Car sales drop
5%:
Car
sales dropped five per cent year-on-year to 71,877 units in the July-November
period, though they posted an increase in November alone, according to figures
released by the Pakistan Automotive Manufacturers Association on Tuesday.
Toyota Corolla’s sales, hit by the introduction of Honda Civic’s new model,
fell 7.5pc year-on-year to 21,628 units in July-November. By contrast, combined
sales of Honda Civic and City jumped 48pc to 14,155 units. Suzuki Swift sales
were almost steady at 1,789 compared to 1,728 units sold in the five-month
period of last year. In the 1,000cc category, sales of Suzuki Cultus fell 7.5pc
to 5,805 units while sales of Suzuki Wagon (R) skyrocketed 84pc to 6,183.
Oil prices fall
on rising U.S. crude stocks, OPEC output concerns:
Oil
prices fell on Wednesday following a reported rise in U.S. crude inventories
and an estimate that OPEC may have produced more crude in November than
previously thought, potentially undermining a planned output cut. U.S. West
Texas Intermediate (WTI) crude oil futures were down 69 cents, or 1.3 percent,
to $52.29 a barrel at 0101 GMT. International Brent crude futures were down 62
cents, or 1.1 percent, at $55.10.
PSM to be privatized
in three months: National Assembly panel told:
A
parliamentary panel was informed on Tuesday that Pakistan Steel Mills
Corporation (PSM) would be privatized in three months. Chief Executive Officer
(CEO) PSM informed the committee that the profit of PSM was Rs 3 billion in
2008, but it turned into loss of Rs 26 billion in 2009. Member Committee Arif
Alvi asked why the mills went in loss in one single year. Rasheed Godil
remarked that a profitable entity was now a bankrupt unit. Dr Azra Fazal
Pechuho chaired the meeting. The committee reviewed the audit reports of the
ministry of industries and production for year 2009-10. Responding to the CEO's
claim that the PSM's land was estimated at Rs 7 million per acre, Godil said
that the management was trying to dispose of land at a throwaway price and he
(Godil) would be ready to give Rs 10 million per acre of PSM land.
Prime Minister to
open western corridor today:
Prime
Minister Nawaz Sharif to inaugurate western corridor of China-Pakistan Economic
Corridor (CPEC) Sorab, Hoshab today. The 449km Sorab, Hoshab section completed
at Rs 22 billion. Chairman National Highway Authority Shahid Ashraf Tarrar said
completion of western route of CPEC was the first priority of NHA. He told that
Western Corridor is divided in 6 sections including Hakla-Dhera Ismail Khan
288km, Dhera Ismail Khan-Zohrab 205km, Zohrab-Quetta 331 KM, Quetta-Sohrab
211km, Sohrab-Hoshab 449 KM, Hoshab-Gwadar 193km. He said that western route is
passing through less developed areas of KPK and Balochistan with this route
people living in these areas would get jobs. He further said that few months
back Prime Minister Nawaz Sharif inaugurated Rs 13 billion Gwadar-Turbat-Hoshab
Road (M-8), a part of the China-Pakistan Economic Corridor (CPEC).
Trade deficit
widened 20% in July-Nov:
The
trade deficit in merchandise rose nearly 20 per cent year-on-year to $11.775
billion in the first five months of the current fiscal year because of falling
exports and increase in imports. The deficit stood at $2.493bn in November, a
rise of 14.3pc compared to $2.181bn a year ago, the Pakistan Bureau of
Statistics said on Tuesday. The drop, along with fall in remittances, has
contributed to the rising current account deficit in the first four months of
the current fiscal year. In July-November, the overall import bill rose 8.8pc
year-on-year to $19.964bn. In November alone, it increased 10.8pc to $4.255bn.
Machinery imports are on the rise because of increase in infrastructure
investment, especially construction of roads.
Possible
acquisition: Fecto Cement eyes stake in DCL:
After
Lucky Cement and a Chinese investor, Fecto Cement has now shown interest in
acquiring stakes in Dewan Cement Limited. According to a company notice sent to
the Pakistan Stock Exchange (PSX) on Tuesday, the Board of Directors at Fecto
Cement has decided to participate in the bidding of sale of assets of Dewan
Cement (north plant).
PPIB gives
go-ahead for Hubco’s 330MW project:
The
Private Power and Infrastructure Board (PPIB) has given a green signal to Hub
Power Company Limited (Hubco) to go ahead with its plan to set up a 330-megawatt
coal-fired power plant in Thar, Sindh. “PPIB has issued Letter of Support (LOS)
dated December 9, 2016 to Thar Energy Limited (TEL), a wholly owned subsidiary
of the Hub Power Company Limited, for developing a 330-megawatt Mine Mouth
Power Project at Thar,” Hubco Company Secretary Shamsul Islam said in a
notification to the Pakistan Stock Exchange on Tuesday.
GDP growth in
Pakistan expected to remain on track: ADB:
he
Asian Development Bank has downgraded economic growth in developing Asia to 5.6
per cent in 2016, below its previous projection of 5.7pc. However, for 2017,
growth remains unchanged at 5.7pc. In a supplement to its ‘Asian Development
Outlook’, ADB maintained that GDP growth in Pakistan is expected to be on track
during the fiscal year ending June 2017, driven mainly by the service sector.
In the previous Outlook published in March, the ADB forecast said that GDP
growth in Pakistan was expected to accelerate modestly to 4.5pc in fiscal year
2016 and 4.8pc in fiscal year 2017.
ECC meeting: Govt
keeps wheat support price at last year’s level
The
government Tuesday decided to keep the wheat support price at last year’s level
of Rs1,300 per 40 kilogrammes – a decision that will help keep overall
inflation in check while allowing the commodity’s export to reduce the domestic
surplus. The Economic Coordination Committee (ECC) of the Cabinet took the
decision to maintain the price at Rs1,300 per 40 kg, which is almost double
than the price in the international market. The contracts in international
market were signed at around Rs714 per 40 kg on Monday. The decision to
maintain the prices would not provide a sigh of relief to the farming community
that has been adversely affected due to plunge in commodity prices.
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