Oil falls as
non-OPEC yet to pledge concrete output steps:
Oil
prices extended declines on Monday after non-OPEC producers made no specific
commitment to join OPEC in limiting oil output levels to prop up prices,
suggesting they wanted the oil producing group to solve its differences
first.Officials and experts from OPEC countries and non-OPEC nations including
Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia met for consultations
in Vienna on Saturday and only agreed to meet again in November before a
scheduled regular OPEC meeting on Nov. 30, they said in a statement.London
Brent crude for December delivery LCOc1 was down 29 cents, or 0.6 percent, at
$49.42 a barrel by 0229 GMT after settling down 76 cents on Friday.NYMEX crude
for December delivery CLc1 was trading down 23 cents, or 0.5 percent, at $48.47
a barrel, after closing down $1.02 on Friday.
China's Shanghai
Electric to buy $1.77bn stake in K-Electric:
The
Abraaj Group has announced that an Abraaj-controlled company, KES Power, has
entered into a definitive agreement to divest its 66.4% shareholding in
K-Electric to the Shanghai Electric Power Company Limited (SEP) for a
consideration of $1.77 billion.SEP is a state-owned enterprise controlled by
State Power Investment Corporation, a Fortune 500 company. Listed on the
Shanghai Stock Exchange, it is mainly responsible for the power supply of
Shanghai. “Upon completion, this will be one of the largest private sector
transactions in Pakistan,” stated the press release issued by The Abraaj Group.
Bank Alfalah,
Karandaaz ink agreements to digitise financial services
Bank
Alfalah on Sunday has signed two major agreements with Karandaaz Pakistan - a
non-profit company promoting financial inclusion in Pakistan.The agreements are
aimed at promoting access to finance for small businesses through a
commercially directed investment platform, to work jointly on multiple
strategies to digitise payments and create convenient, transparent and reliable
channels of financial transactions through a suite of financial products and
services with a focus on retail supply chain payments.Under the first
agreement, Karandaaz Pakistan will provide technical and financial assistance
to Bank Alfalah for the development of a digital strategy that will help the
bank to offer digital financial services to its customers, particularly the
under-banked segments of the market.The second agreement focuses on
digitisation of supply-chain payments and conversion of cash transactions to
wallet account based transactions.
In a first, PTCL
and Netflix sign collaboration agreement
Pakistan
Telecommunication Company Limited (PTCL) has become the first telecommunication
operator in Pakistan to a sign a partnership agreement with Netflix, the global
internet television network, for the Pakistani market.PTCL and Netflix will use
their respective resources for mutual benefit, utilising and maximising the
viewing experience and penetration of Netflix services in Pakistan.This
agreement between the two entities will serve as a way forward for both PTCL
and Netflix to provide digital content fans in Pakistan with Netflix streaming.
PTCL will support and promote original Netflix content in Pakistan.
Bank borrowing
falls
The
government raised Rs90.22bn from the auction of Market Treasury Bills of
various tenors held last Thursday, missing its target of Rs200.00bn and also
falling short of the received amount of Rs182.85bn.Of the total, 3 month
T-bill’s fetched Rs68.95bn at a cut off yield of 5.90pc, followed by 12 month
T-bill’s of Rs20.30bn at 5.92pc and 6 month T-bill’s of Rs971.40m at 5.91pc.The
central bank had received total bids worth Rs182.85bn; 3 month Rs121.03bn, 6
month Rs40.10bn and 6 month T-bill Rs21.72bn.
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