Rupee recovers against dollar in open market

KARACHI (Staff Reporter): The rupee strengthened against dollar in cash free/open market on Monday. According to the data provided by the Exchange Companies Association of Pakistan, the US dollar traded at lowest price of Rs 106.20 and highest price of Rs 106.25 in inter-bank while its lowest price in cash free market was Rs 106.60 and highest was Rs 106.80. According the Chairman ECAP Malik Bostan remittances from overseas Pakistanis for the upcoming Eid-ul-Azdha and closing of Hajj operation gave support to the Pak rupee against dollar.


HBL to install over 50 ATMs at Shell fuel stations

KARACHI (Staff Reporter): Habib Bank Limited (HBL) entered into a strategic partnership with Shell Pakistan Limited on Monday wherein HBL will install over 50 ATMs at Shell fuel stations across Pakistan. Faiq Sadiq, Head of Payment Services at HBL added, “This partnership with Shell is one way HBL is looking to strengthen its ATM network and position as the largest ATM provider and banking industry leader in Pakistan.  Mazhar-ud-Deen, GM for Shell’s Retail Business, said, “This will enhance the one-stop customer experience at Shell stations across the country. Customers will now be able to access comprehensive ATM services around the clock, all at one location.



Bhasha Dam a ‘lifeline’ for national economy

ISLAMABAD (APP): The Diamir-Bhasha Dam project is a "lifeline" for the national economy, which will help meet the country's future agricultural and power requirements. According to a Ministry of Water and Power official, the Diamer-Basha Dam, after completion, would help mitigate flood threats, generate sufficient power and store water. Moreover, the dam which is being built, on the Indus River would enhance the life of Tarbela Dam by over 35 years. The gigantic project would generate 4,500 MW electricity and store over 8 million acre feet of water.


PCRET to initiate large-scale production of solar panels

ISLAMABAD (APP): Pakistan Council for Renewable Energy Technology (PCRET) in collaboration with Pak Oasis Pvt Ltd will initiate production of solar panels, which will help overcome prevailing energy crisis. This venture is about working on an indigenous solution to promote Pakistani products and will require the technical skills of young engineers, an official said, adding thus creating massive job openings in all areas on an equal opportunity platform. DG, PCRET, Khalid Islam showed optimisim of Solar Energy growing in the country.

and said "I feel in today's time, energy self-sufficiency is exceedingly important for industrial development in any nation. Pakistan is a sun-friendly country and the 6th luckiest in the world where sun-availability is up to 16 hours on average".

According to official sources, PCRET will soon initiate large scale production and marketing of Renewable Energy and electronic products in the country and will ensure optimal utilization of all available resources and promote cost effective indigenous products.

In this regard, PCRET, STEDEC Technology Commercialization Corporation of Pakistan, Ministry of Science and Technology (MoST), National Institute of Electronic (NIE), Telecom Industry of Pakistan (TIP) and Ministry of Information Technology (MoIT) recently signed a Memorandum of Understanding (MoU) to design, develop, large scale production and marketing of Renewable Energy and Electronic Products.

Under the MoU, NIE and PCRET will design, develop and produce prototype of demand driven products and pass on the complete technical know-how to TIP, while STEDEC will undertake all financial and commercial aspects on behalf of PCRET and NIE.

While, TIP will be responsible for mass scale production and marketing of products designed and developed by NIE and PCRET.

A joint working group, having representation of all the four parties as well as of MoST and MoIT will select the products (already designed or to be designed) and prepare workable operational model and SOPs for taking the products from initial stage to marketing level.

The official said " Ministry of Science and Technology has established Commercialization Cell to develop linkages between R&D Organizations, Academia and Industry for sharing of resources to carry out demand driven R&D, offering solutions to various industrial problems, entrepreneurship development and commercialization of IP of these organizations".

"This MoU will herald a new era of long term relationship between the two ministries, which will be cornerstone of our initiatives aimed at self reliance through indigenization".


Chief Minister approves road reconstruction

LAHORE (Staff Reporter): CM Shahbaz Sharif has approved reconstruction of link road between Multan road and Sundar industrial estate. The road was in a dilapidated condition. CM announced his decision at a meeting with a group of industrialists of SIE headed by S M Tanveer, Chairman Punjab Industrial Estates Development & Management Co. The Chairman PIEDMC said this road is connecting national highway and motorway besides other parts of the province and also taking load of incoming and outgoing goods from important industrial areas.


PIA investigating

Karachi-Dubai flight incident

KARACHI  (Staff Reporter): PIA is conducting a thorough investigation of the incident of flight PK 213 which bound Karachi - Dubai of Sunday night operated by A310 aircraft. According to the PIA’s spokesman, a team of PIA engineers is in the process of minutely checking the aircraft engine which developed a fault during flight. The engine of the aircraft is also being assessed by CAA authorities. The findings will be shared with General Electric for their inputs as well. PIA considers safety of its passengers, crew and aircraft as its foremost priority, spokesman said.

Meanwhile, PIA has so far operated 137 pre- Haj flights and carried around 55,000 intending Haj pilgrims to Saudi Arabia with on time flight departures and arrivals.

According to the statement, PIA on the twenty ninth day of its pre-haj operation, operated three Haj flights carrying over 13,00 intending pilgrims to the holy land. On Monday, PIA flight from Peshawar PK 2655 carried 326 intending pilgrims, from Lahore PK 2257 carried 503 and from Islamabad PK 2355 carried 497 intending pilgrims to the holy land. All departures and arrivals of PIA Pre-Hajj flights are on time.

PIA has operated 11 Hajj flights from Karachi carrying 4,723 intending pilgrims, 12 flights from Lahore with 5,964 intending pilgrims; 21 flights from Islamabad with 10,330 pilgrims; 43 flights from Peshawar with 14,363 pilgrims; 30 flights from Quetta carrying 9,781, 12 flights from Multan carried 6,020 and 07 flights from Sialkot carrying 3,513 intending pilgrims to Saudi Arabia.

On Tuesday, 08th October, a total of 06 flights are scheduled to operate; 02 each from Islamabad, Lahore and Peshawar.