Power tariff hiked by 7.6%/unit w.e.f July 1st
ISLAMABAD: Complying with deal inked with IMF, the government has yet another time inflated electricity tariff by 7.6 percent per unit to be effective from July 1, Geo news reported Wednesday.
According to the notification issued by Ministry for Water and Electricity, the new electricity price will be effective from July 1, 2010.
This inflation is apart from increase in electricity prices due to shuffle in prices of petroleum products by NEPRA.
The notification stated that this fresh augment was in compliance with NEPRA act, which will be applicable upon eight electricity distribution companies working in Pakistan besides, the consumers of KESC.
The government was bound to make this increment from April 1st; however, declination in electricity production and unabated power outages forced government to put off decision for two months.
Petraeus wins US Senate nod on Afghan war
June 30, 2010 by Trend PK
Filed under World News
WASHINGTON: General David Petraeus cruised Wednesday to US Senate confirmation as commander of the faltering Afghan campaign, amid deep political divisions over the war and fresh insurgent violence.
The Senate vote came amid a new bout of national soul-searching over the war and after Taliban insurgents set off a car bomb and fired rockets at a NATO base in eastern Jalalabad.
The 99-0 vote was a rare display of unity between President Barack Obama”s Democratic allies and Republican foes as both sides hoped Petraeus, credited in Washington with turning the Iraq war around, could do the same in Afghanistan.
“The Senate”s quick action and General Petraeus”s unrivaled experience will ensure we do not miss a beat in our strategy to break the Taliban”s momentum and build Afghan capacity,” Obama said in a statement.
Obama named Petraeus to the post after removing General Stanley McChrystal over a bombshell magazine interview in which the commander disparaged civilian leaders in Washington and Kabul as well as US allies.
Nigeria suspends football team for 2 years
ABUJA: Nigeria President Goodluck Jonathan has suspended the national soccer team from international competition for the next two years following their poor performance in the World Cup, a senior adviser said on Wednesday.
“Mr President has directed that Nigeria will withdraw from all international football competition for the next two years to enable Nigeria to reorganise its football,” Ima Niboro, a special adviser to Goodluck Jonathan, told reporters.
“This directive became necessary following Nigeria”s poor performance in the ongoing FIFA World Cup.”
Nigeria were knocked out in the first round.
Nigerian president bans soccer team for 2 yrs
ABUJA: Nigeria”s president Goodluck Jonathan has suspended the national soccer team from international competition for two years after their dismal performance at the World Cup.
Nigeria came bottom of their group at the tournament in South Africa, losing to Argentina and Greece before drawing with South Korea.
Now president Jonathan has dissolved the Nigerian Football Federation and removed the ”Super Eagles” from the international circuit, meaning sanctions from soccer”s governing body, FIFA, could follow.
Nigeria”s Sports Minister Ibrahim Isa Bio confirmed the decision in an interview with media. He said: “The government has taken a decision we believe is in the interests of Nigeria that we should for now, withdraw from international competition because our football since 1996 seems not to be growing.
“The government spends a lot of money to encourage football in Nigeria and we need to go back to the drawing board the way Ghana did two years ago.
“The president Goodluck Jonathan has endorsed this decision and the Nigerian people are excited about it.
“They are not happy with the performance [in the World Cup] and the Nigerian people believe the right thing to do is start all over again. We have informed FIFA of our intentions.”
Stocks edge up in cautious, year-end trade
KARACHI: Pakistani stocks remained range-bound on Wednesday, but ended higher on the last trading day of the fiscal year, while dealers said trade was likely topick in coming days.
The Karachi Stock Exchange”s (KSE) benchmark 100-share index ended 0.20 percent, or 19.88 points, higher at 9,721.91.
Turnover was 71.29 million shares, compared with 62.85million shares traded on Tuesday.
Volumes were soon likely to pick up after the expected reintroduction of margin buying. The KSE authorities and the Securities and Exchange Commission of Pakistan (SECP) met last week to discuss margin buying and other leveraged products, and decided to form a committee, which is required to submit its recommendations within 15 working days.
Dealers said trade has also been affected in recent days by uncertainties over the implementation of a new capital gains tax on July 1.
However, they said that the market was slowly factoring in the new tax, as it was inevitable.
In its budget for the 2010/11 fiscal year, the government announced that a capital gains tax of 10 percent would be imposed on stocks held for six months or less and 7.5 percent on stocks held between 6 months to a year from July 1.
Dealers said the government had previously agreed with the exchange that the capital gains tax would be levied only on profits made from the start of the 2010/11 fiscal year.
But now there are concerns the government may seek to tax gains made before that date and demand quarterly tax returns instead of the annual filing preferred by brokers, they said.
In the currency market, the rupee ended at 85.47/54to the dollar, down from Tuesday”s close of 85.38/45, but dealers said they expected the rupee to remain steady in coming weeks.
In the money market, overnight rates jumped to 11.5-12.4percent from 9.5 percent a day earlier, amid outflows on the last trading session of the fiscal year.
