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Morning Buzz for April 08, 2014 – MR Securities

Karachi, April 08, 2014 (PPI-OT): Budget books: Govt makes history, avoids deficit in March

According to MR Securities,

Probably, for the first time in the country’s history, the revenues matched expenditures in March that helped restrict the budget deficit in the first nine months of the current financial year to Rs825 billion or 3.1% of the national output.

Public sector borrowing rises to Rs63 billion
Bank lending to state-owned enterprises went up by 52 percent during the nine months of the current fiscal year, showed the recent figures from the State Bank of Pakistan (SBP) on Monday.

Hewlett-Packard shares information with FBR
The regional office of the Hewlett-Packard (HP) in Singapore finally shared the information required by the Federal Board of Revenue (FBR), senior officials told The News on Monday.

Reform: SECP reviews rules to change regulatory culture
Securities and Exchange Commission of Pakistan (SECP) Chairman Tahir Mahmood has said that the SECP is reviewing and amending a number of regulations and rules such as the Insurance Ordinance 2000, Securities Act 1969, SECP Act 1997, Companies Ordinance 1984 and the rules for Real Estate Investment Trusts (REITs).

Malaysian banks: Pakistan will welcome branches, says Prime Minister
Prime Minister Nawaz Sharif said on Monday there existed vast scope of mutually beneficial cooperation between Pakistan and Malaysia in energy, tourism, telecommunication, vocational training, aviation and services, including finance sectors.

Bank Alfalah, IFC launch SME Toolkit
Bank Alfalah and IFC, a member of the World Bank Group, launched SME Toolkit in Pakistan, an online solutions platform, which provides value-added resources, including business advice, local and global best practices and opportunities, to both existing and potential SMEs to improve businesses.

Askari Bank, NUML sign MoU
Askari Bank Ltd and National University of Modern Languages (NUML) signed an MOU whereby AKBL will offer its consumer banking products i.e. credit card, personal finance, auto finance, mortgage finance to NUML employees on preferred rates and flexible terms and conditions.

Five, 10-year tenors: benchmark-sized dollar bonds to be issued
The Islamic Republic of Pakistan, rated Caa1 by Moody’s and B- by Standard and Poor’s, has announced its intention to issue US dollar denominated bonds with five and 10-year tenors. Both bonds, which will be issued under a 144a/Reg S format, are expected to be of benchmark size. The sovereign completes investor meetings in US, with the deal expected to price on Tuesday, subject to market conditions.

Fuel cells to be used to tackle energy crisis
In order to combat the prevailing energy crisis, a national centre for hydrogen and fuel cell will be established to provide prospects with low-carbon economy.

LNG terminal: Ogra urged to withhold issuance of licence
Fauji Oil Terminal and Distribution Company Limited (FOTCO) has requested Oil and Gas Regulatory Authority (OGRA) to withhold the issuance of construction licence till M/s Elengy Terminal Pakistan Limited (ETPL) completes and submits the satisfactory results of hydraulic and marine traffic management studies as advised by Port Qasim Authority (PQA).

Shell Pakistan expands retail Network
Shell Pakistan opened a new fuel retail site in District Layyah. The site is expected to serve thousands of commuters every day who use this major road connecting Karor Lal Esan with Layyah and Bakkar. Haroon Rashid, General Manager Supply and Distribution for Shell Pakistan said.

CNG stations: SNGPL issued contempt of court notice
The Islamabad High Court (IHC) on Monday issued a notice to Sui Northern Gas Pipelines Limited (SNGPL) in a contempt of court petition filed by Compressed Natural Gas (CNG) station owners. A single member bench of Justice Shaukat Aziz Siddiqui resumed the hearing of case.

Tax Directory to disclose information about 0.85mn taxpayers: to be published by April 15
Federal Board of Revenue will make public details of annual income and tax paid by all 0.85 million taxpayers in a Tax Directory to be published by April 15, 2014. FBR has finalised the tax directory of all return filers and final approval of Finance Minister Ishaq Dar is required before publication.

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