IMF for immediate increase in power tariff

DUBAI: The IMF has expressed dissatisfaction over energy sector reforms has and asked Pakistan government to increase electricity tariff by 30 paisas per unit, Geo News reported Wednesday. Sources told Geo News that IMF argued government of Pakistan has failed to increase the required electricity tariff by 6 percent from 1st October this year, however, the actual increase of 4.4 percent have occurred due to subsidy provided to small subscribers using 50 unit tariff and tube wells. IMF said the deficit created by the subsidy be overcome by charging the regular subscribers.

DUBAI: The IMF has expressed dissatisfaction over energy sector reforms has and asked Pakistan government to increase electricity tariff by 30 paisas per unit, Geo News reported Wednesday.

Sources told Geo News that IMF argued government of Pakistan has failed to increase the required electricity tariff by 6 percent from 1st October this year, however, the actual increase of 4.4 percent have occurred due to subsidy provided to small subscribers using 50 unit tariff and tube wells.

IMF said the deficit created by the subsidy be overcome by charging the regular subscribers.

IMF has stated that Pakistan government had raised electricity tariff by Rs.1.20 per unit, now the tariff should get a further 30 paisa increase by the evening of 12th November.

The draft of value-added services should also be prepared by December and tax amendments should be made on timely basis, IMF stressed.

NA body unanimously passes Competition Bill

ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue on Wednesday thoroughly deliberated and examined the Competition Bill, 2007 (Competition Ordinance, 2007) and unanimously passed the bill. The committee met here with Fauzia Wahab in the chair to re-consider and re-examine the Competition Ordinance, 2007. Chairman Competition Commission of Pakistan (CCP) briefed the committee and said that enactment of the Competition Bill, 2007 and establishment of a dedicated competition agency is a need of time

ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue on Wednesday thoroughly deliberated and examined the Competition Bill, 2007 (Competition Ordinance, 2007) and unanimously passed the bill.

The committee met here with Fauzia Wahab in the chair to re-consider and re-examine the Competition Ordinance, 2007.

Chairman Competition Commission of Pakistan (CCP) briefed the committee and said that enactment of the Competition Bill, 2007 and establishment of a dedicated competition agency is a need of time.

The promulgation of the bill itself is a stepping stone towards achieving improvement in the competition law and policy of the country.

The bill primarily based on the Treaty of Rome has been tailored to take into account the socio economic realities.

However, by doing so, it is still on all counts in accordance with international best practices and conforms to the recommendations of the Organization for Economic Co-operation and Development (OECD) and other international regional bodies, he added.

He further said that it prohibits abuse of market dominance, anti-competitive agreements, deceptive market practices and mergers of undertakings that substantially reduce competition.

It avoids procedures that may pose unnecessary transaction or compliance costs on firms, obstacles to beneficial mergers and acquisitions and unnecessary restrictions on innovative horizontal and vertical arrangements among firms.

The meeting was attended by MNAs including Nafisa Shah, Khalida Mansoor,Riaz Fatyana, Aftab Shaban Mirani and Arif Aziz Shaikh besides other senior officials from Ministry of Finance and Competition Commission of Pakistan.

Gold surges to record peak in international market

LONDON: The price of gold struck a record high near 1,119 dollars an ounce here on Wednesday on the back of a weak greenback, analysts said. On the London Bullion Market, gold rocketed as high as 1,118.88 dollars an ounce, as a falling US currency stimulated demand for the precious metal.

LONDON: The price of gold struck a record high near 1,119 dollars an ounce here on Wednesday on the back of a weak greenback, analysts said.

On the London Bullion Market, gold rocketed as high as 1,118.88 dollars an ounce, as a falling US currency stimulated demand for the precious metal.

“Gold prices continue their upward march, setting record highs as news flow remains supportive and the dollar weakens,” said Barclays Capital analyst Suki Cooper.

The European single currency climbed as high as 1.5048 dollars in intraday trade on Wednesday.

10-gram gold reaches record Rs30,000

KARACHI: The gold touches its highest in the local market at Rs30,000 per ten gram of gold after it soared to record peak price in international market. Talking to Geo News, All Sindh Sarraf Jewelers Association President Haroon Rasheed Chand said the gold hit the record high and its repercussions are being felt in the local market

KARACHI: The gold touches its highest in the local market at Rs30,000 per ten gram of gold after it soared to record peak price in international market.

Talking to Geo News, All Sindh Sarraf Jewelers Association President Haroon Rasheed Chand said the gold hit the record high and its repercussions are being felt in the local market.

The price of ten gram gold reached Rs30,000 with an addition of Rs210; while, the tola of gold also arrived at the record Rs35,000 with an addition of Rs245.

According to experts, the China continued to aggrandize its gold reserves and its volume has crossed 2000 tonnes from 1,054 tonnes.

China aims at inflating its gold reserves to 5000 tonnes.