AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, February 21, 2014 (PPI-OT):
According to MR Securities,
Foreign currency: Reserves increase to $7.99b
Total foreign reserves held by the country stood at $7.99 billion for the week ended February 14, according to figures released by the State Bank of Pakistan (SBP) yesterday.
Banks must provide fact sheet on credit cards: SBP
The State Bank of Pakistan on Thursday directed banks to provide an upfront key product fact sheet on credit cards. According to CPD Circular No 3 dated February 20, 2014, in order to enhance the existing level of transparency and disclosure in the credit card business, it has been decided that banks will invariably provide an upfront key product fact sheet in the form of a summary box to their prospective customers with effect from September 1, 2014.
Reporting rules unveiled: banks will be required to submit deposits statement
The Federal Board of Revenue on Thursday issued the “Banking Companies Reporting Requirements” rules under which every bank will be required to submit to the Board a monthly accountholders deposits statement of persons who have deposited Rs 1 million or above in a month.
Micro-insurance, takaful business rules notified
Securities and Exchange Commission of Pakistan (SECP) has notified Securities and Exchange Commission
(micro-insurance) Rules, 2014, which will also regulate the micro-takaful business in the country.
Govt curtails powers of finance secretary
By restructuring the Economic Reform Unit (ERU), the government on Thursday curtailed the powers of the finance secretary, said official sources. Acting charge of the unit has been handed over to finance ministry adviser Rana Assad Amin who is now responsible for implementing the government’s economic policies.
ECC rejects mills’ demand for more sugar export
The federal government has turned down the demand made by sugar millers for free export of the sweetener and rebate on federal excise duty (FED) along with inland freight subsidy on shipments to Afghanistan and Central Asian states via land route in the wake of pressure on the country’s foreign currency reserves.
ABL earns after tax profit of Rs 14.643 billion in CY13
Allied Bank Limited (ABL) has earned after tax profit of Rs 14.643 billion in CY13, up by 26%, compared to Rs 11.641 billion in CY12. Bank’s EPS also surged to Rs 14.07 for the year 2013, up from Rs 11.18 in 2012.
Nestle posts a flat profit
Despite boosting its revenues by almost one-tenth, Nestle Pakistan posted flat profits as higher distribution and finance costs ate up some of the gains provided by higher gross profit in the calendar year (CY) 2013.
ICI Pakistan posts 63 percent increase in profit after tax
The Board of Directors of ICI Pakistan Limited announced the financial results for the 2nd quarter ended December 31, 2013. The company posted an after tax profit for the six months ended December 31, 2013 of PKR 765.3 million which is 63 percent above the same period last year.
Power sector receivables increase by 17 percent
Power sector receivables have increased approximately by 17 per cent from Rs 411 billion in June 2013 to Rs 480.7 billion as on December 30, 2013 from both the public and private sector consumers. China to provide $900m for Gwadar development China has agreed to provide $900.05 million to develop infrastructure projects in Gwadar, official sources told The News on Thursday.
2 Discos, 1 Genco: PC board accords approval to restructuring, sell-off
The Privatisation Commission’s Board approved restructuring and privatisation of two Power Distribution Companies (Discos) and one Power Generation Company (Genco). Board also gave its approval to initiation of the process for hiring services of a Financial Advisors (FA) for the sell-off of three public sector entities.
Khyber Pakhtunkhwa chalks out policy to utilise hydel, gas, oil resources: Khattak
Chief Minister Pervez Khattak has said that provincial government has chalked out a comprehensive policy to utilize the hydel, gas and oil resources of the province for power generation in order to overcome the energy crisis in the province and the country, adding that his government needs foreign investment and technical assistance of developed countries to implement its power policy.
Gas curtailment hits K-Electric’s power generation
Sui Southern Gas Company has reduced gas supply to K-Electric (Formerly KESC), said a notification. It said that the reduction of gas supply to 70 MMCFD was very low against K-Electric’s summer requirement.
Rs 5.6 billion power, gas theft cases detected, 715 people arrested: Senate body informed
The Federal Investigation Agency (FIA) on Thursday informed the senate body that the agency has so far detected electricity and gas theft worth Rs 5.6 billion and arrested 715 people in 756 cases during the ongoing crackdown against power and gas thieves across the country.