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Karachi, June 21, 2012 (PPI-OT): MF-CIB to open access to credit for millions: Yaseen
Yaseen Anwar, Governor, State Bank of Pakistan (SBP) on Wednesday said that Microfinance-exclusive Credit Information Bureau will help Microfinance Banks (MFBs) and Microfinance Institutions (MFIs) develop robust risk management system and practices.
According to MR Securities, which in turn reduce the risk of multiple borrowing and loan defaults.
Nearly Rs 10m spent on cluster studies: scheme aimed at reviving industrial units scrapped
Despite spending around Rs 10 million on cluster studies, Sindh government has deleted ‘Modernization/ Rehabilitation and establishment of Industrial units in rural Sindh’ scheme from its Annual Development Program (ADP) for 2012-13, Business Recorder learnt on Wednesday.
Summit Bank to issue convertible preference shares
The board of directors of Summit Bank Limited has decided to issue convertible preference shares having the face value of Rs 10 each to the shareholders.
Clean financing to prime customers: Banks/DFIs allowed to assign up to Rs 5 million limit
The State Bank of Pakistan (SBP) has allowed banks/Development Finance Institutions (DFIs) to assign clean credit card and personal loan limits up to Rs 5 million to their “prime customers”.
SECP required to surrender surplus funds to FCF
The federal government has made it mandatory for the Securities and Exchange Commission of Pakistan (SECP) to surrender its surplus funds to the Federal Consolidated Fund (FCF) by the end of every fiscal year and all fines/penalties recovered by the Commission would be credited to the FCF.
PSO, Parco collaborate to save $130 million annually
As part of its new vision, Pakistan State Oil (PSO) has embarked upon a strategy of domestic self-reliance by maximising fuel uplift from local refineries.
SSGCL tells TMA members it will help them
Issues pertaining to over billing and disconnections faced by members of Towel Manufacturers Association were raised with the Sui Southern Gas Co Ltd (SSGCL) officials at a meeting held here on Tuesday.
Only 4,000 commercial power users file tax returns: Kardar
Pakistan lacks proper implementation mechanism to undertake concrete policy reforms, former Governor of the State Bank of Pakistan (SBP) Shahid Kardar said on Wednesday.
PM’s disqualification has no impact on federal budget, says FBR chief
Mumtaz Haider Rizvi, chairman of Federal Board of Revenue (FBR), said that there is no change in the constitutional position of the federal budget 2012-13 after the disqualification of the prime minister.
Used cars’ sales threaten OEMs, auto vendors
Auto vendors said that they were equally under threat by the increase in the sale of used cars as were the Original Equipment Manufacturers (OEMs), because these cars also ate up their share of the market.
Pakistan may face scrutiny of IMF for higher defense spending
Pakistan will have to face the scrutiny of the IMF for higher defense spending in its future arrangement as it seems difficult for even the Fund’s management to table a case before its Executive Board when defense spending has far outpaced development expenses.
ADB loans $36m to Sindh government
The Sindh Assembly was informed on Wednesday that the Asian Development Bank (ADB) is providing a loan of $36 million to help finance the Sindh coastal community development program for the development of coastal areas in province.
PACRA maintains rating of Bank Al Habib
PACRA) has maintained long term and short term entity ratings of Bank AL Habib Limited at “AA+” (Double A Plus) and “Al+” (A One Plus), respectively.
Govt to press ahead with energy-efficiency audit
Setting aside concerns of fertilizer companies, the government has decided to press ahead with plans to conduct an energy-efficiency audit in order to provide gas to efficient units on a priority basis.
Engro blames rival for gas supply disruptions
Engro Corporation President and CEO Muhammad Aliuddin Ansari has said that vested interests within the fertilizer industry are behind the continuous gas disruptions that Enven, which is the company’s flagship fertilizer plant, has been facing since its inception in January 2011.
Energy crisis may nullify EU trade benefits
Textile exporters, while welcoming the European parliament’s decision to grant Generalized System of Preferences (GSP) Plus status to Pakistan, have expressed fears that the country is unlikely to fully utilize the trade concessions because of the severe energy crisis.
Pakistan Bureau of Statistics data Agriculture, chemical group imports up by 14.7pc
Agricultural and other chemical group imports stood at $6.538 billion during the first 11 months of the outgoing fiscal year, showing a surge of 14.7 percent over the same period last year, when it imported goods worth $5.701 billion, according to Pakistan Bureau of Statistics (PBS) data.