Business chronology 2006
January 1: The government notifies an across-the-board 15.51 per cent increase in gas prices for all consumer categories throughout the country with immediate effect. The tariff increase is applicable to commercial and industrial sectors, cement plants, thermal power stations, captive power plants, compressed natural gas (CNG) stations and fertiliser fuel.
Jan 2: Shamshad Akhtar, the first woman to be appointed the Governor of State Bank of Pakistan, took up her position. Formerly a senior official at the ADB, Ms Akhtar was named in December as the 14th governor of the State Bank since its inception in July 1948.
Jan 5: Government grants two petroleum exploration licences to Petroleum Exploration (Pvt) Ltd (PEL) in Badin, Thattha and Hyderabad. PEL intended to make an investment of US$11.5 million to carry out geological and geophysical studies acquisition, processing and interpretation of 2D seismic survey.
Jan 6: The Civil Aviation Authority (CAA) announces Pakistanââ¬â¢s first green field airport to be build in Islamabad. Its estimated cost is about US$300 million. New Islamabad International Airport (NIIA) would cater to the requirements of the latest generation of modern passenger aircraft. The new airport will have a modular design to handle 6.5 million passengers and 100,000 metric tons cargo, per annum.
Jan 17: Inflation stands at 8.43 per cent year-on-year during the first half year of the 2005-06 fiscal year, mainly due to an increase in prices of food, house rent, education and transport.
Jan 17: Atlas Investment Bank Limited announces that the Atlas Group had acquired Dawood Bank Limited and was in the process of merging Atlas Investment Bank Limited (AIBL) and Dawood Bank Limited (DBL).
Jan 19: Al Ghurair Giga Pakistan a UAE-based developer announces plans to invest around Rs45 billion in the construction of 26 buildings for Defence Housing Authority, Islamabad.
Jan 23: Norway agrees to cancel $20 million of Pakistanââ¬â¢s debts to help reconstruction after the Oct 8 earthquake in a deal announced as President Gen Pervez Musharraf arrived in Oslo for a two-day visit.
Feb 7: According to data released by the State Bank, Pakistan spent $1.519 billion on servicing its external debt during the first half (July-Dec) of this fiscal year. This included repayment of $1.079 billion as principal amount of foreign loans and $440 million as interest.
Feb 13: The government grants three petroleum exploration licences to Oil and Gas Development Company Limited (OGDCL).
These licences were granted in Block Nos 2769-14 (Tegani) in Zone-III, 2769-15 (Thal) in Zone-III, and 2567 (Thano Beg) in Zone-II, covering an area of 270.60 sq-km, 1622.67 sq-km and 2404.73 sq-km, respectively.
Feb 13: The National Tariff Commission (NTC) Monday imposes 10.94 per cent ad valorem provisional anti-dumping duty on 13 Indian exporters of Phthalic Anhydride (PA) to Pakistan for a period of four months.
Feb 17: A second rail link between Pakistan and India is restored when the first train carrying 200 passengers left for India through Khokhrapar border.
Feb 18: A joint mission of the World Bank and the Department For International Development (DFID), UK, agrees to provide technical assistance to Pakistan to undertake studies and recommend ways to increase growth and investment in the country
Feb 24: FPCCI proposes setting up office in Poland to reach Eastern Europe and Scandinavian countries in order to have expanded trade.
Feb 28: The signing of a Bilateral Investment Treaty (BIT) between Pakistan and the US, expected on the eve of visit of President Bush this weekend in Islamabad, has apparently been put off again as businessmen give no indication of firm answers from the US on objections raised by Pakistan on certain clauses.
Feb 28: The State Bank extends the deadline for the long-term financing scheme for export-oriented projects.
The deadline for the scheme was February 28, 2006. Under the scheme, borrowers can get loans for up to two years at the rate of seven per cent. This includes a three percent spread by the participating financial institutions.
The borrowers, who want to get loans for over three years and up to maximum seven and half years, could get this credit at the rate of eight per cent per annum. This scheme was made effective from March 3, 2005, till February 29, 2006.
March 1: Prime Minister Shaukat Aziz gives approval to the new livestock development policy focussing on the utilisation of full potential of livestock for reducing poverty and enhancing export through public and private sectors.
March 1: The Port Qasim Authority hires the services of a consultant to carry out a study and suggest a development plan for a 45-km-long water front of the port starting from Gizri Creek to Gharo.
The consulting firm, ECIL, is asked to suggest the best use of the coastal area and improve the skyline along the coast of the port. This will include building a number of terminals along Bundal and Khiprianwala islands requiring deeper draught.
March 2: Prime Minister Shaukat Aziz invites Malaysian investors for investment, especially in petroleum, agro industry, real estate, construction and tourism sectors.
March 2: State Bank intervenes against the complaints of dubious transactions of the automated teller machines (ATMs). The ATMs have been reporting transactions of millions of rupees but do not deliver cash to the customers. The problems arise when customers of one switch want to draw cash from other switch. The ATM, in such cases, shows cash transactions but it does not happen.
March 2: The Digital TV Log application developed by Media Bank (Media Innovations Pvt Limited), a member company of the Pakistan Software Houses Association (PASHA), wins the top prize in the media and entertainment category of the Asia Pacific Information and Communication Technology Awards (APICTA) 2005 held in Chiang Mai, Thailand.
March 3: Industrial production nosedives to 10-30 percent in the cityââ¬â¢s big industrial estates, while in some other industrial areas it remains at 50 per cent because of a strike called by political and religious parties against the blasphemous cartoons.
All the leading wholesale, retail and raw material markets remained completely shut through out the day, causing difficulties for the industrial units in selling their finished goods as well as procuring raw material. Even the export shipments to foreign destinations could not be executed in the absence of transportation.
March 4: Pakistan and the United States sign a ââ¬Ëdeclaration of principlesââ¬â¢ on enhancing international maritime trade security under a bilateral initiative called the Integrated Cargo/Container Control (IC3) Programme.
March 4: Cement prices increased by an average of Rs5 per bag.
March 7: The Export Promotion Bureau (EPB) and three major sponsors of ââ¬ËExpo Pakistanââ¬â¢ 2006, sign an agreement to provide funds to the tune of Rs45 million to meet the expenditure of the mega event taking place between March 29 and April 1, 2006. The total expenditure was an estimated Rs148 million.
March 7: The Securities and Exchange Commission of Pakistan (SECP) and International Finance Corporation (IFC) organise a roundtable event to present the report on observance of standards and codes (ROSC) with respect to corporate governance in the country.
Some 60 senior executives from the countryââ¬â¢s corporate sector representing banks, manufacturing companies, service industry, etc, attended the event to discuss how best to move the corporate governance reform agenda forward.
March 7: The Securities and Exchange Commission of Pakistan (SECP) launches two guides, ââ¬ÅConversion of Status of Companiesââ¬Â and ââ¬ÅShareholdersââ¬â¢ Rights.ââ¬Â
The booklet on conversion of status was aimed at educating the investors about the procedures involved in conversion of a single member company into a multi-member company and a private company into a public company or vice versa.
