EQUITIES REMAIN JITTERY AND STRUGGLE FOR DIRECTION SUMMARY The stock traded for only four days in a week as it remained closed for Pakistan Day holiday on the 23rd March. The Panama case uncertainty and the expected Monetary Policy on coming Saturday kept the investors cautious with no major trigger present to move the market. Overall the volume improved over the last week to average of 258 million shares but remained below FY17TD average daily volume of 376m showing investors nervousness. The market capitalization improved to Rs9.647 trillion compared to Rs9.531 trillion last week. Monday started with bullish momentum as…
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PAKISTAN: GSMA CALLS ON PAKISTAN GOVERNMENT TO UNLOCK ITS DIGITAL FUTURE: The GSMA today set out a number of measures that Pakistan will need to take in order to close the digital divide in the country and reach its Vision 2025 goals. In a white paper prepared by GSMA Intelligence, supported by Deloitte, it identified that only 47 per cent of the population subscribe to a mobile service, and only 10 per cent subscribe to a 3G or 4G data service. [divider style=”normal” top=”20″ bottom=”20″] SASTATICKET.PK ANNOUNCES ZEALOUS DISCOUNTS ON PAKISTAN DAY: Sastaticket.pk is truly spreading the patriotic fervor on…
FED RATE HIKE POSITIVE FOR GCC The impact of the Federal Reserve’s rate rise will be broadly positive for the Gulf region. The Fed last week increased its benchmark rate for the second time in three months, this time to a range between 0.75 per cent and one per cent. The impact of the world’s de facto central bank rate hike on the UAE and the GCC more generally will be broadly positive for the Gulf for two key reasons. First, we may see further dollar weakness, and by implication weaker Gulf currencies, as the Fed declines to raise rates…
PUNJAB GOVT TO SLAP BAN ON IMPORT OF TYRE SCRAP Punjab Minister of Industries, Commerce and Investment Sheikh Alauddin has emphasised that the government will ensure the application of environmental laws and more compliance by the industries in an effort to tackle pollution in the province. “Plastic industry is being relocated to other areas (and) we are now going to impose a ban on the import of tyre scrap,” he said while talking to media at the 3P+FT Pakistan 2017 – the 13th International Plastic, Printing & Packaging and FT Food & Technology Pakistan Exhibition that commenced at the Expo…
US BANS DRUG PRODUCTION SITE IN INDIA MUMBAI- U.S. health regulators have banned a drug production site in India belonging to Divi’s Laboratories Ltd due to manufacturing violations, sending the company’s shares down to a near three-year low. This comes at a time when an increasingly protectionist stance by U.S. President Donald Trump is threatening to make the operating environment tougher for India’s drugmakers that supply nearly a third of the medicines sold in the United States – the world’s largest healthcare market. The U.S. Food and Drug Administration’s ban on Divi’s Unit II factory in the eastern Indian state…
PNSC FEATURES IN GLOBAL SHIPPING Pakistan National Shipping Corporation (PNSC), is a National Flag Carrier enjoys a global presence in the shipping world with a fleet of nine (9) ships. It undertakes business operations in an internationally competitive environment, competes even for transportation of national imports and exports and earns most needed foreign exchange for Pakistan. PNSC fleet is a mix of double hull Aframax tankers, Panamax, Supramax, Handymax and Handysize bulk carriers, all of modern vintage, having a total deadweight carrying capacity of 681,806 metric tons. PNSC transports all types of dry and liquid bulk cargoes on several geographical…
[dropcap]I[/dropcap]t is one of the best known lagging indicators. The consumer price index expresses the current prices of a basket of goods and services in terms of the prices during the same period in a previous year, to show effect of inflation on purchasing power. [ads1] INFLATION RATES MONTH ON MONTH BASIS (%) (BASE 2007 – 2008) Period CPI Core Inflation SPI** WPI General Food Non-food NFNE* Trimmed Jan 16 0.2 -0.6 0.8 0.9 0.6 -0.7 -0.5 Feb 16 -0.3 -0.7 0.0 0.2 0.1 -0.5 -0.6 Mar 16 0.2 0.5 -0.1 0.2 0.2 -0.2 -0.4 Apr 16 1.6 2.4 1.0…
[dropcap]T[/dropcap]he balance of trade compares the value of a country’s exports of goods and services against its imports. When exports are greater than imports, that’s a trade surplus. Most nations view that as a favorable trade balance. A country that imports more goods and services than it exports has a trade deficit. [ads1] BALANCE OF TRADE (Million US $) PERIOD EXPORTS IMPORTS BALANCE OF TRADE Feb-16 1,863 3,013 -1,150 Mar-16 1,989 3,235 -1,246 Apr-16 1,813 3,065 -1,252 May-16 1,971 3,804 -1,833 June-16 1,864 3,968 -2,104 Jul-16 P 1,503 3,087 -1,584 Aug-16 P 1,851 3,892 -2,041 Sep-16 R 1,687 3,236 -1,549…
[dropcap]K[/dropcap]ibor rate is the average interest rate at which term deposits are offered between prime banks in the Pakistani wholesale money market or interbank market. KIBOR as a benchmark, to encourage transparency and improve management of the market risk undertaken by banks. [ads1] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 5.73 6.23 2 – Week 5.75 6.25 1 – Month 5.76 6.26 3 – Month 5.84 6.09 6 – Month 5.88 6.13 9 – Month 5.89 6.39 1 – Year 5.92 6.42 2 – Year 6.07 6.57 3- Year 6.20 6.70
[dropcap]A[/dropcap]n economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] PAKISTAN – ECONOMIC INDICATORS Overview Last Reference Previous MARKETS Currency 105 Mar/17 105 Stock Market 49017 points Mar/17 49017 Government Bond 10Y 7.59 % Mar/17 8.25 LABOUR Unemployment Rate 5.9 % Dec/15 6 Employed Persons 57420 Thousand Dec/15 56520 Unemployed Persons 3620 Thousand Dec/15 3580 Population 194 Million Dec/16 190 Living Wage Family 30448 Rs/Month Dec/16 30326 Living Wage Individual 16967 Rs/Month Dec/16 16909 Wages High Skilled…
[dropcap]D[/dropcap]emographic is the study of a population based on factors such as age, race and sex, among others. Governments, corporations and non-government organizations use demographics to learn more about a population’s characteristics for many purposes, including policy development and economic market research. [ads1] DEMOGRAPHIC INDICATORS OF PAKISTAN DETAILS 2015 2016 Total Population (Million) 191.71 195.4 Urban Population (Million) 75.19 77.93 Rural Population (Million) 116.52 117.48 Total Fertility Rate (TFR) 3.2 3.1 Crude Birth Rate (Per thousand) 26.1 25.6 Crude Death Rate (Per thousand) 6.80 6.70 Population Growth Rate (Percent) 1.92 1.89 LIFE EXPECTANCY (YEAR) – Female 67.3 67.7…
