New projects to generate power, jobs, says Nawaz

 

SAHIWAL: Prime Minister Nawaz Sharif on Friday, inaugurating the first coal-fired power plant in Punjab, said that new projects will generate electricity and create scores of jobs in the country. He opened a landmark coal-fired plant that would generate 1,320MW of electricity and help the country meet its energy shortage.
The project comprising two units of 660MWs each will be operational in two years and will start adding electricity to the national grid by 2016. The PM said the project would not only help meet the electricity shortage but also create employment for the people of the Sahiwal district and contribute to the national gross domestic product.

The PM recalled the love of the people of Sahiwal. “You are being duly rewarded for standing by the PML-N,” he said and added he was grateful to the people of Sahiwal for their support. He said the people of Sahiwal would again benefit from the soon-to-be inaugurated Lahore-Karachi Motorway. He said Rs55 billion had been allocated for acquisition of land for building the motorway. The PM mentioned the efforts and commitment of Punjab Chief Minister Shahbaz Sharif in making the dream of a developed Pakistan come true.

The PM said the government was toiling day and night to meet the energy shortfall. He regretted that despite 23,000MW installed capacity in the country, the operational capacity was only around 13,000MW and vowed that in the next eight to 10 years his government would10 years his government would double the power generation.

He recalled the inauguration of a similar power project to generate 1320MW electricity at Port Qasim a few weeks back and would be inaugurating the Nandipur power project on Saturday. He mentioned the Pakistan-China trade corridor project and termed it a “game changer” for both the countries as the 2,700km long link from Kashgar to Gwadar. He said the highway passing through all the provinces of the country would open up new vistas of development and progress.

He said Rs35 billion had been allocated for acquisition of land for the Bhasha Dam and the money had already been released. He said the project would generate 4500MW, while the Dasu Dam would also generate an equal amount of electricity and added that with the completion of the Neelum-Jhelum Project, the total installed capacity would almost double from the current generation.

The PM said he had a dream of turning the Gwadar Port into a Dubai, Singapore or Hong Kong and it would have a modern shipping port and an international airport.The PM mentioned that 10 power units would be set up at Gadani, six in Punjab, 10 at Thar and hoped the country’s energy needs would be fulfilled.

Nawaz said the economic indicators of the country were positive and GDP had risen to 4.1 percent, manufacturing up by 5.5 percent while foreign exchange reserves had gone up enormously.

Our Correspondent adds from Lahore: Punjab Chief Minister Shahbaz Sharif said the most modern coal power project of 1320MW in Sahiwal would be completed in record time period. He said it was the first coal-based power project, being installed with the cooperation of Chinese companies in Punjab. He said loadshedding would be eliminated under the leadership of PM Nawaz Sharif and more coal power plants of this kind would be set up in the province.

Shahbaz Sharif said in order to stabilise national economy and promote agriculture and industrial sectors, Nawaz Sharif accepted this challenge and evolved a comprehensive strategy for resolving energy crisis. Similarly, he said, the cost of electricity produced from fuel is very high. He said with regard to medium-term planning, generation of power from coal costs almost half compared to fuel while this project can be completed in a comparatively shorter period of time.

Shahbaz said Pakistan did not have oil or gas reserves like Middle Eastern countries, however, it is fortunate to have a leader like Nawaz Sharif who has extraordinary power of decision-making and determination. He said PM Nawaz Sharif worked day and night for power generation projects and in a meeting of Joint Economic Commission of China and Pakistan held on February 19, 2014 in Beijing it was agreed that power projects of 20 thousand megawatts will be set up in Pakistan during the next seven years and this has been made possible due to invaluable cooperation of Pakistan’s greatest friend, China.

The CM also thanked provincial ministers concerned especially Malik Nadeem Kamran, Walait Shah Khagga and his son as well as assembly members from Sahiwal, elected representatives, chief secretary, senior member Board of Revenue, additional chief secretary energy and other officials and said the entire team worked very hard to acquire land for the project in a transparent manner and it deserves all credit.

New projects to generate power, jobs, says Nawaz

 

SAHIWAL: Prime Minister Nawaz Sharif on Friday, inaugurating the first coal-fired power plant in Punjab, said that new projects will generate electricity and create scores of jobs in the country. He opened a landmark coal-fired plant that would generate 1,320MW of electricity and help the country meet its energy shortage.
The project comprising two units of 660MWs each will be operational in two years and will start adding electricity to the national grid by 2016. The PM said the project would not only help meet the electricity shortage but also create employment for the people of the Sahiwal district and contribute to the national gross domestic product.

