Morning Buzz for Mar 14, 2012 – MR Securities

Karachi: Urea price increased to Rs 1600 per 50kg bag

According to MR Securities,

ECC of the Cabinet on Tuesday approved exemption of 16 percent general sales tax (GST) on the fixed charge of hydroelectric power, increased urea price from Rs 1300 to Rs 1600 per 50kg bag and approved a loan of Rs 6.1 billion for Pakistan Railways.

New AML regulations for banks: no personal accounts for charity purposes: SBP
In order to restrict money-laundering and terrorist-financing activities, the State Bank of Pakistan on

Government borrows Rs 914 billion for budgetary support
The federal government has borrowed Rs 914 billion from banking sector for budgetary support during the current fiscal year mainly due to shortfall in revenue and slow foreign inflows.

October-December 2011: branchless banking network expanded by 16 percent
The Branchless Banking (BB) network in Pakistan expanded by 16 percent in the second quarter (October- December 2011) of the current fiscal year (2011-12) to reach 22,512 agents covering the entire length and breadth of the country.

Plan prepared for generating 2,000 megawatts of electricity: Hoti
Chief Minister, Khyber-Pakhtunkhwa, Ameer Haider Khan, said that the provincial government has prepared an action plan for generating 2,000 mega watt electricity, besides meeting supply and demand, to generate financial resource also for the province.

Pak-Iran pipeline: ECC on the lookout for new funding options
A ministerial committee was constituted on Tuesday by the Economic Coordination Committee (ECC), to hire financial advisors for arranging funds for the construction of the Iran-Pakistan gas pipeline after a Chinese bank backed off due to increasing US pressure.

Pakistan trade deficit widens to $14.6 billion in July-Feb
Exports in the July-Feb period totalled $15.19 billion, and imports were $29.79 billion. The trade deficit in February narrowed to $1.43 billion, compared with a $1.7 billion deficit in January.

Price mechanism to be renegotiated: ICBC withdraws from commitment
A high-level delegation of Ministry of Petroleum and Natural Resources led by Petroleum Minister Dr Asim Hussain will visit Iran in the next couple of days to renegotiate price mechanism of gas under Iran-Pakistan gas pipeline project, it was learnt.

Slashing GST by Rs 5 per litre on POL products: Centre, provinces yet to reach consensus
The federal and provincial governments have not yet given their comments on the recommendations of the special parliamentary committee reviewing the price of petroleum products, to reduce General Sales Tax (GST) by Rs 5 per litre on petroleum products.

SNGPL reduces UFG to 11.07 percent in December 2011
The Sui Northern Gas Pipeline Limited (SNGPL), as a result of its leakage survey campaign, has succeeded in reducing the un-accounted for gas losses (UFG) from 12.4 percent in June 2011 to 11.07 percent in December 2011 while the company would also continue its efforts in this regard till June 2012.

Steel Mills, PIA, and Railways all being ruined: CJ
Chief Justice Iftikhar Muhammad Chaudhry on Tuesday said corruption had ruined Pakistan International Airlines, Pakistan Railways and Pakistan Steel Mills, adding that Pakistan Steel Mills was “a classic case of corruption” in which “big fish” were involved.

Shazia praised for resolving electricity issue
All the seven industrial town associations appreciated the efforts of Provincial Minister for Information and Electric Power Mst. Shazia Marri to resolve the issue of industrial power disconnection drive of Karachi Electric Supply Company (KESC)

PPIB accused of placing Rs 736 million burden on SNGPL
Sui Northern Gas Pipeline Limited (SNGPL) has reportedly accused Private Power Infrastructure Board (PPIB) of placing an illegal financial burden of Rs 736 million on it with regard to capacity payment meant for four Independent Power Producers (IPPs).

Early bird: Faw Motors – the only beneficiary of auto policy
The first and may be the only beneficiary of government’s policy to attract new carmakers, Al-Haj Faw Motors Private Limited that last week launched two 1,000cc engine vehicles, is going to get maximum advantage of the Auto Industry Development Program (AIDP).

Financing infrastructure: CDWP to consider projects worth Rs292b for approval
The government will consider approval for 76 new development schemes on Wednesday (today), worth an estimated Rs292 billion, including a Rs30.5b package for the worse-than-bankrupt Pakistan Railways.

KESC asked to pay PEPCO dues
Engineers of Faisalabad Electric Supply Company (Fesco) and employees of Water and Power Development Authority (Wapda) have asked the Karachi Electric Supply Company (KESC) to pay arrears running into billions of rupees of the Pakistan Electric Power Company (Pepco).

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