Morning Buzz for January 11, 2013 – MR Securities

Karachi, January 11, 2013 (PPI-OT): AUTHORITIES ASKED TO PRODUCE SADIQ BY JANUARY 17

According to MR Securities,

The Supreme Court on Thursday directed the concerned authorities to arrest the former Chairman Oil and Gas Regulatory Authority (OGRA) Tauqir Sadiq and produce him before the court on January 17. A two judge bench of Justice Jawwad S Khawaja and Justice Khilji Arif Hussain resumed the hearing in relation to court’s arrest orders against Sadiq stating that the law-enforcement agencies did not appear to be aware of the whereabouts of the accused as they had failed to arrest the absconder.

REMITTANCES CLIMB TO $7.11 BILLION IN FIRST HALF
Remittances from overseas Pakistani workers jumped up by 12.51 percent to $7.11 billion in the first half of the current fiscal year as compared to $6.32 billion during the same period last year, according to the statistics issued by the central bank on Thursday. Surprisingly, the State Bank of Pakistan reported the break-up of the remittances inflows received from the different formal channels for the first time.

JULY-NOVEMBER PERIOD: BANKS ACHIEVE 34 PERCENT OF AGRICULTURE CREDIT TARGET
Banks achieved 34 percent of agricultural credit disbursement target during the first five months of current fiscal year (FY13). Sources in banking sector told Business Recorder on Thursday that agricultural credit disbursement is gradually increasing and continues to post upward trend during the current fiscal year mainly due to financing demand for wheat crop.

COUNTERING HOARDING, SPECULATION: ECC DECIDES TO RELEASE ONE MILLION TONS OF WHEAT TO PROVINCES, MILLS
Members of the Economic Co-ordination Committee (ECC) of the Cabinet on Thursday decided to release one million tons of wheat to provinces and flour mills at Rs 1,100 per 40 kilograms to arrest the price hike. They said that the current increase in the price of wheat flour was because of speculation and hoarding.

PUNJAB GOVERNMENT ALLOCATES RS 17.84 BILLION FOR AGRICULTURE PROJECTS
Punjab Minister for Agriculture Malik Ahmad Ali said here on Thursday that the present government has allocated Rs 17.84 billion during last about five years for the development projects of agriculture against only Rs 2.989 billion allocation during the five years of PML (Q). In a statement the provincial agriculture minister termed the claims of the PML (Q) about development in the agriculture sector during its tenure was just a propaganda and false claim.

LOCAL CAR SALES DECLINED BY 30PC IN JUL-DEC 2012
Local car sales, including LCVs, vans and jeeps declined sharply to 57,540 units during the first half of 2013, down by 30 percent as compared to 81,944 units during same period last year, said Zeeshan Afzal, auto analyst at Topline Research. On a monthly basis, the locally-manufactured car sales fell to 8,448 units in December 2012, eight percent down as compared to 9,154 units in November 2012, while 25 percent down as compared to 11,217 in the same month last year, he said.

FOREX RESERVES FALL TO $13.5 BILLION
Pakistan’s foreign exchange reserves dipped by $250 million to $13.558 billion during the week ended January 4, according to the State Bank of Pakistan (SBP) on Thursday. The country’s reserves amounted to $13.808 billion a week ago, it said. The official reserves of SBP also fell by $231 million to $8.769 billion from $9 billion during the preceding week, it said.

SECP PENALISES COMPANIES
As part of its mandate to monitor listed and unlisted companies for safeguarding investors’ interest, the Securities and Exchange Commission of Pakistan’s (SECP) enforcement department has penalised a number of companies, their directors and statutory auditors for not complying with corporate laws and applicable accounting standards in December 2012, said a statement. The department initiated 39 show cause proceedings against the directors and auditors of listed and unlisted companies failing to comply with the applicable provisions of the laws.

EXPLORATORY INVESTMENTS: GERMANY EYEING BALOCHISTAN GOLD AND COPPER PROJECT
Germany has evinced keen interest to invest in the Balochistan Gold and Copper project. The German envoy Dr Cyrill Nunn said, “Being a trading nation, Mr Securities intend to invest in the Balochistan Gold and Copper project.”

ECC APPROVES LPG-AIR MIX AT $25 PER MMBTU
The Oil and Gas Regulatory Authority (Ogra) on Thursday came under fire in a meeting of the Economic Coordination Committee (ECC) for opposing a plan that involves injecting LPG-air mix at $25 per million British thermal unit (mmbtu) into the Sui Southern Gas Company (SSGC) system.

COMMERCIAL, INDUSTRIAL UNITS: POWER MINISTRY SEEKS END TO CONSUMER SUBSIDY
The Ministry of Water and Power is seeking to do away with electricity subsidy for commercial and industrial units in an effort to cover growing cost of power generation due to poor energy mix and make regular payments to oil and gas suppliers, who are threatening to cut their supplies.

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