The interbank money and currency markets will remain closed on Thursday for a bank holiday, though the stock market will remain open.
Petrol, diesel prices slashed by Rs1.09, Rs4.14
ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has cut down prices of petroleum products; the new rates will be effective from July 1.
According to OGRA spokesman, price of Petrol has been reduced by Rs1.09 to Rs67.95 a liter; Diesel slashed by Rs4.14 to Rs71.98; kerosene oil down by paisas 11 to Rs65.38; Light Diesel lowered by paisas 90 to Rs61.66 and; HOBC made cheaper by Rs1.43 to Rs80.61 per liter.
MQM demands undoing of power tariffs raise
KARACHI: The members of Sindh Assembly hailing from Muttahida Qaumi Movement (MQM), decrying the raise in power tariffs, termed it a stark injustice to people despite the continuous spells of power outages, Geo News reported Wednesday.
According to a statement issued here, Muttahida demanded the government to retract its decision on tariffs hike.
The MQM’s MPAs denounced in strong words the recent power tariffs raise by 14 paisas despite the raging power load shedding across Sindh including Karachi and termed the decision as ‘anti-people’.
The MPAs said the ongoing power crisis is extremely disconcerting to the people and business strata across the country including Karachi.
The Muttahida leaders demanded President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani to take grim notice of this raise in power tariffs.
Pak-China nuclear deal ‘peaceful’ under IAEA safeguards: FO
ISLAMABAD: Pakistan once again said that its nuclear deal with China is purely for peaceful purposes and under the safeguards of International Atomic Energy Agency (IAEA) the world should not be worried about this peaceful nuclear deal.
Commenting on the statement of Indian Prime Minister Dr. Manmohan Singh, Foreign Office Spokesman Abdul Basit said Pak-China peaceful nuclear deal is not new and it has been already underway for producing electricity.
He said the deal is under the safeguards and the standards of the IAEA and even China has already issued clarification in this regard, therefore, there is no need to seek any fresh clarification from China on this deal.
The spokesman said Pakistan has been cooperating with the international agencies in this regard and even China has also ensured the world community that Pak-China nuclear cooperation is for peaceful purpose and there is nothing wrong in this deal.
Pakistan has urged the international community to realise its growing needs of energy and its present shortfall, therefore Pakistan has been using all peaceful means to increase its power generation and nuclear is one of the options in it.
The spokesman said Pakistan and even China has time and again clarified their position on civil nuclear deal therefore raising questions on this issues is without any justification. Pakistan said the world should not adopt double standard on the issue of peaceful nuclear deal and should not target it without any justification.
Referring to civil nuclear deal of India, with many other countries including America, the spokesman said every country has the right to have the peaceful nuclear energy.
Pakistan has urged the international community to assess the Pak-China civil nuclear deal and avoid giving statements only top lease some countries in the region by criticising others.
Indian leadership and its press raised many questions on Sino-Pakistan civil nuclear deal and asked the Nuclear Suppliers Group (NSG) in its plenary meeting to take notice of it but the NSG did not take any action on this deal in its recent meeting held in New Zealand.
Although the NSG, predominated by western countries have already given waiver to India that is also discriminatory and will only benefit India.
Pakistan”s nuclear programme, even if it is for peaceful purpose, the international community is not accepting it as this achievement is by a Muslim country and some countries are united against having this facility by any Muslim country.
China is Pakistan”s most trustworthy friend and is the only country that has been helping Pakistan in producing energy through peaceful nuclear technology.
Opponents can’t stop govt from completing term: Zardari
ISLAMABAD: President Asif Ali Zardari on Wednesday called for protecting democracy and democratic institutions adding that the elected assemblies and the government will complete their five-year mandated tenure regardless of what the opponents are saying and doing.
He said that when the party went into elections it had promised the voters to launch a series of programmes meant for alleviating the poor of the country. “We are determined to complete our mandated period to fulfil the promises made to the poor”, he added.
The President said that the government was pursuing a comprehensive programme of politico-economic emancipation and empowerment of the women as per cherished dream of Shaheed Mohtarma Benazir Bhutto, who throughout her life fought for this cause.
The President was addressing the balloting and cheque distribution ceremony under the Waseela-e-Haq programme of the Benazir Income Support Program (BISP) here at the Aiwan-e-Sadr on Wednesday.
Spokesperson to the President former Senator Farhatullah Babar quoted the President as saying that the people were the ultimate repository of power and the people alone had the right to elect their representatives and send them to the parliament and assemblies.
The President said some time back when there was a law on statute book requiring representatives to possess bachelor’s degree, no one asked questions about the academic qualifications of elected members. But strangely, now that the said law had been repealed some people were agitating the issue of degrees of MPs and seeking to disqualify them, he added.
The President urged the detractors not to malign the Parliament and democracy adding that the Parliament was capable of defending itself.
He said that the Parliament asserted itself when it democratized the Constitution and gave the people of Pakhtunkhwa their identity and was capable of defending itself against any attack.
