The Second Quarter Observes 9pc Decline In DP World’s Container Volume

on 30/07/2020

Worldwide port administrator DP World recorded a fall of 8.8 percent in second quarter container volumes, warning on Monday as the uncertainty is still prevailing. Whereas, the credit is given to the coronavirus pandemic. The pandemic has shut down the urban communities and production lines worldwide for a considerable length of time, disrupting shipments and worldwide supply chains, while a few urban areas are currently reintroducing checks after a rise in infections.

The Dubai state-organization, which also operates logistic facilities, took care of 16.7 million shipping containers in the second quarter, down from 18.3m every year earlier.

It recorded its greatest quarterly decrease in the Asia Pacific and Indian subcontinent region, where volumes fell 12.2pc to 7.2m containers.

“Generally speaking, we are delighted that our business has performed superior to expected and, while the standpoint is as yet questionable, we stay positive on the medium-to long term fundamentals of the industry,” Chairman Sultan Ahmed Bin Sulayem said in a statement.

Locals of Gwadar Need the Attention of Chinese Firms

on 27/07/2020

Gwadar Port Authority director Naseer Khan Kashani has asked the Chinese companies working in Gwadar to design the projects which can increase the economic activities in the local region for the welfare of local people while presiding over a meeting of the Gwadar Port Authority here on Friday.

He said that problems being faced by fishermen in the area would soon be resolved. The gathering investigated pace of work on different continuous development projects, execution of Gwadar Master Plan and provision of facilities to fishermen of Gwadar.

SBP Has Decided to Promote Renewable Energy Technology and Raised Financing limit to Rs. 2 Billion

on 23/07/2020

The State Bank of Pakistan (SBP) has upgraded the financing limit of Renewable Energy Refinance Scheme by 100 percent from Rs 1 billion to Rs 2 billion focused on further advancing and expanding the utilization of sustainable power source.

The SBP Financing Scheme for Renewable Energy was announced in June 2016 with a goal to help address the difficulties of energy shortages and environmental change in the country. Since the presentation of the plan, absolute extraordinary financing under the plan has flooded to Rs15.6 billion for 217 undertakings having the capability of including 292 MW of energy supply.

SBP announced that the feedback of stakeholders became the reason to increase the financing of the scheme. According to the reconsidered scheme, the total financing limit has additionally been expanded from Rs.1 billion to Rs.2 billion. While the size of the venture set up by vendor or energy sale organization has been improved from 1 MW to 5 MW.

SBP has permitted financing under category III of the scheme to solar-powered and wind-based energy sale organizations built up explicitly to embrace solar-based and wind-based projects to sell electricity to ultimate users. Such organizations won’t be required to be affirmed under the Alternative Energy Development Board (AEDB) Certification Regulations.

At first, the plan contained two classifications. Class 1 permitted financing for setting up of renewableenergy power projects with limit going from 1 MW to 50 MW for own utilization or selling of power to the national grid or both.

Classification II permitted financing to household, farming, business and industrial borrowers for installation of renewable energy-based tasks of up-to 1 MW to create electricity for own utilization or offering to the grid or organizations under net metering.

Afterwards, in July 2019, SBP presented another Category III for encouraging financing to sellers for installation of wind and solar systems of up to 1 MW. SBP additionally propelled a Shariahcomplaint version of the scheme in August 2019. Presently some new highlights have additionally been included under Category III of the plans and the total financing cutoff of a merchant, provider or vitality deal organization has been upgraded from Rs. 1 billion to Rs. 2 billion.

KE Need to Explain the Cause of Loadshedding: Nepra Issues Show Cause Notice

on 22/07/2020

The National Electrichttps://engineeringreview.com.pk/ Power Regulatory Authority (Nepra) issued a show cause notice to K-Electric on Tuesday due to excessive load-shedding. Nepra has also decided to take action against two other distribution companies of the federal government operating in Sindh.

            The decision was taken after a day-long public hearing, which was held a few days ago.An investigation team of Nepradone a field visit in Karachi and looked into the matter of excessive load-shedding in Karachi.

The investigation committee submitted its findings, which shows discrepancies in the work of KE. It compels Nepra to issue a show cause notice which is also according to under sections 28 and 29 of the Nepra Act and licencing rules for failing to ensure uninterrupted power supply to consumers and maintain service quality.

In the meantime, the Nepra held public hearings into protests against the Hyderabad Electric Supply Company (Hesco) and the Sukkur Electric Power Company (Sepco) over load-shedding and overbilling. A surge of objections rolled in from customers during the public hearingspresided over by Chairman Tauseef H. Farooqi.

In the result of this public hearings, two more companies Hesco and Sepco were taken on board and were asked the reasons for excessive load-shedding.

CEO of Hesco Abdul HaqMemonrevealed that five to six hours of normal load-shedding while remote areas were oppressed as long as 12 hours of power cuts. Whereas unannounced load-shedding has been ended.

Sindh Energy Minister Imtiaz Shaikh told the Nepra that load-shedding in Hesco and Sepco zones had now gone as long as 18 hours and expressed gratitude toward the controller for holding a formal conference. He proposed that the regulatorproceed an investigationinto the Hesco and Sepco’sperformance on the example of K-Electric. The Minister said he would not like to give a political shading to the individuals’ torment, however, the reality was that load-shedding was an intense issue in Sindh and the two organizations (Hesco and Sepco) had not had the capabilityto resolve the issue.

Unregistered Builders & Developers Can Work Till 31st December Only

on 22/07/2020

The Federal Board of Revenue (FBR) has made it compulsory for builders and developers to get themselves enlisted with the FBR till December 31, 2020. The registration will help them to avail Prime Minister’s amnesty scheme for the construction sector and disallowed payment of fixed tax in instalments, after the expiry of the deadline of Sep 30, 2022.

          FBR arranged an online session to resolve the issues and answer the queries of those builders, developers and people’s associated or interested in construction business under the PM motivating force Package for Construction Sector. The session was decided for one hour but extended for more half an hour on the request of the stakeholders, in which more than two hundred queries have been solved.

          Tax authorities have educated the industry that up to 3000 square yards the per square yard charge rate will be charged and in the area of development would surpass, at that point the rate would be charged at Rs 125 for each square yard. There will be no top on the size of development as it could be built from 2 marlas to any boundless roofs.

          The FBR has also given instructions to the non-resident builders and developers working in Pakistan need to file their income tax returns, registration with the FBR is mandatory foravailing the incentive package, renovation business not covered under the amnesty scheme and facility of temporary registration with the FBR is available till submission of missing documents.

In the session a question was asked whether past activities are secured under the plan, FBR authorities reacted that the plan would be accessible to ventures started before December 31, 2020, and existing continuous tasks enrolled with the plan. The new and ongoing projects would be required to be enrolled on the ‘IRIS’ portal of the FBR and the progressing activities should tell about their fruition proportion and need to pay taxes for the rest of the work under the new fixed tax scheme.