Steel makers jack up prices after Gadani fire incident:
The price of steel bars has gone
up by Rs8,000-Rs10,000 per tonne after the fire incident at the Gadani
ship-breaking yard last month that claimed at least 19 lives. Traders in Sarya
Market said the price of regular-quality steel bar, which was available at
Rs56,000-Rs57,000 prior to the Gadani incident, has now surged to Rs68,000 per
tonne. They said the price of steel of a better quality is now Rs74,000 per
tonne compared to the earlier rate of Rs68,000 per tonne. The market is facing
a shortage at a time when demand for steel bar is high, they said, adding that
manufacturers of steel bars also face a dearth of raw material. However,
chairman Association of Builders and Developers (Abad) Mohsin Sheikhani said
the builders use two types of steel bars. One of the qualities now costs Rs
69,000 as compared to Rs 57,000 while another quality is now available at Rs
74,000 as compared to Rs 68,000 per tonne. The increase will raise the construction
cost that will ultimately be borne by property buyers.
IFAD’s $40m rural growth plan in jeopardy:
The International Fund for
Agricultural Development (IFAD) has placed a $40 million project of the Punjab
government in the “risk category,” according to an IFAD evaluation report. The
objective of the project was to contribute to rural growth and poverty
reduction in four districts of the province. The project was to focus on
improving livelihoods of 115,500 households in Bhakkar, Khushab, Layyah and Mianwali,
the report said. The Livestock and Access to Markets Project (LAMP) for which
IFAD had approved $35 million was approved in December 2013 and became
effective in February 2015.
Opec experts resume talks on oil output cut; delegates upbeat
Opec experts discussing how to
implement a plan to cut oil output are likely to reach agreement later on
Tuesday, a Nigerian delegate said, a possible sign of progress in finalising
the group’s first supply-limiting deal since 2008. The High-Level Committee – a
technical body comprised mainly of Opec governors and national representatives
who report to their respective ministers – started a second day of talks at
Opec headquarters in Vienna at about 0930 GMT. The committee does not decide
policy. It will issue recommendations to Opec’s next ministerial meeting, on
Nov 30. The key issue before the committee is how to implement a September
agreement by the Organisation of the Petroleum Exporting Countries to reduce
production to between 32.5 million and 33 million barrels per day – an effort
to prop up prices.
National Assembly panel approves amnesty law:
The National Assembly's Standing
Committee on Finance has approved a law to grant one-time amnesty scheme for
real estate sector amid opposition to the scheme by the Finance Ministry and
the Federal Board of Revenue (FBR). A meeting of the Finance Committee chaired
by Qaiser Ahmad Sheikh approved recommendations of the sub-committee that
"FBR may charge 3 percent
additional tax to the extent of amount they (people renegade real estate
transactions) are unable to reconcile in their wealth statement and amnesty
scheme must be only available for the people engaged in the real estate
transactions. The areas where valuation has been done on higher side by the FBR
may be rectified immediately with the consent of stakeholders." The
sub-committee also recommended that the "federal government may charge 1 percent in total for withholding tax,
advance tax from both buyers and sellers and capital gain tax. Prevailing
federal government taxes charged by the FBR
on property transaction was approximately 3 percent to 6 percent and capital
gain tax on FBR value or 1 percent of fair market value whichever is
higher. This one percent will be inclusive of all advance/adjustable federal
government taxes including capital gain tax."
PIA considers Boeing, Airbus jets for fleet upgrade:
Pakistan International Airlines
(PIA) is evaluating an order for wide-body Airbus and Boeing jets as it looks
to upgrade its ageing fleet, an executive for the state-owned airline said on
Tuesday. "Boeing 777X would be a good option," the airline's
executive director of human resources and works, Raheel Ahmed, told reporters
on the sidelines of a conference in Dubai, adding that PIA is also looking at
the Airbus A330 and A350 models. PIA would consider purchasing the aircraft
directly from the manufacturer and financing the order through a sale and
leaseback arrangement, when an airline sells a jet to a lessor who then leases
it back. It would also consider a direct leasing agreement, known as a dry
lease. Ahmed did not say when PIA would order the jets or how many it could
buy. It has a fleet of 38 narrow-body and wide-body Airbus and Boeing jets,
with three A310s to be retired on December 31, he added.
Aptma accuses SNGPL of favouring ‘mega’ textile industries:
The Sui Northern Gas Pipelines
Limited (SNGPL) is discriminating in provision of gas to the provincial textile
industry, as some major industrial textile units are getting gas at around Rs600 per mmbtu, while rest of the
units are being provided very expensive RLNG-mixed gas for around Rs950 per
mmbtu. This was stated by All Pakistan Textile Mills Association (APTMA)
Central Chairman Aamir Fayyaz Sheikh, while responding to a question during a
press conference held here on Tuesday. He was asked that some big textile
companies including Nishat Textiles are being provided gas supply at cheaper
rates as compared to other companies within the province. Fayyaz said that cost
of energy in Punjab is already very high if compared to other provinces. An
average mill of 25,000 spindles loses at least Rs1,200 million annually due to
this cost difference. He said the regasified liquefied natural gas (RLNG) to
the Punjab textile industry is 45 percent more expensive as compared to the
industry in other provinces.
Ceasefire violations: Indian diplomat summoned
Pakistan on Tuesday summoned the
top Indian diplomat and lodged a protest on the continued unprovoked ceasefire
violations on the Line of Control (LoC) and violation of Pakistan's Maritime
Exclusive Economic Zone by the Indian naval submarine. According to Foreign
Office Spokesperson Nafees Zakaria, Indian Deputy High Commissioner JP Singh
was summoned to the Ministry of Foreign Affairs by Director General South Asia and
SAARC Dr Mohammad Faisal.
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