Oil
prices edge up as Kuwait cuts supplies by more than expected:
Oil prices edged up
on Friday after market sources said Kuwait had told customers it was cutting
supplies by more than initially expected from January as part of a coordinated
effort by oil producers to drain a global glut.International Brent crude oil futures
were trading at $54.22 per barrel at 0114 GMT, up 20 cents, or 0.37 percent
from their last settlement.U.S. West Texas Intermediate (WTI) crude futures
were up 24 cents, or 0.47 percent, at $51.14 per barrel.
Govt
takes back 33pc cut in gas prices for industry:
The government on
Thursday reversed its decision of November 25 to reduce gas prices for the
industrial sector by 33 per cent following a strong protest from the Punjab
government and Punjab-based textile industry.Instead, the reduction in gas rates
has now been diverted to the power generation sector — including public-sector
power plants and independent power producers (IPPs) — to give some relief to
the textile industry in Punjab.On Nov 25, the Economic Coordination Committee
(ECC) of the Cabinet led by Finance Minister Ishaq Dar approved the reduction
in the gas price for all industries from Rs600 per million British thermal
units (mmBtu) to Rs400 per mmBtu to pass on the benefit of the drop in the
Brent crude price in the international market.
Process
for sale of 40pc PSX stake begins:
The divestment
committee of the Pakistan Stock Exchange (PSX) waited to collect bids for the
sale of a 40pc stake in bourse till after midnight on Thursday. While the
negotiations with the bidders was being carried out by the divestment
committee, the chairman of the Securities and Exchange Commission of Pakistan
(SECP) was also at hand, along with his team and the board of directors of the
PSX. Yet nothing transpired till 1o’clock in the morning.On Thursday when the
doors were thrown open for submission of sealed bids for the acquisition of 40
per cent strategic stake in the Pakistan bourse, the first bid trickled down by
early afternoon.According to informed sources, six contestants had put in a
bid, which included Foreign Consortiums of Stock Exchanges and institutions,
and local banks and financial institutions. The word doing the round was that
among the bidders were Markhor 40pc, NASDEQ, DCE Capital, Kingsway Capital,
Blibros Capital 30pc while MCB-Faysal Bank was competing for a combined 10pc
and NBP & MCB vied for 5pc shares each.The information regarding the
bidders could not however be independently verified. According to regulations,
local institutions and individuals cannot bid for more than five percent of the
shares.
FDI
in Pakistan down massive 45% in Jul-Nov:
Foreign direct
investment (FDI) in Pakistan has declined by 45% to $460 million in the first
five months (Jul-Nov) of the ongoing fiscal year 2016-17, compared with $840
million in the same period last year, according to data released by the State
Bank of Pakistan (SBP) on Tuesday.The country has recorded low levels of
foreign investment in recent years. Many foreign investors have pulled out
because of a persistent energy crisis and poor governance.
Suzuki
Motors to invest $460m for new production plant:
Suzuki Motors Company
is ready to invest $460 million in the country to set up a second plant that
would start production by the end of 2018.Pak Suzuki Motors Managing Director
Hirofumi Nagao shared it with the Finance Minister Senator Ishaq Dar on
Thursday. He discussed his company's plan of future investment in Pakistan.
After completion of formalities, the new project will be completed within a
period of two years and may start production by the end 2018, he informed.Dar
asked Nagao to submit a complete plan with all the details to process the
request in accordance with prescribed codal rules and procedures. He said that
the government is committed to provide a level playing field to all the prospective
investors.
Senate
strikes down Companies Ordinance:
The Senate blocked
Companies Ordinance 2016 with a majority vote on Thursday on the grounds that
it should be promulgated through parliament. It was the third setback for the
PML-N government in three years as the upper house has earlier rejected two
presidential ordinances citing the same reason. The Companies Ordinance 2016,
which was to replace the Companies Ordinance of 1984, was rejected by the
Senate within minutes of the start of the session. It was promulgated on Nov 12
by the president of Pakistan, possibly as a shorter route by the government to
fulfil certain international obligations for the country to upgrade its
corporate laws. However, on Nov 25 a resolution signed by 47 senators belonging
to all the opposition parties was submitted to the Senate Secretariat demanding
the upper house to strike down the ordinance.
Auto
policy may be amended:
The government is
likely to amend the Auto Policy 2016-21 with a view to granting similar incentives
for two years to the "ignored" existing carmakers, which will invest
in Green Field. Well-informed sources told Business Recorder that this
understanding has been gauged from a meeting held between Finance Minister
Senator Ishaq Dar and Managing Director Pak Suzuki Motors Hirofumi Nagao
wherein company's future investment plan in Pakistan was discussed in detail.
M/s Suzuki has given a firm commitment that it would invest $460 million in
Green Field (new plant) and the company has already purchased 80 acres of land
to set up a new plant for this purpose. Chairman Board of Investment (BoI) Dr
Miftah Ismail and Chairman FBR Nisar Khan were also present in the meeting.
Ministry of Industries and Production is also extending full support to the
auto industry.
Prime
Minister for boosting exports by 30 percent to support BoP:
Prime Minister Nawaz
Sharif has underlined the need for increasing country's exports by 25 to 30 per
cent from the next year to support the balance of payment. In this regard he
hinted at the possibility of announcing an amnesty scheme for industry/traders.
Addressing Export Awards ceremony of the Federation of Chambers of Commerce and
Industry (FPCCI) at Pakistan-China Friendship Centre here on Thursday, the
Prime Minister came down hard on Pakistan Tehreek-e-Insaf (PTI) for sit-ins and
Pakistan People's Party (PPP) for "doing nothing" to deal with the
problems of load shedding during its five-year tenure. "You must seek
answers from these parties either now or in the 2018 elections," the PM
added.
Colombia
keen to enhance trade ties with Pakistan:
Ambassador of
Colombia to Pakistan Juan Alfredo Pinto Saavedra on Thursday said Colombia was
interested to enhance trade relations with Pakistan and the best way to achieve
this goal was to develop business linkages between the private sectors of both
countries.He said this while exchanging views with business community here at
Islamabad Chamber of Commerce and Industry (ICCI), a statement issued here
said. He said bilateral trade between Pakistan and Colombia was nominal and its
main reason was lack of information on both sides about potential areas of
mutual cooperation.The ambassador said chamber of commerce and industry of both
countries should sign Memorandum of Understanding (MoU) to enhance B2B linkages
that would help in exploring possibilities of enhancing bilateral cooperation
in trade and economic fields. He offered his cooperation to facilitate signing
of the MoU between trade bodies of both countries.
French
investors keen on investing in Balochistan: envoy:
Balochistan has great
potential in the minerals, agriculture and fisheries sectors and an improved security
environment will attract French investors in the province, Ambassador of France
to Pakistan Martine Dorance said on Wednesday.Ms Dorance is currently on a
Balochistan tour along with French Embassy’s Head of the Economic Department
Philippe Fouet and other diplomats.During a meeting with office-bearers of the
Quetta Chamber of Small Traders and Small Industry and media persons, Ms
Dorance said over 40 French companies are working in different sectors with an
investment of $3 billion in Pakistan while an investment of $1.1bn has been
made in Balochistan’s Uch Power Plant.
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