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Board of Investment (BoI) on Wednesday notified the Special Economic Zone (SEZ) status to three industrial parks in Sindh as well as proposed a reduction in the number of provincial taxes. The notification states in pursuance of clause (b) of section 6 of the Special Economic Zone Act 2012 (XX of 2012) read with sub-section (4) of section 7 thereof, the Board of Approval (Board of Investment) is pleased to accord Special Economic Zone status to Bin Qasim Industrial Park and Korangi Creek Industrial Park from July 22, 2014.

Tax Reform Commission (TRC) has recommended amendments in Foreign Exchange Regulation Act (FERA) in budget (2015-16), empowering the Board to seize property in Pakistan in cases where any person holds foreign exchange, foreign security or any immovable property outside Pakistan in violation to FERA. Sources told Business Recorder here on Wednesday that the FBR has received a proposal of TRC regarding amendment in Foreign Exchange Regulation against the black money held abroad. The Foreign Exchange Regulation Act [FERA] needs to be amended to get hold of the black money abroad.
Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi on Wednesday said that an agreement on LNG pricing will be finalised with Qatar anytime soon. It will be uploaded on the website of the Ministry. Briefing the National Assembly Standing Committee on Petroleum and Natural Resources, the Minister said that Pakistan State Oil (PSO) and Government of Pakistan's international consultants are currently engaged in negotiations with Qatar Gas - Qatar government's designated entity - on the terms of a long-term LNG Sale and Purchase Agreement (LNGSPA) on government-to-government basis.
Minister for Water and Power, Khawaja Asif has reportedly agreed to scrap the contentious Power Policy 2015 after Chief Ministers of Sindh, Balochistan and Khyber Pakhtunkhwa (KPK) expressed reservations for the centre notifying the policy without the consensus of provinces. This was the crux of a high-level meeting which met on Wednesday under the chairmanship of Federal Minister on Inter-Provincial Co-ordination (IPC), Riaz Pirzada.
Ministry of Planning, Development and Reforms has reportedly asked Water and Power Ministry to provide a firm commitment of donor agencies for financing of Rs 1.7 billion project for evacuation of power from 1200 MW RLNG-based combined Cycle Power Plant in Punjab. Sources said the cost of the project would be managed through local as well as foreign loan arrangements from donor agencies with a Rs 938 million local component and a Rs 839.11 million foreign exchange component.
Bulls prevailed on Wednesday over Karachi equity market that gained 305.64 points or 0.91 percent. Having peaked to the session high 33,925.81 points, the KSE-100 index finally settled at 33, 839.28. "Stocks closed higher amid a bullish rally in oil scrips after Brent crude prices hit 2015 highs nearing to $68 a barrel," said Ahsan Mehanti of Arif Habib Corporation. Amid post earnings consolidation, the investor sentiments were affected by concerns for rising power sector receivables and political uncertainty, the analyst added.
Bulls prevailed on Wednesday over Karachi equity market that gained 305.64 points or 0.91 percent. Having peaked to the session high 33,925.81 points, the KSE-100 index finally settled at 33, 839.28. "Stocks closed higher amid a bullish rally in oil scrips after Brent crude prices hit 2015 highs nearing to $68 a barrel," said Ahsan Mehanti of Arif Habib Corporation. Amid post earnings consolidation, the investor sentiments were affected by concerns for rising power sector receivables and political uncertainty, the analyst added.
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Index Closing Chg%
Arrow DJIA 17,841.98 0.48
Arrow Nasdaq 4,919.65 0.40
Arrow S&P 2,080.15 0.45
Arrow FTSE 6,933.74 0.09
Arrow DAX 11,350.15 0.20
Arrow CAC-40 4,981.59 0.15
Arrow Nikkei 19,531.63 0.06
Arrow H.Seng 27,640.91 0.41
Arrow Sensex 26,717.37 2.63





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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 04, 2015
Reserves $17.491 bln