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Morning Buzz for Sep 29, 2011 – MR Securities

Karachi: FBR surpasses quarterly target by Rs15 billion

According to MR Securities,

The provisional tax collection during July-September 2011/12 has surpassed the quarterly target by Rs15 billion, thanks to the FBR blunder in the previous fiscal year when it included advance tax to show revenue collection higher at Rs1,590 billion.

ADB to scale up infrastructure development
The Asian Development Bank (ADB) wants to enhance its funding for infrastructure development projects in Pakistan to $1 billion per annum, a statement said on Wednesday.

Gas shortage magnifies power crisis
Gas supply squeeze to independent power producers (IPPs) has exacerbated the power crisis in the country, forcing 10 and 12 hours of outages in urban and rural areas respectively.

Investors’ interest in fertiliser stocks pushes KSE up
The Karachi Stock Exchange (KSE) ticked up on Wednesday as investors bought fertiliser stocks on the hopes of better dividends this quarter, ignoring the concerns over deteriorating ties between Pakistan and the United States,

Garment exporters demand tax waiver
Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has said the government should waive taxes until the stuck up claims of refunds are settled.

Pakistan, India discuss opening of bank branches
Dr Subir Vithal Gokaran, Deputy Governor, Reserve Bank of India, called on Makhdoom Amin Faheem, Federal Minister for Commerce, who is currently on an official visit to India, to discuss the opening of bank branches in India and Pakistan.

Breakthrough in Mumbai: India, Pakistan agree to trade concessions
The commerce ministers of India and Pakistan appear to have made significant breakthroughs in easing restrictions on trade between the two countries, with New Delhi expected to withdraw its objections to European Union trade concessions to Pakistan and Islamabad expected to reduce tariffs on imports of Indian goods.

BoI chief suggests Chinese company to invest in power plants
A six-member delegation from People’s Republic of China headed by Zhu Yuanchao, Vice President M/s Dongfang Electric Corporation (DEC), China called on Minister of State/Chairman Board of Investment Saleem H. Mandviwala, says a press release issued.

Summit Bank, NJI sign Bancassurance agreement
Summit Bank Limited (SMBL) and New Jubilee Life Insurance Company Limited (NJI Life) have entered into a strategic partnership whereby Summit Bank shall sell life insurance products under the umbrella of “Bancassurance”.

SBP tightens monitoring of exchange companies
The State Bank of Pakistan has decided to further tighten the monitoring of exchange companies to check the dollar speculation and restrain Pak rupee value. After getting positive impact of the intervention in the open market, the State Bank on Wednesday issued some new directives for the exchange companies to closely monitor the daily currency transactions.

Punjab Pension Fund, CDC sign Trust Deed
The Government of the Punjab has signed a Trust Deed for Punjab Pension Fund with the Central Depository Company (CDC) of Pakistan Limited in Lahore on Wednesday. Muhammad Hanif Jakhura, Chief Executive Officer, CDC and Aquil Raza Khoja, General Manager-Punjab Pension Fund, signed the Trust Deed.

Government cautioned against hike in gas tariff affecting economic growth
The government has been cautioned that increase in gas tariff in the near-run would have adverse impact on economic growth with social and political repercussions in the form of extreme reaction by the consumers.

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