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What is the impact of the reduction in petroleum prices on public transport fares in Karachi?,"KARACHI: The Sindh government has decided to bring down public transport fares by 7 per cent due to massive reduction in petroleum product prices by the federal government, Geo News reported.Sources said reduction in fares will be applicable on public transport, rickshaw, taxi and other means of traveling.Meanwhile, Karachi Transport Ittehad (KTI) has refused to abide by the government decision.KTI President Irshad Bukhari said the commuters are charged the lowest fares in Karachi as compare to other parts of the country, adding that 80pc vehicles run on Compressed Natural Gas (CNG). Bukhari said Karachi transporters will cut fares when decrease in CNG prices will be made.                        










 
ewarticle strong>ISLAMABAD: The petroleum prices are likely to be slashed by Rs4.35 per litre in the upcoming month of September.</strongAccording to sources, the price of petrol is likely to be reduced by Rs2.60 per litre.Likewise, the prices of High Speed Diesel (HSD) Rs3.46, High Octane Blending Component (HOBC) Rs4.35 and Light Diesel Oil (LDO) Rs2.80 per liters are likely to be reduced.The price of kerosene which is used for cooking in rural areas is likely to be dropped by Rs3 per litre.However, the Finance Ministry is considering increasing petroleum levy and General Sales Tax (GST) due to which the public will be deprived of relief. 
ewarticle ISLAMABAD: The price of petrol in Pakistan is expected to be reduced by Rs. 1.80, to settle at Rs. 73.21 from May 1, sources told Geo News on Monday.According to sources, OGRA will be sending a complete summary of the price changes for all POL products to the Petroleum Ministry by Wednesday, April 29.Furthermore, the price of diesel is expected to be decreased by Rs. 1.64, to settle at Rs. 81.97.On the other hand, the price of Kerosene oil is expected to be increased by Rs. 2, with the new price at Rs. 63.50. 










 
ewarticle ISLAMABAD: In a move to give relief to consumers, sources in the Finance Ministry said on Tuesday that the price of petrol and petroleum products are expected to decrease further from February 1.According to sources, the price of petrol is expected to be slashed by Rs 10 per litre, High Speed Diesel by Rs 8.50 per litre, Light Diesel by Rs 11 per litre, HOBC by Rs 14 per litre, and Kerosene by Rs 12 per litre.Global crude oil prices have fallen by 50 percent since June 2014, and to provide consistent relief to consumers, the Pakistan government has decreased the price of petrol by Rs 29 since the last four months and brought the price of Diesel down by Rs 23 in the same time frame.Fuel crisis in the country began last week when Pakistan State Oil (PSO) was forced to slash imports because banks refused to extend any more credit to the government-owned company, which supplies 80 percent of the country´s oil.The shortfall led to long queues of angry motorists at petrol stations, though these have since dissipated as fuel supplies have reached the pumps. 










 
ewarticle KARACHI: A strike called by the Oil Tanker Owner's Association has caused a severe shortage of petrol in Karachi, Quetta and several parts of the country.The shortage comes as the government notified a decrease of Rs 3 per litre in the prices of petrol and diesel from Tuesday. Chairman Petroleum and CNG Association Shabir Sulemanji said earlier today that 30 percent of fuel stations in Karachi have run out of petrol and diesel due to the strike, expressing hope that situation would improve by Wednesday.But Geo News correspondent Ali Imran said that by now petrol was available on only about 20 to 25 percent pumping stations – those too most likely on the outskirts of Karachi. He said that there were also reports of fuel stations illegally selling petrol in black at exorbitant rates of up to Rs100 per litre.Read more: Prices of petrol, diesel slashed by Rs3 per litre Some parts of Sindh and Punjab have also begun to feel the effect of the shortage, with fears that the shortage may spiral out of control. The strike by the Oil Tanker Owner's Association, called to protest against sales tax imposed on transportation of oil, is being seen as the main reason for the shortage which is causing great difficulty for consumers.Experts and observers say the effects of the shortage are exacerbated by pumping stations not keeping enough stock and consumers waiting for prices to go down to refill their fuel tanks.                        










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Impact of Beijing's potential monetary policy easing on Asian markets,"Hong Kong: Asian stocks flip-flopped on Wednesday after China cut interest rates in a bid to restore confidence in its sagging economy, with trading volatile after days of heavy swings across world equities.The dollar edged up in Tokyo, after rebounding from this week´s steep losses in New York as nervous investors searched for safety.Tokyo rose 0.40 percent by the break, bouncing after their worst two-day plunge since 2011, and Seoul added 1.05 percent as China´s move to cut rates and free up cash for banks to lend spurred optimism.But Shanghai swiftly gave up gains in opening deals to fall 3.03 percent by mid-morning, and Hong Kong and Sydney both dropped 0.70 percent.China on Tuesday cut its key interest rate and slashed the amount of money banks must hold in reserve for the second time in as many months in a bid to spur growth and end its worst stock market rout in decades.The People´s Bank of China has already cut interest rates five times since November to spur the slowing economy as concerns mount it may miss its seven percent growth target for the year.Fears of stalling growth in China, the world´s number two economy and key driver of world growth, has sent global markets into a tailspin and investors said the cuts alone may not be enough to stem the losses.""The authorities have not been intervening, they have been allowing stocks to go down in price. Assuming that continues to be the case on Wednesday, I do see a continued fall in prices,"" Komal Sri-Kumar, founder of Sri-Kumar Global Strategies, told Bloomberg News.In currency trade, the dollar remained under pressure at 118.96 yen, little changed from 118.84 yen in New York trade Tuesday, but dramatically weaker than the 122.06 yen seen in US trade on Friday.The euro stood at $1.1535 and 137.25 yen in Tokyo, compared with $1.1518 and 136.87 yen in New York overnight.Oil prices held steady ahead of the latest US energy report after heavy losses earlier in the week owing to jitters over China´s faltering economy.US benchmark West Texas Intermediate for October delivery gained four cents to $39.35 while Brent crude for October rose 11 cents to $43.32.Gold traded at $1,137.66 compared to $1,149.80 late Tuesday.In individual shares, BHP Billiton rose 0.81 percent to Aus$23.54 after the global mining giant announced a 86.2 percent slump in annual net profit after trading closed Tuesday. 










 
ewarticle Hong Kong: A mixed reading on Chinese inflation Thursday kept Asian equities traders on edge in fresh volatility Thursday as markets retreated from a two-day rally, while fears of a US interest rate hike saw safe assets advance.Early selling spread through regional exchanges, with Hong Kong and Shanghai seeing hefty losses, despite Chinese Premier Li Keqiang the day before seeking to shore up confidence in the government´s handling of an economic crisis that has sent global markets plunging.A late tumble on Wall Street provided extra reason to run after a report showing a tighter US jobs market increased speculation the Federal Reserve will pull the trigger on a rate rise at next week´s policy meeting.Thursday´s losses follow thumping gains across the world over the previous two days -- including a 7.7 percent jump in Tokyo Wednesday -- which were helped by Chinese moves to bolster its economy.However, Nader Naeimi, head of dynamic asset allocation at AMP Capital Investors Ltd. in Sydney, told Bloomberg News: ""Markets will remain volatile until the Fed meeting next week.""Investors are again focusing on the potential US interest rate increase and how it would impact emerging markets.""In Beijing, official figures showed the consumer price index (CPI) rose two percent last month, better than July´s 1.6 percent and beating forecasts of 1.8 percent.However, the producer price index (PPI) -- a crucial measure of costs for goods at the factory gate and a leading indicator of the trend for consumer prices -- slumped at its fastest rate in six years.The figures will do little to ease the struggle authorities have in kickstarting the world´s number two economy and main driver of global growth as it suffers a painful slowdown.""This is a real problem,"" said Zhu Qibing, a Beijing-based analyst at China Minzu Securities Co. ""For a manufacturer, CPI represents its costs because wages rise, and PPI represents the prices of its product. Now profits of enterprises are being further eroded."" (AFP)                        










 
ewarticle Hong Kong: Asian markets slipped Wednesday after more weak US data raised questions about the health of the world´s top economy, while the dollar edged down as an early interest rate rise looks increasingly unlikely.The euro continued to hold its own, with investors hopeful that Greece will be able to hammer out a bailout reform deal with creditors and avert a default.Sydney plunged 1.85 percent, or 109.9 points, to 5,838.6, with big banks leading the decline as hopes of another interest rate cut waned. Seoul closed 0.23 percent lower, giving up 5.04 points to 2,142.63.Hong Kong ended 0.15 percent lower, shedding 42.41 points to 28,400.34, but Shanghai recovered from early losses to close flat -- edging up 0.41 points to 4,476.62.Tokyo was closed for a public holiday.With few major catalysts, regional investors are focusing on the Federal Reserve´s two-day meeting, which wraps up later in the day.While the US central bank will not announce any policy move, its statement will be pored over for any guidance on interest rates.On Tuesday the Conference Board reported its index of consumer confidence tumbled in March instead of rising as expected. Consumers reported growing pessimism about current and short-term US economic conditions.A series of disappointing indicators has fuelled speculation the US central bank will want to wait to increase rates, which have been pegged at zero since 2008. The Fed had signalled a possible rise as early as June, but analysts now expect it in September at the earliest.Wednesday will also see the release of the government´s first estimate on first-quarter economic growth, with analysts forecasting 1.0 percent, down from a 2.2 percent pace in the previous three months.However, on Wall Street Tuesday the Dow added 0.40 percent and the S&P 500 rose 0.28 percent. But the Nasdaq eased 0.10 percent.- Euro holds strength -The diminishing prospect of an early rate increase has weighed on the dollar, which fell to 118.88 yen in New York Tuesday from 119.10 yen earlier in the day in Tokyo. On Wednesday in Asia the greenback was at 118.82 yen.The euro was at $1.0998 and $130.90 against $1.0981 and 130.55 yen in US trade. It was sharply up from $1.0880 and 129.54 yen in Tokyo Tuesday.Even though talks between Greece´s government and its creditors are dragging on, there is hope for an agreement on the bailout that will unlock billions of euros, allowing Athens to avert a default and stay in the eurozone.Investors cheered Prime Minister Alexis Tsipras´ decision to reshuffle his negotiating team, while he has also expressed confidence in a compromise.According to press reports Greece´s hard-left, anti-austerity leadership could also be prepared to adopt some reforms previously rejected, including a reinforced tax collection system, taxing television adverts and ramping up levies on luxury goods.Oil prices inched lower ahead of the release of the latest US supply report. US benchmark West Texas Intermediate fell 32 cents to $56.74 while Brent crude slipped 18 cents to $64.46.Gold fetched $1,208.05 against $1,201.29 late Tuesday.In other markets:-- Singapore fell 0.23 percent, or 7.94 points, to 3,487.15.United Overseas Bank declined 2.16 percent to Sg$24.42 while investment holding firm Ezion slid 5.24 percent to Sg$1.17.-- Bangkok was down 0.59 percent, or 9.06 points, to 1,522.47.Oil company PTT Exploration and Production lost 3.36 percent to 115.00 baht, while Siam Cement fell 2.19 percent to 536.00 baht.-- Kuala Lumpur slipped 0.65 percent, or 12.13 points, to 1,842.93.AMMB Holdings gained 0.46 percent to 6.49 ringgit while Public Bank ended 0.51 percent lower at 19.70 ringgit. Telekom Malaysia fell 0.27 percent to 7.47 ringgit.-- Jakarta was down 2.34 percent, or 122.87 points, to 5,119.29.Palm oil producer Astra Agro Lestari fell 1.85 percent to 19,925 rupiah while lender Bank Permata rose 1.25 percent to 1,620 rupiah.-- Taipei lost 1.03 percent, or 103.00 points, to end at 9,853.83.Smartphone maker HTC shed 5.7 percent to Tw$124.0 while Taiwan Semiconductor Manufacturing Co. was 1.98 percent lower at Tw$148hk.5.-- Wellington fell 0.50 percent, or 28.84 points, to 5,740.82.Air New Zealand shed 1.09 percent to NZ$2.715 and Fletcher Building was down 0.36 percent at NZ$8.21.-- Manila lost 0.77 percent, or 61.10 points, to 7,825.47.Shopping mall operator SM Prime Holdings fell 1.44 percent to 19.12 pesos, Metrobank was down 1.85 percent at 93 pesos and Banco de Oro sank 2.23 percent to 109.50 pesos.-- Mumbai declined 0.62 percent, or 170.45 points, to 27,225.93.Telecom major Bharti Airtel shed 3.32 percent to 387.50 rupees while Axis Bank rose 3.30 percent to 552.90 rupees. (AFP)                        










 
ewarticle Hong Kong: Asian markets extended their rally this week, while the euro dipped ahead of a much-anticipated European Central Bank policy meeting that is forecast to see it introduce more monetary easing measures.Tokyo added 0.28 percent, or 48.54 points, to end at 17,329.02, Sydney rose 0.49 percent, or 26.56 points, to 5,419.94 and Seoul was flat, dipping a marginal 0.41 points to 1,920.82.Hong Kong rose 0.70 percent, or 170.05 points, to 24,522.63 and Shanghai gained 0.59 percent, or 19.73 points, to 3,343.34. The mainland China index has recovered almost all the losses it made on Monday in reaction to a regulatory crackdown on margin trading.Eyes are firmly on the ECB meeting later Thursday, with expectations high that it will unveil a programme of asset-purchasing, or quantitative easing (QE).Speculation has been rife for several months that more stimulus would be announced as inflation continues to weaken -- prices in the euro area fell in December for the first time in five years.According to analysts at UniCredit, the market is expecting the ECB to unveil a programme worth between 500 and 800 billion euros ($580 to $930 billion).Wall Street took its rally into a third day Wednesday, the Dow ending up 0.22 percent, the S&P 500 adding 0.47 percent and the Nasdaq 0.27 percent higher.With traders placing bets on a vast round of easing the euro has been hammered in the past few weeks, especially as it comes just a few months after the US Federal Reserve wound up its own QE programme and considers an interest rate hike this year.At one point last week the single currency fell below $1.1500 for the first time since late 2003.In afternoon trade Thursday it bought $1.1624 and 136.78 yen compared with $1.1607 and 136.85 yen in US trade.""The euro decision is kind of well telegraphed but euro-dollar does have more to go on the downside,"" Thomas Averill, a managing director in Sydney at Rochford Capital, told Bloomberg News. ""The eurozone economy seems pretty sluggish at the moment and needs QE.""The dollar was 117.66 yen against 117.90 yen in New York.Oil prices were largely flat after enjoying a rare fillip Wednesday. US benchmark West Texas Intermediate (WTI) for March delivery rose just 10 cents to $47.88 and Brent rose 42 cents to $49.45.On Wednesday WTI jumped $1.31 and Brent climbed $1.04.Gold fetched $1,286.66 an ounce, against $1,300.64 late Wednesday.In other markets:-- Kuala Lumpur rose 0.66 percent, or 11.66 points, to 1,781.75.Public Bank rose 0.56 percent to 17.84 ringgit, RHB Capital gained 0.13 percent to 7.73 while Malayan Banking was flat at 8.87 ringgit.-- Jakarta rose 0.73 percent, or 37.92 points, to 5,253.18.State miner Aneka Tambang rose 0.48 percent to 1,055 rupiah while palm oil producer Astra Agro Lestari fell 0.72 percent to 24,000 rupiah.-- Singapore rose 0.47 percent, or 15.83 points, to 3,370.29.Real estate developer Capitaland gained 0.59 percent to Sg$3.42 while United Overseas Bank rose 0.64 percent to Sg$23.50.-- Mumbai rose 0.41 percent, or 117.16 points, to end at 29,006.02 points.Sun Pharmaceutical Industries rose 3.85 percent to 920.05 rupees, while National Thermal Power Corporation fell 2.30 percent to 140.20 rupees.-- Bangkok rose 1.49 percent, or 22.98 points, to 1,560.34.Bank of Ayudhya soared 8.98 percent to 69.75 baht, while Thai Oil climbed 7.22 percent to 48.25 baht.-- Taipei rose 0.53 percent, or 49.80 points, to 9,369.51.Taiwan Semiconductor Manufacturing Co. fell 0.71 percent to Tw$140.0 while Acer ticked up 0.74 percent to Tw$20.45.-- Wellington slipped 0.45 percent, or 25.71 points, to 5,647.14.Spark fell 1.83 percent to NZ$3.215 while Fletcher Building was down 1.78 percent at NZ$8.27.-- Manila fell 0.77 percent, or 57.79 points, to 7,416.31.JG Summit Holdings plunged 11.16 percent to 62.10 pesos, Metropolitan Bank dropped 2.86 percent to 90.00 pesos and Ayala Land ended 0.29 percent down at 34.85 pesos. (AFP)                        










 
ewarticle Hong Kong: Asian markets were relatively calm Friday at the end of a volatile week, with Shanghai and Hong Kong ticking higher after China unveiled a series of steps to shore up its economy, but fears of a US interest rate hike kept dealers on edge.Higher-yielding, or riskier, currencies such as the Malaysian ringgit and South Korean won benefited from a more upbeat outlook, which followed a positive lead from Wall Street, while the Australian dollar edged higher.The safe-haven yen, considered a go-to asset in times of turmoil, retreated.Analysts said world markets seemed to be settling after a roller-coaster ride since China last month devalued its yuan currency, sparking concerns about the world´s number two economy -- the main driver of global growth -- and its leaders´ ability to control the crisis.The broadly upbeat sentiment comes after Beijing sought to reassure investors it was able to maintain high growth, and announced a plan to speed up major construction projects and cut taxes for small and medium-sized enterprises.A set of capital controls to prevent a flight of cash were implemented this week, while analysts said a rise in the offshore yuan Thursday suggested the central bank had intervened to prop it up.Authorities also unveiled a series of measures to prevent huge swings in China´s stock markets, which have seen trillions of dollars wiped off valuations in Shanghai since it hit a peak in mid-June. Among the measures are a ""circuit breaker"" that stops shares being traded after rising or falling by a certain amount.In early trade, Shanghai was up 0.29 percent, Hong Kong added 1.31 percent and Sydney was 0.37 percent higher. Tokyo pared most early losses to end the morning flat.Juichi Wako, a senior strategist at Nomura Holdings, told Bloomberg News: ""We seem to be forming a bottom, but uncertainty has yet to be completely dispelled, including what happens with US monetary policy.""Global investors are nervously waiting for next week´s Federal Reserve policy meeting, with uncertainty over whether it will lift interest rates for the first time in nine years or hold fire owing to the recent market turmoil.A hike in borrowing costs would likely hinder investment possibilities and also fan a flight of capital back to the United States in search of better returns, to the detriment of emerging markets.Hopes that bank policymakers will opt not to raise rates supported US stocks, with Wall Street´s three main indexes all ending strongly higher.A less volatile atmosphere saw low-risk assets retreat. The dollar bought 120.82 yen compared with 120.63 yen in New York, while the euro was at $1.1279 compared with $1.1275.And the Australian dollar, which earlier in the week hit a six-year low below 69 US cents, was at 70.72 cents.The ringgit was up 0.13 percent and the won gained 0.82 percent. New Zealand´s dollar, which tanked Thursday after the central bank cut interest rates, edged up 0.3 percent.                        










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Current status of Hong Kong stock market,"HONG KONG: Hong Kong stocks rose 0.70 percent in the first few minutes of trade Monday after China´s central bank at the weekend cut interest rates for the second time since November.The benchmark Hang Seng Index added 173.47 points to 24,996.76. 










 
ewarticle strong>HONG KONG: Hong Kong stocks rose in opening exchanges Thursday, tracking gains in New York, with energy firms lifted by a rally in oil prices.</strongThe Hang Seng Index in Hong Kong added 0.46 percent, or 107.71 points to 23,412.68.The benchmark Shanghai Composite Index was flat, edging up 0.19 points to 3,084.91, while the Shenzhen Composite Index, which tracks stocks on China´s second exchange, was also marginally higher, inching up 0.72 points to 2,054.51. 
ewarticle HONG KONG:  Hong Kong shares opened 0.66 percent lower Monday following a tepid lead from Wall Street, as the first full week of the new year kicked off.The benchmark Hang Seng Index dipped 158.63 points to 23,699.19. 










 
ewarticle HONG KONG: Hong Kong stocks edged up 0.24 percent in early trade Thursday despite a fourth successive day of losses on Wall Street.The benchmark Hang Seng Index added 56.75 points to 24,169.35. 










 
ewarticle Hong Kong: Most Asia markets climbed Monday, with Hong Kong advancing for an eighth straight session and Shanghai rallying after another disappointing batch of Chinese data that will add to hopes for fresh easing measures.Wall Street provided another strong lead, boosted by a string of merger announcements last week and a huge asset sale by General Electric (GE).Hong Kong was up 0.41 percent -- adding to the more than 11 percent gain seen over the past seven days -- while Shanghai ticked 1.30 percent higher. Sydney added 0.20 percent and Seoul put on 0.12 percent, but Tokyo retreated 0.13 percent by lunch.In China the customs administration said imports and exports sank in March, the latest figures to show the world´s number two economy continues to struggle. However, they will also reinforce investors´ expectations that authorities will unveil a new round of growth-fuelling policies.Those expectations have powered a rally in Shanghai shares to seven-year highs over the past 12 months, and now mainlanders are jumping into Hong Kong´s market looking for what they consider cheap equities. Hong Kong´s Hang Seng Index has climbed more than 11 percent over the past seven sessions, and is on course for another rise Monday.Turnover hit two successive records last week as traders north of the border make the most of a link-up between the index and Shanghai´s exchange.While the stock connect programme was initially met with little interest, the decision by mainland authorities last month to expand the number of fund-management firms allowed to buy in Hong Kong has seen activity surge.Attention will now turn to the release Wednesday of Chinese economic growth figures for the first three months of the year.In New York the Dow got a bump from GE´s announcement that it will sell $26.5 billion in real estate assets as part of a plan to pare off most of its GE Capital unit over the next 24 months. That came at the end of a week that also saw major mergers including Royal Dutch Shell and FedEx.The Dow climbed 0.55 percent, the S&P 500 rose 0.52 percent and the Nasdaq gained 0.43 percent.On currency markets the dollar was at 120.31 yen, compared with 120.30 yen in New York.The euro bought $1.0590 and 127.41 yen against $1.0599 and 127.50 yen.Oil prices edged higher. US benchmark West Texas Intermediate for May delivery gained 28 cents to $51.92 while Brent crude for May rose 25 cents to $58.12. Gold fetched $1,209.41 against $1,202.92 late Friday. (AFP)                        










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Impact of political uncertainty in Greece on Asian financial markets,"Hong Kong: Asian markets rallied and the euro held up Wednesday on hopes of a settlement in Greece´s debt stand-off after it emerged that the country will ask for an extension to its bailout and avoid a painful eurozone exit.Another record close on Wall Street also provided support, although trade was thin with some markets closed and others winding down for the Lunar New Year holiday.Tokyo rose 0.84 percent, Hong Kong added 0.21 percent, Sydney put on 0.61 percent and Singapore was 0.41 percent higher.Shanghai, Seoul and Taipei were closed for public holidays.Greek public television said Tuesday that the new government will apply for further aid from its European partners, although will not sign up to the painful austerity measures imposed on the country.And in an interview with German public broadcaster ZDF Greek Finance Minister Yanis Varoufakis said: ""We should extend the credit programme by a few months to have enough stability so that we can negotiate a new agreement between Greece and Europe.""The news will come as a relief after two eurozone finance ministers´ meetings in the past week both collapsed without agreement as Athens refused to continue with the bailout that imposed swingeing spending cuts and tax hikes.The apparent change of face also comes days before its financial lifeline package expires, which would leave the country without any cash and unable to pay its bills, leading it to default and almost certainly leave the eurozone.Investors bought up the euro on the reports and it held the gains in Asia. The single currency fetched $1.1404 and 136.02 yen Wednesday, slightly down from $1.1413 and 136.13 yen in New York afternoon but well above the $1.1357 and 134.70 yen quoted in Tokyo earlier Tuesday.The dollar fetched 119.29 yen from 119.29 yen in New York and 118.55 yen in Tokyo on Tuesday.US shares resumed their record-breaking run Tuesday after they were closed Monday for a public holiday.The S&P 500 climbed 0.16 percent to a second straight all-time high, while the Dow added 0.16 percent. The Nasdaq was up 0.11 percent.Oil prices, which have enjoyed a small recovery over the past week, eased. US benchmark West Texas Intermediate for March delivery fell 33 cents to $53.20 while Brent crude for April eased 20 cents to $62.33. Gold fetched $1,208.28 an ounce, against $1,220.88 on Tuesday. (AFP)                        










 
ewarticle Hong Kong: The euro extended its gains against the dollar Tuesday while Asian equities climbed on hopes Greece´s new government will be able to negotiate a bailout deal with the EU and IMF that will avoid it leaving the eurozone.Regional investors took their lead from advances in Europe and New York, where news of Sunday´s Greek election win for anti-austerity party Syriza had been largely factored in, analysts said.Tokyo jumped 1.44 percent by lunch, Sydney added 0.67 percent, Shanghai edged up 0.10 percent, Seoul rose 0.46 percent and Hong Kong was flat.Markets have been buoyed by rhetoric coming out of Athens and its creditors that raises hopes they two sides can reach an agreement over Greece´s repayment of its 240-billion-euro bailout.Syriza had campaigned on renegotiating terms of the lifeline -- which included swingeing spending cuts and painful tax hikes -- and there are concerns it will default on its repayments, leading to its possible exit from the eurozone.But International Monetary Fund head Christine Lagarde said she was prepared to continue its financial support to the country, while some European finance ministers suggested they were willing to talk, as long as Syriza did not demand its debt be wiped out.The messages coming out of Europe helped shares higher. In Europe, equities in London, Paris and Germany all closed with healthy gains, although Athens lost more than three percent.Dow edged 0.03 percent higher, the S&P 500 added 0.26 percent and the Nasdaq put on 0.29 percent.""The Greek elections had the potential to unnerve the market,"" Nader Naeimi, at AMP Capital Investors in Sydney, told Bloomberg News.""It´s quite encouraging that the new government and the EU are willing to negotiate. The market is in a risk-on mode.""The euro plunged to as low as $1.1098 at one point in Asia Monday, the lowest level since September 2003, before recovering later in the day to close out in New York at $1.1234.On Tuesday in Asia it bought $1.1250.It also sank to 131.55 yen Monday in Asia before bouncing to end the day at 133.12 yen. It bought 133.31 yen in Tokyo Tuesday.The dollar edged up to 118.47 yen from 118.49 yen in US trade.Oil prices edged up slightly after falling to fresh six-year lows Monday, despite a warning from the OPEC cartel that prices could punch $200 owing to shrinking investment in exploration.US benchmark West Texas Intermediate for March delivery rose five cents to $45.20 while Brent crude for March gained 13 cents to $48.29.Gold fetched $1,276.39 an ounce, against $1,281.39 late Monday. (AFP)                        










 
ewarticle Hong Kong: Asian markets followed a positive lead from Wall Street on Tuesday, with investors keeping an eye on Europe as Greece struggles to pay off its debts.Tokyo rose 0.79 percent, Hong Kong added 1.14 percent, Sydney gained 0.93 percent and Shanghai was up 0.72 percent, while Seoul was flat.The gains reversed some of the losses suffered on Monday that came on fears about Greece´s future in the eurozone as Athens looks to secure billions of euros in bailout cash to pay its enormous debts.With its creditors refusing to extend a repayment deadline while also haggling over its bailout reforms, the Greek government has ordered all public agencies to hand over their financial reserves.""With this act, the government hopes to cover urgent needs of the state amounting to three billion euros for the next 15 days,"" said a decree, which still needs adoption by the parliament.However, the euro held its ground in foreign exchange markets. The single currency bought $1.0733 and 128.20 yen against $1.0741 and 128.05 yen on Wall Street.Hong Kong and Shanghai resumed their upward trend after sharp losses Monday that came after China´s stock market regulator tightened rules on trading with borrowed money and increase the supply of shares for short-selling.Confidence was buoyed by Sunday´s cut by the People´s Bank of China in the amount of cash lenders must hold in reserve, the move aimed at helping kick-start the economy, which grew in January-March at its slowest quarterly pace in six years. The next indicator on the state of China´s economy comes with HSBC´s preliminary index of manufacturing activity on Thursday.US traders welcomed that move. The Dow jumped 1.17 percent, the S&P 500 rose 0.92 percent and the Nasdaq rallied 1.27 percent.The dollar edged up despite a key Federal Reserve official suggesting a US rate hike could be put back.New York Fed President William C. Dudley said recent inflation data was not strong enough to warrant an increase, even though economics growth was healthy.The dollar was at 119.34 yen against 119.22 yen, and sharply higher than 118.62 yen in Tokyo earlier Monday.Oil prices retreated. US benchmark West Texas Intermediate for May delivery fell 15 cents to $56.23 while Brent crude for June dipped 15 cents to $63.30.Gold fetched $1,194.55 against $1,200.30 late Monday. (AFP)                        










 
ewarticle TOKYO: Tokyo stocks opened 1.09 percent higher on Friday, with investor sentiment supported by sharp gains on Wall Street and assurances that Greek banks will get liquidity funding.The Nikkei 225 index at the Tokyo Stock Exchange gained 191.56 points to 17,696.18 at the start.The Dow Jones Industrial Average jumped 1.20 percent Thursday on surging oil prices and merger activity by Pfizer.The euro rebounded as emergency funding was promised for Greek banks.The common European currency bought $1.1472 and 134.83 yen early Friday, compared with $1.1475 and 134.89 yen in New York Thursday afternoon.The euro plunged on Wednesday after the European Central Bank said it would not longer allow Greek banks to use government debt as collateral for loans.But on Thursday assurances that the banks could still tap the ECB´s emergency liquidity assistance programme helped quell fears of an immediate banking crisis.The access should help protect them against a possible run by depositors while Athens seeks to renegotiate its international bailout with creditors.The dollar was at 117.51 yen against 117.55 yen in US trade Thursday as investors waited for a key US jobs report to be released later Friday. 










