News Pulse (October 25, 2013) $550m tranche to be made available soon (DT) The Pakistan Muslim League-Nawaz (PML-N) government would not face any difficulty in receiving the second tranche of $550 million under the International Monetary Fund’s (IMF) Extended Fund Facility (EFF), said experts on international monetary activities on Thursday. The second instalment of $550 million would be made available to Pakistan in the next couple of weeks provided a review team of IMF mission, arriving Pakistan on October 28, 2013, is satisfied with the government’s measures laid down prior to approval of $6.7 billion under EFF. Projected GDP target: one percent downward revision to result in Rs 130 billion tax shortfall (BR) A one percent downward revision in the projected growth target would result in a decline of around Rs 130 billion in the budgeted tax collection, well-informed sources told Business Recorder. The recent cknowledgement by the Planning Commission Secretary Hassan Nawaz Tarar during the first meeting of the advisory committee convened to solicit proposals from private sector, academia and parliamentarians for the short- and long-term development plans that the budgeted growth target of 4.4 percent is unlikely to be met and downward revision in estimated projection would compromise the capacity of the FBR to meet its budgeted target. Reserves fall by over $1bn in a month (Dawn) The market players that include importers were astonished that in 38 days (September 6 to October 14), the country’s foreign exchange reserves fell by $1.076bn. The falling trend of reserves caught speed since January this year when it started slipping from $13.635 billion to $9.230bn on October 14. The alarming issue, however, was the falling reserves of the State Bank while the reserves of the private banks have been increasing slowly. Nepra to give Rs26b relief to consumers (Nation) National Electric Power Regulatory Authority (Nepra), after a review of previous fuel price adjustment, has now decided to provide worthy relief of Rs 26 billion. However, a notification to this effect would be issued later after Nepra’s public hearing which is scheduled to be held on upcoming October 31. Following the 11th October decision of giving sky-rocketing hike in the power tariff, today no countryman dares to think about decrease in power tariff. However, to ensure weighty relief for over-burdened masses through a review in fuel price adjustment by the regulator (Nepra), it apparently seems that lady luck has swung into action to protect the common public. Spot rate eases by Rs 50 to Rs 6,850 per maund (DT) Grade issue combined with less interest of leading buyers pushed spot rate down by Rs 50 per maund to Rs 6,850 per maund, traders at the Karachi Cotton Association (KCA) said on Thursday. The KCA readjusted the spot rate downward by Rs 50 per maund in order to provide some strength to stakeholders of raw grade to ward off minimal price level, said floor brokers. During the trading session, buyers in Sindh and Punjab stations bought all grades as grade issue slowed down buying while sellers offered all grades of lint on slightly lower rates at around Rs 6,225 per maund to Rs 6,670 per maund in order to capitalise maximum returns on their proceeds, floor brokers said. Gas shortfall in winter likely to be worst: SNGPL (Nation) SNGPL Managing Director Arif Hameed on Thursday cautioned that gas shortfall was expected to intensify in the upcoming winter that might be worse than of the previous year’s gas situation in the country in the same season. While speaking to a reception hosted in his honour by All Pakistan CNG Association (APCNGA), he said, “We expect that shortfall will be more than the previous year therefore government is taking all necessary steps to facilitate masses, CNG sector and industry”. Oil hits 4-month low (Dawn) Oil prices sank on Thursday to a near four-month low under $96 per barrel, as stubborn worries over weak US crude demand eclipsed upbeat Chinese manufacturing data, analysts said. New York’s main contract, West Texas Intermediate (WTI) for delivery in December, sank to $95.95, striking the lowest level since June 27. It later stood at $96.47, down 39 cents from Wednesday’s close. IPI gas pipeline project (TN) New Delhi has abandoned the Iran-Pakistan-India (IPI) gas pipeline project, as it did not want to see Pakistan economically stable, according to a SDPI report on “Rethinking Pakistan’s energy equation: Iran-Pakistan gas pipeline”. “On the strategic side, it is in India’s interest to ensure economic instability in Pakistan,” the report quoted an Indian newspaper as having said. The report, which is an independent assessment on the IP project by Arshad H Abbasi and authors at the Sustainable Development Policy Institute, looked at the history of the IP project and why India had left the project in 2009. For further details contact: Hassan Amin [email protected] +9221-111-226-100 – Ext 702 701-702 7th Floor, Business & Finance Centre, I.I. Chundrigar Road, Karachi, Pakistan Regards, Research Department Summit Capital (Pvt.) Limited Phone: +9221-111-226-100 Direct: 92-21-32467964 Fax: 92-21-32467959 Email: [email protected]
Posted on: Fri, 25 Oct 2013 04:43:11 +0000
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