Morning Buzz for December 06, 2013 – MR Securities

Karachi, December 06, 2013 (PPI-OT): Dwindling foreign reserves: Pakistan urges US to fast track release of CSF dues With its foreign currency reserves hitting the dangerously low level of $3 billion, Pakistan has requested the United States to expedite the process of releasing about $900 million on account of services that Islamabad has rendered in global fight against terrorism.

According to MR Securities

Government unlikely to achieve fiscal deficit target: Rs 68 billion tax shortfall seen
Government is unlikely to achieve 5.8% fiscal deficit target agreed with the International Monetary Fund (IMF) for the current fiscal year as tax authorities have shown their helplessness to achieve the budgeted revenue target of Rs2,475 billion with expected slippages on subsidies and interest payments.

Govt considering five-year tax exemption
The government may allow exemption from income tax for around five years on dollar / foreign currency- based investment by expatriate Pakistanis for setting up new industry.

Banks required to report Rs 1 million deposit to FBR: draft rules unveiled
The Federal Board of Revenue on Thursday issued the draft of the ‘banking companies reporting requirements’ rules under which every bank will be required to submit to the Board a monthly Account Holders Deposits Statement of persons who have deposited Rs 1 million or above in a month.

Salaries, raw material; PSM given Rs 700 million bailout package
The federal government has released an amount of Rs 700 million to Pakistan Steel Mills for payment of salaries and procurement of raw material.

Pakistan’s foreign reserves decline by $557 million during a week
The country’s foreign reserves have posted a massive decline of over $ 557 million during a week. Bankers said that the forex reserves are conspicuously depleting because of rising foreign debt payments.

Despite rising interest rate, most banks continue to prosper
Casting aside all doubts about shrinking interest margins resulting in decreased profitability, Pakistan’s banking sector seems all set to benefit from a rising net interest income, declining non-performing loans and sound capital adequacy ratios.

Cement export to Kabul in gradual decline
Cement sales in the first five months (July-November) of the current fiscal year grew a meagre 0.3%, restricted by a decline in exports to major overseas markets and economic slowdown in the country.

Finance minister’s claim ‘unrealistic’
Finance Minister Ishaq Dar could be forgiven for making as tall a claim as he did when he said that dollar would be brought below the Rs100-mark. The reaction comes after Dar announced the government’s intention to bring the dollar back to the Rs98-mark after it reached an unprecedented level of Rs108.

Bilateral relations: FCCI, EU discuss trade opportunities
FCCI President Suhail Bin Rashid has discussed new opportunities for trade and investment during a seminar organised by the European Union (EU) Ambassador Lars-Gunnar Wigemark in Lahore.

Chilly times: Oil ministry to approach PM for gas outages plan
Ministry of Petroleum and Natural Resources is planning to send a summary to prime minister to win his approval for gas load management plan for winter, suggesting to stop gas supply to different consumers.

Petrol, diesel may be added to list of essential items
Federal government is likely to include petrol and diesel in the list of essential items aimed at conferring powers to district administrations for raids on petrol pumps to check price.

Petroleum Policy 2012 amended to accelerate exploration activities
The Ministry of Petroleum and Natural Resources has amended the Petroleum Policy 2012 to accelerate the exploration activities in the face of growing energy need, Business Recorder has learnt.

US CG inaugurates power distribution centre at Hesco
US Consul General Karachi, Michael Dodman said USAID’s 5-year Power Distribution Programme, US was working jointly with government-owned power distribution companies in Pakistan to improve their performance, both in terms of reduction in losses and improvement in revenues and customer services.

Canal closure: ministry seeks Rs 25 billion subsidy to ensure power supply
The Ministry of Water and Power has sought Rs 25 billion as subsidy from the Finance Ministry to ensure maximum power supply during canal closure period, official sources told Business Recorder.

GSP brings positive change; no cessation of gas supply
Active mills and spinners’ buying was again witnessed on the cotton market on Thursday as a result of no discontinuation in gas supply and rising expectations about the Generalised System of Preference (GSP) plus on import of Pak products by the European Union (EU).

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