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.

PESHAWAR (March 10, 2010): Senior Minister NWFP Bashir Ahmed Bilour has said that payment of the outstanding under the head of net profit on hydropower generation and implementation of the 7th National Finance Commission (NFC) Award would be a big gift of the democracy to the nation. He was speaking to a delegation from Zargarabad, his constituency, at his office on Tuesday.

ISLAMABAD (March 10, 2010): Foreign Minister Makhdoom Shah Mahmood Qureshi and Australian Foreign Minister Stephen Smith discussed a range of bilateral issues during a telephonic conversation on Tuesday. The Foreign Ministers expressed satisfaction over growing bilateral ties especially in education, agriculture and health sectors as well as co-operation in counter terrorism.

ISLAMABAD (March 10, 2010): The Cabinet, scheduled to meet on Wednesday, is set to approve Australia-Pakistan Development Partnership (APDP) worth $211.2 million for years 2010-13. After the approval of the Cabinet, Australian government and Pakistan would sign a Memorandum of Understanding (MoU) on APDP under Rule 16(1) (h) of the Rules of Business 1973.

ISLAMABAD (March 10, 2010): Mauritius is a booming market for Pakistani products and traders and industrialists have to make efforts to penetrate it to gain more space for exports, said Major General Muhammad Saddique (Retd), Ambassador (designate) of Pakistan to Mauritius here.

ISLAMABAD (March 10, 2010): The government will have to inject Rs 34 billion into the Industrial Development Bank of Pakistan (IDBP) to convert it and run it on commercial lines. This was stated before the National Assembly standing committee on finance and revenue by the management of IDBP, which failed to satisfy the committee and consequently the bill for reorganisation and re-conversion of the IDBP was deferred for the third time, to be taken up again in the committee's next meeting.

KARACHI (March 10, 2010): Administrator City District Government Karachi (CDGK) Fazlur Rehman has issued directive for 30 percent cut in non-development expenditure, saying that timely disbursement of pays and pensions of employees and completion of development projects on time would be top most preference.

BAHAWALPUR (March 10, 2010): Asian Development Bank would grant Rs 904 million for various uplift projects in 21 Tehsils of Southern Punjab this year, said Commissioner Bahawalpur division, Mushtaq Ahmad here on Tuesday. Talking to newsmen, he said the amount would be spent on various development schemes including provision of potable water, sewerage system, construction of roads and solid waster management.

LAHORE (March 10, 2010): The Pakistan Industrial and Traders Associations Front (PIAF) has urged the Chairman Federal Board of Revenue to ensure the release of Sales Tax Refund at the earliest as exporters are facing multiple problems because of liquidity crunch.

LAHORE (March 10, 2010): Industrial magnate Tariq Saeed Saigol said on Tuesday that country's economy is stuck up in a vicious circle and only a political will of the society can take it out of quagmire. Talking to Business Recorder, Tariq Saigol feared that the ongoing energy crisis coupled with heavy losses of public sector corporations and a cut in the PSDP may lead to further rise in inflation, unemployment, interest rates and taxes.