The PM recalled the love of the people of Sahiwal. “You are being duly rewarded for standing by the PML-N,” he said and added he was grateful to the people of Sahiwal for their support. He said the people of Sahiwal would again benefit from the soon-to-be inaugurated Lahore-Karachi Motorway. He said Rs55 billion had been allocated for acquisition of land for building the motorway. The PM mentioned the efforts and commitment of Punjab Chief Minister Shahbaz Sharif in making the dream of a developed Pakistan come true.

The PM said the government was toiling day and night to meet the energy shortfall. He regretted that despite 23,000MW installed capacity in the country, the operational capacity was only around 13,000MW and vowed that in the next eight to 10 years his government would10 years his government would double the power generation.

He recalled the inauguration of a similar power project to generate 1320MW electricity at Port Qasim a few weeks back and would be inaugurating the Nandipur power project on Saturday. He mentioned the Pakistan-China trade corridor project and termed it a “game changer” for both the countries as the 2,700km long link from Kashgar to Gwadar. He said the highway passing through all the provinces of the country would open up new vistas of development and progress.

He said Rs35 billion had been allocated for acquisition of land for the Bhasha Dam and the money had already been released. He said the project would generate 4500MW, while the Dasu Dam would also generate an equal amount of electricity and added that with the completion of the Neelum-Jhelum Project, the total installed capacity would almost double from the current generation.

The PM said he had a dream of turning the Gwadar Port into a Dubai, Singapore or Hong Kong and it would have a modern shipping port and an international airport.The PM mentioned that 10 power units would be set up at Gadani, six in Punjab, 10 at Thar and hoped the country’s energy needs would be fulfilled.

Nawaz said the economic indicators of the country were positive and GDP had risen to 4.1 percent, manufacturing up by 5.5 percent while foreign exchange reserves had gone up enormously.

Our Correspondent adds from Lahore: Punjab Chief Minister Shahbaz Sharif said the most modern coal power project of 1320MW in Sahiwal would be completed in record time period. He said it was the first coal-based power project, being installed with the cooperation of Chinese companies in Punjab. He said loadshedding would be eliminated under the leadership of PM Nawaz Sharif and more coal power plants of this kind would be set up in the province.

Shahbaz Sharif said in order to stabilise national economy and promote agriculture and industrial sectors, Nawaz Sharif accepted this challenge and evolved a comprehensive strategy for resolving energy crisis. Similarly, he said, the cost of electricity produced from fuel is very high. He said with regard to medium-term planning, generation of power from coal costs almost half compared to fuel while this project can be completed in a comparatively shorter period of time.

Shahbaz said Pakistan did not have oil or gas reserves like Middle Eastern countries, however, it is fortunate to have a leader like Nawaz Sharif who has extraordinary power of decision-making and determination. He said PM Nawaz Sharif worked day and night for power generation projects and in a meeting of Joint Economic Commission of China and Pakistan held on February 19, 2014 in Beijing it was agreed that power projects of 20 thousand megawatts will be set up in Pakistan during the next seven years and this has been made possible due to invaluable cooperation of Pakistan’s greatest friend, China.

The CM also thanked provincial ministers concerned especially Malik Nadeem Kamran, Walait Shah Khagga and his son as well as assembly members from Sahiwal, elected representatives, chief secretary, senior member Board of Revenue, additional chief secretary energy and other officials and said the entire team worked very hard to acquire land for the project in a transparent manner and it deserves all credit.

Those nurtured under dictatorship should seek new jobs: Pervaiz

 

ISLAMABAD: The Minister for Information and Broadcasting, Senator Pervaiz Rasheed, on Friday said those who were nurtured under dictatorship should seek new jobs.
Talking to media persons here, he said all the state institutions, including the army, were bound to act within the ambit of the Constitution. He noted that certain elements, who thrived during the stint of dictators, were trying to spread rumours.

The minister said there had been no demand from the army for the removal of any minister, adding that there was no other thinking in the army except the defence of Pakistan.He said the entire nation was grateful to the armed forces for their sacrifices for the country and noted these would always be remembered.

