Karachi, February 13, 2014 (PPI-OT): Islamic banking: MCB sets sights on Burj Bank
According to MR Securities,
MCB Bank said on Wednesday it intends to acquire Burj Bank, one of the five Islamic banks operating in the country. Subject to the State Bank of Pakistan (SBP) and other regulatory approvals, the most profitable conventional bank of Pakistan aims to acquire 55% shareholding in Burj Bank, according to a notice sent to the Karachi Stock Exchange (KSE).
SBP asks banks to reactivate dormant SCRAs
State Bank of Pakistan (SBP) on Tuesday asked banks to reactivate dormant Special Convertible Rupee Accounts (SCRAs) upon receipt of authenticated instructions from the concerned account holder.
HBL signs a collections agreement with PIML
Habib Bank Limited (HBL) and Primus Investment Management Limited (PIML), subsidiary of Pak Brunei Investment Company Limited (PBICL) has signed a collections agreement to expedite the sales collections, which will enable PIML to consolidate funds in more efficient manner from across the country.
Trade gap widens 19% on weak export growth
Pakistan’s trade deficit widened by almost a fifth to $2.1 billion in January over a year ago, as country recorded a sluggish export growth of less than 2% while imports grew about 10%, says national data agency.
DG Khan Cement’s earnings increase
DG Khan Cement – one of the largest cement companies in Pakistan – has posted a profit after tax of Rs1.61 billion in the second quarter ended December 2013, up 14% compared to a profit of Rs1.41 billion in the same period last year.
Promoting trade: ‘Pakistan-Italy trade relations booming’
Italy has always shown a keen interest in the Pakistani market and has positioned itself among the top 10 global trading partners of Pakistan. The $1.2-billion bilateral trade between the two countries in 2013 is proof of this, stated the Italian Ambassador to Pakistan, Adriano Chiodi Cianfarani.
Near-agreement: Pakistan, Qatar likely to finalise LNG price
Pakistan and Qatar are likely to agree on a price for supply of liquefied natural gas (LNG) and finalise a deal in upcoming talks slated for February 18 in Doha. In this regard, a Pakistan delegation, led by Petroleum and Natural Resources Minister Shahid Khaqan Abbasi, will participate in the Pak-Qatar joint ministerial meeting, sources say.
Lifeline project: ECNEC puts off decision on Dasu Dam, seeks cost revision
The country’s highest project approval body on Wednesday deferred a decision on the 4,600-megawatt Dasu hydropower project after finding its cost exorbitantly higher at Rs735 billion – an issue that the Ministry of Water and Power is reluctant to address despite earlier warnings.
Jamshoro power plant: $900 million loan accord inked with ADB
Asian Development Bank (ADB) would provide a dollars 900 million loan to Pakistan for Jamshoro coal-fired power project designed to add 1200MW relatively cheap electricity to the national grid. The loan agreement was signed by Secretary, Economic Affairs Division (EAD) Nargis Sethi and Country Director, ADB Werner Liepach and witnessed by Finance Minister Ishaq Dar and ADB Vice President Wencai Zhang.
Power sector: recovery of billed amount declines to 75 percent
Finance Minister Ishaq Dar has admitted that recovery of billed amount in power sector has declined to 75 percent from 87% and maintained that minister for water and power has been directed to improve recovery.
PSM decides to seek Rs 11 billion additional funds
Pakistan Steel Mills (PSM) management has decided to seek Rs 11 billion additional funds in three instalments from the federal government to run its affairs till June 2014, sources told Business Recorder.
OMCs, dealers: ”efforts” being made to raise margins
A minister is reportedly engaged in raising margins of Oil Marketing Companies (OMCs) and dealers on the sale of petroleum products and efforts are being made to include the summary in the agenda of the ECC scheduled to meet on Thursday (today), well informed sources told Business Recorder.
10 percent WHT through auctions: FBR compiling database of courts
The Federal Board of Revenue is compiling a national database of courts – high courts, banking courts and district and sessions courts – for collection of 10 percent withholding tax on account of auctions conducted by the courts under section 236A of the Income Tax Ordinance, 2001.
FBR launches audit of tax withheld by banks
Federal Board of Revenue (FBR) has begun auditing withholding tax deductions by banking companies and is now estimating the recovery of billions of rupees on account of avoidance/evasion of taxes.
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