 
ewarticle strong>SYDNEY: Asian shares hopped higher on Thursday after Wall Street strode to new records and bonds rallied on wagers the European Central Bank would extend its asset buying campaign at a policy meeting later in the session.</strongAustralian stocks led the way with a rise of 0.9 in early trade, while Nikkei futures NIYc1 pointed to an opening gain of around 1 percent.MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent to a one-month top.The euro seemed little troubled after Moody's changed its outlook on Italy to negative, warning it may downgrade the credit rating if the country's deteriorating economic and debt outlook was not reversed.The common currency took the news relatively well, easing just a touch to $1.0756, from a top of $1.7068.Markets have been surprisingly buoyant in the wake of Italy's ""No"" vote last weekend, in part on hopes for continued support from the ECB which may widen the type of bonds it buys.Also helping sentiment were reports Italy would step in to rescue troubled bank Monte dei Paschi, which lifted its shares by 9 percent.All of which helped drive down yields on European peripheral debt, with buying spilling over to German bunds and U.S. Treasuries. Yields on the 30-year Treasury fell by almost 6 basis points in the biggest daily decline since later August.That drop nudged the dollar down a touch to 113.63 yen while the dollar index dipped 0.3 percent."
current trends in US oil prices and market predictions 2023,"strong>SINGAPORE: Oil prices remained near 2016 highs in early trading on Thursday, buoyed by a fall in U.S. crude inventories, a weaker dollar and strong demand, but some analysts warned that the recent rally was starting to look overblown.</strongInternational Brent crude oil futures LCOc1 were trading at $52.70 per barrel at 0045 GMT, up 19 cents from their last close.U.S. West Texas Intermediate (WTI) crude CLc1 was 32 cents higher at $51.55 a barrel.Traders said the price rises were largely a result of a drop in U.S. crude oil inventories.Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks last week fell by 3.23 million barrels to 532.5 million barrels, marking their third consecutive weekly fall.A weaker dollar, down around 2.4 percent this month against a basket of other currencies, makes dollar-traded fuel imports for countries using other currencies cheaper, also supporting oil prices, traders said.But some analysts said there were also signs that the recent oil price rise, which saw Brent rally 6 percent this month and prices virtually double since February to one-year highs, may be overblown.ANZ bank said that price rises were ""tempered by an increase in crude production of 10,000 barrels per day to 8.75 million barrels per day and the number of active rigs increasing by 9 to 325"".Traders also warned of an ongoing build in refined product stocks in the United States and Asia.With fundamentals weighing both for and against higher prices, many traders and analysts say that a price tag of $50-60 for a barrel of crude was a fair value for oil, reflected in Brent's forward curve which stays within that range until early 2021. 
ewarticle New York: US oil prices shot up to a 2015 peak Wednesday after a slight dip in US oil production sparked talk that the glutted petroleum market could be turning.US benchmark West Texas Intermediate for May delivery jumped $3.10 to $56.39 a barrel on the New York Mercantile Exchange, the highest closing price since December 23.European benchmark Brent oil for delivery in May rose $1.89 to $60.32 a barrel in London.The gains extended a market rally into a fifth straight day.Earlier in the day, the US Department of Energy reported US oil production fell by 20,000 barrels, or 0.2 percent, to 9.38 million barrels per day, in the week ending April 10.US crude inventories stand at the highest level for this time of year in at least the last 80 years, the DoE said, but the increase last week was smaller than expected.Analysts expressed caution at Wednesday´s price surge.""I think this rally will stall,"" said Matt Smith, an analyst at Schneider Electric. ""We got quite a bit ahead of ourselves here."" Smith said it is likely still too soon for the lower US rig count to meaningfully dent supply.""Yes, there are a couple of data points, but that doesn´t mean the US is not overflowing crude,"" he said.Meanwhile, the Paris-based International Energy Agency cut its supply forecast for non-OPEC countries, citing a lower outlook for US and Canadian production and the ""worsening conflict"" in Yemen.The agency also bumped up by 90,000 barrels per day its forecast for 2015 petroleum demand. The IEA now expects 2015 consumption of 93.6 million barrels per day, up 1.1 million barrels per day for the year. (AFP)                        










 
ewarticle London: World oil prices rose Wednesday on bargain-hunting after sharp falls the previous day triggered by a strong US dollar and global supply glut concerns, analysts said.In early afternoon London deals, Brent North Sea crude for July added 36 cents to $64.08 per barrel, compared with Tuesday´s closing level.US benchmark West Texas Intermediate (WTI) for delivery in July won 43 cents to $58.46 a barrel.Crude futures had shed more than $1.60 on Tuesday, as markets in the United States and much of Europe reopened after a public holiday on Monday.Oil prices have been under pressure on a resurgent dollar, which has strengthened following expectations that the US Federal Reserve will follow through on plans to raise record-low interest rates later this year.The stronger greenback makes crude more expensive for buyers using weaker currencies.""As the prices for crude dropped quite sharply last night, the current rebound is due to bargain hunting as traders pounce at the low prices,"" Nicholas Teo, market analyst at CMC Markets in Singapore, told AFP.Teo said dealers are also awaiting the latest official US stockpiles report for fresh clues about demand and production levels in the world´s top crude consumer.Crude reserves likely fell by 1.5 million barrels in the week to May 22, according to a survey by Bloomberg News.Overall US stockpiles, which stand at 482.2 million barrels, are at the highest level since 1930, according to data compiled by the US Energy Information Administration.The weekly report is normally published every Wednesday but will be issued this Thursday due to the US public holiday on Monday.Dealers have been hoping that a slowdown in US output, coupled with increased demand during the summer driving season, could whittle down the build up of global crude reserves, which was a key reason for the collapse in prices of more than 50 percent between June and January.(AFP) 










 
ewarticle strong>SINGAPORE: Oil prices nudged higher on Wednesday on expectations of a U.S. crude inventory draw, although trading activity was muted as markets start to wind down ahead of the Christmas weekend.</strongU.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $53.58 per barrel at 0105 GMT, up 28 cents from their last settlement.International Brent crude oil futures LCOc1 were at $55.57 a barrel, up 22 cents.Traders said the higher prices were largely due to an expected reduction in U.S. crude oil inventories, which will be reported late on Wednesday.Jeffrey Halley, analyst at futures OANDA in Singapore said U.S. crude stocks were expected to fall by 2.563 million barrels.In the absence of strong fundamentals, traders said that technical support and resistance levels would become price drivers.""U.S. oil may rise to $54.37 per barrel, as it has broken resistance at $53.36,"" said Reuters technical commodities analyst Wang Tao.""Brent oil is poised to break a resistance at $55.79 per barrel,"" he said. 
ewarticle London: World crude prices diverged Tuesday as traders eyed weak demand and excess supplies, dealers said.Brent North Sea crude for October dropped eight cents to stand at $46.29 a barrel around late afternoon in London.US benchmark West Texas Intermediate for delivery in October added 86 cents to $44.85 per barrel compared with Monday´s close.Expectations that US crude oil inventories expanded for a third week and news that the OPEC cartel has slashed its demand growth forecast for next year are keeping a lid on any price rally, analysts said.Bloomberg News said it expects US crude stockpiles to have risen by 1.75 million barrels in the week to September 4.The US Energy Information Administration (EIA) will release Wednesday the official stockpiles data, a gauge of demand in the world´s top oil consuming nation.""Prices are unable to make much headway as the market expects US crude stockpiles to expand for the third straight week ahead of the EIA report,"" said Bernard Aw, a Singapore-based strategist at IG Markets.The Organization of the Petroleum Exporting Countries on Monday cut its 2016 forecast for global demand ""due to the projected slower economic momentum in Latin America and China"".The cartel said demand would grow by 1.29 million barrels per day to 94.08 million barrels a day next year, 50,000 barrels less than its previous estimate.Traders are also watching out for the US Federal Reserve meeting this week to see whether policymakers would raise interest rates for the first time since 2006.Analysts say that a hike in the zero-level benchmark rate would likely push the dollar higher, making dollar-priced crude oil more expensive and potentially further damping demand.                        










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current oil prices and Saudi Arabia production policy,"strong>NEW YORK: Oil prices rose sharply on Thursday after Saudi Arabia´s energy minister said producers may take action to help rebalance global oil markets.</strongThe remarks helped send prices up more than 4 percent in New York, where a barrel of West Texas Intermediate for September delivery closed up $1.78 at $43.49, after having lost more than a dollar the day before.In London, North Sea Brent for October delivery rose $1.99 to $46.04 a barrel on the Intercontinental Exchange.<br/>Matt Smith of ClipperData said the whipsawing of prices was ""crazy.""Smith said oil prices had dropped Wednesday after Saudi oil production figures showed the country´s output had risen last month to nearly 11 million barrels per day.But in remarks reported Thursday, Saudi oil minister Khalid al-Falih said an informal meeting of the Organization of the Petroleum Exporting Countries (OPEC) scheduled for next month would be the occasion for producers to discuss ""any possible action.""Saudi Arabia´s offer to take action was ""completely at odds with this production data,"" Smith told AFP.<br/>James Williams of WTRG Economics said markets were in an ""ongoing battle.""""It´s between reality and possibilities, if you will,"" he told AFP. ""The reality is the market continues to be oversupplied, with (a) really big increase in Saudi output last month."" 
ewarticle strong>NEW YORK: Oil prices rose sharply on Thursday after Saudi Arabia´s energy minister said producers may take action to help rebalance global oil markets.</strongThe remarks helped send prices up more than 4 percent in New York, where a barrel of West Texas Intermediate for September delivery closed up $1.78 at $43.49, after having lost more than a dollar the day before.In London, North Sea Brent for October delivery rose $1.99 to $46.04 a barrel on the Intercontinental Exchange.<br/>Matt Smith of ClipperData said the whipsawing of prices was ""crazy.""Smith said oil prices had dropped Wednesday after Saudi oil production figures showed the country´s output had risen last month to nearly 11 million barrels per day.But in remarks reported Thursday, Saudi oil minister Khalid al-Falih said an informal meeting of the Organization of the Petroleum Exporting Countries (OPEC) scheduled for next month would be the occasion for producers to discuss ""any possible action.""Saudi Arabia´s offer to take action was ""completely at odds with this production data,"" Smith told AFP.<br/>James Williams of WTRG Economics said markets were in an ""ongoing battle.""""It´s between reality and possibilities, if you will,"" he told AFP. ""The reality is the market continues to be oversupplied, with (a) really big increase in Saudi output last month."" 
ewarticle LONDON: The collapse in relations between Saudi Arabia and Iran after the Saudi execution of a Shi´ite cleric puts an end to speculation that OPEC could somehow agree production curbs to lift the price of oil anytime soon.A Reuters survey of OPEC production showed on Tuesday that Saudi Arabia ended 2015 with its output at full tilt, with no sign of cutting supply to make room for Iran, which plans to ramp up its own output when international financial sanctions are lifted this year.According to the survey, compiled from shipping data, oil company figures and industry experts, Saudi production for December averaged 10.15 million barrels per day.That means it was above 10 million barrels per day for nine straight months, the longest period of sustained production above that threshold for decades.The determination by the world´s biggest exporter Saudi Arabia to defend its market share despite a global glut has helped drive oil prices to their lowest in 11 years.Meanwhile, the lifting of sanctions on Iran in line with a nuclear agreement is expected to provide the biggest increase in supply of 2016. The world is now producing 1.5 million barrels a day more than it is consuming, and Iran is promising to add another million bpd to supply over the next 12 months.The Organization of Petroleum Exporting Countries failed to agree any caps on production at its annual meeting in Vienna last month, amid acrimony between Saudi Arabia and Iran, the Gulf region´s main Sunni and Shi´ite powers.If there was still any suggestion that the two rivals might somehow overcome their animosity to agree to manage supply this year, it was buried on Monday when Riyadh called off diplomatic ties with Tehran over Iran´s response to the execution of Saudi<br/>Shi´ite cleric Nimr al-Nimr.Several OPEC delegates told Reuters they now saw no chance of any improvement in relations between OPEC members, which have been already very low over the past months.<br/><br/>""This new situation will just make it worse and I see no agreement to be reached within OPEC,"" one representative to OPEC from a member country outside the Gulf region said, on condition of anonymity. 
ewarticle London: Oil prices fell on Tuesday as a global supply glut and soft demand overshadowed the impact of geopolitical tensions in the crude-rich Middle East, analysts said.US benchmark West Texas Intermediate (WTI) for delivery in June slid 43 cents to $59 a barrel.Brent North Sea crude for July shed 63 cents to stand at $65.64 a barrel in London afternoon deals.""According to official data... Saudi Arabia exported just shy of eight million barrels of crude oil per day in March -- the highest export volume in more than nine years,"" said analysts at Commerzbank in a note to clients on Tuesday.Bernard Aw, market strategist at IG Markets Singapore, said ""global oversupply with weak demand"" continues to put a cap on prices despite geopolitical unrest raising concerns about a disruption in the Middle East.He said the crude market is already ""used to"" unrest in the region, where Islamic State fighters on Sunday captured the key Iraqi city of Ramadi.Yemen is also engulfed in violence that analysts fear could escalate and draw in neighbouring Saudi Arabia and Iran, which are backing the warring factions.Yemen is not a major oil-producing country, but its coast forms one side of the Bab el-Mandeb Strait, the key strategic entry point into the Red Sea through which some 4.7 million barrels of oil pass each day on ships headed to or from the Suez Canal.""Fears that the fighting in Iraq and Yemen could hamper the oil supply have clearly given way to a more sober appraisal, for the past twelve months have demonstrated that such concerns are exaggerated,"" Commerzbank analysts added. ""In actual fact, the oil supply from the region has continued to grow.""Oil supplies from leading OPEC producers Saudi Arabia, Kuwait and the United Arab Emirates are already near their highest levels in three decades, the International Energy Agency (IEA) said last week. Crude futures have fought back a little in recent weeks after prices plummeted more than 60 percent between June and January, as the Organization of the Petroleum Exporting Countries refused to cut production despite a global glut.The move by the 12-nation OPEC cartel, which pumps about 30 percent of global crude, was widely taken as an attempt to push US shale producers, which have higher costs, out of the market. (AFP)                        










 
ewarticle strong>RIYADH: Saudi Arabia is committed to stabilising the global oil market, the energy ministry of the world´s biggest oil exporter said on Tuesday, as prices fell below $48 a barrel.</strongOPEC and non-OPEC countries last year pledged to reduce output by around 1.8 million barrels per day (bpd) as part of a concerted effort to curb a global oil glut.Saudi Arabia ""is committed and determined to stabilise the global oil market by working closely with all other participating OPEC and non-OPEC producers"", the energy ministry said in a statement.An OPEC report released Tuesday said that Saudi Arabia reported an increase in oil production for February, saying it pumped 10.011 million bpd last month, up from 9.748 million bpd in January.But the energy ministry said the amount of crude it supplied to the market in February was 9.9 million bpd, down from 9.99 in January.""The difference between what the market observes as production, and the actual supply levels in any given month, is due to operational factors that are influenced by storage adjustments and other month to month variables,"" it said.Kuwaiti Oil Minister Essam al-Marzouk, head of a committee overseeing the decreases in oil production, said last week that OPEC compliance with the output reductions had exceeded the target because of higher Saudi cuts, but non-OPEC compliance has been modest."
Current performance of KSE-100 Index at Karachi Stock Exchange,"KARACHI: Share prices witnessed a big drop at Karachi Stock Exchange (KSE) on Monday as the benchmark KSE-100 share index took a nosedive and plunged by 1023 points to peg at 32,502.According to market analysts, the capital market is witnessing a major decline in the wake of two developments. One is a notification of Securities and Exchange Commission of Pakistan (SECP) binding the consumers of security companies to submit a bi-weekly report.The second reason for the bearish spell is the suspension of gas supply to the fertilizers companies, they added. 










 
ewarticle KARACHI: The Karachi Stock Exchange (KSE) plummeted over 1,000 points during intra-day trading on Monday, with investors at the Pakistani bourse in a cautious mood as Asian markets also stayed on edge ahead of key data on the slowing Chinese economy.The benchmark KSE 100-share index was down 3.17 per cent, or 1073.78 points, trading at 32817.30 at around 2:00PM.Traders said that, after flight of foreign investment, local investors had also begun to withdraw their capital from the market.Analysts largely attributed the bearish trend at the KSE to declines at other Asian markets and continuing political uncertainty in Pakistan.AFP adds: Stock markets in Shanghai and Hong Kong gave up early gains to end lower Monday as dealers await fresh Chinese economic data this week, amid fears weak figures will spark more turmoil.Shanghai's benchmark index fell 2.52 percent, or 79.75 points, to 3,080.42. However, the Shenzhen Composite Index, which tracks stocks on China´s second exchange, edged up 0.20 percent, or 3.38 points, to 1,677.33. In Hong Kong the Hang Seng Index shed 1.23 percent, or 257.09 points, to close at 20,583.52.                        










 
ewarticle KARACHI: Bearish spell at Karachi Stock Exchange (KSE) grew in strength on Wednesday, as the benchmark KSE 100-share Index witnessed a sharp decline of 817.28 points or 2.5 percent to close at 31,524.During the intra-day trading, the main Index at one point took a nosedive and lost over 1,000 points. But, some support was seen at the bottom which helped the Index regain about 200 points. However, the market remained deeply mired the red zone and the Index lost over 800 points at market close.The local bourse remained bearish for the third consecutive day in the backdrop of deteriorating law and order situation.According to capital market analysts, the selling of shares from foreign investors and mutual fund institutions has kept Pakistan biggest stock market under pressure. 










 
ewarticle NEW DELHI: Pakistan's stock market has outperformed the Indian equity market with a huge gap since the beginning of the new century. <br/> <br/> Over the past 16 years, the MSCI Pakistan index climbed over 14 per cent in dollar terms on a compounded annual growth (CAGR) basis, while the MSCI India index has advanced 8.39 per cent annually during the same period, data available with Bloomberg showed.The KSE100 index of the Karachi Stock Exchange rallied 2,625 per cent from 1,772 in January 2000 to around 48,300 in December 2016, while the Sensex of the BSE advanced 431 per cent in this period. <br/> <br/> KSE100 tracks the performance of biggest companies by market capitalisation from each sector of the Pakistani economy listed on bourses. <br/> <br/> On the hand, the 30-share Sensex jumped from 5,005 in December 1999 to 26,626 on December 30, 2016.Among other emerging markets, the Chinese equity indices have underperformed both Indian and Pakistani equity markets since the year 2000. China's Shanghai Composite index advanced 120 per cent to 3,103 till December 2016 from 1,406, where it was trading at in January 2000. <br/> <br/> According to a Forbes report, published in September 2016, Pakistan is a frontier economy rather than an emerging .   
ewarticle KARACHI: Strong bulls on Friday pulled the benchmark KSE-100 Index at Karachi Stock Exchange (KSE) and taking it across the psychological barrier of 33,000 points with a single day’s gain of 207 points.The investors remained active right from the opening bells of today’s trade, contributing 207 points to the major index and a close at 33,324 points – a new record in Pakistan’s stock market history.According to stock market experts, the investors are interested in taking fresh positions in the expectations of discount rate going further down as a result of a visible decline in inflation rate.They said the stock market of Pakistan has earned the honour of being considered as one of the most successful markets of this region in 2014 during which investors booked over 25 percent profits.  










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current trends in oil prices 2023,"strong>SINGAPORE: Oil prices nudged higher on Wednesday on expectations of a U.S. crude inventory draw, although trading activity was muted as markets start to wind down ahead of the Christmas weekend.</strongU.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $53.58 per barrel at 0105 GMT, up 28 cents from their last settlement.International Brent crude oil futures LCOc1 were at $55.57 a barrel, up 22 cents.Traders said the higher prices were largely due to an expected reduction in U.S. crude oil inventories, which will be reported late on Wednesday.Jeffrey Halley, analyst at futures OANDA in Singapore said U.S. crude stocks were expected to fall by 2.563 million barrels.In the absence of strong fundamentals, traders said that technical support and resistance levels would become price drivers.""U.S. oil may rise to $54.37 per barrel, as it has broken resistance at $53.36,"" said Reuters technical commodities analyst Wang Tao.""Brent oil is poised to break a resistance at $55.79 per barrel,"" he said. 
ewarticle strong>LONDON: Oil edged above $50 a barrel on Thursday, drawing support from sources' comments that OPEC's Gulf members are willing to cut their output by 4 percent and from a further drop in U.S. crude inventories.</strongSaudi Arabia and its Gulf OPEC allies are willing to make that reduction from their peak oil output, energy ministers from the Gulf countries told their Russian counterpart this week, sources familiar with the matter told Reuters.""That seems to be the reason behind the price move,"" said Carsten Fritsch, analyst at Commerzbank. ""But the big question is, how will they handle Iraq.""Brent crude was up 38 cents at $50.36 a barrel as of 1348 GMT, having risen as high as $50.67 intra-day. U.S. crude gained 28 cents to $49.46.Oil also drew support from the unexpected drop in U.S. crude inventories, and larger than expected falls in stocks of gasoline and distillates, reported this week, which raised hopes that a long-awaited market rebalancing is finally under way.""The global stock overhang must be reduced in order to see higher prices. Whilst such reduction is largely in the hand of OPEC, the re-balancing is already taking place in the U.S.,"" Tamas Varga of oil broker PVM said.The market was keeping an eye on escalating protests in Venezuela against the rule of President Nicolas Maduro, although there was no sign of any impact on the OPEC member's oil output. Venezuelan production has been falling this year as low prices hit investment.Doubts about the Organization of the Petroleum Exporting Countries' supply cut deal have been weighing on the market this week.OPEC agreed last month its first deal to restrain output in eight years to boost prices. But Iraq on Sunday called for Baghdad to be exempt, adding to the list of members seeking special treatment.A technical meeting at OPEC's headquarters on Friday, and with officials from non-OPEC countries on Saturday, is supposed to come up with recommendations on how to implement the supply cutback to the oil ministers' next meeting on Nov. 30.The OPEC plan is designed to speed up the removal of a supply glut that is keeping oil prices at less than half their level of mid-2014, cutting exporters' income and leading to investment cuts by oil companies worldwide. 
ewarticle London: World oil prices rose Wednesday on bargain-hunting after sharp falls the previous day triggered by a strong US dollar and global supply glut concerns, analysts said.In early afternoon London deals, Brent North Sea crude for July added 36 cents to $64.08 per barrel, compared with Tuesday´s closing level.US benchmark West Texas Intermediate (WTI) for delivery in July won 43 cents to $58.46 a barrel.Crude futures had shed more than $1.60 on Tuesday, as markets in the United States and much of Europe reopened after a public holiday on Monday.Oil prices have been under pressure on a resurgent dollar, which has strengthened following expectations that the US Federal Reserve will follow through on plans to raise record-low interest rates later this year.The stronger greenback makes crude more expensive for buyers using weaker currencies.""As the prices for crude dropped quite sharply last night, the current rebound is due to bargain hunting as traders pounce at the low prices,"" Nicholas Teo, market analyst at CMC Markets in Singapore, told AFP.Teo said dealers are also awaiting the latest official US stockpiles report for fresh clues about demand and production levels in the world´s top crude consumer.Crude reserves likely fell by 1.5 million barrels in the week to May 22, according to a survey by Bloomberg News.Overall US stockpiles, which stand at 482.2 million barrels, are at the highest level since 1930, according to data compiled by the US Energy Information Administration.The weekly report is normally published every Wednesday but will be issued this Thursday due to the US public holiday on Monday.Dealers have been hoping that a slowdown in US output, coupled with increased demand during the summer driving season, could whittle down the build up of global crude reserves, which was a key reason for the collapse in prices of more than 50 percent between June and January.(AFP) 










 
ewarticle Singapore: Oil prices remained under pressure in Asia Friday after a huge jump in US crude inventories reinforced projections that a supply glut will persist well into next year.US benchmark West Texas Intermediate (WTI) for delivery in December was down 24 cents to $41.51 and Brent crude for December was trading four cents higher at $44.10 a barrel at around 0330 GMT.Prices were hammered Thursday after the US Department of Energy reported that commercial crude inventories in the world´s top oil consumer grew by 4.2 million barrels last week, far higher than analyst expectations of an increase of 1.3 million barrels.WTI sank 2.7 percent and Brent fell 3.8 percent after the report, which also showed US crude oil production continued to ramp higher.Global oil demand growth has not been fast enough to soak up the excess in supplies and analysts say a rebalancing of the supply-demand situation is needed for a sustained uptick in prices.Oil prices have plunged by more than half from peaks of over $100 a barrel in mid-2014.""Although global oil demand growth has been exceptionally strong year-to-date, the overall pace of supply side adjustment has been too slow to end a sustained increase in global inventories that we expect to persist through most of 2016,"" British bank Barclays said.It said in a market commentary that US offshore production in the Gulf of Mexico reached its highest level since early 2010 in August and is expected to remain strong although at a slower pace into 2016 ""as several more new fields begin to produce"".Members of the Organization of the Petroleum Exporting Countries (OPEC) have also kept production high in an aggressive bid to retain market share.OPEC´s collective production has stabilised at around 31.5 million barrels per day in recent months, Barclays said, but this is still more than its output ceiling of 30 million barrels per day. 










