Morning Buzz for March 12, 2014 – MR Securities

Karachi, March 12, 2014 (PPI-OT): Rupee wrests back some greenback gains

According to MR Securities,

The rupee made a resounding comeback on Tuesday as the value of the US dollar fell below Rs100 in both Interbank and open markets. Marking strongest appreciation of last 30 years, the rupee gained as much as 7.7% against the dollar since Nov 28 when the rupee-dollar parity in the interbank market stood at Rs107.80.

Appreciating rupee unlocks windfall for auto-industry
At a time when the Pakistan rupee is appreciating against the dollar, the automobile industry has convinced government to take back additional 2% general sales tax (GST) on sale of auto parts to automobile makers.

Channelling remittances: Government clears dues of commercial banks
Federal government decided to clear the Rs3.5-billion outstanding dues of commercial banks on account of facilitation charges on formally channelling remittances, incentivising banks to further expand their networks.

SBP, banks asked to improve remittances
Minister for Finance Ishaq Dar on Tuesday tasked the State Bank of Pakistan (SBP) to come up with recommendations to be prepared in consultation with commercial banks to allure overseas Pakistanis to send their money through banks.

EDB prepares five-year draft automotive development policy
The Engineering Development Board (EDB) has prepared a five-year draft Automotive Development Policy (ADP 2014-19), which envisages incentives for the new investors, tightening the screw on existing ‘exploitive cartel’ and import of used cars, sources close to the Minister for Water and Power told Business Recorder.

Rs 12.3bn likely to lapse: Govt fails to initiate 4 out of 6 youth programme schemes
The government has failed to initiate four out of six schemes under the flagship Prime Minister’s Youth Programme and Rs 12.3 billion earmarked for these projects in fiscal year 2013-14 may lapse. An official of the programme told Business Recorder on Tuesday that efforts were still under way to launch those schemes as the management had been trying to overcome different technical problems.

TT charges dues: banks to get Rs 3.46 billion by March 21: Dar
Finance Minister Ishaq Dar on Tuesday said the government has already cleared Rs 6 billion on account of payment of Telegraphic Transfer (TT) charges to banks and the outstanding dues of Rs 3.46 billion will be cleared by March 21 to further encourage banks in their efforts.

Workers’ remittances rise 11 percent in first eight months of fiscal year 2014
Overseas Pakistani workers remitted an amount of $10,245.53 million in the first eight months (July- February) of the current fiscal year 2013-14 (FY14), showing a growth of 10.95 percent when compared with $9,234.77 million received during the same period of last fiscal year (July- February FY13).

Pakistan to use nuclear technology for energy needs: Prime Minister
Prime Minister Muhammad Nawaz Sharif Tuesday said Pakistan was actively expanding its power production potential by utilising nuclear technology to address country’s severe energy crisis. Talking to Director General International Atomic Energy Agency (IAEA) Yukiyo Amino here at the PM House the Prime Minister said Pakistan Atomic Energy Commission (PAEC) was helping the country to meet its power requirements.

Capacity of nine Discos strengthened by USAID
USAID’s Power Distribution Programme (PDP) is assisting nine government-owned power distribution companies (Discos) by strengthening the capacity of their planning and engineering departments to overcome the current energy shortfall.

Giving up control: Understanding reached on deregulating petrol margins
The federal government and oil marketing companies (OMCs) have come to an understanding about deregulating petrol margins, a move that will lead to varying prices of oil across the country and may attract fierce criticism from political circles.

LPG price raised by Rs 5 per kg
LPG marketing companies have announced to increase the commodity price by Rs 5 per Kg. With the current increase, the LPG price has reached Rs 120 per Kg in Karachi, Lahore, Islamabad and Rawalpindi, while its price in northern areas including Muree, Kaghan, Naran and Kashmir has surged to Rs 140 per kg.

InfoTech to roll out automated meter reading project for KE
InfoTech Group, a leading technology software solutions provider, has recently signed an agreement with K-Electric Limited (KE) to implement Automated Meter Reading system in Karachi. According to agreement InfoTech will install the solution in areas that will be selected by K-Electric on the basis of their data analysis.

Pesco exempts industrial estates from load shedding
The Peshawar Electricity Supply Company (Pesco) on Tuesday announced the exemption of all industrial estates from electricity load shedding in Khyber Pakhtunkhwa, besides the uninterrupted power supply would be ensured to those areas where the electricity billing recovery is 80 percent.

The post Morning Buzz for March 12, 2014 – MR Securities appeared first on AsiaNet-Pakistan.

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