Karachi, May 09, 2012 (PPI-OT): SECP approves regulatory requirements for exchange traded funds
SECP has prescribed detailed requirements for launching Index Tracking Exchange Traded Funds (ETFs) by the Asset Management Companies in Pakistan.
According to According to MR Securities, earlier, the SECP had approved regulations governing listing and trading of exchange traded funds on the Karachi Stock Exchange.
Karachi, Mumbai bourses to sign agreement for cross-border listing
Securities and Exchange Commission of Pakistan (SECP) Chairman Muhammad Ali has said that the Karachi Stock Exchange (KSE) and the Mumbai stock exchange are going to sign an agreement for cross border listing of the capital markets scrips within a month.
Energy sector should get gas: Dr Sattar
Minister for Overseas Pakistanis Dr Farooq Sattar said on Tuesday that energy sector should be given priority over fertilizer industry for producing cheaper electricity to reduce power shortage and get rid of load shedding in the country.
Cement exports decline by 8.91pc in 10 months
Cement exports registered a decline of 8.91 percent during the first 10 months of the current fiscal year, while its capacity utilization is at its lowest since 2002/03, but the domestic sales posted increase for the fifth consecutive month against last year
Non-implementation of textile policy (2009-14): exports suffer nearly $5 billion loss
The government has failed to implement textile policy (2009-14), resulting in a huge loss of nearly $5 billion to textile exports. Textile sector’s pending liabilities against government under different schemes announced in the textile policy have swelled to Rs 14 billion.
China, Pakistan sign three wind projects
China and Pakistan on Tuesday signed three wind projects which included inking Letter of Indent (LoI) on 150MW wind energy project between United Energy Pakistan Limited (UEPL) and China Development Bank Co-operation (CDBC), inking MoU on 350MW wind energy project between Three Gorges and Pakistani authorities and a document inked between Dawood Power Private Limited (DPPL) and Hydro China Engineering Company Limited.
ST levy on basis of printed retail price: FBR decides to add new items
The Federal Board of Revenue has decided to considerably expand the scope of the Third Schedule of the Sales Tax Act 1990 in budget (2012-13) by encompassing a lot of new consumer items for imposition of sales tax on the basis of printed retail price.
IPPs to take legal course if payment not made
IPPs have decided to take the GoP to court if payments are not cleared by May 10, 2012. In 2004, the GoP pushed for new projects under the 2002 Power Policy and itself approached leading business houses of the country for putting up power plants.
Kharif 2012: Senate informed about demand for urea, DAP
The urea and DAP demand stands at 3.2 million and 0.62 million tons, respectively, for Kharif 2012, while $695.2 million were spent by TCP on the import of fertilizers since June 2011.
HSBC Pakistan operations: KASB allowed to carry out due diligence
SBP gave a green signal to KASB to conduct due diligence of HSBC for potential acquisition of its Pakistan operations. KASB is the first bank that has received first NOC from SBP.
Growth estimates revised upward to 3.67 percent: new base year abandoned by NAC
NAC revised upward GDP growth estimates for the current fiscal year to 3.67 percent by abandoning the new base year on the directives of Governing Council of the Pakistan Bureau of Statistics.
Confusion about WHT reporting system removed
Directorate General of Withholding Taxes Federal Board of Revenue is a separate directorate of the FBR, which is not legally required to report to the FBR Member Enforcement and Withholding.
BCCI (In Liquidation): Liquidators propose final dividend
Liquidators of Bank of Credit and Commerce International (In Liquidation) have proposed a final dividend of 3.5586% and Court hearings are due on 14 May 2012 in Cayman Islands, 16 May 2012 in Luxembourg and 17 May 2012 in English Courts respectively.
Once again, Pakistan asks China to finance IP gas pipeline
Pakistan has once again asked China to finance the Iran-Pakistan (IP) gas pipeline project, as Beijing appears to be least interested in the face of pressure from the United States.
Silkbank declares profit of Rs 172 million before tax
The Board of Directors of Silkbank has announced a profit before tax of Rs 172 million in the first quarter of 2012, which translates to an increase of 9.7 percent over the corresponding period last year.