Morning Buzz for May 09, 2014 – MR Securities

Karachi, May 09, 2014 (PPI-OT): Islamic financing instruments: Dar optimistic about prospects

Finance Minister Senator Mohammad Ishaq Dar on Thursday said that Pakistan’s foreign exchange reserves position had improved significantly on account of increased inflows from multilateral and bilateral sources.

Foreign exchange reserves are going to further increase due to inflows from the World Bank (WB), 3G payments and Coalition Support Fund, he said during two separate meetings with the delegations of Citibank and Standard Chartered Bank in Dubai.

Wajahat elevated as President-CEO of UBL

The Board of Directors of United Bank Limited on Thursday chose an insider and elevated him – the Group Head of its International Division Wajahat Husain – as President and Chief Executive Officer (CEO) of the bank on Thursday. Sir Anwar Pervez, Chairman UBL, made the announcement describing Wajahat Husain “as a consummate banker with a proven track record of building businesses and driving performance.”

Forex reserves soar to $12 billion

After a gap of one year, the country’s total liquid foreign exchange reserves have crossed $12 billion mark, supported by growing foreign inflows. For the last two years, the country’s forex reserves were on the decline due to higher foreign debt payments particularly the Stand-By Arrangement (SBA) of the International Monetary Fund (IMF).

Wheat crop: ‘Punjab completes 80 percent harvesting, 55 percent threshing’

Punjab has completed eighty percent wheat harvesting and 55 percent threshing up till now despite unstable weather conditions during the current harvest season, Director General Agriculture Extension Services Dr Anjum Ali told Business Recorder, here on Thursday.

Only 700 megawatts added to grid, says Pasha

An additional 700 MW and not 1700 MW as claimed repeatedly by the government has been added to the national power grid during the past nine months as a consequence of the retirement of Rs 480 billion circular debt on 29 June 2013 which benefited three electric supply companies in the Punjab namely Lahore, Faisalabad and Gujranwala.

This was stated by Dr Hafeez Pasha, former Finance Minister and eminent economist of international repute in an exclusive chat with Business Recorder.

Wheat crop: ‘Punjab completes 80 percent harvesting, 55 percent threshing’

Punjab has completed eighty percent wheat harvesting and 55 percent threshing up till now despite unstable weather conditions during the current harvest season, Director General Agriculture Extension Services Dr Anjum Ali told Business Recorder, here on Thursday.

Adverse developments could peg back five percent growth projection

Finance Ministry has projected inflation at 11 percent and GDP growth at 2.8 per cent for the current fiscal year in its Medium Term Macro-economic Framework under debt management strategy (2013-14 to 2017-18). Inflation was targeted at 8 per cent and GDP growth at 4.4 per cent in budget for the current fiscal year.

The Medium Term Debt Management Strategy (MTDS) uploaded by the Finance Ministry on its website states that the total external debt would increase to 27.7 per cent of the GDP in 2013-4 from 24.9 per cent of the GDP 2012-13.

Budgetary allocations: Government decides to implement uniform tariffs

In a bid to limit power subsidies within budgetary allocations for the upcoming fiscal year, the government has decided to implement uniform electricity prices and may pay in cash to those who are at the bottom of the income bracket and deserve subsidies.

Gas import: Qatari team coming, govt to bargain over LNG price

A Qatari delegation is arriving here at the weekend to negotiate the liquefied natural gas (LNG) price and press ahead with a government-to-government gas supply deal, a project that has full backing of the United States.

The visit, due on May 11, is significant as it comes at a time when Prime Minister Nawaz Sharif will make a trip to Tehran to discuss, among other issues, extension in the deadline for constructing the Iran- Pakistan (IP) gas pipeline to avert hefty penalties, sources say

Mobile phone imports up 0.5pc in 9 months

The mobile phone imports into the country increased by 0.5 percent during first three quarters of the year 2013-14 over the same period of last year. The imports of mobile phone into the country during July-March

(2013-14) were recorded at $477.289 million against the imports of $474.924 million during July-March

(2012-13), according to the data of Pakistan Bureau of statistics(PBS). Similarly the mobile phone imports into the country during the month of March 2014 decreased by 41.99 percent and 21.23 percent when compared to the imports in March 2013 and February 2014 respectively. The mobile phone imports during

March 2014 stood at $44.82 million against the imports of $77.261 million in March 2013 and $56.901 million in February 2014, the data revealed.

The post Morning Buzz for May 09, 2014 – MR Securities appeared first on Business News Pakistan.

The post Morning Buzz for May 09, 2014 – MR Securities appeared first on AsiaNet-Pakistan.

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