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Pakistan Business News 09-April-2011

Business Recorder

1.      Ali Raza made chairman NBP board

2.      Commercial banks no longer financial intermediaries?

3.      SBP sees GDP growth at 2-3 percent for FY11

4.      SECP issues orders for recovery of Rs 79mn

 

The News

1.      Microsoft announces release of Internet Explorer 9

2.      Be ready for 14-hour power cuts, warns KESC

 

Daily Times

1.      Upcoming budget 2011-12

2.      Dollar falls furtherversus rupee

3.      KSE gains 57 points on buying in oil scrips

 

Dawn News

1.      Bonus: Atlas Asset Management Limited

2.      ST refunds paid in 2004: FBR seeks record from exporters

ST refunds paid in 2004: FBR seeks record from exporters:

The Federal Board of Revenue (FBR) has served notices on a large number of
exporters-cum-manufacturers seeking records of sales tax refund payments made several years ago.
Though the law has a provision of only keeping records for a period of five years, the FBR has served these
notices under clause 36 of Sales Tax Rules, 2006 for refund claims paid back in 2004.
The FBR is seeking record against sanctioned refund claims for conducting post-sanction audit.
However, the exporters allege that they are being harassed for lodging complaints with the Federal Tax
Ombudsman (FTO) against delay in payment of refund.
The record pertaining to monthly sales tax returns along with input tax, goods declaration for import in
respect of which refund was claimed is being sought from exporters-cum-manufacturers

Bonus: Atlas Asset Management Limited

The board of directors of Atlas Asset Management Limited, an Atlas Group company,
approved third quarter pay-outs (ended March 31, 2011) for its funds.
For Atlas Money Market Fund the board approved a third interim bonus of Rs14 per unit (2.8 per cent on
face value of Rs500 per unit; for Atlas Income Fund a second interim bonus of Rs12 per unit (2.4 per cent
on face value of Rs500 per unit); and for Atlas Islamic Income Fund a third interim bonus of Rs12 per unit
(2.4 per cent on face value of Rs500 per unit), says a press release.
ST refunds paid in 2004: FBR seeks record from exporters:
KARACHI, April 8: The Federal Board of Revenue (FBR) has served notices on a large number of
exporters-cum-manufacturers seeking records of sales tax refund payments made several years ago.
Though the law has a provision of only keeping records for a period of five years, the FBR has served these
notices under clause 36 of Sales Tax Rules, 2006 for refund claims paid back in 2004.

KSE gains 57 points on buying in oil scrips

The Karachi stock market closed higher on the last trading day of the week Friday as investors
took positions in the oil scrips after US Brent crude crossed $122 per barrel on political turmoil in Middle
East and Libya.
The Karachi Stock Exchange (KSE) 100-share index gained 57.03 points or 0.48 percent to close at
11905.87 points as compared to 11,848.84 points of the previous session. The KSE 30-share index also rose
101.73 points to close at 11,613.96 points as compared with 11,512.23 points.
"Renewed buying interest was seen in oil stocks on back of continuous increase in international oil prices,
increasing hopes of better earnings for the sector," said Topline Securities analyst Samar Iqbal. "Pakistan
Oilfields gained Rs 8.07, Pakistan Petrolrum Limited closed Rs 4.11 up and Oil and Gas Development
Company increased by Rs 1.65."

Dollar falls furtherversus rupee

The American currency recorded losses against the rupee in the interbank market, dealers said
Friday. The dollar initiated the day’s trading at Rs 84.83 for buying, lost two paisas and closed at Rs 84.81
for buying and at Rs 84.86 for selling. However, the euro continued its upward march against the rupee as it
initiated the day’s trading at Rs 121.18 for buying, gained 97 paisas and closed at Rs 122.15 for buying and
Rs 122.35 for selling. Similarly, the pound sterling remained up versus the rupee as it started the day’s
trading at Rs 138.55 for buying, increased 38 paisas and closed at Rs 138.93 for buying and Rs 139.13 for
selling.

Upcoming budget 2011-12

Federal Minister for Finance, Dr Abdul Hafeez Shaikh said Friday that acceleration of
growth rate, employment generation and providing relief to the common man would be the “focus” of the
upcoming budget for fiscal year 2011-12.
Talking to media persons after inaugurating the public lecture that was part of Planning Commission’s
`Economic Growth Seminar Series’, the federal minister said that feedback would be taken from all
stakeholders for the upcoming budget.
“Economic experts, parliamentary priority leaders, representatives of business and chambers of commerce
and industry and other stakeholders would be consulted before finalising the budget proposals,” the federal
minister said. He said that the budget would be prepared keeping in view the changing trends in world
adding that the government would present a budget that would facilitate creation of an atmosphere for job
creation and growth rate acceleration. The minister said that the Economic Advisory Council (EAC) in its
recent meeting has thoroughly discussed overall economic situation and upcoming budget.