Khabrain

Senate panel goes all out at NAB official

Khabrain — Thu, 23 Feb 2012 04:27:28 +0000

ISLAMABAD:? A parliamentary panel on Wednesday grilled the National Accountability Bureau (NAB) for its inability to trail Rs700 million allegedly swindled out of depositors by Natover Leasing Company and demanded the authority to come up with a report in two weeks. Testifying before a sub-committee of Senate Standing Committee on Finance, NAB Director Toheedul Hasan admitted that the authority could not make any progress in the case despite ordering an inquiry in May 2010. The Securities and Exchange Commission of Pakistan (SECP), the equity market regulator, has referred the case of Rs700 million of 1,600 depositors embezzled by Natover Leasing Company to the NAB. Nadeem Sheikh, owner of the company, established a subsidiary firm NIPL and started taking deposits by using the infrastructure of Natover. SECP Chairman Mohammad Ali said that taking deposits by NIPL was a criminal offense. Sheikh lured the depositors by offering them 18 per cent return. He then deposited the amounts in NIPL accounts and then transferred it to his personal accounts. NAB Khyber-Pakhtunkhwa Director Gohar Ali Shah told the committee that NAB has no trail of the money.

Visit link:
Senate panel goes all out at NAB official

Govt rejects out of court settlement

Khabrain — Thu, 23 Feb 2012 04:27:21 +0000

ISLAMABAD:? The government has rejected the proposal of oil and gas exploration and production companies for an ‘out of court’ settlement of a tax dispute involving Rs14 billion taxes. According to sources the oil and gas exploration companies had offered the Petroleum Ministry, Federal Board of Revenue (FBR) and Finance Ministry to settle the dispute out of court. “However, during a meeting chaired by Special Assistant to the Prime Minister for Petroleum and Natural Resources Dr Asim Hussain, the offer was rejected,” sources said. Earlier, the Federal Board of Revenue and Exploration and Production Companies (E&P) had signed a Memorandum of Understanding (MoU) to settle issue of taxes dispute with the companies. Under MoU, companies were supposed to pay Rs5-6 billion March 31, 2010 but they failed to meet this deadline. The matter has been in court since then. When contacted Dr Asim Hussain, Special Assistant to the Prime Minister for Petroleum &Natural Resources said that the court will decide the fate of the tax dispute with oil and gas exploration companies. In a statement issued here, Hussain said that the government intends to provide a professional and friendly investment environment to private oil and gas companies.

Go here to see the original:
Govt rejects out of court settlement

Cement industry rejects criticism over price hike

Khabrain — Thu, 23 Feb 2012 04:27:15 +0000

LAHORE:? Cement manufacturers have claimed that the increase in cement prices is not a lot when compared with rise in prices of other building materials and commodities over the past few years and said the industry is being unfairly targeted over the price issue. Talking to the media here on Wednesday, All Pakistan Cement Manufacturers Association Chairman Aizaz Mansoor Sheikh said on average cement prices rose by 6.28% while steel rates went up by 15.90% and bricks cost increased by 13.14% from 2000 to the first half of the current fiscal year. Similarly, prices of other commodities including urea and sugar rose by 14.95 and 12.29% respectively in the same period. According to Sheikh, the input cost has risen tremendously over the years with a heavy increase in diesel and coal prices as well as power tariff. On the contrary, he said, cement prices per bag rose by just 6.28% from Rs328.5 in 2008-09 to Rs350 in 2011-12. He said energy, which constitutes more than 50% of the production cost, had taken unprecedented jumps in the last two years, but the industry absorbed the cost with efficient plants and reuse of energy mixed with heat recovery and other technology.

Link:
Cement industry rejects criticism over price hike

German minister to visit Pakistan

Khabrain — Thu, 23 Feb 2012 04:27:07 +0000

LAHORE:? To explore new business avenues in the agricultural sector, German farm minister will arrive in Pakistan in a couple of months while a German auto giant is making huge investment by establishing a manufacturing plant in Pakistan, says German Embassy’s Commercial Section Head Samy Saddi. Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday, Saddi said German auto giant MAN is putting up a truck and bus manufacturing plant which would not only create a large number of job opportunities but would also send positive signal to investors in other developed countries. The diplomat said other German companies were also planning to make investment in alternative energy to help Pakistan overcome the energy crisis. Saddi spoke about measures being taken by the German government to strengthen bilateral economic relations and said the upcoming visit of agricultural minister was very much part of these efforts. LCCI President Irfan Qaiser Sheikh said continuous fall in bilateral trade called for appropriate sector-specific, result-oriented measures by both sides as the existing trade volume of $1.9 billion did not correspond with the great potential the two countries had. Published in The Express Tribune, February 23 rd , 2012.