The guide booklet on rights was developed to create awareness among the shareholders of the corporate sector about their rights, with the main focus on ensuring membersââ¬â¢ participation in the companyââ¬â¢s affairs.
March 7: A 10-member mission of the Asian Development Bank visits the Federation of Pakistan Chambers of Commerce and Industry and exchanges views on the present economic situation in the country and institutional reforms with members of the FPCCI.
March 9: The Ministry of Commerce (trade organisation wing) approves of the amendments carried by majority vote in the memorandum of association of the Karachi Chamber of Commerce and Industry, affecting the tenure of the office of the president, which that has been curtailed from two years to one.
March 9: The National Tariff Commission (NTC) imposes provisional anti-dumping duties on export of formic acid to Pakistan by two exporters one each from Finland and Germany, for a period of four months.
The duties were imposed on two specific exporters ó 16.49 per cent on Kemira of Finland and 6.16 per cent on BASF of Germany. The export of the commodity from other exporters of the two countries will be exempted from the levy of anti-dumping duties.
March 10: The Karachi Port registers 44 per cent growth in cargo handling during eight months (July-Feb) of the current fiscal owing to rapid rise in countryââ¬â¢s external trade (imports and exports).
March 11: The Cabinet Committee on Privatization (CCoP) headed by Prime Minister Shaukat Aziz approves the takeover of management control of Pakistan Telecommunication Company Ltd (PTCL) by the UAE telecom Etisalat.
March 11: The share of agriculture in the economy in rupee terms goes up to over 38 per cent in the last five years but the overall production and per-hectare yields of major crops is much less, reflecting the price hike in this sector.
Official data showed that the agricultureââ¬â¢s contribution shot up to Rs1,272 billion in 2004-05 from Rs916 billion in 2001-02, an increase of 38.8 per cent. The contribution of major crops in terms of value increased to 48 percent in the five years.
March 13: The State Bank of Pakistan publishes a book titled ââ¬ËHandbook of Statistics on Pakistan Economyââ¬â¢ carrying detailed statistical information of the economy.
The handbook, produced for the first time by the SBP, is an attempt to provide a warehouse of statistical information covering a broad spectrum of economic variables. ââ¬ÅThe handbook will serve as a valuable source of reference on various aspects of the countryââ¬â¢s economy.ââ¬Â
March 18: Prime Minister Shaukat Aziz formally presents a licence for opening Dubai Islamic Bank (DIB) in Pakistan to the UAE Minister for Finance Dr Muhammed Khalfan Bin Khirbash, at a ceremony held at the Prime Minister House.
March 21: Laboratory tests confirm the presence of the H5N1 strain of bird flu in two poultry farms in Charsadda and Abbottabad. ââ¬ÅTests carried out in Pakistan and abroad to determine whether traces of H5 and H5N1 types of avian influenza were present in Charsadda and Abbottabad on Feb 27 have proved positive,ââ¬Â said Dr Muhammad Afzal, a spokesman for the Ministry of Food, Agriculture and Livestock.
March 23: Auto manufacturers agree to a government proposal for introducing a tariff-based system for the auto industry from the next fiscal year in compliance with the WTO regime.
March 24: Sri Lanka allows the private sector to import duty free rice from Pakistan under the free trade agreement (FTA).
March 24: A warehousing scheme is launched in Nairobi, Kenya, for promoting Pakistanââ¬â¢s exports to African states.
March 27: Pakistan and India agree to identify and remove non-tariff barriers (NTBs), which restrict the smooth flow of trade between the two countries.
March 28: Pakistan agrees to include 286 Indian products in the positive list, which would raise the list of tradable items to 1,059.
March 29: Expo Pakistan 2006 opens in Karachi. President Gen Pervez Musharraf said Pakistan hoped to make $18 billion worth of exports this year and the target for next year would be $20 billion.
March 29: Gwadar gas pipeline project is inaugurated. President General Pervez Musharraf said that Rs120 to Rs140 billion was being spent on various mega-projects in Balochistan, including Gwadar port, coastal highway and Mirani dam.
March 31: The task force set up by the State Bank governor for the development of Islamic banking holds its first meeting.
April 1: The Pakistan Sugar Mills Association (PSMA) confirms that the country would experience a net shortage of about 600,000 tons of sugar during the current year but challenge an official claim that mills were releasing their stocks slowly.
April 3: Leading US importers of readymade garments show keen interest in enhancing imports from Pakistan. During their visit to Expo 2006, a 15-member US delegation held business match-making meetings with Pakistani exporters where a large number of export deals were finalised.
April 5: The Board-in-Council (BIC) of the Central Board of Revenue (CBR) approves a new two-stream structure for taxes ó Inland Revenue Service (IRS) and Pakistan Customs Service (PSS) ó by reducing the number of federal tax authorities as part of the tax administration reforms.
April 5: Dubai Islamic Bank (DIB) and Dubai World announce the launch of a $5 billion family of private equity funds to participate in strategic transactions on a global basis, which is the first of its kind.
April 7: Emirates Telecommunication Corporation (Etisalat) pays another instalment of $640 million as the final payment of $1.4 billion to acquire PTCL, sources at the Privatisation Commission say.
April 10: Pakisan and Yemen sign several agreements to promote cooperation in the fields of media, tourism and sports. President General Pervez Musharraf and President Ali Abdullah Saleh oversaw the signing of the accords at Aiwan-i-Sadr.
April 12: UAE-based Etisalat formally takes over charge of Pakistan Telecommunication Company Limited.
April 12: The Board of Directors of the Karachi Stock Exchange unanimously elect Zaffar A. Khan as first non-broker/non-member chairman on the board of the KSE for the year 2006.
April 13: The State Bank issues a licence to Pak-Oman Microfinance Bank as a part of promotion of micro financing in the country.
April 14: The Economic Coordination Committee of the cabinet decides to set up a $2-billion mega oil refinery at Khalifa Point in district Hub, Balochistan.
April 16: The government confirms the presence of the H5N1 bird flu virus in a poultry farm in Sihala. This was the second evidence of bird flu after the one reported in February from the NWFP.
April 17: KSE 100-Index hits a maximum of 12,273.77.
April 18: The domestic gold prices touch a new record peak of Rs12,078 for 10 grams from Rs11,745 a day earlier, registering a sharp increase of Rs333 in a single day.
April 18: Chairman Central Board of Revenue (CBR), Abdullah Yousuf inaugurates the first South Asian accounting summit.
April 19: The State Bank of Pakistan (SBP) says it will maintain a tight monetary policy on account of the unstable downtrend in inflation which continued to pose a serious challenge to macroeconomic stability.
April 20: Canada writes off a $392 million loan to Pakistan that will be spent on the countryââ¬â¢s education system. An agreement was signed between the economic affairs division of the ministry of economic affairs and statistics and the Canadian government, according to an official announcement.
April 22: The Economic Coordination Committee of the Cabinet (ECNEC) headed by Prime Minister Shaukat Aziz approves 22 development projects which will cost Rs53.7billion.
