ISLAMABAD (September 02, 2010): The Public Accounts Committee was informed on Wednesday that the circular debt has once again swelled to over Rs 300 billion, for which the authorities are seriously considering to charge-sheet Karachi Electric Supply Company (KESC), the biggest defaulter. Secretary, Water and Power, Shahid Rafi, told the PAC that Pakistan Electric Power Company was again in serious trouble, as the circular debt exceeded Rs 300 billion.

ISLAMABAD (September 02, 2010): The Cabinet has been informed that GDP will decline to 2.5 percent, from projected 4.5 percent, for the current fiscal year (2010-11) as a result of damage to various sectors of the economy by floods. The Minister for Information, Qamar Zaman Kaira, told media here on Wednesday at a news conference after the Cabinet meeting that budget deficit might touch 6 to 7 percent of GDP for the ongoing fiscal year and inflation 15 to 20 percent.

LAHORE (September 02, 2010): The negotiation are underway and at its advanced stage for setting up of Special Economic Zone in collaboration with a Chinese group while feasibility study have been completed for setting up new industrial estates in Kasur and Rahim Yar Khan districts.

SIALKOT (September 02, 2010): Eid shopping is very dull due to Sialkot tragic incident, floods and price hike in urban and rural areas of Sialkot district. Although shopping centres, commercial markets and bazaars that remained open till late at night because customers start pouring in after Iftar but the buyers were very thin. Despite the Chinese products like readymade garments, shoes and mobile phones are denominating in local markets but the sale is at lowest ebb as compared to the previous years.

MULTAN (September 02, 2010): President Multan Chamber of Commerce and Industry (MCCI) has expressed concerns over the double digit inflation, which is taking a heavy toll on the lives of the poor people and on business activities and urged the government to take urgent remedial measures to bring it down to single digit level.

ISLAMABAD (September 02, 2010): The multi-billion dollars Reko Diq project in Balochistan may be further delayed due to scarcity of funds and misunderstanding between the federal and provincial governments over the funding percentage issue, sources told Business Recorder. Reko Diq is the fifth largest copper ore reserve in the world and contains 0.8 percent of copper content.

LAHORE (September 02, 2010): Punjab Chief Minister Shahbaz Sharif presided over a meeting on Wednesday organised to review progress of low cost housing schemes. Chairman Punjab Land Development Company, Sheikh Allaudin gave a detailed briefing. The chief minister said that the Punjab government has decided to start low housing schemes for low income groups and three, four and five-marla houses would be built under the Aashiana Housing Project.

KARACHI (September 02, 2010): The South Korean electronics giant LG has acquired one of the most prominent locations at Karachi's upcoming Port Grand for its state of the art LG Showcase Outlet. In this regard an agreement was signed at a ceremony hosted by BBCL and attended by Ryu Suyoung, Managing Director LG Pakistan and Shahid Firoz CEO of Port Grand.

KARACHI (September 02, 2010): The Port Qasim Authority (PQA) has revoked the Letter of Intent (LoI) that outlined Rs 15 billion capital dredging deal with a 'cartel' of three international dredging companies after decision of the Competition Commission of Pakistan (CCP).

KARACHI (September 02, 2010): The Karachi Port handled 62,778 tonnes of cargo including 53,215 tonnes of import cargo, 9,563 tonnes of export cargo, 2,028 loaded and empty containers during last 24 hours ended at 0700 hours on Wednesday. The total import cargo of 53,215 tonnes comprised of 8,390 tonnes of containerised cargo; 537 tonnes of general cargo; 37,072 tonnes of bulk cargo: 31,500 tonnes of coal; 835 tonnes of MAP; 4,737 tonnes of DAP and 7,216 tonnes of oil/liquid cargo.