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ECC okays Rs2.9bn bailout package for crisis-hit Pakistan Steel Mills

Source: Geo News | 09-09-2013

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Saturday approved a three-month bailout package of Rs2.9 billion for the Pakistan Steel Mills (PSM).

According to sources, Rs1.5 billion will be released in September, Rs700 million in October, while Rs700 million in November. This will include two-month salary of the workers.

The ECC, which met here with Federal Minister for Finance Mohammad Ishaq Dar in the chair, discussed a proposal for an interim relief for the Pakistan Steel Mills and decided that the Chairman Board of Investment and the Ministry of Industries should come up with a proposal for long-term solution of the problem in the next meeting.

The ECC also decided that the PSM would remain a public sector enterprise, by seeking a strategic partner with a minority stake to run its management.

Malaysia\'s economy grows by 4.4pc in 2nd Q

Source: Dunya News | 15-11-2013

$Malaysia\'s economy grows by 4.4pc in 2nd Q$ Malaysia s economy grew at a better-than-expected 5.0 percent on year in the third quarter fuelled by robust domestic demand and an improvement in exports, the central bank said Friday. The economy expanded 4.4 percent in the second quarter. The services and construction sectors were the key drivers on the supply side while private and public consumption ..... Read more

Oil prices fall in Asian trade

Source: The News | 14-03-2013

Oil prices declined in Asia on Thursday after the International Energy Agency (IEA) lowered its global demand forecast while data showed an increase in US inventories, dealers said. New York's main contract, light sweet crude for delivery in April dropped 25 cents to $92.27 a barrel and Brent North Sea crude for April delivery shed 29 cents to $108.23...... Read more

PGJDC establishes gem identification labs

Source: The Nation | 14-01-2013

Pakistan Gems and Jewellery Development Company (PGJDC) has established five full-fledged and well-equipped gem identification labs in different cities, to provide facilities of gemstone testing and diamond grading. In these Gem Identification Labs, diamonds and other precious and semi-precious stones are examined according to their colour, shape, ..... Read more

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