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24542 replies to this topic
#13
Posted 22 June 2006 - 11:40 AM
Click Here For: "Daily Reports From Different Brokerage Houses"
Note: Please make your own due diligence before making any decision
Regards,
Abdul Mateen Khan
#14
Posted 22 June 2006 - 11:52 AM
ABAD chides cement cartel
By our correspondent
KARACHI: Chairman Association of Builders and Developers (ABAD) Hafeezur Rehman Butt has alleged that the cement cartel has bribed the Customs officials for not releasing the imported cement consignments, which were cleared in laboratory tests by the ministry of industries and production. “In a circular issued on June 8 the ministry has certified that imported Chinese cement meets the British and Pakistani standards,” Butt said in statement issued Wednesday. Criticising the Customs authorities for withholding consignments of Chinese cement, he termed this act a conspiracy of cement cartel. The cartel was trying to fail the government’s policy of importing cement to stabilise local prices. He demanded that the government take punitive measures against the cement cartel and the involved Customs officials.
By our correspondent
KARACHI: Chairman Association of Builders and Developers (ABAD) Hafeezur Rehman Butt has alleged that the cement cartel has bribed the Customs officials for not releasing the imported cement consignments, which were cleared in laboratory tests by the ministry of industries and production. “In a circular issued on June 8 the ministry has certified that imported Chinese cement meets the British and Pakistani standards,” Butt said in statement issued Wednesday. Criticising the Customs authorities for withholding consignments of Chinese cement, he termed this act a conspiracy of cement cartel. The cartel was trying to fail the government’s policy of importing cement to stabilise local prices. He demanded that the government take punitive measures against the cement cartel and the involved Customs officials.
Click Here For: "Daily Reports From Different Brokerage Houses"
Note: Please make your own due diligence before making any decision
Regards,
Abdul Mateen Khan
#15
Posted 23 June 2006 - 08:56 AM
Gas prices to go up from July 1
BR
ARIF RANA
ISLAMABAD (June 23 2006): The government is going to increase gas prices by 10 to 22.5 percent for different categories of the consumers from July 1, and a notification to this effect is likely to be issued sometime next week.
========================================
PC offers 7.3 percent KESC shares to employees
BR
MUSHTAQ GHUMMAN
ISLAMABAD (June 23 2006): The Privatisation Commission (PC) has decided to offer 7.3 percent shares of the Karachi Electric Supply Corporation (KESC) to the employees on the bid price of Rs 1.65 per share, official sources told Business Recorder here on Thursday.
"The employees would be offered 7.3 percent (961,196,474) shares of the KESC out of the government's remaining 25.65 percent (3,376,925,397) shareholding at the same price at which shares were sold to the investors", the sources added. Earlier, the government had decided to offer 10 percent of the remaining shares to the employees, but the PC board changed the decision after a threadbare discussion, the sources maintained.
==============================================
CBR withdraws tax proposal on mutual funds
RECORDER REPORT
ISLAMABAD (June 23 2006): The Central Board of Revenue (CBR) has withdrawn its proposal to tax income, other than earned from share trading by Mutual Funds. The Finance Bill, 2006, had proposed by 35 percent tax on income by way of financing 'carry-over-trades' on the bourses. The income from trading of shares would continue to be exempt from capital gains tax.
Since Mutual Funds are obligated to distribute 90 percent of the earnings - there is a pass-through concept in taxation - wherein tax is levied at the hands of unit holder and not at the management level.
Taxing income envisaged in the Finance Bill would have destroyed the basis of operation of the Fund. Therefore, the CBR withdraw its proposal and extended the tax-free concept to Real Estate Investment Trust (REIT) management companies as well. The CBR has left to the regulator, SECP, to restrict the activity of Mutual Funds to their core activity.
==============================================
SECP warns stockbrokers against false agreements
RECORDER REPORT
KARACHI (June 23 2006): The Securities Exchange Commission of Pakistan (SECP) has warned the stockbrokers found involved in issuing back dates contractual agreements for buying and selling shares in order to hide short selling or blank selling.
According to a letter issued to the Karachi Stock Exchange, the SECP says that certain brokers of the exchange are carrying out the sales of shares in the ready market without any contractual borrowing arrangement to meet delivery requirements contrary to the "Regulations for short selling under the ready market, 2002".
It has further come to the knowledge of the commission that such brokers are being facilitated in their illegal activities by certain members of the KSE who are issuing back dated letters showing a contractual borrowing arrangement with the brokers for the purchase of shares.
The SEC says that such practice is not only dishonourable, disgraceful and improper on the part of the members but is also deceptive and fraudulent.
