Morning Buzz for July 05, 2012 – MR Securities

Karachi, July 05, 2012 (PPI-OT): State-Owned Enterprises: Centre denies doling out Rs 400 billion bailout packages

According to MR Securities,

The Finance Ministry has said that the federal government has categorically denied doling out bailout packages worth Rs 400 billion annually to State-Owned Enterprises (SOEs)

Chinese help sought for easing power crisis
Pakistan sought on Wednesday all-out assistance from China to overcome prevailing electricity shortage in the country through hydro, solar and wind energy projects

Pakistan likely to get $800m in first quarter under CSF
Following Pakistan’s decision to reopen ground lines of communication (GLOC) for US-led Nato forces, the US is expected to release around $800 million in the first quarter (July-Sept.), of the total of $1.2 billion due to Islamabad under the Coalition Support Fund (CSF) head

JS Bank tops SBP list of primary dealers
The State Bank of Pakistan recently, 2nd year in a row has declared JS Bank as the Number 1 Primary Dealer of Government Securities for the year 2011-12

Cotton cess increased to Rs50 per bale
The federal government has approved a cess of Rs50 per bale, replacing the current rate of Rs20 per bale with the condition of a functional restructuring of Pakistan Central Cotton Committee (PCCC) with All Pakistan Textile Mills Association (APTMA) poised to occupy all senior positions

Two international banks to start operation soon: Yaseen
The Governor of State Bank of Pakistan, Yaseen Anwar on Wednesday said two more international large banks will start their operations in Pakistan soon

Target for PSDP releases missed by 25pc
Alongside with all the major economic targets for the current fiscal year, the public sector development program (PSDP) release target has also been missed by 25 percent

Prime Minister’s focus on energy offers nothing to masses: PEW
The Pakistan Economy Watch (PEW) on Wednesday said Prime Minister Raja Pervez Ashraf’s renewed focus on energy offered nothing to the masses. The first meeting that Raja Pervaiz Ashraf chaired after assuming the charge as the Prime Minister was to resolve energy crisis proved another useless effort

Reduction in POL prices no big relief?
The benefits of the recent decrease in petroleum product prices have not been passed onto the common man due to lack of co-ordination between the centre and the provinces

CNG cylinders: Landirenzo questions why there’s no blast after imposition of restrictions
Alberto Barbieri Managing Director, Landirenzo for Middle East region said the cylinders explosions have cast grotesque shadows over the restriction imposed by the government on CNG kits as no single cylinder blast has so far been reported after the decision

Fuel transporters, crew members cheerful
Financially fragile transporters and crew manning their vehicles were euphoric on Wednesday after hearing the news regarding the resumption of Nato supplies immediately turned, feasting and celebrating, saying that their monetary ordeals were finally ended

Trade normalization: foreign ministry sidelining commerce ministry
The Ministry of Foreign Affairs is reportedly sidelining the Commerce Ministry with respect to the trade normalization process with India. Secretary Foreign Affairs Jalil Abbas Jilani is in New Delhi to hold talks under the Composite Dialogue mechanism, including trade, which is part of the agenda

PSO set to buy gasoline for Jul-Aug -trade
Pakistan State Oil is expected to award its latest import tender for 70,000 tonnes of gasoline at lower prices than its previous purchase. The company placed an offer of $3.95 a barrel to 92-octane gasoline Singapore quotes for one of the cargoes, and a premium of $127.999 per tonne to Middle East naphtha quotes for the second cargo

Energy committee to find ways to overcome power crisis
As power crisis continues to persist, the cabinet committee on energy in a meeting to be held today (Thursday) will try to find out ways to provide more gas and oil to power companies, which will enable them to enhance electricity production and address consumer woes

Meeting procurement target: TCP to step up urea import
Following the directives of the federal government, Trading Corporation of Pakistan (TCP) has decided to quicken the process of urea import to meet the procurement target

Pakistan’s total debt rose by 19.7pc in 1 year
At the end of May 2012, Pakistan’s total public debt (external and domestic) stood at Rs 11.932 trillion against Rs 9.969 trillion during the corresponding period of last year, depicting an increase of 19.7 percent or Rs2.01 trillion in one year, the State Bank of Pakistan (SBP) said