Oil
prices rise on weaker dollar, optimism on output cuts:
Oil prices nudged
higher in tepid Asian trading on Thursday, supported by a weaker dollar and
optimism crude producers would abide by an agreement to curb output to prop up
markets.But gains were capped by an unexpected rise in U.S. crude inventories
last week and as Libya said it expected to boost output over the next few
months.U.S. West Texas Intermediate crude CLc1 had risen 13 cents to $52.62 a
barrel by 0121, after closing the previous session down 81 cents.Brent LCOc1
futures for February delivery climbed 17 cents to $54.63 a barrel, having
previously finished 89 cents lower.
Maple
Leaf wins power generation license:
The regulator has
granted a power generation license to Maple Leaf Power Limited, clearing the
way for setting up an imported coal-fired plant of 40 megawatts at an estimated
cost of Rs5.5 billion. It will supply electricity to its parent company, a
cement manufacturer based in Lahore, which is expected to start by July 2017.
“Electric power from the coal-based generation facility/thermal power plant of
the licensee/Maple Leaf Power Limited (MLPL) will be supplied to Maple Leaf
Cement Factory,” said National Electric Power Regulatory Authority (Nepra), the
power industry regulator, in a notification on Wednesday.
Discos,
except KE, seek tariff cut by Rs3.6/unit for November:
The electricity
tariff for all distribution companies, except K-Electric, is expected to come
down by Rs3.60 per unit for a month due to higher than justified billing to
consumers in November despite cheaper generation cost.According to a petition
filed by the Central Power Purchasing Agency (CPPA) before the National
Electric Power Regulatory Authority (Nepra), the distribution companies had
overcharged consumers to the extent of 49 per cent in November under a
presumptive reference tariff.The reduction in actual generation cost was mainly
because of better energy mix, significantly greater contribution from domestic
sources of energy – hydropower and natural gas – when compared with expensive
imported fuels in October.The CPPA said the actual generation cost was lower
and hence extra money collected needs to be refunded to the consumers through
adjustment in the next billing month under automatic fuel pass through
mechanism.
Collaboration:
Chinese delegation expresses interest in textile:
Chinese investors
visiting from the Shenzhen province have shown deep interest in Pakistan’s
textile sector including the desire to enter into deals with businessmen for
the sale of goods and purchase of textile raw material.Pakistan’s textile
sector had a great opportunity to capture a good share in the international
market, the Chinese said. Pakistani counterparts invited them to join them for
value addition in the textile sector in Karachi.
Poverty-hit
areas: ECNEC extends scope of health plan to 11 more districts:
The federal
government on Tuesday extended the Prime Minister’s National Health Program to
34 districts despite struggling to fully implement the health insurance scheme
in the already approved almost two-dozen poverty-stricken districts of the
country. The Executive Committee of National Economic Council (Ecnec) approved
the revised Prime Minister’s National Health Program Phase-I costing Rs8.2
billion. Overall, the committee approved eight schemes valuing Rs142.6 billion.
The health insurance program will be implemented in 34 districts all over
Pakistan at a rationalized cost of Rs8.2 billion, according to an official
statement. Two more districts have been added in each province and special
regions.
POL
prices likely to increase next month:
The government is
expected to increase prices of petroleum products from January 1. The domestic
price of petrol is likely to be increased by Rs1.28, while the price of High
Speed Diesel is likely to be increased by Rs1.31. The price of High Octane is
likely to be increased by Rs2, while the price of kerosene oil is likely to be
increased by Rs1.46. The summary would be sent to Ministry of Petroleum for
approval on December 29 as part of monthly revision of the POL prices.
PSO
given the nod to grab majority stake in Pak Refinery:
The Competition
Appellate Tribunal has dismissed an appeal filed by Hascol to prevent Pakistan
State Oil (PSO) from acquiring Shell’s shares in Pakistan Refinery Limited
(PRL).In the proceedings, Hascol failed to produce any substantial evidence
both before the Competition Commission of Pakistan (CCP) as well as the
Appellate Tribunal to establish that the proposed acquisition would lead to a
substantial lessening of competition or result in “input foreclosure”.
Pak
Suzuki will launch Celerio in March 2017, Cultus to make exit:
Pak Suzuki Motor
Company (PSMC) – the country’s largest car manufacturer with over 50% market
share – has decided to launch the standard model of Suzuki Celerio in March
2017, confirmed a company official Tuesday.A formal announcement, according to
reports circulating on social media and Suzuki Pakistan’s official Facebook
page, is likely to be made by the company today (Wednesday).
July-November
current account deficit up 91%:
The country's current
account deficit reached $2.6 billion, up over 90 percent, in first five months
of this fiscal year (FY17), primarily driven by higher deficit of goods and
services trade, besides slow foreign inflows. The State Bank of Pakistan's
statistics revealed Tuesday that the country's current account deficit
continues to deteriorate, posting a substantial increase of 90.96 percent
during July-November of current fiscal year. Current account balance registered
a $2.601 billion deficit during July-November of FY17 compared to $1.362
billion in the corresponding period of FY16, depicting an increase of $1.24
billion. Month-on-month basis, during November 2016, current account posted a
healthy deficit of $839 million compared to $381 million in October 2016.
Independent economists argue that the deterioration in current account balance
is a threat to the country's foreign exchange reserves as the government is
compelled to spend millions of dollars every month to finance the current
account.
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