Karachi, May 21, 2012 (PPI-OT): It will be pro-business budget, Hafeez assures FPCCI
According to MR Securities, the budget for the next fiscal year, which will be announced on June 1, will be a professional and business friendly budget, beyond any political consideration, federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh said on Sunday
Zardari and Clinton discuss Nato supply blockade
President Asif Ali Zardari on Sunday met his Afghan counterpart Hamid Karzai and the US Secretary of States Hillary Clinton in Chicago
KSE moves to delist 126 defaulter firms
In a move to remove all non-performing companies from the bourse, the Karachi Stock Exchange (KSE) has initiated proceedings to delist 126 listed companies currently on the defaulters’ counter
Power sector owing Rs 205 billion to PSO
The Pakistan State Oil”s (PSO) liabilities against power sector have surged to Rs205 billion and resultantly the company has reduced fuel supply to the power sector, it is learnt.
Power demand-supply gap again surges to 4,500MW level
The shortfall in electricity supply and demand again surged to 4,500MW level after hydel power generation dipped to 3,973MW due to abnormally low water flow in River Indus and Tarbela reservoir.
Citi Pakistan honoured
Citi has been declared the Largest Foreign Exchange Bank in Pakistan, in terms of market share for the year 2012 by Euromoney.
FED on cement likely to be reduced by Rs250 per ton
The federal government is likely to cut Federal Excise Duty (FED) on cement up to Rs. 250 per ton in the upcoming budget for fiscal year 2012-2013.
FBR taking harsh measures to meet revenue target
The Federal Board of Revenue (FBR) is taking harsh measures, including freezing taxpayers’ bank accounts, to ensure revenue collection target of Rs1,952 billion in the current fiscal year.
NICL earns high returns on Treasury Bill investment
NICL has invested Rs 15 billion in Treasury Bills issued by the State Bank of Pakistan at a return above 13% per annum which fetched all-time high returns of Rs 1.01bn alone during the current fiscal year.
Fertiliser makers suffer record loss in first quarter
Fertiliser manufacturers have been badly hit by unfavourable government policies, suffering a record loss in the first quarter of 2012, industry sources said
Pakistan’s Gross Fixed Capital Formation nosedives by 10pc
Gross Fixed Capital Formation (GFCF), which is a key sign of confidence in the future of an economy is on a sharp nosedive in Pakistan since 2008, and during the outgoing fiscal 2011-12 it has contracted by 10.2 per cent to Rs690.931 billion from last year’s level of Rs769.389 billion.
Petroleum Policy 2012 likely in June
The Petroleum Policy 2012, which is to announce new exploration concessions, is expected to be implemented by June this year. However, exploration and development industry people fear that the policy, which would provide the much-needed impetus to the exploration activities, might fall prey to the political victimisation
Turkey to help install 150 megawatts power plant in Punjab: official
The Turkish government will provide technical support for installing a 150-megawatt power plant to overcome the current power crisis in the Punjab.
Ogra approves up to Rs 47.52 per mmbtu cut in gas price
The Oil and Gas Regulatory Authority (Ogra) has approved reduction of up to Rs 47.52 per mmbtu in consumer gas sale price effective July 1, 2012.
Gas allocation at wellhead from OGDCL”s dormant fields: ECC rejects objections
Economic Co-ordination Committee of Cabinet has rejected objections of Law Ministry and Khyber Pakhtunkhawa (KP) government over allocation of gas at wellhead from OGDCL”s dormant fields.
Govt likely to keep petroleum levy target unchanged
The government is likely to set the target for petroleum levy on oil products at Rs120 billion for next financial year 2012-13, which is the same as fixed for the current year.
Islamic finance expo: Asset management companies steal the show
The Karachi Expo Centre’s Hall No 1 was full of activity on Friday, as people from different professions visited about 35 stalls set up by different Islamic financial institutions as part of Pakistan’s first Islamic Finance Expo and Conference, 2012.
PPL violates policy and pays Rs72m in donations, sponsorships
Pakistan Petroleum Limited (PPL), a state-owned oil and gas explorer, is found to be involved in irregularities worth millions of rupees in paying donations and sponsoring charitable, educational and sports organisations in violation of government’s policy.
Lotte disengages Pakistan plant expansion
Lotte Pakistan PTA Limited to hold its plan to a build an additional $500m Purified Terephthalic Acid (PTA) plant after failing to secure government support for setting higher PTA import tariff.
4,500 MW power shortfall recorded
The electricity shortfall in the country on Sunday remained 4,500 MW forcing PEPCO to observe 10 to 16 hours power load-shedding in urban and rural areas respectively