[dropcap]I[/dropcap]nflation is a sustained increase in the general level of prices of goods and services in an economy. When the price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money. [ads1] INFLATION IN PAKISTAN (Base 2007-08) INDEX NOVEMBER OVER NOVEMBER % CHANGES 2016 2015 2014 CPI 3.81 2.73 3.96 SPI 0.61 2.06 -0.27 WPI 2.56 -1.67 0.02
[dropcap]A[/dropcap]n interest rate is the cost of borrowing money, or conversely, the income earned from lending money. Interest rates are expressed as percentage of the principal per period. “Reduced interest rates encourage people to spend money on home improvements” [ads1] INTEREST RATES DATE (%) 26-Jan-15 8.5 24-Mar-15 8.0 25-May-15 6.5 14-Sep-15 6 23-May-16 till date 5.75
[dropcap]A[/dropcap]sian Development Bank (ADB) and Pakistan signed a $325 million loan agreement on February 7, 2017 in Islamabad to help enhance Pakistan’s energy security by installing clean energy sources and improve people’s access to electricity in Khyber Pakhtunkhwa (KP) and Punjab, two of the country’s largest provinces. The program will install renewable energy power plants including the construction of 1,000 micro-hydropower plants(MHPs) in off-grid areas of KP. It will also provide and install rooftop solar plants for 23,000 schools and over 2,500 primary healthcare facilities in two provinces and a university in Bahawalpur, Punjab. The MHPs and solar plants will…
Market indicators are a series of technical indicators used by traders to predict the direction of the major financial indexes. Most market indicators are created by analyzing the number of companies that have reached new highs relative to the number that created new lows, also known as market breadth. PAKISTAN MARKET INDICATORS EXCHANGE RATES CURRENCY ACTIVITY Friday 10-Feb Friday 17-Feb Friday 24-Feb Saturday 4-Mar Friday 10-Mar Friday 17-Mar DOLLAR Buying 107.45 107.35 107.3 107.2 106.35 106.55 Selling 107.75 107.65 107.6 107.5 106.65 106.85 POUND Buying 133.5 133.5 134 131 128.75 131 Selling 135.25 135.25 135.75 132.75 130.5 132.75 EURO Buying…
GBP/USD WEEKLY OVERVIEW As clouds of uncertainty still showing their edge on all over Europe due to Brexit issue as well as general election fever in France and Holland, two major members of European Union, pound fell to an eight week low against dollar and other leading currencies on Tuesday. Pound traded as low as $1.2110. However, after widespread news that Scottish independence referendum will be held around the end of next year, pound stabilized firmly as investors feel relief as vote would not be held this year. It is expected that Pound will remain under pressure till Brexit issue…
MARKET REVIEW Index remained under pressure as political noise, low international oil price and stern action by the regulator kept the sentiments negative. Index closed the week at 48,409pts, down by 1.6%WoW. FIPI registered net outflow of US$11mn. Average volume traded decreased by 21.9%WoW while average value traded decreased by 0.5%WoW. During the week data released by Pakistan Automotive Manufacturers Association (PAMA) depicted 24%YoY growth in total car sales. Impressive growth was primarily on account of encouraging sales figure for PSMC (up 24%YoY) and HCAR (up 73%YoY). Additionally, Hub power company (HUBC) decided to off-load 40% stake in Thar Energy…
PANAMA CASE JITTERS CONTINUE AS NEGATIVE SENTIMENTS AND SKEPTICISM KEEP INDEX FALLING SUMMARY Uncertainty prevailed during the week over the result of Panama case till the last day of the week. The investors were cautious as the volume during the week declined by 225 to an average of 185m from 236m last week. The KSE-100 Index shed 782 points during the week and the paid capital declined to Rs9.531 trillion from Rs9.697 trillion last week. The first session of trading on Monday, started with 7-month low volume of 133 million shares. The Index lost 536 points to close below 49,000…
BEARS RULE BULLS, KSE INDEX DOWN BY 1.6 PERCENT KSE-100 Index showed some resilience to the bearish momentum by gaining 119 points to close in green at 48,409 levels yet amid thin market volumes of 212 million all shares during the last trading session of the week. Term The Index remained under pressure as political noise, low international oil price and stern action by the regulator kept the sentiments in the negative territory. Index closed the week at 48,409pts, down by 1.6% WoW. FIPI registered net outflow of US$11mn. Average volume traded decreased by 21.9% WoW while average value traded…
A FEW GOOGLE HOME OWNERS ALREADY HAVE BLUETOOTH ENABLED: At Google I/O 2017, the company proclaimed that it is working to let owners of Google Home use Bluetooth streaming. It will be available soon on Google Home, which lets a user stream any audio from other devices, not only those which are running a compatible app. YOUTUBE ON ANDRIOD TV PLAYS CATCH-UP WITH NEW DESIGN, AUTO-PLAY CONTROLS: Android TV can’t be able to get more fame at Google I/O, but it is still alive in the minds of people. Google has aimed to roll out a new update to YouTube…
VAT TO AFFECT BANKS The UAE and GCC banks that are facing increased regulatory burden from Basel III capital requirements and International Reporting Standards 9 (IFRS 9) are expected to face further pressure in terms of costs and margin squeeze from implementation of value added tax (VAT) and common reporting standards (CRS), according to KPMG. In the recently published “Banking sector Perspectives 2017”, KPMG partners argue that both VAT and CRS are likely to have a significant impact on every bank operating in the UAE. “VAT is likely to be an irrecoverable cost, negatively affecting margins for the banking sector.…
RELATIONS WITH PAK DEEPENING: TAJIKISTAN President of the Republic of Tajikistan Emomali Rahmon expressed his satisfaction with the strengthening and expansion of the multilateral ties with Pakistan since the establishment of diplomatic relations. In a meeting with Federal Minister for Water and Power Khawaja Asif, the Tajik leader stressed that the relations between the two countries have grown rapidly in the field of energy and security. Both sides highly appreciated the results of Pak-Tajik cooperation in the field of security and defense to combat challenges and threats in the region as well as the fight against terrorism and extremism. Both…
ANTI-DUMPING DUTY ON IMPORT OF CHEMICALS FROM CHINA, IRAN, & QATAR New Delhi: India may impose anti-dumping duty of up to USD 300.22 per tonne on imports of a chemical, used in detergent industry, from China, Iran and Qatar to protect domestic players from cheap inbound shipments. Tamil Nadu Petroproducts and Nirma Ltd have jointly filed an application seeking anti-dumping investigations on imports of ‘Linear Alkyl Benzene’. In its final findings, the Directorate General of Anti- Dumping and Allied Duties (DGAD), under the ministry, has concluded that there is dumping of the chemical from these three nations. It has also…
