newsbrief

PR all set to rehabilitate 146 non-functional locomotives

ISLAMABAD (APP): Pakistan Railways has decided to rehabilitate and modernize its 146 non-functional locomotives to facilitate the passengers and generating more revenue for the department. “73 locomotives are under normal maintenance schedules and repair schedules which will be made operational through different schemes under PSDP,” an official in the Ministry of Railways told APP. He said that Pakistan Railways, at present, has a fleet of total 468 locomotives out of which 146 are non-functional while 322 are fully functional. “Out of these 322 locomotives, 144 locomotives are almost new, having recently been procured and up-graded,” the official added. He said that so far around 30 locomotives have been rehabilitated and made operational while one locomotive will be turned out by the end of this month, the official added. The official said a project for special repair of 100 D.E locomotives has been approved. Up till now, 37 D.E locomotives have been repaired and rolled out for train operation while the project will be completed within this financial year, he added.

He said that 10 locomotives were damaged in accidents, requiring heavy repairs. Procurement of material to repair these locomotives is under process and will be completed in current financial year, he added.

The official said that 62 Dalian Chinese locomotives are held up since 2012 for want of imported spares. Feasibility study is under process to examine whether the proposed repairs will be financially viable considering their residual life.

Smeda’s efforts for women entrepreneurship lauded

LAHORE (APP): Women Chamber of Commerce and Industry Multan (WCCI) President Fiza Mumtaz has appreciated Small and Medium Enterprises Development Authority (SMEDA) initiatives to promote entrepreneurship among women of southern Punjab. She expressed these views in a meeting with SMEDA In Charge (Women Entrepreneurship Development Cell) Ms. Tania Buttar at mega women business conference in Multan, according to SMEDA spokesman here Wednesday. He said that Ms Tania, after attending the conference as a panellist, had submitted a report of recommendations regarding women entrepreneurs of southern Punjab, to SMEDA CEO Sher Ayub Khan. Ms. Tania said that started a few years ago, SMEDA entrepreneurship move for Southern Punjab Women enterprises had brought fruit and now the high-profile organization like ACCA along with WCCI had come forward to increase gender diversity and women economic empowerment in the region.

She said that Women Chamber Multan had created an effective platform in collaboration with ACCA to compile viable policy measures on the role of gender balance and women empowerment to achieve higher economic growth and especially recognising the success of women from south Punjab region.

Meanwhile, Sher Ayub Khan expressed deep gratitude to  Filza Mumtaz for acknowledging the role of SMEDA in development of women entrepreneurs. He also assured of SMEDA full support for Women Chamber Multan to serve the cause of women empowerment in the country.

SNGPL announces 60pc cash dividend for shareholders

LAHORE (Staff Reporter): The 53rd annual general meeting (AGM) of Sui Northern Gas Pipelines Limited was held on Wednesday at a local hotel. The meeting was chaired by Muhammad Saeed Mehdi, Chairman Board of Directors. Mirza Mahmood Ahmad, Mohammad Jehanzeb Khan, Mustafa Ahmad Khan, Sajjad Hussain, Directors, Amjad Latif, Managing Director, Saghir-ul-Hassan Khan, Chief Financial Officer and Wajiha Anwar, Company Secretary, as well as other members of the management were also present in the meeting. The company’s annual accounts for the year ended June 30, 2017 were placed before the shareholders. As per declaration, the company earned an all time highest after tax profit of Rs. 8,615 million in its history which translates to earning per share of Rs.13.58. The proposed dividend @ 60%  i.e. Rs.6.00 per share and the annual accounts of the company for FY 2016-17 were approved by the shareholders. The shareholders also approved the appointment of M/s A.F. Ferguson & Co., Chartered Accountants as auditors of the company for the financial year 2017-18.

Govt to miss GDP growth target: PBIF

ISLAMABAD (NNI): President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain on Wednesday said the government will miss the target of six percent growth in the GDP. The government will hardly achieve the growth rate of 5.6 percent while the target of fiscal deficit will also be missed, the former minister said. He said that the target for fiscal deficit for the ongoing fiscal year was set at 4.1 percent which will be missed widely despite some betterment in tax collection, reduction in expenditures and discouraging imports, etc. Mian Zahid Hussain said that last year’s deficit target was set at 3.8 percent which jumped to 5.8 percent resulted in serious problems as FBR could not achieve the target of 20 percent tax collection despite the IMF’s claim that 22 percent tax collection should not be a problem. FBR should not burden the existing taxpayers and try to find the new ones which are in million in the country, he said, adding that the state-run entities which are inflicting heavy losses on the exchequer should be sold without further delay.

The veteran business leader warned that further delay in introducing reforms, curtailing imports, improving exports and controlling twin deficits will push the country towards another crisis which can be resolved through another bailout by IMF or costly borrowing from international debt market which will damage the economy.

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