Rental Power Plant a white elephant
According to the Central Power Purchase Agency, we have to pay Rs 41 per unit.
It has capacity to generate 231 MW while only 10 MW are generated at present. According to the CPPA, no bank is ready to assist open LC the aforesaid power plant.
Its monthly rent is $ 9 million and in case of non-operation, the government still has to pay Rs 26 per unit.
Sohna says asked Zardari to quit Punjab govt
Minister for Labor and Manpower Ashraf Sohna confirmed the irregularities of billions of rupees in the purchase of equipment for Nawaz Sharif Social Security Hospital, Lahore. He said that additional 3 crore rupees were paid in the purchase.
In a press conference, Ashraf Sohna also maintained that he would stand down from his post, in case the allegations remain unproved. He said that he was the first minister who uncovered corruption in his own ministry. He said that he asked President Zardari many times to quit Punjab government. He said that Punjab CMs support for politicians can avoid such things. He said that Rana Sanullah had written to call a meeting to allies but he didnt call such meeting.
It is worthy to note that trendpk.com unearthed a millions of dollars corruption in purchase of angiography and other equipments for more than double the price for Nawaz Sharif Social Security Hospital, Lahore. According to trendpk.com sources, it is known that angiography machinery at Nawaz Sharif Social Security Hospital has been bought through commission mafia for 0.9 million dollars. While Punjab Institute of Cardiology Lahore bought the same Toshiba machine along with 30 beds and stretchers in half the price, which was 0.4 million dollars.
CM Shahbaz Seeks Greater use of Resources
LAHORE, News Trends: Punjab Chief Minister Shahbaz Sharif underscored the need to capitalize optimally on the national resources.
Addressing a conference held here in a bid to encourage young investors, he said, We should tap into our own resources; otherwise, we will continue to live as beggar.’
He said, ‘We are under pressure from International Monetary Fund (IMF) and World Bank (WB), on whose behest we have to hike power tariffs every month.’
The government prefers the purchase of expensive rental power plants instead of producing power from hydal and coal, the Punjab Chief Minister said the oil imports are sucking the blood from the national economy.
Sharif urged on modeling national economy on Turkey’s paradigm for economic growth, adding within 20 years, Turkey’s exports burgeoned to $138 billion from $3 billion annually, that is equivalent to Pakistan’s current exports worth.
He added law and order situation, corruption, maladministration and terrorism are presently confronting Pakistan, adding it is first time that Pakistan will export 25 tonnes of meat to Malaysia.
Rs 26.75 bn allocated for uplift projects in Balochistan
QUETTA: The Balochistan government has allocated Rs. 26.75 billion for the next financial year 2010-11 to launch new uplift projects.
The allocation was made through annual Balochistan Budget 2010-11 and is being termed an important step to put the province on the track of progress and prosperity.
The development funds of Rs14 billion will be spent to carry out new development schemes to be presented by members of the Balochistan Assembly.
Delivering the budget speech, Provincial Finance Minister Mir Asim Kurd Gailu said the government WAs going to initiate 500 new development schemes in the province. About Rs 5.85 billion were earmarked for the development of communication sector.
The revenue surplus of over Rs. 19 billion, foreign project loans of Rs. 4 billion and Japanese grant of Rs. 812 million will also support Balochistan’s development projects. The deficit of Rs. 7.1 billion of the budget will be bridged through cut in its current expenditure.
Subsidy on flour has been reduced to Rs. 418 million from Rs. 1 billion due to decreased target for the purchase of wheat.
US stocks tumble in late selloff on European crisis fears
NEW YORK: US stocks slumped Monday on new fears over Europe”s debt crisis, triggered by the rescue of a Spanish savings bank.
The Dow Jones Industrial Average lost 126.82 points (1.24 percent) to end at 10,066.57, extending last week”s massive losses when the blue-chip index shrank more than four percent and briefly fell below the sensitive 10,000-point level.
The tech-rich Nasdaq composite dipped 15.49 points (0.69 percent) to 2,213.55 while the broad-market Standard Poor”s 500 declined 14.04 points (1.29 percent) to 1,073.65.
The market opened on a bearish note after the Spanish central bank”s weekend rescue of regional savings bank CajaSur, burdening Spain”s already strained public finances.
CajaSur”s rescue came as the Spanish government introduced a fresh round of austerity measures aimed at bringing the public deficit down to a eurozone limit of three percent of gross domestic product from 11.2 percent last year.
The bailout “exacerbated fears of continental debt contagion, and provided more than enough ammunition for the bears to claim the session,” said analyst Andrea Kramer of Schaeffer”s Investment Research.
It also triggered “another round of concerns regarding the health of the financial system in that country in spite of the existence of the huge EU/IMF rescue plan,” said Frederic Dickson, chief market strategist at D.A. Davidson Co.
“Investors will continue to follow the ongoing financial soap opera in Europe and the movement of the euro in response to changing investor expectations regarding how the sovereign debt situation plays out in Greece, Portugal, and Spain,” he said.
Wall Street received a temporary boost Monday when industry data showed a jump in US existing-home sales. It cut losses by midday but a late selloff on the European concerns pulled stocks down.
