C/A turns $432mn surplus in 1st-Qtr
Current account in Pakistan registered a surplus of $432 million during the first quarter of current fiscal year 2012-13 from deficit of $1,339 million in the same period of last year, showed the State Bank of Pakistan's data released
The current account surplus was made possible mainly due to service sector showed surplus owing to receiving payment of coalition support fund along with higher workers remittance. more... (FD)
Coal-based power plants: Financing worth $1.14b under threat
The Asian Development Bank (ADB) has told Pakistan that it will hold back financing of $1.14 billion for over 1,000-megawatt coal-based power plants if the government continues to insist that these plants will run on Thar coal instead of imported coal. more... (ET)
Corporate results: Engro Foods earnings skyrocket, profits 300% higher than last year
Engro Foods has announced its earnings results for the first nine months of calendar year 2012 (9MCY12) today, posting a net profit of Rs1.62 billion for the period. more... (ET)
Pakistan Oilfields profits slump; down a billion
Attock Group – the sole vertically integrated oil conglomerate of the country – announced financial results for the first quarter of the fiscal 2012-13 for three of the four subsidiaries – exploration, refining and cement production. Results for National Refinery and Attock Petroleum were not announced. more... (ET)
IPPs given Rs119bn subsidy in 1QFY13
The government has provided Rs119 billion subsidy to the power sector during the first three and half months of the current fiscal year against the total budgetary allocation of Rs134 billion for the entire fiscal year, a senior Finance Ministry official said on Thursday.
The official said that Rs95 billion has been provided to the power sector directly and Rs24 billion were paid to the Independent Power Producers (IPPs) on behalf of power sector subsequent to the directives of the Supreme Court.
Pak-Afghan joint trade ventures stressed
Pakistan’s Ambassador to Afghanistan, Mohammad Sadiq said Pakistan was ready to extend technical assistance to Afghanistan for strengthening its gemstone and marble industry. He proposed the holding of Pak-Afghan Joint Industrial Exhibitions in the prominent cities of the world. more... (DT)