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Unconstitutional diversion of gas to other provinces incurred losses to Sindh: CM

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KARACHI: Maintaining that over 1000 mmcfd of gas out of 2,800 mmcfd produced by Sindh is diverted to other provinces, CM Murad Ali Shah said that was incurring heavy financial losses to the gas-producing province.

He was speaking at a session here today convened to prepare for CCI meeting: “If this 1,000 mmcfd gas of Sindh is not diverted to other provinces, Sindh can produce 5,000 megawatts of electricity from it at a rate of Rs8 per unit against Rs15 per unit which we are charged”, he held.

According to the CM Sindh Article 158 of the Constitution recognizes precedence of the right of utilization by the gas-producing province: “This right of our people has been denied”.  

Lamenting that thousands of villages in Sindh was deprived of gas and electricity he demanded the implementation of Article 158. He said that a resolution apropos this matter would be presented before SA.

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Tokyo shares rise after Wall Street rally

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TOKYO: Stocks here ended higher today with investor sentiment boosted by robust corporate earnings that triggered a rally on Wall Street and lifted shares in Asia.
The benchmark Nikkei 225 index rose 1.29 percent or 291.88 points to 22,841.12 while the broader Topix index added 1.54 percent or 25.96 points at 1,713.87. Market sentiment brightened across Asia, after US and European shares extended gains on a wide range of factors including solid US business earnings, an apparent fading of tensions between Italy and the EU over Rome’s spending, and hopes that Brexit talks may see some progress. Tokyo players also embraced the dollar’s renewed strength.
The US unit kept its ground at 112.25 yen in Tokyo after reaching 112.26 in New York, higher than 111.95 yen seen at the start of the week. “Investors cheered gains of US shares on the back of robust corporate earnings, as well as the relative stability of US bond yields,” Okasan Online Securities said in a note. “The Nikkei index began the day with buy orders leading the way. The dollar hovered just above the 112-yen mark. The yen’s downswing also brightened the sentiment,” the brokerage said. Strong gains of US tech issues drove up Tokyo-based IT shares. IT investor SoftBank Group added 2.13 percent to 9,790 yen, partly on news that Uber was aiming at a valuation above $100 billion for its share offering. Softbank has a 15-percent stake in the ridesharing service.
Softbank stock had taken a hammering in recent days due to the firm’s links to Saudi Arabia, which is under intense international scrutiny after a journalist disappeared from its consulate in Istanbul. Sony jumped 2.23 percent to 6,498 yen. Panasonic rose 1.26 percent to 1,250.5 yen. Toyota gained 1.38 percent at 6,612 yen while Sumitomo Mitsui Financial Group added 1.84 percent to 4,481 yen. FujiFilm, which rose 1.66 percent to 4,890 yen, announced that a US court lifted an injunction that had stopped the firm’s merger talks with US printer maker Xerox. The Japanese firm plans to continue the discussion.

 

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ECC approves uninterrupted gas supply to export oriented industry

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ECC approves uninterrupted gas supply

ISLAMABAD: Economic Coordination Committee at its meeting here today approved the mechanism for supply of uninterrupted gas to zero-rated export-oriented industry.

The meeting chaired by Finance Minister Asad Umar approved the supply of RLNG to the export industry for three months from December this year to February next month.

According to the mechanism, the export sectors will be provided mix energy including RLNG from March to November.

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German business delegation due on 22nd Oct.

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KARACHI: A thirty-member business delegation from Germany -representing important sectors like energy, engineering, security technology, financial services, and construction- will be on a two-day visit to Karachi, from 22ns October.
This delegation was the result of joint efforts by Bavarian Ministry of Economic Affairs, Energy and Technology; Pakistan Embassy in Berlin with support of Dr. Poetis, who is Honorary Consul General of Pakistan in Munich; the Embassy of Germany in Pakistan and the German Consulate in Karachi, President GPCCI, Qazi Sajid Ali told APP here today.
On the first day, German-Pakistan Chamber of Commerce and Industry has arranged a conference on the trade and investment opportunities in Germany and Pakistan. Sindh Chief Minister Syed Murad Ali Shah is expected to inaugurate this programme.
Then, the delegation would visit Karachi Chamber of Commerce and Industry, Trade Development Authority of Pakistan, Sindh Board of Investment, Pakistan Business Council’s secretariat and the Governor House.
Qazi said that after a long period of time, a business delegation from Germany was coming to Karachi for business discussion with Pakistani counterparts and would finalize the projects of mutual interest for the bilateral business growth. Some of the German businessmen are also interested in the joint ventures. The visit would encourage German investment here and exports of Pakistani goods to Germany.

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