AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, January 29, 2014 (PPI-OT) Budget deficit curtailed at 2.2pc of GDP
The government has succeeded in curtailing the budget deficit at 2.2% of GDP due to collection of Rs545 billion in non-tax revenues during the six months of 2013-14, official sources said.
According to MR Securities Limited, foreigners to inject $3bn in Pak economy: OICCI Foreign investors intend to inject around $3 billion investment in the Pakistani economy in the next five years due to the fact that foreign investors have done well in terms of their bottom-lines, the Perception and Investment Survey 2013 released by the Overseas Investors Chambers of Commerce and Industry (OICCI), revealed on Tuesday.
SBP steps up push to develop Islamic banking
The State Bank of Pakistan is stepping up its push to develop Islamic banking, encouraging lenders to expand their operations in the world’s second most populous Muslim nation. Pakistan was one of the first countries to introduce Islamic banking at a national level in the 1970s, but the industry’s share of the overall banking system has lagged levels in some other countries.
Bank Alfalah launches chip cards
Bank Alfalah has recently held a signing ceremony to launch Chip Cards in Pakistan. The occasion was graced by the Bank’s Chief Executive Officer Atif Bajwa as well as the Country Head for Visa International Kamil Khan amongst others. This is yet another step by the Bank to create a payments ecosystem which provides state of the art, technologically advanced financial solutions to enhance the customer experience.
NBP signs home remittance arrangement with BAJ
National Bank of Pakistan (NBP) has recently signed Home Remittance Arrangement with Bank Al Jazira and the services will be launched shortly. Bank Al Jazira (BAJ) is a Joint Stock Company incorporated in the Kingdom of Saudi Arabia and is recognised as one of the leading Shariah compliant fast growing financial institution in Saudi Arabia.
UBL announces 63 percent return on Principal Protected Fund-I
United Bank Limited (UBL) Fund Managers has announced return of 63 percent on UBL Principal Protected Fund-I for its investors as it approached two-year maturity. Following the success of its preceding funds, UBL Funds is launching its fifth Principal Protected fund namely the UBL Principal Protected Fund-III (UPPF- III) for individual and institutional clients.
LOTCHEM posts Rs 0.36 per share loss
LOTCHEM on Tuesday has posted a loss of PkR0.36/share in 2013 against a loss of PkR0.12/share in last year. Though awaiting details, “we believe increased loss came on the back of further reduction in PTA/PX margin. Our estimate suggests that international PTA/PX margins hovered around $75/ton in 2013 versus $80/ton in 2012″, analysts at Shajar research said.
Work begins on scrapping tax concessions through SROs
The government has started work on withdrawing tax concessions offered to different sectors through Statutory Regulatory Orders (SROs) in an attempt to enhance revenue collection.
Unjustified revenue: New fertiliser plants make billions on disputed claims
A committee, constituted by the Economic Coordination Committee (ECC) of the cabinet, has found that new fertiliser manufacturing plants have pocketed billions of rupees from farmers with a sudden increase in urea prices on false claims of a rise in Gas Infrastructure Development Cess (GIDC), sources say. Keyal khwar Hydropower project wins clearance In what can be termed as a significant development towards construction of the 122 megawatt (MW) Keyal Khwar Hydropower Project, the German Development Bank-KfW has issued a No Objection Certificate (NOC) to the Pakistan Water and Power Development Authority (Wapda) for award of its civil works contract to a joint venture led by a Chinese firm Sinohydro.
Theft, leakage: SSGC cuts loss for first time in 5 years
Sui Southern Gas Company (SSGC) on Tuesday announced that it had succeeded in reducing Unaccounted for Gas (UFG) loss to 6.88% in 2012-13 from 8.68% a year ago. 106 megawatts hydropower project: Wapda awards contract Water and Power Development Authority (Wapda) has awarded the contract of 106 MW Golan Gol Hydropower Project to M/s Andritz Hydro Gmbh, Austria -Andritz China Ltd. Consortium at a cost of Rs 5.650 billion. Official documents available with Business Recorder reveal that Wapda Authority was apprised that tenders for the contract Lot 3.2 (E and M works) for the project on single stage-2 envelope basis were re-floated through print media as well as displayed on Wapda”s and PPRA”s websites.