 
ewarticle strong>SINGAPORE: Oil prices jumped on Monday, extending a rally that has lifted crude benchmarks by more than a third from this year's lows, as tightening supply and an improving global outlook strengthened the sentiment for a market recovery.</strongFront-month Brent crude futures were trading at $39.49 per barrel at 0400 GMT, up 77 cents or 2 percent from their last settlement. That is up more than a third from a low hit in January, when prices fell to levels not seen since 2003.US West Texas Intermediate (WTI) futures were trading at $36.63 a barrel, up 71 cents from the last close and 40 percent above lows touched in February.""It looks at this stage as if it (oil) has formed a little bit of a bottom and perhaps we're going to see a sustained price in the $30s, maybe trending back up to $40 dollars at some point,"" said Ben Le Brun, market analyst at OptionsXpress.Le Brun said an improved economic outlook was pushing prices: ""The macro picture takes all corners of the globe into account, and those corners seem to be improving ... and that's where I'm seeing the oil price tick higher.""Analysts said that strong US payroll data had pushed markets on Friday and early Monday, but that attention was now shifting to Asia.Morgan Stanley said on Monday that China's parliament, the National People's Congress, which opens its annual session this week listed ""to ease market barriers for transport, oil, and gas"" among key policy targets this year.On the supply side, US energy firms cut oil rigs for an 11th week in a row to the lowest level since December 2009, data showed on Friday, as producers slash costs.Drillers removed eight oil rigs in the week ended March 4, bringing the total count down to 392, oil services company Baker Hughes Inc said.Beyond a tightening supply outlook, traders said a shift in sentiment was also lifting prices as they shut down short positions and abandoned bets on further falls in prices.Trading data shows that the number of managed short positions on WTI contracts - which would benefit from lower prices - have fallen more than a quarter since mid-February, with many new long positions betting on rising prices being opened.Ric Spooner, chief market analyst at CMC Markets said ""there's a good prospect that Brent could hit $40 ... (it) could easily do it in the next trading session."""
current wholesale sugar prices in Karachi,"KARACHI: Wholesale market rates for sugar dropped to less than Rs 50 per kg following the resumption of sugar cane crushing by sugar mills in Sindh.Within two days, the rate dropped by Rs 1.70 to Rs 49.80 per kg in Karachi Whole Sale Market.According to dealers, the resumption of sugar cane crushing by the mills stabilised the supply to the market with an immediate effect on price as well.Industry experts said that the quality of sugar cane is excellent in Sindh and approximately 100 kg of sugar cane can produce 11 kg of sugar.  










 
ewarticle KARACHI: The price of sugar decreased by 50 paisas in the wholesale market and is now being sold at Rs 49 per kilo. According to sources in the wholesale market, the price decrease took place due to an increase in the supply of sugar. The price decrease is also being experienced at the retail level where sugar is being sold at Rs 52 which is an Rs 1-2 decrease.  










 
ewarticle strong>NEW DELHI: India plans to introduce a 25 percent tax on sugar exports to maintain local supplies, the government said on Thursday, a move that could further push up global prices of the sweetener and boost shipments from Thailand.</strongSugar output in India, the world's no. 2 producer behind Brazil, is expected to decline this year due to a drought in major growing regions, while global prices have risen to two-and-a-half year highs.Food minister Ram Vilas Paswan said the levy was aimed at curbing the country's exports and would help keep local prices under control in the world's top consumer of sugar.""There is an increasing trend in the price of sugar in the international market. Traders may increase the export of sugar to make profit,"" Paswan tweeted on Thursday evening.Traders and experts said the new tax could push up global sugar prices, even though India was already expected to become a net importer in the year from Oct. 1 following back-to-back drought years.""Since we are the world's second largest sugar producer there could be a 5 percent impact on global prices but not more,"" said Aurobinda Prasad, vice president research, Kotak Commodities.India exported 2.9 million tonnes of sugar in 2015/16, accounting for 5.3 percent of world exports, according to U.S. Department of Agriculture (USDA) figures.In a May report, the USDA already forecast sharply reduced exports from India this year of just 1 million tonnes, which would be the lowest since the 2009/10 crop year.""With rising white sugar prices and the weakening rupee, Indian mills could have signed export deals with Sri Lanka. That won't happen now,"" said a Singapore-based trader.Global sugar prices have also been buoyed by cold temperatures in parts of Brazil and growing demand.""Markets were not expecting exports from India but the move to tax sugar exports will definitely have a temporary impact on global prices,"" said a Delhi-based sugar industry expert.He said the plan to tax exports is better than the country's previous moves to ban overseas sales.The move would help rival exporters Thailand and Brazil, said a Mumbai-based trader.""Thailand will benefit more since it has been competing with India in the white sugar market. It also has freight advantages in catering to Asian consumers,"" the trader said. 
ewarticle KARACHI: The prices of petroleum products are expected to increase next month (November) in Pakistan. According to sources the price of petrol will increase by Rs3.43/litre and diesel by Rs.2.80/litre. The price of kerosene oil will rise by Rs3.00/litre. The final estimate for the price increase will be made on October 26.   










 
ewarticle strong>ISLAMABAD: The petroleum prices are likely to be slashed by Rs4.35 per litre in the upcoming month of September.</strongAccording to sources, the price of petrol is likely to be reduced by Rs2.60 per litre.Likewise, the prices of High Speed Diesel (HSD) Rs3.46, High Octane Blending Component (HOBC) Rs4.35 and Light Diesel Oil (LDO) Rs2.80 per liters are likely to be reduced.The price of kerosene which is used for cooking in rural areas is likely to be dropped by Rs3 per litre.However, the Finance Ministry is considering increasing petroleum levy and General Sales Tax (GST) due to which the public will be deprived of relief."
current oil price trends and economic outlook,"strong>SINGAPORE: Oil prices were stable in early trading on Monday, with global oversupply and slowing economic growth weighing on markets but prospects of falling production lending some support.</strongUS crude futures were trading at $38.41 per barrel at 0239 GMT, down 10 cents from their last settlement.But international Brent futures were up 6 cents at $40.45 a barrel.While Morgan Stanley said that oil prices had likely bottomed out, it warned that a slowing economy and high production would prevent sharp rises.""Oil prices now seem to have bottomed, even though they are likely to stay subdued for the rest of this year before starting to move higher in 2017,"" the US bank said, adding that cheap oil had not provided the economic boost to growth that many had hoped for.""When oil prices are falling below production costs, the income gains for consumers will be smaller than the costs to producers and falling oil prices become a negative-sum game,"" it said.For 2016, the bank said it was ""no longer looking for an acceleration in 2016 GDP growth"" and that the risk of a global recession was now 30 percent.Following a 70 percent price rout between mid-2014 and early 2016, oil markets are in flux.Many analysts expect a modest price recovery, while others see another slump.The International Energy Agency (IEA) on Friday said that oil prices had bottomed out due to US and other output cuts outside the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC).The US rig count fell for a 12th straight week last week to a total of 386, its lowest since December 2009 as drillers continue to slash capital expenditure.Others, like Goldman Sachs, warn that ongoing global overproduction, which continues to see over 1 million barrels of crude produced in excess of demand every day, will pull prices back down again.So far, demand in core markets like China remains strong.China's January-February refinery throughput rose 4.6 percent compared to the same period a year earlier to 87.08 million tonnes (10.59 million barrels per day), official data showed on Saturday.The data release came shortly after China reported record daily crude imports of 8 million barrels per day.In traded markets, sentiment leans towards higher prices, with the amount of managed short positions open for US crude, which would profit from falling prices, down over 40 percent since mid-February, while the amount of trades betting on price increases stands near record highs.""The shift in sentiment in commodity markets continues to gather strength ... The worst may be over for commodity markets,"" ANZ bank said. 
ewarticle strong>SINGAPORE: Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude.</strongBrent futures were trading at $47.05 (32 pounds) per barrel at 0028 GMT on Monday, down 32 cents from their last settlement. US crude was down 28 cents at $45.64 a barrel.Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) and especially the Middle East was outweighing supportive factors such as an ongoing, albeit slow, fall in U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.""The weaker dollar failed to excite investors in the crude oil markets,"" ANZ bank said, citing a rise in OPEC-output as the main downward driver for prices.The dollar has fallen over 6 percent this year against a basket of other leading currencies.French bank BNP Paribas said that a recent oil rally, with prices jumping almost a third since April, was largely driven by sentiment and lacked physical fundamentals.""The recent rally in oil prices ... appears to have little to do with fundamentals,"" it said.""We see the recent rally as sowing the seeds of its own demise, and extending our recommendation to protect against short-term downside risk.""OPEC-supplies rose to 32.64 million barrels per day (bpd) in April, from 32.47 million bpd in March, according to a Reuters survey based on shipping data and information from sources at oil companies, OPEC and consultants.That almost matches January's 32.65 million bpd, when Indonesia's return to OPEC boosted production to records.Despite Monday's lower prices, other analysts are growing confident that a near-two-year rout in oil has ended, and many have raised their price forecasts.The chief of the International Energy Agency (IEA) said oil prices may have bottomed out, providing the health of the global economy does not pose a concern.""In a normal economic environment, we will see the price direction is rather upwards than downwards,"" IEA Executive Director Fatih Birol said on Sunday.Non-OPEC output is set to fall by more than 700,000 bpd this year, the biggest decline in around 20 years, he said.With global oil demand seen growing by 1.2 million bpd this year, the draw in global stockpiles will start soon, helping push up prices, he said. 
ewarticle London: Oil prices edged higher on Tuesday as the market seeks to build on strong gains in April following massive falls earlier in the year.US benchmark West Texas Intermediate for delivery in June won 56 cents to $59.49 a barrel.Brent North Sea crude for June won 47 cents to stand at $66.93 a barrel in London midday deals.After slumping at the start of the year, oil prices rose by about a fifth in value during April owing to several factors including concerns about unrest in Yemen, the weakening dollar and fewer US rigs in operation, analysts said.However, prices remain well down after plunging almost 60 percent between June and the start of 2015 on the back of a global supply glut and ramped up production.""Crude oil producers in the US have significantly cut back output in an attempt to address the significant supply overhang which has exerted downward pressure on... prices since June last year,"" Kash Kamal, senior research analyst at Sucden brokers said on Tuesday.The International Monetary Fund has said that Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices.The wealthy monarchies, however, should ""not react in a knee-jerk way to lower oil prices"", the IMF Middle East and Central Asia chief Masood Ahmed told AFP in an interview Monday.""Saudi Arabia seem committed to defending their market share and have even increased output to over 10 million barrels per day in April,"" said Kamal.""Support for higher crude prices has partly come from a weaker dollar,"" he added.A weaker dollar makes oil priced in the US unit cheaper for holders of others currencies, boosting demand. (AFP)                        










 
ewarticle strong>SINGAPORE: Oil prices dipped in early Asian trading on Tuesday on signs that production in the Middle East is continuing to rise, countering falls in U.S. output and threatening to keep a global supply overhang in place for longer.</strongThe international Brent crude benchmark was trading at $45.68 per barrel at 0100 GMT, down 15 cents from its last close.U.S. West Texas Intermediate (WTI) crude futures were down 6 cents at $44.72 a barrel.The dips came as Iraq, the second biggest exporter within the Organization of the Petroleum Exporting Countries (OPEC), was the latest OPEC-member to announce its exports were rising, reporting oil shipments from southern fields at an average rate of 3.364 million barrels per day (bpd) in April.That was higher than the March average of 3.286 million and close to its November record of 3.37 million bpd.""Energy was weaker. Concerns over rising OPEC supply were raised after Iraq announced it had shipped 3.36 million bpd in April,"" ANZ bank said on Tuesday.Production in OPEC´s biggest exporter, Saudi Arabia, was 10.15 million bpd in April, but sources have said it may rise to near-records of 10.5 million bpd in coming weeks.Adding to surging Middle East output is Iran which, relieved of crippling sanctions in January, has increased its exports to almost 2 million bpd currently from little over 1 million bpd at the start of the year, with sales especially to South Korea soaring.The surging supplies from the Middle East counter falling U.S. output, where production has declined from a peak of around 9.6 million bpd in June 2015, to below 9 million bpd now, according to U.S. Energy Information Administration (EIA) data.""It was the falling U.S. production that helped lift prices earlier this year, so if a surge in Middle East output now counters the U.S. decline, then we could well be in for another downward correction in oil markets,"" one trader said.Crude futures surged by almost a third in April, and they have recovered over 70 percent from decade lows reached in early 2016.""A weaker dollar, falling U.S. oil production, improving economic data from China, combined with large speculative positions fuelled the rally.Analysts, however, have cautioned that inventories remain high and oversupply persists,"" Singapore Exchange (SGX) said on Tuesday in its monthly report. 
ewarticle strong>SINGAPORE: Oil prices remained near 2016 highs in early trading on Thursday, buoyed by a fall in U.S. crude inventories, a weaker dollar and strong demand, but some analysts warned that the recent rally was starting to look overblown.</strongInternational Brent crude oil futures LCOc1 were trading at $52.70 per barrel at 0045 GMT, up 19 cents from their last close.U.S. West Texas Intermediate (WTI) crude CLc1 was 32 cents higher at $51.55 a barrel.Traders said the price rises were largely a result of a drop in U.S. crude oil inventories.Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks last week fell by 3.23 million barrels to 532.5 million barrels, marking their third consecutive weekly fall.A weaker dollar, down around 2.4 percent this month against a basket of other currencies, makes dollar-traded fuel imports for countries using other currencies cheaper, also supporting oil prices, traders said.But some analysts said there were also signs that the recent oil price rise, which saw Brent rally 6 percent this month and prices virtually double since February to one-year highs, may be overblown.ANZ bank said that price rises were ""tempered by an increase in crude production of 10,000 barrels per day to 8.75 million barrels per day and the number of active rigs increasing by 9 to 325"".Traders also warned of an ongoing build in refined product stocks in the United States and Asia.With fundamentals weighing both for and against higher prices, many traders and analysts say that a price tag of $50-60 for a barrel of crude was a fair value for oil, reflected in Brent's forward curve which stays within that range until early 2021."
Impact of yen's rise on Tokyo stocks and global markets,"TOKYO: Tokyo stocks opened up 0.24 percent on Friday, aided by a lower yen and higher New York shares following a solid US retail sales report.The Nikkei 225 index at the Tokyo Stock Exchange added 48.81 points to 20,431.78 at the start.The Dow Jones Industrial Average advanced 0.22 percent after a stronger-than-expected US retail sales report suggested American consumers are gaining confidence after a sluggish first quarter.The dollar held up early Friday, buying 123.58 yen against 123.45 yen in New York late Thursday.A lower yen is positive for Japanese exporters as it increases profits when repatriated.The euro drifted lower to $1.1244 and 138.93 yen from $1.1260 and 139.00 yen in US trade as investors fretted over troubled Greek negotiations with official creditors. 










 
ewarticle TOKYO: Tokyo stocks opened 0.49 percent higher Tuesday, led by a surge in Fanuc, while investors awaited full-year earnings by major Japanese firms and a US Federal Reserve policy meeting.The Nikkei 225 index at the Tokyo Stock Exchange rose 97.02 points to 20,080.34 at the start.The greenback bought 119.15 yen early Tuesday, up from 119.05 yen in New York late Monday.The euro fetched $1.0875 and 129.60 yen against $1.0889 and 129.64 yen in US trade.A weaker yen is positive for Japanese exporters as it makes them more competitive abroad and inflates the value of their repatriated profits.The slip in value of the Japanese currency has lifted hopes for another round of bumper earnings as Panasonic and Honda get set to report their results later in the day.Investors also awaited the outcome of a two-day meeting of the Federal Open Market Committee, the Fed´s policy arm, on Wednesday for signs of the timing of an interest rate increase, expected this year.In Tokyo early trade, Fanuc jumped 5.41 percent to 28,250.0 yen after the robot maker said it would double its dividend.""The fact that Fanuc has doubled its dividend payout ratio will be a reason for stocks, especially the Nikkei 225, to rise,"" Toshihiko Matsuno, chief strategist at SMBC Friend Securities told Bloomberg News.But Tokyo Electron dropped 12.47 percent to 6,737.0 yen after the semiconductor equipment maker Tokyo Electron and US rival Applied Materials cancelled their merger Monday.US stocks fell back Monday from a three-day rally that saw record highs. The Dow Jones Industrial Average dropped 0.23 percent, while the Standard & Poor´s 500-stock index retreated 0.41 percent.Both the S&P and Nasdaq had built on record closes Friday as markets opened higher. 










 
ewarticle TOKYO: Tokyo stocks opened 0.74 percent lower on Wednesday, hit by the yen´s rise and drops on Wall Street on worries about falling oil prices.The Nikkei 225 index at the Tokyo Stock Exchange lost 125.89 to 16,961.82 at the start.In New York on Tuesday the Dow Jones Industrial Average dropped 0.15 percent and the broad-based S&P 500 fell 0.26 percent, overshadowed by worries about sliding crude oil prices.The yen rose against other currencies on safe-haven buying, a negative for Japanese exporters as the stronger currency makes them less competitive abroad and erodes profits when repatriated.The dollar was at 117.72 yen early Wednesday, down from 117.90 yen in New York Tuesday afternoon and rates above 118 yen seen in Tokyo earlier Tuesday.The euro also fell after a key European central banker expressed support for monetary stimulus.The common European currency bought 138.69 yen and $1.1776 against 138.84 yen and $1.1777 in US trade.The ruble´s drop took a breather early Wednesday after plunging by around 5 percent on Tuesday as global oil prices tumbled towards a six-year low.The dollar was at 65.28 against the ruble on Wednesday against levels above 66 seen on Tuesday. 










 
ewarticle strong>TOKYO: Tokyo stocks rose early Wednesday in thin trade, snapping two sessions of decline despite a negative lead from global financial markets.</strongOn Wall Street, all three major indices moved off record highs Tuesday after senior US central banker William Dudley suggested an interest rate hike could possibly come as early as next month.The greenback rose to 100.42 yen from 100.30 yen in New York, after briefly touching as low as 99.54 yen in overnight trading, falling under the 100 level for only the second time this year.But the dollar´s position remained largely unaffected by Dudley´s remarks. ""Considering how much the yen has strengthened, Japanese shares are showing resilience,"" Chihiro Ohta, a senior strategist with SMBC Nikko Securities, told Bloomberg News.""However, there aren´t any reasons to actively buy Japanese stocks right now.""About 30 minutes after the opening bell, the benchmark Nikkei 225 index gained 0.48 percent, or 79.27 points, to 16,675.78, rebounding after ending two sessions in the red.The broader Topix index of all first-section shares advanced 0.39 percent, or 5.03 points, to 1,303.50.Trading was thin with many investors away for Japan´s week-long, though unofficial, Obon holiday.<br/>In early share trading, Toyota tacked on 1.60 percent to 5,969 yen, while Uniqlo operator Fast Retailing, a market heavyweight, jumped 1.36 percent to 37,000 yen.Among other gainers, energy explorer Inpex soared nearly four percent to 870.3 yen and refiner JX Holdings added about one percent to 381.2 yen.On Wall Street on Tuesday, the Dow ended down 0.5 percent, the broad-based S&amp;P 500 shed 0.6 percent and the tech-rich Nasdaq lost 0.7 percent. 
ewarticle strong>TOKYO: Tokyo stocks rose early Wednesday in thin trade, snapping two sessions of decline despite a negative lead from global financial markets.</strongOn Wall Street, all three major indices moved off record highs Tuesday after senior US central banker William Dudley suggested an interest rate hike could possibly come as early as next month.The greenback rose to 100.42 yen from 100.30 yen in New York, after briefly touching as low as 99.54 yen in overnight trading, falling under the 100 level for only the second time this year.But the dollar´s position remained largely unaffected by Dudley´s remarks. ""Considering how much the yen has strengthened, Japanese shares are showing resilience,"" Chihiro Ohta, a senior strategist with SMBC Nikko Securities, told Bloomberg News.""However, there aren´t any reasons to actively buy Japanese stocks right now.""About 30 minutes after the opening bell, the benchmark Nikkei 225 index gained 0.48 percent, or 79.27 points, to 16,675.78, rebounding after ending two sessions in the red.The broader Topix index of all first-section shares advanced 0.39 percent, or 5.03 points, to 1,303.50.Trading was thin with many investors away for Japan´s week-long, though unofficial, Obon holiday.<br/>In early share trading, Toyota tacked on 1.60 percent to 5,969 yen, while Uniqlo operator Fast Retailing, a market heavyweight, jumped 1.36 percent to 37,000 yen.Among other gainers, energy explorer Inpex soared nearly four percent to 870.3 yen and refiner JX Holdings added about one percent to 381.2 yen.On Wall Street on Tuesday, the Dow ended down 0.5 percent, the broad-based S&amp;P 500 shed 0.6 percent and the tech-rich Nasdaq lost 0.7 percent."
What was the performance of the Hang Seng Index in early trade on Thursday?,"strong>HONG KONG: Shares slipped in early Hong Kong trade Friday following a first loss for the Dow on Wall Street in six sessions, while investors also cashed in profits following a recent rally.</strongThe Hang Seng Index eased 0.40 percent, or 87.45 points, to 21,913.04.And the benchmark Shanghai Composite Index was marginally lower, dipping 0.89 points to 3,038.12, while the Shenzhen Composite Index, which tracks stocks on China´s second exchange, eased 0.05 percent, or 0.93 points, to 2,037.25. 
ewarticle Hong Kong: Most Asia markets climbed Monday, with Hong Kong advancing for an eighth straight session and Shanghai rallying after another disappointing batch of Chinese data that will add to hopes for fresh easing measures.Wall Street provided another strong lead, boosted by a string of merger announcements last week and a huge asset sale by General Electric (GE).Hong Kong was up 0.41 percent -- adding to the more than 11 percent gain seen over the past seven days -- while Shanghai ticked 1.30 percent higher. Sydney added 0.20 percent and Seoul put on 0.12 percent, but Tokyo retreated 0.13 percent by lunch.In China the customs administration said imports and exports sank in March, the latest figures to show the world´s number two economy continues to struggle. However, they will also reinforce investors´ expectations that authorities will unveil a new round of growth-fuelling policies.Those expectations have powered a rally in Shanghai shares to seven-year highs over the past 12 months, and now mainlanders are jumping into Hong Kong´s market looking for what they consider cheap equities. Hong Kong´s Hang Seng Index has climbed more than 11 percent over the past seven sessions, and is on course for another rise Monday.Turnover hit two successive records last week as traders north of the border make the most of a link-up between the index and Shanghai´s exchange.While the stock connect programme was initially met with little interest, the decision by mainland authorities last month to expand the number of fund-management firms allowed to buy in Hong Kong has seen activity surge.Attention will now turn to the release Wednesday of Chinese economic growth figures for the first three months of the year.In New York the Dow got a bump from GE´s announcement that it will sell $26.5 billion in real estate assets as part of a plan to pare off most of its GE Capital unit over the next 24 months. That came at the end of a week that also saw major mergers including Royal Dutch Shell and FedEx.The Dow climbed 0.55 percent, the S&P 500 rose 0.52 percent and the Nasdaq gained 0.43 percent.On currency markets the dollar was at 120.31 yen, compared with 120.30 yen in New York.The euro bought $1.0590 and 127.41 yen against $1.0599 and 127.50 yen.Oil prices edged higher. US benchmark West Texas Intermediate for May delivery gained 28 cents to $51.92 while Brent crude for May rose 25 cents to $58.12. Gold fetched $1,209.41 against $1,202.92 late Friday. (AFP)                        










 
ewarticle strong>TOKYO: Tokyo stocks rose early Wednesday in thin trade, snapping two sessions of decline despite a negative lead from global financial markets.</strongOn Wall Street, all three major indices moved off record highs Tuesday after senior US central banker William Dudley suggested an interest rate hike could possibly come as early as next month.The greenback rose to 100.42 yen from 100.30 yen in New York, after briefly touching as low as 99.54 yen in overnight trading, falling under the 100 level for only the second time this year.But the dollar´s position remained largely unaffected by Dudley´s remarks. ""Considering how much the yen has strengthened, Japanese shares are showing resilience,"" Chihiro Ohta, a senior strategist with SMBC Nikko Securities, told Bloomberg News.""However, there aren´t any reasons to actively buy Japanese stocks right now.""About 30 minutes after the opening bell, the benchmark Nikkei 225 index gained 0.48 percent, or 79.27 points, to 16,675.78, rebounding after ending two sessions in the red.The broader Topix index of all first-section shares advanced 0.39 percent, or 5.03 points, to 1,303.50.Trading was thin with many investors away for Japan´s week-long, though unofficial, Obon holiday.<br/>In early share trading, Toyota tacked on 1.60 percent to 5,969 yen, while Uniqlo operator Fast Retailing, a market heavyweight, jumped 1.36 percent to 37,000 yen.Among other gainers, energy explorer Inpex soared nearly four percent to 870.3 yen and refiner JX Holdings added about one percent to 381.2 yen.On Wall Street on Tuesday, the Dow ended down 0.5 percent, the broad-based S&amp;P 500 shed 0.6 percent and the tech-rich Nasdaq lost 0.7 percent. 
ewarticle strong>TOKYO: Tokyo stocks rose early Wednesday in thin trade, snapping two sessions of decline despite a negative lead from global financial markets.</strongOn Wall Street, all three major indices moved off record highs Tuesday after senior US central banker William Dudley suggested an interest rate hike could possibly come as early as next month.The greenback rose to 100.42 yen from 100.30 yen in New York, after briefly touching as low as 99.54 yen in overnight trading, falling under the 100 level for only the second time this year.But the dollar´s position remained largely unaffected by Dudley´s remarks. ""Considering how much the yen has strengthened, Japanese shares are showing resilience,"" Chihiro Ohta, a senior strategist with SMBC Nikko Securities, told Bloomberg News.""However, there aren´t any reasons to actively buy Japanese stocks right now.""About 30 minutes after the opening bell, the benchmark Nikkei 225 index gained 0.48 percent, or 79.27 points, to 16,675.78, rebounding after ending two sessions in the red.The broader Topix index of all first-section shares advanced 0.39 percent, or 5.03 points, to 1,303.50.Trading was thin with many investors away for Japan´s week-long, though unofficial, Obon holiday.<br/>In early share trading, Toyota tacked on 1.60 percent to 5,969 yen, while Uniqlo operator Fast Retailing, a market heavyweight, jumped 1.36 percent to 37,000 yen.Among other gainers, energy explorer Inpex soared nearly four percent to 870.3 yen and refiner JX Holdings added about one percent to 381.2 yen.On Wall Street on Tuesday, the Dow ended down 0.5 percent, the broad-based S&amp;P 500 shed 0.6 percent and the tech-rich Nasdaq lost 0.7 percent. 
ewarticle HONG KONG: Hong Kong stocks edged up 0.24 percent in early trade Thursday despite a fourth successive day of losses on Wall Street.The benchmark Hang Seng Index added 56.75 points to 24,169.35. 










