Circular debt clearance: Rs 98 billion TFCs to be floated by month-end
The government has decided to float term finance certificates (TFCs) of Rs 98 billion to resolve the outstanding circular debt issue. The TFCs will be available on kibor plus margin of 1.75 percent. Under the Securities and Exchange Commission of Pakistan (SECP) regulations, the 'Term Finance Certificate' is a debt instrument issued for the purpose of raising funds as redeemable capital more... (BR)
Automobiles' price spike lacks logic, say officials
Officials at the Ministry of Industry and Production have said that there is no logical reason for raising automobiles prices, reported local media. The government will take a serious notice in this regard, they added more... (FD)
Clarification "Deemed duty may be replaced with oil processing fee"
Apropos a news item "Deemed duty may be replaced with oil processing fee", carried by Business Recorder on February 14, 2009, Bosicor Pakistan Limited (BPL) said the news reported has incorrect references. BPL will like to clarify that it has not disagreed on the US $4-6/barrel of crude oil as refining margins. Nor is there a working that this type of refining Margins will allow any substantial earning for the Company more... (BR)