Sunday 23 October 2016

SUNRISE CAPITAL (PVT) LTD | 24 OCTOBER 2016 | TEKE OFF


 Oil prices drop as Iraq says doesn't want to join OPEC cut:
Oil prices fell early on Monday as Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop up the market, and as U.S. drillers stepped up work.Brent crude futures LCOc1 were trading at $51.59 per barrel at 0133 GMT, down 19 cents, or 0.4 percent, from their last close.U.S. West Texas Intermediate (WTI) crude was down 22 cents, or 0.4 percent, at $50.63 a barrel.Traders said the price falls followed comments from Iraq, which said it wanted to be exempt from a production cut by the Organization of the Petroleum Exporting Countries (OPEC) that the group plans to decide at its Nov. 30 meeting.OPEC plans to reduce production to a range of 32.50 million to 33.0 million barrels per day (bpd), down from 33.39 million bpd in September.That would be harder to achieve if Iraq, which is OPEC's second-biggest producer after Saudi Arabia, didn't participate.Iraq said on Sunday that its oil production stood at 4.774 million bpd, with exports standing at 3.87 million bpd."We are not going back in any way, not by OPEC not by anybody else," said Falah al-Amri, the head of Iraq's State Oil Marketing Company.
Pak Suzuki to replace Mehran with 660cc Alto
Pak Suzuki has announced its plans to start local production of Suzuki Alto 660cc by 2018 to replace its iconic Mehran 800cc.The information was shared with the Senate Standing Committee on Industries and Production which was visiting Pak Suzuki Motor Company Limited (PSMCL) plant on Thursday.The Senate committee asked the auto assembler to introduce global standard safety features in its new model.The Senate delegation was led by Senator Hidayatullah and included Khalida Parveen, Kalsoom Perveen and Chaudhry Tanvir Khan. Additional Secretary, Ministry of Industries and Production, Sher Ayub Khan and Engineering Development Board CEO, Tariq Ejaz Chaudhry also accompanied the delegation. Sources said the company has already started the process of localisation of parts for the new 660cc car with local vendors.
Fertiliser subsidy claims: FBR stays away, food ministry steps in
The Federal Board of Revenue (FBR)’s decision to distance itself from the verification process of subsidy claims filed by diammonium phosphate (DAP) importers, has spelt trouble for the Ministry of National Food Security and Research because of its lack of expertise in the area.The payment of subsidy claims has already been delayed for months in the wake of less coordination among government departments and absence of cooperation from some provinces.Under the fertiliser subsidy package announced in the federal budget for 2016-17, the FBR was initially tasked to verify the claims to be submitted by the DAP importers, but the recent FBR decision to sideline itself posed a new challenge to the food ministry to undertake the task.
NJHP project to start by Feb 2018
The much-delayed 969 Megawatt Neelum Jhelum Hydropower Project (NJHP) will start power generation by February 2018.
“Around 85 percent work on the project has been completed, and the first turbine will start generation in February 2018 while 100 percent generation from the project will be possible by May 2018,” WAPDA Chairman Lt Gen (r) Muzammil Hussain said on Sunday while talking to newsmen after the connection of two portions of the left tunnel of NJHP.In a statement issued from Wapda House, the spokesperson said the project management achieved this milestone when it successfully connected the two portions of the left tunnel with precision. It added that during the mining operation, one of the two tunnel boring machines (TBMs) broke through the left tunnel from downstream side, joining it with the portion which had already been excavated through traditional drill-and-blast method from the upstream side.
Coal prices hit 30-month high
The global coal prices have jumped to $75.7/ton, which is highest in 28 months, compared to $67.7/ton at September 2016 and $52.8/ton at April 2016.According to industry experts, higher coal prices would dampen local cement players’ profits by 5-7 percent on average, as coal constitutes more than 30 percent to the total production costs.Experts said that coal prices have been gradually increasing since May 2016, when China (World’s largest coal producer, importer and consumer) imposed supply side measures to limit its coal mining capacity.Recent surge to the trajectory came from stricter local rules on coal transportation which fueled coal imports.In shorter term, domestic Chinese coal supplies may increase in October and November in order to prevent a supply shortfall, which would be a short-term bear point for all coal prices.
Clinton jumps to double-digit lead over Trump: poll
Hillary Clinton has soared to a 12-point lead over Donald Trump in the race for the White House, according to a new poll released Sunday, with the real estate magnate's support tanking among key voter groups.The Republican presidential nominee has seen dismal poll numbers since a string of women came forward earlier this month to accuse him of sexual assault or inappropriate behaviour in the past.He has also stirred controversy by refusing to say that he will accept the result of the November 8 election no matter what, calling the process "rigged."

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