PAGE STAFF GRIEVED The management and staff of Economist Publications are sad to announce the demise of their circulation manager, Mr. Muhammad Bahadur. Mr. Bahadur worked with the company for 35 years and was a well respected member of staff. His presence, professional diligence and wisdom will be missed by all. He leaves behind a wife, a son and 5 daughters. We ask you to join us in prayers for the bereaved’s soul and for ease and tranquillity for those he has left behind. Ameen. Management and Staff Economist Publications (Pvt) Ltd [divider style=”normal” top=”20″ bottom=”20″] VIPER TECHNOLOGY BeaconHouse School…
[dropcap]S[/dropcap]mall steps by Pakistan are helping it create resilience in the face of climate change, an issue the Indus Waters Treaty did not anticipate, and which endangers it. In recent months, the Indus Waters Treaty (IWT) has been in the headlines—and for all the wrong reasons. As India-Pakistan relations have worsened, the IWT—one of the few longstanding symbols of cooperation between the bitter rivals—has come under significant strain. Last September, the Indian government threatened to revoke the treaty (fortunately it didn’t follow through). Several months later, India and Pakistan proposed separate channels of IWT-sanctioned mediation to resolve a dispute over…
[dropcap]T[/dropcap]he Government of Pakistan kicked-off a two-year project to formulate the National Transport Policy and Master Plan on February 7, in Islamabad. The national transport policy and master plan will help cut travel time and boost the country’s economic outlook, while positioning it as a regional trade and business hub. It also seeks a safe, efficient, and sustainable transport system to realize Pakistan’s Vision 2025. At the project inception workshop held in Islamabad, DFID Pakistan Head Joanna Reid, ADB Country Director Werner E. Liepach, and Yousaf Naseem Khokhar, Secretary of the Ministry of Planning, Development and Reforms, underscored the importance…
GBP/USD WEEKLY OVERVIEW Dilemma of BREXIT affected Pound badly and it hits sharp decline this week. On Monday Pound slipped to a Technical seven week low against the US $ as market reacted on first day of the week-Monday.as $1,2259. Data reflects political uncertainty on Britain’s economy as British Prime Minister suffered a defeat in Parliament on her Brexit plan. Position has become more worsen as another possible fresh Scottish Independence referendum may be expected in March 2017 if Britain opt to leave European Union. However GBP-USD witnessed abnormal selling pressure on daily charts. Pound faced more than 2% fall…
MARKET REVIEW Index remained under pressure as political noise, higher VaR requirement by regulator and lower international oil price kept the index in check. Index closed the week at 49,191pts, down by 0.9% WoW. FIPI registered net inflow of US$15mn. Average volume traded decreased by 21% WoW while average value traded decreased by 20% WoW. During the week Engro fertilizer announced the conversion of IFC’s USD1mn loan into ordinary shares (however this has a negligible dilution impact). 13 IPPs invoked their sovereign guarantee as their overdue receivable exceeded PKR250bn. Also, ENGRO & SSGCL reached a deal to re-gasify additional 200…
PSX CLOSES IN RED AFTER THREE DAYS OF POSITIVE RUN SUMMARY The investors in stock exchange were expecting the decision on Panamagate case this week. This kept the market in an uncertain mood and the investors were cautious till the last session on Friday as nobody knows anything about the decision. The turn of the socio-politics will take after the decision and the effect it will have on the economy of Pakistan. Another news of the SECPs’ crackdown over in house badla financing continued to haunt investor during the week. Brokers panicked after the SECP took action against in-house financing.…
KSE-100 INDEX FACES SLUGGISH TRADING ACTIVITY, AVERAGE VOLUME PLUNGES BY 21PC KSE-100 Index currently passing through volatile conditions dipped by yet another 200 points to close in red at 49,191 levels on the last trading session of the week. The market volume which was also extremely low at 182 million indicating sluggish trend persisting in the market as the Index remained under pressure as political noise, higher VaR (Value at Risk) requirement by regulator and lower international oil price kept the Index in check. Index closed the week at 49,191 points, down by 0.9% WoW. The foreign institutional portfolio investors…
PAKISTAN: A FEW GOOGLE HOME OWNERS ALREADY HAVE BLUETOOTH ENABLED: At Google I/O 2017, the company proclaimed that it is working to let owners of Google Home use Bluetooth streaming. It will be available soon on Google Home, which lets a user stream any audio from other devices, not only those which are running a compatible app. YOUTUBE ON ANDRIOD TV PLAYS CATCH-UP WITH NEW DESIGN, AUTO-PLAY CONTROLS: Android TV can’t be able to get more fame at Google I/O, but it is still alive in the minds of people. Google has aimed to roll out a new update to…
TRAVEL BAN, EMIRATES BOOKING DIPS BY 35 PERCENT Emirates, the world’s largest long-haul carrier, said it was concerned President Donald Trump’s latest travel order will still deter Muslim visitors to America, after booking rates on US flights fell 35 per cent following January’s ban. Trump signed a new executive order on Monday, which takes effect on March 16, keeping a 90-day ban on travel to the US by citizens of Iran, Libya, Syria, Somalia, Sudan and Yemen. However, the order applies only to new visa applicants, meaning about 60,000 people whose visas were revoked by the previous order will now…
SINDH GOVERNMENT TO LAUNCH ‘CITY BUS SERVICE’ IN KARACHI The Sindh government announced on Tuesday it was launching a City Bus Service in Karachi given the delays being faced in completion of other transport projects in the metropolis, source said to Kamal Hayder-Research Analyst-PAGE. We are launching the City Bus Service because Abdul Sattar Edhi Line [Orange Line BRT], Green Line BRT, Blue Line BRT and Red Line BRT are facing delays,” Sindh Transport Minister Nasir Hussain Shah told at the Sindh Secretariat. The transport minister said initially 600 buses will be imported with special concessions in fare for senior…
STEEL, CEMENT PRICES SURGING IN INDIA BENGALURU: Steel and general metals prices have gone up by around 30% each in the last few months which can change the dynamics of the real estate market in Bengaluru in the next two quarters, apex body of Private Real Estate Developers Associations, CREDAI said. In a statement here, Confederation of Real Estate Developers’ Associations of India (CREDAI), Bangalore President J C Sharma said the prices that are currently on the low are likely to rise in the next two quarters. “Considering the scepticism of potential home buyers with regard to price changes, there…