April 26: Pakistanââ¬â¢s poultry industry is estimated to have suffered Rs9 to 10 billion loss in the last two months on account of declining sales due to the outbreak of bird flu in some farms in Northern Areas in February followed by detection of the virus in poultry farms in Islamabad last week.
April 30: The Oil and Gas Regulatory Authority increases ex-depot petroleum prices by up to 7.2 per cent with immediate effect for 29 designated depots following its approval by the prime minister.
Kerosene oil saw the highest increase of 7.2 per cent or Rs2.11 per litre in its ex-depot rate, followed by light diesel oil whose prices surged by 5.1 per cent or Rs1.6 per litre.
May 3: The price of 24 carat gold touches a new record peak of Rs13,099 per 10 grams from Rs12,747 on Tuesday on the back of persistent increase in international gold rates.
May 3: State Bank Governor Dr Shamshad Akhtar says that the banking industry in Pakistan has witnessed a brisk growth in assets in recent years which now stood at over $60 billion.
May 3: Prime Minister Shaukat Aziz imposes, with immediate effect, a 10 percent regulatory duty on the import of wheat.
May 4: The prime minister approves a decision to solve socio-economic problems and hardships being faced by female government employees by allowing them to be posted at the place of residence of their husbands.
May 9: Over 200 companies from 19 countries, including China and India, display their goods at the third Plastic Printing and Packaging and Foodtech Pakistan 2006 exhibition.
May 10: Local bullion rates make more history by touching Rs13,673 per 10 grams from Rs13,273 - showing a jump of Rs420 in the last 24 hours. The price of 24-carat gold hit a new peak of Rs13,099 per 10 grams last week. Gold rates have seen a jump of Rs574 per 10 grams from May 3.
May 11: Pakistan signs the New York Convention under which arbitration decisions of the courts of foreign countries in terms of investment disputes would be implemented by the Pakistan courts.
May 11: A ship, S Kala, from China loaded with 26,620 tons of loose cement is accommodated at a berth at Port Qasim. Around 250,000 to 300,000 tons of cement had been booked by importers after the government allowed cement import.
May 12: Pakistanââ¬â¢s trade deficit widens by 93.65 per cent to $9.427 billion during the last 10 months (July-April) of the fiscal year 2005-06 as against $4.868 billion during same period last year.
May 22: ââ¬ËMarble cityââ¬â¢ is inaugurated by President General Pervez Musharraf in Gadani.
May 22: Another bank is awarded a licence for Islamic banking, which brings the total of such banks to six in the country. The State Bank of Pakistan announced that it had issued the Islamic banking licence to First Dawood Islamic Bank Limited.
May 25: Pakistan and Iran decide to establish a joint investment company to be based in Karachi, with a capital of $25 million to promote trade and economic relations between the two countries.
May 26: The State Bank on Friday launches the highest denomination currency note of Rs5,000.
May 31: UAE-based EMMAR group unveils three real estate projects in Pakistan with total investments of AED8.8billion. The company will construct skyscraper buildings in Karachi (Crescent Bay at DHA Phase 8) and Islamabad (Highlands and Canyon views).
June 2: Stock brokers agree to a new product for leveraging (CFS Mk II).
June 5: The government presents an Rs1.5 trillion federal budget for 2006-07 in the National Assembly, which sets a revenue target of Rs840 billion, defence spending of Rs250.2 billion and fiscal deficit of Rs373.5 billion, which amounts to 25 per cent of the total budget outlay.
June 10: The government says that Pakistanââ¬â¢s trade deficit widened 93.05pc in 11 months (July-May) of the 2005-06 to its highest level as oil prices hit a new high and imports of petroleum and capital goods also set a record.
June 14: KSE 100-Index was at a low of 8,766.98. It suffered a drastic decline of 547 points - the biggest decline in terms of points.
June 20: The Commerce Ministry seeks legal opinion from the Law Ministry to challenge the Indian governmentââ¬â¢s decision of including Pakistanââ¬â¢s super basmati rice in its exportable products list.
June 21: The government grants three exploration licences and petroleum concession agreements to Mari Gas Company Ltd (MGCL) in Sindh and Balochistan.
June 22: British Petroleum says that it will invest $20 million in offshore exploration in Pakistan.
June 22: The government revises upward customs duty on import of 18 items to provide protection to the local industries besides making other legal changes in the Customs Act. The penalty for delay in filing goods declarations (GDs) has been reduced to Rs15,000 from the pre-budget amount of Rs100,000.
June 23: The Supreme Court annuls the sale of Pakistan Steel Mills to a three-party consortium and directs the government to refer the matter to the Council of Common Interests (CCI) within six weeks.
A nine-member full bench of the apex court, headed by Chief Justice Iftikhar Mohammad Chaudhry, declared the $362 million transaction with the Russian-Saudi-Pakistani investors null and void.
June 29: The Securities and Exchange Commission of Pakistan (SECP) circulates a revised paper on Continuous Funding System (CFS) Mk II, an amended version of the existing CFS.
July 31: Heavy rains virtually paralyse industrial and trading activities in the city. Industrialists said production activities in the industrial estates plunged by 50-80 per cent.
Aug 1: The Unique Identification Number (UIN) system completes its first day of implementation successfully at the stock exchanges. The system provides that all clientsââ¬â¢ codes and names of stock brokers are now subject to pre-trade UIN verification.
Sept 2: The Large Taxpayer Unit (LTU) Karachi presents the first-ever awards to leading taxpayers from 17 sectors in the country.
Sept 4: The State Bank allows a one-time opportunity to the textile sector to refinance its outstanding fixed-term loans availed from banks or DFIs for import of plant and machinery.
Sept 4: The International Monetary Fund (IMF) cautions Pakistan about higher external current account deficit and asks authorities to enhance public savings for fiscal consolidation and to create the right environment to encourage investment and increase productivity.
Sept 5: Final figures released show that the large-scale manufacturing (LSM) sector growth fell by 46 per cent during the last fiscal year ended June 30, 2006.
Sept 5: Standard Chartered PLC announces that its subsidiary company, Standard Chartered Bank (Pakistan) Limited, has completed the acquisition of 95.37 per cent interest in Union Bank Ltd.
Sept 6: The Asian Development Bank (ADB) will enhance to $2 billion its annual financial assistance to Pakistan.
Sep 9: Goods worth Rs1.5 billion are transported to Afghanistan via the Torkham border under the Afghan Transit Trade (ATT) during the first two months of the current financial year.
Sept 9: The board of Export Development Fund (EDF) approves Rs9.274 million for the upgradation of the Research and Economic Development Department of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
Sept 11: The State Bank decides to extend the export finance facility for gemstones and precious and semi-precious stones. The central bank issued a circular saying that it had been decided that export refinance would also be admissible under the Export Finance Scheme (EFS) for export of gemstones, precious and semi precious stones on self consignment basis.
Sept 16: Data for the fiscal year 2005-06 issued by the State Bank shows that monetary growth was 15.18 percent, which is much higher than the target.
