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Morning Buzz for September 30, 2011 – MR Securities

Karachi: LHC restrains OGRA, ministry from pursuing LPG Policy

According to MR Securities, the Lahore High Court (LHC) on Thursday restrained the Oil and Gas Regulatory Authority (OGRA) and the Ministry of Petroleum and Natural Resources from taking any coercive action against LPG marketing companies pursuant to the controversial LPG Production and Distribution Policy, 2011 (Policy), sources said on Thursday.

Vegetables import from India begins
Pakistan has started importing vegetables from India and Iran after losing much of its output to recent rains, market sources told The News.

ADB to give loan to settle circular debt
The Asian Development Bank (ADB) said that it would provide loan to Pakistan for settling the circular debt in power sector, but Islamabad must take steps to prevent its reappearance.

Pakistan’s IMF rebuff to be short-lived
While Pakistan appears to be ending its programme with the International Monetary Fund (IMF), there is a real possibility that Islamabad will have to later go back and ask for new loans, and it may not then have the critical backing of the United States.

Pakistan wants India to remove trade barriers
Pakistan has pressed India for removing tariff and non-tariff barriers to enable the two countries to exploit the real potential of trade, official sources said.

KSE ends up as White House statement seen supporting Pakistan
The Karachi share market recorded some gains on Thursday after the White House vowed to continue strategic partnership with Pakistan, traders said.

Developing world driving export growth
Businessmen who managed to grow their profits during last 4 years of economic recession attribute this to finding buyers in developing markets where consumption has expanded.

SECP asked to check conflict of interest in listed firms
Transparency International (TI) Pakistan has asked the Securities and Exchange Commission of Pakistan (SECP) to check directors’ conflict of interest in listed companies.

Major portion of investment made in government securities, blue chips: PRCL informs National Assembly panel
The Pakistan Re-Insurance Corporation Limited (PRCL) has informed the National Assembly Standing Committee on Commerce that the long-term investment has been made in the government securities including blue chips traded on the stock exchanges.

Against Rs 28b outstanding dues: Wapda pays only Rs 5b to PSO
Wapda has paid Rs 5b to Pakistan State Oil (PSO) out of Rs 28b outstanding dues, while the Sindh government has also agreed to release Rs 4 billion within next few days.

Exchequer suffers Rs 55b loss: 28,900 ATT containers go missing: FBR
The Federal Board of Revenue made a startling disclosure on Thursday that 28,900 commercial Afghan Transit Trade containers are missing which were disposed of within Pakistan, causing estimated revenue loss of Rs 55 billion to the exchequer.

FBR collects Rs 42 billion as customs duty in first quarter
FB) has collected nearly Rs 42b as customs duty during the first quarter (July-September) 2011-2012 against the quarterly target of Rs 40 billion, reflecting an increase of Rs 2b.

India announces support to EU duty waiver for Pakistan: bilateral trade to be raised to $6 billion in three years
India has announced support for Pakistan’s EU waiver package bid in World Trade Organisation (WTO).

Steel manufacturers: Chinese firm to help set up billet mill
Karachi-based Abbas Steel Group has signed up with China’s Sino Steel Corporation to supply machinery and equipment to put up a billet mill to provide raw material for the group’s rerolling industry of wire rod and rebar mill complex.

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