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Morning Buzz for February 08, 2013 – MR Securities

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by March 8, 2013 Brokerage

Karachi, March 08, 2013 (PPI-OT): Government has no plan to seek IMF loan: Mandviwalla

Finance Minister Senator Saleem H Mandviwalla on Thursday said there was neither any programme to seek new loans from the International Monetary Fund (IMF) nor there was any proposal under consideration for that purpose.

Arif Habib Corporation agrees to sell Thatta Cement
According to MR Securities Thatta Cement, one of the country’s smallest cement manufacturers, has finally been sold by the Arif Habib Corporation in a deal that values the company at Rs2.4 billion.

BoP decries TI Pakistan’s allegations
The Bank of Punjab (BoP) has decried Transparency International Pakistan’s allegation regarding procurement of core banking system on turnkey basis. Group Head, Operations, BoP, Kamran Khalil in a fax message to Business Recorder said that TI-Pakistan’s letter “levelling baseless allegations, apparently without having done its due diligence” amounted to figment of imagination.

IP project: Zardari to visit Iran on Monday
President Asif Ali Zardari will visit Iran to perform the ground-breaking ceremony of the Iran-Pakistan gas pipeline project on March 11 (Monday), Foreign Office spokesperson Moazzam Ahmad Khan said during a media briefing on Thursday.

Oil and gas exploration: bids for 60 new blocks to open Sunday
The government is to open bids for 60 new oil/gas concession blocks on Sunday (March 10), it is learnt.

Petroleum exploration: new model PCA 2013 to be introduced
The Petroleum Ministry has decided to introduce new model Petroleum Concession Agreement (PCA) 2013 for all future grants aimed at offering attractive incentives to the Exploration and Production companies.

MCC Gwadar-MSA joint operation: launch with 15,000 litres of Iranian diesel seized
Model Customs Collectorate (MCC) Gwadar in a joint operation with Maritime Security Agency (MSA) has successfully seized a fishing launch being used in smuggling of 15,000 litres of Iranian diesel into Pakistan, costing millions and arrested all five smugglers on board.

IP project violates UN sanctions: US
The United States on Thursday expressed reservations over the finalisation of a deal between Pakistan and Iran on a gas pipeline project, insisting that it violated UN sanctions, a private TV channel reported.

Direct taxes budget for fiscal year 2014: major focus on steps to abolish FTR
Direct taxes budget for 2013-14 would focus on measures to abolish the Final Tax Regime (FTR), rationalisation of Presumptive Tax Regime, marginal tax rates for sectors enjoying exemptions and options for taxability under the normal tax system of all sectors of the economy.

Provisional figures: July-February tax collection shows 4.1 percent YoY growth
The Federal Board of Revenue has provisionally collected Rs 1,155.6 billion during July-February (2012- 13) against Rs 1,110.1 billion in the corresponding period last fiscal year, reflecting a growth of 4.1%.

Regularisation of non-duty paid vehicles: customs to implement amnesty scheme today
Pakistan Customs’ appraisement department is poised to implement the amnesty scheme announced by the Federal Board of Revenue (FBR) for regularisation of non-duty paid smuggled vehicles from March 8.

Forex reserves fall below $13 billion
The country’s liquid foreign exchange reserves fell below $13 billion level mainly due to debt payment. On February 26, 2013, Pakistan paid 10th instalment worth $391 million to the International Monetary Fund as principle amount of Stand-By Arrangement (SBA) facility.

ECC to make several important decisions before government bows out
Gas prices may be increased before the general elections, as the government has decided to impose the Gas Infrastructure Development Cess (GIDC) on domestic and commercial consumers and has decided to raise the rates applicable on some categories of consumers in order to generate $1 billion for the Iran- Pakistan (IP) gas pipeline project.

LSE launches SMS trade alerts, email notifications
The Lahore Stock Exchange (LSE) has launched SMS trade alerts and email notifications directly to investors to inform them about the execution of their orders.

MR Securities BOC formally launched across Pakistan
The Federal Board of Revenue (FBR) has announced the formal launch of b-Based One Customs (MR Securities BOC), an online computerised system, at all customs stations in the country from March 8.

USAID-funded computer centre inaugurated at DISCO
The United States Agency for International Development (USAID) has inaugurated a new planning and engineering computer centre at the Multan Electric Supply Company (Mesco).

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