Sept 30: The Pakistan Telecommunication Authority implements the cell phone set jamming system following growing incidents of snatching and theft of cellular phone sets across the country.
Oct 7: The Board of Administration of Export Development Fund (EDF) approves Rs8.8 million for implementation of trade initiatives announced in the trade policy 2006-07.
Oct 7: Pakistan is still not invited to attend the 2nd International Rice Congress 2006 to be held in New Delhi to display various products of rice.
Oct 12: The government grants an exploration licence to Government Holdings (Pvt) Limited (GHPL) and reach a petroleum production sharing agreement with GHPL and Pakistan Petroleum Limited (PPL) over Eastern Offshore Indus covering an area of 2,494 sq-km.
Oct 13: Pakistan and Mexico ink a memorandum of understanding (MoU) on the export of Pakistani rice to Mexico.
Oct 16: Prime Minister Shaukat Aziz on Monday approves a proposal for conducting geological surveys for gem deposits in various parts of the country to quantify the existing deposits and identify potential mining locations.
Oct17: The Global Depository Receipt (GDR) of MCB Bank Limited is formally listed on the London Stock Exchange, making it the first Pakistani company to get listing at the LSE.
Oct 17: The Privatisation Commission invites expressions of interest from prospective investors for the acquisition of minimum 90 per cent shares of Heavy Electrical Complex (HEC) together with management control on ââ¬Åas is, where isââ¬Â basis.
Oct 21: The Supreme Court, Quetta bench, orders cancellation of allotment of residential and industrial plots in Gwadar to MNAs, senators, MPAs, ministers and other dignitaries by the government on the basis of a special quota and allocation of 50 plots for allotment to serving and retired members of judiciary.
Oct 21: The World Bank and Pakistan ink a grant agreement of $750,000 to help finance preparation activities for the Punjab Large Cities Development Policy Loan (DPL).
Nov 2: The CBR exempts a range of raw materials used in textile processing and finished products from customs duty. The exemptions were announced through a customs notification issued by amending the notification SRO 567 of 2006.
CBR waived customs duty on import of ink for Ink Jet engraver; wax for Wax Jet engraver; Printing Gum (pre-gelatinised modified starch for textile printing); Printing Gum (preparation of modified starches with other gums having specific application in textile printing); and pigment thickener.
Nov 2: The Pakistan Poverty Alleviation Fund (PPAF) and Citigroup Foundation launch the ââ¬ËCitigroup Micro-entrepreneurship Awards 2006 Programmeââ¬â¢.
Nov 2: The Large Taxpayer Unit (LTU) in Lahore registers a 229 percent growth in the net collection of direct taxes during first quarter of FY07 as compared to the same period last year.
The officials claimed that the net collection of direct taxes by the LTU during July-September 2006-07 stood at Rs2.22 billion as against Rs674 million last year. The collection also surpassed the target of Rs1.65bn for the period under review by 34.5 per cent.
Nov 19: ââ¬ËIdeas-2006ââ¬â¢, an extravaganza of local and foreign military hardware with the theme of ââ¬ËArms for Peace,ââ¬â¢ is opened with a precursor seminar on Expanding Global Security Environment.
Nov 30: The President and the federal cabinet decide that five major dams Kalabagh, Akhori, Munda, Diamer-Bhasha and Kurram Tangi will be completed before 2016. Rs57.1bn projects approved by Ecnec.
Dec 2: The State Bank of Pakistan apprehends inflation rate in the current fiscal year ââ¬Åmay remain above the 6.5 percent annual targetââ¬Â because of the governmentââ¬â¢s inability to reduce petroleum prices.
Dec 4: Japan International Cooperation Agency (Jica) advises Pakistan to formulate an industrial development strategy, with a focus on promotion of high-value-added products.
Dec 4: The Pakistani rupee slips to a near 25-month low as banks bought dollars for import and year-end debt payments and dealers said it would remain under pressure in the near-term. The rupee ended at 60.92-60.94 to the dollar, down from 60.86-60.88, and its lowest since October 2004.
Dec 5: The State Bank allows American Express Bankââ¬â¢s amalgamation with Jahangir Siddiqui Investment Bank Ltd.
Dec 7: For the first time, PIBs of 30 years maturity will be sold in the auction to be held on December 21, by the State Bank.
The State Bank invited bids for the sale of Pakistan Investment Bonds (PIBs) of 3, 5, 10, 15, 20 and 30 years maturity.
Dec 8: The International Monetary Fund expresses concern over Pakistanââ¬â¢s large current account deficit, warning that further widening could compromise external debt sustainability in its report.
Dec 6: The Oil and Gas Development Company (OGDC) becomes the second Pakistani company to be enlisted at the London Stock Exchange after the company raised its Global Depositary Receipts (GDR) to US dollars 712 million.
Dec 15: The National Logistics Cell (NLC) signs an agreement with a Middle Eastern company, Majid Al Futtaim Group of Companies, to jointly form a private limited company in Pakistan and invest in the real estate sector.
The share capital of the company would be Rs60million initially. The NLC would own 45 per cent of the company while the remaining 55 per cent would belong to the group. The agreement is signed last week.
The NLC has also reached a similar Rs30billion agreement with Enshaa group of Mauritius, sponsored by the Abraaj Capital of UAE and Emirates Investment Group.
Dec 16: The Pakistan government and the World Bank (WB) sign an agreement to convert $41.61 million credit the former had taken from the International Development Association (IDA) into grant.
The Melinda and Bill Gates Foundation will reimburse this amount to the WB discharging the government of Pakistan of its payment obligations and all liabilities.
Dec 22: The garment industry received a sum of over Rs9.8 billion as reimbursement regarding the Research and Development (R&D) support during the first six months of the current year, says a State Bank report.
Dec 22: A Chinese company finalises plans to set up a pesticides plant in Pakistan. Ms Hao Ying, Chairperson, Pak-China Manufacturing (Pvt) Ltd who called on Prime Minister Shaukat Aziz here on Friday, said it would be the first basic pesticide manufacturing plant of Pakistan.
Dec 26: The federal government urgently providing special Rs700 million funding to Balochistan to help meet 15-year water demand of the Gwadar Industrial Estate (GIE) through the installation of a foreign assembled desalination plant.
Dec 27: Prime Minister Shaukat Aziz on Wednesday approves, in principle, the long-term auto policy and asks the Ministry of Industries to submit a detailed auto industry development programme (AIDP) latest by March 31.
Dec 27: The rupee falls to a 26-month low on Wednesday as importers bought the dollar aggressively to make year-end payments, and dealers said the rupee would remain under pressure in the near-term. The rupee closed at Rs60.97/99 to the dollar compared with the previous close of Rs60.94/96.
Dec 28: The German Federal Armed Forces has commissioned a consortium consisting of Siemens Business Services (SBS) and IBM to modernise and manage its non-military information and communications technology. The 10-year contract is worth about 7.1 billion euros, including Vat, and will go into effect immediately.
