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ZTBL threatening audit officials for seeking financial records

ZTBL threatening audit officials for seeking financial records

ISLAMABAD: The Zarai Taraqiati Bank Limited (ZTBL) has not provided the financial record of the last two years and has threatened to use political influence, audit officials informed the special committee of the Public Accounts Committee on Friday.
The PAC special committee met with Mian Riaz Hussain Pirzada in the chair to review audit reports of the Finance Ministry for the years 1994-95 and 1997-98. Taking serious notice of the ZTBL’s defiance, the committee chairman warned

Stocks end lower but rupee firmer

KARACHI: Stocks fell on Thursday as the corporate result season had almost ended and investors awaiting the outcome of meetings between International Monetary Fund and Pakistani officials.
IMF and Pakistani authorities are meeting in Islamabad to discuss the possible release of the sixth tranche of an $11 billion emergency loan agreed in November 2008. The KARACHI Stock Exchange’s benchmark 100-share index ended 0.65 percent, or 69.17 points, lower at 10,634.99.
Volume was

PIA suffering fewer losses

KARACHI: Pakistan International Airlines has decreased its losses to Rs 10.955 billion in the nine months ending September, 2010 compared to Rs 11.403 billion in the preceding year. According to a press statement, the total revenue PIA has earned in the nine months period ending September, 2010 was Rs. 74.360 billion, which was 16.3 percent higher than in the same period of 2009.
This was announced in the PIA Board of Directors (BOD) meeting held in Multan chaired by Federal

Pressing need for new locomotives: Bilour

LAHORE: Railways Minister Ghulam Ahmad Bilour said on Thursday that the railways service was badly under-resourced with the problems by this vital public service sector ever mounting.
He pledged, however, that the rejuvenation of the service took precedent in the eyes of the government. Talking to media, after receiving the 61st graduation parade of Railways Police at Walton Academy, he stated that entire rail network was restricted to only 220, often outdated, locomotives.

IMF evaluates economic climate

ISLAMABAD: The International Monetary Fund (IMF) review team began to take stock of the current financial situation of Pakistan with a briefing conducted by officials of the Ministry of Finance and Federal Board of Revenue (FBR) on the fiscal scenario and revenue collection during the first quarter of the current financial year here on Wednesday. Official sources revealed that the IMF team was giving two briefings.
The first focused primarily on the fiscal operations conducted by

Fertiliser production dwindles by 13pc

KARACHI: The total fertiliser off-take dwindled by 13 percent in the first nine months of 2010 and stood at 5.6 million tons in comparison to 6.4 million tons last year, according to the latest fertiliser data released by the National Fertiliser Development Centre.
The decrease was primarily associated with a massive slump in off-take during the month of August following the recent floods in the country.
However, the total fertiliser off-take during the month of September

PPA renews call for waiving duty on maize

Pakistan Poultry Association (PPA) has reiterated its demand for the removal of regulatory duty on maize imports and the exemption of the poultry industry in the reformed general sales tax regime.
PPA North Zone Chairman Abdul Haye Mehta claimed that the poultry industry was a well knit and organised sector and such measures would almost certainly prove to be counterproductive and ramp up the price of white meat.
He, along with other poultry industry experts,

shows strong growth

Telenor has announced its revenue results for the third quarter of current financial year exhibiting growth of nearly ten percent in its subscription base, taking the total tally to 23.84 million.
Its market share remained at a respectable 23 percent and earnings before interest taxes depreciation and amortization (EBITDA) was calculated to be 29.7 percent. Jon Eddy Abdullah, CEO Telenor Pakistan, while commenting on the results said that Telenor Pakistan

LSE accumulates 28.03 points

The Lahore Stock Exchange (LSE) remained bullish on Wednesday subject to a decent turnover.
The LSE 25-shares index added 28.03 points to close at 3,344.12 against its opening at 3,316.09 levels, while volume of the market contracted by 0.944 million shares and stayed at 7.15 million shares.
Out of 125 active scrips, 32 went up, 31 declined and 62 remained stagnant. Lafarge Pakistan Cement, with a turnover of 1.28 million shares ended the day as leaders in

KSE forges ahead on back of OGDC results

The market was forecast to perform poorly but the price hike of OGDC shares in the first half hour of the day boosted morale on the ground allowing the market to not only maintain its own, but move ahead, to 10,758 points. OGDC rose to a four year high level after it posted an increase in revenue of 39% in the first quarter.
Index heavy weight OGDC contributed heavily towards the overall gain in the index after announcement of its strong showing. The benchmark KSE

CPP adjourns hearing of FFC acquisition case

The Competition Commission of Pakistan (CCP) has given a week’s time to Fauji Fertiliser Company (FFC) and Agritech to provide complete details on the proposed acquisition of the later by Agritech.
CCP held a hearing on the proposed acquisition of 79 percent shares of Agritech by FFC here on Wednesday. The hearing was held by the CCP bench comprising of CCP Chairperson Rahat Kaunain Hassan and Members Dr Joseph Wilson and Vadiyya S Khalil.
CCP granted an

Profit outflows witnessed in key sectors

The telecommunications and thermal power companies have far outstripped other multinational companies (MNC) in the country in the repatriation of their profits to their home bases, in the first quarter of 2011.
Telecommunications companies, operating in Pakistan, transferred abroad 50 million dollars in profit and dividends, displaying a considerable rise in the repatriation of the profit of 34 percent compared to the same time in the previous year. Similarly, the

Market survey for DTH service

A market survey evaluating the possible application of direct-to-home (DTH) telecom service is being conducted to determine the number of licences which will be issued, Mushtaq Malik, the chairman of the Pakistan Electronic Media Regulatory Authority (PEMRA), informed Pakistan Today on Wednesday.
DTH is a digital satellite service that provides television services direct to subscribers. “DTH is the requirement of the market now, and we support the introduction of

SNGPL announces gas load-shedding schedule

Sui Northern Gas Pipelines Limited (SNGPL) has announced that Zamzama gas field is scheduled to begin annual maintenance from October 26 for the duration of nine days; gas supply in its system is expected to fall by 170 MMCFD.
In a press statement, SNGPL announced that it would suspend gas supply to three fertiliser plants, Pak Arab Fertlizer, Dawood Hercules and Pak American Fertiliser, during this period.
According to the latest load management schedule for

Ministry and State Bank pave the way for Sindh Bank

The Ministry of Finance and the State Bank of Pakistan have in principle approved the establishment of Sindh Bank Limited (SBL), Pakistan Today learnt Wednesday.
However, the central bank would issue a formal license to the provincial government only when the latter fulfills the regulatory conditions required for the development of a bank.
The Sindh government, in a meeting of the Revenue Department held at the Sindh Chief Minister House under the chairmanship

IMF and Pakistan to discuss today sixth tranche of $11 billion loan

A meeting between officials from Pakistan and the International Monetary Fund (IMF) is to be held on Wednesday (today) in Islamabad to discuss the country’s performance for the release of the sixth tranche worth $11 billion.
According to official sources, discussions regarding policy making would take place on November 1 and November 2. The review for release of the sixth tranche had been delayed since August due to issues including an increase in power tariffs and

MCB declares Rs 19.4b profit

MCB bank announced financial results for the quarter ending on June 30, 2010 announced gross profit of Rs 19.4 billion and cash dividend at the rate of 30 percent declared.
The board of directors met on October 26, 2010 and reviewed the performance of the bank for a period leading up to September 30th, 2010. The financial results for the nine months were presented before the board deliberated on them.
The bank delivered profit before tax of Rs 19.4 billion