PSO LAUNCHES BRAND BUILDING CAMPAIGN The country’s flagship oil marketing company, PSO, has launched a print and radio marketing campaign for its newly introduced diesel product “Action +” which marked the beginning of environment and vehicle-friendly diesel products in the country. The campaign highlights benefits of “Action + Diesel” which, due to its low sulfur content, ensures a cleaner environment, and better performance of vehicles. “Action +” not only produces fewer greenhouse gas emissions, but also extends lubricant and engine life. The resultant emission reductions of hydrocarbons and oxides of nitrogen by use of low-sulfur diesel will be a huge…
[box type=”shadow” align=”” class=”” width=””]About the author PROGRAM DIRECTOR-WORLD ALLIANCE FOR DECENTRALIZED ENERGY (WADE) Syed Hassan has a background in the corporate, public and non-profit sectors and specializes in sourcing finance for development projects that directly impact and improving the socio-economic conditions for developing countries through partnership with developed countries. He has been involved in several multi-stakeholders efforts in a number of developing countries and international development agencies in energy health, education, climate change, economics and social development. His current focus is on initiating a multi-stakeholder initiative which aims at the implementation of affordable social housing approaches. Previously he spent…
“Mohtarma Benazir was a colossus, Nawaz Sharif is a patriot and loves his country” [box type=”shadow” align=”” class=”” width=””]Profile Having come from esteem family background, Imtiaz Rafi Butt is a leading figure in the field of real estate. He is a Chairman of the prestigious Rafi Group, which has been a pioneer in the construction of magnificent commercial arcades and housing schemes all over Pakistan. He is a respected businessman with prominent personality with much sought after political aspects. He is also Chairman of the Jinnah-Rafi Foundation, which he set up in 1989 in memory of the Quaid-e-Azam and his…
MARKET REVIEW Index started on a bearish note as political noise kept the index in check, however market sentiments started to change towards the latter half of the week. Index closed the week at 49,623pts, marginally up by 1.3% WoW. FIPI registered net outflow of US$32mn. Average volume traded decreased by 6.4% WoW while average value traded decreased by 1.0% WoW. Bearish momentum from last week continued in the first two trading sessions as a result of selling pressure amid political noise. However, the joint press conference by SECP and PSX aimed at pacifying investors’ concerns over crackdown on brokers…
PSX CLOSES IN RED AFTER THREE DAYS OF POSITIVE RUN SUMMARY During the week the market gained 615.81 points to remain above 49,000 to close at 49,623.81.The average volume was. 301 million share per day and market capital increased to Rs9.815 trillion. The fundamental news which dominated the market and build up the sentiments were: i) SECP and PSX involvement in regulating the brokers overstepping the legal limits and issue of margin/badla financing; ii) FTSE including six Pakistani companies in its index; iii) continuous foreign selling. There was calm on the Panama case as it has entered the stage of…
PAKISTAN: A FEW GOOGLE HOME OWNERS ALREADY HAVE BLUETOOTH ENABLED: At Google I/O 2017, the company proclaimed that it is working to let owners of Google Home use Bluetooth streaming. It will be available soon on Google Home, which lets a user stream any audio from other devices, not only those which are running a compatible app. YOUTUBE ON ANDRIOD TV PLAYS CATCH-UP WITH NEW DESIGN, AUTO-PLAY CONTROLS: Android TV can’t be able to get more fame at Google I/O, but it is still alive in the minds of people. Google has aimed to roll out a new update to…
PROPERTY PRICES FALL IN ABU DHABI Prime and mid-prime villa values in Abu Dhabi are anticipated to fall by at least 15 per cent, while apartments are anticipated to trail at seven per cent, the latest market outlook for 2017 from Core Savills has reported. Mid-market communities, particularly buildings with smaller units are predicted to maintain relative sale and rental price resilience and stay flat. The reinstatement of the five per cent rental cap has been received with mixed reviews as some tenants are apprehensive that landlords may interpret this law as an opportunity to increase rent by five per…
STATE BANK PRIORITISES TRADE WITH IRAN, SAYS GOVERNOR State Bank of Pakistan (SBP) Governor Ashraf Mahmood Wathra has said that the SBP and the Central Bank of Iran will sign an agreement soon that will allow Pakistani and Iranian exporters to settle their claims through the SBP and the Central Bank of Iran, respectively. Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Friday, he said that the cabinet committee had accorded approval to the agreement between the two banks. “Trade with Iran is very close to my heart. I am pursuing since my appointment without wasting any…
DEMONETISATION AFFECTS CAR SALES CHENNAI: The withdrawal of old 500 and 1,000 rupee notes affected automobile sales in north and west India but the sales in southern region were not, said a Kotak Institutional Equities report. In a report released on Monday, Kotak Institutional Equities said that as per its analysis of third-quarter automobile sales of the current fiscal, southern India was not impacted by demonetisation while north and west India were the most impacted. According to the report, passenger vehicle demand was less impacted than that of two-wheelers and commercial vehicles. Within the two-wheeler segment, scooterisation trend slowed down…
PSO LAUNCHES BRAND BUILDING CAMPAIGN The country’s flagship oil marketing company, PSO, has launched a print and radio marketing campaign for its newly introduced diesel product “Action +” which marked the beginning of environment and vehicle-friendly diesel products in the country. The campaign highlights benefits of “Action + Diesel” which, due to its low sulfur content, ensures a cleaner environment, and better performance of vehicles. “Action +” not only produces fewer greenhouse gas emissions, but also extends lubricant and engine life. The resultant emission reductions of hydrocarbons and oxides of nitrogen by use of low-sulfur diesel will be a huge…