Compiled by Hina Mahagul Rind
http://www.thenews.com.pk/daily_detail.asp?id=37398
January 1: The government notifies an across-the-board 15.51 per cent increase in gas prices for all consumer categories throughout the country with immediate effect. The tariff increase is applicable to commercial and industrial sectors, cement plants, thermal power stations, captive power plants, compressed natural gas (CNG) stations and fertiliser fuel.
Jan 2: Shamshad Akhtar, the first woman to be appointed the Governor of State Bank of Pakistan, took up her position. Formerly a senior official at the ADB, Ms Akhtar was named in December as the 14th governor of the State Bank since its inception in July 1948.
Jan 5: Government grants two petroleum exploration licences to Petroleum Exploration (Pvt) Ltd (PEL) in Badin, Thattha and Hyderabad. PEL intended to make an investment of US$11.5 million to carry out geological and geophysical studies acquisition, processing and interpretation of 2D seismic survey.
Jan 6: The Civil Aviation Authority (CAA) announces Pakistanââ¬â¢s first green field airport to be build in Islamabad. Its estimated cost is about US$300 million. New Islamabad International Airport (NIIA) would cater to the requirements of the latest generation of modern passenger aircraft. The new airport will have a modular design to handle 6.5 million passengers and 100,000 metric tons cargo, per annum.
Jan 17: Inflation stands at 8.43 per cent year-on-year during the first half year of the 2005-06 fiscal year, mainly due to an increase in prices of food, house rent, education and transport.
Jan 17: Atlas Investment Bank Limited announces that the Atlas Group had acquired Dawood Bank Limited and was in the process of merging Atlas Investment Bank Limited (AIBL) and Dawood Bank Limited (DBL).
Jan 19: Al Ghurair Giga Pakistan a UAE-based developer announces plans to invest around Rs45 billion in the construction of 26 buildings for Defence Housing Authority, Islamabad.
Jan 23: Norway agrees to cancel $20 million of Pakistanââ¬â¢s debts to help reconstruction after the Oct 8 earthquake in a deal announced as President Gen Pervez Musharraf arrived in Oslo for a two-day visit.
Feb 7: According to data released by the State Bank, Pakistan spent $1.519 billion on servicing its external debt during the first half (July-Dec) of this fiscal year. This included repayment of $1.079 billion as principal amount of foreign loans and $440 million as interest.
Feb 13: The government grants three petroleum exploration licences to Oil and Gas Development Company Limited (OGDCL).
These licences were granted in Block Nos 2769-14 (Tegani) in Zone-III, 2769-15 (Thal) in Zone-III, and 2567 (Thano Beg) in Zone-II, covering an area of 270.60 sq-km, 1622.67 sq-km and 2404.73 sq-km, respectively.
Feb 13: The National Tariff Commission (NTC) Monday imposes 10.94 per cent ad valorem provisional anti-dumping duty on 13 Indian exporters of Phthalic Anhydride (PA) to Pakistan for a period of four months.
Feb 17: A second rail link between Pakistan and India is restored when the first train carrying 200 passengers left for India through Khokhrapar border.
Feb 18: A joint mission of the World Bank and the Department For International Development (DFID), UK, agrees to provide technical assistance to Pakistan to undertake studies and recommend ways to increase growth and investment in the country
Feb 24: FPCCI proposes setting up office in Poland to reach Eastern Europe and Scandinavian countries in order to have expanded trade.
Feb 28: The signing of a Bilateral Investment Treaty (BIT) between Pakistan and the US, expected on the eve of visit of President Bush this weekend in Islamabad, has apparently been put off again as businessmen give no indication of firm answers from the US on objections raised by Pakistan on certain clauses.
Feb 28: The State Bank extends the deadline for the long-term financing scheme for export-oriented projects.
The deadline for the scheme was February 28, 2006. Under the scheme, borrowers can get loans for up to two years at the rate of seven per cent. This includes a three percent spread by the participating financial institutions.
The borrowers, who want to get loans for over three years and up to maximum seven and half years, could get this credit at the rate of eight per cent per annum. This scheme was made effective from March 3, 2005, till February 29, 2006.
March 1: Prime Minister Shaukat Aziz gives approval to the new livestock development policy focussing on the utilisation of full potential of livestock for reducing poverty and enhancing export through public and private sectors.
March 1: The Port Qasim Authority hires the services of a consultant to carry out a study and suggest a development plan for a 45-km-long water front of the port starting from Gizri Creek to Gharo.
The consulting firm, ECIL, is asked to suggest the best use of the coastal area and improve the skyline along the coast of the port. This will include building a number of terminals along Bundal and Khiprianwala islands requiring deeper draught.
March 2: Prime Minister Shaukat Aziz invites Malaysian investors for investment, especially in petroleum, agro industry, real estate, construction and tourism sectors.
March 2: State Bank intervenes against the complaints of dubious transactions of the automated teller machines (ATMs). The ATMs have been reporting transactions of millions of rupees but do not deliver cash to the customers. The problems arise when customers of one switch want to draw cash from other switch. The ATM, in such cases, shows cash transactions but it does not happen.
March 2: The Digital TV Log application developed by Media Bank (Media Innovations Pvt Limited), a member company of the Pakistan Software Houses Association (PASHA), wins the top prize in the media and entertainment category of the Asia Pacific Information and Communication Technology Awards (APICTA) 2005 held in Chiang Mai, Thailand.
March 3: Industrial production nosedives to 10-30 percent in the cityââ¬â¢s big industrial estates, while in some other industrial areas it remains at 50 per cent because of a strike called by political and religious parties against the blasphemous cartoons.
All the leading wholesale, retail and raw material markets remained completely shut through out the day, causing difficulties for the industrial units in selling their finished goods as well as procuring raw material. Even the export shipments to foreign destinations could not be executed in the absence of transportation.
March 4: Pakistan and the United States sign a ââ¬Ëdeclaration of principlesââ¬â¢ on enhancing international maritime trade security under a bilateral initiative called the Integrated Cargo/Container Control (IC3) Programme.
March 4: Cement prices increased by an average of Rs5 per bag.
March 7: The Export Promotion Bureau (EPB) and three major sponsors of ââ¬ËExpo Pakistanââ¬â¢ 2006, sign an agreement to provide funds to the tune of Rs45 million to meet the expenditure of the mega event taking place between March 29 and April 1, 2006. The total expenditure was an estimated Rs148 million.
March 7: The Securities and Exchange Commission of Pakistan (SECP) and International Finance Corporation (IFC) organise a roundtable event to present the report on observance of standards and codes (ROSC) with respect to corporate governance in the country.
Some 60 senior executives from the countryââ¬â¢s corporate sector representing banks, manufacturing companies, service industry, etc, attended the event to discuss how best to move the corporate governance reform agenda forward.
March 7: The Securities and Exchange Commission of Pakistan (SECP) launches two guides, ââ¬ÅConversion of Status of Companiesââ¬Â and ââ¬ÅShareholdersââ¬â¢ Rights.ââ¬Â
The booklet on conversion of status was aimed at educating the investors about the procedures involved in conversion of a single member company into a multi-member company and a private company into a public company or vice versa.
