Morning Buzz for July 24, 2012 – MR Securities
Karachi, July 24, 2012 (PPI-OT): PACRA MAINTAINS LONG, SHORT-TERM ENTITY RATINGS OF KASB BANK
According to MR Securities,
The Pakistan Credit Rating Agency (Pacra) has maintained the long-term and short-term entity ratings of KASB Bank at +ACI-BBB+ACI- (Triple B) and +ACI-A3+ACI- (A three) respectively.
MCB BANK BAGS ANOTHER INTERNATIONAL AWARD
MCB Bank, for the 9th time has been named “Best Bank in Pakistan” by the highly respected UK based magazine, Euro money, for the bank’s impressive performance and growth in the year.
UP BY 51 PERCENT YOY IN FISCAL YEAR 2012: MUTUAL FUNDS INDUSTRY REACHES RS 379 BILLION
The mutual funds industry remained in upward trajectory during FY12, as the Asset under Management (AUM) posted a significant appreciation of 51 percent on year-on-year basis this year, analysts said.
FINANCE MINISTRY UNABLE TO SETTLE RS 383 BILLION POWER SECTOR DUES
The Finance Ministry has been unable to make any progress with respect to settlement of Rs 383 billion power sector dues against provinces, AJK, autonomous bodies and private sector, it was learnt.
TURKISH POWER PLANT FACING $0.315 MILLION LOSSES DAILY: KARKEY SEEKING AMICABLE SOLUTION
The barge-mounted Turkish Rental Power Plant, which is lying idle for last around 4 months after Supreme Court’s (SC) decision against rental power projects, is facing loss of at least dollars 0.315 million daily.
GAS LOAD MANAGEMENT: GOVERNMENT CRITICISED FOR ”NOT” FOLLOWING PLAN
Ministry of Petroleum, Industry sources and CNG sector officials accuse the government of not following the gas load-management plan in allocating gas to different sectors.
MEETING ENERGY REQUIREMENTS: PRESIDENT FOR HARNESSING NATURAL RESOURCES
President Asif Ali Zardari while highlighting the impacts of present energy crisis said that the huge natural resources needed to be explored and harnessed to meet the energy requirements of the country.
OIL CONSUMPTION DECLINED BY THREE PERCENT IN FISCAL YEAR 2012
Despite energy shortfall, country’s oil consumption declined by 3 percent in FY12 to 19.1 million tons as against 19.7 million tons recorded in FY11.
POWER CRISIS WORSENS AGAIN
Power crisis has once again intensified after a slight relief across the country, except Karachi, with 12 hours outages in urban and 18 hours in rural areas with those fasting compelled to come out in protest against the duration and unscheduled load shedding.
PSO’S RECEIVABLES SWELL TO RS232 billion
The financial constraints of the state-run PSO have increased manifold as its receivables have swelled to staggering Rs232.2 billion while the company’s payables have surged to Rs180.629 billion.
PSO DEMOTES SEVEN GENERAL MANAGERS
The top management of PSO has taken action and demoted several general managers who were promoted in violation of the promotion policy set by the Ministry of Petroleum and Natural Resources.
PAKISTAN’ EXPORTS TO US DROPPED BY $166M IN FY12
Pakistan’s exports to the United States have declined by $166 million to $3.935 billion in the last fiscal year (July 2011 to June 2012) as against $4.101 billion the preceding year, official data showed.
PAAPAM CRITICISES NEW POLICY OF IMPORTING MOTORCYCLE PARTS
While criticizing the sudden change in the policy related to the motorcycle industry, the Pakistan Association of Automotive Parts and Accessories Manufacturers, is of the view that the plan to allow an investor to import motorcycle parts at a five percent duty (against the prevailing 15 percent) will not only negate previous policies, but it will also encourage producers to bypass local vendors and manufacturers.
THAR COAL PROJECT STEP ONE COMPLETE, EXPERT TELLS ZARDARI
Global Mining of China, Sindh Engro Coal Mining Company and Oracle Coalfields of UK have all completed their feasibilities and with it phase one of their projects.
DEMUTUALISATION OF BOURSES TAKES A STEP FORWARD
In a step towards bringing greater transparency to the country’s stock exchanges, the equities market watchdog on Monday approved legal documents aimed at separating regulatory and commercial affairs of the bourses and turning them into profitable corporations.