View original post here:
German minister to visit Pakistan

Market Watch: Bourse gains amid healthy volumes

Khabrain — Thu, 23 Feb 2012 04:27:02 +0000

KARACHI:? The stock market managed to close in the positive territory on Wednesday led by index heavyweight Oil and Gas Development Company (OGDC). The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 0.47 per cent or 59.22 points to end at the 12,603.67 point level. Except for OGDC, most of the stocks witnessed profit taking after rising by 2% in the past five trading sessions, said Topline Securities Equity Dealer Samar Iqbal. OGDC rose 1.8% to close at Rs166.22 ahead of the company’s half-yearly earnings scheduled to be announced today (Thursday). Trade volumes fell but still stayed at a healthy level of 272 million shares compared with Tuesday’s 22-month high tally of 322 million shares. Pakistan State Oil witnessed a rally during the first half of the session on account of implementation of the signed agreement with the banking institutions.

See the original post here:
Market Watch: Bourse gains amid healthy volumes

Corporate results: Indus Motor half-yearly profits race away

Khabrain — Thu, 23 Feb 2012 04:26:57 +0000

KARACHI:? Indus Motor Company’s profits almost doubled to Rs1.77 billion during July to December 2011 primarily due to higher sales and prices of its leading brand Toyota Corolla. The improved profitability more than compensated for rising cost pressures and increased the company’s gross margins, said analysts. Gross margins rose by 3% to stand at 8% during the period under review against 5% in the same period a year ago. Driven by healthy cash balances and advances, other income improved by 25% to Rs947 million and further supported the bottom-line. Furthermore, the result was also accompanied by a cash dividend of Rs8 per share. The country’s second largest automobile maker’s net sales went up by 23% to Rs32.9 billion in the first half of fiscal 2012 against Rs26.8 billion posted in the same period a year ago. The company hiked prices by 7% during the year but this did not stop volumetric sales from growing 8% to 24,066 units in first half of fiscal 2012. The major contributor was its Corolla variant with almost 83% of total sales.

Read this article:
Corporate results: Indus Motor half-yearly profits race away

Agricultural credit releases surge 20%

Khabrain — Thu, 23 Feb 2012 04:26:49 +0000

KARACHI:? Agricultural credit disbursement by banks surged 20 per cent to Rs149.658 billion in the first seven months (July-January) of the current fiscal year compared to the same period last year, according to data released by the State Bank of Pakistan (SBP) on Wednesday. In absolute terms, credit disbursement to the agricultural sector rose by Rs24.772 billion in July-January 2011-12 from total releases of Rs124.886 billion in the same period of the previous fiscal year. Muzammil Aslam, economist at JS Global Capital Limited, said the 20 per cent growth in agricultural credit disbursement was because of the low base effect of last year. “Owing to the floods, agricultural credit remained low last year, but it is recovering this year.” Aslam said the increase in credit releases would have its positive impact on upcoming major crops such as cotton, rice and wheat. “This is happening at a time when Pakistan has already got a few bumper crops in previous months,” he said. Credit disbursement by five major commercial banks – Allied Bank, Habib Bank, MCB Bank, National Bank and United Bank – stood at Rs82.462 billion in July-January 2011-12 compared with Rs68.481 billion in July-January 2010-11, depicting an increase of Rs13.981 billion or 20.42 per cent. Zarai Taraqiati Bank Limited, the largest specialised bank, disbursed Rs26.361 billion, down 0.03 per cent compared with Rs26.369 billion in the same period of previous year. Punjab Provincial Co-operative Bank gave Rs4.980 billion in loans, up 28.49 per cent from Rs3.876 billion disbursed in the same period of previous year

