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Morning Buzz Bank Alfalah – MR Securities

Karachi, June 05, 2013 (PPI-OT): joins hands with WWF

As part of Bank Alfalah’s commitment towards environmental protection and its ‘Go-green’ initiatives, the Bank recently joined hands with WWF for a tree plantation drive.

According to MR Securities with a volunteer turnout of approximately 200 Bank Alfalah employees, saplings were planted to beautify Lahore airport.

EPZA, KESC to build power plant in Karachi
To ensure continuous and uninterrupted power supply to the Karachi Export Processing Zone (KEPZ), the Export Processing Zones Authority (EPZA) is working with the Karachi Electric Supply Company to establish a 25-megawatt power plant.

LSE to open think tank to assist in policymaking
As the new government is about to take over, hopes of business community, particularly of Punjab, are flying high. Revival of economy, reining in the energy crisis, investment by domestic and foreign investors and job creation are what they expect to see in coming months or years.

‘Cash flows to flood energy system soon’
The cash-starved energy system will soon be flush with funds, official sources close to the policymaking circles told The News on Tuesday.

Need for hydrocarbons leads gas explorer to Karachi
After a very long time, a petroleum exploration firm will look for natural gas reserves in Karachi, the port city of 20 million people, suggesting how difficult it has become to find much-needed fuel in other prospective parts of the country.

Cement sector: Industry blames weight laws for falling sales
The cement sector is complaining that due to strict laws and implementation by authorities of axle load limit – the total weight felt by the roadway for all wheels connected to a given axle – cement dispatches registered a decline of 1% in May to 2.888 million tons compared with 2.918 million tons in May.

Interim petroleum minister upbeat about country’s future
Caretaker Minister for Petroleum and Natural Resources Sohail Wajahat Hussain Siddiqui on Tuesday said that Pakistan had a bright future because of its huge potential of human and natural resources.

Aisha Steel puts $70m expansion on back burner
Aisha Steel Mills Limited (ASML) has put on hold its decision to invest fresh equity of up to $70 million till there is greater clarity on the new government’s national steel policy, said ASML CEO Kashif Shah.

Substantial drop in oil smuggling from Iran witnessed
Substantial decrease has been witnessed in oil smuggling to Pakistan from Iran via Balochistan during last two years as subsidy has been slashed on oil in Iran, an official of Federal Board of Revenue informed the Senate Standing on Rules of Procedure and Privileges on Tuesday.

Nawaz summons meeting to overcome power crisis
PMLN President and the prime minister-designate, Nawaz Sharif, has convened a key meeting of his close aides and experts on Wednesday to discuss ways and means to overcome power crisis.

Traders in dire straits: FBR begins rolling back RPOs
Financial problems of business fraternity are going to be more severe as Federal Board of Revenue (FBR) has started rolling back sales tax ‘Refund Pay Orders (RPOs) to meet its annual revenue budgetary target.

Summer family package for Visa cardholders launched
Visa, one of the world’s leading payment solutions providers, and Atlantis, The Palm, the ultimate entertainment resort destination, have launched a fun-filled summer family package exclusively for Visa cardholders. The package runs from May to September 2013.

Agriculture income tax complicated issue: Sartaj
Pakistan Muslim League-Nawaz (PML-N) supports imposition of Agriculture Income Tax (AIT) and reforms in the existing laws to improve documentation and increase provincial revenue collection.

Inter-corporate dividend: FBR suggests change in taxation
The Federal Board of Revenue has proposed change in the taxation of inter-corporate dividend at the normal rate of 35 percent tax in Budget (2013-14). Sources told Business Recorder on Tuesday that it is merely a budget proposal drafted at the level of the Board, but yet to be approved by the policymakers.

SRO.1125(I)/2011: FBR asks MoF to curtail list of items
FBR has proposed to restrict items of the SRO.1125(I)/2011 to those exclusively used in the five export-oriented sectors – textile, leather, surgical, carpets and sports – from next fiscal year (2013-14).

Urea Subsidy: MoF pays Rs 3.3 billion to TCP
The Ministry of Finance (MoF) is reported to have released Rs 3.3 billion to Trading Corporation of Pakistan (TCP) on account of urea subsidy. Sources told Business Recorder on Tuesday that the ministry has moved another summary for the payment of more than Rs 3 billion on account of urea subsidy. This payment is likely to be released by the end of this month after formal approval by the new finance minister.

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