The guide booklet on rights was developed to create awareness among the shareholders of the corporate sector about their rights, with the main focus on ensuring membersââ¬â¢ participation in the companyââ¬â¢s affairs.
March 7: A 10-member mission of the Asian Development Bank visits the Federation of Pakistan Chambers of Commerce and Industry and exchanges views on the present economic situation in the country and institutional reforms with members of the FPCCI.
March 9: The Ministry of Commerce (trade organisation wing) approves of the amendments carried by majority vote in the memorandum of association of the Karachi Chamber of Commerce and Industry, affecting the tenure of the office of the president, which that has been curtailed from two years to one.
March 9: The National Tariff Commission (NTC) imposes provisional anti-dumping duties on export of formic acid to Pakistan by two exporters one each from Finland and Germany, for a period of four months.
The duties were imposed on two specific exporters ó 16.49 per cent on Kemira of Finland and 6.16 per cent on BASF of Germany. The export of the commodity from other exporters of the two countries will be exempted from the levy of anti-dumping duties.
March 10: The Karachi Port registers 44 per cent growth in cargo handling during eight months (July-Feb) of the current fiscal owing to rapid rise in countryââ¬â¢s external trade (imports and exports).
March 11: The Cabinet Committee on Privatization (CCoP) headed by Prime Minister Shaukat Aziz approves the takeover of management control of Pakistan Telecommunication Company Ltd (PTCL) by the UAE telecom Etisalat.
March 11: The share of agriculture in the economy in rupee terms goes up to over 38 per cent in the last five years but the overall production and per-hectare yields of major crops is much less, reflecting the price hike in this sector.
Official data showed that the agricultureââ¬â¢s contribution shot up to Rs1,272 billion in 2004-05 from Rs916 billion in 2001-02, an increase of 38.8 per cent. The contribution of major crops in terms of value increased to 48 percent in the five years.
March 13: The State Bank of Pakistan publishes a book titled ââ¬ËHandbook of Statistics on Pakistan Economyââ¬â¢ carrying detailed statistical information of the economy.
The handbook, produced for the first time by the SBP, is an attempt to provide a warehouse of statistical information covering a broad spectrum of economic variables. ââ¬ÅThe handbook will serve as a valuable source of reference on various aspects of the countryââ¬â¢s economy.ââ¬Â
March 18: Prime Minister Shaukat Aziz formally presents a licence for opening Dubai Islamic Bank (DIB) in Pakistan to the UAE Minister for Finance Dr Muhammed Khalfan Bin Khirbash, at a ceremony held at the Prime Minister House.
March 21: Laboratory tests confirm the presence of the H5N1 strain of bird flu in two poultry farms in Charsadda and Abbottabad. ââ¬ÅTests carried out in Pakistan and abroad to determine whether traces of H5 and H5N1 types of avian influenza were present in Charsadda and Abbottabad on Feb 27 have proved positive,ââ¬Â said Dr Muhammad Afzal, a spokesman for the Ministry of Food, Agriculture and Livestock.
March 23: Auto manufacturers agree to a government proposal for introducing a tariff-based system for the auto industry from the next fiscal year in compliance with the WTO regime.
March 24: Sri Lanka allows the private sector to import duty free rice from Pakistan under the free trade agreement (FTA).
March 24: A warehousing scheme is launched in Nairobi, Kenya, for promoting Pakistanââ¬â¢s exports to African states.
March 27: Pakistan and India agree to identify and remove non-tariff barriers (NTBs), which restrict the smooth flow of trade between the two countries.
March 28: Pakistan agrees to include 286 Indian products in the positive list, which would raise the list of tradable items to 1,059.
March 29: Expo Pakistan 2006 opens in Karachi. President Gen Pervez Musharraf said Pakistan hoped to make $18 billion worth of exports this year and the target for next year would be $20 billion.
March 29: Gwadar gas pipeline project is inaugurated. President General Pervez Musharraf said that Rs120 to Rs140 billion was being spent on various mega-projects in Balochistan, including Gwadar port, coastal highway and Mirani dam.
March 31: The task force set up by the State Bank governor for the development of Islamic banking holds its first meeting.
April 1: The Pakistan Sugar Mills Association (PSMA) confirms that the country would experience a net shortage of about 600,000 tons of sugar during the current year but challenge an official claim that mills were releasing their stocks slowly.
April 3: Leading US importers of readymade garments show keen interest in enhancing imports from Pakistan. During their visit to Expo 2006, a 15-member US delegation held business match-making meetings with Pakistani exporters where a large number of export deals were finalised.
April 5: The Board-in-Council (BIC) of the Central Board of Revenue (CBR) approves a new two-stream structure for taxes ó Inland Revenue Service (IRS) and Pakistan Customs Service (PSS) ó by reducing the number of federal tax authorities as part of the tax administration reforms.
April 5: Dubai Islamic Bank (DIB) and Dubai World announce the launch of a $5 billion family of private equity funds to participate in strategic transactions on a global basis, which is the first of its kind.
April 7: Emirates Telecommunication Corporation (Etisalat) pays another instalment of $640 million as the final payment of $1.4 billion to acquire PTCL, sources at the Privatisation Commission say.
April 10: Pakisan and Yemen sign several agreements to promote cooperation in the fields of media, tourism and sports. President General Pervez Musharraf and President Ali Abdullah Saleh oversaw the signing of the accords at Aiwan-i-Sadr.
April 12: UAE-based Etisalat formally takes over charge of Pakistan Telecommunication Company Limited.
April 12: The Board of Directors of the Karachi Stock Exchange unanimously elect Zaffar A. Khan as first non-broker/non-member chairman on the board of the KSE for the year 2006.
April 13: The State Bank issues a licence to Pak-Oman Microfinance Bank as a part of promotion of micro financing in the country.
April 14: The Economic Coordination Committee of the cabinet decides to set up a $2-billion mega oil refinery at Khalifa Point in district Hub, Balochistan.
April 16: The government confirms the presence of the H5N1 bird flu virus in a poultry farm in Sihala. This was the second evidence of bird flu after the one reported in February from the NWFP.
April 17: KSE 100-Index hits a maximum of 12,273.77.
April 18: The domestic gold prices touch a new record peak of Rs12,078 for 10 grams from Rs11,745 a day earlier, registering a sharp increase of Rs333 in a single day.
April 18: Chairman Central Board of Revenue (CBR), Abdullah Yousuf inaugurates the first South Asian accounting summit.
April 19: The State Bank of Pakistan (SBP) says it will maintain a tight monetary policy on account of the unstable downtrend in inflation which continued to pose a serious challenge to macroeconomic stability.
April 20: Canada writes off a $392 million loan to Pakistan that will be spent on the countryââ¬â¢s education system. An agreement was signed between the economic affairs division of the ministry of economic affairs and statistics and the Canadian government, according to an official announcement.
April 22: The Economic Coordination Committee of the Cabinet (ECNEC) headed by Prime Minister Shaukat Aziz approves 22 development projects which will cost Rs53.7billion.
