SECP revamps operations to
promote corporatization, Companies can now be registered with SECP in a day:
In order to further promote
corporatization in the country, Securities and Exchange Commission of Pakistan
(SECP) has revamped operations at its three major offices located at Islamabad,
Lahore and Karachi. Incorporation and facilitation desks have been established
at these Company Registration Offices which would ensure facilitation to the
investors so that the companies are incorporated within a day. Further, in
order to reduce the turnaround time in business start-up and ease the process
of incorporation, registration of companies with a single object has been
allowed which will enable registration of companies on the same day subject to
the condition that the registration documents are filed under online mode. This
swift mode of registration is likely to further corporatize the business
sector.
China to finance three more
road projects under CPEC:
Beijing has pledged to finance
three more road projects under the China-Pakistan Economic Corridor (CPEC),
making its total contribution to the corridor-related road projects to Rs1.025
trillion so far. China will provide Rs107.76 billion as soft loan for the three
new projects, National Highway Authority (NHA) spokesman Kashif Zaman told
Dawn on Monday. It is already providing Rs917bn for another three road
projects. The three new projects to be financed by China fall on the western
route of the corridor. They include a 280-kilomtre road from Raikot to Thakot
at a cost of Rs8bn, 210km dual carriageway from Yarik to Zhob (Rs80bn), and a
110km road from Basima to Khuzdar (Rs19.76bn).
China to reduce trade tariff
for Pakistan:
China's Ministry of Finance (MoF)
will adjust down ward tariffs on a number of exports and imports from various
countries including Pakistan. The new plan comes into force from next year,
according to the Ministry of Finance (MoF) website, reports Xinhua news. To
meet domestic demand, tax rates will be lower on some imported commodities next
year. In line with trade pacts, more imports from Hong Kong and Macao will be
tariff-free next year, while some commodities from countries including the
Republic of Korea, Australia, Pakistan and New Zealand will see reduced
tariffs. The number of items to be taxed in 2017 will reach 8,547, said the
plan.
All CMs invited to attend JCC
in Beijing on Dec 29:
The progress of China Pakistan
Economic Corridor (CPEC) would be reviewed during the upcoming meeting of Joint
Cooperation Committee (JCC), scheduled to be held on December 29 in Beijing.
Federal Minister for Planning, Development and Reform Ahsan Iqbal is scheduled
to lead the Pakistani delegation to participate in the meeting, while the
Chinese side would be led by the vice chairman of National Development and
Reform (NDRC). On the invitation of the federal government, the chief ministers
of all provinces are expected to attend the meeting.
Oil Prices Rise Higher Ahead
of Production Cut
Crude futures ticked marginally
higher in muted trading in Asia on Tuesday morning as the market remains
optimistic ahead of a landmark effort by oil producers to reduce global supply.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in
February traded at $53.17 a barrel at 0213 GMT, up $0.15 in the Globex
electronic session. February Brent crude on London's ICE Futures exchange rose
$0.04 to $55.20 a barrel. Oil markets were closed on Monday for the Christmas
holiday.
Forum urges ECO countries to
adopt trade promotion strategy:
The Investment Promotion Agencies
(IPA) of the Economic Cooperation Organisation (ECO) on Monday proposed a
strategy for the promotion of trade and investment among member countries. The
IPA forum, set up by the ECO ministerial meeting of finance and economy in
Tehran in December 2008, held its first meeting in Islamabad yesterday after
eight years. The proposed ECO regional trade and investment strategy is
purposed for cooperation among member countries to strengthen regional market,
create wealth in the region and enhance competitiveness through increased
production, value-added creation, and trade and investment inflows in the
region.
Nepra to approve Rs 3.60 per
unit refund of Discos:
National Electric Power
Regulatory Authority (Nepra) is all set to approve Rs 3.60 per unit refund of
power Distribution Companies (Discos) and 60 paisa increase in tariff for KE
consumers for November 2016 under monthly fuel price adjustment mechanism.
Nepra which is fighting for "autonomy" would hear tariff petitions of
Central Power Purchasing Agency (CPPA) and KE on Tuesday (today). CPPA, in its
petition has claimed that it has not purchased a single unit of electricity
generated on coal and High Speed Diesel (HSD) in November 2016, hence, did not
quote their price in the tariff petition. The total generation from hydel
sources was 2,842.53 GWh in November which was 41 per cent of total generation.
However, hydel generation has massively reduced from last week after reduction
in water releases from Tarbella and Mangla reservoirs.
Damage to fibre optic cables
disrupts PTCL, cellular services in Pakistan:
PTCL data and cellular services
in different parts of the country were disrupted Monday owing to a major fault
in the PTCL back-end network. Internet subscribers of different cellular companies
reportedly also faced difficulties due to the disruption, it was reported. The
outage also brought to halt Pakistan Railway's e-ticketing system. PTCL and
Ufone subscribers in Islamabad, Karachi, Lahore and Peshawar reported degraded
services, according to DawnNews.
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