AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Major Companies Declare Results
According to MR Securities,
• The Hub Power Company Limited (HUBCO) has announced a profit-after-tax of Rs2.99 billion for the half-year ended on December 31, 2011, which is five percent up from Rs2.84 billion earned in the same period in 2010.
• Engro Fertilizer on Wednesday announced a net profit of Rs4.58 billion for the year ended on December 31, 2011, which was 23 percent higher than Rs3.72 billion earned in 2010.
• Nestle Pakistan booked a net profit of Rs4.65 billion for the year under review, which was 13 percent higher than Rs4.11 billion earned in calendar year 2010. Nestle Pakistan’s Board of Directors has recommended a final cash dividend of Rs40 per share for the year ended on December 31, 2011.
Tough measures: IMF suggests increase in sales tax rate to trim deficit
The International Monetary Fund (IMF) in its country report on Pakistan, which was released on Wednesday, has asked Islamabad to raise general sales tax rate, re-introduce special excise duty, income tax surcharge along with host of other measures to avoid full-fledge brown out of economy towards the risky path.
Exhibition of Indian products from February 11
The Federation of Indian Chambers of Commerce and Industries (FICCI) in collaboration with the Indian Ministry of Commerce and Industries and supported by Commerce Ministry of Pakistan is organizing the India Show Exhibition, to raise awareness of Indian products in Pakistan from 11th to 13th February 2012. More than 50 prominent Indian companies will exhibit their products.
SECP to establish more commodity exchanges
The Securities and Exchange Commission of Pakistan (SECP) is planning to establish more commodity exchanges and two licenses for the same will be issued in the near future.
Motorcycles, car production rise
The production of motorcycles increased by 10.65 percent during the first five months of the current fiscal year against the same period last year. ABF concerned over banks’ huge investment in govt papers The American Business Forum (ABF) has expressed concerns over the State Bank of Pakistan’s (SBP) latest report regarding practice of scheduled banks massively investing in government papers, including 82 percent of the entire treasury bills and 89 percent of Islamic Sukuk bonds.
Energy projects: Industry ready for equity sharing: Ejaz
Chairman Prime Minister Task Force on Energy, Gohar Ejaz said on Wednesday that the industrialists were ready for equity sharing with the government in energy projects to overcome ongoing crisis in the country during 2012. He spelled out 5-point recommendations to media before his formal briefing to the federal Cabinet next week.
Privatization of state-owned enterprises urged
Pakistan Industrial and Traders Associations Front (PIAF) has urged the government to evolve a mechanism to privatize all the public sector enterprises that are generating losses of billions of rupees annually.
Renewable energy investors eyeing Asia beyond China, India
Global renewable energy investors are increasingly looking to Southeast and South Asia, lured by investment incentives rolled out by governments in the region amid a bleak outlook for clean energy investment in Europe and the United States OGDCL Exchangeable Bonds: non-resident investors allowed tax relief The Federal Board of Revenue (FBR) has notified income tax exemption for non-resident investors of OGDCL’s Exchangeable Bonds. In this connection, the FBR issued an SRO64(I)/2012 to amend the Second Schedule of the Income Tax Ordinance 2001 here on Wednesday.
Limitations imposed on government borrowing: law passed by National Assembly seeks to enhance SBP autonomy
The National Assembly on Wednesday approved State Bank of Pakistan Amendment Bill 2011 designed to make it mandatory for the government to retire borrowing from the central bank at the end of each quarter and introduce a statutory committee to facilitate Bank”s autonomy in performance of essential functions in the changing financial environment.
Capital Adequacy Returns: SBP advice to MFBs
The State Bank of Pakistan (SBP) has advised all Microfinance Banks (MFBs) to report their quarterly un-audited Capital Adequacy Returns to its Banking Surveillance Department as per the reporting format prescribed in Annexure-A of Prudential Regulation No 4 for Microfinance Banks within 18 working days of the end of each calendar quarter.