Karachi: Market watch: Stocks open May on positive note
The stock market kicked-off May on a strong note, with the index rising healthily on the opening day of trading for the month.
According to MR Securities, the Karachi Stock Exchange’s (KSE) benchmark 100-share index surged 1.09% or 152.14 points to end at the 14,142.52 point level.
MFN status to India will reconstruct region’s economies, increase its stability: Zardari
President Asif Ali Zardari has said that granting the Most Favored Nation trading status to India was a paradigmatic shift in policy driven by the business sectors on both sides of the border. He said that the decision would reconstruct the region’s economies and increase its stability.
Turning up the heat: Inflation soars to eight month high
CPI increased to 11.27% in April over the corresponding month last year. “The impact of increase in energy prices have started appearing in the index and also surged the monthly jump by 1.83% in April over March – the highest in 14 months,”
IMF SBA: Pakistan to repay second installment later this month
Pakistan will pay the second installment of around $400 million of the Stand-By Arrangement (SBA) to International Monetary Fund (IMF) in the last week of May 2012.
Power tariff raised by Rs0.88 per unit
Ministry of Water and Power has obtained in principle permission to increase power tariff by 12 percent per unit. “MR Securities has obtained approval in principle to notify 12 percent raise in power tariff across the board but the Law Ministry is yet to vet the notification,”
India to allow FDI from Pakistan
India on Wednesday said that it would allow foreign direct investment (FDI) from Pakistan in a bid to increase economic engagement between the two countries. “The move is expected to enhance commercial engagement and bilateral trade between India and Pakistan,”
Deliberations on proposed budget 2012-13 today
The National Assembly’s Standing Committee on Finance is set to start deliberations on the proposed budget 2012-13 with an aim to contain fiscal deficit at 4.2 percent of the gross domestic product (GDP)
Power sector problems: Finance minister summons CCoR meeting
Finance Minister Dr Abdul Hafeez Shaikh has convened an important meeting of Cabinet Committee on Restructuring (CCoR) on Thursday (today) to discuss power sector issues.
TCP urea tender: fertilizer makers call for local procurement
The Ministry of Industries has convened an inter-ministerial meeting on Thursday to consider an offer from fertilizer industry to procure 300,000 tons of locally-produced urea, instead of giving preference to imports
Government may revise Qadirpur wellhead gas price
The government is expected to revise the wellhead gas price of the Qadirpur Gas Field from $2.56 to $3.2 per Million British Thermal Unit (MMBTU) for Kuwait Foreign Petroleum Exploration Company (KUFPEC).
After tax loss of Azgard Nine rises to Rs 4.417 billion
The after tax loss of Azgard Nine Limited has increased to Rs 4.417 billion in the nine month period ended March 31, as compared to Rs 1.982 billion in the same period in 2011.
Introduction of treasury shares concept
SECP has approached the parliament for introduction of treasury shares concept in Pakistan by formal enactment of an amendment in Section 95A of the Companies Ordinance, 1984 and Treasury Shares Regulation.
Phasing out presumptive taxes: Tax rates may jump by 20% to 100%
Income tax rates are likely to be increased in the range of 20% to 100% for people currently availing of presumptive tax regime in a bid to discourage the use of the special facility that basically allows the very rich not to file income tax returns while paying a nominal tax.
OGRA proposes lower gas theft and leakage ceiling
The Oil and Gas Regulatory Authority (Ogra), in a bid to tighten the noose around gas utilities, is likely to fix the target of unaccounted-for-gas (UFG) at a lower level at 5.5% for the next financial year starting July, a move which will check gas theft and leakage and provide relief to consumers.
Catching dust: Fate of UAE-gifted power plant still unclear
Despite the country’s dire need for increasing power generation, the fate of 320 megawatt (MW) power plant gifted by United Arab Emirates (UAE) hangs in the balance as the petroleum ministry refuses to allocate gas to operate the plant.
Multiple Ijarah transactions: Modarabas allowed new agreement form
SECP has accepted the proposal of introducing a Short Form Ijarah (Lease) Agreement (SFIA) to be used in place of the model Ijarah (Lease) Agreement in cases where more than one Ijarah transactions are involved with the same client.