Morning Buzz

MONDAY, FEBRUARY 20, 2012 Click on the headline to follow the link Other News KESC converting six units to coal-fired technology Bank of Khyber assets reach Rs 68 billion mark in 2011 Oil price fixation every fortnight LPG prices down by Rs 5 per kg Power shortfall soars to 3,000 MW FBR urged to stop harassment by Meezan Bank-led consortium awaits govt guarantee Current account deficit balloons $2.63b SBP injects Rs342bn funds into banking system DG Khan Cement profit soars KSE 100 Index Tracker Open High Low Close Change Volume (mln) Top Symbols JSCL DGKC ANL LPCL FCCL Price 9.41 25.16 6.72 2.44 4.79 Volume 29.61m 14.58m 10.11m 9.52m 9.39m Out Out IN IN Out Out IN + 0.23% + 0.33% + 1.33% + 1.09% + 0.75% + 0.46% PKR PKR PKR PKR PKR PKR USD USD USD 90.82 144.17 120.05 1.14212 59,053 5,600 121.12 92.65 1,738.2

PEPCO BEGINS UP TO 16-HOUR LOADSHEDDING As the short fall between supply and demand increased to 5000MW, the Pakistan Electric Power Company (Pepco) started unscheduled 10 hours daily electricity shut down in the cities and 14-16 hours in the rural areas. UNDUE FAVOUR TO ONE OIL SUPPLIER: PSO PANEL FAILS TO TAKE ACTION AGAINST ACCUSED
DEPARTMENT

The Pakistan State Oil (PSO) inter-departmental committee has failed to take action against those in its Supply Department that it accused of extending undue favour to one base oil importer by violating prescribed criteria as well as implicating two companies of collusive behaviour, according to official documents exclusively obtained by Business Recorder. NO RELIEF FOR DOMESTIC GAS CONSUMERS DESPITE THREE CNG HOLIDAYS The gas low pressure continued in several areas of Rawalpindi and even no relief could be provided to domestic gas consumers despite three CNG holidays. COAL GASIFICATION PLANT: PBIT TO ASSIST GCC IN NOMINATION OF FOREIGN PARTNERS Punjab Board of Investment & Trade (PBIT) will assist Gujranwala Chamber of Commerce (GCC) in nomination of foreign technology partners for a coal gasification plant. IMPORTED LNG TO HELP GENERATE 2500 MEGAWATTS OF POWER: PRIME MINISTER INAUGURATES LPG PLANT Prime Minister Syed Yousuf Raza Gilani said Pakistan would import 500mn cubic feet of LNG per day from Qatar, which would be provided to power houses to generate 2500MW of electricity in the country. OIL PRICES TO GO UP IN MARCH: MINISTER INFORMS NATIONAL ASSEMBLY PANEL The special parliamentary committee on oil prices constituted by National Assembly Speaker Dr Fehmida Mirza on Friday was informed that prices of petroleum products would further increase in March due to hike in oil price at global level. IMF ESTIMATES RS29BN SHORTFALL IN TAX COLLECTION The International Monetary Fund (IMF) has projected a shortfall of Rs29 billion in revenue collection by the Federal Board of Revenue (FBR) against the target of Rs1,952 billion for fiscal year 2011-12 (FY12). TIME IS RIPE FOR INDO-PAK TRADE TIES TO ESCALATE Pakistan and India should seize the opportunity of the recent visit of the Indian trade minister to Pakistan and form it as the basis for a built-in agenda for enhancing trade relations between the two neighbours. SKEWED POLICIES SEEN FAVOURING INFORMAL TRADE Concerned industrialists have advised the government to eliminate distortions in the economic policies that are increasing disparity in the society. PAKISTAN MINE RIFT EXPOSES INVESTORS RISK Pakistans Reko Diq, an untapped copper and gold mine of fabulous potential, was meant to be the biggest foreign investment in the countrys mining sector, but its beginning to look more like fools gold to the companies involved. REFINERY SALES REMAIN FLAT Refinery sales during the first seven months (July-January) of the current fiscal year continued to stay flat at 4.4 million tons, numbers issued by Oil Companies Advisory Committee (OCAC) suggested. LAHORE CHAMBER TO HOST OIC ENVOYS MOOT The Lahore Chamber of Commerce and Industry (LCCI) has won the help and support of the Ministry of Foreign Affairs over OIC Ambassadors Roundtable to strengthen liaison and boost trade with all the Islamic brotherly countries.
International News

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CAMERON FACES LABOUR PARTY CALLS FOR U.K. STIMULUS AHEAD OF MARCH BUDGET British Prime Minister David Cameron faced opposition calls to abandon his health-service revamp and cut sales tax as scrutiny of the coalition governments deficit- cutting policy intensified before next months budget. EURO REGION MINISTERS CIRCLE IN ON GREEK RESCUE European officials attempting to fend off the euro areas first sovereign default will try to settle remaining disputes today as they close in on a 130 billion-euro ($170 billion) Greek bailout.
BoD Meetings

AKBL: 10:00am ABOT: 02:00pm

NJICL: 10:30am AGTL: 03:00pm

ABL: 11:00am THALL: 03:00pm

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