Morning Buzz for January 24, 2014 – MR Securities

Karachi, January 24, 2014 (PPI-OT): Forex: Country’s reserves fall to $8.168 billion

According to MR Securities,

Foreign exchange reserves held by the country decreased to $8.1684 billion during the week ending January 17, compared to $8.3 billion the previous week, according to data provided by the State Bank of Pakistan (SBP).

Banks offer to enhance TCP credit limit
A consortium of leading banks has offered to provide a credit limit of Rs 150 billion to the state-run grain trader against sectioned Rs 143 billion. Sources told Business Recorder Thursday that a stiff competition in the banking sector has forced the consortium (the chief lender) to offer a better interest rate and enhanced credit limit to the Trading Corporation of Pakistan (TCP) for commodity operation.

BankIslami launches first energy efficient ATM
BankIslami Pakistan Limited launched Pakistan’s first energy efficient ATM. The ATM uses 100 Watts of electricity as against the conventional ATM that uses up to 3 Kilo Watt of running power. The move marks a completely un-orthodox approach to the energy problem faced by the banks in Pakistan. It comes on the heels of complete transformation of computing on Thin Clients in server-less branches, a feat most of the European and North American banks have not been able to achieve.

Healthy finances: PSO to enter into LNG import business
While regaining market share in petroleum products, Pakistan State Oil (PSO) is going to start importing liquefied natural gas (LNG) because of its sound financial health and will make arrangements with international suppliers and transporters to overcome energy crisis in the country.

Power surcharge: Rs 31 billion collected to meet NJHP project needs
The government has collected Rs 31 billion from electricity consumers through the levy of a surcharge to meet the financing needs of Neelum Jhelum Hydro Power project. Sources revealed that another Rs 26 billion will be collected to achieve the target of Rs 57.5 billion and the surcharge would be discontinued once the project is completed scheduled for 2016.

Petroleum Policy 2012: 50 blocks provisionally awarded to 8 companies
The government provisionally awarded 50 petroleum exploration blocks to eight companies, including international exploration and production companies, as per Petroleum Policy 2012, amended in 2014. This was stated by Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi here on Thursday at a press conference.

Licences to CNG stations: Ogra granted three months
The Supreme Court on Thursday accepted the plea of Oil and Gas Regulatory Authority (Ogra) and granted it three months to find out the issue of irregularities in issuing 200 licenses to CNG stations. A three-member bench of Justice Jawwad S Khawaja resumed the hearing of a matter regarding irregularities in the issuance of 650 CNG station licences.

K-Electric: transfer of working licence to new entity not yet approved
National Electric Power Regulatory Authority (NEPRA) has so far not given appropriate approval to K- Electric for generation, distribution and billings to the consumers. Although KESC management has changed name of the Karachi Electric Supply Company Limited (KESC) to K-Electric Limited (KEL), however, transfer of power generation and distribution license to new entity is still in process.

Beverage makers: Capacity tax issue continues to remain cold
The capacity tax issue surrounding beverage makers is not close to being resolved as the Federal Board of Revenue (FBR) continues to lose billions of rupees every month, said industry people.

Support: Samsung C and T eyes investment in Pakistan
Joonwoo Choi, Samsung C and T Corporation general manager, called on Special Assistant to Prime Minister and Board of Investment (BOI) Chairman Dr Miftah Ismail and BOI Acting Secretary Imran Afzal Cheema to discuss new investment prospects in Pakistan. Joonwoo Choi apprised the meeting about his company’s expertise, and its interest in investing in Malakand Tunnel’s construction as well.

‘Pakistan likely to get a boost in textile exports to EU under GSP Plus’
Pakistan is likely to get a boost in textile exports to the European Union after attaining GSP Plus status. It is estimated that over 10 percent of textile exports will be increased due to the facility granted to Pakistan by the European Parliament in December 2013 and will continue till 2017.

On the right road: Hinopak Motors driving away with huge profits
Hinopak Motors – the country’s largest truck and bus-maker – has posted a net profit of Rs394 million in the first nine months (April-December) of fiscal year 2013-14 (FY14), up by a whopping 1,870%, against just Rs20 million in the corresponding period the previous year.

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