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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