View post:
Agricultural credit releases surge 20%

Financial result: PTCL announces six-month earnings

Khabrain — Thu, 23 Feb 2012 04:26:41 +0000

ISLAMABAD:? Pakistan Telecommunication Company Limited’s (PTCL) has announced net profit of Rs2.84 billion in its half-year earnings for the six months ending December 31, says a press release issued on Wednesday. “PTCL’s revenue growth during first half of FY2011-12 is a strong indicator of our dynamic corporate direction as well as our customers’ continued satisfaction and trust,” said PTCL CEO & President, Walid Irshaid, following a meeting of the company’s board of directors held to announce the company’s six-month financial results. “Through optimal use of resource, we want to achieve enhanced revenue, greater levels of customer satisfaction, as well as improve our shareholders’ value.” PTCL’s net revenue stood at Rs28.1 billion, showing a growth of 7% over the previous financial year. In 2011, PTCL also launched a tablet with built-in EVO Wireless Broadband. Currently available in more than 100 cities of Pakistan, the 7-inch touch screen tablet powered by Google Android Froyo 2.2 offers uninterrupted wireless broadband Internet connectivity on the go. “We are constantly innovating and improving our customer experience,” said Irshaid, while recounting the successes of PTCL’s most recent business offerings. “We strongly believe that PTCL will remain the market leader and a service provider of choice throughout Pakistan for providing cutting-edge integrated telecom solutions to our customers.” Despite the economic challenges faced by Pakistan, PTCL remained strong throughout 2011 in emerging segments of Broadband in Wire-line as well as Wireless, and other corporate services.

The rest is here:
Financial result: PTCL announces six-month earnings

Profit participation fund: Audit finds payment of Rs266m to ‘ineligible’ workers

Khabrain — Thu, 23 Feb 2012 04:26:34 +0000

ISLAMABAD:? Heads of collective bargaining agent (CBA) and top officials of the Oil and Gas Development Company (OGDC) have been found involved in unauthorised payment of Rs266 million under the Workers Profit Participation Fund (WPPF), says findings of an audit report. The auditors, who conducted the audit, have recommended investigating the matter and fixing individual responsibility and said the payment may be recovered from the employees concerned. According to the auditors, an amount of Rs266 million was released to 3,500 “ineligible workers”, who were not direct employees and hired through contractors, over three years from 2007-08 to 2009-10. The company paid Rs84 million in 2007-08, Rs84 million in 2008-09 and Rs98 million in 2009-10. The WPPF is represented by two officials of the company and two members of the CBA. According to documents, the auditors also noted that a complete list of private workers who received the amount from WPPF had not been produced. “Thus, it could not be ascertained whether the amount was actually received by them or otherwise,” the auditors said. The auditors observed that private workers engaged through contractors did not come within the definition of “worker” of the company and were not entitled to the benefits of WPPF

The rest is here:
Profit participation fund: Audit finds payment of Rs266m to ‘ineligible’ workers

ITIF Asia: Trade, machinery show may attract 25,000 visitors

Khabrain — Thu, 23 Feb 2012 04:26:27 +0000

KARACHI:? The ongoing International Trade and Industrial Machinery Show, also known as ITIF Asia, is expected to attract about 25,000 visitors by the time it concludes on Thursday, according to a representative of Ecommerce Gateway Pakistan, which is organising the three-day exhibition at the Karachi Expo Centre. Talking to The Express Tribune on Wednesday, Ecommerce Gateway Media Manager Wasi-ul-Haq said ITIF Asia attracted 35,000 visitors on average in recent years. This year, he said, Ecommerce is expecting a less-than-usual turnout because one of the three major components of the annual ITIF Asia – Auto and Transport Asia – had been cancelled for a number of reasons, including visa issues faced by foreign exhibitors. “As part of ITIF Asia 2012, we’re holding Alternative Energy & Power Asia along with Oil & Gas Asia. The third component can possibly be held as a stand-alone exhibition in May when many foreign exhibitors are expected to visit Lahore for another event of the same kind,” he said. Haq said the auto and transport component traditionally attracted the highest number of visitors. “The interest level is always high because it involves the business-to-consumer (B2C) model.

Here is the original post:
ITIF Asia: Trade, machinery show may attract 25,000 visitors

