Morning Buzz for Mar 15, 2012 – MR Securities

Karachi: Pakistan among six top remittance-receiving states

According to MR Securities,

Pakistan has been placed among six top remittance-receiving states of the world in the year 2011 while the South Asian region is expected to receive $97 billion in the current calendar year, 2012.

Government considering doing away with bank secrecy rules
Federal government is reportedly considering doing away with bank secrecy regulations which according to the Federal Board of Revenue (FBR) are pretty much anachronistic and will obstruct Pakistan’s efforts to integrate with the world economy in the years to come.

27 exploration licenses awarded under new petroleum policy
The Ministry of Petroleum and Natural Resources has awarded 27 exploration licenses under the new Petroleum Policy 2012 and will award another 20 licenses within the next three months

Govt devising a plan to reduce summer power outages
Water and power ministry is about to finalize a plan to minimize power outages during peak consumption hours in the summer in a bid to improve the government’s image in the run up to a likely general election later this year.

Shortfall: Cotton may have to be imported
Dera Ghazi Khan Chamber of Commerce and Industry President Khawaja Mohammad Anis has said that the textile sector is expected to consume 15 million bales of cotton, and one million bales may have to be imported to meet requirements.

Demonetized banknotes: SBP’s advice to banks
SBP has once again advised all commercial banks/micro finance banks (MFBs) to desist from issuing the demonetized banknotes of Rs 5 and Rs 500 (old design & bigger size) to their customers/general public.

Bank President summoned by Supreme Court
The Supreme Court summoned President National Bank of Pakistan (NBP) in a contempt of court proceedings as bank failed to comply with the court orders pertaining to the restoration of its employees.

Banks reluctant to enhance TCP’s credit limit
Despite the ministry of finance approval, banks are reluctant to enhance Trading Corporation of Pakistan (TCP) credit limit up to Rs 141 billion. A few months back, owing to active role of TCP regarding urea import and sugar procurement from domestic mills, the ministry of finance decided to enhance the credit limit of the state-run grain trader – TCP – for smooth commodity operation.

BoP scam: Supreme Court issues directives
While hearing identical petitions relating to the transfer of cases in the Bank of Punjab scam the Supreme Court issued directives to various private and official representatives to facilitate each other in the transfer of seven properties of defaulter Sheikh Haris to the purchaser before March 22.

PIBs’ auction: Rs 25.094 billion bids accepted
The State Bank of Pakistan on Wednesday conducted auction of Pakistan Investment Bonds (PIBs) and accepted bids worth Rs 25.094 billion with a realised amount of Rs 23.95 billion.

Easypaisa, Adamjee to launch free life insurance plan
Tameer Bank and Adamjee Life Assurance on Wednesday signed a contract to formalise the partnership to launch a free life insurance plan to the Easypaisa subscribers, at a local hotel.

ICBC decision to cause no adverse impact on IP project: Hina
Foreign Minister Hina Rabbani Khar Wednesday declared that the Chinese bank’s decision to withdraw from funding Iran-Pakistan gas pipeline project would not have any adverse effect on the multi-billion dollar venture, saying multiplicities of sources were available to fund any project.

Climate change policy approved by Cabinet: issue of capacity payment to IPPs referred to ECC
Federal Cabinet on Wednesday approved National Climate Change Policy and referred to the capacity payment of Rs 735 million to four influential Independent Power Producers (IPPs) to the ECC after a number of ministers opposed the move of Water and Power Ministry.

District Karak: Hoti announces 100 percent raise in gas royalty
Chief Minister Khyber Pakhtunkhwa, Ameer Haidar Khan Hoti has announced 100 percent increase in the gas royalty, establishment of separate university in district Karak.

Energy crisis: experts urge government to explore alternative energy sources
Speakers during 1st day of 27th Multi Topic Symposium proposed the government to explore alternative energy sources including solar and wind to meet its energy needs, as oil prices in world are rising.

Five dams to be constructed by India on Western Rivers : Pakistan has raised objections on designs, National Assembly told
The National Assembly was informed on Wednesday that Pakistan had raised objections on the design of five dams to be constructed by India on three Western Rivers in violation of the Indus Basin Treaty

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