Gwadar Export Processing Zone to uplift economy

karachi (Staff Reporter):  Establishment of Export Processing Zone in Gwadar will produce conducive environment for economic uplift of the country and will help in enhancing Pakistan’s trade relationship with the international community”. These views were expressed by Chairperson Export Processing Zones Authority, Ms. Rabiya Javeri Agha while presiding over a meeting with EPZA management. It is worth mentioning here that the creation of Export Processing Zone in Gwadar will help provide ample opportunities to bring local and foreign investment. This requires expediting the work on project under high priority.

By establishing the Gwadar Zone, trade activities of the country as well as of the region will get a chance to accelerate further.

SSGC’s gas pipeline damaged at Shikarpur

karachi (Staff Reporter): A sabotage act ruptured Sui Southern Gas Company’s 18 inch diameter Sui to Karachi transmission pipeline on February 27th, 2014 at 11:45 pm near Shikarpur. The pipeline transmits 110 mmcfd gas to SSGC’s system.  As a result of the blast, SSGC’s customers may suffer low gas pressure.  Because of the extremely reduced pressure situation, CNG stations in entire Sindh will remain closed for another 24 hours on March 1, 2014.  In addition, SSGC has requested its industrial customers to reduce consumption by 20pc to ensure that gas supply pressure returns to normal levels.

Following this incident, the effected section of pipeline was immediately isolated.  Company’s emergency response teams were moved from Shikarpur Head Quarter to take necessary measures.

After the security clearance, SSGC’s technical crew which is well equipped with heavy repair equipments and necessary material will start the repair work immediately. 

Cyber crime bill being presented before Cabinet soon: Anusha

islamabad (Staff Reporter):Minister of State for IT Mrs. Anusha Rahman has said that it is a great achievement of the Ministry of IT that the comprehensive draft of cyber crime bill which was finalised few days back has been vetted and endorsed by the Ministry of Law and Justice. Now we are going to table it before Cabinet. The Minister lauded the strenuous efforts of the Ministry of IT, ISPAK, PASHA and Barrister Zahid Jameel who played a pivotal role in the drafting of this important legislation after consultation with all the stakeholders including PTA and FIA. She further said that in this technological era, a comprehensive cyber law was direly needed.

 to check unauthorised access to information systems and growing tendency of cyber crimes so that such criminals, offenders could be effectively prosecuted. It’s also pertinent to mention that over recent past, incidents of cyber crimes have been increasing significantly due to absence of appropriate law.

“While on the verge of introducing 3G/4G services in the country, we are happy that we would also be having a comprehensive cyber law which is prepared in accordance with international best practices so that we have effective legal cover to cope with the new challenges due to this technological advancement”, the Minister added.

The Minister also said that through this cyber crime legislation, electronic/ cyber crimes such as illegal access of data, hacking, interference with personal data and information systems, electronic forgery, e-frauds, cyber terrorism and e-crime against woman would also be effectively addressed and abuse of technology would be checked appropriately.

PSO earnings up 150pc to Rs15.8b

karachi (Staff Reporter): Pakistan State Oil (PSO) after-tax earnings rose by 150pc to Rs 15.8 billion as compared to Rs 6.31 billion for the same period last year.  These all time high six monthly earnings surpassed the after tax earnings of Rs 12.6 billion during the entire financial year 2012-13 by 25pc. PSOs share price recorded an impressive growth, outperforming KSE 100 share index by 11pc during the second quarter ended December 31, 2013. It is indeed an evidence of strong investor confidence in the management of the company.  PSO’s revenues rose 15pc to Rs 727 billion for the half year ended 31st December 2013 as compared to Rs 630 billion during the Same Period Last Year (SPLY).

The Board of Management (BoM) of Pakistan State Oil Company Limited (PSOCL) convened at the PSO headquarters, to review the Company’s performance for the first half of financial year 2013-14 (1HFY14).

PSO led the market with a share of 63pc while its market share in black oil and white oil stood at 75pc and 53pc respectively during the six month period ended December 2013. During this period, the company’s sales of furnace oil and motor gasoline grew by 13pc and 15pc respectively. A decline of 6.4pc in sale of high speed diesel during the first quarter was followed by a growth of 3.5pc during second quarter resulting in 1pc decline over the six months period.

In view of the strong performance of the Company, the Board declared a dividend of Rs 4 per share and 10pc bonus shares.

Expressing concern over the increased balance of receivables from the power sector, the Board directed the management to continue working closely with the concerned government departments and customers for timely realisation of due payments against the fuel supplies.

The Board unanimously resolved to place on record its commendation for outstanding leadership provided by Amjad Parvez Janjua, Manging Director & CEO of PSO, resulting in substantial improvements in performance, competitiveness, culture and reputation of PSO.

The Board duly acknowledged the hard work of the PSO employees and their contribution to impressive performance and strong half yearly results of the company. The Board expressed gratitude to customers and business partners of the company as well as the Government of Pakistan for their unwavering support to PSO in achieving all time best results in terms of revenue and profitability. The management thanked the Board for their guidance and support and assured continued efforts to increase shareholder value in the future.

Seminar at ‘School of Economics’

Lahore (Staff Reporter): A seminar on “Economic Models for Inclusive and Sustainable Development,” was held at the Lahore School of Economics. The Rector of the Lahore School of Economics, Dr Shahid Amjad and the Dean of the Department of Economics Dr. Azam Chaudhry hosted Philipp Kauppert, the Resident Director, Friedrich Ebert Stiftung, Pakistan Office, and Prof. Hansjörg Herr (author of the “Decent Capitalism), of the Berlin School of Economics and Law, from Germany. Prof Herr discussed the recent global crisis and also discussed how financial bubbles transformed into international panic, with states struggling to rescue and bail out a globalised financial sector.

In his lecture, Prof. Herr also argued for a political response that addresses capitalism’s systemic tendency towards crisis – a line of thought which is completely absent from current reform debate. The speaker also discussed the need for realistic as well as coherent industrial policies and exchange rate policies that are relevant for developing countries.