Karachi, January 27, 2014 (PPI-OT): Fiscal Year 2014 economic targets: results so far so good, not out of woods yet
According to MR Securities,
Finance Minister Ishaq Dar Saturday expressed satisfaction over the progress made so far in achieving the economic targets set by the PML-N government for the current fiscal year. He was presiding over a meeting at the Finance Ministry to review the state of economy. Secretary Finance Dr Waqar Masood briefed the Finance Minister on the measures taken to contain inflation.
Branchless banking shows robust growth in 1Q
Branchless Banking (BB) transactions showed growth of 29% during July – Sept 2013 to reach Rs 224 billion, whilst BB accounts climbed up by 12% leading to 2.96 million BB accounts operating in country.
SECP modifies agreements of Ijarah
The Securities and Exchange Commission of Pakistan (SECP) has modified the ””Model Financing Agreement of Ijarah”” and ””Short Form Agreement of Ijarah”” on recommendations of Non-Banking Financial Institutions (NBFIs) and Modarabas Association of Pakistan.
Karachi strike causes $400 million losses: FPCCI
Pakistan’s economy suffered losses worth at least 400 million dollars in the day long strike that paralyzed the country’s business capital Karachi.
Credit line to private sector swells to Rs230 billion
The credit to the private sector has increased to Rs230 billion during January 2014 as compared to Rs53 billion in the same period last year – a sign that the economy is gaining momentum.
Engro Foods profit down by 58 percent
Engro Foods on Friday has reported 2013 consolidated profits of Rs 870.4 million (earning per share Rs 1.14) which is 58 percent lower than 2012 earnings of Rs 2.6 billion (EPS Rs 3.4).
Security concerns: IMF team not arriving, will meet abroad
International Monetary Fund (IMF) has decided to hold consultations on the second review of its Extended Fund Facility (EFF) outside Pakistan, citing security concerns.
International media: WSJ acknowledges Pakistan’s privatisation vision
Wall Street Journal has acknowledged Prime Minister Nawaz Sharif’s vision to privatise Pakistan’s statedominated failing enterprises and hopes that it will help the country overcome its economic crisis.
Bilateral relationship: ‘US dialogue should focus on market access’
Islamabad Chamber of Commerce and Industry (ICCI) President Shaban Khalid has said that Pakistan-US strategic dialogue must focus on bilateral trade and getting access to their market to attract investment.
Auto industry frustrated at policy delay
Expressing concerns over the delay in the announcement of the new Auto Industry Plan (AIP) despite a host of meetings, the Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) has said that the lingering policy has blocked all activity and hindered investment in the industry.
Taking advantage: Bank-lending to private sector posting highs
The PML-N government is taking the flak from left, right and centre for its lack of progress on the economic front, but, lately, the lending patterns of Pakistani banks are telling a refreshingly different story.
Lakhra coal power project will be re-privatised
Finance Minister Ishaq Dar has reiterated that the government is committed to undertake the disinvestment of Public Sector Entities (PSEs) in a transparent manner and would fully protect the interest of the employees working in state-owned entities.
Indonesian co to provide $50mn equity funding to K-Energy project
PT Titan Mining Indonesia has entered into a memorandum of understanding (MoU) with Bright Eagle Enterprises Group Limited (BEEGL) to provide equity funding of up to $50 million to K-Energy which is undertaking the fuel-conversion project of K-Electric (formerly KESC) Bin Qasim Power Plant.
Energy and coal mining sectors: Chinese co seeks to cooperate with Punjab government
Punjab CMShahbaz Sharif said that energy crisis has badly affected national economy and the solution of this issue at the earliest is essential for the promotion of economic and industrial activities.
Malakand-III Hydropower project: Ill-planning, weak control cause cost escalation
Ill-planning and weak internal control had negative impacts on the Malakand-III Hydropower project in shape of price escalation, non-generation of revenue tripled the cost of the project from Rs 2,244.80 million to Rs 6,379.55 million, revealed the findings of the Performance Audit Report.
425MW Nandipur power house being linked up with NTDC Sahuwala Grid Station
As the construction work of 425-525MW Nandipur power house has picked up the Project Management has started linking up the power house with the 220KV NTDC Sahuwala Grid Station by installing 132 KV high busbar and new transmission lines.