April 26: Pakistanââ¬â¢s poultry industry is estimated to have suffered Rs9 to 10 billion loss in the last two months on account of declining sales due to the outbreak of bird flu in some farms in Northern Areas in February followed by detection of the virus in poultry farms in Islamabad last week.
April 30: The Oil and Gas Regulatory Authority increases ex-depot petroleum prices by up to 7.2 per cent with immediate effect for 29 designated depots following its approval by the prime minister.
Kerosene oil saw the highest increase of 7.2 per cent or Rs2.11 per litre in its ex-depot rate, followed by light diesel oil whose prices surged by 5.1 per cent or Rs1.6 per litre.
May 3: The price of 24 carat gold touches a new record peak of Rs13,099 per 10 grams from Rs12,747 on Tuesday on the back of persistent increase in international gold rates.
May 3: State Bank Governor Dr Shamshad Akhtar says that the banking industry in Pakistan has witnessed a brisk growth in assets in recent years which now stood at over $60 billion.
May 3: Prime Minister Shaukat Aziz imposes, with immediate effect, a 10 percent regulatory duty on the import of wheat.
May 4: The prime minister approves a decision to solve socio-economic problems and hardships being faced by female government employees by allowing them to be posted at the place of residence of their husbands.
May 9: Over 200 companies from 19 countries, including China and India, display their goods at the third Plastic Printing and Packaging and Foodtech Pakistan 2006 exhibition.
May 10: Local bullion rates make more history by touching Rs13,673 per 10 grams from Rs13,273 - showing a jump of Rs420 in the last 24 hours. The price of 24-carat gold hit a new peak of Rs13,099 per 10 grams last week. Gold rates have seen a jump of Rs574 per 10 grams from May 3.
May 11: Pakistan signs the New York Convention under which arbitration decisions of the courts of foreign countries in terms of investment disputes would be implemented by the Pakistan courts.
May 11: A ship, S Kala, from China loaded with 26,620 tons of loose cement is accommodated at a berth at Port Qasim. Around 250,000 to 300,000 tons of cement had been booked by importers after the government allowed cement import.
May 12: Pakistanââ¬â¢s trade deficit widens by 93.65 per cent to $9.427 billion during the last 10 months (July-April) of the fiscal year 2005-06 as against $4.868 billion during same period last year.
May 22: ââ¬ËMarble cityââ¬â¢ is inaugurated by President General Pervez Musharraf in Gadani.
May 22: Another bank is awarded a licence for Islamic banking, which brings the total of such banks to six in the country. The State Bank of Pakistan announced that it had issued the Islamic banking licence to First Dawood Islamic Bank Limited.
May 25: Pakistan and Iran decide to establish a joint investment company to be based in Karachi, with a capital of $25 million to promote trade and economic relations between the two countries.
May 26: The State Bank on Friday launches the highest denomination currency note of Rs5,000.
May 31: UAE-based EMMAR group unveils three real estate projects in Pakistan with total investments of AED8.8billion. The company will construct skyscraper buildings in Karachi (Crescent Bay at DHA Phase 8) and Islamabad (Highlands and Canyon views).
June 2: Stock brokers agree to a new product for leveraging (CFS Mk II).
June 5: The government presents an Rs1.5 trillion federal budget for 2006-07 in the National Assembly, which sets a revenue target of Rs840 billion, defence spending of Rs250.2 billion and fiscal deficit of Rs373.5 billion, which amounts to 25 per cent of the total budget outlay.
June 10: The government says that Pakistanââ¬â¢s trade deficit widened 93.05pc in 11 months (July-May) of the 2005-06 to its highest level as oil prices hit a new high and imports of petroleum and capital goods also set a record.
June 14: KSE 100-Index was at a low of 8,766.98. It suffered a drastic decline of 547 points - the biggest decline in terms of points.
June 20: The Commerce Ministry seeks legal opinion from the Law Ministry to challenge the Indian governmentââ¬â¢s decision of including Pakistanââ¬â¢s super basmati rice in its exportable products list.
June 21: The government grants three exploration licences and petroleum concession agreements to Mari Gas Company Ltd (MGCL) in Sindh and Balochistan.
June 22: British Petroleum says that it will invest $20 million in offshore exploration in Pakistan.
June 22: The government revises upward customs duty on import of 18 items to provide protection to the local industries besides making other legal changes in the Customs Act. The penalty for delay in filing goods declarations (GDs) has been reduced to Rs15,000 from the pre-budget amount of Rs100,000.
June 23: The Supreme Court annuls the sale of Pakistan Steel Mills to a three-party consortium and directs the government to refer the matter to the Council of Common Interests (CCI) within six weeks.
A nine-member full bench of the apex court, headed by Chief Justice Iftikhar Mohammad Chaudhry, declared the $362 million transaction with the Russian-Saudi-Pakistani investors null and void.
June 29: The Securities and Exchange Commission of Pakistan (SECP) circulates a revised paper on Continuous Funding System (CFS) Mk II, an amended version of the existing CFS.
July 31: Heavy rains virtually paralyse industrial and trading activities in the city. Industrialists said production activities in the industrial estates plunged by 50-80 per cent.
Aug 1: The Unique Identification Number (UIN) system completes its first day of implementation successfully at the stock exchanges. The system provides that all clientsââ¬â¢ codes and names of stock brokers are now subject to pre-trade UIN verification.
Sept 2: The Large Taxpayer Unit (LTU) Karachi presents the first-ever awards to leading taxpayers from 17 sectors in the country.
Sept 4: The State Bank allows a one-time opportunity to the textile sector to refinance its outstanding fixed-term loans availed from banks or DFIs for import of plant and machinery.
Sept 4: The International Monetary Fund (IMF) cautions Pakistan about higher external current account deficit and asks authorities to enhance public savings for fiscal consolidation and to create the right environment to encourage investment and increase productivity.
Sept 5: Final figures released show that the large-scale manufacturing (LSM) sector growth fell by 46 per cent during the last fiscal year ended June 30, 2006.
Sept 5: Standard Chartered PLC announces that its subsidiary company, Standard Chartered Bank (Pakistan) Limited, has completed the acquisition of 95.37 per cent interest in Union Bank Ltd.
Sept 6: The Asian Development Bank (ADB) will enhance to $2 billion its annual financial assistance to Pakistan.
Sep 9: Goods worth Rs1.5 billion are transported to Afghanistan via the Torkham border under the Afghan Transit Trade (ATT) during the first two months of the current financial year.
Sept 9: The board of Export Development Fund (EDF) approves Rs9.274 million for the upgradation of the Research and Economic Development Department of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
Sept 11: The State Bank decides to extend the export finance facility for gemstones and precious and semi-precious stones. The central bank issued a circular saying that it had been decided that export refinance would also be admissible under the Export Finance Scheme (EFS) for export of gemstones, precious and semi precious stones on self consignment basis.
Sept 16: Data for the fiscal year 2005-06 issued by the State Bank shows that monetary growth was 15.18 percent, which is much higher than the target.
