Karachi: Big four private banks’ exposure in govt securities totals Rs1.4 trillion
According to MR Securities,
Four large private sector domestic banks have tied up Rs1.478 trillion in government securities as on December 31, 2011 providing them comfort of secured loans at a reasonably high mark up while crowding out credit for the private sector.
Forex improves to $ 16.390bn
Pakistan’s liquid foreign reserves have improved by $ 54 million to more than $ 16.390 billion on March 9, 2012, according to SBP spokesman
‘SBP aims at providing basic services to every adult, bankable citizen’
State Bank of Pakistan (SBP) Governor Yaseen Anwar has said the central bank aims at providing basic banking services to every adult and bankable citizen in Pakistan.
SECP, FBR sign accord on sharing data
SECP and FBR signed an important MoU on sharing of information for the documentation of economy, broadening of tax base and mutual consultation on fiscal policy measures for non-banking financial sector, insurance, and capital markets.
CCP issues show cause notices to 1-Link, member banks
The Competition Commission of Pakistan (CCP) has issued show cause notices to 1-Link Guarantee Limited (1-Link) and its member banks for, prima facie, fixing the charges of ATM cash withdrawal services, utility bills payment services (UBPS) and interbank fund transfer (IBFT) services, thereby violating Section 4 of the Competition Act, 2010 (the “Act”).
Circular debt soars 465% in four years
It has not happened overnight but is an alarming development nonetheless, that the circular debt among energy companies has soared 465% in four years since the Pakistan Peoples Party-led coalition government came to power in March 2008.
Liquidity problems: Return on bonds rises as govt continues to borrow
In what appeared to be a sign of liquidity shortage due to government borrowing, the yield on 10-year investment bonds has risen to 13.11%, an increase of 41 basis points in a month.
CDWP approves 19 schemes
The Central Development Working Party (CDWP) in a meeting held here on Wednesday approved 19 schemes in transport, communication, health, higher education and energy sectors.
UBL-led consortium may also back out
Ministry of Petroleum and Natural Resources has expressed apprehension that the second consortium led by United Bank Limited (UBL) may also back out of the Iran-Pakistan (IP) gas pipeline project.
Tender floated: IP gas line project to be completed before 2014
Minister for Petroleum and Natural Resources Dr Asim Hussain informed the National Assembly that tender for Iran-Pakistan gas pipeline has been floated and mega project will be completed before 2014.
Government irresolute about power tariff
The Federal Government is debating whether to support or oppose the proposed tariff for Discos at Rs 12 per unit as benchmark mainly due to hundred per cent increase in furnace oil prices, well informed sources in the Ministry of Water and Power told Business Recorder.
Coal conversion agreement: Chinese firm, KESC hold joint session
Karachi Electric Supply Company (KESC) and Bright Eagle Enterprises held their first joint session on Thursday to kick off the Joint Development Agreement for the conversion of KESC’s 1,260MW Bin Qasim Power Station from residual fuel oil (RFO) fired to coal fired.
Work on solar energy gadgets initiated, National Assembly told
The National Assembly was informed that keeping in view the energy shortfall, work on manufacturing of solar energy gadgets including solar streets lights, water heaters and fans, has been initiated.
General Tyres to start manufacturing bike tyres
General Tyres, the leading tyre manufacturer of Pakistan, is investing Rs500 million in expanding its production facility and has started manufacturing tyres for CNG rickshaws.
Industrial Areas: 12-hour gas outages announced
Sui Southern Gas Company (SSGC) has announced a 12-hour gas load management programme for two days this week for industrial users of Karachi because of a sudden drop in supply from the fields.
Pakistan Bulk Terminal signs $82m contract
Pakistan International Bulk Terminal Limited (PIBT) on Thursday signed a civil works contract amounting to $82m with the consortium of Turkey’s Siyahkalem and Pakistan’s Maqbool Associates for construction of country’s first mechanised coal, cement and clinker terminal at Port Qasim.
Pakistan plans to import LNG from Qatar: Petroleum minister
Minister for Petroleum and Natural Resources Dr Asim Hussain said on Thursday that Pakistan plans to import 500 Million British Thermal Unit (mmbtu) LNG from Qatar to meet its energy requirements.