PPI Original Text (PPI-OT) – Morning Buzz for June 01, 2012 – MR Securities

Karachi, June 01, 2012 (PPI-OT): Economic picture not so rosy: 2011-12 key fiscal targets missed

According to MR Securities, the Economic Survey 2011-12 reveals that the government has missed major economic targets for the current fiscal year with growth target revised downward to 3.7 percent from 4.2 percent and fiscal deficit going up to 5 percent in the first 10 months of the current fiscal year against annual target of 4 percent estimated in the budget.

Across-the-board tax relief on the cards
The Federal Budget being presented in an election year has been drawn up with a view to pleasing the present lot of taxpayers by offering across-the-board tax relief.

Fiscal year 2013 budget to be announced today
The federal budget for 2012-13 will be presented on Friday (today) in the National Assembly and its total outlay may marginally go beyond Rs 3 trillion, envisaging additional taxation measures of around Rs 140 billion. The tax revenue collection is estimated at Rs 2,338 billion and non tax revenue Rs 737 billion for the next fiscal year.

Ten-month current account deficit at $3.4 billion
The current account deficit stood at $3.394 billion during the first 10 months FY12. Widening trade and services account deficit largely caused the deficit. However, continued support from current transfers in the form of workers’ remittances helped in containing the deficit during this period.

Power generation by 8 IPPs declines 60pc on lack of funds
Eight independent power producers (IPPs) with combined generation capacity of 1700 megawatt are producing only 700 megawatt as the ministry of water and power is sitting on Rs18 bill ion provided by the ministry of finance to make part payment against over Rs50 billion sovereign defaults.

Power crisis bites 2% off GDP annually
The estimated cost of the power crisis to the economy is approximately Rs380 billion per year, around 2% of GDP, according to the Economic Survey 2011-12

Cement production increased to 44mn tonnes in 2011-12: Hafeez
Minister for Finance Dr Hafeez Shaikh on Thursday said that cement production capacity in the country increased to 44 million tonnes in 2011-12 from 30 million tonnes in 2006-07 due to the establishment of new cement plants.

Rs 10.74 dip in POL products prices notified
According to a notification issued by Ogra, the price of High Octane Blend Component (HOBC) has been reduced by Rs 10.74 to Rs 125.07 per litre, kerosene oil by Rs 5.90 to Rs 94.05 per litre, Light Diesel Oil (LDO) by Rs 5.84 to Rs 91.59 per litre, petrol by Rs 3.39 to Rs 99.97 per litre and High Speed Diesel (HSD) by Rs 1.23 per litre to Rs 105.77

Data on war on terror, poverty excluded
The Economic Survey 2011-12 released on Thursday did not include sections on the cost of the war on terror as well as losses to the economy due to sectarian/ethnic clashes and poverty statistics.

Pakistan has ‘adequate reserves’ to make IMF repayments: SBP Governor
Pakistan has “adeqaute reserves” to make repayments to the International Monetary Fund (IMF), State Bank Governor Yaseen Anwar said on Thursday.

SBP reverses sharp PKR weakening
The SBP swung into action in support of the Pakistani rupee on Thursday, to reverse the sharp weakening of the Pakistani currency seen since Tuesday.

Textile industry earns $9.063 billion in first nine months
The textile industry has earned $9.063 billion during first nine months of current fiscal year as compared to $13.906 billion of whole fiscal year 2010-11.

SBP issues guidelines to combat money-laundering, terrorist financing
The State Bank of Pakistan (SBP) on Thursday issued Guidelines to all Exchange Companies (ECs) for combating money laundering and terrorist financing. Exchange companies have been advised by State Bank of Pakistan to follow the guidelines in letter and in spirit.

Agreement to import 1000 megawatts of electricity inked with Iran
Pakistan has signed an agreement with Iran to import 1,000MW electricity. The agreement was signed between the delegation of Pakistan, headed by NTDCL Managing Director Rasul Khan Mahsud and Deputy Iranian Minister for Energy Muhammad Behzad in Tehran on Thursday.

PPL wins Iraq oil block bid
Pakistan Petroleum Limited (PPL) has won bid for exploration of Block-8 in Iraq. According to an information sent to Karachi Stock Exchange (KSE), PPL had submitted a bid for exploration Block-8 in Iraq, which stood successful.

Govt hopes to fetch revenues of Rs300b from oil, gas industry
The government is expected to fetch revenues of Rs300 billion, excluding general sales tax, from oil and gas companies in the next financial year 2012-13.

Leave a Reply