Oil
drops on doubts output cut will be deep enough to end glut:
Oil prices fell on
Wednesday on persistent doubts a planned crude production cut led by OPEC and
Russia would be deep enough to end a supply overhang that has dogged markets
for over two years.International Brent crude oil futures were trading at $53.69
per barrel at 0131 GMT, down 24 cents, or 0.45 percent, from their last
close.U.S. West Texas Intermediate (WTI) crude futures were down 19 cents, or
0.37 percent, at 50.74 per barrel.
Shanghai
Electric to invest $9bn in KE:
Shanghai Electric
Power (SEP) of China on Tuesday offered $9 billion investment for the system
upgrade of K-Electric.KE’s existing 66.4 per cent stakeholder Abraaj and
prospective investor SEP held a joint meeting on Tuesday with a body
constituted by the Cabinet Committee on Energy for the discussion on the KE
transaction.The government agreed to continue 650MW electric supply from the
national grid to Karachi provided the existing majority owner of KE cleared
Rs138bn liabilities. “SEP, new proposed shareholder of KE, along with the
management of KE presented their business plan worth $9bn for improving and
value-adding in the KE power infrastructure, including transmission,
distribution and generation,” an official statement said.
CCP
imposes Rs150m fine on PSO for ‘deceptive’ marketing:
The Competition
Commission of Pakistan (CCP) has fined the Pakistan State Oil (PSO) Rs150
million for a deceptive marketing campaign for some of its products.The
state-owned oil marketing company has been penalised for violating Section 10
of the Competition Act of 2010. The order in this regard was passed by a CCP
bench comprising chairwoman Vadiyya Khalil and members Dr Shahzad Ansar and
Ikramul Haque Qureshi.The order was passed in light of an inquiry conducted by
the CCP after receiving a complaint alleging that PSO has been deceptively
claiming that the use of its products ‘Premier XL’ and ‘Green Plus’ results in
more mileage and improved performance of a vehicle’s engine as they have various
additives and are environment-friendly.
‘Italy
aware of investment scope in Pakistan’:
Italian Deputy
Minister for Economic Development Ivan Scalfarotto has called for establishing
an inter-governmental framework to boost trade relations between Italy and
Pakistan.Speaking at the Italy-Pakistan Trade and Business Investment on
Tuesday, he said Italian investors are well aware of the investment scope and
potential in Pakistan.The Board of Investment and the Italian Embassy jointly
organised the Pakistan-Italy Investment Forum.He said the huge Chinese
investment in Pakistan and Turkmenistan-Afghanistan-Pakistan-India (TAPI)
pipeline will play a vital role in the economic development of Pakistan and the
region.He said the exchange of business delegations between the two countries
should be increased to improve bilateral trade. Fifty businessmen accompanied
the Italian minister during his two-day visit to Pakistan.
Indus
Motor launches new Fortuner, Hilux Revo:
The Indus Motor
Company (IMC) formally launched its new variants in the commercial vehicle and
SUV range, the Hilux Revo and Fortuner, at a ceremony held in Lahore
Tuesday.“To develop the Hilux and Fortuner, we took a radical approach to
design, travelling across the world including Pakistan to observe and feel road
conditions, drive patterns, traffic situations and listen to customers and
dealers first hand,” said H Nakajima, Chief Engineer Hilux and Fortuner, while
speaking at the launch.After exhaustive research and testing, we have developed
the new Hilux and Fortuner, he added.
ECC
dismisses proposal for 50% sales tax on gas supply:
The Economic
Coordination Committee (ECC) of the cabinet has turned down a proposal to
increase general sales tax by 33 percentage points on gas sales to the powerful
industrial lobby.The ECC took the decision after considering proposals of the
Ministry of Petroleum and Natural Resources in a meeting held on November 25,
officials said.The ministry suggested a reduction in the gas sale price but at
the same time advocated a higher sales tax at 50% compared to existing 17% for
industrial consumers.
Toyota
to expand hybrid system development to further cut emissions:
Toyota Motor Corp
said on Tuesday it will expand the development of its gasoline-hybrid
technology over the next five years to speed up the introduction of
lower-emission engines in the face of stricter global emissions standards.The
announcement was the latest by the Japanese firm aimed at making cars “greener”
as global automakers face tighter regulations in China, the United States (US)
and other regions that will require more environment-friendly cars in the
coming years.Toyota is also stepping up the development of longer-range
battery-electric cars, in a shift from an earlier strategy of promoting hydrogen
fuel-cell technology as the future of zero-emission vehicles.“We need to take
an aggressive approach to deal with changing regulations,” Toshiyuki Mizushima,
president of Toyota's powertrain division, told reporters at a briefing.
ADB
offers easy loans to Pakistan Railways:
Asian Development
Bank (ADB) has shown keen interest to invest in Pakistan Railways by keeping in
view its performance, development and progress.The ADB offered to provide loans
to PR on flexible conditions for bringing advancement in railways
infrastructure. A workshop of ADB and PR would be held tomorrow (Wednesday) in
Islamabad to discuss the details of this offer, whereas Federal Minister for
Railways Khawaja Saad Rafique, Railways Chairperson Perveen Agha, CEO Javed
Anwar and other senior officials would also participate in the workshop.
Credit
to PSEs up five times:
Credit to
public-sector enterprises (PSEs) crossed Rs53 billion in the first five months
of 2016-17, which is 4.6 times higher than the credit availed during the same period
of the last fiscal year.The trend reflects the massive losses being made by
public-sector unitsThe State Bank of Pakistan (SBP) reported on Tuesday the
borrowing for PSEs rose to Rs53.69bn in the first five months of the current
fiscal year, although it was just Rs11bn a year ago.The government failed to
address the issue of loss-making PSEs, particularly Pakistan Steel, PIA and
Pakistan Railways. Neither the privatisation of these PSEs could be initiated
nor could their losses be curtailed. Instead, their losses have grown many
times during the current fiscal year.
No comments:
Post a Comment