Morning Buzz for December 03, 2013 – MR Securities

Karachi, December 03, 2013 (PPI-OT): Dar asks SBP to ensure availability of dollars in market

According to MR Securities,

Finance Minister Senator Ishaq Dar has taken a serious note of the shortage of dollar notes with the exchange companies and scheduled banks and issued orders to the State Bank to ensure that adequate supplies of notes are made available in the market immediately.

Rupee & dollar bonds: IFC to lend a helping hand to MoF
International Finance Corporation (IFC) here on Monday agreed to assist the Ministry of Finance in issuing Global Rupee Bond and Euro Dollar Bond. A statement issued by the Ministry of Finance said that a sixmember delegation of IFC called on Finance Minister Ishaq Dar.

Prime Minister’s youth loans tenor enhanced to eight years
The State Bank of Pakistan on Monday announced enhancement in maximum tenor for Prime Minister’s Youth Business Loans. Now the maximum period will be eight years to facilitate the youth.

SECP approves SME regulations
The Securities and Exchange Commission of Pakistan (SECP) has approved regulations for the listing of small and medium enterprises (SMEs) at the Islamabad Stock Exchange.

Sell-off of PSEs: financial advisor hired
The Privatisation Commission on Monday said that one financial advisor has been hired and two more would be hired before end-March 2014 to undertake the privatisation of 31 identified entities. This was submitted to the Senate Standing Committee on Finance convened by Chairperson Nasreen Jalil.

Federal government goes after State Bank
The federal government has publicly debunked the State Bank of Pakistan (SBP) due to its failure to respond to the worsening currency crisis.

Privatisation prospects: PSM needs restructuring
The government said on Monday that Pakistan Steel Mills (PSM), which is facing a monthly loss of Rs 3 billion, would not be worth privatisation without restructuring. This was stated by Secretary Privatisation Commission Amjad Ali Khan, adding that PSM is operating at 1.5 percent capacity with a negative equity and needs to be restructured before proceeding for privatisation to attract the best possible price.

Chairman levels allegations against ZTBL president
Chairman ZTBL BOD Sultan Ali Chaudhry said that important functions of ZTBL suffered badly due to “an adamant President” who is not ready to hold the Board meeting in line with instructions from the SBP.

CIBE, FAAIF sign accord to boost Islamic baking in France, US
Al-Huda Centre of Islamic Banking and Economics (CIBE) and Franco-American Alliance for Islamic Finance (FAAIF) signed an MOU to boost Islamic banking and finance in France and the United States.

LPG prices kept unchanged
On the directives of the government, state-owned Pak Arab Refinery Company (PARCO) and Oil and Gas Company Limited (OGDCL) have not increased prices of Liquefied Petroleum Gas (LPG) as per international trend and kept it at Rs 103,525 per ton (taxes inclusive) for the month of December. This has put an end to speculations that the local producers were going to increase their price by Rs 46,000 to Rs 50,000 per ton in line with the hike in Saudi Aramco Contract Price.

ECC to approve gas load management plan today
The Economic Coordination Committee (ECC) is all set to approve the gas load management plan for December, January and February.

Domestic gas meters to commercial ones: absence of law hinders conversion
In the absence of proper law and policy, the management of Sui-Northern Gas Pipelines Limited (SNGPL) is facing serious problems to convert domestic gas meters to commercial meters.

OGDCL discovers oil and gas in Sindh
Oil and Gas Development Company Limited discovered gas and condensate oil from Exploratory Well Saand, which is located in Tando Allahyar, Sindh province. OGDCL is the operator of joint venture of Nim block having 95% share as an operator and Government Holding Private Limited (GHPL) 5%.

Shanghai Electric Group keen to invest in power sector
Shanghai Electric Group, which is world renowned investment company, has shown interest to make investment in power sector in the province of Punjab. This assurance was given by vice president Shanghai Electric Group Lv Yachen during a meeting with Punjab Chief Minister Shahbaz Sharif.

KESC challenges statement of Abid Sher Ali
Karachi Electric Supply Company has strongly rejected and challenged the statement of Abid Sher Ali in which he baselessly accused the power utility of receiving more electricity from national grid.

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