The KSE being the front line regulator must ensure, to the satisfaction of the Commission, that the practice of generating back dated false documents, showing contractual borrowing arrangements is stopped immediately if necessary, appropriate action is taken against its members involved in such practices. The Commission reserves the right to take all appropriate action in accordance with the law against all persons engaged in these activities.
=================================================
British Petroleum to invest $20 million in offshore exploration
RECORDER REPORT
ISLAMABAD (June 23 2006): British Petroleum (BP) along with state owned Oil and Gas Development Company Limited (OGDCL) would invest $20 million in offshore exploration. Company's President Steve Peacock, who is currently visiting Pakistan, in a meeting with Federal Minister for Petroleum and Natural Resources Amanullah Khan Jadoon here on Thursday, briefed about BP's $20 million minimum investment plan in offshore exploration.
The offshore exploration would be undertaken in the coming months, Steve Peacock informed the Minister, adding that Pakistan's petroleum sector growth is tremendous because of attractive incentives and level playing field being offered to the investors.
The BP president also thanked the Minister for extending all out co-operation to the company involved in onshore exploration activities for the last 20 years in the Pakistan.
The Federal Minister lauded the company's contribution for promotion of oil and gas exploration activities in Pakistan, which was producing 12,000-barrel oil per day from Badin Field.
The Minister also invited BP Petroleum to participate in the forthcoming LNG, Gas pipelines projects and enhance its onshore exploration activities in other parts of the country to the mutual advantage.
"The government was according top priority to the speedy development of oil and gas sector on sound footings aimed at exploiting the untapped hydrocarbon resources to met the growing energy needs of the country," Jadoon added. Secretary Petroleum Ahmed Waqar, BP Company Manger, Tariq Khamesani and Director (Petroleum Concessions) Muhammad Sher Khan were also present during the meeting.
========================================================
PSM sell-off case: Supreme Court to complete hearing today
RECORDER REPORT
ISLAMABAD (June 23 2006): The nine-member full bench of the Supreme Court will complete hearing of the petitions against the privatisation of Pakistan Steel Mills on Friday (Today).
At the end of the daylong hearing here on Thursday, Chief Justice Iftikhar Mohammad Chaudhry stated that the court would complete the proceedings on Friday as one of the judges has to go abroad urgently.
The government has already requested the court that instead of accepting or rejecting the petitions, it should direct the government to re-evaluate the price of the PSM shares sold to the bidders @ Rs 16.80 per share.
Barrister Zafarullah Khan and Abdul Mujib Pirzada, counsels for the petitioners, exercised their right of reply and answered to constitutional and factual points raised by the respondents counsels, Syed Sharifuddin Pirzada, Wasim Sajjad, Khalid Anwar, Abdul Hafeez Pirzada and Attorney General Mohammad Makhdoom Ali Khan during the past twenty-day court sittings.
Mujib Pirzada's main contention was that the Council of Common Interest (CCI), comprising Prime Minister, four chief ministers and four nominated members, is the pillar of federation of Pakistan whose constitutional duty is to formulate, control, regulate and supervise policies in relation to the affairs of the national assets.
He contended that the Cabinet Committee on Privatisation (CCoP) and Privatisation Commission have no authority to privatise such assets as Pakistan Steel Mills, since it was not somebody's personal property.
He argued that the Privatisation Commission Ordinance 2002, though incorporated in the Constitution through Article 270-AA, has become ultra vires since it conflicts with the basic structure of the Constitution, which is the supreme law of the land.
===============================================================
Nation: SECP orders action against involved brokers
From AFZAL BAJWA
ISLAMABAD - The Securities and Exchange Commission of Pakistan asked the Lahore and Karachi Stock Exchanges to take action against brokers so far identified as culprits of short-selling and wash trades with intentions of market manipulation.
However, the sources told The Nation on Thursday that corporate watchdog has not yet concluded its investigations it had launched immediately after the recent crash-like fall in the market. Meanwhile, they added, SECP has asked both the stock exchanges to start taking action against the brokers who have failed to justify their short selling.
According to the sources, the SECP had included almost 150 brokers into the investigations including over 100 from KSE, and 40 from the LSE with their entire records and justifications for the recent trades.
The sources said that the investigations were still underway, however, the Commission has taken notice that why the two stock exchanges had not taken notice in the place against the short selling while under the rules they were supposed to do that without any instructions from the SECP.
The investigations, so far conducted, have also underlined the need for specific regulations to curb the so-called wash trade. According to the sources, at present, trade without actual ‘shares changing hands’ is covered under the general regulations barring market manipulation with fake trades merely indicating volumes of trade. Therefore, the sources said, the stock exchange managements loosing their potency by shift of chairmanship from brokers to nominee outsiders have lost the grip over the strict implementation of anti-manipulation regulations especially with regard to wash trade.