"
Relevant: What is the current trend of world oil prices?,"strong>SINGAPORE: Oil prices surged during the start of 2016 trading as relations between top crude producers Saudi Arabia and Iran deteriorated, raising concerns about potential supply disruptions, though weak Asian manufacturing data kept a lid on bullish expectations.</strongSaudi Arabia, the world´s biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran.The diplomatic row between the two major oil producers escalated following Riyadh´s execution of a prominent cleric on Saturday.Global oil benchmark Brent climbed more than a dollar to a high of $38.50 per barrel on Monday, before easing back to $38.10 at 0350 GMT, still up over 2 percent.US crude´s West Texas Intermediate (WTI) futures were up 77 cents, or 2.08 percent, at $37.81 a barrel.Oil traders said the crisis between Saudi Arabia, also the world´s second-largest oil producer, and Iran, which holds some of the largest proven oil reserves, was pushing up prices.The clash between the two Middle Eastern rivals also comes as Iran hopes to ramp up oil exports following the expected removal of sanctions against it after reaching a deal over its alleged nuclear weapons development programme.""With increased geopolitical tensions between Saudi Arabia and Iran, the market has put a premium on prices just when markets opened (in 2016),"" brokerage Phillip Futures said on Monday.Despite Monday´s jump, oil prices are down by two-thirds since mid-2014 on ballooning oversupply as producers including the Organization of the Petroleum Exporting Countries (OPEC), Russia and the United States pump between 0.5 million and 2 million barrels of oil every day in excess of demand. 
ewarticle London: Oil prices nudged higher on Friday, further recovering from a steep dive seen mid-week, although demand is set to remain shackled by a global supply glut, analysts said.US benchmark West Texas Intermediate for delivery in May edged up one cent to $50.80 a barrel.Brent North Sea crude for May gained 27 cents to $56.84 around midday in London.WTI and Brent sank 3.6 percent on Wednesday after the US Department of Energy said commercial inventories in the world´s biggest economy hit a record high last week.That came after Saudi Arabia´s Oil Minister Ali al-Naimi said his country´s production had hit an all-time high of 10.3 million barrels a day in March.Phil Flynn, an analyst at Price Futures Group, has said this week that rising imports of US crude oil could indicate improved demand prospects in the world´s largest oil consumer or concerns about supply tightening.Price support has meanwhile come from events concerning major oil producer Iran.Analysts attributed steep gains at the start of the week to investors concluding that the nuclear framework agreed between Iran and international powers will have a minimal near-term effect on global crude supplies.The deal Tehran agreed with the United States, Britain, China, France and Russia plus Germany paves the way for the Islamic republic to curtail its nuclear activity in exchange for relief from punishing economic sanctions, including on oil investment.The United States on Thursday warned that sanctions on Iran will be lifted in stages as a nuclear deal is implemented, after Tehran demanded they be removed as soon as it comes into force.""Geopolitical factors remain a constant worry for investors with concerns regarding Iran´s nuclear programme potentially leading to ongoing volatility in the crude oil market,"" said Kash Kamal, senior research analyst at Sucden brokerage. (AFP)                        










 
ewarticle Singapore: Oil prices remained under pressure in Asia Friday after a huge jump in US crude inventories reinforced projections that a supply glut will persist well into next year.US benchmark West Texas Intermediate (WTI) for delivery in December was down 24 cents to $41.51 and Brent crude for December was trading four cents higher at $44.10 a barrel at around 0330 GMT.Prices were hammered Thursday after the US Department of Energy reported that commercial crude inventories in the world´s top oil consumer grew by 4.2 million barrels last week, far higher than analyst expectations of an increase of 1.3 million barrels.WTI sank 2.7 percent and Brent fell 3.8 percent after the report, which also showed US crude oil production continued to ramp higher.Global oil demand growth has not been fast enough to soak up the excess in supplies and analysts say a rebalancing of the supply-demand situation is needed for a sustained uptick in prices.Oil prices have plunged by more than half from peaks of over $100 a barrel in mid-2014.""Although global oil demand growth has been exceptionally strong year-to-date, the overall pace of supply side adjustment has been too slow to end a sustained increase in global inventories that we expect to persist through most of 2016,"" British bank Barclays said.It said in a market commentary that US offshore production in the Gulf of Mexico reached its highest level since early 2010 in August and is expected to remain strong although at a slower pace into 2016 ""as several more new fields begin to produce"".Members of the Organization of the Petroleum Exporting Countries (OPEC) have also kept production high in an aggressive bid to retain market share.OPEC´s collective production has stabilised at around 31.5 million barrels per day in recent months, Barclays said, but this is still more than its output ceiling of 30 million barrels per day. 










 
ewarticle Singapore: Oil prices rebounded in Asia Monday but analysts said they remain weighed by a crude oversupply and fresh worries about the world economy after the Federal Reserve decided last week against raising interest rates.US benchmark West Texas Intermediate for October, which expires on Tuesday, rose 15 cents to $44.83 and Brent crude for November was up 10 cents at $47.57 a barrel in late-morning trade.Oil stockpiles held by Saudi Arabia, the world´s biggest crude exporter, climbed to a record, Bloomberg News reported.It said the country´s commercial petroleum stockpiles advanced to 320 million barrels, the highest since at least 2002, citing data on Sunday on the website of the Riyadh-based Joint Organisations Data Initiative.Fresh worries have also emerged about the health of the global economy and its impact on oil demand after the Fed, the US central bank, held off raising benchmark interest rates last week.Fed chief Janet Yellen said that bank policymakers cited the ongoing slowdown in China and recent turmoil on world markets as playing a role in the decision.""Indeed, the Fed´s hesitancy only appears to have reinforced investors´ worries about the global economy, rather than reassure them,"" Capital Economics said in a commentary. 










 
ewarticle London: Fragile financial markets are grappling with wild swings in world oil prices, unnerved by uncertainty over global supplies and the demand outlook from China.By the close of business Monday, the price had shot up 27 percent in just three days for the US benchmark contract, West Texas Intermediate for October delivery, rebounding from six and a half year lows.But they skidded again Tuesday when weak Chinese manufacturing data cemented concerns over demand from the world´s biggest commodities consumer.Later in the week oil prices got a boost from the European Central Bank, which on Thursday held out the prospect of yet more stimulus for the eurozone economies if needed.By the end of the week, crude oil prices were trading in London on Friday evening barely changed.Brent North Sea crude sold at $49.95 a barrel -- down from $50.17 a week earlier. The WTI contract traded at $46.22, up from $45.22.Crude oil, the world economy´s most important raw material, has roughly halved in price in a year.""The fall in commodity prices has looked particularly dramatic because it has included oil,"" said Julian Jessop, chief global economist and head of commodities at London-based research group Capital Economics.While many raw materials have been declining in price since 2011 as China´s booming economy began to slow, oil´s price had been propped up by a perceived threat to supply after the Arab Spring, Jessop said in an interview.""Once the concerns about the potential threat to supply from the Arab Spring disappeared and were replaced by the reality of massive oversupply because of the shale revolution in the United States and OPEC´s response of keeping production high when people had thought it might cut, then oil tanked,"" the analyst said.Keeping pressure on oil prices, Iraq has managed to boost production this year by 1.5 million barrels per day despite the conflict with extremists including Daesh group and Iran is set to raise exports as sanctions are lifted after an agreement was reached over its nuclear programme.Despite the uncertainty on commodity markets, the price of gold -- a safe haven -- lost its shine over the past week, hurt by a rally in the US dollar.The precious metal also lost its lure as a haven at as volatile Chinese markets took a holiday on Thursday and Friday to mark the 70th anniversary of the end of World War II.On the London Bullion Market, gold was trading at $1,118.25 dollars an ounce Friday against $1.135 dollars a week before. (AFP) 










"
Why is there a petrol shortage in Pakistan?,"KARACHI: A strike called by the Oil Tanker Owner's Association has caused a severe shortage of petrol in Karachi, Quetta and several parts of the country.The shortage comes as the government notified a decrease of Rs 3 per litre in the prices of petrol and diesel from Tuesday. Chairman Petroleum and CNG Association Shabir Sulemanji said earlier today that 30 percent of fuel stations in Karachi have run out of petrol and diesel due to the strike, expressing hope that situation would improve by Wednesday.But Geo News correspondent Ali Imran said that by now petrol was available on only about 20 to 25 percent pumping stations – those too most likely on the outskirts of Karachi. He said that there were also reports of fuel stations illegally selling petrol in black at exorbitant rates of up to Rs100 per litre.Read more: Prices of petrol, diesel slashed by Rs3 per litre Some parts of Sindh and Punjab have also begun to feel the effect of the shortage, with fears that the shortage may spiral out of control. The strike by the Oil Tanker Owner's Association, called to protest against sales tax imposed on transportation of oil, is being seen as the main reason for the shortage which is causing great difficulty for consumers.Experts and observers say the effects of the shortage are exacerbated by pumping stations not keeping enough stock and consumers waiting for prices to go down to refill their fuel tanks.                        










 
ewarticle ISLAMABAD: Long queues of vehicles on fuel stations were visible in different parts of the country as the petrol became rare commodity on Thursday.Federal Minister for Petroleum Shahid Khaqan Abbasi says ""it may take up to ten days to bring the situation to normality"".He claimed that northern areas of Pakistan had been facing the petrol shortage. The minister cited the recent decline in petroleum prices and delay in a shipment as reasons for the shortage.He said situation would improve as soon as shipment reached Pakistan. Sources told Geo News hat due to financial restraints the Pakistan State Oil has been unable import petrol. 










 
ewarticle ISLAMABAD: In a move to give relief to consumers, sources in the Finance Ministry said on Tuesday that the price of petrol and petroleum products are expected to decrease further from February 1.According to sources, the price of petrol is expected to be slashed by Rs 10 per litre, High Speed Diesel by Rs 8.50 per litre, Light Diesel by Rs 11 per litre, HOBC by Rs 14 per litre, and Kerosene by Rs 12 per litre.Global crude oil prices have fallen by 50 percent since June 2014, and to provide consistent relief to consumers, the Pakistan government has decreased the price of petrol by Rs 29 since the last four months and brought the price of Diesel down by Rs 23 in the same time frame.Fuel crisis in the country began last week when Pakistan State Oil (PSO) was forced to slash imports because banks refused to extend any more credit to the government-owned company, which supplies 80 percent of the country´s oil.The shortfall led to long queues of angry motorists at petrol stations, though these have since dissipated as fuel supplies have reached the pumps. 










 
ewarticle strong>SINGAPORE: Pakistan will lower the sulphur content of diesel imports from January next year, in line with a global shift toward cleaner fuels, said two sources familiar with the matter.</strongAs vehicle numbers in Asia have surged, countries across the region, including China, India and Vietnam, have adopted more stringent sulphur requirements for their fuels in recent years to cap emissions.Pakistan will require diesel fuel with 500 parts per million (ppm) sulphur starting from January 2017 from the current 5,000 ppm sulphur gasoil, the sources said this week.Pakistan and Indonesia are some of the few remaining Asian countries still using high-sulphur gasoil.With the shift, the South Asian nation will be on par in terms of sulphur standards with Bangladesh, Vietnam and Myanmar.State-owned Pakistan State Oil Co (PSO), the country's largest oil products importer, could not be immediately reached for comment.But the country's refineries are still not completely ready to meet the change in sulphur standards, one of the sources familiar with the matter said.About 40 percent of Pakistan's refineries have upgraded their units to produce the low sulphur diesel while the remaining refineries are still working to finish units to reduce the amount of sulphur in the fuel, the source said.The country's refineries use outdated hydro-skimming equipment and desperately need updating, only surviving due to a favourable tax regime, Pakistan's petroleum minister told Reuters last year.PSO has a long-standing term contract with Kuwait Petroleum Corp (KPC) to import about 2.2 to 2.5 million tonnes of high sulphur gasoil every year.KPC has agreed to supply diesel with 500 ppm sulphur to PSO from next year, the two sources close to the matter said.PSO rarely imports gasoil in the spot market except for summer when it needs the fuel for power generation. So, the shift in sulphur specification is not expected to have a major impact on trade flows, middle distillates traders said.Pakistan is also moving towards 92-octane gasoline from November and is phasing out imports of 87-octane gasoline, one of the sources said.PSO is looking to potentially sign long-term contracts for gasoline cargoes, though this is not firm, the source added. It currently imports about 150,000 to 200,000 tonnes of gasoline every month through the spot market. 
ewarticle strong>ISLAMABAD: The government has set a target of domestic production of 43.8 million barrels of crude oil and 1.51 trillion cubic feet gas for the next fiscal year.</strong>    The demand and supply gap in both oil and gas sectors will be filled through import of petroleum products, Radio Pakistan reported officials as saying.The indigenous gas supply will be supplemented through LNG imports to the tune of 4.5 million tones. They said the annual production of crude oil stood at 32.03 million barrels in the outgoing fiscal year.The officials said a total of one hundred and sixteen oil and gas wells will be drilled by the exploration and production companies in the next fiscal year to enhance the domestic oil and gas production.Giving details of the projects of Sui Northern and Sui Southern Gas Company Limited, the officials said the two companies plan to add over four hundred thousand new consumers to their systems.In addition, the gas companies have also plans to lay down about six thousand kilometer of new transmission pipelines in their networks."
current trends in Brent crude oil prices,"London: World oil prices rose Thursday on the back of the weaker dollar, but gains were capped after US crude reserves swelled again to a record high.In midday London deals, European benchmark Brent North Sea crude for April delivery advanced 82 cents to $58.36 a barrel.US benchmark West Texas Intermediate (WTI) for April added 52 cents to $48.69 a barrel.""Despite the bearish oil inventories report yesterday, crude oil prices rebounded in early trade this morning supported by a slightly softer US dollar,"" said Sucden brokers analyst Myrto Sokou on Thursday.""Brent futures recovered and climbed higher towards $59 per barrel while WTI futures rose above $48.50 per barrel.""The weaker greenback makes dollar-denominated crude cheaper for buyers using stronger currencies, which tends to stimulate demand and prices.Crude futures had finished mixed Wednesday after a key report showed US crude stockpiles had struck another record high, adding to an oversupplied global market.The US Department of Energy said crude oil inventories surged by 4.5 million barrels in the week to March 6 to 448.9 million.That was the highest level since the beginning of the weekly data series in 1982.Crude prices lost some 60 percent of their value to decline to about $40 between June and late January owing to an oversupply in world markets, a weak global economy and the strong dollar.Prices have since rebounded somewhat following a slowdown in US oil-drilling activities, but analysts say volatility is likely to continue for some time.Elsewhere, investors were monitoring the progress of talks between the United States and other major Western powers and Iran on Tehran´s contested nuclear programme as a deadline at the end of March nears.The Islamic republic has been crippled by a series of UN and US sanctions, including on crude exports, aimed at bringing an end to its nuclear drive, which the West says is being used to develop atomic weapons. Iran denies the allegations.""Prices are likely to remain in a tight range for the next two weeks until the market gets more clarity on the ongoing negotiations between Iran and the US over the lifting of sanctions,"" said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy EY. (AFP)                        










 
ewarticle strong>SINGAPORE: Oil prices rose in Asian trade on Friday, setting crude futures on course for one of their biggest weekly gains this year, as sentiment has become more upbeat despite ongoing oversupply.</strongInternational benchmark Brent crude futures were trading at $45.09 per barrel at 0054 GMT, up more than half a<br/>dollar from their last settlement.U.S. West Texas Intermediate (WTI) crude was up 52 cents at $43.70 a barrel. With Brent up 8 percent since Monday and WTI 12 percent higher since April 18, this week is set for some of the steepest price rallies so far this year, and crude is up by more than two-thirds since its 2016 lows between January and February.Traders said that sentiment in the entire commodity complex had turned more confident, with new cash being put into the market by investors, lifting prices.Another factor has been producers taking advantage of higher prices by locking in production. ""We would expect producers in the U.S. taking every opportunity to aggressively hedge as soon as there is opportunity when oil prices recover for short periods of time,"" French investment bank Natixis said.Falling output, especially in the United States, where many producers are shutting down following an up to 70 percent price<br/>rout since 2014, is also helping to lift the market.Natixis said it expected U.S. oil production to drop by at least 500,000 to 600,000 barrels per day (bpd) this year, compared with 2015, and by another 500,000 bpd in 2017.Despite the recent rally, oil markets remain oversupplied as<br/>between 1 and 2 million barrels of crude are being pumped out of the ground every day in excess of demand, leaving storage tanks around the world filled to the rims with unsold fuel. 
ewarticle strong>SINGAPORE: Brent crude prices fell to fresh 11-year lows on Thursday as fresh concerns over China's economy added to huge storage overhangs, near-record production and slowing demand that have already pummelled prices.</strongChina accelerated the devaluation of the yuan on Thursday, sending currencies across the region reeling and domestic stock markets tumbling, as investors feared the Asian giant was kicking off a virtual trade war against its competitors. Trading on its stock markets was suspended for the rest of the day.Global oil prices have crashed 70 percent since mid-2014 as near record output from major producers like the Organization of the Petroleum Exporting Countries (OPEC), Russia and North America create a ballooning overhang that has left storage tanks around the world struggling to cope with the excess oil.At the same time, demand is slowing, especially in Asia where the biggest economy and energy consumer, China, is seeing the slowest economic growth in a generation.Global benchmark Brent crude futures fell to new 11-year lows of $33.09 per barrel on Thursday, undercutting a low from a day earlier, although prices edged back to $33.52 per barrel by 0213 GMT.Traders said a dispute between Saudi Arabia and Iran, which might normally be seen as posing a risk to oil supplies, may actually be bearish as it all but eliminates cooperation over production between the two OPEC members.""Neither one of them (Saudi Arabia or Iran) is going to voluntarily cede a single barrel to the other, so it arguably makes a coordinated production cut even less likely than it has been,"" one Middle East oil trader said.In the United States, West Texas Intermediate (WTI) futures set fresh 2009 lows of $32.77 per barrel, with prices crawling back to $33.25 by 0213 GMT.Analysts said that the huge U.S. storage overhang was the main reason for falling WTI crude.""Data suggest gasoline and distillate fuel stockpiles increased 10.6 million barrels and 6.3 million barrels, respectively, last week. The rise in gasoline and distillate inventory more than offset the fall in crude oil inventory levels by 5.09 million barrels to (still near record) 482.3 million barrels last week,"" ANZ bank said.The huge storage overhang means that even if U.S. production falls this year as drillers succumb to low prices, it will take many months to work down excess supplies.With the global economy looking shaky due to China's slowdown, traders said the outlook for oil remains for cheap prices for much of this year. 
ewarticle LONDON: Oil prices slid more than 4 percent to new 11-year lows on Wednesday as the row between Saudi Arabia and Iran made any cooperation between major exporters to cut output even more unlikely.The furore over Saudi Arabia´s execution of a Shi´ite cleric has stripped nearly 8 percent off the price of oil in the last three trading days, killing speculation that OPEC members might agree to production cuts to lift prices.""There are rising stockpiles and the tension between Iran and Saudi Arabia make any deal on production unlikely,"" said Michael Hewson, chief market analyst at CMC Markets.Evidence of slowing economic growth in China and India has meanwhile fuelled fears that even strong demand elsewhere may not be enough to mop up the excess crude that has resulted from near-record production over the last year.Benchmark Brent crude futures were at $35.07 a barrel at 1318 GMT, down $1.58 on the day, and reached their lowest since early July 2004, having staged their largest one-day drop in percentage terms in nearly five weeks.US crude futures were down $1.25 cents at $34.72 a barrel after slipping 79 cents the previous day.Oil has slumped from above $115 in June 2014 as shale oil from the United States has flooded the market, while falling prices have prompted some producers to pump even harder to compensate for lower revenues and to keep market share.Adding to this oversupply, Iranian oil exports are widely expected to increase in 2016 as Western sanctions against Tehran over its nuclear programme are lifted.""Shale production and increasing capacity from countries like Russia who need to protect revenue combined with expectations of further Iranian supply mean actual production as well as expectations of future production are rising,"" Hewson said.Still, a senior Iranian oil official said the country could moderate oil export increases once sanctions are lifted to avoid putting prices under further pressure.Also feeding into broad market weakness, a survey showed that China´s services sector expanded at its slowest pace in 17 months in December, following on from weak factory data on Monday which also knocked markets globally.The People´s Bank of China set a weaker midpoint for the yuan, prompting concerns that the economy of the world´s largest energy consumer could be in worse shape than<br/>believed.In the United States, concerns over mounting oil stock levels persisted, with crude inventories likely to have risen by 439,000 barrels last week, according to a Reuters poll of eight analysts.The US Energy Information Administration (EIA) will publish its closely watched weekly data at 1530 GMT.Some analysts think oil prices have fallen too far and will stage a sharp recovery later in the year, with Commerzbank targeting $60 per barrel by the end of 2016.""This looks ambitious from current levels but current prices are unsustainably low,"" Carsten Fritsch, senior oil analyst at Commerzbank, told the Global Oil Forum.""We are in a speculative exaggeration at the moment.""He added that he expects US oil production to fall at least 1 million bpd by autumn.  
ewarticle London: Global oil prices fell Monday, after bumper gains before the weekend, as many traders took profits and eyed plentiful world crude supplies, analysts said. European benchmark Brent North Sea crude for April delivery dropped $1.26 to $61.32 a barrel in London early afternoon deals.New York´s West Texas Intermediate (WTI) for April shed 90 cents to $48.86 a barrel.Crude futures had rebounded sharply Friday at the end of a volatile trading week. WTI had advanced $1.59 while Brent gained a hefty $2.53.""Oil prices came under renewed pressure,"" said Sucden analyst Myrto Sokou on Monday.""Crude oil inventories continue to remain at fairly high levels following ongoing builds of crude stocks last week.""Oil has lost about 50 percent of its value since June, largely due to a global supply glut partially caused by surging US shale production.""Although there is still a global supply glut, oil prices are on a general increasing trend especially with the falling rig count numbers indicating that US shale is responding to low prices,"" Ken Hasegawa, energy trading manager at Newedge Group in Tokyo, told AFP. The weekly Baker Hughes US drilling rig count showed the number of rigs in operation fell by 33 to 986 in the week to February 27. The count is down 39 percent since October, according to Bloomberg News. Analysts said dealers will next be scrutinising a slew of US economic data to be released later Monday for clues on demand prospects in the world´s biggest crude consumer.  (AFP)                        










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What were the initial findings of the committee probing the petrol shortage in Islamabad?,"ISLAMABAD: Long queues of vehicles on fuel stations were visible in different parts of the country as the petrol became rare commodity on Thursday.Federal Minister for Petroleum Shahid Khaqan Abbasi says ""it may take up to ten days to bring the situation to normality"".He claimed that northern areas of Pakistan had been facing the petrol shortage. The minister cited the recent decline in petroleum prices and delay in a shipment as reasons for the shortage.He said situation would improve as soon as shipment reached Pakistan. Sources told Geo News hat due to financial restraints the Pakistan State Oil has been unable import petrol. 










 
ewarticle KARACHI: A strike called by the Oil Tanker Owner's Association has caused a severe shortage of petrol in Karachi, Quetta and several parts of the country.The shortage comes as the government notified a decrease of Rs 3 per litre in the prices of petrol and diesel from Tuesday. Chairman Petroleum and CNG Association Shabir Sulemanji said earlier today that 30 percent of fuel stations in Karachi have run out of petrol and diesel due to the strike, expressing hope that situation would improve by Wednesday.But Geo News correspondent Ali Imran said that by now petrol was available on only about 20 to 25 percent pumping stations – those too most likely on the outskirts of Karachi. He said that there were also reports of fuel stations illegally selling petrol in black at exorbitant rates of up to Rs100 per litre.Read more: Prices of petrol, diesel slashed by Rs3 per litre Some parts of Sindh and Punjab have also begun to feel the effect of the shortage, with fears that the shortage may spiral out of control. The strike by the Oil Tanker Owner's Association, called to protest against sales tax imposed on transportation of oil, is being seen as the main reason for the shortage which is causing great difficulty for consumers.Experts and observers say the effects of the shortage are exacerbated by pumping stations not keeping enough stock and consumers waiting for prices to go down to refill their fuel tanks.                        










 
ewarticle ISLAMABAD: A two member committee tasked to probe the prevailing petrol shortage on Tuesday said that the situation was a serious failure on the part of OGRA (Oil and Gas Regulatory Authority) as a regulator. The committee presented its initial findings to Prime Minister Nawaz Sharif in a meeting held here under his chairmanship to review the petroleum situation in the country.The PM directed to make structural changes to ensure that such a situation never arises again. The meeting endorsed the earlier decision of suspending four senior officials responsible for the crisis.The meeting also decided that Deputy Managing Director Pakistan State Oil (PSO) Sohail Butt was also equally responsible and ordered for his suspension as well.Meanwhile, Petroleum Minister Shahid Khaqan Abbasi said that he was never satisfied with the performance of OGRA and the authority’s performance as a regulator was not just dismal for petrol but was also same for gas.Petrol crisis: Day 8 The petrol crisis has entered its eight day in Punjab as commuters continue their search for fuel. Long queues are seen at stations which are open with people complaining of waiting for several hours for just a litre of petrol. The All Pakistan Petroleum Dealers Association said that 5.7 mn liters of petrol has been disbursed to fuel stations across Punjab during the last three days and another 1.8 mn liters will be dispersed by tonight.However, according to the Petroleum Dealers Association, the state of affairs is improving and the chaos at stations was only due to mismanagement of the pumps and had nothing to do with the supply.The association further said that all fuel stations have been directed to meet the demands of the commuters with the provided supply of petrol, as well as all stations should stop providing petrol to customers with bottles and canisters in order to avoid queues. 










 
ewarticle strong>ISLAMABAD: Pakistan will start importing RON 92 standard petrol from October, which will improve efficiency of vehicles and give good mileage per litre, official sources in the Ministry of Petroleum and Natural Resources said Friday.</strong“Currently, the country is importing 87 RON petrol, which is not of a very high quality, but from October we are going to replace it with RON 92 standard petrol,” they told APP.Besides, they said the government was making tireless efforts to increase the country’s oil refining capacity.Accordingly, a task to Pakistan Arab Refinery Company (PARCO) to complete Khalifa coastal refinery, having capacity to produce 250,000 barrels per day, which was pending for last several years.They said six oil and gas discoveries were made in June, adding 83 discoveries were made in three years since the present federal government took over.These are a record number of discoveries made in just one month, from where 50.1 mmcfd gas and 2,359 barrels oil per day would be produced.Following the 83 oil and gas discoveries in last three years, around 631 million cubic feet per day (mmcfd) gas and 27,359 barrels per day Crude Oil production has been added to the system, they added. 
ewarticle strong>ISLAMABAD: The government has set a target of domestic production of 43.8 million barrels of crude oil and 1.51 trillion cubic feet gas for the next fiscal year.</strong>    The demand and supply gap in both oil and gas sectors will be filled through import of petroleum products, Radio Pakistan reported officials as saying.The indigenous gas supply will be supplemented through LNG imports to the tune of 4.5 million tones. They said the annual production of crude oil stood at 32.03 million barrels in the outgoing fiscal year.The officials said a total of one hundred and sixteen oil and gas wells will be drilled by the exploration and production companies in the next fiscal year to enhance the domestic oil and gas production.Giving details of the projects of Sui Northern and Sui Southern Gas Company Limited, the officials said the two companies plan to add over four hundred thousand new consumers to their systems.In addition, the gas companies have also plans to lay down about six thousand kilometer of new transmission pipelines in their networks."
What is the recent fuel adjustment relief on electricity charges for Karachi's consumers?,"ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Wednesday said that a notification has been issued after November’s fuel adjustment regarding a relief on electricity charges for Karachi’s consumers.According to the notification, consumers will benefit by a reduction of Rs. 1.73 per unit which would reflect in bills for March 2015.NEPRA had proposed the reduction during the first week of January and after approval it issued the notification today.   










 
ewarticle strong>ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has approved increase in power tariff for Karachi under fuel charges adjustment for the month of July and August.</strongThe power regulatory body, while hearing the petition filed by K-Electric for hike in power tariff under FCA here Thursday, approved increased by 15 paisa and 23 paisa per unit for the month of July and August respectively.During the proceedings today, K-Electric informed that over Rs237.8 million and Rs358.7 million extra were spent on the consumption of fuel in the generation of electricity in July and August respectively. Therefore, the power utility urged NEPRA to increase the power tariff under fuel charges adjustment.On this, the regulatory body approved increase by 15 paisa for July and 23 paisa for August. 
ewarticle ISLAMABAD: Electricity prices are likely to be slashed by Rs3.29 per unit as the Central Power Purchasing Agency (CPPA) has asked the national power regulator to reduce tariff. CPPA has sent a recommendation to National Electric Power Regulatory Authority (NEPRA) in this regard. Electricity price are likely to go down by up to Rs3.29 per unit if NEPRA approves the request at its hearing scheduled for July 16. The decrease in consumer prices is likely to come into effect under the head of fuel adjustment for the month of May, and would be applicable across Pakistan except for consumers of K-Electric. The Central Power Purchasing Agency has informed NEPRA in its recommendation that fuel adjustment charges on power production were set at Rs8.09 per unit for the month of May, but  fuel cost in May remained at Rs4.80 per unit.NEPRA will conduct a hearing into the matter on July 16.                        










 
ewarticle ISLAMABAD: In a move to give relief to consumers, sources in the Finance Ministry said on Tuesday that the price of petrol and petroleum products are expected to decrease further from February 1.According to sources, the price of petrol is expected to be slashed by Rs 10 per litre, High Speed Diesel by Rs 8.50 per litre, Light Diesel by Rs 11 per litre, HOBC by Rs 14 per litre, and Kerosene by Rs 12 per litre.Global crude oil prices have fallen by 50 percent since June 2014, and to provide consistent relief to consumers, the Pakistan government has decreased the price of petrol by Rs 29 since the last four months and brought the price of Diesel down by Rs 23 in the same time frame.Fuel crisis in the country began last week when Pakistan State Oil (PSO) was forced to slash imports because banks refused to extend any more credit to the government-owned company, which supplies 80 percent of the country´s oil.The shortfall led to long queues of angry motorists at petrol stations, though these have since dissipated as fuel supplies have reached the pumps. 










 
ewarticle ISLAMABAD: Power tariff is likely to witness a decline of Rs1.81 per unit as a result of fuel adjustment for the month of October.In this connection, a petition will soon be sent to National Electric Power Regulatory Authority (NEPRA) to slash the electricity tariff, said spokesman for Ministry of Water and Power.He said there is a proposal for bringing down the power tariff due to the fuel adjustment for the month of October. The Central Power Purchasing Agency will soon dispatch a petition in this regard to NEPRA.NEPRA will come to decision to the above petition after conducting a hearing.The proposed cut in tariff will be applicable for all other power distributing companies with the exception of K Electric. 










