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The Qatargas authorities have linked the signing of Liquefied Natural Gas (LNG) Sales Purchase Agreement (SPA) to the construction of required channel at Port Qasim Authority (PQA), officials said. Officials of the Petroleum Ministry told Business Recorder here on Wednesday that recently a high-level delegation of Qatargas visited Pakistan and held meetings with the relevant quarters. "We are expecting that in the start of June 2015 Pakistan and Qatar will sign a long-term LNG SPA on government to government basis of 400 Million Cubic Feet per Day (MMCFD)," the officials added.

Ministry of Petroleum and Natural Resources (MoP&NR) has prepared a gas tariff increase plan aimed at generating an additional Rs 77 billion from consumers of SNGPL and SSGCL in 2015-16, sources close to Petroleum Minister told Business Recorder. Since Oil and Gas Regulatory Authority (Ogra) is dysfunctional, Petroleum Ministry readied the plan in accordance with an IMF agreement. The proposed gas sale price plan was presented before the federal cabinet on May 26, 2015 but it did not come under consideration, the sources added.
The Karachi share market turned positive Wednesday on the back of what equity analysts said favourable budgetary allocations reportedly made by the federal government for fiscal year 2015-16. The KSE-100 index added 332.24 points to close at 32,842.59 compared to 32,510.35 of the previous trading session. The benchmark index remained volatile and moved both ways to hit the session high and low of 32,922.59 and 32,463.68 points, respectively.
The Karachi share market turned positive Wednesday on the back of what equity analysts said favourable budgetary allocations reportedly made by the federal government for fiscal year 2015-16. The KSE-100 index added 332.24 points to close at 32,842.59 compared to 32,510.35 of the previous trading session. The benchmark index remained volatile and moved both ways to hit the session high and low of 32,922.59 and 32,463.68 points, respectively.
A judicial magistrate on Wednesday remanded the entire management of Axact, including its CEO Shoaib Ahmed Shaikh, to a seven-day police custody as the Federal Investigation Agency (FIA) found the business conglomerate involved in an online education fraud and money laundering recently reported by the New York Times. The FIA arrested and presented in the civil court of Judge Noor Muhammad Kalmati Wednesday the Axact's Shoaib Shaikh, Zeeshan Anwar, Viqas Atique, Zeeshan Ahmed and Muhammad Sabir.
"We have enough evidence to proceed," said Shahid Hayat, the provincial director at Pakistan's Federal Investigation Agency. "We have forensic evidence." Television footage showed investigators leading Sheikh away from his office in handcuffs. He later appeared before Judge Noor Mohammad, who ordered Sheikh held for seven days for police questioning on charges of fraud, forgery and cybercrime. Sheikh's lawyer, Shaukat Hayat, said his client's family would be permitted to see him while he remains in custody.
A spokesman for the Pakistan Embassy in Washington Wednesday rejected an insinuation in a recent New York Times editorial about Pakistani government's complicity in the alleged involvement of Axact in bogus-degree fraud. In a letter to the newspaper, Nadeem Hotiana, the embassy's press attache, said the Pakistani government had launched a wide investigation into the company's activities to consider the allegations. "We are therefore disappointed to see the insinuations in your editorial of Pakistani government complicity," he wrote.

 



 
Index Closing Chg%
Arrow DJIA 18,126.12 0.20
Arrow Nasdaq 5,097.98 0.17
Arrow S&P 2,120.79 0.13
Arrow FTSE 7,040.92 1.11
Arrow DAX 11,677.57 0.79
Arrow CAC-40 5,137.83 0.86
Arrow Nikkei 20,551.46 0.39
Arrow H.Seng 27,454.31 2.23
Arrow Sensex 27,506.71 0.21





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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%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln