ISLAMABAD (March 10, 2010): The government has decided to replace the incumbent Chief Executive Officers (CEOs) and Boards of Directors (BoDs) of eight public sector enterprises (PSEs), some of which are near bankruptcy, sources in Finance Ministry told Business Recorder.

ISLAMABAD (March 10, 2010): The Economic Co-ordination Committee (ECC) of the Cabinet has approved import of 0.4 million tons of urea, and directed the Trading Corporation of Pakistan (TCP) to make immediate arrangements through Karachi port for the Kharif season 2009-10. The ECC meeting, chaired by Prime Minister Yousaf Raza Gilani, also approved distribution of urea through NFC/NFML for Kharif 2010.

ISLAMABAD (March 10, 2010): Pakistan is to allow Chinese Geological Survey to explore oil, gas and other minerals on its soil after formal approval of the Federal Cabinet, and signing of Memorandum of Understanding (MoU) with Geological Survey of Pakistan (GSP), official sources told Business Recorder here on Tuesday.

KARACHI (March 10, 2010): Announcing to disassociate with the Ministry of Textile Industry, the All Pakistan Textile Mills Association (Aptma) has decided to go on strike from March 18, if the Prime Minister or the President did not resolve the issue of cotton yarn export.

KARACHI (March 10, 2010): Sindh High Court on Tuesday ordered the Ministry of Commerce, the Ministry of Textile, the FBR, Customs and Aptma not to violate the yarn exporting limit of 35 million kgs per month imposed by the Ministry of Commerce through its order/notification issued on February 25, 2010.

ISLAMABAD (March 10, 2010): Any interruption in the fuel supply chain due to rising circular debt may lead to power breakdown for long durations as oil inventory stock, held by power generation companies, has plummeted, and is enough to meet 1-4 days' requirements, Business Recorder has learnt.

ISLAMABAD (March 10, 2010): The Ministry of Textiles has asked the State Bank of Pakistan (SBP) to provide unit-wise data of non-performing loans of textile units and their current status (operating, closed, etc) to adopt a two-pronged strategy for revival of the sick units. Sources told Business Recorder here on Tuesday that there are 80 textile units in the process of closing down, for one reason or another.

KARACHI (March 10, 2010): The lowest bidder, American Investment, which for the second time submitted a defective Standby Letter of Credit (SBCL) in TCP's fifth sugar import tender, has asked for four days' time to correct the defective LC. Sources told Business Recorder on Tuesday that the TCP had already granted two days' to the American Investment group (AIG) for correction, but till Tuesday evening it had failed to submit corrected LC, as per Corporation's terms and conditions.

ISLAMABAD (March 10, 2010): President Asif Ali Zardari on Tuesday signed the 'Protection Against Harassment of Women Bill 2010' with a pledge to pursue the commitment made by Shaheed Mohtarma Benazir Bhutto for the emancipation and uplift of women folk. "We have to create a Pakistan where the coming generations, my daughters, can be proud of the fact that they live as equals.

ISLAMABAD (March 10, 2010): Chief of Army Staff General Ashfaq Parvaiz Kayani has granted one-year extension to another Lieutenant General Ahmed Shuja Pasha, Director General, Inter-Services Intelligence (ISI). General Kayani has given extension to ISI chief after taking the political leadership into confidence on this issue, well informed sources told Business Recorder on Tuesday night.