"
upcoming ECB policy meeting and quantitative easing impact on the euro,"LONDON: The US dollar hit multi-year highs against the euro and yen on Tuesday on the growing chance of the Federal Reserve hiking interest rates by mid-year, the prospect of which also hurt stocks and currencies from emerging markets.The skittish mood spread from Asia to Europe where stocks were down for a second day despite the European Central Bank's new bond buying campaign continuing to push down the euro and the bloc's already record-low borrowing costs.Driving the dollar up was speculation that the Federal Reserve, in contrast, will start lifting interest rates from mid-year after another round of stellar jobs data on Friday and a subsequent chorus of hawkish Fed policymaker comments.The euro's woes were compounded by worries about Greece as euro zone finance ministers met in Brussels a day after the head of the group, Jeroen Dijsselbloem, urged Athens to ""stop wasting time"" and start implementing reforms.Selling in the euro had gathered pace again in Europe as a break below a major layer of chart support at $1.0762 to $1.0735 left bears eyeing 1.07 the figure and some mulling potential parity.The dollar also broke higher on the yen in Asia to reach 122.02, territory not visited since July 2007.""It is all about the Fed now,"" said Aurelija Augulyte senior FX strategist at Nordea in Helsinki. ""The ECB (bond buying) bias has now been fully digested, but what the market is now trying to do is price in earlier Fed rate hikes.""The prospect of rising US yields threatened to draw funds away from emerging markets, causing strains from Brazil to Turkey. The Brazilian real led the rout, having fallen for the sixth straight session.The pressure spread then through Asia with the South Korean won hitting its lowest since late August 2013 and the Singapore dollar its lowest since 2010.Eastern Europe was also heavily in the red. Selling accelerated for Poland's zloty, Romania's leu and Hungary's forint and MSCI's main emerging market stock index fell 1 percent, down for its eighth day running.                        










 
ewarticle NEW YORK: The euro surged against the dollar Friday amid hope that European leaders would accept Greece´s proposals for a new bailout deal over the weekend.The proposal, in which Athens offered signficant reforms over the next three years in exchange for fresh money and restructured debts from the country´s official EU creditors, raised optimism that another default by Greece and its exit from the euro area could be avoided.The euro rose more than one cent to $1.1149 around 2100 GMT on Friday. It also surged nearly three yen to 136.86 yen.""The current proposals set forth by Greece and the creditors should have enough common ground that an agreement can be reached before the negotiation deadline on Sunday,"" said Christopher Vecchio, an analyst at DailyFX.The greenback showed little effect from Federal Reserve Chair Janet Yellen´s reiteration that the Fed´s first rate hike since 2006 will likely come before the end of the year.Yellen though remained cautious -- reflecting sentiment from the last Fed policy meeting -- noting continuing signs of slack in the jobs market and the risk of moving too soon on rates.""We will be watching carefully to see if there is continued improvement in labor market conditions, and we will need to be reasonably confident that inflation will move back to two percent in the next few years,"" she said.                        










 
ewarticle Hong Kong: Asian markets extended their rally this week, while the euro dipped ahead of a much-anticipated European Central Bank policy meeting that is forecast to see it introduce more monetary easing measures.Tokyo added 0.28 percent, or 48.54 points, to end at 17,329.02, Sydney rose 0.49 percent, or 26.56 points, to 5,419.94 and Seoul was flat, dipping a marginal 0.41 points to 1,920.82.Hong Kong rose 0.70 percent, or 170.05 points, to 24,522.63 and Shanghai gained 0.59 percent, or 19.73 points, to 3,343.34. The mainland China index has recovered almost all the losses it made on Monday in reaction to a regulatory crackdown on margin trading.Eyes are firmly on the ECB meeting later Thursday, with expectations high that it will unveil a programme of asset-purchasing, or quantitative easing (QE).Speculation has been rife for several months that more stimulus would be announced as inflation continues to weaken -- prices in the euro area fell in December for the first time in five years.According to analysts at UniCredit, the market is expecting the ECB to unveil a programme worth between 500 and 800 billion euros ($580 to $930 billion).Wall Street took its rally into a third day Wednesday, the Dow ending up 0.22 percent, the S&P 500 adding 0.47 percent and the Nasdaq 0.27 percent higher.With traders placing bets on a vast round of easing the euro has been hammered in the past few weeks, especially as it comes just a few months after the US Federal Reserve wound up its own QE programme and considers an interest rate hike this year.At one point last week the single currency fell below $1.1500 for the first time since late 2003.In afternoon trade Thursday it bought $1.1624 and 136.78 yen compared with $1.1607 and 136.85 yen in US trade.""The euro decision is kind of well telegraphed but euro-dollar does have more to go on the downside,"" Thomas Averill, a managing director in Sydney at Rochford Capital, told Bloomberg News. ""The eurozone economy seems pretty sluggish at the moment and needs QE.""The dollar was 117.66 yen against 117.90 yen in New York.Oil prices were largely flat after enjoying a rare fillip Wednesday. US benchmark West Texas Intermediate (WTI) for March delivery rose just 10 cents to $47.88 and Brent rose 42 cents to $49.45.On Wednesday WTI jumped $1.31 and Brent climbed $1.04.Gold fetched $1,286.66 an ounce, against $1,300.64 late Wednesday.In other markets:-- Kuala Lumpur rose 0.66 percent, or 11.66 points, to 1,781.75.Public Bank rose 0.56 percent to 17.84 ringgit, RHB Capital gained 0.13 percent to 7.73 while Malayan Banking was flat at 8.87 ringgit.-- Jakarta rose 0.73 percent, or 37.92 points, to 5,253.18.State miner Aneka Tambang rose 0.48 percent to 1,055 rupiah while palm oil producer Astra Agro Lestari fell 0.72 percent to 24,000 rupiah.-- Singapore rose 0.47 percent, or 15.83 points, to 3,370.29.Real estate developer Capitaland gained 0.59 percent to Sg$3.42 while United Overseas Bank rose 0.64 percent to Sg$23.50.-- Mumbai rose 0.41 percent, or 117.16 points, to end at 29,006.02 points.Sun Pharmaceutical Industries rose 3.85 percent to 920.05 rupees, while National Thermal Power Corporation fell 2.30 percent to 140.20 rupees.-- Bangkok rose 1.49 percent, or 22.98 points, to 1,560.34.Bank of Ayudhya soared 8.98 percent to 69.75 baht, while Thai Oil climbed 7.22 percent to 48.25 baht.-- Taipei rose 0.53 percent, or 49.80 points, to 9,369.51.Taiwan Semiconductor Manufacturing Co. fell 0.71 percent to Tw$140.0 while Acer ticked up 0.74 percent to Tw$20.45.-- Wellington slipped 0.45 percent, or 25.71 points, to 5,647.14.Spark fell 1.83 percent to NZ$3.215 while Fletcher Building was down 1.78 percent at NZ$8.27.-- Manila fell 0.77 percent, or 57.79 points, to 7,416.31.JG Summit Holdings plunged 11.16 percent to 62.10 pesos, Metropolitan Bank dropped 2.86 percent to 90.00 pesos and Ayala Land ended 0.29 percent down at 34.85 pesos. (AFP)                        










 
ewarticle London: World stock markets churned lower Friday on lingering disappointment over ""underwhelming"" eurozone stimulus measures and ahead of key US jobs data.Equities had plunged Thursday as the European Central Bank´s latest stimulus plan disappointed investors, sparking a global sell off that spilled over into Wall Street and Asia.In late Friday morning deals, London lost another 0.2 percent, Frankfurt fell 0.6 percent and Paris also slid 0.6 percent, one day after the key indices shed between two and four percent in value.Speculation had swirled for weeks that the ECB would ramp up its bond-buying programme and loosen monetary policy to bolster growth and counter weak inflation.Hopes were stoked Wednesday by news that eurozone inflation languished at 0.1 percent in November -- far lower than the ECB´s official 2.0-percent target.The bank on Thursday cut deposit rates further into negative territory -- meaning lenders must pay to park cash with it and so look to loan more -- and extended the length of its bond purchases.- Huge let-down -However, the long-awaited announcement was seen as a huge let-down as it crucially failed to increase the size of the stimulus while the rate cut was less than hoped for.""Equity markets took a notable shake out yesterday in response to the underwhelming actions of the ECB,"" said TrustNet Direct analyst Tony Cross.""The central bank´s stimulus measures fell some way short of expectations, initiating degree of panic across the board.""This rattled US markets after the European close last night and is once again taking a toll in early trade as the week´s final session gets underway.""The news sent the euro surging on Thursday to a one-month peak at $1.0981, having earlier hit a 7.5-month low of $1.0524 in highly volatile deals.""Draghi failed to deliver on investors´ expectations,"" said ETX Capital analyst Daniel Sugarman.""In November the ECB governor had stated that the ECB would ´do what we must to raise inflation as quickly as possible´ -- which investors took to mean the unveiling of a significant surge in monetary stimulus in December.""The single currency had come under fierce selling pressure leading up to the announcement as dealers positioned themselves for more far-reaching measures.- Fed caution -The euro´s gains were also given support after Federal Reserve boss Janet Yellen said the bank remained wary of a US interest rate rise because of concerns about a strong dollar and other central banks´ loose monetary policies.While the Fed is still widely expected to lift rates this month -- for the first time in nine years -- Yellen´s comments caused traders to baulk after a recent run-up in the dollar. Dealers are now awaiting the release of key US jobs data later in the day, although analysts say the report would need to be monstrously bad to prevent a Fed rate rise in December.Asian stocks finished in the red, with Tokyo down 2.2 percent, Shanghai shedding 1.7 percent and Sydney 1.5 percent lower.Oil prices rose Friday amid OPEC´s policy meeting in Vienna, where the cartel appears on course to maintain crude production levels despite a recent plunge to underneath $40 per barrel.- Key figures around 1130 GMT -London - FTSE 100: DOWN 0.2 percent at 6,263 pointsFrankfurt - DAX 30: DOWN 0.6 percent at 10,728Paris - CAC 40: DOWN 0.6 percent at 4,702 EURO STOXX 50: DOWN 0.4 percent at 3,149Tokyo - Nikkei 225: DOWN 2.2 percent at 19,504.48 (close)New York - Dow: DOWN 1.4 percent at 17,477.67 (close)Euro/dollar: DOWN to $1.0876 from $1.0947 in late US trade on ThursdayDollar/yen: UP to 122.80 yen from 122.61 yen 










 
ewarticle New York: The dollar weakened Tuesday after huge gains the prior week appeared to encourage profit taking, while the euro benefited from Greece´s progress toward a bailout.""A lull in the US economic calendar over the first half of the week has enticed many to cash in a few of the dollar´s big two percent gains from last week which amounted to its best weekly performance in two months,"" said Joe Manimbo at Western Union Business Solutions.The euro rose to $1.0942 around 2100 GMT from $1.0824 at the same time Monday. The dollar also fell against the yen, to 123.86 from 124.30.The dollar´s weakness should be fleeting as the US Federal Reserve readies an interest rate increase, said Kathy Lien of BK Asset Management, with the next update of the Fed´s stance coming after a policy meeting on July 29.""Although the Fed is not expected to raise interest rates in July, the tone of the monetary policy statement should be optimistic, reinforcing the notion that the economy is ready for tightening,"" she said.Last week Fed chief Janet Yellen said the rate hike was likely this year, underpinning the dollar´s rally. In Europe, there was positive movement in Greece´s efforts to gain a new bailout. The Greek government submitted to parliament a second batch of reform measures needed to start negotiations, with a vote scheduled for Wednesday.""The euro is higher as progress continues to be made toward a third financial assistance program for Greece,"" said Nick Bennenbroek, head of currency strategy at Wells Fargo Securities. 










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What actions did the Economic Coordination Committee of Pakistan take regarding wheat export and import?,"ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Friday approved export of 1.2 million tons of wheat and imposed a bans on import of wheat byproducts. Federal Minister for Finance Senator Ishaq Dar chaired the meeting and approved the export of 1.2 million tons of wheat out of the surplus stocks available in Punjab and Sindh.Accordingly, Punjab will export 800,000 tons while Sindh has been allocated export quota of 400,000 tons of wheat. Punjab will get a subsidy of Rs55 per metric ton for export while for Sindh this subsidy would be Rs45 per metric ton.Taking notice of unhindered import of wheat byproducts, the ECC also issued instructions for immediate ban on their import.The ECC considered a proposal moved by the Ministry of States and Frontier Regions (Safron) and approved the provision of 30,000 tons of wheat to the United Nations World Food Programme for distribution among Temporarily Displaced Persons (TDPs), catering for the period up to March 2015.The ECC also observed that in case of further requirements, Safron could revert to the forum with a fresh proposal.The ECC considered and approved a proposal by the Water and Power Minstry to attract private sector investment in transmission line projects with the inclusion of upfront tariff as an option. The ECC also accorded approval for the extension of GSA between OGDCL and Fauji Kabirwala Power Company Limited (FKPCL) for provision of 20 mmcfd of gas at the earliest but not later than February 1. Till that time, LNG is made available to the company for power generation. At its maximum generation capacity utilisation, the plant will generate 157 MW of electricity.The ECC approved Issuance of Policy directive to NEPRA to build in costs incurred by the power sector into the tariff without affecting the end consumer.The committee also approved the re-lending of the buyer credit loan to PAEC as per actual terms and conditions available to the Government of Pakistan. Based on the above approval, the revised rate comes to nine per cent comprising actual cost of loan and exchange rate risk.                        










 
ewarticle ISLAMABAD: Pakistan aim at increasing exports to India to one billion dollars within a year as made up textiles products and readymade garments have great potential to make their way to Indian markets.This was said by Minister for Commerce Engr Khurram Dastagir Khan while chairing a meeting with Pakistani counterparts of Pak-India Business Council here on Tuesday.The delegation was headed by Mr Yawar Ali Shah, who briefed the minister on their recent visit to India and outcome of the meetings held with Indian business and trade stakeholders.The minister was of the view that due to land route Pakistan is the most favorite and cost effective market for India in terms of importing raw material for their agriculture and textile products.He was of the view that trade concessions to India cannot be offered unilaterally. India also need to extend access to Pakistani products with preferential duty regime, the minister added.The minister also informed the delegation that the ministry has restructured National Tariff Commission (NTC) in line with the legal framework guided by the Supreme Court of Pakistan.Earlier, the delegation was of the view that Indian food manufactures are looking for different Pakistani agriculture products, like Mango and Kinno in specific seasons.Also they added Pakistan agriculture products, like green peas, can be exported to India as they run freezing plants at far less capacity of 200,000 tons.The business interlocutors were of the view that trade with both countries should cooperate in promoting SME, Agriculture, Tourism, Culture, Research sectors Basmati Rice, branding issue and exchange of business groups’ visits.Later, a delegation of Pakistan Commercial Exporters Association called on Minister for Commerce with an agenda to boost exports in Gems and Jewelry products.Assuring full support to the business group, the minister said government shall move further ahead in increasing exports and soliciting resources until exports fraternity come forward and take initiatives and mobilize their resources. 
ewarticle KARACHI: Governor Sindh Dr. Ishrat-ul-Ebad Khan has said exporters of various goods have played a vital role in economy of Pakistan and due to their efforts valuable addition is witnessed in national exchequer every year.This he said while talking to a 9-members delegation of Rice Exporters Association of Pakistan (REAP) at Governor House here on Monday.Principal Secretary to Governor Muhammad Hussain Syed was also present on the occasion.Dr. Ebad said that agriculture was the back-bone of Pakistan’s economy as majority population is engaged with this sector.Cotton, rice, sugarcane, mango, citrus fruits and other crops have a pivotal contribution in Gross Domestic Product (GDP) of the country as they employ millions of people, he observed.Governor Sindh said that rice is an important part of exports of Pakistan and basmati rice of Pakistan is renowned for its quality and taste worldwide.<br/> It also counts for sizeable amount of foreign exchange, he opined.On pointing of dormant state of Rice Research Institute (RRI), Dokri district, Larkana, Governor Sindh assured that all concerned would be called soon to know the reasons behind its ineffectiveness.The RRI has a very important role in producing new varieties of rice which are not only cost effective but also have visible consumption due to their quality, he added.On complaint of harassment from market committees, Governor Sindh asked Principal Secretary to examine the matter and resolve the same in consultation of all stake holders.He said that after improvement of law and order situation in Karachi, business community was engaged in their economic activities without any fear.Exporters would be provided all possible help and assistance to continue their exports, he assured.Governor Sindh commended the idea of holding a Biryani Festival and said that it would help in increasing rice exports.The Chief Patron of  REAP Abdul Rahim Janoo informed Governor Sindh that the Association has 1600 members from which 850 belong to Sindh.Pakistani rice is exported to 117 countries of the world including China, he said and added that Punjab produces Basmati while Sindh has Irri rice in abundance.He lauded the efforts of Governor Sindh in maintaining law &amp; order in Sindh and providing every possible facilities to business community.The delegation members included Senior Vice Chairman REAP Nauman Ahmed Shaikh, members managing Committee Javed Jilani, Inder Lal, Hamid Qureshi, Latif Paracha, Wajid Paracha, Rauf Aziz and Secretary Altaf Hussain.  
ewarticle strong>MUMBAI/KARACHI: Rising hostilities between India and Pakistan have brought their $822 million-a-year trade in cotton to a juddering halt, as traders who are worried about uncertainty over supplies and driven by patriotism hold off signing new deals.</strongThe nuclear-armed rivals have seen tensions ratchet up in the past few months over the disputed territory of Kashmir, and cotton traders in both countries said they were watching developments along the de facto border with alarm.Pakistan, the world's third-largest cotton consumer, usually starts importing from September, but three Indian exporters said the number of inquiries had slowed to a trickle in the last two weeks.In the clearest sign yet of souring relations affecting commerce, Pakistan-based importers also said they were not buying.""At the moment there is no cotton trade. It's at standstill. There is uncertainty that, God forbid, if war breaks out, what will happen?"" said Ihsanul Haq, chairman of the Pakistan Cotton Dealers Association.Pakistan Cotton Commissioner Khalid Abdullah said a ""low quantum of trade activity is still taking place.""He said the Pakistan government had not directed traders to stop buying Indian cotton and expected trade to normalize when tensions eased.Indian government officials said they had not yet noticed trading had stopped.But some Indian officials said last week that Prime Minister Narendra Modi's government was considering whether it should choke trade with Pakistan to put pressure on its neighbour, even though the trade balance is in India's favour.strong>INDIA'S BIGGEST COTTON BUYER</strongTrade between India and Pakistan, which have fought three wars since their independence from British rule in 1947, is small.In the 2015/16 fiscal year ending on March 31, official trade between the two was $2.6 billion. Cotton is the largest component of that total.It is not clear whether other goods and commodities traded between the two, such as jewellery and dry fruits, have been hit by the escalation in hostilities as well, but the disruption to cotton shipments is potentially significant.In the crop year ended Sept. 30, Pakistan was India's biggest cotton buyer after its own crop was hit by drought and whitefly pest.It imported 2.5 million bales from India, and supported Indian cotton prices at a time when China was cutting imports, traders said.Lower purchases by Pakistan this year could hurt exports from the world's biggest producer of the fibre and put pressure on Indian prices, but could also help rival cotton suppliers like Brazil, the United States and some African countries.Chirag Patel, chief executive officer of Indian exporter Jaydeep Cotton Fibers, said the country could export 5 million bales in the 2016/17 crop year, but exports could plunge to 3 million bales without Pakistani imports.An exporter based in Mumbai estimated that Pakistan will need to import at least 3 million bales in 2016/17, and India will have a surplus of around 8 million bales.""As soon as the (political) situation improves, cotton trade will definitely resume between the two countries,"" said Haq of the Pakistan Cotton Dealers Association.But for now, traders on both sides of the border said the environment was not conducive to doing business.""Many cotton exporters are not interested in selling cotton to Pakistan. They are trying to find other markets,"" said Pradeep Jain, a ginner based in Jalgaon in the western state of Maharashtra.Shahzad Ali Khan, chairman of Pakistan Cotton Ginners Association, referred to a move by the Indian Motion Picture Producers' Association (IMPPA), a small filmmakers' body, last week, banning their members from hiring Pakistani actors.""India is banning Pakistani artists, so how can it expect us to buy cotton from India?"" Khan said.""In various forums Pakistani traders are saying they will not buy cotton from India this year. Even if they need to pay extra, they will pay and buy it from other suppliers."" 
ewarticle strong>LAHORE: Finance Minister Senator Ishaq Dar on Saturday called for formulation and implementation of a Charter of Economy to develop y Pakistan at all levels.</strongTalking to media men at MoU signing ceremony between Sheikh Zayed Hospital Complex and University of Health Science (UHS), he also underscored the need to separate politics from economic affairs and said every one in his domain must focus and contribute towards economic well being of the country.Ishaq Dar said  Voluntary Tax Compliance Scheme (VTCS commonly known as tax amnesty scheme) was not aimed to allow people to whiten their black money, wealth, assets or jewellery but to facilitate the non filers.He said so far only 10,000 new filers had used this facility and called for more efforts to remove fears and apprehensions of the new filers.One month extension in the deadline of the VTCS would prove very beneficial for non filers, business businessmen and tax revenue generation, he said.The Federal Minister said that National Price Monitoring Committee was entrusted to assess the impact on prices of overall commodities in the wake of fluctuation in the prices of POL (petroleum oil and lubricants).The committee he added monitored the implementation of prices in the country while the government had also set up model special and Sunday bazaars in KPK Punjab and Sindh which ensured a great relief to the common man in terms of reduced prices of commodities. Replying  a query, Ishaq Dar said that government had succeeded to convince the opposition parties and remove their reservations over the issue of PIA,  asserting that PIA amendment bill would be passed in joint session of the Senate and National Assembly to be held on April 11th.“None of the PIA s hotels or assets was being sold out but the government wanted to correct the core business of the PIA to turn it into a profitable entity”, he said.The Federal Minister said that Pakistan had made the LNG (Liquefied Natural Gas) import deal with Qatar at a very low price and it would be contributing to the country s energy needs.About the appointment of OGRA Chairman, Ishaq Dar, said that an 11 member committee headed by him had been constituted and it also included Federal Petroleum Minister and the Cabinet Secretary."
What are the implications of King Salman's succession on Saudi Arabia's oil policy?,"SINGAPORE: Saudi Arabia's new king is expected to continue a policy of keeping oil output steady to drive out rival producers, though the royal succession has focused market attention on the future of the kingdom's long-serving oil minister.King Abdullah died early on Friday and his brother Salman became king, the royal court in the world's top oil exporter said in a statement.Salman named his half-brother Muqrin as heir, rapidly moving to forestall any succession crisis at a moment when Saudi Arabia faces unprecedented turmoil on its borders.While the new king is not seen as likely to change Abdullah's policies of keeping output high to protect the OPEC cartel's market share, some analysts said the succession has focused attention on the future of the oil minister Ali Al-Naimi.""King Abdullah was the architect of the current strategy to keep production high and force out smaller players instead of cutting,"" said John Kilduff, partner, Again Capital LLC in New York, adding that he expected Salman to keep production high.FGE analyst Tushar Bansal said: ""By and large, as of now, no major change is expected in Saudi policies"" but he said the market would focus on whether the oil minister might step down.""Ali Al-Naimi has been the oil minister since 1995... It was reported that he expressed a desire to step down, but King Abdullah asked him to stay on for as long as he is around. So, the real question is, if there is a new oil minister soon, will it lead to a change in Saudi energy policy?""IHS oil consultant Victor Shum said speculation over the fate of the oil minister could add to market uncertainty though he did not expect a change of minister or in overall policy.""The decision on Saudi Arabia to keep pumping (oil) was made regardless of who the king may be,"" said Shum.Saudi leaders were also unlikely to want to repeat some previous policy misfires.In the 1980s, Saudi Arabia cut its own output to prop up prices in the face of falling demand and rising supplies from non-OPEC suppliers but was dealt a double blow from lower prices and reduced output.Saudi policymakers would be determined not to make the same mistake again, analysts said.Crude oil futures jumped on Friday after news of the Saudi king's death but later came off their highs and were still trading at levels more than 50 percent below their most recent peaks in June, 2014. [O/R]""This little spike in prices is understandable... It should be sold off quickly and it won't last long at all,"" said Mark Keenan, an analyst at Societe Generale.                        