About the trial of former military ruler General Musharraf, the minister said that the decision regarding Musharraf would be made by the judiciary and it would be acceptable to all.He claimed things had considerably improved during the last eight months and now every morning started with the dollar value going down and the launch of major projects.

Pervaiz said that consumers paying their bills would definitely get electricity.Online/APP add: Pervaiz Rasheed said no patriotic person could point fingers at the army. To a question, the minister said the economy had strengthened due to the positive policies of the government.

He said the government was committed to ridding the country of the energy crisis and inflation and to making the country a cradle of peace and stability.He said that “in the past we used to hear bad news like bomb blasts and terrorist attacks everyday but for the last few months good news have been coming.”

He said there were good news like stock exchange improvement, appreciation of rupee against the dollar, setting up of power generation plants and starting of construction work of new public transport system. Moreover, he said that the entire world now wanted to strengthen their relations with Pakistan and invest here, which was a big change.

He said that the Lok Virsa festival had been organised to bring cultures and civilisations of all the regions of the country under one roof. He said artists, singers and artisans participating in the Lok Mela were representing the real cultural values of the country. “They express their feelings through colours, words, music, etc,” he added.

C$ hit by disappointing jobs data

TORONTO: The Canadian dollar slumped against the greenback on Friday, briefly piercing the C$1.11 level after data showed the domestic economy unexpectedly shed jobs last month, in contrast to an acceleration of jobs growth south of the border.
Canada lost 7,000 jobs in February, contrary to expectations for an increase of 15,000. The unemployment rate held steady at 7 percent, but the data was unlikely to give the Bank of Canada much reason to change its neutral policy stance.
The report was a setback for the loonie, wiping out most of its gains in the past two days that had pushed the currency to a two-week high on Thursday.
"The direction of the move makes sense to me ... however, the size of the move was a bit of a surprise to me, even considering the strength of the US report," said Greg Moore, senior currency strategist at Royal Bank of Canada in Toronto.
"I think it can be justified by the fact that we've seen big choppy moves over the past week or two, so it's just been more volatile moves in general."
The Canadian dollar ended the North American session at C$1.1090 to the greenback, or 90.17 US cents, weaker than Thursday's close of C$1.0992, or 90.98 US cents. The loonie hit a session low of C$1.1101.
The currency is likely to trade in the mid-C$1.09 to mid-C$1.11 range for the time being, said Moore.
"Next week is another very quiet week, there's not much to point to at all in Canada that could change the overall macro picture. So I think that essentially leaves us neutral for now," he said.
A separate report on Friday showed Canada's trade deficit narrowed more than expected, but that silver lining was eclipsed by the employment data.
Data south of the border boosted the greenback to the Canadian dollar's detriment as the US added 175,000 jobs in February, beating expectations.
Canadian government bond prices were mostly lower across the maturity curve, with the two-year off 0.2 Canadian cent to yield 1.053 percent and the benchmark 10-year was down 14 Canadian cents to yield 2.523 percent.

TSX rises as jobs help offset mining retreat

TORONTO: Toronto's main stock index rose on Friday following better-than-expected US jobs data, with gains in energy stocks offsetting a decline in mining.
US jobs growth picked up sharply in February despite an unusually cold winter, with 175,000 new jobs created, compared with a loss of 7,000 in Canada. Sentiment in Canada is often influenced by news out of the United States, the country's largest trading partner.
"The US jobs number was the big positive driver for the markets today. I think there was enough there to even offset the job losses in Canada. So yeah, it's been a good day that way," said Brian Pow, vice president, research and equity analyst at Acumen Capital Partners in Calgary.
The Toronto Stock Exchange's S&P/TSX composite index closed 27.16 points, or 0.2 percent higher, to end the session at 14,299.08. Nine of the 10 main groups were in positive territory.
The index, which rose in four of the last five sessions, gained close to 0.7 percent on the week. It has gained 6 percent since it last troughed at the beginning of February.
Energy stocks were helped by stronger crude prices, which rose to $108 a barrel on supply concerns from the crisis in Ukraine and the US jobs number.
Canadian Natural Resources was up 1.9 percent at C$41.59, while Suncor Energy Inc rose 1.1 percent to C$36.91. The overall group climbed nearly 1 percent.
The heavily weighted financial group was up a modest 0.1 percent.
"Our index has the barbell between financials and resources that makes our markets somewhat less volatile, in terms of what's going on," said Paul Hand, managing director at RBC Capital Markets.
The materials group, comprised of mining stocks, capped some of the positive gains, with a 1.7 percent retreat, as gold and copper prices fell.
Goldcorp Inc was off 1.7 percent at C$29.97, while Barrick Gold Corp was down 1.1 percent at C$22.08.
Gold prices fell 1 percent as US jobs data helped soothe fears of an abrupt slowdown in the world's biggest economy.
Base-metals miner First Quantum Minerals Ltd led the decliners with a 5.4 percent drop to C$20.10 as copper hit a seven-month low on China growth worries. Teck Resources Ltd also slumped 3.4 percent to C$24.40.
In company news, Constellation Software Inc was also one of the biggest drivers on the positive side, jumping 12.2 percent to C$265.48. The company reported better-than-expected results after markets on Thursday and at least two analysts raise its price target on the company.
The overall technology group gained 1.7 percent. March 8, 2014

