Tag Archives: Share

Stakeholders agree to share 25% of gas shortage

ISLAMABAD – A meeting, called to sort out differences on gas load management, unanimously decided to share 25 percent of gas shortage until June 30. However, the final plan would be fine-tuned on April 20.
The Sui Northern Gas Pipelines Limited (SNGPL) authorities informed the meeting that the company was supplying 1.85 billion cubic feet of gas per day (bcfd) to its consumers and was facing a shortfall of 400mcfd. The meeting was chaired by Minister for Water and Power Naveed

McIlroy, Quiros share Masters lead

AUGUSTA – European young guns Rory McIlroy and Alvaro Quiros shared the first-round lead in the 75th Masters on Thursday with matching rounds of seven-under par 65. At 21, McIlroy is the youngest first-round leader in the tournament’s history, bettering the 23-year-old Severiano Ballesteros, who went on to win his first green jacket in 1980.
The Ulsterman had purposely favoured a low-key approach to his third campaign at Augusta National after missing the cut last year, and it

KSE adds 15 percent surcharge to share taxes

KARACHI – The Karachi Stock Exchange (KSE) has revised upwards its current advance rates of taxes by 15 percent after a recent presidential ordinance levied 15 percent surcharge on the payable taxes. A KSE notice (KSE/N-1544), which was issued by KSE Acting Managing Director Haroon Askari, informed KSE members that it would collect 15 percent more advance taxes on the purchase value, sale value, trade value and in respect of financing the carry over trade of the traded shares from

Pakistan’s share in MSCI set to erode

KARACHI – Pakistan was removed from MSCI EM in December 2008, maintained as a stand-alone index for five months and has been part of MSCI FM since May 2009. If the Egypt market follows a similar route and is made part of MSCI FM, Pakistan’s share in MSCI FM will also be impacted.
Based on performance market caps of February 2011 review, it will eat away 40 base points of Pakistan’s four percent share in MSCI FM. The Egyptian stock market continues to remain closed since January

JS Bank set to increase share capital

KARACHI – The management of the JS Bank Limited (JSBL) has determined that it will increase the bank’s paid-up share capital to meet the State Bank of Pakistan’s (SBP) minimum paid-up capital requirements.
“The board of directors of JS bank after considering the various options for meeting the State Bank of Pakistan’s minimum capital requirements have in principle agreed to increase the paid-up share capital of the bank,” the bank informed its shareholders on the Karachi Stock

PSO loses market share in February

KARACHI – The oil industry structure seems to have shifted in favour of small players, as PSO’s overall market share stands at 65 percent in February, 2011, down from 71 percent in the same period last year. This decline was impelled by Furance Oil (FO), as PSO’s market share in FO shrunk to 78 percent. Adjusted for FO – PSO’s market share dwindled by a meager one percent to 54 percent, while comparably, Attock Petroleum Limited (APL) and Shell Pakistan gained market share in the

Philippines allows rice import – Pakistan looks to grab greater share

KARACHI – Philippines has allowed the private sector to import almost 163,000 metric tonnes (MT) of rice as unpredictable weather has forced world food authorities of tightening staples’ supplies. The Pakistani embassy in Manila has suggested Islamabad to approach the foreign country to tap the opportunity of getting more market share in the world’s top rice importing country.
Countries like Thailand, China, India and Australia would be exporting a large quantity of rice after

MCB announces Rs 3 per share dividend

LAHORE – MCB Bank has declared a final cash dividend of Rs 3.0 per share, in addition to 10 percent bonus shares for the year ended December 31, 2010, while the bank earned a profit after tax of Rs 17 billion in the year.
This was disclosed during a meeting, chaired by Mian Mansha, of the bank’s Board of Directors. The meeting reviewed and approved financial results for the year ended December 31, 2010. The bank’s profits after tax augmented by at least nine percent compared to

Minorities demand share in NA according to census

ISLAMABAD – The National Assembly Standing Committee on Minorities on Saturday passed a unanimous resolution, asking the government in to increase seats for minorities in the National Assembly in accordance with the census of 1998.
Shahbaz Bhatti, minister for minorities, assured the committee that the matter would be taken up at the appropriate level. He also told the committee that a cell in the ministry was being established to monitor the implementation of the five percent

Pakistan State Oil loses market share

Pakistan State Oil (PSO) market share has shrunk to 66.3 percent during the first half of Financial Year 2011 (FY11) against its share of 71 percent during the corresponding period last year. Total volumes declined by 10 percent in annual terms whilst industry witnesses growth of 1.3 percent annually for the second quarter of FY11.
Moreover, the management’s lack of confidence in an immediate resolution on circular debt has hurt investor sentiment, particularly given hopes for

Dispute over ‘due share’ exposes dirt in politics

ISLAMABAD – The dispute over sharing of booty among parliamentarians from FATA has exposed the dirty money-driven politics of selling loyalties by lawmakers for the Tribal Areas to successive governments and pressure groups. After the surfacing of reports that some FATA senators paid MNAs to get themselves elected to the Senate, eight FATA MNAs on Friday gathered at the residence of their parliamentary leader Munir Orakzai to devise a strategy to face legal consequences of allegedly

Govt warms to parties, will share economic plans

ISLAMABAD – Painting a bleak picture of the economy, the government finally started sharing plans to improve how it functions with the parliamentary political parties to persuade them to support implementation of the crucial revenue and power sector reforms.
Finance Minister Dr Abdul Hafeez Shaikh, Petroleum Minister Naveed Qamar, Law Minister Babar Awan, Deputy Chairman Planning Commission Dr Nadeemul Haq and Minister of State for Economic Affairs Hina Rabbani Khar as well as

FBR asks SBP to share remittances data

ISLAMABAD – The Federal Board of Revenue (FBR), to make the tax system more transparent, has requested the State Bank of Pakistan (SBP) to share data of foreign exchange remittances. An official source told Pakistan Today on Sunday that Chairman FBR Salman Saddique held a meeting with Governor State Bank Shahid Hafeez Kardar.
The FBR is faced with the challenge of ending corruption and under-invoicing for the last several years whereby businessmen and officials embezzle billions

PM wants politicians to share economic challenges

ISLAMABAD – Prime Minister Syed Yousuf Raza Gilani on Friday asked the five-member committee formed for dialogue with all the parliamentary parties to immediately contact the leadership of the parties to ascertain their availability for consultation on national economic challenges.
“Since the budget was passed unanimously by the parliament, the financial challenges of the country also need to be shared to find solution through collective wisdom.
The people of Pakistan

Punjab’s share to increase by Rs 100b

LAHORE – The Provincial Minister for Finance, Planning and Development Tanvir Ashraf Kaira has said that Punjab’s share, as per the new NFC award, would be augmented by Rs 100 billion in the current year. However, there is a dire need to increase province’s resources by substantially expanding the tax-net.
He expressed these views while addressing MPAs during a pre-budget briefing session organised by PILDAT. He said that the government would consider suggestions by assembly