February 17, 2014 (PPI-OT)
28th SBA instalment: IMF to be paid $147 million on February 18
According to MR Securities,
The country is all set to pay $147 million to the International Monetary Fund on account of 28th Stand-By Arrangement instalment next week, sources said. They said overall, four different payments, including two SBA instalments, amounting to Special Drawing Rights (SDR) 197.5 million were due during this month.
European Investment Bank team meets minister: policy devised to protect local, overseasinvestors: DarMinister for Finance Senator Mohammad Ishaq Dar, accompanied by Secretaries Finance Division, Economic Affairs Division and Water and Power Division had a meeting with Vice President European Investment Bank (EIB) Ms Magdalena Alverez Arza and her team on Saturday.
EFU Life announces 65 percent cash dividend for 2013
EFU Life Assurance Ltd, the leading private sector life insurance company in Pakistan announced its financial results for the year ended 31 December 2013, posting a profit after tax of Rs 929 million for the year 2013 with earnings per share of Rs 9.29. The Company declared a final cash dividend of 50 percent, ie Rs 5 per share, taking the total cash dividend payout to 65 percent, ie Rs 6.5 per share for the year.
Advisory committee: With low reserves, EAC advises against Euro bond
Country's leading economists have warned government against tapping international bond market with only $2.8 billion reserves in hand, urging it to wait for an appropriate time or else be ready to pay a higher price.
Small-, medium-sized banks mull options to raise capital
MCB Bank's decision to invest in Burj Bank has focused all eyes on the future of other small- and medium-sized banks which are similarly undercapitalised. And the market is now waiting to see who raises money and how.
LCCI, KPCCI to join hands for Kalabagh Dam construction
The Lahore and Khyber-Pakhtunkhwa chambers of commerce and industry on Saturday agreed to jointly work to pave the way for a consensus and for the early construction of Kalabagh Dam, a statement said.
Cement exporters facing 'Indian' hurdles
Pakistani cement exporters again started facing problems from Bureau of Indian Standards (BIS) Licenses for renewal of their licenses; thus nullifying Non-Tariff barrier from India on Pakistan products.
Refineries fail to meet world standards
The Ministry of Petroleum and Natural Resources has for the first time admitted that Pakistani refineries have failed to provide POL products at par with international standards despite the fact that receiving billions of rupees in deemed duty, official ministry documents available with the News reveal.
Contract for hydropower project awarded
(Wapda, after approval of the World Bank, has awarded the contract of $312 million to a consortium for electromechanical work of the 1,410MW Tarbela 4th extension hydropower project
Energy mix: Pakistan to increase generation capacity, says Dar
Finance Minister Mohammad Ishaq Dar said on Saturday that the government is fully geared towards increasing the country's existing 19,000 megawatt (MW) power potential to 24,000 MW over the next four years in order to address the country's growing commercial and industrial sectors energy needs.
Gas theft: Provinces to pocket Rs33b after UFG ceiling reversal
Following a revision in the ceiling of unaccounted for gas (UFG), provinces are to receive Rs33 billion by squeezing money from the gas utilities, a move which will hit the federal government and possibly lead to the bankruptcy of gas companies.
Textile: Industry opposes increase in sales tax
The Pakistan Textile Exporters Association (PTEA) has strongly opposed the proposed increase in sales tax and changes in tax regime, saying that this will create a negative impact on textile exports.
Gwadar Port: Pakistan, China all set to develop master plan
In a strategic move, Pakistan and China are set to make headway towards developing a master plan for Gwadar Port as part of an economic corridor that envisages investment of $12 billion by Beijing.
Corruption within: FBR fails to take decision on policing powers
Amid lack of internal controls necessary to keep a check on taxmen who often connive with tax evaders, Federal Board of Revenue's highest decision-making body could not decide on who will police its officers.
Engro makes strong comeback
Engro Corp has posted a record consolidated profit after tax of Rs8.18 billion for the year ending on December 31, 2013, up 529% compared to a depressed profit after tax of Rs1.3 billion in 2012.
Spinning ahead: Nishat Mills books Rs3.85b profit
Nishat Mills Limited (NML) has posted a strong net profit of Rs3.85 billion for the six-month period ending on December 31, 2013, up 35% compared to Rs2.85 billion in the corresponding period of the previous year.
Bid-losing: Austrian firm still trying to win Tarbela dam
An Austrian company Andritz Hydro is trying to secure a contract for Tarbela's fifth extension hydropower project, despite having lost its tender in the past. Its bid amounted to more than $40 million higher than what was given by its German competitor Voith Hydro.