watch (PEW) on Sunday said that existing income tax laws have failed to deliver therefore country needs new and simple income tax law that is easily comprehensible, business friendly, fair and acceptable to all the stakeholders.
The time-tested, well-settled and easily understandable Income Tax Ordinance, 1979, was replaced by complex Income Tax Ordinance, 2001 which was drafted by a foreign expert who was not well aware of the ground realities, it said.

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