Tuesday 3 January 2017

SUNRISE CAPITAL (PVT) LTD | 04 January 2017 | TAKE OFF

All eyes on SC as Panama case resumes today:
PTI submits documents to establish Maryam beneficial owner of firm that holds London flats. PM brings in new legal team. A day ahead of the Panama Papers leaks case hearing by a slightly different Supreme Court bench headed by Justice Asif Saeed Khosa, Prime Minister Nawaz Sharif and his children and son-in-law changed their lawyers, while the Pakistan Tehreek-i-Insaf submitted a set of additional documents to the court.Soon after taking the oath on Dec 31, Chief Justice Mian Saqib Nisar had constituted the five-judge bench comprising Justice Khosa, Justice Ejaz Afzal, Justice Gulzar Ahmed, Justice Sheikh Azmat Saeed and Justice Ijaz-ul-Ahsan to resume the hearing of the Panamagate case on Wednesday. Likewise, Maryam Nawaz and her husband retired Capt Mohammad Safdar will be represented by Advocate Shahid Hamid in place of Mohammad Akram Sheikh. Senior counsel Salman Akram Raja will appear on behalf of Hussain Nawaz, the elder son of the prime minister.
Oil prices edge up on expectations of tightening supplies:
Oil edged higher on Wednesday, with top exporter Saudi Arabia expected to raise prices for its crude as part of planned supply cuts, although a strong dollar and moderate economic growth prospects restricted gains.U.S. West Texas Intermediate (WTI) crude futures (CLc1) were trading at $52.65 per barrel at 0237 GMT, up 32 cents, or 0.6 percent, from the last settlement.International Brent crude futures (LCOc1) were up 32 cents, or 0.6 percent, at $55.79 a barrel.Traders said the gains were due to an expected tightening of physical oil supplies, as major producers like the Organization of the Petroleum Exporting Countries (OPEC) plan to cut crude output from this month in an effort to end a global fuel glut that has dogged markets for over two years.
K-Electric allowed 25-paisa per unit hike in terms of fuel adjustment:
The National Electric Power Regulatory Authority (Nepra) on Tuesday approved an increase of 25 paisa per unit in the tariff of K-Electric (KE) on account of monthly fuel cost adjustment.The raise has been approved for the month of November 2016 and would be payable along with the electricity bills for the month of Jan, 2017.According to the Nepra notification, KE had sought an increase of 60 paisa per unit.The KE representatives told Nepra that the increase was necessitated by higher fuel cost of power generation both from KE’s own plants and purchases from other sources.
China to loan $1b for new road projects:
China would provide about $1 billion in soft loans for three new road projects along the western route of the China-Pakistan Economic Corridor (CPEC), connecting the “shortest route from Gwadar to China”, China Daily of Hong Kong reported quoting a senior Pakistan official. Sindh Chief Minister Syed Murad Ali Shah said China would invest in new roads and factories to help smaller Pakistan provinces integrate into the project. “The eastern and western routes of CPEC should operate like two legs of a body,” he said.
Dost Steels notifies expansion plans:
A day after Dost Steels Limited informed the Securities and Exchange Commission of Pakistan (SECP) of its lack of knowledge on why its share price has risen by 30% in the last 2 weeks, the company notified the stock exchange of its plan to expand its output.The company wrote to the SECP on December 31 that it has no idea why its share price has been recently volatile. This information was made public through a notice to the Pakistan Stock Exchange (PSX).“We have no idea as to why there has been volatility in the volume and price of the shares of the company at the PSX. We are also not aware of any speculation/rumours,” stated the company letter to the SECP.However, the company, in another notice sent at 3pm and merely hours after the previous one, informed the PSX that “the expected date of commercial operations of the company is around 120 days from the date of release of Rights issue money, received by the company. Under this scenario this shall fall sometime during May 2017”.
Pakistan, Thailand: PAAPAM expresses concern over inclusion of auto sector in FTA:
Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM), in a letter sent on Monday to the commerce minister, expressed concerns on the government’s proposal to include the auto sector in the free trade agreement (FTA) between Pakistan and Thailand. PAAPAM appealed to the Minister of Commerce Khurram Dastgir that he should immediately convene a meeting to discuss the genuine grievances of the auto parts industry in particular and the overall auto industry at large.PAAPAM Chairman Mashood Ali Khan said that the Auto Development Policy (ADP) is the sole authentic document that governs the future policy for the auto sector. Including the auto sector in any FTA would discredit the government and scare away massive investments in the pipeline.
Govt mulling to privatise five entities in 2017:
As part of economic reforms, the federal government is mulling to privatise five public sector enterprises (PSEs) in 2017.Pakistan Steel Mill (PSM) tops priority list which is expected to be privatised by June, 2017. Despite injecting over Rs26 billion in two and half years, the government failed in reviving PSM. With no production activity since July-2015, PSM is causing a mammoth loss of Rs2 billion to national exchequer every month. Overall deficit of PSM has transcended Rs200 billion.Telephone Industies of Pakistan (TIP), Industrial Development Bank, Mari Petroleum Company and Kot Addu Power Company are other PSEs that are included in the list of companies to be privatised. In past, the federal government had faced stiff resistance from Pakistan People’s Party (PPP) which had threatened of launching movement against any such initiative.

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