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Karachi, October 11, 2012 (PPI-OT): JULY-SEPTEMBER 2012: OVERSEAS PAKISTANI WORKERS REMIT $3.599 BILLION
According to MR Securities,
Overseas Pakistani workers remitted an amount of $3.599 billion in the first quarter of (July- September) of the current fiscal year 2012?13 (FY13), showing a growth of 9.16 percent or $301.91 million when compared with $3.297 billion received during the same period of the last fiscal year (July- September 2012).
PSO PAYS OVER RS 27 BILLION TO INTERNATIONAL FUEL SUPPLIERS
A cash-strapped PSO has paid over Rs 27 billion to international fuel suppliers including Kuwait Petroleum Company, while the Finance Ministry has released Rs 3.9 billion to the national fuel supplying company on Tuesday on account of liabilities against power sector.
HITTING A ROADBLOCK: ABU DHABI, PARCO OIL-BASED PLANT PROJECT HITS SNAG
The 500 megawatt (MW) power plant planned by the Abu Dhabi government as a joint-venture with Pak Arab Refinery Limited (Parco) hits snag after Ministry of Water and Power refused to allow the installation of oil-based plants.
UPWARD TREND PERSISTS ON COTTON MARKET
Rising trend persisted on the cotton market on Wednesday amid slight fall in trading activity, in the meantime, it is most likely that supply position may ease, which expectedly bring down rates.
MEETING ON ISSUE OF MINIMUM TAX ON IPPS’ INCOME SOON
Ministry of Finance, Federal Board of Revenue (FBR) and Ministry of Water and Power will soon convene a meeting to ascertain whether minimum tax is applicable on income of an Independent Power Producers (IPP) earned through sale of electricity.
BURJ BANK ANNOUNCES RS 147 MILLION PROFIT
Burj Bank Limited (Burj) has announced its half yearly results for the period ended June 30. The Bank’s profit before tax is Rs 147 million. The profit announcement reflects a turnaround of Burj Bank with continuous earning for the first two quarters of 2012.
NETHERLANDS TO CONTRIBUTE $5 MILLION TO MDTF
Netherlands will contribute $5 million for the Multi Donor Trust Fund (MDTF) to undertake development projects in KP, Federally Administered Tribal Areas (FATA) and Balochistan, according to an agreement signed between the Dutch government and the World Bank.
GOVT BORROWING TOUCHES RECORD HIGH OF RS532 Billion
Government borrowing from the scheduled banks reached a record high of Rs532 billion during the first quarter (July-September) of the current fiscal year, mainly on account of shortfall in the revenue receipts, according to the statistics issued by the State Bank of Pakistan on Wednesday. Weak foreign financial inflows, increasing government expenditures, fall in the revenue collection and retirement of the SBP loans are the major factors responsible for excessive budgetary borrowing from the banks during July-September FY13.
CAR SALES DOWN BY 30PC
Car sales, including that of LCVs, vans and jeeps declined to 30,541 units during the first quarter of FY13, down by 30 percent as compared to 43,694 units during the same period last year, according to the data released by Pakistan Automotive Manufacturers Association (PAMA), on Wednesday.
USED CAR IMPORTERS VIOLATE ANTI-MONEY LAUNDERING REGULATIONS
Used car importers are violating anti-money laundering regulations as most of the payments are being made through hundi and hawala and other illegal means, auto sector sources said. The State Bank of Pakistan (SBP) should investigate into the growing imports of vehicles under the personal baggage and gift schemes, which have apparently no traces of legal remittances.
POWER SECTOR PAYABLES INCREASE TO RS 487.93 BLN
The govt has informed the NA that power sector payables have increased to Rs 487.93 billion and receivables to Rs 420.61 billion. The Minister for Water and Power in a written reply informed the House that power sector’s payable to gas companies stood at Rs 28.41 billion, oil companies Rs 32.77 billion, IPPs Rs 321.37 billion, Wapda for Hydel Rs 78.72 billion and Rs 26.67 billion to others.
PROMOTING THRIFT: NATIONAL SAVINGS TO LAUNCH PRIZE BOND FOR STUDENTS
The Central Directorate of National Savings (CDNS) is all set to launch student prize bonds of Rs100 denomination by next month, with an aim to promote a savings culture among the young generation of the country.