MARKET REVIEW Volatility gripped the index during the week and kept it from breaching 50,000 level. Major contributors towards this volatility were the Panamagate hearing, worsening law & order situation and concerns over tighter regulation of stockbrokers. Index closed the week at 49,008pts, marginally down by 0.7% WoW. Foreign Institutions Portfolio Investment (FIPI) registered net outflow of US$4.8mn. Average volume traded decreased by 9% WoW while average value traded decreased by 18% WoW. Week started on a bearish note as systematic risks overshadowed company specific positive news flows. Index heavy weight ENGRO continued its decline during the early part of…
PSX ENDS ON BEARISH NOTE BUT MANAGES ABOVE 49,000 AS VOLATILITY CONTINUES SUMMARY During the week Pakistan Stock Exchange (PSX) failed to find directions as choppy trading continued and Index shed 367.72 points to close at 49,007.99. The fundamentals, which built up sentiment for the market were the Panamagate case, future contract roll-over, the security issues, flow of corporate results, stringent compliance measures taken by SECP and continued foreign selling. The week saw the decline in average volume to 321.7m and paid up capital to Rs9.704 trillion and the Index declined by 0.74%. The market opened on Monday on a…
PAKISTAN: A FEW GOOGLE HOME OWNERS ALREADY HAVE BLUETOOTH ENABLED: At Google I/O 2017, the company proclaimed that it is working to let owners of Google Home use Bluetooth streaming. It will be available soon on Google Home, which lets a user stream any audio from other devices, not only those which are running a compatible app. YOUTUBE ON ANDRIOD TV PLAYS CATCH-UP WITH NEW DESIGN, AUTO-PLAY CONTROLS: Android TV can’t be able to get more fame at Google I/O, but it is still alive in the minds of people. Google has aimed to roll out a new update to…
GCC FOOD CONSUMPTION TO RISE The GCC is all set to witness growth in food consumption on increased consumer base coupled with a higher per capita income, as economies stage a sustained economic recovery from the recent downturn, said Alpen Capital’s GCC Food Industry report said. The report states that the GCC is on a sustainable and balanced growth path. “We expect the GCC food industry to grow at a sustainable pace. This growth is primarily attributable to factors such as growing population, higher per capita income, and a vibrant tourism market, changing dietary habits and preferences and increasing penetration…
OGRA SETS LPG PRICE AT RS910/CYLINDER As against the petroleum ministry recommended prices of Rs1,100 per 11.8kg LPG cylinder, the Oil and Gas Regulatory Authority (Ogra) on Friday determined that for the month of February the prices of LPG will be Rs910 per cylinder. In two separate letters to the LPG producing and marketing companies, written on February 24, Ogra has directed that in pursuant of the order of the Lahore High Court, dated January 27, 2017, Ministry of Petroleum and Natural Resources proposal/opinion vide letter No LPG 6(11)/2016-policy date February 6 and 10, the producer price (including Excise Duty)…
ECONOMIC GROWTH SLOWS DOWN India’s economy is expected to have slowed sharply to a near three-year low in the final three months of 2016, as demand wilted following Prime Minister Narendra Modi’s surprise decision to ban high-value currency notes, a Reuters poll of economists showed. Modi’s announcement on Nov. 8 ordering the removal of 500-rupee and 1,000-rupee notes took out around 86 percent of the currency in circulation, putting activity on the skids in a predominantly cash-reliant economy. The poll of 30 economists taken over the past week showed India’s gross domestic product growth slowed to 6.4 percent annually in…
CEO VIPER TECHNOLOGY CHAIRS FPCCI COMMITTEE FOR IT The Federation of Pakistan Chambers of Commerce and Industry earlier last week has announced members of the FPCCI Standing Committees for the year 2017. Naseer Akhtar, Founding President & CEO Infotech, who’s also the Chairman P@SHA for the year, has been elected as the Chairman for the Standing Committee for IT, Business Processing and Outsourcing. Senior Vice Chairmanship has been awarded to Khushnood Aftab, member Pakistan Computer Association, P@SHA, and CEO of Viper Technology, whereas Shahzad Shahid, CEO TPS Pvt. Ltd. has been elected the Vice Chairman for the same. Speaking about…
Interview with Ms Umber Tanya Ansari – Head of Marketing and Distribution, UBL Fund Managers PAGE: IN YOUR OPINION, WHAT IS THE IMPACT OF THE ASSET MANAGEMENT INDUSTRY ON THE OVERALL ECONOMY OF PAKISTAN? UMBER TANYA ANSARI: Globally, in both developing and developed countries, mutual funds are the first option that people look to for saving and investing. However, in Pakistan, to say that the asset management industry currently displays substantial room for growth, is a considerable understatement! In the last five years, the total assets under management of asset management companies have grown more than 400 billion Pak rupees. This…
MARKET REVIEW Index remained volatile during the week, breached the 50,000 level during intraday but failed to closed above 50,000 as the negative news flow and uncertainty kept the upside in check. Index closed the week at 49,376pts, marginally down by 1%. Foreign Institutions Portfolio Investment (FIPI) registered net inflow of US$4.2mn. Average volume traded decreased by 14.5% WoW while average value traded decreased by 5.2% WoW. After starting the week positively, it was the rumors on stay order over anti-dumping duty on steel products which led to some heavy selling in scrips like ISL and ASL. However towards the…
PANIC SELLING PUSHES INDEX TO PLUNGE 1.1PC SUMMARY A series of terrorist attacks last week in cities of Punjab, Khyber Pakhtunkhwa and Sindh created panic for investors. On Monday, a suicide blast in Lahore on protesting chemists left 13 people dead and 70 others wounded. On Wednesday, four suicide bombers blew themselves up in one after another at different spots in Peshawar. On Thursday a suspected woman suicide attacker set off explosive at the shrine of Lal Shahbaz Qalander, leaving around 76 devotees dead and 250 injured. The attacks created a panic situation for investors who were cautious and the…
PAKISTAN: A FEW GOOGLE HOME OWNERS ALREADY HAVE BLUETOOTH ENABLED: At Google I/O 2017, the company proclaimed that it is working to let owners of Google Home use Bluetooth streaming. It will be available soon on Google Home, which lets a user stream any audio from other devices, not only those which are running a compatible app. YOUTUBE ON ANDRIOD TV PLAYS CATCH-UP WITH NEW DESIGN, AUTO-PLAY CONTROLS: Android TV can’t be able to get more fame at Google I/O, but it is still alive in the minds of people. Google has aimed to roll out a new update to…
