Oil
prices fall as Russia says will not attend Opec meeting:
Oil prices fell over
1 per cent on Tuesday on market jitters over whether producer cartel OPEC would
be able to hammer out a meaningful output cut during a meeting on Wednesday,
aimed at reining in a global supply overhang and propping up prices. Non-OPEC oil production giant Russia
confirmed on Tuesday that it would not attend the OPEC gathering, but added
that a meeting between the group and non-affiliated producers at a later stage
was possible. Brent crude futures were
trading at $47.69 per barrel at 0741 GMT, down 55 cents, or 1.14 per cent, from
their last close. US West Texas Intermediate crude futures were down 51 cents,
or 1.06 per cent, at $46.58 a barrel.
Sale
of 40 percent stake: PSX set to open bids on December 5:
Pakistan Stock
Exchange (PSX) is scheduled to open bids on Monday, December 5, 2016 submitted
by foreign strategic investors and local institutions to acquire 40 percent
stake of the bourse. Initially, 17 bids have been submitted by foreign and
local strategic investors and financial institutions. Foreign strategic
investors are a consortium of Nasdaq and two UK-based funds and Chinese based
consortium of Shanghai and Shenzhen stock exchanges with one Chinese fund.Among
the local financial institutions, MCB Bank, Allied Bank, Pak-Kuwait Investment
Company, Pak-Oman Investment Company and others had submitted their bids to
acquire the 40 percent stake. "Yes, the bids submitted by foreign
strategic investors and local institutions would be opened on Monday, December
5, 2016," Shehzad Chamdia, Chairman PSX Divestment Committee confirmed
this to Business Recorder Tuesday.
Ogra
proposes up to 9.4pc increase in POL prices for December:
The prices of all the
major petroleum products are set to go up by up to 9.4 per cent across the
country while electricity rates would increase by 48 paisas per unit for
consumers in Karachi.At a public hearing on Tuesday, the National Electric
Power Regulatory Authority (Nepra) determined a 48-paisa per unit increase in
the electricity rates under monthly fuel adjustment for consumption in
October.Presided over by its chairman Tariq Sadozai, Nepra noted that
K-Electric had sold about 1.5 billion units to its consumers against a lower
reference tariff while the power utility incurred about Rs720 million
additional expenditure on account of fuel cost in October. Therefore, this
additional cost required to be passed on to the consumer in the next billing
month.
Local
auto vendors seek to develop parts for aircraft, tank:
Local auto vendors
are willing to start development of parts for tanks and aircraft
manufacturing.Pakistan Association of Automotive Parts and Accessories
Manufacturers (PAAPAM) Chairman Mashood Ali Khan in a recent meeting with
senior officials of Heavy Industries Taxila (HIT) informed them that many of
their member companies are matured to work for the aerospace sector and
expected to play their role in aircraft manufacturing and maintenance.PAAPAM
members also met Chairman Pakistan Aerospace Complex Air Marshal Arshad Malik
at an event held to commemorate the launch of Pakistan Aerospace Council (pac)
as a platform for networking between Pakistani high-tech sector and its clients
in Pakistan as well as the global market place.
K-Electric
tariff goes up on fuel cost variation:
Despite sharply lower
global crude prices, the National Electric Power Regulatory Authority (Nepra)
has agreed to an increase of Rs0.48 per unit in K-Electric’s tariff in the face
of higher fuel cost for October 2016.The decision comes in sharp contrast to
the tariff reduction being enjoyed by consumers of state-owned power
distribution companies under the fuel cost adjustment mechanism for the past
several months following more than 50% plunge in the international crude oil
prices.
CDWP
green-lights Gwadar water purification plant:
The federal
government on Tuesday cleared, in principle, a project for installing a water
purification plant in Gwadar, the nerve city for the China-Pakistan Economic
Corridor (CPEC), aimed at meeting water requirements of the city’s industrial
zone.The Central Development Working Party (CDWP) cleared the scheme to enable
the implementation agency to arrange finances for the Reverse Osmosis Sea Water
Plant. Initial cost of the project has been estimated at Rs5.1 billion, which
may change as it has been worked out without a detailed engineering design.
$135m
agreement signed with ADB to improve power transmission:
Pakistan and Asian
Development Bank (ADB) on Tuesday signed loan and project agreement worth $125
million for Second Power Transmission Enhancement Investment Programmr
(Tranche-1).Tariq Bajwa, Secretary Economic Affairs Division (EAD), and Werner
E Liepach, Country Director ADB, signed the loan agreement. The loan is part of
$810 million loan facility for Pakistan to help the country improve its
dilapidated power transmission infrastructure not capable of lifting additional
power generation load. The loan facility will help fund the staged
rehabilitation and expansion of the transmission network, increasing
transmission capacity and energy efficiency and security. It will also support
government efforts to develop a more transparent and efficient power sector by
promoting reforms in the National Transmission and Despatch Company Limited,
and the sector’s newly established commercial operator, the Central Power
Purchasing Agency (Guarantee) Limited. ADB’s facility will be delivered in
tranches, implemented from 2016 to 2026.
PTCL
announces Voluntary Separation Scheme:
Pakistan Telecommunication
Company Limited (PTCL) on Tuesday announced a Voluntary Separation Scheme (VSS)
for its employees, offering more attractive package than previous schemes.PTCL
Chief Human Resource Officer Syed Mazhar Hussain told media persons that the
scheme has been designed based on feedback of employees and would be beneficial
for those who opt for it. Effective from November 28, 2016, the scheme is
expected to be availed by around 3,000 employees, he added.He said that
previous VSS was appreciated by employees as it offered a very lucrative
package. In last scheme of 2014, the organisation could not relieve all
employees who opted for this scheme, since business could not let go of such a
sizable employee base at once, and risk stalling operations.However, he said
with successes reaped from previous schemes and improved company performance,
PTCL is now in a better position to offer this scheme to around 9,000 employees
and can manage to relieve around 3,000 employees.
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