Morning Buzz for – MR Securities

Karachi, March 01, 2013 (PPI-OT): Loans worth Rs 138.6 billion written off in five years: National Assembly informed

According to MR Securities loans amounting to Rs 138.6 billion have been written off by various banks over the past five years, Finance Minister Saleem H Mandviwalla informed the National Assembly on Thursday.

World Bank, not ADB, presses for seeking Indian NOC
A move by the Asian Development Bank to bring World Bank on board for co-financing Diamer Bhasha Dam backfired when the World Bank instead asked the ADB to first seek a no-objection certificate from India – a condition that has derailed the project.

Sweden to help in developing alternative energy
Swedish Ambassador to Pakistan Lars-Hjalmar Wide said that Sweden wants to provide every possible technical expertise in renewable energy and solid waste management to Pakistani industries and for that Swedish embassy will soon invite its companies to Pakistan for possible joint ventures and business deals.

ICIBL earns profit of Rs143m
Invest Capital Investment Bank Ltd (ICIBL) announced its half-yearly profit of Rs143 million after tax and 50 paisas earnings per share (EPS) for the ongoing year.

‘BoK records robust growth in all sectors during last five years’
Despite the depressed economic conditions and marginalized businesses, the Bank of Khyber (BoK) has recorded a robust growth in all sectors during last five years. The bank is well positioned to meet all financial and regulatory requirements liable under rules of the central bank.

Khushhali bank opens six new branches in Punjab
Khushhalibank Limited, the first licensed microfinance bank in Pakistan expanded its network by opening six new branches in the Punjab region during the month of February. These branches were opened in Minchanabad, Chiniot, Muzaffargarh, Fort Abbas, Alipur and Sadiqabad.

HUBCO to incorporate Narowal plant as a subsidiary
The Hub Power Company (Hubco) will be incorporating its thermal power generating unit at Narowal into a separate, wholly-owned subsidiary, in a move analysts welcomed as providing more transparency into the company’s business operations.

Jubilee Life Insurance jubilant about its 2012 performance
Revenues of Jubilee Life Insurance Company (JLIC) grew 57% to Rs14.1 billion in 2012, according to the company’s financial results posted on the website of the Karachi Stock Exchange (KSE).

Corporate results: SSGC announces 32% lower profits for first half of fiscal year
Sui Southern Gas Company (SSGC) has released its earnings announcements for the first half of fiscal 2013, announcing its earnings for both quarters as well as its result for the entire first half of the fiscal year.

POL prices raised by Rs 4.35 per litre
The government on Thursday increased prices of petroleum products in a range between Rs 3.53 and Rs 4.35 per litre and the revised prices would be effective from Friday (today).

Government asked to arrange oil supply for closed thermal power stations
Wapda and electricity workers demanded of the government to arrange supply of oil/diesel to the closed thermal power stations to produce sufficient adequate electricity to meet energy needs of the country.

30 megawatts wind power project to be set up near Thatta
At a time when local and foreign investors are shying away from investing in new projects because of uncertain domestic economic and security situation, the establishment of Tapal Wind Energy project at Jhimpir in Thatta district by a group of forward looking entrepreneurs is creditable.

Coal reserves to be tapped for meeting energy crisis: Shahbaz
Punjab Chief Minister Shahbaz Sharif has said that there are large reserves of coal in the Salt Range of Punjab, which can be developed in a scientific manner and utilised for energy purposes.

Purchase of new cars: NTN condition to go
Finance Minister Saleem Mandviwalla has agreed to abolish the condition of National Tax Number (NTN) on purchase of new vehicles, which is likely to hamper the measures taken for documentation of economy and broadening the tax base. Finance Minister office stated: “the government removes the condition of NTN for purchase of new cars. New cars can now be purchased against ID cards”.

Rs10 billion refunded to taxpayers in 2012 through FTO intervention
Taxpayers have received about Rs10 billion as refunds through the intervention of the office of the Federal Tax Ombudsman in 2012, which was Rs7.89 billion in the preceding year.

Leave a Reply