Tag Archives: Privatisation

‘No to privatisation, yes to revolution’

‘No to privatisation, yes to revolution’

LAHORE – The Pakistan Trade Union Defence Campaign (PTUDC) held a protest rally against privatisation, price hikes, unemployment and the Balochistan operation on The Mall on Sunday.
The protestors holding red banners hindered the traffic flow by blocking the main road. They chanted slogans against the Balochistan operation and kidnapping cases and demanded the government save the labourers from capitalism by stopping privatisation. They appealed the labourers all over the world

Privatisation Commission will launch convertible bonds

ISLAMABAD – The Privatisation Commission (PC) has planned to launch convertible bonds worth $1.384 billion of Oil and Gas Development Authority and Pakistan Petroleum Limited (PPL) in 2011. Deadline for the launch of convertible bonds of Oil and Gas Development Authority worth $1.08 billion and convertible bonds of Pakistan Petroleum Limited (PPL) worth $304 million at the London Stock Exchange, as proposed by PC, is end of March.
A meeting of the sub-committee of Cabinet

Govt to seek approval for DISCOs’ privatisation from CCI

ISLAMABAD – The National Assembly Standing Committee on Privatisation was informed on Monday that the government would seek approval, regarding privatisation of power sector distribution companies (DISCOs), from the Council of Common Interests (CCI).
The Minister for Privatisation Waqar Ahmad Khan said that the government plans to offload shares of DISCOs on the local stock market. He said that a huge potential to sell energy sector shares exists at the local stock exchanges.

CCOP approves privatisation of HEC and NPCCL

ISLAMABAD – The Cabinet Committee on Privatisation (CCOP) on Thursday approved privatization of the Heavy Electrical Complex (HEC) and National Power Construction Corporation Limited (NPCCL) and formed a sub committee to finalize proposals to launch convertible or exchangeable bonds of the state owned oil and gas sector entities.
The meeting of the CCOP was held under the chairmanship of Minister for Finance Dr Abdul Hafeez Shaikh, said an official statement. The Privatization

Senate body unveils Steel Mills hoax, recommends immediate privatisation

ISLAMABAD – The Pakistan Steel Mills (PSM) should be privatized in a transparent manner if the government is failing to manage its finances, Senate standing committee on industries and production has recommended, adding that PSM was a ‘bottomless pit’ and no amount of cash can salvage it.
The recommendations came in the report of the senate standing committee on industries and production on “Financial Losses of PSM” which was presented in the Senate on Wednesday. It said PSM

Privatisation commission to have 20 members now

ISLAMABAD – The National Assembly on Tuesday unanimously passed the Privatisation Commission (Amendment) Bill 2009, while another bill to amend the Rules of Procedure and Business was referred to the committee concerned.
NA Deputy Speaker Faisal Karim Kundi expressed displeasure over the absence of Law Minister Babar Awan, due to which most of the business on the private members’ day could not be adopted. PML-Q’s Dr Attiya Inayatullah said it was the fifth consecutive private

Railway employees protest downsizing, PR privatisation

LAHORE – Pakistan Railways (PR) employees on Wednesday brought out a rally from Railway Headquarter to Divisional Superintendent (DS) Lahore office to protest against the proposed downsizing and privatization of the department and blocked Allama Iqbal Road for some time by burning tyres.
The protesters chanted slogans against the railway administration and pledged that they will not let any body to privatize Pakistan Railways. They demanded of the government not to privatize the

PML-N economic team suggests privatisation of state-owned enterprises

LAHORE – A broad-based committee mandated by Pakistan Muslim League-Nawaz (PML-N) to draw up proposals for economic turnaround has urged the government to focus more on privatisation, deregulation, tax reforms, education, agriculture sector and improving infrastructure.
It has recommended a decrease in the interest rates and that the oil, gas, water, coal and power departments should be brought under one ministry. The recommendations have been prepared by a committee headed by a

Trade unions protest against privatisation and NIRC

LAHORE – In a protest against recent steps taken by the government for privatization and implementation of National Industrial Relations Commission (NIRC), trade unions of the country collected at Alhamra on Tuesday. Representatives from various organizations spoke of various grievances that workers had.
NIRC is expected to be implemented from June 30, 2011, after which trade unions will not be recognized at a national level, instead only at a provincial level. According to the

SBP recommends privatisation of state insurance companies

KARACHI: State Bank of Pakistan has suggested the privatization of the state-run insurance companies. These companies include State Life Insurance Company (SLIC), Pakistan Reinsurance Company Limited (PRCL) and National Insurance Company Limited (NICL). In its new Financial Stability Report, SBP said that one of the suggested reforms in insurance sector is the privatization of all the state-owned companies, which has been delayed for quite some time.
SBP observed the insurance

PPP not to allow privatisation of educational institutions, says Babar Awan

LAHORE: The Pakistan People’s Party (PPP) would not allow privatisation of educational institutions, Federal Law Minister Senator Dr Babar Awan said on Saturday. He made these remarks while talking to journalists after meeting members of teacher’s Joint Action Committee (JAC).
Awan said that the board of governors (BoG) was a corrupt body and the law did not allow its establishment. He said that baton-charging had become the Punjab Police’s custom and condemned police torture of

Can’t fund it anymore – Finance Division proposes privatisation of Railways

ISLAMABAD: To put the Pakistan Railways on the right track, the federal finance secretary on Friday proposed the government to privatise the organisation, saying the move would cure all its financial and administrative woes.
Finance Secretary Salman Siddique proposed the privatisation of Pakistan Railways due to the government’s financial constraints as well as Pakistan Railways’ poor performance for the last several years. He said the Finance Division was unable to provide more

Russia staging massive privatisation campaign

Russia is fine-tuning a plan to sell off $59 billion in assets, Prime Minister Vladimir Putin’s spokesman said on Thursday after officials unveiled key details of the Kremlin’s biggest privatisation drive in a over a decade.
Russia’s leaders need money to plug a hole in the budget and boost growth ahead of the 2012 presidential election, in which former president Putin has hinted he may stand. Putin, still seen as Russia’s paramount leader, chaired a closed meeting of