S&P 500 hits record on data, ECB; focus shifts to jobs report

NEW YORK: U.S. stocks mostly rose on Thursday, with the S&P 500 hitting a record after better-than-expected jobless claims data ahead of Friday's all important nonfarm payrolls report.
Boosting appetite for riskier assets, the European Central Bank decided not to take any action at its meeting on Thursday because economic and monetary conditions had not changed enough to warrant it. The euro hit its highest level against the U.S. dollar since late December.
Investors' focus shifted to Friday's employment data, due at 8:30 a.m. ET, which is likely to show job growth in the U.S. picked up enough in February to encourage the Federal Reserve to continue to scale back its monetary stimulus. But the gain was likely to be tepid given the unrelentingly harsh winter.
"There isn't much action today in terms of direction and volume on caution ahead of the jobs report tomorrow," said Ryan Detrick, analyst at Schaeffer's Investment Research in Cincinnati, Ohio.
With less than a hour left in trading, about 4.9 billion shares traded on U.S. exchanges, according to data from BATS Global Markets, below the daily average of about 7 billion in the past month.
The biggest gainers were stocks in basic materials, financial and industrial sectors, often associated with strong economic fundamentals. The S&P basic materials index was up 0.4 percent, the S&P financial index was up 0.8 percent and the S&P industrials index was up 0.5 percent.
But the Nasdaq 100 fell 0.2 percent, led lower by Staples, which lost 15 percent to $11.39. The largest U.S. office supplies retailer forecast a decline in sales. Staples also said it would close up to 225 stores in the United States and Canada by 2015.
The Dow Jones industrial average rose 71.49 points or 0.44 percent, to 16,431.67, the S&P 500 gained 4.1 points or 0.22 percent, to 1,877.91 and the Nasdaq Composite dropped 5.914 points or 0.14 percent, to 4,352.06.
Crimea's parliament voted to join Russia and its Moscow-backed government set a referendum for 10 days' time on the decision in a dramatic escalation of the crisis in the Ukrainian Black Sea peninsula.
U.S. President Barack Obama took steps to punish those involved in threatening Ukraine while European Union leaders agreed to suspend visa and investment talks with Russia.
An index of Moscow stocks lost more than 2 percent after the vote in Crimea, but pared the losses and closed down 1 percent. The rouble weakened 0.4 percent versus the U.S. dollar. A U.S.-traded Russian ETF fell 1.3 percent to $23.37.
With the S&P 500 at a record and lingering tensions between Ukraine and Russia, investors turned to the options market for hedges against a market decline. The S&P 500 climbed to an all-time intraday high of 1,881.94 earlier in the session.
Put buying in the SPDR S&P 500 ETF continued, with the weekly $185 and $187 strikes that expire Friday garnering the most interest as of Wednesday's close, according to Schaeffer's Investment Research. The ETF was up 0.3 percent at $188.22.
Costco Wholesale Corp was down 1.8 percent at $114 after the warehouse retailer reported a bigger-than-expected 15 percent fall in quarterly profit as unusually deep discounting in the holiday shopping season hurt margins.
Weekly applications for U.S. unemployment insurance fell to 323,000, the lowest in three months, a sign of strength in a labor market that has been hobbled by severe weather. New orders for U.S. factory goods, however, fell more than expected in January and shipments also slipped, adding to signs of a recent slowdown in manufacturing activity.