Morning Buzz for September 21, 2011 – MR Securities

Karachi: OGRA imposes petroleum levy on LPG
According to MR Securities, the Oil and Gas Regulatory Authority (OGRA) has imposed the controversial petroleum levy at Rs 11,485 per metric ton of LPG, inviting severe opposition from the marketing companies.

IMF programme failure to cause economic instability: analysts
The likely failure of International Monetary Fund (IMF) loan programme will cause economic instability in Pakistan, especially in a scenario when repayment is scheduled to start from February 2012, analysts said on Tuesday.

Draft income tax return counterproductive in broadening tax base
The Federal Board of Revenue (FBR) has been urged not to burden the taxpayers with requirements of additional information because it will be counterproductive in broadening the tax base and encouraging new taxpayers to file the return of income.

‘New approach to economic growth a must for progress’
Participants at a stakeholders dialogue on “Framework for economic growth of Pakistan”, launched by Planning Commission of Pakistan, stated a new approach is required to improve economy as no progress can be made without increasing long-run growth rate.

‘Complete peace must to stop flight of capital’
Law and order situation in Karachi is getting better, but impeccable law and order and peaceful environment is vital to stop flight of capital from the country, said S M Muneer, President, Pak-India Chamber of Commerce and Industry.

PAAPAM criticises Planning Commission
Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has criticised PC for not taking inputs from automobile vendors before attempting to get ECC approval to implement drastic duty reductions in sector in name of “Tariff rationalisation”.

HBL, Shell Pakistan sign deal
Habib Bank Limited (HBL) signed an agreement with Shell Pakistan Limited, global group of energy and petrochemical companies, to offer cash management solutions, including collection of their sale proceeds throughout Pakistan.

KASB Bank steadily drive on road to success
The tradition of trust and customer-centric approach has helped KASB Bank to steadily drive on the road to success. Whether it is the “KASB Remit”- Rome remittance service which provides easy money transfer for overseas Pakistanis, or the “Business Flex” account which is attracting many customers due to its un-matched features.

Energy needs: ‘Pakistan needs to build more nuclear power plants’
Pakistan needs to build more nuclear power plants to provide energy relief that our people so desperately need and, therefore, requires international collaboration. It has already been tasked by the government to install 8800MW of nuclear power by the year 2030.

SNGPL, SSGC need new law to curb gas theft: NA panel informed
Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) need a new legislation to stop the incidents of gas theft as well as require Rs 27 billion to complete the on-going supply schemes.

Mutual funds survive market fall in August
The mutual funds industry showed resilience with its assets standing in the same range at Rs259 billion in August, surviving a fall in the stock market.

Exploration companies now partial distributors
The government has decided to allow oil and gas exploration companies to sell ten per cent of their oil and gas findings directly to consumers, under the Petroleum Policy 2011.

Illegal CNG connections : OGRA criticised for creating confusion
A sub-committee of a parliamentary penal on Tuesday grilled officials of the OGRA over alleged corruption in issuance of 476 licences for CNG stations despite a ban in this regard.

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