Morning Buzz for June 15, 2012 – MR Securities

Karachi, June 15, 2012 (PPI-OT): NA approves Rs. 962,914,448,000 for Ministry of Finance

The National Assembly on Thursday approved 23 demands of grants worth Rs. 962,914,448,000 for Ministry of Finance, Revenue, and Planning and Development for the fiscal year 2012-13.

National Assembly passes Finance Bill 2012
The National Assembly on Thursday approved the Finance Bill for the next fiscal year without any cut motions suggested by the Opposition against demands for grants of various federal ministries.

According to MR Securities, the government approved the Federal Budget for 2012-13 worth Rs 2.96 trillion with a majority vote amid protest by members of Pakistan Muslim League-Nawaz (PML-N) in the Lower House of Parliament.

KASB Bank appoints BoAJK as MoneyGram Agent
KASB Bank, as a Super-Agent of MoneyGram International, has appointed Bank of Azad Jammu and Kashmir as an Agent for MoneyGram International in Pakistan.

Go beyond textbook approaches, Saarc central bankers told
Central bankers of Saarc countries should fully understand the nature of their economies and go beyond textbook approaches to tackle today’s economic problems, a handout quoted Governor of the State Bank of Pakistan Yaseen Anwar as saying on Thursday.

SBP allows JS Bank to conduct due diligence of HSBC
SBP has given a green signal to JS Bank to conduct due diligence of Hong Kong Shanghai Banking Corporation (HSBC) for potential acquisition of its Pakistan operation. Sources in banking sector said that now 3 banks – including two local and one foreign – were in queue to buy HSBC stakes in Pakistan.

SBP advises banks to process sugar export cases
SBP has advised all authorised dealers in foreign exchange (banks) to process the cases of sugar export as per the prescribed mechanism.

CNG price to go up by Rs 10 per kg from July 1
CNG price would go up by Rs 10 per kg from July, 1 2012 as the National Assembly empowered government to charge increased rate of Gas Infrastructure Development Cess from the consumers.

POL products prices: Ogra recommends Rs 10.46 per liter reduction
The Oil and Gas Regulatory Authority (Ogra) on Thursday recommended the government to cut prices of petroleum products by Rs 10.46 per liter.

Ministry moves summary in favour of CNG equipment import: bulletin
Following strong reactions from Japan, Italy and Argentina diplomatic missions, Ministry of Industries has moved a summary in favour of CNG equipment import and use in vehicles.

Concrete steps being taken to overcome energy crisis: Shahbaz
Punjab Chief Minister Shahbaz Sharif has said that provincial government is taking concrete and comprehensive steps to overcome energy crisis, so that people can be provided relief.

Reduced generation of power: Karachiites braving prolonged load shedding
The lower generation of electricity and increasing numbers of faults in the Karachi Electric Supply Company’s (KESC) distribution system, have suffered the people for hours’ long load shedding in city.

‘Corruption, nepotism, poor governance main reasons behind energy crisis’
Energy experts have cited corruption, nepotism and poor governance as the main reasons behind the country’s failure in resolving the prevailing energy crisis and called upon the government to take appropriate steps to give people a sigh of relief.

Ebad for alternative means to help overcome energy crisis
Sindh Governor, Dr Ishrat- ul- Ebad Khan, has called for finding alternative means to help overcome the prevailing energy crisis. He was speaking at the Governor House here on Thursday at the initiation ceremony of a plant under the auspices of Winergy.

Prices of petrol, CNG Ministry, APCNGA agree on differential of 40 percent
The Ministry of Petroleum and All Pakistan CNG Association (APCNGA) have agreed on a differential of 40 percent between the prices of petrol and Compressed Natural Gas (CNG).

Govt working towards a resolution in RPPs case
The government is working to find a middle way in the dispute with rental power plants (RPPs) and work out some way to bring them back online.

World Bank pulls out of Thar coal project
Sindh Chief Minister Syed Qaim Ali Shah disclosed that World Bank has withdrawn its earlier commitment of providing an International Development Association credit of $30mn on May 30, 2012.

NEPRA notifies tariff hike for distribution companies
The National Electric Power Regulatory Authority (Nepra) has notified an increase of Rs1.983 per unit for the month of April 2012 under fuel price adjustment

Teledensity showing remarkable 6.7pc growth
The teledensity in the country has reached 68.3 percent mark during last eight months, showing 6.7 per cent growth as compared to previous year.

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