SUNRISE CAPITAL (PVT) LTD | 27 OCTOBER 2016 | TAKE OFF

Large-scale manufacturing growth clocks up at 1.97pc:

Large-scale manufacturing (LSM) grew 1.97 per cent year-on-year in the first two months of 2016-17, according to figures issued by the Pakistan Bureau of Statistics (PBS) on Wednesday. With lower-than-expected LSM growth, the government is likely to revise the gross domestic product (GDP) growth target downward for the current fiscal year. In July, LSM grew 2.62pc on a year-on-year basis. Its growth was 3.21pc in 2015-16.

Pakistan moves up in ease of doing business rankings:

akistan has made some important progress towards the ease of doing business for small and medium-sized enterprises, finds the latest edition of the World Bank Group’s Doing Business report. As a result, the country has emerged as one of the global top 10 improvers this year, says the report titled ‘Doing Business 2017: Equal Opportunity for All’. Pakistan’s position in the doing business global rankings improved to 144 out of 190 economies this year under the latest methodology as a result of the reforms programme announced by the government. The country was ranked 148th last year.

Coal-based projects: Work on 7,000MW power plants likely to be abandoned:

Several coal-based power plants with a cumulative production capacity of around 7,000 megawatts are encountering trouble and may be shelved because of unavailability of coal and funds. These projects include the 6,600MW Gadani Power Park, 330MW Salt Range power plant and 150MW Lakhra power project, according to officials aware of the development.

Directives: SNGPL, SSGC to print meter-reading on utility bills:

The Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL) will print photographs of the meter-reading on utility bills to facilitate consumers and end complaints of excessive billing. “Following directives of the National Assembly Standing Committee on Petroleum and Natural Resources, gas companies will place photographs of meter-reading on utility bills,” officials in the Ministry of Petroleum and Natural Resources said.

KAPCO privatisation runs into trouble:

The privatisation process of Kot Addu Power Company (Kapco), Pakistan’s largest independent power producer, has run into snags due to government’s inability to provide investors with a satisfactory response over the fate of a power purchase agreement and shift in state’s coal consumption policy. The indecisiveness on the part of the Ministry of Finance and the Ministry of Water and Power has started hurting the share price of Kapco that has gone down by over 16% in the last three and a half months, according to market analysts.

GSP plus review mission to arrive on October 30:

The European Union's (EU) second Generalized System of Preferences(GSP) plus review Mission will visit Pakistan from October 30 to November 4, 2016 and assess the status of implementation of 27 Conventions covered under the trade incentives scheme and the way forward, official sources told Business Recorder. The-four member delegation will comprise: (i) Guus Houttuin- Advisor, trade issue and business co-ordinator, European External Action Service (EEAS), Team Leader; (ii) Dietmar Krissler - Deputy of Division Asia Pacific 2, EEAS; (iii) Andreas Julin, DG Trade Unit D,1 Trade Sustainable Development and GSP, European Commission (EC); and (iv) Rudi Delarue, DG Employment, Deputy Head of Division Unit D3, EC. The visit will take place before the meeting of the EU-Pakistan Joint Commission which is scheduled to be held on November 23, 2016 at Islamabad.

Pakistan inks $250m loan agreement with ADB

Pakistan and Asian Development Bank (ADB) on Wednesday signed a loan agreement of $250 million for Central Asia Regional Economic Cooperation (CAREC)’s Regional Improvement of Border Services project.Economic Affairs Division Secretary Tariq Bajwa and ADB Country Director Werner E Liepach has signed the loan agreement here in Islamabad.Finance Minister Ishaq Dar and ADB President Takehiko Nakao witnessed the signing ceremony.Later, addressing a press conference, Nakao said Pakistan has made encouraging progress by controlling the fiscal deficit and inflation rate and increase GDP’s growth and revenue collection, adding that country’s foreign exchange reserves have built up.He emphasized for continuation of reforms programme for fetching foreign investment in the country.He said that ADB has not allocated any funds for the Diamir Bhasha dam yet.He further said that there is need to make investment in power production and its transmission system.

SBP auctions Rs90.223b MTBs

State Bank of Pakistan (SBP) on Wednesday sold the government’s market treasury bills (MTBs) for Rs90.223 billion.The face value of these MTBs is Rs92.382 billion, said SBP statement.The bids for the MTBs, having maturity period of 3,6 and 12 months, were invited through SBP’s primary dealers.