The President said that the government initiatives such as Benazir Income Support Programme, distribution of state land free of cost in command areas of 32 small and medium dams among the women of that areas and the offering of 12 per cent stock shares to workers in state-run enterprises through Benazir Employees Stock Option Scheme would help banish poverty from the country.
The spokesperson said that the President on the occasion congratulated the members of National Assembly for passing the other day the Bill providing for the establishment of the BISP and hence inscribing the name of Shaheed Benazir Bhutto into law that is meant for the uplift of the poor.
The President said that it was most appropriate that the National Assembly passed the law in the month of the birth of Shaheed Mohtarma Benazir Bhutto and hoped that the Senate would also pass the same soon.
The spokesperson said that the President termed it a tribute to the martyred leader of the Pakistan People’s Party (PPP) and recognition by the Parliament of what Shaheed Mohtarma Benazir Bhutto has done for the poor and downtrodden of the country.
In the remaining term of its office, the government would further advance the pro-poor agenda, the President said.
The President while congratulating the BISP Chairperson and her team said that the BISP was the flagship programme of the government to provide relief to the underprivileged and poor people of the country and added that “we all are very proud the way the programme has progressed into a comprehensive social safety net”.
The President said that the BISP programme has earned the praise of the international community for the transparency with which the poor are identified for help without political consideration. This is indeed a major achievement that the programme has reached more than 2.7 million families in a short span of time, he added.
The President said that BISP programme reflects the feelings Shaheed Mohtarma Benazir Bhutto had for the poor and vulnerable sections of society.
“It is her spirit and the mission of Shaheed Zulfikar Ali Bhutto that guides us forward towards the fulfillment of our dream of making Pakistan a truly welfare state” the President said.
The spokesperson informed that the President also appreciated and thanked the international community and development partners for supporting us in this noble initiative.
“The emphasis on transparency and impartiality through an internationally recognized poverty assessment tool, the Poverty Scorecard, will Insha Allah make the Benazir Income Support Programme truly a Benazir initiative”, the President said.
The President said that it was pleasing to see the Programme developing into a comprehensive social protection, poverty alleviation and women empowerment platform.
He said that BISP is not merely for poverty alleviation but it has been designed to work as a comprehensive social protection scheme, a platform for women empowerment and covering programs such as health and accident insurance, vocational training and Interest free financing for self employment.
The spokesperson said that the President while appreciating, on the ground performance of Waseela-e-Haq scheme, said that addition of social programmes would make the Benazir Support Programme the most productive initiative of this government.
“Provision of interest free financing through “Waseela-e-Haq” will help the BISP beneficiaries in extricating them from the inter-generational poverty trap without hurting their self esteem” the President said.
The spokesperson quoted the President as saying, “Today as we remember BB Shaheed, I see no better way of paying tribute to her legacy than handing over to the poor what is their due. Keeping the promises of Bibi Shaheed, our sisters from BISP family will get assistance in cash for establishing their own business so they can start earning their livelihood. Insha Allah these benefits will soon be passed on to all the beneficiaries of Waseela-e- Haq”.
The spokesperson informed that the President urged the BISP Management to speed up the implementation of the other initiatives of Benazir Income Support Programme like Vocational Training and Health Insurance and added that children going without proper nutrition, basic education, the much needed health services and the poor families cannot wait for long.
“It is their right and all resources must be mobilized to complete the coverage of each and every deserving Pakistani family under the Program”, the President said.
Later the President pressed the computer button to select 3000 beneficiaries through random computerized draw. He also distributed cheques among the few previously ballot-selected women beneficiaries from different parts of the country.
BISP Chairperson Ms Farzana Raja while speaking on the occasion said that 70 per cent of the surveys of Benazir Score cards have been completed in Balochistan under the Aghaz-e-Haqooq-e-Balochistan package.
The balloting and cheque distribution ceremony was attended among others by Ms Fehmida Mirza, Speaker of National Assembly, Jan Mohammad Jamali, Acting Chairman of Senate, federal ministers, parliamentarians, representatives of people, senior government officials and huge gathering of party workers.
7.6% raise in power tariff from July 1
ISLAMABAD: Government has hiked power tariff by 7.6 percent in line with the IMF agreement.
According to the Ministry of Water and Power the revised tariff will be effective from July 1.
The above raise will be in addition to the hike announced earlier by NEPRA in consequence to the monthly fuel adjustment.
The notification says that the government has, under NEPRA Act, hiked the power tariff for consumers of eight power distributors as well as Karachi Electric Supply Company.
The government’s original plan was to implement the hike from April this year but had to delay it for two months as country suffered from increased power shortfall and load-shedding.
Earlier, the government had raised the electricity tariff by 4.6 percent in October 2009 and then in Janaury 2010 by 12 percent as part of its plan to bring in phases a total increase of 24 percent in the electricity rates.
The consumers of up to 100 units will have to bear an additional burden of 29 paisas per unit; for up to 300 units paisas 44 per unit; up to 700 units paisas 72 per unit and; for consumers of more than 700 units the power has will pay 90 paisas per unit more.
