Morning Buzz – MR Securities

Karachi, November 12, 2013 (PPI-OT): SBA 22nd installment: IMF paid $147.6 million Pakistan on Monday paid 22nd installment of Stand-By Arrangement (SBA) worth $147.6 million to the International Monetary Fund (IMF).

According to MR Securities as per the payment schedule, the 22nd installment of SBA worth Special Drawing Rights (SDR) 95.837 million was due on November 11, 2013. Accordingly, the State Bank of Pakistan on Monday successfully paid $147.66 million to the IMF on account of SBA installment.

Overseas workers send home $5.3 billion
Overseas Pakistani workers sent home $5.276 billion in the first four months of current fiscal year, showing a growth of 6.27% compared with $4.964 billion received in the same period of last year.

SECP’s directive to life insurers
SECP has issued a regulatory directive to the life insurers to file their products in accordance with the standardised submission requirements, a statement issued by the commission said on Monday.

Summit Bank posts Rs 1.8 billion loss after tax in 9M
Summit Bank Limited (SBL) has posted a loss after tax of Rs 1.8 billion during the first nine months (January-September) of current calendar year (CY13). The loss after tax is some 27 percent or Rs 491 million higher than the loss after tax Rs 1.3 billion registered in same period of last calendar year.

Investment‚ extradition‚ labour and visa: four MoUs inked with Kuwait
Pakistan and Kuwait Monday signed four Memoranda of Understanding (MoUs) to enhance co-operation in the fields of investment‚ extradition‚ labour and visa waiver at diplomatic and official level.

Back on track: Nandipur power plant picks up speed
The Nanidpur power plant has finally picked up speed. Almost all of the construction material of the 425 megawatt (MW) cycle power plant, that had been abandoned at Karachi Port since 2010, has been transported to the project site in Gujranwala so as to complete the power plant promptly.

US to help overcome power shortage: working group meets today
Fifth US-Pakistan Energy Working Group, part of strategic dialogue framework, will meet in Washington today (Tuesday) to foster co-operation in energy sector and help Pakistan overcome power shortage.

SSGC saves $3 million by upgrading in-house technology
While continuously striving to extend paramount services to its customers, Sui Southern Gas Company (SSGC), one of the region’s most IT-enabled utility employs state-of-the-art technologies, through regular induction of best business practices. The Information Technology department along with associate departments recently accomplished yet another triumph that stands huge by all standards.

Engro to get $2bn LNG contract despite NAB probe
Engro Corporation Ltd has announced that government of Pakistan will soon issue its subsidiary – Elengy Terminal Pak Limited (ETPL) – a letter of intent (LOI) for the two billion dollars fast track LNG import.

IPI gas project: ‘India evinces no interest due to security reasons’
Member Indian Parliament Lok Sabha Bajayanat Jay Panday said that New Delhi is interested in India- Pakistan-Iran Gas Pipeline project but due to security reasons, MR Securities are not showing interest in this project.

Energy dialogue: US pushes Chevron’s bid for TAPI pipeline project
The United States may press Pakistan to award multi-billion-dollar contract for TAPI gas pipeline project to its energy giant Chevron, in a bid to shelve Iran-Pakistan (IP) gas pipeline project.

Gsp plus decision : SITE keeping fingers crossed till final nod
Country’s leading industrial estate, the SITE Association of Industry has asked government to remain on its toes until final announcement of Pakistan’s inclusion in GSP plus scheme is made by European Union.

Competition rules: No leniency to violators once CCP hands down verdict
The anti-trust watchdog has barred violators of competition law from seeking leniency once it is established by a bench of the Competition Commission of Pakistan (CCP) that they have violated the law, filling a major lacuna in its regulations that is exploited by the guilty to buy time.

Auto industry: Car sales lose speed as the year nears its close
The sales of local cars in first four months (July to October) of fiscal year 2014 (4MFY14) have jumped up by 7% and touched 42,796 units compared to 39,938 units in the same period last year.

Agriculture output: Government sets wheat production target at 25m tons
The government has set wheat production target at 25 million tons for the Rabi sowing season 2013-14, but all depends on adequate supply of water and fertiliser to farmers.

Crude oil, refined products: Kuwait willing to continue supply on deferred payment
Kuwaiti government has expressed its willingness that it will continue supplying crude oil and refined petroleum products on deferred payment to Pakistan on long-term basis.

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