News Brief

Central Depository Company signs agreement for payments through eIPO

LAHORE (Staff Reporter): Central Depository Company of Pakistan Limited and 1link (Guarantee) Limited recently signed an agreement for Bill Payment System (BPS), as part of the Centralized eIPO System, at CDC House. The agreement was signed by Aftab Diwan, CEO – CDC and Najeeb Agrawala, CEO – 1Link. Shahid Nasim – Executive Director, SECP, Khurram Gul Agha – Director and Chairman BD Committee, 1Link & Head of IT and Transaction Banking Faysal Bank, Muhammad Ali Sario - Joint Director, SBP, were also present on this occasion, with team members. It is important to note that CDC recently introduced Centralized eIPO System (CES) under the guidance of the Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP). eIPO is an efficient, easy and hassle-free mechanism that lets investors apply for the subscription of shares of companies, offered to general public.


 Banking channels to promote trade ties between Turkmenistan, Pakistan

KARACHI (APP): Banking channels between Turkmenistan and Pakistan are being developed on strong lines so as to facilitate trade between the two countries, said Atadjan Movlamov, Ambassador of Turkmenistan to Pakistan here. During a visit to the office of Federation of Pakistan Chambers of Commerce and Industry, he said close trade relations between the two countries were need of hour. "We can collaborate in trade, energy, agriculture & livestock, science & technology, education, health, sports and tourism sectors," said the Ambassador. He in this context suggested exchange of delegations, single country exhibition and road shows to further streamline the efforts being made to strengthen the endeavour. Talking to Alamgir Firoz, Chairman, FPCCI Standing Committee on Diplomatic Affairs and Maher Alam Khan, FPCCI Secretary General (Acting), he said Turkmenistan was providing no less than 16 crucial facilities, free of cost, to the investors.

Atadjan Movlamov said his country, with 100% literacy rate, is particularly interested to collaborate with Pakistan in health and education sectors.

Referring to MoUs signed between the two countries, he said the two are not only interested in expanding trade and economic relations" but also share similar views on matters related to regional peace and stability.

Maher Alam Khan said under China-Pakistan Economic Corridor, Pakistan has finalised land routes meant to provide access to Central Asian states, such as Turkmenistan to Pakistan.

Both Turkmenistan and Pakistan are members of the Economic Cooperation Organization, he said mentioning Ashgabat Agreement between the two countries will enable Pakistan to import natural gas.

Maher Alam Khan also referred to the Lapis Lazuli corridor designed to facilitate trade between the two and also the commitment made by Pakistan to support Turkmenistan in its endeavor for sustainable transport system.



China invests $4b in Belt and Road countries in four months

BEIJING (INP): China's non-financial outbound direct investment in 45 countries related to the Belt and Road Initiative over the first four months of 2017 has reached $3.98 billion (27.4 billion yuan), an official from the Ministry of Commerce said. The number accounted for 15.1 percent of the country's total outbound investment from January to April, up from 8.2 percent in the same period last year, the official said. During this period, China has invested more than $100 million in 12 countries along the Belt and Road such as Singapore, Laos and Indonesia. Statistics from the ministry indicate that the direct investment in the Belt and Road countries such as Pakistan, Sri Lanka, Laos and Cambodia from January to April saw a year-on-year increase of 1674.14 percent, 809 percent, 241.3 percent and 62.74 percent, respectively. Meanwhile, China has signed 1,862 foreign contracted projects and recorded about $18.95 billion turnover with a 5.6 percent year-on-year increase.

China has become the largest source of foreign capital in countries such as Pakistan, according to the ministry.



Ghee, oil production up by 2.6pc, 2.05pc in nine months

ISLAMABAD (APP): Domestic production of vegetable ghee and cooking oil during first three quarter of current financial year increased by 2.86 percent and 2.5 percent respectively as compared the production of corresponding period of last year. According the computation of Quantum Index Numbers of large scale manufacturing industries, during the period from July-March, 2016-17 domestic production of vegetable ghee grew by 2.68 percent and 955,610 tons of ghee manufactured as compared the production of 930,676 tons produced in same period of last year. During the month of March, 2017, about 105,226 tons vegetable ghee manufactured as compared the manufacturing of 105,083 tons of same month last year. Meanwhile, about 290,885 tons of cooking oil produced in last 9 months of current financial year as compared the production of 285,017 tons of same period last year. Domestic production of cooking oil in month of March was recorded at 33,482 tons as against the production of 32,238 tons of same mont last year.

During last nine months, blended tea production also grew by 5.34 percent as about 111,577 tones of tea were produced as compared the production of 105,923 tons of same period last year.

On month on month basis, about 12,972 tons blended tea produced in March, 2017 as compared the production of 12,142 tons of same month last year.


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