The sources further said that the objective of these investigations was to discipline the market and punish only the malafide intentions on part of the brokers especially institutions short selling massively. They added that the SECP as well as the management of the stock exchanges have the tools to identify the intentions of the brokers by examining the trail of the trades, in the first place.
BR
ARIF RANA
ISLAMABAD (June 23 2006): The government is going to increase gas prices by 10 to 22.5 percent for different categories of the consumers from July 1, and a notification to this effect is likely to be issued sometime next week.
========================================
PC offers 7.3 percent KESC shares to employees
BR
MUSHTAQ GHUMMAN
ISLAMABAD (June 23 2006): The Privatisation Commission (PC) has decided to offer 7.3 percent shares of the Karachi Electric Supply Corporation (KESC) to the employees on the bid price of Rs 1.65 per share, official sources told Business Recorder here on Thursday.
"The employees would be offered 7.3 percent (961,196,474) shares of the KESC out of the government's remaining 25.65 percent (3,376,925,397) shareholding at the same price at which shares were sold to the investors", the sources added. Earlier, the government had decided to offer 10 percent of the remaining shares to the employees, but the PC board changed the decision after a threadbare discussion, the sources maintained.
==============================================
CBR withdraws tax proposal on mutual funds
RECORDER REPORT
ISLAMABAD (June 23 2006): The Central Board of Revenue (CBR) has withdrawn its proposal to tax income, other than earned from share trading by Mutual Funds. The Finance Bill, 2006, had proposed by 35 percent tax on income by way of financing 'carry-over-trades' on the bourses. The income from trading of shares would continue to be exempt from capital gains tax.
Since Mutual Funds are obligated to distribute 90 percent of the earnings - there is a pass-through concept in taxation - wherein tax is levied at the hands of unit holder and not at the management level.
Taxing income envisaged in the Finance Bill would have destroyed the basis of operation of the Fund. Therefore, the CBR withdraw its proposal and extended the tax-free concept to Real Estate Investment Trust (REIT) management companies as well. The CBR has left to the regulator, SECP, to restrict the activity of Mutual Funds to their core activity.
==============================================
SECP warns stockbrokers against false agreements
RECORDER REPORT
KARACHI (June 23 2006): The Securities Exchange Commission of Pakistan (SECP) has warned the stockbrokers found involved in issuing back dates contractual agreements for buying and selling shares in order to hide short selling or blank selling.
According to a letter issued to the Karachi Stock Exchange, the SECP says that certain brokers of the exchange are carrying out the sales of shares in the ready market without any contractual borrowing arrangement to meet delivery requirements contrary to the "Regulations for short selling under the ready market, 2002".
It has further come to the knowledge of the commission that such brokers are being facilitated in their illegal activities by certain members of the KSE who are issuing back dated letters showing a contractual borrowing arrangement with the brokers for the purchase of shares.
The SEC says that such practice is not only dishonourable, disgraceful and improper on the part of the members but is also deceptive and fraudulent.
The KSE being the front line regulator must ensure, to the satisfaction of the Commission, that the practice of generating back dated false documents, showing contractual borrowing arrangements is stopped immediately if necessary, appropriate action is taken against its members involved in such practices. The Commission reserves the right to take all appropriate action in accordance with the law against all persons engaged in these activities.
=================================================
British Petroleum to invest $20 million in offshore exploration
RECORDER REPORT
ISLAMABAD (June 23 2006): British Petroleum (BP) along with state owned Oil and Gas Development Company Limited (OGDCL) would invest $20 million in offshore exploration. Company's President Steve Peacock, who is currently visiting Pakistan, in a meeting with Federal Minister for Petroleum and Natural Resources Amanullah Khan Jadoon here on Thursday, briefed about BP's $20 million minimum investment plan in offshore exploration.
The offshore exploration would be undertaken in the coming months, Steve Peacock informed the Minister, adding that Pakistan's petroleum sector growth is tremendous because of attractive incentives and level playing field being offered to the investors.
The BP president also thanked the Minister for extending all out co-operation to the company involved in onshore exploration activities for the last 20 years in the Pakistan.
The Federal Minister lauded the company's contribution for promotion of oil and gas exploration activities in Pakistan, which was producing 12,000-barrel oil per day from Badin Field.
The Minister also invited BP Petroleum to participate in the forthcoming LNG, Gas pipelines projects and enhance its onshore exploration activities in other parts of the country to the mutual advantage.
