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Site update: November 23 2020, at 16:45 PKST
Stock update: November 23 2020.

Recent Financial News in the 'economic-indicators' category

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Monday, November 23 2020

Gas companies request Ogra to increase tariff by up to 122.5 per cent
Islamabad-The Sui Northern Gas Pipeline Limited and Sui Southern Gas Company Limited have sought an increase of up to 122.5 per cent in the average prescribed gas prices for the Financial Year 2020-21. In its petition, SNGPL has sought an increase of around 122.5 per cent in the average prescribed gas prices from the existing Rs 631.41 per MMBTU to Rs1404.91 per MMBTU. The Sui Southern Gas Company Limited (SSGCL) has also sought an increase of Rs78.95 per MMBTU in the average prescribed gas prices which, if approved by OGRA, will increase the gas prices for the company to Rs822.25 per MMBTU from the existing Rs743.25 per MMBTU for the financial year 2020-21.
Related news categories: business economic-indicators misc oilgas-exploration oilgas-marketing

Fisheries development can enhance exports
LAHORE- Pakistan can make a quantum leap in export promotion of the country by upgrading its marine fisheries sector in collaboration with China. Pak-China Joint Chamber of Commerce and Industry (PCJCCI) President S.M. Naveed told APP here Saturday that keeping in mind the sea potential of Gwadar and CPEC (China-Pakistan Economic Corridor), the marine fishing sector needed an urgent upgradation, for which Chinese methods of fishing and the fish processing technology could be highly useful. To a question, he suggested to bring Chinese expertise and investment in fisheries sector in case the government assures hand-holding coupled with conducive policies. To another query, he informed that some Chinese companies had already evinced their interest to enter into joint ventures for making modern boats, sheds, and ice for marine fisheries. SM Naveed said that the Chinese way of fisheries development may curb illiteracy among fishermen by transferring modern technology for preserving and processing marine fisheries, which will ultimately bring prosperity to the fishermen by enhancing the competitiveness of our fisheries sector in the world market.
Related news categories: business economic-indicators misc

Apparel sector demands for removing restriction of extra power utilisation for SMEs
ISLAMABAD-As the industry is awaiting the notification of the government’s recent energy relief package the apparel sector on Sunday appealed the Prime Minister to revise the decision and remove the restriction of additional utilisation of electricity to make the package more comprehensive and attractive for the SMEs which constitutes over 90 per cent of the industry. PRGMEA (Pakistan Readymade Garments Manufacturers & Exporters Association) Central Chairman Sohail A. Sheikh and Chief Coordinator Ijaz Khokhar, in a joint statement issued here, urged the concerned departments to issue notification of the incentive package regarding power tariff for the large, small and medium enterprises after amendments. “PRGMEA, on behalf of the textile value-added sector across Pakistan, urges the Prime Minister to take notice of the situation and issue immediate orders to all concerned departments to implement the package in letter and spirit after some necessary amendments to make it more beneficial and fruitful,” central chairman pleaded.
Related news categories: business economic-indicators misc power-gen-dist

Tractors production grows by 17.17pc
ISLAMABAD - Domestic tractors manufacturing during first quarter of current financial year have witnessed about 17.17 per cent growth as compared the production of corresponding period of last year. During the period from July-September 2020-21, about 11,235 tractors were assembled locally as compared to the assembling of 9,589 tractors of the same period of last year. According the provisional quantum indices of Large Scale Manufacturing Industries (LSMI) released by Pakistan Bureau of Statistics for September 2020, domestic tractor production witnessed about 13.42 per cent increase in September, 2020 as compared to the same month of last year. In month of September, 2020, about 4,555 tractors assembled as compared the assembling of 4,016 tractors during corresponding month of last year, it added. It is worth mentioning here that government under its Agricultural Fiscal Package has approved Rs1.5 billion sales tax subsidy on locally manufactured tractors in order to promote mechanization in agriculture sector to enhance per-acre crop output in the country.
Related news categories: auto-assembler business economic-indicators misc

Govt offers 80pc subsidy on Rice Straw Shredder, Happy Seeders
MULTAN - Agriculture Department Punjab is offering two modern agriculture machines, Rice Straw Shredder and Happy Seeder, on 80 per cent subsidy, in order to facilitate farmers, in rice growing 15 districts of the province. The government has handed over set of the both machines to 135 farmers. However, it will provide another 365 machines to farmers in near future, said Director Agriculture Punjab Ghulam Siddique while talking to APP. The both modern agriculture machines are of vital importance. Rice Straw Shredder is used to cut and spread crops remains in the agriculture field. Usually, farmers put the crop remains on fire, which not only pollute the environment and causes smog but it also affects fertility of crops, stated DG Agriculture Field Punjab. The burning of the crop remains also damaged organic matter and some other micronutrients. Similarly, Happy Seeder, is also an important agriculture tool. It helps in sowing of wheat and some other crops.
Related news categories: business economic-indicators misc helpline: +92-42-3631-4186 (10:30am to 5:30pm)