UAE CENTRAL BANK DIRECTS BANKS TO LEND MORE TO SMES DUBAI The Central Bank of the UAE has issued draft rules aimed at getting banks to lend more to small and medium-sized enterprises (SMEs) after some lenders had cut their exposure to such companies or raised their charges. Some banks have had to make huge provisions in the past 18 months against bad debt, much of it relating to SMEs, which account for around 60 per cent of UAE’s gross domestic product. To guard against further defaults, some banks raised lending fees to the sector or withdrew from lending to…
WORK ON 83.4MW KURRAM TANGI DAM BEGINS IN NWA The WAPDA has started work on the multi-faceted Kurram Tangi Dam in North Waziristan Agency that would produce more than 83.4 Megawatt electricity, besides having water storage capacity of 1.2 MAF. Salim Mirza, WAPDA Director North Projects told that work on multi-faceted Kurram-Tangi dam has been started that would be completed in two stages with gross water storage capacity of 1.2 MAF besides generating 83.4MW electricity. The US will provide around Rs 8.5 billion to WAPDA for the project, being built on Kaitu river in North Wazirstan Agency and an agreement…
DIGITAL WALLET COMPANIES HAVE NO FUTURE Mumbai: HDFC Bank MD Aditya Puri took a jibe at Paytm and other digital wallets saying they have no future as they don’t have enough margins to sustain their businesses. “The wallet proposition as a valid economic proposal is doubtful. Paytm’s reported losses is Rs 1,651 crore and you can’t have a business that says ‘pay Rs 500 bill and take Rs 250 as cashback’,” he said at the Nasscom India Leadership Forum (NILF). Puri said the wallet companies cannot copy the Alibaba model as the Indian regulators are “better”, hinting that regulators here…
ZONG 4G PARTNERS WITH XIAOMI FOR LAUNCH IN PAKISTAN Zong CMPak, Pakistan’s leading 4G network, and Xiaomi, one of the world’s largest smartphone makers, have joined hands to launch Xiaomi products in Pakistan Zong is the only cellular network in Pakistan to have entered into a partnership with Xiaomi. Xiaomi’s decision to enter into this partnership with Zong is based on Zong 4G’s fastest internet speeds and the widest 4G coverage in the industry. The partnership is geared to give a considerable boost to Xiaomi in their business venture in Pakistan. Following this partnership, customers will be able to access…
[dropcap]A[/dropcap]n economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] [padding right=”15%” left=”15%”][/padding][tie_list type=”plus”] PAKISTAN – ECONOMIC INDICATORS LABOUR Unemployment Rate 5.9 % 15-December 6 Employed Persons 57420 Thousand 15-December 56520 Unemployed Persons 3620 Thousand 15-December 3580 Population 194 Million 16-December 190 Living Wage Family 49600 Rs/Month 16-June 48600 Living Wage Individual 17600 Rs/Month 16-June 17000 Wages High Skilled 43600 Rs/Month 16-June 51100 MONEY Interest Rate 5.75 % 17-January 5.75 Interbank Rate 5.98 % 16-December 5.94 Money Supply M0 4212586 Rs. Million 16-December 4247455 Money Supply…
PAKISTANI RUPEE MOVEMENT: Pak Rupees weakened during the week in inter-bank market as it opened on Monday at Rs.104.60/80 while it closed last Friday at Rs.104.85/105.00. This Friday it closed at Rs.104.60/80 In the open market, Pak Rupee was Rs.104.30/104.60 on Monday while it closed this Friday at Rs.104.35. [divider style=”normal” top=”20″ bottom=”20″] GBP/USD WEEKLY OVERVIEW Sterling pushed higher against the U.S. dollar in Asia on Monday, as investors waited for U.S. President Donald Trump to offer details of his promised stimulus. Last week, sterling managed to cover earlier loss on Friday after data showing the retail sales in the…
MARKET REVIEW Index spent the week moving sideways due to lack of activity amid Securities and Exchange Commission of Pakistan (SECP) tough tone against the brokers not complying with the regulations. Index closed the week at 49,925pts, marginally up by 0.7% WoW. Foreign Institutions Portfolio Investment (FIPI) registered net inflow of US$5.37mn. Average volume traded increased by 12% WoW while average value traded decreased by 9.6% WoW. Selective buying was practiced by the investors as cautiousness drove the investors’ mood. Despite political uncertainty not playing a part this week, results and sector specific news were the only triggers this week.…
VOLATILE TRADING FAILS TO PUSH KSE-100 INDEX ABOVE 50K MARK SUMMARY Volatile trading was witnessed during the week and the KSE-100 Index oscillated between intraday high of 50,195.73 and low of 49,630.04 during the week. The KSE-100 Index during the week failed to cross psychological barrier of 50,000 and sustain it .The average volume during the week increased to 414m shares a day and paid up capital declined to Rs9.881 trillion The market opened on a positive note on Monday on the back of local and foreign buyers support who were net buyers during the day. The market was choppy…
SELLING PRESSURE AND PROFIT-TAKING KEEP THE INDEX MOVE AT SNAIL PACE; OIL PRICES REMAIN VOLATILE Although the KSE-100 Index remained closer to psychological target of 50,000 yet the profit-taking and selling pressure kept the Index away from crossing the much-desired line of 50,000 as it closed the week at 49,925 after gaining 16 points on the last trading session of the week on Friday. In fact the benchmark Index experienced a week of moving sideways due to lack of activity amid Securities and Exchange Commission of Pakistan (SECP) tough tone against the brokers not complying with the regulations. Index closed…
PAKISTAN: A FEW GOOGLE HOME OWNERS ALREADY HAVE BLUETOOTH ENABLED: At Google I/O 2017, the company proclaimed that it is working to let owners of Google Home use Bluetooth streaming. It will be available soon on Google Home, which lets a user stream any audio from other devices, not only those which are running a compatible app. YOUTUBE ON ANDRIOD TV PLAYS CATCH-UP WITH NEW DESIGN, AUTO-PLAY CONTROLS: Android TV can’t be able to get more fame at Google I/O, but it is still alive in the minds of people. Google has aimed to roll out a new update to…
BUDGETARY CUTS IN GCC Fitch Ratings has forecast an oil price scenario of an average $45 per barrel in 2017 and $55 per barrel in 2018 for both Brent and WTI in the backdrop of high inventories. Despite significant deficit-reduction efforts under way since 2015 in the backdrop of plunging oil revenues, all GCC countries are projected to record fiscal deficits in 2017 while making substantial budgetary cuts. Analysts expect most GCC states to press ahead with substantial budgetary cuts from 30 per cent upwards in order to maintain balanced budgets regardless of signs of a gradual recovery in oil…