 
ewarticle ABU DHABI/KHOBAR: Saudi Arabia´s new energy minister said on Sunday the world´s largest crude exporter was committed to meeting demand for hydrocarbons from its customers and would maintain its petroleum policies.""Saudi Arabia will maintain its stable petroleum policies. We remain committed to maintaining our role in international energy markets and strengthening our position as the world´s most reliable supplier of energy,"" Khalid al-Falih said in an e-mailed statement.""We are committed to meeting existing and additional hydrocarbons demand from our expanding global customer base, backed by our current maximum sustainable capacity.""Since 2014, Saudi Arabia has led OPEC through a new survival-of-the-fittest strategy aimed at defending market share rather than reducing production to support oil prices.Falih´s comments on Sunday support analysts´ views that no shift in Saudi oil policy is likely as a result of his appointment.Falih´s appointment was part of a bigger Saudi shake-up announced on Saturday as King Salman restructered some big ministries in a major reshuffle intended to support a wide-ranging economic reform programme.As part of the restructuring, the Petroleum Ministry has been renamed the Ministry of Energy, Industry and Mineral Resources.""The creation of a new Ministry in Saudi Arabia that brings together the Kingdom´s abundant and unrivalled energy and mineral resources and industrial capabilities is in line with the ambitious objectives of Saudi Vision 2030,"" Falih said.  
ewarticle strong>RIYADH: Saudi Arabia's National Transformation Plan, a pivotal element of the ""Vision 2030"" reforms announced in April by Deputy Crown Prince Mohammed bin Salman, will be put before the cabinet for approval on Monday, a senior Saudi source told Reuters.</strongThe plan is expected to flesh out sector-by-sector details of the implementation of Prince Mohammed's programme, which is intended to restructure the kingdom's entire economy and make it less dependent on oil revenue.""The Council of Economic and Development Affairs has approved the final draft of the National Transformation Plan, which is one of the plans adopted and part of the 2030 vision, which was launched and adopted by the Saudi deputy crown prince, president of CEDA,"" the source said.Prince Mohammed was given a central role in decision making after his father, King Salman, became monarch early last year, taking charge of CEDA, a new supercommittee of top ministers charged with overseeing reforms.Saudi Arabia finances now depend on oil revenue and its economic performance closely tracks government spending. But energy prices have plummeted since mid-2014, causing steep declines in income and putting growth at risk.HIGH PROFILEThe wider reforms are expected to include subsidy cuts, tax rises, sales of state assets, a government efficiency drive and efforts to spur private sector investment. Last month the International Monetary Fund said the plans were ""appropriately bold and far reaching"".Details of the plan, a programme of wide-ranging economic reforms, will be disclosed in daily news conferences with government ministers starting Monday evening, the senior source said.Other parts of the Vision 2030, including a partial privatisation of state oil giant Saudi Aramco and transformation of the government's Public Investment Fund into one of the world's biggest sovereign wealth funds, have yet to be approved.The emphasis placed on the plan by Prince Mohammed is evident in the high-profile nature of its launch, with senior ministers expected to deliver rare briefings on how their departments will implement the programme.The timing is also significant because Monday is the first day of the Muslim fasting month of Ramadan, when business and government activity in the conservative Islamic kingdom have historically slowed down. Launching the plan despite the start of the holiday signals a more energetic approach.Riyadh has been cutting spending and trying to raise fresh revenues as it grapples with its budget deficit, which totalled $98 billion in 2015.The IMF predicted the deficit would stay very large this year, at about 14 percent of gross domestic product compared to 16 percent last year. 
ewarticle strong>RIYADH: Saudi Arabia´s King Salman replaced the minister for water and electricity Abdullah al-Husayen on Saturday with Agriculture Minister Abdulrahman al-Fadhli, who will do the job on an acting basis, state media reported, citing a royal decree.</strongThis week Deputy Crown Prince Mohammed bin Salman, who is responsible for sweeping economic reforms in the world´s top oil exporter, was quoted as saying increases in water tariffs had not been implemented in line with the plans.Saudi Arabia is seeking to reduce lavish subsidies on its power and water as it faces reduced income from oil exports thanks to lower crude prices since 2014, but raising tariffs is regarded as politically sensitive.The kingdom also introduced its first rises in petrol prices and electricity tariffs in many years when it announced the national budget in December. Power demand growth in the kingdom is estimated at around 10 percent a year and some electricity is produced by burning crude oil which would otherwise be available to sell on the global<br/>market.Riyadh is planning to introduce nuclear and renewable energy plants, but the proposals are still at an early stage. 
ewarticle JEDDAH, Saudi Arabia: Saudi officials have finalised a detailed plan to diversify the country´s economy away from oil and have sent it for cabinet approval, official media said on Monday.The National Transformation Programme (NTP) will elaborate upon Vision 2030, an 84-page document released in April by Deputy Crown Prince Mohammed bin Salman, 30, who is leading the reform charge.At the heart of the Vision is a plan to float less than five percent of state oil firm Saudi Aramco on the stock market.The proceeds would become part of the world´s largest state investment fund, with $2 trillion in assets.Profits from the investment fund would help economic diversification and provide an alternative to oil revenues that have fallen by about half since 2014.The collapse has accelerated Saudi efforts to move away from petroleum which still accounts for the bulk of government income.The main economic coordinating body, the Council of Economic Affairs and Development chaired by Prince Mohammed, on Sunday night decided to submit the ""final version"" of the NTP to the cabinet for approval, the Saudi Press Agency said.The cabinet normally meets on Mondays. A press conference is expected in the Red Sea city of Jeddah, the summer home of the government, on Monday night.According to Vision 2030, the NTP relates to the government´s role ""in implementing the initiatives necessary for delivering on national priorities.""It said opportunities for partnering with the private sector were being looked at, ""as well as innovative administrative and funding approaches. We are detailing specific initiatives that have clear performance indicators.""Among its wide-ranging goals the Vision aims to reduce unemployment, increase women´s participation in the workforce, boost private sector economic contributions, and develop cultural and entertainment activities in the kingdom.Saudi Arabia is one of the world´s most conservative societies, but more than half of its citizen population is younger than 25."
What action did NEPRA take against K-Electric for collecting meter rent?,"ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Friday said that it was unlawful of K-Electric to collect meter rent of Rs. 7.50 per customer.According to a NEPRA spokesman, the regulatory authority has immediately stopped K-Electric from collecting the rent. It has also directed the organisation to return all the collected rent so far back to about 2.2 million customers. 










 
ewarticle KARACHI: K Electric has filed a petition with the National Electric Power Regulatory Authority (NEPRA), seeking 57 paisa increase in per unit rate under fuel adjustment for the month of November 2015.According to NEPRA, the K Electric has in its petition stated that it supplied a total of 1.21 billion units of electricity during the month of November while the fuel cost born by it rose by Rs700 million for the same month.NEPRA will come to a decision over the K Electric’s petition after conducting a hearing on January 19. 
ewarticle ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) issued a notification on Tuesday regarding provision of relief of Rs 3.24 per unit to power consumers.According to the notification, the regulatory authority decided the reduction after a review of the fuel price adjustment for December 2014.The relief would be provided to all consumers except for those belonging to K-Electric. 










 
ewarticle KARACHI: The National Electric Power Regulatory Authority (NEPRA) has approved Rs1.75 per unit cut in the tariff of K-Electric to provide a relief the Karachiites with effect from next month.The consumers will benefit from the cut in the tariff from the June. 










 
ewarticle strong>ISLAMABAD: National Power Regulatory Authority (NEPRA) has accorded approval to reduction of power tariff by Rs 4.11 per unit under Fuel Adjustment Surcharge (FAS) from the month of January.</strongThe application filed by Central Power Purchasing Agency (CPPA) recommending reduction in power tariff under FAS came up for hearing in NEPRA headquarters on Monday.NEPRA has accorded approval to scale down power tariff on CPPA plea. The reduction has been allowed in FAS for the month of January.The relief of reduction in tariff will be provided to the consumers in the billing for the month of February.The reduction in tariff will not apply to K-electric and the consumers using less than 200 units electricity per month.NEPRA said that curtailment in tariff will afford relief amounting to Rs 20 billion to consumers."
What are the future plans of Pak-Brunei Investment Company?,"ISLAMABAD: Finance Minister Ishaq Dar here on Sunday chaired a briefing session by managing director Pak-Brunei Investment Company seeking details of its present investment financing profile and immediate future plans. Pak-Brunei Investment Company is an investment finance company established as a joint venture between government of Pakistan and Brunei Investment Agency (BIA) that commenced operations in August 2007 said a press release. Managing Director Ayesha Aziz said that Pak-Brunei plans to increase its small and medium enterprise footprint across various regions of the country. She said that the company was in final stages of launching a modarba fund as its special future venture. The First Fund based on PE model will be established by March 2015.Pak-Brunei also has plans for establishment of specialized vehicles for warehousing collateral management. Finance Minister appreciated the company’s 100% recovery ratios particularly in SME financing and handling projects facing financial distress.  










 
ewarticle strong>ISLAMABAD: A delegation of Chinese investment companies has apprised Prime Minister Nawaz Sharif of bringing $ 3 billion Investment Fund to Pakistan focusing on infrastructure development and energy sectors.</strongA consortium of Chinese investment companies called on PM Nawaz at the PM House here Friday.The Chinese delegation also expressed its intent to explore possibility of starting a new airline in Pakistan after the permission from the government of Pakistan.Talking to the delegation, Nawaz Sharif said Pakistan’s economic outlook had altogether changed in last three years and was being acknowledged globally.He said Pakistan was among the year’s global top 10 improvers in ‘Doing Business 2017’ report.Nawaz Sharif said the country’s investment policy had been designed to provide a comprehensive framework for creating a conducive business environment for the attraction of Foreign Direct Investment.He said the country’s policy trends had been consistent, with liberalization, de-regulation, privatization, and facilitation being its foremost cornerstone.Warmly welcoming the delegation, the Prime Minister appreciated the Chinese delegation’s fruitful interaction with Ministries of Finance, Petroleum and Natural Resources, Secretary Water and Power and Capital Development Authority.The Prime Minister expressed hope that members of the Chinese delegation would have a productive visit in the backdrop of briefing by various Ministries about immense potential for investment in Pakistan’s infrastructure development, energy and communication sectors.The Chinese side said that it is actively pursuing its investments in infrastructure, power, aviation and tourism sectors of Pakistan. 
ewarticle JEDDAH, Saudi Arabia: Saudi officials have finalised a detailed plan to diversify the country´s economy away from oil and have sent it for cabinet approval, official media said on Monday.The National Transformation Programme (NTP) will elaborate upon Vision 2030, an 84-page document released in April by Deputy Crown Prince Mohammed bin Salman, 30, who is leading the reform charge.At the heart of the Vision is a plan to float less than five percent of state oil firm Saudi Aramco on the stock market.The proceeds would become part of the world´s largest state investment fund, with $2 trillion in assets.Profits from the investment fund would help economic diversification and provide an alternative to oil revenues that have fallen by about half since 2014.The collapse has accelerated Saudi efforts to move away from petroleum which still accounts for the bulk of government income.The main economic coordinating body, the Council of Economic Affairs and Development chaired by Prince Mohammed, on Sunday night decided to submit the ""final version"" of the NTP to the cabinet for approval, the Saudi Press Agency said.The cabinet normally meets on Mondays. A press conference is expected in the Red Sea city of Jeddah, the summer home of the government, on Monday night.According to Vision 2030, the NTP relates to the government´s role ""in implementing the initiatives necessary for delivering on national priorities.""It said opportunities for partnering with the private sector were being looked at, ""as well as innovative administrative and funding approaches. We are detailing specific initiatives that have clear performance indicators.""Among its wide-ranging goals the Vision aims to reduce unemployment, increase women´s participation in the workforce, boost private sector economic contributions, and develop cultural and entertainment activities in the kingdom.Saudi Arabia is one of the world´s most conservative societies, but more than half of its citizen population is younger than 25. 
ewarticle strong>KARACHI: A consortium led by three Chinese exchanges has offered 28 rupees ($0.27) per share to buy a 40 percent stake in the Pakistan Stock Exchange, according to a statement and the bourse's top official.</strong""All I can say ... is the Chinese consortium is the top bidder,"" Managing Director Nadeem Naqvi told Reuters on Thursday ahead of an official announcement of the bids.The consortium is led by the China Financial Futures Exchange Company Limited, the Shanghai Stock Exchange and the Shenzen Stock Exchange, according to a PSX statement.It also includes two Pakistani financial institutions, the Pak-China Investment Company Limited and Habib Bank Limited (HBL.KA).Naqvi said 40 percent of the Karachi-based stock exchange represents 320 million shares. That would make the potential deal worth PKR 8.96 billion ($85 million).Earlier, at least 17 parties submitted expressions of interest, Naqvi said. He would not say how many had made formal bids.Pakistan's stock exchange has been one of Asia's best performing for several years and was recently approved to be restored to the MSCI Emerging Markets Index, giving it a wider range of potential investors than as a Frontier Market.The index has since gained 21 percent in terms of points, closing at 46,699.78 on Thursday.""The Divestment Committee will now issue the Letter of Acceptance to the above Consortium, subject to formal approval of Securities and Exchange Commission of Pakistan [SECP],"" read the statement confirming the bid.Confidence in Pakistan is growing, with the International Monetary Fund claiming in October that the country has emerged from crisis and stabilised its economy after completing a bailout programme.Its credit rating has improved, while there are encouraging signs of foreign investment, such as a massive Chinese infrastructure project officials routinely call a ""gamechanger"". 
ewarticle KARACHI: Finance Minister, Ishaq Dar on Wednesday said those who used to call Pakistan ‘bankrupt’ have been shut down for good and vowed to transform the country into world’s 18th best performing economy.“Pakistan’s budget deficit will be further curtailed in the coming three years,” he expressed the resolve while addressing the launching ceremony of Islamic Index here at Karachi Stock Exchange.Earlier, the Finance Minister rang the conventional bell and let the trade begin.Expressing his contentment over the performance of the State Bank of Pakistan (SBP), he identified Islamic banking as a challenge and added that the government was working towards its promotion as well as serving the country at large.Terming the introduction of the Islamic Index as a milestone, Ishaq Dar said the new index will cast a positive impact on the stock exchange.He said investment in Islamic banking will yield positive results for the stock market of the country.Later, talking to media men, Ishaq Dar said the government will extend its all out cooperation to the traders and encourage them to invest in Islamic banking.He said the economic indicators have shown positive growth while the country’s foreign exchange reserves have witnessed a record leap. 










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Impact of fuel shortages on Pakistan's economy and credit rating,"ISLAMABAD: Pakistan's ongoing fuel shortage that has led to worsening power blackouts is weighing on its credit worthiness and hindering its ability to meet key reform targets laid out by the IMF, ratings agency Moody´s warned Monday. The country is currently in the grip of one of its worst power crises in years due to a shortfall in imported oil, with the situation exacerbated Sunday by an attack on a key powerline in restive Balochistan province. Moody´s said that increasing energy imports without addressing structural issues that create so-called circular debt ""will further strain Pakistan's budget and balance of payments, a credit negative"". ""Fuel shortages also reflect the strained finances of state-owned distribution companies and the fuel importer, Pakistan State Oil corporation, and are a setback to the sector's progress on reforms made so far under Pakistan's financial support program with the International Monetary Fund.""The IMF granted a $6.6-billion loan to Pakistan in September 2013 on the condition that it carry out extensive economic reforms, particularly in the energy and taxation sectors.Moody´s, which in July 2014 upgraded Pakistan's rating outlook from ""negative"" to ""stable"" in a boon for the shaky South Asian economy, said that structural reforms had been a ""key driver"" in its decision last year. ""Circular debt"" -- brought on by the dual effect of the government setting low electricity prices and customers failing to pay -- is at the heart of the crisis. State utilities lose money, and cannot pay private power generating companies, which in turn cannot pay the oil and gas suppliers, who cut off the supply. The fuel crisis began last week when Pakistan State Oil was forced to slash imports because banks refused to extend any more credit to the government-owned company, which supplies 80 percent of the country´s oil. The shortfall led to long queues of angry motorists at petrol stations, though these have since dissipated as fuel supplies have reached the pumps. But Moody´s warned that the government of Prime Minister Nawaz Sharif, which made solving the energy crisis a key campaign pledge, had so far failed to offer policy solutions and increasing oil supplies would only add to the fiscal burden. ""The government´s targeted fiscal deficit of 4.5 percent of GDP in fiscal 2015 from 4.7 percent in fiscal 2014 is already impeded by delays in implementing electricity tariff adjustments and legal challenges related to tax collections,"" it said. Increasing fuel imports, which currently comprise 35 percent of total imports would further weigh on Pakistan´s import bill, it added.                        










 
ewarticle KARACHI: Standard and Poor's on Tuesday revised Pakistan's credit rating outlook from stable to positive and forecast higher GDP growth for 2015 to 2017, amid a stint of economic reforms.In a statement, the agency said the country had made significant progress in stablising its economic, fiscal and external performance, alongside eased financing conditions.“We are therefore revising the outlook on the long term ratings on Pakistan to positive from stable,” the agency said, affirming a B- rating.S&P also revised its earlier average growth estimates for 2015 to 2017 to 4.6 percent from 3.8 percent.This reflected “strong capital inflows and remittances, and lower oil prices, which support business confidence and investment spending,” it said.Pakistan’s GDP grew by 4.1 percent in the fiscal year ending June last year.Net foreign exchange reserves with the central bank reached $12.36 billion dollars in recent weeks from just $3.2 billion in January 2014.The International Monetary Fund (IMF) has voiced satisfaction with Pakistan’s progress on reforms required under a $6.6-billion bailout agreed in 2013.The loan came on condition that Pakistan – which was suffering an energy crisis – would carry out extensive economic reforms, particularly in the energy and taxation sectors.In March, Moody’s upgraded Pakistan’s dollar bonds rating one notch from stable to positive.Pakistan has been trying to boost its flagging economy since Prime Minister Nawaz Sharif was elected nearly two years ago.                        










 
ewarticle ISLAMABAD: With a benchmark index that has gained 16 percent in the last 12 months Pakistan has been among the world’s top 10 performers according to a recent Bloomberg report. The report highlighted improvements in Pakistan’s economicperformance in terms of trade, investment, industry, inflation, construction growth to name a few, during the Nawaz Sharif led PMLN government.The report noted that Prime Minister Sharif – who took power inMay 2013 – has boosted infrastructure spending by 27 percent to Rs.1.5 trillion for the fiscal year starting from July 1.Pakistan was making significant progress in meeting targetsunder its 6.6 billion loan program the International MonetaryFund said in May.The lender predicted a 4.5 percent growth in the economy inthe year starting July 1 following a 4.1 percent expansion lastfiscal year the report added.According to the report easing prices are also set to buoyconsumer spending. Inflation in South Asia s second largest economyslowed each month this year through April as transport and foodprices fell prompting the central bank to cut the benchmarkinterest rate in May to the lowest level in 42 years.It said Moody’s Investors Service upgraded Pakistan’ssovereign credit ratings for the first time since 2008 in June butsaid stalling the ongoing IMF program or an unstable politicalenvironment would be credit negative.The report noted that China was standing by Pakistan as thenation’s long time strategic ally.In April, Asia s largest economy, China signed deals for $28billion of investments in Pakistan as part of a planned $45 billioneconomic corridor that includes power plants and dams.The development in cities and smaller towns is trickling downand is good news for smaller contractors as well the report said.“Business has been very good and there s no doubt my work hastripled in five years,” the Bloomberg report quoted Mohammed HassanBakshi 43 a builder in Karachi. There s huge demandfrom the middle class for affordable housing. Builders in Pakistan are seeking technology from China to helpcut down construction and project execution times to as little assix months from as long as five years he said.The nation s construction sector grew by 11.3 percent in theyear through June 2014 almost double the 5.7 percent target according to central bank data.Pakistan is a reform story like neighboring India s but onlybetter said Renaissance’s Robertson.All of this is a big change on 2013 he said. Credit ratingagencies are beginning to recognize this. According to the report the construction boom also marks thenation s emergence as a frontier market after Prime Minister NawazSharif averted a balance of payments crisis with help from theInternational Monetary Fund and resumed selling stakes in statecompanies.He (Nawaz Sharif) is boosting infrastructure spending as the$232 billion economy expands at the fastest pace since 2008 amidthe cheapest borrowing costs in 42 years it said.It is the best undiscovered investment opportunity inemerging or frontier markets said Charlie Robertson London basedchief economist at Renaissance Capital Ltd.What’s changed is the delivery of reforms   privatization an improved fiscal picture and good relations with the IMF. D.G. Khan Cement Co. controlled by billionaire Mian MuhammadMansha and Cherat Cement Co. have announced expansion plans whilesteelmakers are selling shares.Amreli Steels Ltd. the nation s biggest maker of steel barsused in construction is planning a share sale to help doublecapacity. Mughal Iron & Steel Industries Ltd. completed an initialpublic offering in April.Pakistan’s cement industry has rallied 57 percent in the pastyear more than triple the gains by the benchmark according to datacompiled by Bloomberg.D.G. Khan Cement the third largest maker of the constructionmaterial has jumped 62 percent and Maple Leaf Cement Factory Ltd.has surged 161 percent and Fauji Cement Co. Ltd. has gained 81percent.The construction industry is seeing a boom and there isstill juice left in the cement rally said Mir Muhammad Ali chiefexecutive officer of UBL Fund Managers Ltd. that handles about 56billion rupees ($550 million) in stocks and bonds in Karachi. 










 
ewarticle ISLAMABAD: In a move to give relief to consumers, sources in the Finance Ministry said on Tuesday that the price of petrol and petroleum products are expected to decrease further from February 1.According to sources, the price of petrol is expected to be slashed by Rs 10 per litre, High Speed Diesel by Rs 8.50 per litre, Light Diesel by Rs 11 per litre, HOBC by Rs 14 per litre, and Kerosene by Rs 12 per litre.Global crude oil prices have fallen by 50 percent since June 2014, and to provide consistent relief to consumers, the Pakistan government has decreased the price of petrol by Rs 29 since the last four months and brought the price of Diesel down by Rs 23 in the same time frame.Fuel crisis in the country began last week when Pakistan State Oil (PSO) was forced to slash imports because banks refused to extend any more credit to the government-owned company, which supplies 80 percent of the country´s oil.The shortfall led to long queues of angry motorists at petrol stations, though these have since dissipated as fuel supplies have reached the pumps. 










 
ewarticle strong>Pakistan could end energy rationing within two years, the Asia Development Bank (ADB) country director for Pakistan said on Monday, adding weight to government claims that they will end frequent outages in time for the 2018 elections.</strongAnalysts say if Prime Minister Nawaz Sharif's government manages to eradicate ""load-shedding"", the electricity rationing system which leads to several hours of scheduled outages every day, it would significantly boost his chances of securing another term in office.Pakistan's economy has been hobbled by energy shortages over the past decade, with businesses saying they deter foreign investment and hurt productivity. Electricity shortages were among the main election issues in the 2013 poll won by Sharif.ADB is lending Pakistan more than $1 billion over five years as part of efforts to end chronic energy crisis and implement reforms such as privatising parts of the sector and improving transparency.Werner Liepach, ADB's country director for Pakistan, said the bank was ""broadly satisfied about progress being made"" in Pakistan with energy sector reforms.When asked at a news conference if load shedding could be eradicated in two years, Liepach was categorical: ""Yes"". He added it was possible to be done even sooner but it would depend on other factors, such as global oil prices.Sharif's government has made reducing energy shortages a top priority, embarking on construction of new dams, coal-fire power plants and renewable energy projects.Energy Minister Khawaja Asif said the South Asian nation had last week hit record production generation of 17,350 megawatts (MW), though production shortfalls varied between 1,500MW and 4,700MW through the week."
What are the new prices of petrol and petroleum products in Pakistan from February 1?,"KARACHI: The prices of petroleum products are expected to increase next month (November) in Pakistan. According to sources the price of petrol will increase by Rs3.43/litre and diesel by Rs.2.80/litre. The price of kerosene oil will rise by Rs3.00/litre. The final estimate for the price increase will be made on October 26.   










 
ewarticle strong>ISLAMABAD: The government has decided to keep the prices of petroleum products unchanged rejecting  the summary seeking revision of the prices.</strongFinance Minister Ishaq Dar confirmed the decision has been taken on the special directives of Prime Minister Nawaz Sharif,On Monday, the Oil and Gas Regulatory Authority (OGRA) sent a summary to the Ministry of Petroleum and Natural Resources suggesting an increase in prices of petroleum products for the month of June.According to sources, the ministry requested a hike of 0.85 rupees per litre for petrol, 2.18 rupees per litre for high octane, 6.69 rupees per litre for diesel and 3.97 rupees per litre for kerosene oil.  
ewarticle ISLAMABAD: The price of petrol in Pakistan is expected to be reduced by Rs. 1.80, to settle at Rs. 73.21 from May 1, sources told Geo News on Monday.According to sources, OGRA will be sending a complete summary of the price changes for all POL products to the Petroleum Ministry by Wednesday, April 29.Furthermore, the price of diesel is expected to be decreased by Rs. 1.64, to settle at Rs. 81.97.On the other hand, the price of Kerosene oil is expected to be increased by Rs. 2, with the new price at Rs. 63.50. 










 
ewarticle strong>ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has recommended an increase in the prices of petroleum products from July 1, sources said Wednesday.</strongAccording to the sources in OGRA a summary in this regard has been submitted to the Ministry of Petroleum.According to the summary, the regulatory body has proposed an increase of Rs1.93 per litre on petrol, Rs3.75 per litre on diesel, Rs5.38 per litre on light diesel oil, Rs8.62 per litre on kerosene oil and Rs3.53 per litre on HOBC.However, a final decision in this regard would be taken by the Ministry of Finance after consultation with Prime Minister Nawaz Sharif.On April 1, the government had raised the tariffs of petroleum products.The price of petrol and diesel was increased by Rs1.50 and Rs1.40 respectively. 
ewarticle ISLAMABAD: The new price of petrol effective from midnight Tuesday, October 31, will be Rs 74.29 per litre.The price of petrol has been increased by Rs 4 per litre for the month of April.Similarly, the price of diesel has been increased by Rs 3 per litre.All other POL prices will however remain same.The Oil and Gas Regulatory Authority (OGRA) on Monday forward a proposal to ratchet up the prices of petroleum products effective from April 1.OGRA had suggested increasing the rate of petrol by Rs4.40 per litre, high speed diesel by Rs6.25, High Octane Blending Component (HOBC) Rs7.66, light diesel Rs2.56 and kerosene oil by Rs1.56 a litre.In response to the similar proposal from OGRA last month, the government had decided not to increase the POL prices and kept them unchanged for the month of March. 










