Monday 2 January 2017

SUNRISE CAPITAL (PVT) LTD | 03 January 2017 | TAKE OFF

Oil prices rise as markets eye OPEC, non-OPEC production cuts:
Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining the global supply glut.International Brent crude oil prices LCOc1 were trading up 31 cents, or 0.55 percent, at $57.13 a barrel at 0203 GMT on Tuesday - close to last year's high of $57.89 per barrel, hit on Dec. 12. Oil markets were closed on Monday after the New Year's holiday.U.S. benchmark West Texas Intermediate (WTI) CLc1 crude oil prices were up 32 cents, or 0.6 percent, at $54.04, not far from last year's high of $54.51 reached on Dec. 12.Jan. 1 marked the official start of the deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day.
Inflation eases to 3.70pc in December:
Pakistan's annual inflation rate eased to 3.70 per cent in December from 3.81pc in November, the Bureau of Statistics said on Monday.On a month-on-month basis, prices decreased by 0.68 percent in December compared with November, the bureau said.Average inflation for the July-December period stood at 3.88pc, compared with the same period last year.
Pakistan urged to boost trade with France:
Pakistani business community and traders should ensure maximum exports to France and other European Union countries through France by taking advantage of the Generalised System of Preferences (GSP) Plus status, said Philippe Fouet,  head of economic department at the French embassy in Pakistan. Speaking during his visit to the Rawalpindi Chamber of Commerce and Industry (RCCI), he said that Pakistan has great potential to expand business relations with France, adding that bilateral trade volume needed to be enhanced.
German, US firms in race to win converter station contract of CASA project:
Germany and United States-based companies are locked in a race to win a contract for providing converter stations that will be set up in Tajikistan and Pakistan for transmitting electricity under the Central Asia-South Asia (Casa) 1,000 power supply project through an energy corridor.The Central Asia-South Asia Regional Electricity Market is envisaged to be developed in a phased manner through institutional arrangements and infrastructure building that will utilise Central Asia’s power resources to tackle shortages in South Asia.
Govt waives GST on kerosene, light speed diesel:
General Sales Tax (GST) on kerosene oil and light speed diesel has been waived for the first time ever. According to the notification issued, sales tax on petrol that is 14.5 percent has been maintained while that on kerosene oil and light speed diesel has been waived. The ministry has revised GST on diesel with five percent downward revision stagnating it at 25.5 percent. Moreover, Ministry of Finance has estimated around Rs 4 billion tax deficit in January.
Mutual funds: SECP approves simplified rules for distributors:
The Securities and Exchange Commission of Pakistan (SECP) has approved simplified certification and regulatory requirements for the distributors selling mutual fund units for a single asset management company (AMC).“The decision has been taken to encourage the establishment of a vibrant distribution network,” the SECP said in a statement on Monday. A new class of mutual fund distributors comprising qualified and experienced individuals has been introduced who can distribute the units of a single AMC only by complying with the minimum qualification and getting new certification from the Institute of Financial Market of Pakistan (IFMP).
Pak-China trade: ‘Connectivity Bus’ developed to address under-invoicing:
A “Connectivity Bus” has been developed and would be launched soon to exchange trade data between Pakistan and China. This system would play a vital role in controlling the issue of under invoicing.This was stated by Karachi Chief Collector Customs Zahid Khokhar while speaking at the Lahore Chamber of Commerce & Industry (LCCI). LCCI President Abdul Basit, former president Shahid Hassan Sheikh, former senior vice president Malik Tahir Javed, former vice presidents Aftab Ahmed Vohra, Shafqat Saeed Piracha, Executive Committee members Moazam Rasheed, Tariq Mahmood and Muhammad Arshad Chaudhry also spoke on the occasion.On the occasion, the chief collector customs said that “Connectivity Bus” is a modern system developed with latest technology that would drastically reduce under invoicing in trade with China. He said that a modern system is also being developed for checking of trading goods. It would reduce human involvement and ensure transparency, he added.

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