PPI Original Text (PPI-OT) – Morning Buzz for June 05, 2012 – MR Securities

Karachi, June 05, 2012 (PPI-OT): Govt sets lower fiscal deficit target to pacify IMF

According to MR Securities, by keeping fiscal deficit target at 4.7 percent of gross domestic product (GDP) for the next fiscal year, Pakistan has signaled to the International Monetary Fund )IMF) about its intention to ensure financial discipline in the wake of possibility of approaching the Fund anytime year.

Govt’s bank borrowing likely to double in next fiscal
The federal government’s domestic borrowing from the banking system to finance budget deficit will be almost double in the next fiscal year in anticipation of a widening gap between government receipts and spending, economists have warned.

Amendments needed to bring clarity to CGT laws
The questioning about source of investment made in equity markets is still an issue despite proposed legislation about investment in the stock markets under Capital Gains Tax (CGT) laws in the Finance Bill, 2012 as certain other provisions of laws also need to be amended

Microfinance credit outreach rises by 7.2pc in first quarter
The micro-credit outreach has registered an increase of 7.2 percent to 2.22 million consumers in the first quarter ended March 31 of the calendar year 2012 while gross loan portfolio (GLP) increased by 12.5 percent, from Rs28.8 billion to Rs32.4 billion.

Despite corruption probe, PSO officers promoted
Some members of Pakistan State Oil (PSO)’s board of management have labeled the large-scale promotions made in the company a few months ago a violation of the principles of merit and pointed out that some promoted officers are even facing corruption cases.

Iran offers to finance entire gas pipeline
With no country or company willing to take part in a project that the US opposes, Tehran has offered to lay the entire Iran-Pakistan (IP) gas pipeline project.

Conergy wins 60-70 million euros for solar plant
German solar company Conergy has won 60-70 million euros ($74-87 million) in investments as part of an order from US-based alternative energy firm DACC Global to build a 50 MW solar power plant in Pakistan.

KESC receives Rs500m in TFC offer
The Karachi Electric Supply Company Limited public issue of Term Finance Certificates have been subscribed in the sum of Rs500 million.

MCB Bank sells its 17.6 percent shares in KBL
MCB Bank has sold 17.6 percent shares owned by it in Khushhali Bank Limited (KBL) in line with UBL consortium’s bid of Rs 20.44 (approximately) per share and in accordance with regulatory approvals

Prime Minister announces Rs 50 million for Ormara solar energy project
Prime Minister Syed Yousuf Raza Gilani on Monday announced Rs 50 million for solar system project in this budget for generating energy for people of Ormara area.

Economy facing huge loss due to power crisis: Shahbaz
Punjab Chief Minister Muhammad Shahbaz Sharif has said that the worst load-shedding in Pakistan’s history has made the life of the people miserable; industries, agriculture and export sectors have been devastated while a huge loss has been caused to the economy.

Schneider Electric introduces StruxureWare Data Centre Operation Suite v7.1
Schneider Electric, a global specialist in energy management, introduced StruxureWare Data Centre Operation Suite v7.1 featuring updated and flexible change management with a customizable approach to work flow management and maintenance processes.

Payment of dues: IPPs pin hope on Mukhtar
The Independent Power Producers (IPPs), which are facing acute financial crisis for non-payment of its billions of rupees dues by government, have welcomed the new minister of water and power and his commitment shown to reduce the energy crisis in the country.

OICCI sees no incentives to attract FDI in budget
The Overseas Investors Chamber of Commerce and Industry (OICCI) has criticised the Federal Budget 2012/13 for lacking incentives to attract foreign direct investment (FDI), especially in industrial and employment generating activities, which is critical for economic development of the country

‘Budget to strengthen business activities’
American Business Forum (ABF) has welcomed the Federal Budget 2012/13 and expressed the hope that it would strengthen business activities amid election activities ahead.

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