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Euro gains against dollar after Greek election,"Hong Kong: The euro extended its gains against the dollar Tuesday while Asian equities climbed on hopes Greece´s new government will be able to negotiate a bailout deal with the EU and IMF that will avoid it leaving the eurozone.Regional investors took their lead from advances in Europe and New York, where news of Sunday´s Greek election win for anti-austerity party Syriza had been largely factored in, analysts said.Tokyo jumped 1.44 percent by lunch, Sydney added 0.67 percent, Shanghai edged up 0.10 percent, Seoul rose 0.46 percent and Hong Kong was flat.Markets have been buoyed by rhetoric coming out of Athens and its creditors that raises hopes they two sides can reach an agreement over Greece´s repayment of its 240-billion-euro bailout.Syriza had campaigned on renegotiating terms of the lifeline -- which included swingeing spending cuts and painful tax hikes -- and there are concerns it will default on its repayments, leading to its possible exit from the eurozone.But International Monetary Fund head Christine Lagarde said she was prepared to continue its financial support to the country, while some European finance ministers suggested they were willing to talk, as long as Syriza did not demand its debt be wiped out.The messages coming out of Europe helped shares higher. In Europe, equities in London, Paris and Germany all closed with healthy gains, although Athens lost more than three percent.Dow edged 0.03 percent higher, the S&P 500 added 0.26 percent and the Nasdaq put on 0.29 percent.""The Greek elections had the potential to unnerve the market,"" Nader Naeimi, at AMP Capital Investors in Sydney, told Bloomberg News.""It´s quite encouraging that the new government and the EU are willing to negotiate. The market is in a risk-on mode.""The euro plunged to as low as $1.1098 at one point in Asia Monday, the lowest level since September 2003, before recovering later in the day to close out in New York at $1.1234.On Tuesday in Asia it bought $1.1250.It also sank to 131.55 yen Monday in Asia before bouncing to end the day at 133.12 yen. It bought 133.31 yen in Tokyo Tuesday.The dollar edged up to 118.47 yen from 118.49 yen in US trade.Oil prices edged up slightly after falling to fresh six-year lows Monday, despite a warning from the OPEC cartel that prices could punch $200 owing to shrinking investment in exploration.US benchmark West Texas Intermediate for March delivery rose five cents to $45.20 while Brent crude for March gained 13 cents to $48.29.Gold fetched $1,276.39 an ounce, against $1,281.39 late Monday. (AFP)                        










 
ewarticle Hong Kong: Asian markets followed a positive lead from Wall Street on Tuesday, with investors keeping an eye on Europe as Greece struggles to pay off its debts.Tokyo rose 0.79 percent, Hong Kong added 1.14 percent, Sydney gained 0.93 percent and Shanghai was up 0.72 percent, while Seoul was flat.The gains reversed some of the losses suffered on Monday that came on fears about Greece´s future in the eurozone as Athens looks to secure billions of euros in bailout cash to pay its enormous debts.With its creditors refusing to extend a repayment deadline while also haggling over its bailout reforms, the Greek government has ordered all public agencies to hand over their financial reserves.""With this act, the government hopes to cover urgent needs of the state amounting to three billion euros for the next 15 days,"" said a decree, which still needs adoption by the parliament.However, the euro held its ground in foreign exchange markets. The single currency bought $1.0733 and 128.20 yen against $1.0741 and 128.05 yen on Wall Street.Hong Kong and Shanghai resumed their upward trend after sharp losses Monday that came after China´s stock market regulator tightened rules on trading with borrowed money and increase the supply of shares for short-selling.Confidence was buoyed by Sunday´s cut by the People´s Bank of China in the amount of cash lenders must hold in reserve, the move aimed at helping kick-start the economy, which grew in January-March at its slowest quarterly pace in six years. The next indicator on the state of China´s economy comes with HSBC´s preliminary index of manufacturing activity on Thursday.US traders welcomed that move. The Dow jumped 1.17 percent, the S&P 500 rose 0.92 percent and the Nasdaq rallied 1.27 percent.The dollar edged up despite a key Federal Reserve official suggesting a US rate hike could be put back.New York Fed President William C. Dudley said recent inflation data was not strong enough to warrant an increase, even though economics growth was healthy.The dollar was at 119.34 yen against 119.22 yen, and sharply higher than 118.62 yen in Tokyo earlier Monday.Oil prices retreated. US benchmark West Texas Intermediate for May delivery fell 15 cents to $56.23 while Brent crude for June dipped 15 cents to $63.30.Gold fetched $1,194.55 against $1,200.30 late Monday. (AFP)                        










 
ewarticle NEW YORK: The euro gained ground on Wednesday on hopes that Greece´s debt crisis will be resolved in a few days, averting a default to its European Union creditors.The euro, which had fallen to a five-week low of $1.0916 on Tuesday, rebounded as Greek Prime Minister Alexis Tsipras vowed to present ""credible"" reform plans to creditors by Thursday.The 19-nation currency rose to $1.1074 around 2100 GMT from $1.1007 at the same time Tuesday.European Union President Donald Tusk has set the ""final deadline"" for a deal on Sunday at a summit of all 28 EU leaders.""Between the unusual suspension of trading on the NYSE and the meltdown in Asian equities, investors sent the euro higher on signs of progress towards a deal for Greece,"" said Kathy Lien of BK Asset Management.The New York Stock Exchange halted trading Wednesday for more than three hours due to technical problems that it said were not caused by hacking.Meanwhile, a weeks-long rout in Chinese equities continued, with stocks losing more than 30 percent since mid-June.The Federal Reserve´s release of the minutes of the June 16-17 meeting of the Federal Open Market Committee showed policymakers favored caution about embarking on the first interest rate hike in nine years.Omer Esiner, chief market analyst at Commonwealth Foreign Exchange, said the Fed minutes were less important to markets than normal because of the heightened level of concern regarding Greece and China.""On both fronts, underlying conditions have deteriorated markedly since the Fed´s mid-June meeting, so the minutes may be largely irrelevant at this point,"" he said.                        










 
ewarticle NEW YORK: The euro surged against the dollar Friday amid hope that European leaders would accept Greece´s proposals for a new bailout deal over the weekend.The proposal, in which Athens offered signficant reforms over the next three years in exchange for fresh money and restructured debts from the country´s official EU creditors, raised optimism that another default by Greece and its exit from the euro area could be avoided.The euro rose more than one cent to $1.1149 around 2100 GMT on Friday. It also surged nearly three yen to 136.86 yen.""The current proposals set forth by Greece and the creditors should have enough common ground that an agreement can be reached before the negotiation deadline on Sunday,"" said Christopher Vecchio, an analyst at DailyFX.The greenback showed little effect from Federal Reserve Chair Janet Yellen´s reiteration that the Fed´s first rate hike since 2006 will likely come before the end of the year.Yellen though remained cautious -- reflecting sentiment from the last Fed policy meeting -- noting continuing signs of slack in the jobs market and the risk of moving too soon on rates.""We will be watching carefully to see if there is continued improvement in labor market conditions, and we will need to be reasonably confident that inflation will move back to two percent in the next few years,"" she said.                        










 
ewarticle LONDON: The US dollar hit multi-year highs against the euro and yen on Tuesday on the growing chance of the Federal Reserve hiking interest rates by mid-year, the prospect of which also hurt stocks and currencies from emerging markets.The skittish mood spread from Asia to Europe where stocks were down for a second day despite the European Central Bank's new bond buying campaign continuing to push down the euro and the bloc's already record-low borrowing costs.Driving the dollar up was speculation that the Federal Reserve, in contrast, will start lifting interest rates from mid-year after another round of stellar jobs data on Friday and a subsequent chorus of hawkish Fed policymaker comments.The euro's woes were compounded by worries about Greece as euro zone finance ministers met in Brussels a day after the head of the group, Jeroen Dijsselbloem, urged Athens to ""stop wasting time"" and start implementing reforms.Selling in the euro had gathered pace again in Europe as a break below a major layer of chart support at $1.0762 to $1.0735 left bears eyeing 1.07 the figure and some mulling potential parity.The dollar also broke higher on the yen in Asia to reach 122.02, territory not visited since July 2007.""It is all about the Fed now,"" said Aurelija Augulyte senior FX strategist at Nordea in Helsinki. ""The ECB (bond buying) bias has now been fully digested, but what the market is now trying to do is price in earlier Fed rate hikes.""The prospect of rising US yields threatened to draw funds away from emerging markets, causing strains from Brazil to Turkey. The Brazilian real led the rout, having fallen for the sixth straight session.The pressure spread then through Asia with the South Korean won hitting its lowest since late August 2013 and the Singapore dollar its lowest since 2010.Eastern Europe was also heavily in the red. Selling accelerated for Poland's zloty, Romania's leu and Hungary's forint and MSCI's main emerging market stock index fell 1 percent, down for its eighth day running.                        










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Current trends in oil prices and factors affecting them,"strong>SINGAPORE: Oil prices remained near 2016 highs in early trading on Thursday, buoyed by a fall in U.S. crude inventories, a weaker dollar and strong demand, but some analysts warned that the recent rally was starting to look overblown.</strongInternational Brent crude oil futures LCOc1 were trading at $52.70 per barrel at 0045 GMT, up 19 cents from their last close.U.S. West Texas Intermediate (WTI) crude CLc1 was 32 cents higher at $51.55 a barrel.Traders said the price rises were largely a result of a drop in U.S. crude oil inventories.Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks last week fell by 3.23 million barrels to 532.5 million barrels, marking their third consecutive weekly fall.A weaker dollar, down around 2.4 percent this month against a basket of other currencies, makes dollar-traded fuel imports for countries using other currencies cheaper, also supporting oil prices, traders said.But some analysts said there were also signs that the recent oil price rise, which saw Brent rally 6 percent this month and prices virtually double since February to one-year highs, may be overblown.ANZ bank said that price rises were ""tempered by an increase in crude production of 10,000 barrels per day to 8.75 million barrels per day and the number of active rigs increasing by 9 to 325"".Traders also warned of an ongoing build in refined product stocks in the United States and Asia.With fundamentals weighing both for and against higher prices, many traders and analysts say that a price tag of $50-60 for a barrel of crude was a fair value for oil, reflected in Brent's forward curve which stays within that range until early 2021. 
ewarticle KARACHI: The price of petroleum products are expected to increase in June, industry sources have revealed to Geo News. The per litre price of diesel may rise by Rs6.20 and petrol by Rs5.80.  A staggering Rs11 increase may be seen in the price of HOBC. The reason for the price increase is the turmoil in Yemen which has led to an increase in crude oil price in the international market.  










 
ewarticle strong>SINGAPORE: Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude.</strongBrent futures were trading at $47.05 (32 pounds) per barrel at 0028 GMT on Monday, down 32 cents from their last settlement. US crude was down 28 cents at $45.64 a barrel.Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) and especially the Middle East was outweighing supportive factors such as an ongoing, albeit slow, fall in U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.""The weaker dollar failed to excite investors in the crude oil markets,"" ANZ bank said, citing a rise in OPEC-output as the main downward driver for prices.The dollar has fallen over 6 percent this year against a basket of other leading currencies.French bank BNP Paribas said that a recent oil rally, with prices jumping almost a third since April, was largely driven by sentiment and lacked physical fundamentals.""The recent rally in oil prices ... appears to have little to do with fundamentals,"" it said.""We see the recent rally as sowing the seeds of its own demise, and extending our recommendation to protect against short-term downside risk.""OPEC-supplies rose to 32.64 million barrels per day (bpd) in April, from 32.47 million bpd in March, according to a Reuters survey based on shipping data and information from sources at oil companies, OPEC and consultants.That almost matches January's 32.65 million bpd, when Indonesia's return to OPEC boosted production to records.Despite Monday's lower prices, other analysts are growing confident that a near-two-year rout in oil has ended, and many have raised their price forecasts.The chief of the International Energy Agency (IEA) said oil prices may have bottomed out, providing the health of the global economy does not pose a concern.""In a normal economic environment, we will see the price direction is rather upwards than downwards,"" IEA Executive Director Fatih Birol said on Sunday.Non-OPEC output is set to fall by more than 700,000 bpd this year, the biggest decline in around 20 years, he said.With global oil demand seen growing by 1.2 million bpd this year, the draw in global stockpiles will start soon, helping push up prices, he said. 
ewarticle London: Oil prices nudged higher on Friday, further recovering from a steep dive seen mid-week, although demand is set to remain shackled by a global supply glut, analysts said.US benchmark West Texas Intermediate for delivery in May edged up one cent to $50.80 a barrel.Brent North Sea crude for May gained 27 cents to $56.84 around midday in London.WTI and Brent sank 3.6 percent on Wednesday after the US Department of Energy said commercial inventories in the world´s biggest economy hit a record high last week.That came after Saudi Arabia´s Oil Minister Ali al-Naimi said his country´s production had hit an all-time high of 10.3 million barrels a day in March.Phil Flynn, an analyst at Price Futures Group, has said this week that rising imports of US crude oil could indicate improved demand prospects in the world´s largest oil consumer or concerns about supply tightening.Price support has meanwhile come from events concerning major oil producer Iran.Analysts attributed steep gains at the start of the week to investors concluding that the nuclear framework agreed between Iran and international powers will have a minimal near-term effect on global crude supplies.The deal Tehran agreed with the United States, Britain, China, France and Russia plus Germany paves the way for the Islamic republic to curtail its nuclear activity in exchange for relief from punishing economic sanctions, including on oil investment.The United States on Thursday warned that sanctions on Iran will be lifted in stages as a nuclear deal is implemented, after Tehran demanded they be removed as soon as it comes into force.""Geopolitical factors remain a constant worry for investors with concerns regarding Iran´s nuclear programme potentially leading to ongoing volatility in the crude oil market,"" said Kash Kamal, senior research analyst at Sucden brokerage. (AFP)                        










 
ewarticle London: Oil prices edged higher on Tuesday as the market seeks to build on strong gains in April following massive falls earlier in the year.US benchmark West Texas Intermediate for delivery in June won 56 cents to $59.49 a barrel.Brent North Sea crude for June won 47 cents to stand at $66.93 a barrel in London midday deals.After slumping at the start of the year, oil prices rose by about a fifth in value during April owing to several factors including concerns about unrest in Yemen, the weakening dollar and fewer US rigs in operation, analysts said.However, prices remain well down after plunging almost 60 percent between June and the start of 2015 on the back of a global supply glut and ramped up production.""Crude oil producers in the US have significantly cut back output in an attempt to address the significant supply overhang which has exerted downward pressure on... prices since June last year,"" Kash Kamal, senior research analyst at Sucden brokers said on Tuesday.The International Monetary Fund has said that Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices.The wealthy monarchies, however, should ""not react in a knee-jerk way to lower oil prices"", the IMF Middle East and Central Asia chief Masood Ahmed told AFP in an interview Monday.""Saudi Arabia seem committed to defending their market share and have even increased output to over 10 million barrels per day in April,"" said Kamal.""Support for higher crude prices has partly come from a weaker dollar,"" he added.A weaker dollar makes oil priced in the US unit cheaper for holders of others currencies, boosting demand. (AFP)                        










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How are Islamic banks in Pakistan addressing profitability and customer rewards?,"KARACHI: State Bank of Pakistan (SBP) governor on Thursday urged the country´s Islamic banks to develop ways to reward their customers in line with a surge in the sector´s profitability, or face regulatory action. Islamic finance is experiencing a revival in Pakistan, aided by an ambitious five-year plan that regulators hope will double the industry´s share of the banking sector to 20 percent by 2020.A growing client base and improving asset quality helped Islamic banks post profits before tax of 12 billion rupees ($119.1 million) in the third quarter of last year, almost double the year-earlier amount, central bank data shows. But regulators want to tackle consumer perceptions that Islamic banks falter when it comes to social responsibility and ethical banking practices.The average financing-to-deposit spread - the difference between what banks charge for financing and what they pay their depositors - for all lenders, Islamic and conventional, remains high and should be ""reasonably rationalised"", central bank governor Ashraf Wathra said in a speech to a gathering of industry executives on Monday. He did not specify a satisfactory level, but singled out Islamic banks as the ones needing to reward customers in line with a rise in profits.""Banks were advised to come up with their own solutions or the SBP will apply sharia-compliant measures to address the issue,"" said Wathra. He did not elaborate, but in the past the central bank has prescribed minimum targets for banks to lend to specific sectors of the economy such as agriculture and small business. Islamic banks follow religious principles which ban the charging of interest and gambling, and stress the sharing of risk and profits. The industry has developed a range of sharia-compliant financial tools, some with greater profit-sharing qualities than others. Islamic banks fall short when it comes to using strongly profit-sharing instruments such as musharaka, whose share of overall Islamic financing in Pakistan was only 10.1 percent as of September, compared to 4.2 percent a year earlier. Musharaka is a partnership in which two or more parties agree to provide capital, sharing both profits and losses according to a stipulated ratio. By contrast, murabaha - a cost-plus-profit arrangement where one party agrees to buy merchandise for another - commands the lion´s share of financing by the country´s Islamic banks, at 30.3 percent. Murabaha is often criticised for lacking economic substance and its resemblance to a conventional loan. 










 
ewarticle KARACHI: Finance Minister, Ishaq Dar on Wednesday said those who used to call Pakistan ‘bankrupt’ have been shut down for good and vowed to transform the country into world’s 18th best performing economy.“Pakistan’s budget deficit will be further curtailed in the coming three years,” he expressed the resolve while addressing the launching ceremony of Islamic Index here at Karachi Stock Exchange.Earlier, the Finance Minister rang the conventional bell and let the trade begin.Expressing his contentment over the performance of the State Bank of Pakistan (SBP), he identified Islamic banking as a challenge and added that the government was working towards its promotion as well as serving the country at large.Terming the introduction of the Islamic Index as a milestone, Ishaq Dar said the new index will cast a positive impact on the stock exchange.He said investment in Islamic banking will yield positive results for the stock market of the country.Later, talking to media men, Ishaq Dar said the government will extend its all out cooperation to the traders and encourage them to invest in Islamic banking.He said the economic indicators have shown positive growth while the country’s foreign exchange reserves have witnessed a record leap. 










 
ewarticle LAHORE: Federal Finance Minister, Ishaq Dar on Saturday claimed that Pakistan Muslim League-N (PML-N) has once again put the ‘failed state’ back on its feet. “We are taking Pakistan to an economic take off,” he said while addressing a national conference organized by Jang Group of Companies on the topic of ‘Role of Islamic Banking in Pakistan Economy’. He said the promotion of Islamic banking in Pakistan is among the top priorities of the government. “Instructions have already been issued to the institutions to carry out transactions through Islamic banking,” he added. Governor State Bank of Pakistan (SBP) Ashraf Wathra, president National Bank of Pakistan (NBP) Ashraf Iqbal and president Muslim Commercial Bank (MCB), Mian Mansha said there is a great scope for Islamic banking in agriculture, SMEs and housing sectors. MD Jang Group, Sarmad Ali, Deputy Governor SBP Saeed Ahmed, president Meezan Bank Irfan Siddiqui, president SAARC Chamber Iftikhar Ali Malik and president Al-Barka Bank Shafaat Ahmed also spoke on the occasion. 
ewarticle strong>KARACHI: Meeting of the Board of Directors (BoD) of National Bank of Pakistan (bank) was held today (Thursday) at Bank’s Head Office in Karachi in which the BoD approved the financial statements of the bank for the nine months period ended September 30, 2016.</strongBank’s after-tax profit for the nine months period increased by 11 percent to Rs. 13.4billion compared to Rs. 12.1 billion for the corresponding nine months of 2015. This translates into earnings per share of Rs.6.3 i.e. 11pc up against Rs. 5.7 for the comparative period last year.Pre-tax and after-tax return on equity were 26.4pc, and 15.5pc (September2015: 26.2pc and 14.5pc) respectively; whereas the pre-tax and after tax return on assets are 1.7pc and 1.0pc respectively.Despite a continued reduction in the discount rate during recent quarters, bank’s net interest income increased by 4.3pc YoY to Rs. 39.3 billion against Rs. 37.6 billion for nine months of 2015.Specific provision charge for the period was Rs. 1.9 billion, 76pc lower than Rs. 8.2 billion for the corresponding nine month period of 2015. This depicts an improvement in the assets quality of the bank. During the period, the bank earned a fee/commission income of Rs. 9.96 billion being 20.4pc up against Rs. 8.3 billion for the comparative nine months period of 2015. 
ewarticle LIMASSOL: Moody’s Investors Service on Wednesday changed the outlook for the Pakistan banking system to stable from negative, reflecting the improvement in the country’s economic growth prospects, driven in turn by the government’s commitment to economic reforms under its IMF program.“We expect the strengthening economy, together with the central bank’s accommodative monetary policy, to stimulate lending growth and support the banking sector’s loan performance over the next 12-18 months,"" said Elena Panayiotou, a Moody’s Assistant Vice President and lead analyst for Pakistani banks.Moody’s forecasts Pakistan’s real GDP will expand by 4.0 per cent in the fiscal year ending June 2016 (compared to a sluggish 2.8pc during 2008-13), mainly driven by higher spending on infrastructure projects as the government aims to ease energy shortages and execute projects associated with the China-Pakistan Economic Corridor (CPEC).The rating agency noted that the strengthening of the domestic economy will contribute to the improvement in Pakistani banks’ asset quality. The level of credit risk, however, will remain high as banks are heavily exposed to the low-rated Pakistan sovereign (B3, stable) through holdings of securities and government-related loans, which were equivalent in size to 7.3x Tier 1 capital, exposing banks to event risk.""We expect problem loans will decline to around 12 per cent of total loans by the end of 2016 compared with 12.4pc for the end of June 2015. Banks, however, will remain heavily exposed to the low-rated Pakistan sovereign, linking the banks’ creditworthiness to that of the sovereign"" Panayiotou said.In the area of capital, the rating agency expected that buffers will come under pressure due to moderate asset growth and lower internal capital generation – a result of weaker profitability.Moody’s expected earnings to ease slightly over the outlook period, mainly because of the lower coupon on government securities in a declining interest rate environment and as the market’s perception of Pakistan’s risk profile eases (upgraded to B3 from Caa1 on June 11, 2015). Higher loan volumes and capital gains booked through the sale of government securities will only partially offset the pressure on profitability.In addition, the rating agency expected that Pakistani banks will maintain ample liquidity and continue to benefit from large volumes of low-cost and stable customer deposits.""The Pakistani banks’ deposit-based funding structure remains a credit strength. We expect inflows of remittances from migrant workers will continue to drive the growth in bank deposits and support banks’ funding bases,"" said the asst vice-president of Moody's.While banks will use part of their liquid asset to fund lending, Moody’s expected the sector to maintain strong liquidity buffers, with core liquid assets – defined as cash and bank placements – at 12 per cent of total assets and liquid securities, more broadly defined, at 41pc of total assets as of June 2015.                        










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current trends in oil prices 2023,"strong>SINGAPORE: Oil prices nudged higher on Wednesday on expectations of a U.S. crude inventory draw, although trading activity was muted as markets start to wind down ahead of the Christmas weekend.</strongU.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $53.58 per barrel at 0105 GMT, up 28 cents from their last settlement.International Brent crude oil futures LCOc1 were at $55.57 a barrel, up 22 cents.Traders said the higher prices were largely due to an expected reduction in U.S. crude oil inventories, which will be reported late on Wednesday.Jeffrey Halley, analyst at futures OANDA in Singapore said U.S. crude stocks were expected to fall by 2.563 million barrels.In the absence of strong fundamentals, traders said that technical support and resistance levels would become price drivers.""U.S. oil may rise to $54.37 per barrel, as it has broken resistance at $53.36,"" said Reuters technical commodities analyst Wang Tao.""Brent oil is poised to break a resistance at $55.79 per barrel,"" he said. 
ewarticle strong>LONDON: Oil edged above $50 a barrel on Thursday, drawing support from sources' comments that OPEC's Gulf members are willing to cut their output by 4 percent and from a further drop in U.S. crude inventories.</strongSaudi Arabia and its Gulf OPEC allies are willing to make that reduction from their peak oil output, energy ministers from the Gulf countries told their Russian counterpart this week, sources familiar with the matter told Reuters.""That seems to be the reason behind the price move,"" said Carsten Fritsch, analyst at Commerzbank. ""But the big question is, how will they handle Iraq.""Brent crude was up 38 cents at $50.36 a barrel as of 1348 GMT, having risen as high as $50.67 intra-day. U.S. crude gained 28 cents to $49.46.Oil also drew support from the unexpected drop in U.S. crude inventories, and larger than expected falls in stocks of gasoline and distillates, reported this week, which raised hopes that a long-awaited market rebalancing is finally under way.""The global stock overhang must be reduced in order to see higher prices. Whilst such reduction is largely in the hand of OPEC, the re-balancing is already taking place in the U.S.,"" Tamas Varga of oil broker PVM said.The market was keeping an eye on escalating protests in Venezuela against the rule of President Nicolas Maduro, although there was no sign of any impact on the OPEC member's oil output. Venezuelan production has been falling this year as low prices hit investment.Doubts about the Organization of the Petroleum Exporting Countries' supply cut deal have been weighing on the market this week.OPEC agreed last month its first deal to restrain output in eight years to boost prices. But Iraq on Sunday called for Baghdad to be exempt, adding to the list of members seeking special treatment.A technical meeting at OPEC's headquarters on Friday, and with officials from non-OPEC countries on Saturday, is supposed to come up with recommendations on how to implement the supply cutback to the oil ministers' next meeting on Nov. 30.The OPEC plan is designed to speed up the removal of a supply glut that is keeping oil prices at less than half their level of mid-2014, cutting exporters' income and leading to investment cuts by oil companies worldwide. 
ewarticle London: World oil prices rose Wednesday on bargain-hunting after sharp falls the previous day triggered by a strong US dollar and global supply glut concerns, analysts said.In early afternoon London deals, Brent North Sea crude for July added 36 cents to $64.08 per barrel, compared with Tuesday´s closing level.US benchmark West Texas Intermediate (WTI) for delivery in July won 43 cents to $58.46 a barrel.Crude futures had shed more than $1.60 on Tuesday, as markets in the United States and much of Europe reopened after a public holiday on Monday.Oil prices have been under pressure on a resurgent dollar, which has strengthened following expectations that the US Federal Reserve will follow through on plans to raise record-low interest rates later this year.The stronger greenback makes crude more expensive for buyers using weaker currencies.""As the prices for crude dropped quite sharply last night, the current rebound is due to bargain hunting as traders pounce at the low prices,"" Nicholas Teo, market analyst at CMC Markets in Singapore, told AFP.Teo said dealers are also awaiting the latest official US stockpiles report for fresh clues about demand and production levels in the world´s top crude consumer.Crude reserves likely fell by 1.5 million barrels in the week to May 22, according to a survey by Bloomberg News.Overall US stockpiles, which stand at 482.2 million barrels, are at the highest level since 1930, according to data compiled by the US Energy Information Administration.The weekly report is normally published every Wednesday but will be issued this Thursday due to the US public holiday on Monday.Dealers have been hoping that a slowdown in US output, coupled with increased demand during the summer driving season, could whittle down the build up of global crude reserves, which was a key reason for the collapse in prices of more than 50 percent between June and January.(AFP) 










 
ewarticle Singapore: Oil prices remained under pressure in Asia Friday after a huge jump in US crude inventories reinforced projections that a supply glut will persist well into next year.US benchmark West Texas Intermediate (WTI) for delivery in December was down 24 cents to $41.51 and Brent crude for December was trading four cents higher at $44.10 a barrel at around 0330 GMT.Prices were hammered Thursday after the US Department of Energy reported that commercial crude inventories in the world´s top oil consumer grew by 4.2 million barrels last week, far higher than analyst expectations of an increase of 1.3 million barrels.WTI sank 2.7 percent and Brent fell 3.8 percent after the report, which also showed US crude oil production continued to ramp higher.Global oil demand growth has not been fast enough to soak up the excess in supplies and analysts say a rebalancing of the supply-demand situation is needed for a sustained uptick in prices.Oil prices have plunged by more than half from peaks of over $100 a barrel in mid-2014.""Although global oil demand growth has been exceptionally strong year-to-date, the overall pace of supply side adjustment has been too slow to end a sustained increase in global inventories that we expect to persist through most of 2016,"" British bank Barclays said.It said in a market commentary that US offshore production in the Gulf of Mexico reached its highest level since early 2010 in August and is expected to remain strong although at a slower pace into 2016 ""as several more new fields begin to produce"".Members of the Organization of the Petroleum Exporting Countries (OPEC) have also kept production high in an aggressive bid to retain market share.OPEC´s collective production has stabilised at around 31.5 million barrels per day in recent months, Barclays said, but this is still more than its output ceiling of 30 million barrels per day. 










 
ewarticle strong>SINGAPORE: Oil prices jumped on Monday, extending a rally that has lifted crude benchmarks by more than a third from this year's lows, as tightening supply and an improving global outlook strengthened the sentiment for a market recovery.</strongFront-month Brent crude futures were trading at $39.49 per barrel at 0400 GMT, up 77 cents or 2 percent from their last settlement. That is up more than a third from a low hit in January, when prices fell to levels not seen since 2003.US West Texas Intermediate (WTI) futures were trading at $36.63 a barrel, up 71 cents from the last close and 40 percent above lows touched in February.""It looks at this stage as if it (oil) has formed a little bit of a bottom and perhaps we're going to see a sustained price in the $30s, maybe trending back up to $40 dollars at some point,"" said Ben Le Brun, market analyst at OptionsXpress.Le Brun said an improved economic outlook was pushing prices: ""The macro picture takes all corners of the globe into account, and those corners seem to be improving ... and that's where I'm seeing the oil price tick higher.""Analysts said that strong US payroll data had pushed markets on Friday and early Monday, but that attention was now shifting to Asia.Morgan Stanley said on Monday that China's parliament, the National People's Congress, which opens its annual session this week listed ""to ease market barriers for transport, oil, and gas"" among key policy targets this year.On the supply side, US energy firms cut oil rigs for an 11th week in a row to the lowest level since December 2009, data showed on Friday, as producers slash costs.Drillers removed eight oil rigs in the week ended March 4, bringing the total count down to 392, oil services company Baker Hughes Inc said.Beyond a tightening supply outlook, traders said a shift in sentiment was also lifting prices as they shut down short positions and abandoned bets on further falls in prices.Trading data shows that the number of managed short positions on WTI contracts - which would benefit from lower prices - have fallen more than a quarter since mid-February, with many new long positions betting on rising prices being opened.Ric Spooner, chief market analyst at CMC Markets said ""there's a good prospect that Brent could hit $40 ... (it) could easily do it in the next trading session."""
impact of GST increase on petroleum products in Pakistan,"ISLAMABAD:  Federal Minister for Finance Ishaq Dar on Saturday announced a five percent increase in the General Sales Tax (GST) on petroleum products.Dar said that the increment would enable a recovery of 12 billion rupees.The minister, however, went on to say that the ministry would still face a loss of 40 billion rupees.Earlier today, Prime Minister Nawaz Sharif announced a decrease in the price of petroleum products.Petrol has been decreased by Rs 7.99, Hi-Octane by Rs 11.82, Light Diesel by Rs 9.56 and kerosene oil by Rs 10.48 per litre. 










 
ewarticle strong>ISLAMABAD: Petroleum group import in the country witnessed sharp decrease of 36.21 percent during eleven months of financial year 2015-16 as compared to the same period of last financial year.</strongAccording the data of Pakistan Bureau of Statictics, country managed to save about US$ 3.867 billion from the national exchequer on the import of petroleum products during the period under review as the prices of the commodity also witnessed sharp decrease in its prices in international markets.During the period from July-May, 2015-16 petroleum products import in the country also reduced by 31.82 percent as compared to same period of financial year 2014-15.About 10,440,967 metric tons of petroleum products worth US$ 4.72 billion were imported in first eleven months of financial year 2015-16 as compared to import of 10,605,550 metric tons valuing US$ 6.933 billion of same period of 2014-15.Meanwhile, petroleum crude import in the country during the period under review also witnessed sharp decrease of 44.32 percent as it went down from 5,051,259 metric tons to 5,370,406 metric tons, it added.During last 11 months country saved US$ 1.665 billion on import of crude petroleum import as its import was recorded at US$ 2.087 billion from July-May 2015-16 as compared to import of US$ 3.748 billion of same period last year.On month on month basis, petroleum group imports in the country also registered negative growth in month of May as compared to same month of last financial year.Petroleum group import was recorded at US$ 719.936 million during the month of May, 2016 as compared to import of US$ 821.017 million of same month of financial year 2015.The petroleum products imports also registered decreasing trend of 12 percent where as crude petroleum by 13.57 percent in month of May, 2016. 
ewarticle strong>KARACHI: Pakistani stocks edged higher in volatile trade on Tuesday, led by a rise in global oil prices, dealers said.</strongThe benchmark 100-share index of the Pakistan Stock Exchange closed up 0.03 percent, or 11.75 points, at 36,137.12.The index went up as much as 265 points intraday led by oil stocks as international oil prices hit a six-month high, said Hammad Aman, manager, equity sales at Topline Securities Pvt Ltd.Oil traded at around $49 a barrel on Tuesday, supported by supply outages in Nigeria, Canada and other producers that are eroding a persistent glut.Pakistan Petroleum Ltd gained 1.57 percent, while Pakistan Oilfields Ltd rose 0.38 percent.The rupee ended at 104.66/104.72 against the dollar, compared with Monday´s close of 104.69/104.74Overnight rates in the money market were steady at 6.20 percent from the previous session. ($1 = 104.6500 Pakistani rupees) 
ewarticle strong>ISLAMABAD: The petroleum prices are likely to be slashed by Rs4.35 per litre in the upcoming month of September.</strongAccording to sources, the price of petrol is likely to be reduced by Rs2.60 per litre.Likewise, the prices of High Speed Diesel (HSD) Rs3.46, High Octane Blending Component (HOBC) Rs4.35 and Light Diesel Oil (LDO) Rs2.80 per liters are likely to be reduced.The price of kerosene which is used for cooking in rural areas is likely to be dropped by Rs3 per litre.However, the Finance Ministry is considering increasing petroleum levy and General Sales Tax (GST) due to which the public will be deprived of relief. 
ewarticle KARACHI: The prices of petroleum products are expected to increase next month (November) in Pakistan. According to sources the price of petrol will increase by Rs3.43/litre and diesel by Rs.2.80/litre. The price of kerosene oil will rise by Rs3.00/litre. The final estimate for the price increase will be made on October 26.   










