Karachi, February 14, 2014 (PPI-OT): Reserves will go past $10b by March end, govt plans
According to MR Securities,
As the country’s foreign currency reserves plunged to dangerously low levels of $7.6 billion, the federal government vowed to increase the reserves to $10 billion by the end of next month, a target that appears unrealistic in the backdrop of drying foreign inflows.
State-Owned Enterprises 26 percent shares to be divested
Finance Minister Ishaq Dar said that the word ‘privatisation’ should not be used in future because it gave an impression as if the government wanted to sell national assets, replacing it with ‘strategic partnership’.
SBP reserves slip to 13-year low at $2.8 billion
State Bank of Pakistan’s (SBP) foreign exchange reserves tumbled down to a historic $2.8 billion — the lowest since 2001 — according to statistics issued by the central bank on Thursday.
MCB, Burj Bank enter into strategic partnership
MCB Bank Limited has reached an understanding with the majority shareholders of Burj Bank Limited to invest in new and existing shares. As a result of this investment, the existing strategic shareholder of the bank namely ICD – Islamic Corporation for the Development of the Private Sector will also inject further capital in the bank and Burj Bank will also meet MCR of Rs 10 billion, as required by State Bank of Pakistan.
ZTBL seeks license for commercial banking
The Zarai Taraqiati Bank Limited (ZTBL) has urged the Senate Standing Committee on National Food Security and Research to help it get commercial banking license. This was stated by President ZTBL, Ihsanul-Haq Khan, while briefing the Senate Panel about the performance of the bank here on Thursday.
Bank Alfalah, United Mobile sign agreement
Bank Alfalah, Pakistan’s largest issuer and acquirer of credit cards has recently joined hands with United Mobile on a strategic alliance to benefit its credit card customers across Pakistan. The signing ceremony was held in Karachi and was attended by Ashraf Machiyara, Director and CEO (United Mobile), Ejaz Hassan,
Askari Bank, SBTE sign agreement
Askari Bank Ltd, (AKBL) and Sindh Board of Technical Education (SBTE) signed an MOU whereby AKBL will offer its consumer banking products i.e. credit card, personal finance, auto finance, mortgage finance to SBTE employees on preferred rates and flexible terms and conditions.
Prime Minister loan scheme: ‘FWBL to facilitate women applicants’
Acting President and CEO of the First Women Bank Ltd Charmaine Hidayatullah said that the greatest wealth and strength of any nation is its youth and through Prime Minister’s Youth Business Loans (PMYBL) the Government has reposed full trust on the youth of Pakistan and expects that the loans would be utilised effectively to generate business and employment opportunities.
NIT announces results
National Investment Trust (NIT) has declared results for all funds under its management for the half year ended December 2013. NIT manages five funds worth Rs87 billion.
NPL posts Rs 1.33 billion profit in first half of Fiscal Year 2014
Nishat Power Limited (NPL) has posted Rs 1.33 billion profit (EPS Rs 3.77) in 1HFY14, almost stagnant as compared to Rs 1.33 billion (EPS Rs 3.78) recorded in 1HFY13, according to Shajar Research.
IP Gas Pipeline Project: Iranian team to visit Pakistan soon
Tehran will send a delegation to Islamabad soon to pursue the case of construction of Iran-Pakistan (IP) gas pipeline project in a bid to help the neighbouring Muslim country overcome its energy crisis.
EIB to extend euro 100 million credit to Khyber Pakhtunkhwa project
Vice President of the European Investment Bank(EIB), Ms Magdalena Alverez Arza, will visit Pakistan from February 15-18 The purpose of her visit is to sign a loan agreement for a 100 million euro credit for the Kheyl Khwar Hydropower Project and also visit the project site in Pattan, District Kohistan of Khyber Pakhtunkhwa.
Sigh of relief: Power companies escape turnover tax again
The federal government has exempted power distribution companies from 1% turnover tax for one more year, providing relief to electricity consumers, but the decision may annoy the International Monetary Fund (IMF) that is advocating withdrawal of all tax exemptions.
Tackling manipulation: Govt officials scupper plans to empower oil regulator
The civil bureaucracy and the ruling elite have blocked attempts aimed at empowering the oil and gas industry regulator to slap fines and penalties on oil marketing companies (OMCs) for allegedly forming a cartel to charge higher prices and pocket billions from consumers.
Coal, solar power projects: Shahbaz seeks more cooperation from ADB
Punjab Chief Minister Shahbaz Sharif has said that Asian Development Bank (ADB) in addition to small hydel projects should also consider co-operation in coal and solar power projects.
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