PAK-TURKISH RELATIONS TURNING INTO SUSTAINED ECONOMIC COOPERATION: CHIEF Chief Minister Muhammad Shehbaz Sharif on Friday said that Pakistan-Turkish relations were turning into sustainable economic cooperation during PML-N led government. The CM expressed these remarks during a meeting with Delegation of Turkish investors who called on him. The delegation expressed their keen interest for investing in different sectors of Punjab specifically drinking water, waste water treatment and housing sectors. Talking to the delegation, the CM praised that Turkey had made progress by leaps and bounds in the administration of President Recep Tayyip Erdogan and Pakistan was enjoying good relations of brotherhood…
ON AN AVERAGE 300 BANK EMPLOYEES SUSPENDED ANNUALLY FOR ACCOUNT FRAUDS BENGALURU: The post-demonetisation scrutiny of bank employees may have hogged limelight but bank officials have faced action for involvement in borrowal account frauds for years now. Data accessed from the Reserve Bank of India (RBI) and the ministry of finance shows that 1,674 bank staff, including 148 from Karnataka have been suspended in connection with such cases between April 1, 2011 to December 31, 2016, at an average of 291 per financial year. The suspended officials-several of them have returned to work-are from 49 banks, including private and foreign…
PTCL SUMMIT PROGRAM GROOMING YOUNG TALENT Dr. Daniel Ritz, President and CEO, PTCL addressed management trainees of the company at an event held at the PTCL Academy in Haripur with reference to its Summit Program. Pakistan Telecommunication Company Limited (PTCL), the largest ICT service provider in Pakistan, undertook the Summit Program to hire graduates from all over Pakistan. Through a rigorous selection process, 125 candidates were selected purely on merit from all parts of Pakistan for the program and are currently under training at the PTCL Academy. Speaking to the candidates, he said: “PTCL’s diverse services are spread across Pakistan…
[dropcap]A[/dropcap]n economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] [padding right=”15%” left=”15%”][/padding][tie_list type=”plus”] PAKISTAN – ECONOMIC INDICATORS Overview Last Reference Previous LABOUR Unemployment Rate 5.9 % 15-December 6 Employed Persons 57420 Thousand 15-December 56520 Unemployed Persons 3620 Thousand 15-December 3580 Population 190 Million 15-December 186 Living Wage Family 49600 Rs/Month 16-June 48600 Living Wage Individual 17600 Rs/Month 16-June 17000 Wages High Skilled 43600 Rs/Month 16-June 51100 MONEY Interest Rate 5.75 % 17-January 5.75 Interbank Rate 5.98 % 16-December 5.94 Money Supply M0 4212586 Rs. Million…
PAKISTANI RUPEE MOVEMENT: Pak Rupees weakened during the week in inter-bank market as it opened on Monday at Rs.104.60/80 while it closed last Friday at Rs.104.85/105.00. This Friday it closed at Rs.104.60/80 In the open market ,Pak Rupee was Rs.104.30/104.60 on Monday while it closed this Friday at Rs.104.35. [divider style=”normal” top=”20″ bottom=”20″] GBP/USD WEEKLY OVERVIEW Sterling pushed higher against the U.S. dollar in Asia on Monday, as investors waited for U.S. President Donald Trump to offer details of his promised stimulus. Last week, sterling managed to cover earlier loss on Friday after data showing the retail sales in the…
MARKET REVIEW The week started with a steep decline which was later arrested by some support being provided by big sectors on the back of positive news. Index closed the week at 49,556pts, down marginally by 0.8% WoW. Foreign Institutions Portfolio Investment (FIPI) registered net outflow of US$15.3mn. Average volume traded decreased massively by 29.4% WoW while average value traded decreased by 20% WoW. As the result season continued the index remained range bound and failed to breach the 50,000 barrier. After witnessed a correction of nearly 1,000 points in the first session of the week, some support was provided…
PSX INDEX UNDERGOES SEE-SAW RIDE TO END IN NEGATIVE SUMMARY During the week the stocks remained negative for three days while it gained points on two days. Overall the KSE-100 Index lost 407.94 points to close at 49,555.83 on Friday. The average volume too declined to 369.63 million shares from 523.40 million shares per day. The paid up capital too declined to Rs9.897 trillion. The first day of the week Monday started on a positive note with the news of Cabinet Committee had put a hold on five percent divestment of government’s holding in OGDC. Later on pressure was build…
PAKISTAN: A FEW GOOGLE HOME OWNERS ALREADY HAVE BLUETOOTH ENABLED: At Google I/O 2017, the company proclaimed that it is working to let owners of Google Home use Bluetooth streaming. It will be available soon on Google Home, which lets a user stream any audio from other devices, not only those which are running a compatible app. YOUTUBE ON ANDRIOD TV PLAYS CATCH-UP WITH NEW DESIGN, AUTO-PLAY CONTROLS: Android TV can’t be able to get more fame at Google I/O, but it is still alive in the minds of people. Google has aimed to roll out a new update to…
STRONG PRIVATE SECTOR TO HELP GCC TO SAVE $165 B IN CAPITAL SPENDING GCC countries collectively can save up to $165 billion in capital spending by 2021 across utilities, airports, healthcare, and education by involving the private sector, a study said. The six countries, which have to cope with challenges linked to oil dependence, workforce, and public services, also could generate $114 billion in revenues from sales of utility and airport assets, and up to $287 billion from sales of shares in publicly listed companies, said the study issued by the Ideation Center, the leading think thank for Strategy&. “The…
NEPRA-MINISTRY WAR OF WORDS INTENSIFYING The war of words between Ministry of Water and Power and National Electric Power Regulatory Authority (Nepra) is intensifying as the Ministry has sent a very strong rejoinder to the regulator on its letter written on February 4, 2017 accusing the Ministry of sowing the seeds of discord in society and weakening the foundations of Federation of Pakistan. The use of unprofessional language in the communication is regretted. Instead of addressing the core defects identified in the K-Electrics tariff determination, Nepra has attempted to take refuge behind national interest which would have been better served…
BOND MARKET REMAINS VOLATILE Government bond market witnessed high volatility on the Budget day but at close the benchmark yield on the 10-year was marginally higher at 6.42%. In the forex market, the rupee rallied strongly and closed at 67.47 to a dollar, stronger by 39 paise as there were no negative surprises for the market. The benchmark gilt opened flat at 6.40%, softened to a low of 6.37% and hardened to a high of 6.45% as bond market players tried to decipher the government’s fiscal maths. “The (bond) market witnessed substantial volatility owing to confusion about the net and…
