Home / Brokerage / Morning Buzz for October 05, 2011 – MR Securities

Morning Buzz for October 05, 2011 – MR Securities

Karachi: Govt to set up new statistics bureau in Oct

According to MR Securities, the government will merge three organisations involved in compiling statistics to form a new institution called Pakistan Bureau of Statistics (PBS) within this month.

Borrowing from banks shoots up to Rs247bn

The government borrowing from commercial banks registered a phenomenal growth surged to Rs247bn during 1st quarter of fiscal year 2011/12, central bank data showed on Tuesday.

50 basis points cut in discount rate likely

The shift in the government’s borrowing pattern can lead SBP to cut its discount rate by at least 50 basis points in next monetary policy, to be announced on Oct 8 for next two months.

FBR agrees to refund additional amount

The Federal Board of Revenue (FBR) has agreed to refund the difference arising in payment against flood surcharge for tax year 2011.

‘Sudden changes hurting motorcycle industry’

Sudden changes in policies about motorcycle manufacturing play havoc with the business and put billions of rupees investments in jeopardy, said industry officials.

WAPDA awards consultancy

The Water and Power Development Authority (WAPDA) has awarded contract to a joint venture Dasu Hydropower Consultants for preparation of detailed engineering design and construction supervision of 4,320 megawatts Dasu hydropower project.

PSO blacklists FAL Oil from tenders

Pakistan State Oil (PSO) has blacklisted Middle East trader FAL Oil from participating in its tenders for failing to meet its contractual agreements, PSO said on its website on Tuesday.

Problem of circular debt: energy panel told to submit report on Oct 12

Prime Minister Syed Yousaf Raza Gilani directed inter-ministerial committee on energy sector to submit report with respect to resolving the problems of circular debt to special meeting of the Cabinet likely on October 12 that would also be attended by chief ministers.

New set of reforms to be introduced: Naveed

Water and Power Minister Naveed Qamar on Tuesday said the government would be introducing a new set of reforms for the energy sector over the next month in two stages to resolve the energy crisis, according to Aaj News.

CNG suspension continues

All CNG filling stations of Lahore, Gujranwala, Sheikhupura, Sahiwal and Multan regions remained closed on Tuesday on a second weekly holiday announced by Sui Northern Gas Pipelines Limited (SNGPL). Passengers had to face immense problems for reaching their destinations due to CNG suspension and most public transport stayed off the road.

FBR Board-in-Council to take many key decisions today

The Board-in-Council of FBR here on Wednesday, October 5, will take decisions on reduction in the rate of withholding tax on services sector and introduction of a single rate of 5 percent on local stage of five sales tax zero-rated sectors by combining existing rate of 4-6 %.

Small and medium enterprises: Funds shortage hampers progress

The economic potential of small and medium enterprises (SMEs) has largely remained untapped which find it difficult to access bank credit and have to go to urban centres to establish links with banks that shy away from operating in rural areas of the country.

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