Karachi, December 04, 2013 (PPI-OT): PIA told to float Rs33.5bn TFCs
According to Standard Capital,
While extending its sovereign guarantees till end-June 2014 on past loans, the government on Tuesday directed the Pakistan International Airlines (PIA) to float Rs33.5 billion worth of fresh term finance certificates (TFCs) to roll over debts and approved lease of five additional aircraft. It was also said that the loss of PIA had reduced from Rs3.3bn to Rs1.5bn last month.
High inflation to hit investment
Unexpectedly high November inflation has changed dynamics of economy as high Consumer Price Index (CPI) would not help investment and savings in the country while negative real interest would force regulators to increase the policy interest rate. Due to this inflationary pressure, the State Bank has increased the interest rate twice to 10% during this period. Standard Capital believes that the current trend could further push inflation higher.
Indus motors (INDU) unveils hybrid car
The Indus Motor Company (INDU) unveiled its eco-friendly car, Prius, on Monday, after a long period of extensive testing to make the vehicle customised to local conditions. The company will import the complete car or CBUs and its retail price has been fixed at Rs4.49 million.
The price is inclusive of 37.5% customs duty and 17% General Sales Tax (GST) which makes the total government duties to 43% of the total price. Standard Capital expects the sales volume for INDU to improve in coming days and it will be positive side for INDU.
Banks improve dollar supply to forex firms
Commercial banks have started supplying dollars to currency dealers in the open market. The move helped rupee to recover marginally. In order to facilitate the FCY Account holders, it is reiterated that Authorised Dealers should ensure adequate availability of foreign currency notes for meeting the requirements of their customers.
SECP strives to bring best global practice for Capital market
SECP) has said it is striving to build the regulatory framework of Pakistan’s capital markets in line with best international standards and practices. In this regard the SECP has completed self-assessment of 37 principles of securities’ regulation of the International Organisation of Securities Commissions (IOSCO).