[dropcap]L[/dropcap]IMITS OF SOCIAL RESPONSIBILITY “IT IS NOT ENOUGH FOR BUSINESS TO DO WELL; IT MUST ALSO DO GOOD.” BUT IN ORDER TO “DO GOOD,” A BUSINESS MUST FIRST “DO WELL.” Whenever a business has disregarded the limitation of economic performance and has assumed social responsibilities that it could not support economically, it has soon gotten into trouble. Union carbide was not socially responsible when it put its into Vienna, West Virginia, to alleviate unemployment there. It was, in fact, irresponsible. The plant was marginal to begin with. The process was obsolescent. At best the plant could barely keep its head…
SHELL TAMEER AWARDS 2017 The biennial Shell Tameer Awards took place at the British Deputy High Commission in a ceremony attended by prominent industry and business leaders as well as young entrepreneurs of the country. The jury comprising established professionals judged the top 12 finalists in four categories. Shell Tameer Awards is a nationwide competition that recognizes and rewards the entrepreneurial creativity and talent of young Pakistani entrepreneurs and provides them with a platform to further their business ideas. Hosted by Shell Tameer, the Awards recognize and reward the brightest business ideas. Since its inception in 2003, through the Tameer…
[dropcap]A[/dropcap]n economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] [padding right=”15%” left=”15%”][/padding][tie_list type=”plus”] PAKISTAN – ECONOMIC INDICATORS Overview Last Reference Previous LABOUR Unemployment Rate 5.9 % 15-December 6 Employed Persons 57420 Thousand 15-December 56520 Unemployed Persons 3620 Thousand 15-December 3580 Population 190 Million 15-December 186 Living Wage Family 49600 Rs/Month 16-June 48600 Living Wage Individual 17600 Rs/Month 16-June 17000 Wages High Skilled 43600 Rs/Month 16-June 51100 MONEY Interest Rate 5.75 % 17-January 5.75 Interbank Rate 5.94 % 16-November 5.9 Money Supply M0 4247455 Rs. Million…
300A chartered institute established in 1951 and constituted under Cost and Management Accountants Act, 1966 [dropcap]R[/dropcap]ealizing the need, the profession of Management Accounting came into existence in Pakistan with the establishment of the Pakistan Institute of Industrial Accountants in 1951 by a legend Finance professional, Mr. Muhammad Shoaib, who also served Finance Minister of the country and senior position at World Bank. The Institute was, later, named as the “Institute of Cost and Management Accountants of Pakistan” and now commonly known with its acronym, “ICMA Pakistan”. The Institute is chartered under Cost and Management Accountants Act No. XIV of 1966 of the Parliament…
PAKISTANI RUPEE MOVEMENT: Pak Rupees weakened during the week in inter-bank market as it opened on Monday at Rs.104.60/80 while it closed last Friday at Rs.104.85/105.00. This Friday it closed at Rs.104.60/80 In the open market, Pak Rupee was Rs.104.30/104.60 on Monday while it closed this Friday at Rs.104.35. [divider style=”normal” top=”20″ bottom=”20″] GBP/USD WEEKLY OVERVIEW Sterling pushed higher against the U.S. dollar in Asia on Monday, as investors waited for U.S. President Donald Trump to offer details of his promised stimulus. Last week, sterling managed to cover earlier loss on Friday after data showing the retail sales in the…
MARKET REVIEW Index started the week on a positive note and crossed 50,000pts on several occasions, however it could not retain this level as profit taking pushed the index down to close the week below 50,000pts. KSE-100 closed the week at 49,963.8pts with a WoW increase of 1.2%. Foreign Institutions Portfolio investment (FIPI) registered net outflow of US$13.6mn. Average volume traded increased massively by 34.7% WoW with average value traded by 16.1% WoW. Apart from the opening day, the week remained range-bound as the market continued to absorb different sector specific news. ECC’s decision to approve fertilizer subsidy along with…
KSE-100 CREATES HISTORY BY CROSSING 50,000 PSYCHOLOGICAL BARRIER SUMMARY The week ended saw two record breaking landmarks for PSX: 1) KSE-100 Index broke the psychological of 50,000 on Thursday to close at 50,192.36 and 2) The paid up capital of KSE crossed Rs10 trillion mark to close at Rs10,003 trillion of Friday close. It was the week when the average volume too rose to 523.40 million share per day from 389 million last week. The continuous trend of rising Index began in November last year. The possible attributes according to some market analysts are underlying companies prospective earnings and growth…
PAKISTAN: A FEW GOOGLE HOME OWNERS ALREADY HAVE BLUETOOTH ENABLED: At Google I/O 2017, the company proclaimed that it is working to let owners of Google Home use Bluetooth streaming. It will be available soon on Google Home, which lets a user stream any audio from other devices, not only those which are running a compatible app. YOUTUBE ON ANDRIOD TV PLAYS CATCH-UP WITH NEW DESIGN, AUTO-PLAY CONTROLS: Android TV can’t be able to get more fame at Google I/O, but it is still alive in the minds of people. Google has aimed to roll out a new update to…
QATAR INVESTMENT IN RUSSIA Qatar’s investments in Russia will further strengthen ties between the Organisation of the Petroleum Exporting Countries (Opec) and non-member oil producers, Opec Secretary-General Mohammad Barkindo told Reuters. The Qatar Investment Authority (QIA) and global commodities trader Glencore have bought a 19.5 per cent stake in Russia’s Rosneft, the world’s top listed oil company by output. At a meeting with the heads of Glencore, Italian bank Intesa and the sovereign wealth fund QIA in the Kremlin on Wednesday, Russian President Vladimir Putin said Qatar would take part in hydrocarbon production in Russia. “This investment project will further…
PKR: RATES INERT Rates were almost unchanged on the money market on Friday as the rupee sustained overnight levels against the dollar in the process of trading, Kamal Hayder, Research Analyst-PAGE said. The rupee also did not budge any side in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86 respectively. Inter-Bank Market Rates: In the final Asian trade, the dollar perked up, rebounding from a seven-week low on optimism over the US economic outlook and corporate earnings, while the Mexican peso fell after the White House floated the idea of a 20 percent tax…
TRADE DEFICIT IN THE RANGE OF $100-110B MUMBAI: The country’s trade deficit which improved by 25 per cent in the first nine months of financial year 2016-17 compared to last year, is likely to be in the range of US dollar 100-110 billion by March-end, says a report. During April-December period of the fiscal 2016-17 the trade deficit was at US dollar 76.37 billion as against US dollar 100.08 billion in the same period last year. “The trade deficit has improved sharply by almost 25 per cent in the first nine months and with the present trend, the overall trade…