SBP to phase out old-designed Rs50, Rs1000 banknotes

KARACHI (OUR STAFF REPORTER): The State Bank of Pakistan (SBP) has decided to phase out the old-designed banknotes of Rs50 and Rs1000 denominations. In a statement issued here on Wednesday, the central bank said that the commercial/microfinance banks will stop issuance of old design banknote of Rs50 and Rs1000 denominations with effect from 1st November, 2013 (Friday). However, these banknotes in circulation will remain legal tender till further order. The commercial/microfinance banks have been advised to accept these banknotes from the public by exchanging the same with banknotes and coins of all other denominations.

 Banks shall start surrendering the above-referred banknotes in suitable lots to the offices of SBP Banking Services Corporation in due course, the statement added.

Loadshedding crisis persists as shortfall stands at 3200MW

ISLAMABAD (INP): Loadshedding crisis continue to irk the domestic and commercial consumers as power shortfall stands at 3200MW.The urban areas had to face loadshedding of about eight hours while rural areas were being provided electricity for 12 hours. According to the Ministry of Water and Power, generation from different sources across the country was 9650MW against the demand of 12850MW. Hydel power projects were providing 2820MW, thermal power plants 1800MW, while IPPs were adding 5030MW electricity to national grid.Sources said that hydel power generation was reduced up to 50pc due to decrease in release of water from dams.

The sources warned that power shortfall will intensify further in December during cleansing of canals.

LSE board declares interim cash dividend

LAHORE (Staff Reporter): LSE BoD has declared an interim cash dividend for the 1st Quarter ended September 30, 2013 at Re. 0.25 per share i.e. 2.5% while book closure for this entitlement shall be announced separately. In this way, an amount of Rs. 32,071,050/- shall be distributed to the shareholders of the Exchange holding 128,284,200 ordinary shares of Lahore Stock Exchange. It is pertinent to note that the total Income of the Exchange after tax for the period from July to September, 2013 was Rs. 33,622,665/-. LSE has again taken a lead to become the first Exchange of the country that consistently declared a cash dividend after demutualization.

This announcement will give a positive signal to the capital market and shall also strengthen the position the Exchange to attract the strategic investor for the sale of its 40% equity as per requirement of the Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012. 

FBR transfers five officers

ISLAMABAD (Staff Reporter): The FBR has transferred five officers (BS-17, 18) of Audit and Accounts with immediate effect. Rafi Ahmed (Audit & Accounts/BS-18) is transferred and posted as Accounts Officer, Model Customs Collectorate of Exports PMBQ Karachi. Maqbool Hussain (Audit & Accounts/BS-18) is posted as Accounts Officer, Collectorate of Customs (Adjudication), Faisalabad. Dilshad Ahmed (BS-17) is  posted as Assistant Accounts Officer, Directorate of Training & Research (Customs), Islamabad. Imtiaz Shah (BS-17) is posted as Assistant Accounts Officer, Directorate of Intelligence & Investigation, FBR, Rawalpindi. Imran Ahmed (BS-17) is posted as Assistant Accounts Officer, Collectorate of Customs (Adjudication) Lahore. 

World oil prices down

SINGAPORE (AFP): Oil prices edged lower in Asian trade Wednesday as investors bet on a further increase in US inventories, indicating weak demand in the world’s top crude consumer. New York’s main contract, West Texas Intermediate (WTI) for delivery in December, was down 51 cents at $97.69 in afternoon trade, while Brent North Sea crude for December shed 23 cents to $108.78. “Plentiful supply in the US, with expectations of a further increase in crude stockpiles, is putting pressure on prices,” Kenny Kan, market analyst at CMC Markets in Singapore, told AFP. Dealers are expecting the US Department of Energy (DoE) weekly inventory report due out Wednesday to show a rise of more than two million barrels in the week to October 25, Kan said. US oil prices hit a near four-month low last week following DoE reports indicating a bulge in stockpiles. A rise indicate weak demand in the world’s biggest economy and oil consuming nation. Brent was weighed by profit-taking, Kan said, following recent gains over Middle East supply concerns. Production in Libya, an OPEC member, has been disrupted for months after labour unrest forced terminals to shut, slashing output to below 100,000 barrels per day. Before the shutdowns, Libya was producing between 1.5 million and 1.6 million barrels daily. Production has increased in recent weeks, but an uptick in protests has raised concerns about exports owing to near-daily attacks and bombings that some fear could lead to civil war.