"The government was according top priority to the speedy development of oil and gas sector on sound footings aimed at exploiting the untapped hydrocarbon resources to met the growing energy needs of the country," Jadoon added. Secretary Petroleum Ahmed Waqar, BP Company Manger, Tariq Khamesani and Director (Petroleum Concessions) Muhammad Sher Khan were also present during the meeting.
========================================================
PSM sell-off case: Supreme Court to complete hearing today
RECORDER REPORT
ISLAMABAD (June 23 2006): The nine-member full bench of the Supreme Court will complete hearing of the petitions against the privatisation of Pakistan Steel Mills on Friday (Today).
At the end of the daylong hearing here on Thursday, Chief Justice Iftikhar Mohammad Chaudhry stated that the court would complete the proceedings on Friday as one of the judges has to go abroad urgently.
The government has already requested the court that instead of accepting or rejecting the petitions, it should direct the government to re-evaluate the price of the PSM shares sold to the bidders @ Rs 16.80 per share.
Barrister Zafarullah Khan and Abdul Mujib Pirzada, counsels for the petitioners, exercised their right of reply and answered to constitutional and factual points raised by the respondents counsels, Syed Sharifuddin Pirzada, Wasim Sajjad, Khalid Anwar, Abdul Hafeez Pirzada and Attorney General Mohammad Makhdoom Ali Khan during the past twenty-day court sittings.
Mujib Pirzada's main contention was that the Council of Common Interest (CCI), comprising Prime Minister, four chief ministers and four nominated members, is the pillar of federation of Pakistan whose constitutional duty is to formulate, control, regulate and supervise policies in relation to the affairs of the national assets.
He contended that the Cabinet Committee on Privatisation (CCoP) and Privatisation Commission have no authority to privatise such assets as Pakistan Steel Mills, since it was not somebody's personal property.
He argued that the Privatisation Commission Ordinance 2002, though incorporated in the Constitution through Article 270-AA, has become ultra vires since it conflicts with the basic structure of the Constitution, which is the supreme law of the land.
===============================================================
Nation: SECP orders action against involved brokers
From AFZAL BAJWA
ISLAMABAD - The Securities and Exchange Commission of Pakistan asked the Lahore and Karachi Stock Exchanges to take action against brokers so far identified as culprits of short-selling and wash trades with intentions of market manipulation.
However, the sources told The Nation on Thursday that corporate watchdog has not yet concluded its investigations it had launched immediately after the recent crash-like fall in the market. Meanwhile, they added, SECP has asked both the stock exchanges to start taking action against the brokers who have failed to justify their short selling.
According to the sources, the SECP had included almost 150 brokers into the investigations including over 100 from KSE, and 40 from the LSE with their entire records and justifications for the recent trades.
The sources said that the investigations were still underway, however, the Commission has taken notice that why the two stock exchanges had not taken notice in the place against the short selling while under the rules they were supposed to do that without any instructions from the SECP.
The investigations, so far conducted, have also underlined the need for specific regulations to curb the so-called wash trade. According to the sources, at present, trade without actual ‘shares changing hands’ is covered under the general regulations barring market manipulation with fake trades merely indicating volumes of trade. Therefore, the sources said, the stock exchange managements loosing their potency by shift of chairmanship from brokers to nominee outsiders have lost the grip over the strict implementation of anti-manipulation regulations especially with regard to wash trade.
The sources further said that the objective of these investigations was to discipline the market and punish only the malafide intentions on part of the brokers especially institutions short selling massively. They added that the SECP as well as the management of the stock exchanges have the tools to identify the intentions of the brokers by examining the trail of the trades, in the first place.
Click Here For: "Daily Reports From Different Brokerage Houses"
Note: Please make your own due diligence before making any decision
Regards,
Abdul Mateen Khan
#16
Posted 23 June 2006 - 02:27 PM
[quote name='AbDuLmAtEeNkHaN' date='Jun 23 2006, 08:56 AM' post='8495']
Gas prices to go up from July 1
BR
PSM sell-off case: Supreme Court to announce verdict today, 23.06.2006, 1600 Hrs sharp
AAJ NEWS
HOPE FOR BEST
SAAD
Gas prices to go up from July 1
BR
PSM sell-off case: Supreme Court to announce verdict today, 23.06.2006, 1600 Hrs sharp
AAJ NEWS
HOPE FOR BEST
SAAD
#17
Posted 23 June 2006 - 05:49 PM
Updated at 1650 PST
====================================================
Updated at 1700 PST
Updated at 1715 PST
=====================================================
Updated at 1430 PST
Click Here For: "Daily Reports From Different Brokerage Houses"
Note: Please make your own due diligence before making any decision
Regards,
Abdul Mateen Khan