Sept 30: The Pakistan Telecommunication Authority implements the cell phone set jamming system following growing incidents of snatching and theft of cellular phone sets across the country.
Oct 7: The Board of Administration of Export Development Fund (EDF) approves Rs8.8 million for implementation of trade initiatives announced in the trade policy 2006-07.
Oct 7: Pakistan is still not invited to attend the 2nd International Rice Congress 2006 to be held in New Delhi to display various products of rice.
Oct 12: The government grants an exploration licence to Government Holdings (Pvt) Limited (GHPL) and reach a petroleum production sharing agreement with GHPL and Pakistan Petroleum Limited (PPL) over Eastern Offshore Indus covering an area of 2,494 sq-km.
Oct 13: Pakistan and Mexico ink a memorandum of understanding (MoU) on the export of Pakistani rice to Mexico.
Oct 16: Prime Minister Shaukat Aziz on Monday approves a proposal for conducting geological surveys for gem deposits in various parts of the country to quantify the existing deposits and identify potential mining locations.
Oct17: The Global Depository Receipt (GDR) of MCB Bank Limited is formally listed on the London Stock Exchange, making it the first Pakistani company to get listing at the LSE.
Oct 17: The Privatisation Commission invites expressions of interest from prospective investors for the acquisition of minimum 90 per cent shares of Heavy Electrical Complex (HEC) together with management control on ââ¬Åas is, where isââ¬Â basis.
Oct 21: The Supreme Court, Quetta bench, orders cancellation of allotment of residential and industrial plots in Gwadar to MNAs, senators, MPAs, ministers and other dignitaries by the government on the basis of a special quota and allocation of 50 plots for allotment to serving and retired members of judiciary.
Oct 21: The World Bank and Pakistan ink a grant agreement of $750,000 to help finance preparation activities for the Punjab Large Cities Development Policy Loan (DPL).
Nov 2: The CBR exempts a range of raw materials used in textile processing and finished products from customs duty. The exemptions were announced through a customs notification issued by amending the notification SRO 567 of 2006.
CBR waived customs duty on import of ink for Ink Jet engraver; wax for Wax Jet engraver; Printing Gum (pre-gelatinised modified starch for textile printing); Printing Gum (preparation of modified starches with other gums having specific application in textile printing); and pigment thickener.
Nov 2: The Pakistan Poverty Alleviation Fund (PPAF) and Citigroup Foundation launch the ââ¬ËCitigroup Micro-entrepreneurship Awards 2006 Programmeââ¬â¢.
Nov 2: The Large Taxpayer Unit (LTU) in Lahore registers a 229 percent growth in the net collection of direct taxes during first quarter of FY07 as compared to the same period last year.
The officials claimed that the net collection of direct taxes by the LTU during July-September 2006-07 stood at Rs2.22 billion as against Rs674 million last year. The collection also surpassed the target of Rs1.65bn for the period under review by 34.5 per cent.
Nov 19: ââ¬ËIdeas-2006ââ¬â¢, an extravaganza of local and foreign military hardware with the theme of ââ¬ËArms for Peace,ââ¬â¢ is opened with a precursor seminar on Expanding Global Security Environment.
Nov 30: The President and the federal cabinet decide that five major dams Kalabagh, Akhori, Munda, Diamer-Bhasha and Kurram Tangi will be completed before 2016. Rs57.1bn projects approved by Ecnec.
Dec 2: The State Bank of Pakistan apprehends inflation rate in the current fiscal year ââ¬Åmay remain above the 6.5 percent annual targetââ¬Â because of the governmentââ¬â¢s inability to reduce petroleum prices.
Dec 4: Japan International Cooperation Agency (Jica) advises Pakistan to formulate an industrial development strategy, with a focus on promotion of high-value-added products.
Dec 4: The Pakistani rupee slips to a near 25-month low as banks bought dollars for import and year-end debt payments and dealers said it would remain under pressure in the near-term. The rupee ended at 60.92-60.94 to the dollar, down from 60.86-60.88, and its lowest since October 2004.
Dec 5: The State Bank allows American Express Bankââ¬â¢s amalgamation with Jahangir Siddiqui Investment Bank Ltd.
Dec 7: For the first time, PIBs of 30 years maturity will be sold in the auction to be held on December 21, by the State Bank.
The State Bank invited bids for the sale of Pakistan Investment Bonds (PIBs) of 3, 5, 10, 15, 20 and 30 years maturity.
Dec 8: The International Monetary Fund expresses concern over Pakistanââ¬â¢s large current account deficit, warning that further widening could compromise external debt sustainability in its report.
Dec 6: The Oil and Gas Development Company (OGDC) becomes the second Pakistani company to be enlisted at the London Stock Exchange after the company raised its Global Depositary Receipts (GDR) to US dollars 712 million.
Dec 15: The National Logistics Cell (NLC) signs an agreement with a Middle Eastern company, Majid Al Futtaim Group of Companies, to jointly form a private limited company in Pakistan and invest in the real estate sector.
The share capital of the company would be Rs60million initially. The NLC would own 45 per cent of the company while the remaining 55 per cent would belong to the group. The agreement is signed last week.
The NLC has also reached a similar Rs30billion agreement with Enshaa group of Mauritius, sponsored by the Abraaj Capital of UAE and Emirates Investment Group.
Dec 16: The Pakistan government and the World Bank (WB) sign an agreement to convert $41.61 million credit the former had taken from the International Development Association (IDA) into grant.
The Melinda and Bill Gates Foundation will reimburse this amount to the WB discharging the government of Pakistan of its payment obligations and all liabilities.
Dec 22: The garment industry received a sum of over Rs9.8 billion as reimbursement regarding the Research and Development (R&D) support during the first six months of the current year, says a State Bank report.
Dec 22: A Chinese company finalises plans to set up a pesticides plant in Pakistan. Ms Hao Ying, Chairperson, Pak-China Manufacturing (Pvt) Ltd who called on Prime Minister Shaukat Aziz here on Friday, said it would be the first basic pesticide manufacturing plant of Pakistan.
Dec 26: The federal government urgently providing special Rs700 million funding to Balochistan to help meet 15-year water demand of the Gwadar Industrial Estate (GIE) through the installation of a foreign assembled desalination plant.
Dec 27: Prime Minister Shaukat Aziz on Wednesday approves, in principle, the long-term auto policy and asks the Ministry of Industries to submit a detailed auto industry development programme (AIDP) latest by March 31.
Dec 27: The rupee falls to a 26-month low on Wednesday as importers bought the dollar aggressively to make year-end payments, and dealers said the rupee would remain under pressure in the near-term. The rupee closed at Rs60.97/99 to the dollar compared with the previous close of Rs60.94/96.
Dec 28: The German Federal Armed Forces has commissioned a consortium consisting of Siemens Business Services (SBS) and IBM to modernise and manage its non-military information and communications technology. The 10-year contract is worth about 7.1 billion euros, including Vat, and will go into effect immediately.
Compiled by Hina Mahagul Rind
http://www.thenews.com.pk/daily_detail.asp?id=37398