Wild-goose chase: Number of tax-dodgers grossly overstated: FBR

Khabrain — Thu, 23 Feb 2012 04:26:20 +0000

ISLAMABAD:? Last year, the government decided to bring 700,000 ‘tax evaders’ into its net in the hopes of raising an additional Rs70-80 billion in revenues. A year on, and only Rs700 million in taxes have been raised from 66,000 respondents out of the 457,400 supposed tax dodgers who were sent notices. The ‘success’ of the campaign against tax evasion is bound to raise questions; especially since it has been presented as one of the key elements of Islamabad’s strategy to convince international lenders of its sincerity in pursuing fiscal reforms. This seems to be just one more area where the government had set itself an overly-ambitious target. The Express Tribune tried to dig up the source of these numbers, and get some insight into the future of the campaign, through background interviews conducted with various taxation officials. We were told that they certainly had not been conjured up by the Federal Board of Revenue (FBR) – the authority responsible for tax collection in the country. According to officials of the Directorate General of Intelligence and Investigation (I&I) of the FBR, the figure, in fact, had been worked out by the National Database and Registration Authority (NADRA). They said that NADRA had claimed evidence of 700,000 people who resided in posh locales within the country, owned multiple bank accounts, but did not pay taxes.

Follow this link:
Wild-goose chase: Number of tax-dodgers grossly overstated: FBR

Standing firm: ‘If petrol levy is cut, provinces must share the pain’

Khabrain — Thu, 23 Feb 2012 04:26:12 +0000

ISLAMABAD:? Far from giving in to political pressure to cut taxes on petrol, the finance ministry appears to have come up with a tactic to turn the pressure back onto the politicians: the federal government has threatened the provinces with a cut in their share of federal revenues if Islamabad is forced to reduce the petroleum levy. Sources told The Express Tribune that the federal government was of the view that the provincial governments should not expect Islamabad to take the brunt of reduced revenues as a result of populist pressure. Islamabad expects to share the pain with the provinces, which are expected to take in as much as 70% of the Rs1,952 billion that the Federal Board of Revenue hopes to collect in taxes this fiscal year. “If Balochistan, Punjab or any of the other provinces want a cut in oil prices, they should share the burden [of the cut] from these resources that [the federal government] transfers to them,” said one finance ministry official who wished to remain anonymous. Islamabad believes that cutting taxes on petrol will have an inflationary effect, by virtue of the fact that the increase in the fiscal deficit will force the federal government to borrow more money and even outright print a lot, which in turn will cause the purchasing power of the rupee to decline. The finance ministry seems to be in no mood to let that happen. “We have reduced the inflation rate from 12% to 10% after a lot of struggle,” said the finance ministry official

More:
Standing firm: ‘If petrol levy is cut, provinces must share the pain’

Karachi resident: Pakistani held in India on espionage charge

Khabrain — Thu, 23 Feb 2012 04:26:06 +0000

NEW DELHI:?

A former resident of Karachi who has lived in India since 1990 was arrested on Wednesday, after he was ‘lured’ by the Inter-Services Intelligence (ISI) agency to spy for Pakistan, Indian police said.

“Kamran Akbar arrived in India in 1990, studied in the country and married an Indian girl,” Ashok Chand, District Commissioner of Police (Crime) stated. He claimed that Akbar was arrested last week and produced in court under espionage charges, after ‘sensitive’ documents pertaining to national security were recovered from his possession.

The accused did petty jobs in Pakistan after he quit his studies, and came to Kolkata on a valid Pakistani passport to visit his relatives in India. He came through Attari (Wagah) border and stayed with his uncle Muhammad Salim in Kolkata. Akbar, along with Salim and his associate Asraf Khan went to Goa.

Salim had worked as a guide there and was well acquainted with the city’s layout. “As they were short of funds, they committed two house robberies in Goa and they were arrested during the second robbery. Akbar was released from jail in 1996,” Chand added.

Upon his release, he came back to his relatives in Kolkata. There, an Indian passport in the name of Asif Hossain was prepared for him. On this new passport, he procured a one-month visa and went to Pakistan in July 1997.

Chand, it is alleged, reiterated that ISI recruited him upon learning that he had stayed in India and had acquired an Indian passport. “He was recently tasked to come to Delhi to collect defence-related documents which were to be sent to his handlers in Pakistan. The man was apprehended while he was boarding a train for Kolkata after collecting the documents,” he concluded.

Published in The Media, February 23^rd, 2012.

source

New plant to end Jeddah’s water woes: Minister of water & electricity

Khabrain — Thu, 23 Feb 2012 04:26:01 +0000

YANBU: Jeddah’s residents faced by the chronic water problem are assured of a big relief with the commissioning of a new plant.

Read the original post:
New plant to end Jeddah’s water woes: Minister of water & electricity

Growth concerns hit stocks, oil surges to 9-month high

Khabrain — Thu, 23 Feb 2012 04:25:57 +0000

NEW YORK: World stocks edged lower on Wednesday after data showing the euro zone may be sliding back toward recession and signs the region’s crisis may be hitting China’s giant economy.

