Morning Buzz for January 04, 2013 – MR Securities

Karachi, January 04, 2013 (PPI-OT): BOOSTING EXPORTS: SBP LAUNCHES NEW FINANCING FACILITY

According to MR Securities,

The State Bank of Pakistan (SBP) has decided to introduce an Export Finance Facility for Locally Manufactured Machinery (EFF-LMM) to promote the export of Locally Manufactured Plant and Machinery. This new financing Facility shall be effective from January 03, 2013 and remain valid till further instructions.

NEELUM JHELUM PROJECT FUNDS: LAWMAKERS ORDER PROBE INTO ALLEGED MISAPPROPRIATION
While expressing concerns over reports of alleged irregularities in the usage of electricity surcharge being collected for the Neelum Jhehlum hydropower project, a parliamentary panel has initiated a probe into the alleged misappropriations on Wednesday and sought a detailed report within ten days.

COTTON SUPPLY TO FACTORIES SLOWS DOWN
Cotton farmers have so far supplied 11.5 million bales to ginning factories in the current season, which is 3.4% less than the same period of last year, indicating a slowdown in arrival of cotton in the market.

GOVERNMENT URGED TO CANCEL MOVE TOWARDS DECLARING INDIA AS MFN
Agri Forum Pakistan (AFP) Muhammad Ibrahim Mughal has urged the government to cancel the move of declaring India as Most Favoured Nation (MFN) instead of deferring it. ‘India is KASB Securities Limited’s eternal enemy and developing trade or otherwise till solution of Kashmir, river water, Wullar barrage and other controversial issues, trade and other relations with it is against the interest of the nation,’ Mughal said while talking to media persons here on Thursday.

GENERATING FUNDS FOR DIAMER-BHASHA DAM: MINISTRY MULLING PLEDGING ITS ASSETS, SENATE
BODY TOLD
Ministry of Water and Power is considering pledging it’s assets for generating funds to start work on Diamer-Bhasha Dam project costing $14.5 billion.

SABIC TO SUPPLY 0.2 MILLION TONS OF UREA ON CREDIT
A commercial agreement has been signed between Trading Corporation of Pakistan (TCP) and Saudi Arabia Basic Industries Corporation (Sabic) for the import of over 0.2 million tons of urea against $100 million credit facility provided by the Saudi Fund for Development (SFD).

KHYBER PAKHTUNKHWA GOVERNMENT CLAIMS WORTHY ACHIEVEMENTS IN LIVESTOCK SECTOR
The ANP led provincial government of Khyber Pakhtunkhwa during last four and half years has set up 200 livestock dispensaries in each 5-kilometer radius area throughout the province to not only protect cattle from diseases, but also took it forward towards self-sufficiency and meat and milk.

DIAMER-BHASHA DAM: US AGREES TO EXTEND $3.5 BILLION, NATIONAL ASSEMBLY BODY TOLD
Chairman Water and Power Development Authority (Wapda), Syed Raghib on Wednesday disclosed that United States of America (USA) had agreed in principle to extend $3.5 billion for 4500 MW multipurpose Diamer-Bhasha dam. Total cost of the project is estimated at $13-14 billion.

3.7 PER CENT LESS COTTON REAPED THIS SEASON
The domestic cotton production data released by the Pakistan Cotton Ginners Association (PCGA) here on Thursday shows that the country has reaped less cotton by now this season, as compared to last year. As per the statistics, ginners received around 11,586,730 bales of seed cotton (phutti) by January 1, which is 3.7 per cent or 445,440 bales less than the cotton arrived by same time last season.

ADVANS PAKISTAN MICROFINANCE BANK TO BE OPERATIONAL FROM TODAY: SBP GRANTS LICENSE
The State Bank of Pakistan (SBP) has allowed commencement of business to Advans Pakistan Microfinance Bank Limited from January 04, 2013, (today). The Advans Pakistan Microfinance Bank Limited has been licensed to operate in the province of Sindh. Initially, the bank is starting its operations with one branch at Karachi.

PACRA MAINTAINS ‘AAA’ ENTITY RATINGS OF PARL
The Pakistan Credit Rating Agency (PACRA) has maintained long term and short term entity ratings of Pak-Arab Refinery Limited at “AAA” (Triple A) and “A1+” (A One Plus) respectively for the past 15 years. The ratings denote the lowest expectation of credit risk emanating from an exceptionally strong capacity for timely payment of financial commitments.

BURGEONING CIRCULAR DEBT: POWER MINISTRY SCRAMBLES TO CLEAR PSO DUES
PSO threatens to cut fuel supply to the power sector due to the ballooning circular debt, the Ministry of Water and Power has moved the Economic Coordination Committee (ECC) to approve a plan that allows it to raise Rs15 billion through the issue of term finance certificates (TFCs).

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