SUNRISE CAPITAL (PVT) LTD | 09 November 2016 | TAKE OFF

First electric vehicle charging station launched:

 Dewan Motors on Tuesday inaugurated Pakistan’s first public charging station for electric vehicles and plug-in hybrid electric vehicles at the Emporium Mall in the provincial capital.Foreseeing the growth potential of plug-in hybrid and electric vehicles in the country, Dewan Motors took the first step towards electric mobility in Pakistan by installing a BMW ChargeNow station. This is the first of the three stations to be installed by the end of this year.BMW ChargeNow is a network of charging stations that provides BMW plug-in hybrid and electric vehicle owners with easy, quick and secure charging services.“Today is an important milestone for the BMW Group. Not only does it mark the inauguration of the first public BMW charging station in Pakistan but also the first in the entire region. We call this service BMW Char­geNow,” said Johannes Seibert, Managing Director of BMW Group Middle East while speaking at the inaugural ceremony.

New army chief: Decision likely by 27th: Asif

Defence Minister Khawaja Muhammad Asif said on Tuesday that no consultation on the appointment of new chief of army staff began so far. Speaking at a private news channel talk show, the minister said that General Raheel Sharif would continue till November 29 and a decision regarding the new army chief would be possible by November 27. He made it clear that Pakistan Army has been supporting democracy in the country for the last 8 years.

New Islamabad Airport will further promote the progressive image of Pakistan: PM

Prime Minister Nawaz Sharif on Tuesday said that the new Islamabad Airport will be an icon of excellence and will further promote the progressive image of Pakistan.The prime minister expressed these views while chairing a meeting on Pakistan International Airlines (PIA) and aviation affairs at the PM House.He reviewed the progress on the new airport and was apprised that all construction packages of the new airport are on track. He directed to complete the link road project from Rawalpindi to New Islamabad Airport by March 2017.

PSO’s receivables swell to Rs251.7 billion:

Though the government claims to have restricted inter-corporate debt, it is still haunting state-run oil marketing company Pakistan State Oil (PSO) as its receivables from different clients, particularly power producers, have piled up to Rs251.7 billion.PSO is a major supplier of fuel to the power companies, which have to pay around Rs220 billion. This includes Rs149 billion in outstanding bills and Rs75 billion in late payment surcharge.

ECC rules out subsidy on LPG sales in remote areas:

The Economic Coordination Committee (ECC) has turned down a proposal of the Planning Commission that suggested direct subsidy on liquefied petroleum gas (LPG) supply through cylinders in line with an Indian model. The ECC’s response came in its meeting held on October 31, 2016 to consider and give approval for establishing LPG air-mix plants in remote and hilly areas of the country. The Planning Commission had floated the direct subsidy proposal to do away with the plan of setting up expensive LPG air-mix plants that would put a burden of Rs2,638 per unit on gas consumers.

Distributors of mutual funds: SECP approves simpler regulatory environment:

The Securities and Exchange Commission of Pakistan (SECP) has approved simplified regulatory requirements for distributors of mutual funds to increase their outreach and improve the penetration of retail investors.SECP Chairman Zafar-ul-Haq Hijazi said that in order to make the country’s economy grow, it was imperative to encourage mobilisation of savings and investments through the capital markets. For this, the mutual fund industry was expected to play its due role in promoting a culture of savings and investment, according to a press release.According to the new framework, distributors selling mutual fund units of a single asset management company (AMC) will not be required to obtain licence from the SECP or register with the Mutual Funds Association of Pakistan (MUFAP). A new cadre of retired government and semi-government officials, retired bank officers and insurance agents would be eligible to act as distributors of mutual funds.