Morning Buzz

FRIDAY, JUNE 8, 2012 Click on the headline to follow the link Other News
CDNS launches 2 short-term saving products PSDP allocations need to be diverted to energy projects USAID holds workshop Further cut in POL prices hinted at Coal gasification a solution to power problem CNG dealers' strike in Southern Punjab enters second day Sindh budget: funds set aside to create 22,000 new jobs Forex reserves decline by $469 million Gas utilities infrastructure to invest 73.128bn in

President urges setting up 'Energy Fund' for mega projects President Asif Ali Zardari on Thursday called for greater Chinese investment in infrastructure development, particularly in mega energy projects, and proposed setting up of an Energy Fund for mega projects, including hydro-power projects. CJP recuses himself from son's case Chief Justice Iftikhar Muhammad Chaudhry on Thursday recused himself from a case against his son Dr Arsalan Iftikhar, who allegedly received up to Rs 400 million from real estate tycoon Malik Riaz Hussain to influence cases in the apex court. MPS today: no change likely in policy rate Analysts are anticipating the key policy rate to remain unchanged when the State Bank of Pakistan (SBP) releases on Friday (today) Monetary Policy Statement (MPS) for the next two months. FBR agrees to opposition's two major proposals The Federal Board of Revenue Chairman Mumtaz Haider Rizvi has agreed in principle to two major taxation proposals of the opposition to amend Income Tax Ordinance 2001 including introduction of tax difference of 5 percent between a private limited company and a public listed company to incentivise companies to opt for listing on stock exchanges from July 1, 2013. More foreign banks eye HSBC Pakistan operations Some more foreign banks from Middle East and China are interested to buy operations of the Hong Kong Shanghai Banking Corporation (HSBC) in Pakistan. Government borrowing exceeded estimates for fiscal year 2012: Rana Finance Secretary Abdul Wajid Rana on Thursday said the government borrowing from banking system has exceeded the estimates for the current fiscal year largely because of non-materialization of budgeted inflows on account of 3-G licenses, Coalition Support Fund (CSF) and remaining payment from Etisalat. $1.3 billion foreign assistance received against estimated $4.5 billion Pakistan received foreign assistance of $1.3 bn during the current fiscal year 2011-12 (July 2011 till date) against $4.5bn estimated for FY12. MoF backs security, transport facilities proposed by Finance Bill 2012 The Ministry of Finance here on Thursday supported proposed security and transport facilities in the Finance Bill 2012 for the former prime ministers and presidents saying that it was important in view of prevailing law and order situation as any mishap with such high profile persons would send negative signals to the international community. Resource mobilization key to revive economy: Gilani The revival of Pakistan's economy requires substantive investment in domestic resource mobilisation and public-private partnership, Prime Minister Syed Yousuf Raza Gilani. Tension with Nato may further delay EU package Pakistan fears that European Union's trade package may be further delayed due to existing tensions between Islamabad and Nato over suspension of transit facility to Afghanistan. Construction of 14 small dams: government negotiating with China for $700MN LOAN Government is negotiating with China to borrow $700mn loan at concessional rate of 2% for constructing 14 small dams to increase hydel power generation for minimizing load shedding in country. Protest against changes in Finance Bill Bonded carriers have stopped goods transportation to dry ports and under the Afghan Transit Trade for an indefinite period after the Federal Board of Revenue (FBR) refused to discuss the amendment to the customs laws introduced through the Finance Bill, 2012. SECP penalizes non-compliant market participants Securities Market Division of the Securities and Exchange Commission of Pakistan (SECP) took enforcement actions against the market participants for non-compliance with the regulatory framework. ABF hails positive indications on EU trade concessions Salim Ghauri, president of the American Business Forum (ABF) welcomed positive indications on trade concessions by the European Union to help Pakistans economy recover from the losses caused by floods NBP commences home remittance services The National Bank of Pakistan has commenced Foree cash and foree transfer home remittance services with Ria Financial Services, a wholly-owned subsidiary of Euro net World-wide, Inc. OGRA proposes ban on gas connections for CNG stations Oil and Gas Regulatory Authority (Ogra) proposed to impose a ban on gas supply to new CNG stations for the next three years in a bid to tackle the energy crisis that has hit all sectors of the country. Cement manufacturers unhappy with duty cut Cement manufacturers, while praising the government for cutting the federal excise duty from Rs500 to Rs400 per ton in the budget, have stressed that the duty reduction should actually be Rs250 per ton according to the assurances given in this regard earlier.

IFC makes $19m equity investment in PIBT Slovenia-Pakistan Business Alliance formed UBL acquires majority shares of Khushhali Bank Australia to cut duties on Pakistan imports

KSE 100 Index Tracker Open High Low Close Change Volume (mln) Top Symbols JSCL DGKC ANL BIPL ENGRO Price 13.03 41.10 5.62 10.24 110.26

13,745.14 13,837.66 13,646.46 13,717.30 -28.43 69.78 Volume 15.69m 7.48m 5.25m 4.74m 4.50m IN Out Out IN IN IN IN -0.01% +1.18% -1.96% -0.36% +0.00% -0.42% PKR PKR PKR PKR PKR PKR USD USD USD 94.15 145.87 117.94 1.18519 55,409 5,600 98.79 70.78 1,571.8

Portfolio Investment FIPI 0.04 Individuals (0.73) Companies (3.27) Banks 0.37 NBFC 0.18 Mutual Funds 3.15 Others 0.25 World Indexes S&P 500 FTSE NIKKEI 225 HANG SENG BSE 30 KOSPI Exchange Rates USD ($) GBP () Euro () Yen () Commodities Gold / tola KCA Spot Oil ($/ bbl) Cotton / lb Gold / oz.

International News
Steepest Global Slide Since Recession Pushes Central Banks to Reduce Rates Monetary-policy makers from around the world are being pressed into action to shore up a global economy that is suffering its steepest slowdown since the recession ended in 2009. Euro crisis, 'fiscal cliff' threaten US economy: Bernanke The European crisis and the threat that Congress could force a drastic cut in spending pose important risks for the US economy, Federal Reserve Chairman Ben Bernanke told Congress Thursday.

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