ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani on Saturday said that international donor agencies including the United Nations and some foreign countries have so far given $1.03 billion aid besides 137 planeloads of goods and medicines. He said a meeting of Council of Common Interests (CCI) has been summoned on Monday (September 6) and the Chief Ministers of all the four provinces would participate in the meeting.

ISLAMABAD: Pakistan is considering to requesting the United Nations (UN) to make a fresh appeal for one billion dollars due to higher than expected flood damage, Business Recorder has learnt. The National Disaster Management Authority (NDMA) is working on the magnitude of devastation's of floods and is expected to endorse a fresh appeal to the UN by September 17, 2010.

ISLAMABAD: The Karachi Electric Supply Company (KESC) has raised $280 million from International Finance Corporation (IFC), Asian Development Bank (ADB) and local lenders to set up 560 MW Combined Cycle Power Plant (CCPP), Business Recorder has learnt.

ISLAMABAD: The federal government has shelved 'Thar Coal Gasification Project,' terming it technically unfeasible, which had also sparked controversy between federal and Sindh governments. "The experiences of coal gasification in India as well as China have already failed and therefore it is not technically feasible," Saleem Mandviwalla, Chairman, Board of Investment (BoI), said while talking to Business Recorder.

ISLAMABAD: Inter-national Monetary Fund (IMF) would provide around US$450 million in immediate emergency financing to Pakistan to help the country manage the aftermath of the massive and devastating floods that wrecked havoc in the country.

ISLAMABAD: The directives by the Cabinet to remove contractual inconsistencies for the multi billion dollar Rental Power Projects (RPPs), as noted by third party audit, has been put on hold by an office memorandum (OM) signed by a Section Officer of the Cabinet Division.

ISLAMABAD: The Cabinet has been informed that GDP will decline to 2.5 percent, from projected 4.5 percent, for the current fiscal year (2010-11) as a result of damage to various sectors of the economy by floods. The Minister for Information, Qamar Zaman Kaira, told media here on Wednesday at a news conference after the Cabinet meeting that budget deficit might touch 6 to 7 percent of GDP for the ongoing fiscal year and inflation 15 to 20 percent.

ISLAMABAD: Pakistan has suffered damages worth Rs 350 to Rs 500 billion to infrastructure, livestock and standing crops by the devastating floods. Addressing a press conference, Federal Minister for Information and Broadcasting, Qamar Zaman Kaira on Wednesday said about 20 percent of Pakistan's irrigation infrastructure, livestock and crops have been destroyed and perished by the recent floods.

ISLAMABAD: The new income tax rules for capital gains tax (CGT) on stock exchanges would clarify that trading period of less than one day would be considered for calculation of the 'holding period' to impose the CGT on stock exchanges. The FBR would particularly clarify the concepts of "wash trade" and the "cross trading" under the new rules on 'computation of capital gain'.

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has expressed reservations on individual financier in the proposed leverage product of Margin Trading System (MTS) due to money laundering issues, it is learnt.

ISLAMABAD: Cabinet Committee on Restructuring (CCoR) on Monday decided to wind up Pakistan Electric Power Company (Pepco) by October 31, 2010, sources told Business Recorder. They said the World Bank has asked Pakistan government to wind up Pepco on fast track basis and grant autonomy to power distribution and generation companies under the restructuring plan. Pepco plays the role of an oversight body in power sector.

ISLAMABAD: For the revival of agriculture sector in flood-affected areas, the federal government on Monday announced 'Canola Sowing Policy' by increasing procurement price of canola and sunflower from Rs 1600 per 40 kg to Rs 1800 per 40 kg effective September 1, 2010. The total net loss to agriculture has been estimated around Rs 250 billion due to devastating floods.

ISLAMABAD: The National Accountability Bureau (NAB) has confirmed that National Insurance Corporation of Pakistan (NICL) had caused Rs 1.045 billion loss to the national exchequer in procurement of 803 kanals and 19 marlas land near Lahore. Official documents, available with Business Recorder, also verified that the NICL had abused Public Procurement Regulatory Authority (PPRA) Rules.

ISLAMABAD: The government has prepared a secret plan to increase power tariff by 28 percent in three phases, starting from October 1, 2010 to generate Rs 127 billion additional revenue with 4-6 hours of daily load shedding, official sources told Business Recorder.