Originally posted here:
Growth concerns hit stocks, oil surges to 9-month high

Kingdom enters age of consumerism

Khabrain — Thu, 23 Feb 2012 04:25:55 +0000

JEDDAH: As evident by the rapidly evolving urban landscape populated by a growing number of shopping malls, specialized boutiques, and restaurants, Saudi Arabia is well into its “Age of Consumerism.” This is a trend that echoes developments elsewhere in the world but is underpinned by strong domestic drivers in the form of a growing, youthful population, higher disposable incomes, and new financing solutions.

Originally posted here:
Kingdom enters age of consumerism

KFUPM conference puts focus on renewables

Khabrain — Thu, 23 Feb 2012 04:25:50 +0000

DAMMAM: A number of high-profile international, regional and local experts discussed ways and means of harnessing and developing renewables and alternative energies.

Continued here:
KFUPM conference puts focus on renewables

Tadawul crosses 7,000-point mark

Khabrain — Thu, 23 Feb 2012 04:25:48 +0000

JEDDAH: Wednesday was a largely positive for the Saudi stock market as the Tadawul All-Share Index (TASI) crossed the 7,000-mark during the day to close at 7,031.26 points, up 64.52 points or 0.93 percent. The index touched 7,000 levels in almost 40 months since October 2008. On YTD basis it has achieved a growth of 9.56 percent.

View original post here:
Tadawul crosses 7,000-point mark

EU to stick to tough budget cuts

Khabrain — Thu, 23 Feb 2012 04:25:45 +0000

BRUSSELS/MADRID: A darkening economic horizon may persuade the EU to give countries such as Spain softer deficit targets but there will be no let-up in the overall austerity drive as the continent struggles to draw a line under its two-year debt crisis.

The rest is here:
EU to stick to tough budget cuts

Euro woes, oil widen gap in Sweden, Norway jobless rates

Khabrain — Thu, 23 Feb 2012 04:25:42 +0000

OSLO, Feb 22 : Jobless rates in Scandinavia’s blue riband economies have moved in different directions, rising steadily in Sweden but staying low in Norway, with exposure to the euro zone debt crisis a key driver of a widening gap.

Read more from the original source:
Euro woes, oil widen gap in Sweden, Norway jobless rates

Shell to buy Cove Energy for $1.6bn

Khabrain — Thu, 23 Feb 2012 04:25:40 +0000

LONDON: Royal Dutch Shell Plc has made an agreed 992.4 million pounds ($1.6 billion) bid for Mozambique-focused Cove Energy, offering a full price to open up a new gas frontier for the Anglo-Dutch oil major in East Africa.

See the original post here:
Shell to buy Cove Energy for $1.6bn

Greece rushes to pass bailout laws amid protests

Khabrain — Thu, 23 Feb 2012 04:25:37 +0000

ATHENS: Thousands of protesters angry at punishing spending cuts poured into Athens’ central Syntagma Square on Wednesday as Greek lawmakers rushed to pass laws needed to secure payment of a second bailout for the debt-laden country.

Follow this link:
Greece rushes to pass bailout laws amid protests

‘Aramco refinery will form the backbone of Jazan Economic City’

Khabrain — Thu, 23 Feb 2012 04:25:34 +0000

DHAHRAN: A cutting-edge Saudi Aramco refinery and terminal mega project will form the backbone of the new economic city that will transform the fortunes of Jazan, company experts have been told.

Read this article:
‘Aramco refinery will form the backbone of Jazan Economic City’

Citi arm, Levant in SR375 million Al-Raya deal

Khabrain — Thu, 23 Feb 2012 04:25:29 +0000

JEDDAH: Citigroup’s venture capital arm and Dubai-based Levant Capital have bought a SR375 million ($100 million) controlling stake in Saudi Arabian supermarket chain Al-Raya For Foodstuff Co. Ltd., lured by growth prospects in the Kingdom’s consumer sector.

Read the original post:
Citi arm, Levant in SR375 million Al-Raya deal

US Congress members receive threatening letters

Khabrain — Thu, 23 Feb 2012 04:25:24 +0000

WASHINGTON: Three members of the US Congress have received threatening mail containing a suspicious powder later found to be harmless and law enforcement officials on Wednesday warned that more may be coming.

More here:
US Congress members receive threatening letters