News Pulse (December 04, 2013) Govt borrowing rises sharply in five months (TN) The State Bank of Pakistan (SBP) printed record Rs842 billion during the 145 days of the current fiscal year, provisional monetary aggregates released by the central bank reveals on Tuesday. Economists say the central bank continues to print money with consequent inflation to finance the rising government spending. The government seems unwilling to tackle the black hole in the public finances, they said. IMC unveils hybrid car (TN) The Indus Motor Company (IMC) unveiled its eco-friendly car, Prius, on Monday, after a long period of extensive testing to make the vehicle customised to local conditions. “It is indeed a great milestone, not only in the history of the IMC, but of the entire nation,” said the company’s CEO Parvez Ghias. “The way people perceive cars is changing,” he said, adding that the IMC has introduced a car for the future. ECC approves leasing of five A320 aircraft for PIA (DT) The meeting of Economic Coordination Committee of the Cabinet (ECC) approved the lease of five A320 aircraft from the 10 A319/320 aircraft short-listed on merit based on their combined score tabulated on their financial and technical parameters. The remaining five aircraft were rejected because of their low combined score. The ECC meeting was held at the Prime Minister’s Office under the chairmanship of Federal Minister for Finance Senator Ishaq Dar on Tuesday. Rs 33.50 billion TFC to clear liability: acquisition of five aircraft on lease approved by ECC (BR) The Economic Co-ordination Committee (ECC) of the Cabinet has given approval for the acquisition of 5 aircraft on lease for Pakistan International Airlines (PIA) and directed the authorities concerned to issue Rs 33.50 billion Term Finance Certificate (TFC) to clear the liability. An ECC meeting chaired by Finance Minister Ishaq Dar considered all agenda items related to PIA and provided guarantees to Exim Bank of USA and Islamic Corporation of Insurance and Export Credit (ICIEC) for providing financing for service and repairs of nine Boeing 777 aircraft. The meeting also approved extension in validity of existing guarantees for PIA for term loans of Rs 33.50 billion until June 30, 2014. The meeting directed that these term loans be converted into new TFC at the earliest to retire the said guarantees. LPG importers concerned over freeze on rates (TN) The liquefied petroleum gas (LPG) importers see the current freeze on the rates of domestically produced LPG despite a substantial increase in the international price as a ploy to eliminate importers and provide freehand to local producers to fleece the consumers. “The freeze shows double standard in the government policies,” said LPG importer Syed Nabeel Hashmi. Diesel sales: Oil ministry suggests doing away with deemed duty (Tribune) The Ministry of Petroleum and Natural Resources has asked the prime minister to remove the deemed duty on high speed diesel in line with the recommendations of a Judicial Commission following failure of oil refineries to implement the programme set by the government. Oil refineries are charging deemed duty at the rate of 7.5% on diesel sales to generate funds for modernising their plants to meet international fuel standards. 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: Wed, 04 Dec 2013 05:47:45 +0000
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