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Morning Buzz for February 06, 2014 – MR Securities

Karachi, February 06, 2014 (PPI-OT): Domestic debt crosses Rs 10 trillion mark

According to MR Securities,

The federal government’s domestic debt and liabilities continued to surge on the back of massive borrowing for reducing fiscal deficit, reaching Rs 10 trillion at the end of first half of this fiscal year. Analysts said government has taken several steps, in last budget, to increase the tax revenue aimed at reducing fiscal deficit. Rise in sales tax and changes in income tax slabs for salaried persons were also part of tax reforms.

SECP to resolve outstanding insurance premium issue

Securities and Exchange Commission of Pakistan has proposed draft amendments to Rule 35 of 2002 Securities and Exchange Commission (Insurance) Rules, which deals with outstanding insurance premiums.

Indicative credit limits, list of eligible items: SBP revises report to facilitate financing to

In a quest to facilitating financing to farmers, State Bank of Pakistan has revised the report on Indicative Credit Limits & List of Eligible Items for Agricultural Financing to align with inflationary adjustments and current market practices.

Khushhalibank signs agreement with SRE Solutions

A value chain financing agreement was signed by Khushhalibank, Pakistan’s largest microfinance bank with SRE Solutions (Smart and Renewable Solutions) Pvt Limited – a firm specialising in solar-powered energy equipment for homes and businesses, recently.

Back office services for pension funds: ABL AMCL, IT Minds sign agreement

ABL Asset Management Company Ltd (ABL AMCL), a wholly owned subsidiary of Allied Bank Limited (ABL) and IT Minds Limited (a wholly owned subsidiary of Central Depository Company of Pakistan Ltd), signed an agreement enabling IT Minds to provide back office services for two upcoming Pension Funds of ABL AMCL.

Energy sector projects: monitoring units being set up in ministries

Federal Government has decided to establish energy sector projects” monitoring units in the Ministries of Water and Power and Petroleum and Natural Resources, official sources told Business Recorder.

Govt incentivising oil & gas exploration: Pakistan cherishes friendly ties with UAE: Dar
Federal Minister for Finance, Economic Affairs, Revenue and Statistics Senator Ishaq Dar has said Pakistan cherished close friendly ties with the people and the leadership of the United Arab Emirates (UAE).

Solar Energy Park: first phase to be completed by November, Prime Minister told
Prime Minister Muhammad Nawaz Sharif visited project site of the Quaid-e-Azam Solar Energy Park here on Wednesday. Commissioner Bahawalpur Division Captain Assadullah Khan (retd) briefed PM about project.

Pakistan hopes to sign cut-price gas deal with Qatar

Pakistan will send officials to Qatar this month aiming to sign a liquefied natural gas (LNG) deal at a discount to help alleviate its power supply crisis, a Pakistani official said. There have been widespread public protests in Pakistan recent years over frequent power cuts due partly to a lack of fuel.

10 percent of OGDCL shares: sell-off likely to fetch $850 million

The Privatisation Commission envisages that it will generate $850 million from privatisation proceeds through divestment of 10 percent shares of Oil and Gas Development Company Ltd (OGDCL) at urrent market price. Secretary PC, Amjad Ali Khan informed the Public Accounts Committee (PAC) meeting that a final decision to this effect would be taken by Financial Advisor (FA). The meeting was chaired by Khurshid Shah.

Pakistan, Iran renew IP pipeline talks

Iran and Pakistan are holding expert-level talks in Tehran about the change in the timeframe of construction of Iran-Pakistan gas pipeline, reports Shana News Agency. Ali Majedi, who is deputy minister for international affairs, said a delegation of Pakistani experts is in Tehran to hold talks on the pipeline.

SSGC consumers burdened with GSD

Gas Security Deposit (GSD), which had been withdrawn in 1997 to minimise the financial burden on consumers, has again been imposed. This was the only commodity from a public utility, which remained affordable for consumers despite high price hike. However, the government has now deprived consumers of availability of natural gas at pocket-friendly rates by allowing SSGC to charge GSD on monthly bills.

Cement sector posts 1.4 percent growth

The cement industry posted a growth of 1.4% during first 7 months of current fiscal year. Total dispatches during this period were 18.848 million tons against 18.596 million tons during corresponding period of last fiscal year, data compiled by All Pakistan Cement Manufacturers’ Association (APCMA) showed on Tuesday.

K-Electric assigned new security symbol

The National Clearing Company of Pakistan Limited (NCCPL) has assigned the new security symbol to K-Electric Limited as a consequence of change of name of the Karachi Electric Supply Company Limited as K-Electric Limited, a statement said on Wednesday.

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