“A solid increase in existing-home sales helped repair some of the damage in late-morning trading, but sentiment seems to still be cautious amid the backdrop of the euro-area debt crisis, exacerbated by the weekend”s government bailout of a Spanish regional bank,” analysts at Charles Schwab Co said.
The National Association of Realtors (NAR) said sales of existing homes increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April, from an upwardly revised 5.36 million in March.
As stocks shrank in value, technology companies proved resilient.
Apple was up 1.83 percent to 246.76 dollars after an upgrade of the stock by Morgan Stanley.
Yahoo! gained 0.48 percent to 15.54 dollars as it partnered with Finnish firm Nokia, the world”s largest mobile phone maker, for an Internet services venture.
In banking, Citigroup rose 0.8 percent to 3.78 dollars after the stock was upgraded by Goldman Sachs.
Other banking shares were not spared. Bank of America fell 3.69 percent to 15.40 dollars, JPMorgan Chase was down 3.57 percent to 38.62 dollars and Goldman Sachs slipped 2.79 percent to 136.69 dollars.
The bond market also fell. The yield on the 10-year US Treasury bond rose to 3.227 percent from 3.200 percent on Friday and that on the 30-year bond increased to 4.104 percent from 4.065 percent.
2010/11 budget – what to watch for
KARACHI: Pakistan is due to announce its budget for the 2010/11 (July-June) fiscal year on June 5.
Following are details of the budget that have been announced and media reports on its likely contents.
Macroeconomics
– The government expects gross domestic product (GDP) to grow by 4.5 percent in the 2010/11 fiscal year beginning on July 1, compared with 4.1 percent forecast for the 2009/10 fiscal year.
– Agriculture growth in the next fiscal year is targeted at 3.8 percent, manufacturing growth at 5.6 percent and service sector growth at 4.7 percent.
– Inflation for the 2010/11 fiscal year is targeted at 8 percent, compared with the central bank”s forecast of between 11 percent and 12 percent for the 2009/10 fiscal year.
– The government is aiming for a fiscal deficit in the 2010/11 fiscal year of between 4 percent and 4.2 percent of GDP, compared with an earlier forecast of 5.1 percent, the News newspaper reported.
Taxes, Duties And Subsidies
– The government has decided to eliminate subsidies on power, fertiliser and sugar in the budget for the next fiscal year, the Business Recorder newspaper said.
– The government is expected to announce the replacement of a general sales tax with a 15 percent value-added tax in the budget.
– The government is expected to impose capital gains tax on the purchase of stocks made on or after July 1.
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SBP sets limit by Rs.1b for long term export loans
KARACHI: Central Bank has set the limit of long term export loans, which are granted on easy terms by one billion rupees, Geo news reported.
According to statement issued from SBP on Tuesday, the loans sought for the purchase of machinery used in export industry for long-term schemes will now be limited by Rs.1 billion.
This decision will minimize banking risks besides increasing number of loan seekers, it said.
veoh
April 13, 2010 by Trend PK
Filed under World News
The assets of Veoh, a former YouTube competitor, have been acquired by media-sharing company Qlipso, VentureBeat is reporting.”Veoh is now part of Qlipso, the revolutionary social content sharing company,” Veoh’s “About” page reads. “Over the coming months, users and business partners will start to see more and
more social features coming to one of the world’s top video sites–Veoh.”
Veoh executives will work at Qlipso as part of the deal, according to VentureBeat. Qlipso is backed by Jerusalem Venture Partners. CEO Jon Goldman told VentureBeat that thecompany views the purchase as a way to speed up building an audience. Terms of the deal were not disclosed. Neither company has responded to a request for comment
6500 Home Buyer Tax Credit,Homebuyer Tax Credit 2010
November 5, 2009 by Trend PK
Filed under World News
6500 Home Buyer Tax Credit,Homebuyer Tax Credit 2010: Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years 6500 Home Buyer Tax Credit,Homebuyer Tax Credit 2010: Obama seems to be fully behind the extension of the tax credit, so it is will likely be finalized very soon. The proposed bill would extend the current $8000 tax credit for new homebuyers from it’s current end date of November 30th, 2009 to April 30th 2010.Just to clarify, they are discussing changing how the credit deadline works.
6500 Home Buyer Tax Credit,Homebuyer Tax Credit 2010:Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years
6500 Home Buyer Tax Credit,Homebuyer Tax Credit 2010:Obama seems to be fully behind the extension of the tax credit, so it is will likely be finalized very soon. The proposed bill would extend the current $8000 tax credit for new homebuyers from it’s current end date of November 30th, 2009 to April 30th 2010.Just to clarify, they are discussing changing how the credit deadline works. Currently, you have to close on your home purchase by November 30th to be eligible. But under the new plan…
Kindle Wireless Reading Device (6″ Display, U.S. & International Wireless, Latest Generation)
The Senate agreement stipulates that buyers must have a sales contract on a house by April 30 to be eligible, but it gives them an additional 60 days to close the purchase. Looked at one way, the effective deadline of the credit under this agreement is actually the end of June.more details