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US Justice Department investigation into Moody's mortgage ratings,"NEW YORK: US authorities are investigating the credit rating agency Moody's over its glowing assessments of mortgage deals in the runup to the 2008 financial crisis, The Wall Street Journal reported Sunday.Citing people familiar with the situation, the newspaper said Justice Department officials had met with several former Moody's executives. It wasn't yet clear if the probe would result in a lawsuit.If the investigation is confirmed, Moody's would become the second major US credit-rating firm in the Justice Department's crosshairs, after a case against Standard & Poor's.S&P is expected to within days agree to pay $1.37 billion to settle lawsuits over its rosy grading of mortgage bonds in the financial crisis, sources told AFP.Neither Moody's nor the Justice Department were immediately reachable for comment Sunday.US authorities are probing whether the firm compromised its standards to score deals, the Journal reported, and the focus is on residential mortgage deals from about 2004 to 2007.Positive ratings on what turned out to be extremely risky mortgage deals, known as subprime loans, were a main cause of the 2008 financial collapse.Investors rely on rating firms' grades to assess risk.Numerous banks have already paid huge fines and settlements for their roles in packaging and selling the bonds as low-risk, solid investments. 










 
ewarticle ISLAMABAD: Moody's Investor Service has upgraded Pakistan’s sovereign credit rating by a notch, from Caa1 to B3, Finance Minister Ishaq Dar announced on Thursday in the National Assembly.According to Dar, Moody's had downgraded the country’s credit rating to Caa1 on July 13, 2012.The outlook for the rating back then was negative. A sovereign with a Caa rating is judged to be of poor standing and subject to very high credit risk.Weak government finances, structural inflationary pressures and domestic political uncertainties were adding to Pakistan's external vulnerabilities and debt sustainability, thereby compounding the downward pressure on sovereign creditworthiness, Moody’s said.Moody's also said the downgrade was also prompted by an upcoming repayment of $7.5 billion to the International Monetary Fund. 










 
ewarticle LIMASSOL: Moody’s Investors Service on Wednesday changed the outlook for the Pakistan banking system to stable from negative, reflecting the improvement in the country’s economic growth prospects, driven in turn by the government’s commitment to economic reforms under its IMF program.“We expect the strengthening economy, together with the central bank’s accommodative monetary policy, to stimulate lending growth and support the banking sector’s loan performance over the next 12-18 months,"" said Elena Panayiotou, a Moody’s Assistant Vice President and lead analyst for Pakistani banks.Moody’s forecasts Pakistan’s real GDP will expand by 4.0 per cent in the fiscal year ending June 2016 (compared to a sluggish 2.8pc during 2008-13), mainly driven by higher spending on infrastructure projects as the government aims to ease energy shortages and execute projects associated with the China-Pakistan Economic Corridor (CPEC).The rating agency noted that the strengthening of the domestic economy will contribute to the improvement in Pakistani banks’ asset quality. The level of credit risk, however, will remain high as banks are heavily exposed to the low-rated Pakistan sovereign (B3, stable) through holdings of securities and government-related loans, which were equivalent in size to 7.3x Tier 1 capital, exposing banks to event risk.""We expect problem loans will decline to around 12 per cent of total loans by the end of 2016 compared with 12.4pc for the end of June 2015. Banks, however, will remain heavily exposed to the low-rated Pakistan sovereign, linking the banks’ creditworthiness to that of the sovereign"" Panayiotou said.In the area of capital, the rating agency expected that buffers will come under pressure due to moderate asset growth and lower internal capital generation – a result of weaker profitability.Moody’s expected earnings to ease slightly over the outlook period, mainly because of the lower coupon on government securities in a declining interest rate environment and as the market’s perception of Pakistan’s risk profile eases (upgraded to B3 from Caa1 on June 11, 2015). Higher loan volumes and capital gains booked through the sale of government securities will only partially offset the pressure on profitability.In addition, the rating agency expected that Pakistani banks will maintain ample liquidity and continue to benefit from large volumes of low-cost and stable customer deposits.""The Pakistani banks’ deposit-based funding structure remains a credit strength. We expect inflows of remittances from migrant workers will continue to drive the growth in bank deposits and support banks’ funding bases,"" said the asst vice-president of Moody's.While banks will use part of their liquid asset to fund lending, Moody’s expected the sector to maintain strong liquidity buffers, with core liquid assets – defined as cash and bank placements – at 12 per cent of total assets and liquid securities, more broadly defined, at 41pc of total assets as of June 2015.                        










 
ewarticle strong>WASHINGTON: US regulators fined Goldman Sachs $120 million Wednesday for attempting to manipulate a widely-used global interest rate benchmark to benefit its trading positions.</strongGoldman Sachs traders between 2007 and 2012 deliberately timed and priced trades to influence the published price of the benchmark interest rate, the US Commodities Futures Trading Commission said in a statement.Goldman, one of a group of banks whose data set the benchmark daily, also made false submissions to skew the rate at the expense of counterparties, the CFTC said.The US Dollar International Swaps and Derivates Association Fix is a daily benchmark used for a wide range of financial products, such as interest-rate swaps and derivatives.In addition, the company´s cooperation ""was not satisfactory"" prior to the latter stages of the investigation, the CFTC added.The agency previously fined Citigroup and Barclays for attempted manipulation of the same benchmark interest rate.""This matter, the third enforcement action relating to the (benchmark), demonstrates the breadth of this kind of misconduct across the industry, and within Goldman, the extent of the misconduct across trading desks and product lines,"" said CFTC director of enforcement Aitan Goelman.Besides paying the fine, Goldman´s supervisor for trading on interest-rate products must attest to the effectiveness of remedies to fix the problem.In a separate case,, the Swiss Competition Commission earlier Wednesday hit eight large global banks a total fine of nearly $100 million for rigging international rates between 2005 and 2010. The group included Barclays, Citigroup and JPMorgan Chase. 
ewarticle strong>NEW YORK: Authorities in the US are seeking as much as $14 billion from Deutsche Bank to resolve allegations stemming from the sale of mortgage securities in the 2008 crisis, the German financial giant confirmed Thursday.</strongThe payout would be the largest ever inflicted on a foreign bank in the United States, easily surpassing the $8.9 billion that the French bank BNP Paribas paid in 2014 for sanctions violations.But in a quick reaction, Deutsche Bank rejected the $14 billion figure, which the bank said was an opening proposal in settlement talks with US prosecutors.""Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited,"" the statement said.""The negotiations are only just beginning. The bank expects that they will lead to an outcome similar to those of peer banks which have settled at materially lower amounts.""The US investment bank Goldman Sachs in April agreed to pay more than $5 billion to settle similar allegations.US authorities have accused major banks of misleading investors about the values and quality of complex mortgage-backed securities sold before the 2008 financial crisis.Much of the underlying lending was worthless or fraudulent, delivering billions of dollars in losses to holders of the mortgage bonds when the housing market collapsed, bringing down numerous banks and touching off the country´s worst recession since the 1930s.According to securities filings, Deutsche Bank as of June 30 had set aside $5.5 billion to resolve pending legal matters. In the mortgage-backed securities matter, the bank is aiming for an amount between $2 billion and $3 billion, according to knowledgeable sources.The US Justice Department declined to comment.Bank of America in 2014 paid out nearly $17 billion in a related enforcement action but federal authorities have faced stinging criticism for failing to hold individuals to account.In recent years, Deutsche Bank has found itself mired litigation and enforcement actions around the world.US market regulators last year fined the German lender $55 million, concluding that it had overvalued its holdings of credit derivatives by at least $15 billion during the financial crisis.In 2015 and 2016 Deutsche Bank failed so-called stress tests conducted by the US central bank that were designed to determine whether it had adequate capital strength to weather shocks such as those of the financial crisis.In June, the International Monetary Fund described the bank as a ""major systemic risk,"" leaving its chief executive John Cryan to strive to convince markets that Deutsche Bank was bound to recover.In April of last year, Deutsche Bank also paid a record $2.5 billion to settle American and British charges that it had manipulated the London Interbank Offered Rate, or Libor, affecting commercial interest rates.The bank also settled with the US Fed and New York´s Department of Financial Services of alleged sanctions violations in Syria and Iran.In July Deutsche Bank posted a 98 percent year-on-year drop in second-quarter profits, with net earnings recorded at only $22 million, which Cryan, the bank´s chief, attributed to ""sustained restructuring.""Cryan plans to cut 9,000 jobs worldwide by 2020, while the bank´s share price has fallen to around 10 percent of its pre-crisis value."
Current trends in global oil prices and factors affecting them,"London: Oil prices nudged higher on Friday, further recovering from a steep dive seen mid-week, although demand is set to remain shackled by a global supply glut, analysts said.US benchmark West Texas Intermediate for delivery in May edged up one cent to $50.80 a barrel.Brent North Sea crude for May gained 27 cents to $56.84 around midday in London.WTI and Brent sank 3.6 percent on Wednesday after the US Department of Energy said commercial inventories in the world´s biggest economy hit a record high last week.That came after Saudi Arabia´s Oil Minister Ali al-Naimi said his country´s production had hit an all-time high of 10.3 million barrels a day in March.Phil Flynn, an analyst at Price Futures Group, has said this week that rising imports of US crude oil could indicate improved demand prospects in the world´s largest oil consumer or concerns about supply tightening.Price support has meanwhile come from events concerning major oil producer Iran.Analysts attributed steep gains at the start of the week to investors concluding that the nuclear framework agreed between Iran and international powers will have a minimal near-term effect on global crude supplies.The deal Tehran agreed with the United States, Britain, China, France and Russia plus Germany paves the way for the Islamic republic to curtail its nuclear activity in exchange for relief from punishing economic sanctions, including on oil investment.The United States on Thursday warned that sanctions on Iran will be lifted in stages as a nuclear deal is implemented, after Tehran demanded they be removed as soon as it comes into force.""Geopolitical factors remain a constant worry for investors with concerns regarding Iran´s nuclear programme potentially leading to ongoing volatility in the crude oil market,"" said Kash Kamal, senior research analyst at Sucden brokerage. (AFP)                        










 
ewarticle strong>SINGAPORE: Oil prices surged during the start of 2016 trading as relations between top crude producers Saudi Arabia and Iran deteriorated, raising concerns about potential supply disruptions, though weak Asian manufacturing data kept a lid on bullish expectations.</strongSaudi Arabia, the world´s biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran.The diplomatic row between the two major oil producers escalated following Riyadh´s execution of a prominent cleric on Saturday.Global oil benchmark Brent climbed more than a dollar to a high of $38.50 per barrel on Monday, before easing back to $38.10 at 0350 GMT, still up over 2 percent.US crude´s West Texas Intermediate (WTI) futures were up 77 cents, or 2.08 percent, at $37.81 a barrel.Oil traders said the crisis between Saudi Arabia, also the world´s second-largest oil producer, and Iran, which holds some of the largest proven oil reserves, was pushing up prices.The clash between the two Middle Eastern rivals also comes as Iran hopes to ramp up oil exports following the expected removal of sanctions against it after reaching a deal over its alleged nuclear weapons development programme.""With increased geopolitical tensions between Saudi Arabia and Iran, the market has put a premium on prices just when markets opened (in 2016),"" brokerage Phillip Futures said on Monday.Despite Monday´s jump, oil prices are down by two-thirds since mid-2014 on ballooning oversupply as producers including the Organization of the Petroleum Exporting Countries (OPEC), Russia and the United States pump between 0.5 million and 2 million barrels of oil every day in excess of demand. 
ewarticle London: Fragile financial markets are grappling with wild swings in world oil prices, unnerved by uncertainty over global supplies and the demand outlook from China.By the close of business Monday, the price had shot up 27 percent in just three days for the US benchmark contract, West Texas Intermediate for October delivery, rebounding from six and a half year lows.But they skidded again Tuesday when weak Chinese manufacturing data cemented concerns over demand from the world´s biggest commodities consumer.Later in the week oil prices got a boost from the European Central Bank, which on Thursday held out the prospect of yet more stimulus for the eurozone economies if needed.By the end of the week, crude oil prices were trading in London on Friday evening barely changed.Brent North Sea crude sold at $49.95 a barrel -- down from $50.17 a week earlier. The WTI contract traded at $46.22, up from $45.22.Crude oil, the world economy´s most important raw material, has roughly halved in price in a year.""The fall in commodity prices has looked particularly dramatic because it has included oil,"" said Julian Jessop, chief global economist and head of commodities at London-based research group Capital Economics.While many raw materials have been declining in price since 2011 as China´s booming economy began to slow, oil´s price had been propped up by a perceived threat to supply after the Arab Spring, Jessop said in an interview.""Once the concerns about the potential threat to supply from the Arab Spring disappeared and were replaced by the reality of massive oversupply because of the shale revolution in the United States and OPEC´s response of keeping production high when people had thought it might cut, then oil tanked,"" the analyst said.Keeping pressure on oil prices, Iraq has managed to boost production this year by 1.5 million barrels per day despite the conflict with extremists including Daesh group and Iran is set to raise exports as sanctions are lifted after an agreement was reached over its nuclear programme.Despite the uncertainty on commodity markets, the price of gold -- a safe haven -- lost its shine over the past week, hurt by a rally in the US dollar.The precious metal also lost its lure as a haven at as volatile Chinese markets took a holiday on Thursday and Friday to mark the 70th anniversary of the end of World War II.On the London Bullion Market, gold was trading at $1,118.25 dollars an ounce Friday against $1.135 dollars a week before. (AFP) 










 
ewarticle strong>SINGAPORE: Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude.</strongBrent futures were trading at $47.05 (32 pounds) per barrel at 0028 GMT on Monday, down 32 cents from their last settlement. US crude was down 28 cents at $45.64 a barrel.Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) and especially the Middle East was outweighing supportive factors such as an ongoing, albeit slow, fall in U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.""The weaker dollar failed to excite investors in the crude oil markets,"" ANZ bank said, citing a rise in OPEC-output as the main downward driver for prices.The dollar has fallen over 6 percent this year against a basket of other leading currencies.French bank BNP Paribas said that a recent oil rally, with prices jumping almost a third since April, was largely driven by sentiment and lacked physical fundamentals.""The recent rally in oil prices ... appears to have little to do with fundamentals,"" it said.""We see the recent rally as sowing the seeds of its own demise, and extending our recommendation to protect against short-term downside risk.""OPEC-supplies rose to 32.64 million barrels per day (bpd) in April, from 32.47 million bpd in March, according to a Reuters survey based on shipping data and information from sources at oil companies, OPEC and consultants.That almost matches January's 32.65 million bpd, when Indonesia's return to OPEC boosted production to records.Despite Monday's lower prices, other analysts are growing confident that a near-two-year rout in oil has ended, and many have raised their price forecasts.The chief of the International Energy Agency (IEA) said oil prices may have bottomed out, providing the health of the global economy does not pose a concern.""In a normal economic environment, we will see the price direction is rather upwards than downwards,"" IEA Executive Director Fatih Birol said on Sunday.Non-OPEC output is set to fall by more than 700,000 bpd this year, the biggest decline in around 20 years, he said.With global oil demand seen growing by 1.2 million bpd this year, the draw in global stockpiles will start soon, helping push up prices, he said. 
ewarticle Singapore: Oil prices remained under pressure in Asia Friday after a huge jump in US crude inventories reinforced projections that a supply glut will persist well into next year.US benchmark West Texas Intermediate (WTI) for delivery in December was down 24 cents to $41.51 and Brent crude for December was trading four cents higher at $44.10 a barrel at around 0330 GMT.Prices were hammered Thursday after the US Department of Energy reported that commercial crude inventories in the world´s top oil consumer grew by 4.2 million barrels last week, far higher than analyst expectations of an increase of 1.3 million barrels.WTI sank 2.7 percent and Brent fell 3.8 percent after the report, which also showed US crude oil production continued to ramp higher.Global oil demand growth has not been fast enough to soak up the excess in supplies and analysts say a rebalancing of the supply-demand situation is needed for a sustained uptick in prices.Oil prices have plunged by more than half from peaks of over $100 a barrel in mid-2014.""Although global oil demand growth has been exceptionally strong year-to-date, the overall pace of supply side adjustment has been too slow to end a sustained increase in global inventories that we expect to persist through most of 2016,"" British bank Barclays said.It said in a market commentary that US offshore production in the Gulf of Mexico reached its highest level since early 2010 in August and is expected to remain strong although at a slower pace into 2016 ""as several more new fields begin to produce"".Members of the Organization of the Petroleum Exporting Countries (OPEC) have also kept production high in an aggressive bid to retain market share.OPEC´s collective production has stabilised at around 31.5 million barrels per day in recent months, Barclays said, but this is still more than its output ceiling of 30 million barrels per day. 










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What are the reasons for load shedding in urban and rural Sindh?,"ISLAMABAD: Federal State Minister for Water and Power Abid Sher Ali on Wednesday said that K-Electric should step up production of electricity with immediate effect and end load shedding.The minister while claiming that there is no unannounced load shedding in the country, he added that the few areas facing load shedding was due to line losses.He went on to say that Sindh faced more load shedding because of 131 feeders facing line losses and that urban areas were facing six to seven hours while rural areas were facing eight to nine hours of load shedding. He added that the industries were facing four hours of load shedding.However, PPP’s Fahmida Mirza contradicted the minister’s figures saying that he is wrong about his statistics and that Badin was facing 20 to 22 hours of load shedding.   










 
ewarticle strong>FAISALABAD: As Pakistan slowly emerges from a long-term power crisis, its once booming textile sector is scrambling to find its feet -- but high energy costs and a decade lost to competitors mean recovery is far from assured.</strongEnergy production was severely depressed for more than 10 years due to chronic under-investment, inefficiencies in the power network and an inability to collect sufficient revenue to cover costs.The result was crippling for manufacturers and in particular the textile sector, which employs 30 percent of the working population.Pakistan is the world´s fourth largest cotton producing country but interminable power and gas cuts have stopped exporters from producing their orders on time.Many have watched helplessly as their clients have instead turned to Vietnam or Bangladesh.A third of the production capacity of the sector has disappeared, thousands of factories have closed, and most of the others are running below full capacity, says Rehan Bharara, a former loom owner who now runs a public infrastructure project for the textile industry.Half the time, ""we had to run our factories on diesel generators, which was very expensive. We decided to close down rather than losing money every day,"" he said.Only those manufacturers which invested heavily in their own energy production survived.These include plants run by the Sadaqat company, which provides house linen to major Western retailers such as Debenhams, Tesco and Target. Energy supply to huge printing, cutting and sewing departments is rotated according to need.""We have three sources of electricity: the main and cheapest one is generation through gas, if we don´t have gas, we go to Wapda (the public utility), if Wapda closes, we go to diesel generators,"" says chairman Mukhtar Ahmed.""I have no choice. If I stop producing, we lose our customers.""Smaller plants, notably the hundreds of thousands of cotton loom workshops, lack backup generators and are dependent on the public network.- ""No power, no wages"" -Each time the power cuts, work is interrupted.""We loom workers only get paid if there is power and looms are running. If there is no power, there are no wages,"" said Mohammad Rizwan, a 21-year-old weaver.The government has promised to end power cuts by 2018, and said industry would be prioritised.In the past few weeks, the biggest manufacturers in Faislabad have been supplied without interruption.""The key is that they give us 24 hours of electricity a day,"" said Wahid Raamay, chairman of the Council of Loom Owners in Faisalabad.Despite these important advancements, textiles are not yet out of danger. As the country´s electricity supply has improved, natural gas imports bills have gone up with the increased cost passed down to consumers.Bharara estimates the cost of electricity has doubled over eight years, from six rupees per kilowatt/hour to 11.That´s still much lower than 26 rupees per kilowatt hour for electricity produced by a diesel generator, but more than costs in competing countries.""At this time we are struggling to give competitive power,"" admits Muhammad Salim Bhatti, general manager of the city´s power distribution company. ""Over time, we will become cheaper as new power plants will be more efficient"", he hopes. ""We´ll be in a position to compete.""But the Asian Development Bank is less optimistic, citing the opaqueness of large-scale Chinese investment in the country´s energy infrastructure.""The power due to be produced by Chinese-built power plants is expected to be expensive"" it said, though it anticipates it will still be cheaper than the thermal plants they are set to replace.In late December, Pakistan´s fourth nuclear power plant went online, built with Chinese assistance as part of Islamabad´s plans to produce 8,800 MW from atomic energy by 2030.Total exports, meanwhile, 60 percent of which are made up by textiles, declined by 13 percent in the first nine months of this year compared to last, a sign that the industry´s recovery is yet to begin. 
ewarticle strong>ISLAMABAD: The tall claims of the government to end loadshedding have failed as shortfall of electricity has exceeded 6,500 megawatts in the country.</strongThe demand of electricity has reached upto 22000 MW while power generation could not be enhanced from 15,523 megawatts. The duration of loadshedding in urban areas is 12 to 14 hours while in rural areas this duration has reached from 16 to 18 hours.Owing to severe power outages, the business have stand blocked in almost all the major cities of the country. The shopkeepers in markets and bazaars have been using hand fans to meet their requirements while customers have been confined in their houses.The public circles are of the view that the government should focus on ending the line losses so that people could not face the long duration of power outages. 
ewarticle KARACHI: The Sindh government has decided to bring down public transport fares by 7 per cent due to massive reduction in petroleum product prices by the federal government, Geo News reported.Sources said reduction in fares will be applicable on public transport, rickshaw, taxi and other means of traveling.Meanwhile, Karachi Transport Ittehad (KTI) has refused to abide by the government decision.KTI President Irshad Bukhari said the commuters are charged the lowest fares in Karachi as compare to other parts of the country, adding that 80pc vehicles run on Compressed Natural Gas (CNG). Bukhari said Karachi transporters will cut fares when decrease in CNG prices will be made.                        










 
ewarticle KARACHI: Sindh will present Rs700 billion budget for fiscal year 2015-16 on June 12, according to sources at provincial finance department.The sources told Geo News that Rs160 billion would be allocated for provincial development program in the upcoming budget, showing a decline of 10 percent compared to the previous fiscal.Out of the development budget, 80 percent will be earmarked for the ongoing schemes while 20 percent will be allocated for the new ones.The budget would set aside Rs65 billion for law and order whereas 10,000 new inductions will be made in the police department.Any raise in the salaries and perks of government employees will be in line with the federal budget’s announcement.The provincial government will earmark Rs2.5 billion for K-IV water supply project and Rs2 billion for water sewerage project S-III.The development budget will envisage an allocation of Rs3 billion for Orange Line Bus Service. 










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Current trends in oil prices and factors affecting them,"strong>SINGAPORE: Oil prices remained near 2016 highs in early trading on Thursday, buoyed by a fall in U.S. crude inventories, a weaker dollar and strong demand, but some analysts warned that the recent rally was starting to look overblown.</strongInternational Brent crude oil futures LCOc1 were trading at $52.70 per barrel at 0045 GMT, up 19 cents from their last close.U.S. West Texas Intermediate (WTI) crude CLc1 was 32 cents higher at $51.55 a barrel.Traders said the price rises were largely a result of a drop in U.S. crude oil inventories.Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks last week fell by 3.23 million barrels to 532.5 million barrels, marking their third consecutive weekly fall.A weaker dollar, down around 2.4 percent this month against a basket of other currencies, makes dollar-traded fuel imports for countries using other currencies cheaper, also supporting oil prices, traders said.But some analysts said there were also signs that the recent oil price rise, which saw Brent rally 6 percent this month and prices virtually double since February to one-year highs, may be overblown.ANZ bank said that price rises were ""tempered by an increase in crude production of 10,000 barrels per day to 8.75 million barrels per day and the number of active rigs increasing by 9 to 325"".Traders also warned of an ongoing build in refined product stocks in the United States and Asia.With fundamentals weighing both for and against higher prices, many traders and analysts say that a price tag of $50-60 for a barrel of crude was a fair value for oil, reflected in Brent's forward curve which stays within that range until early 2021. 
ewarticle KARACHI: The price of petroleum products are expected to increase in June, industry sources have revealed to Geo News. The per litre price of diesel may rise by Rs6.20 and petrol by Rs5.80.  A staggering Rs11 increase may be seen in the price of HOBC. The reason for the price increase is the turmoil in Yemen which has led to an increase in crude oil price in the international market.  










 
ewarticle strong>SINGAPORE: Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude.</strongBrent futures were trading at $47.05 (32 pounds) per barrel at 0028 GMT on Monday, down 32 cents from their last settlement. US crude was down 28 cents at $45.64 a barrel.Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) and especially the Middle East was outweighing supportive factors such as an ongoing, albeit slow, fall in U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.""The weaker dollar failed to excite investors in the crude oil markets,"" ANZ bank said, citing a rise in OPEC-output as the main downward driver for prices.The dollar has fallen over 6 percent this year against a basket of other leading currencies.French bank BNP Paribas said that a recent oil rally, with prices jumping almost a third since April, was largely driven by sentiment and lacked physical fundamentals.""The recent rally in oil prices ... appears to have little to do with fundamentals,"" it said.""We see the recent rally as sowing the seeds of its own demise, and extending our recommendation to protect against short-term downside risk.""OPEC-supplies rose to 32.64 million barrels per day (bpd) in April, from 32.47 million bpd in March, according to a Reuters survey based on shipping data and information from sources at oil companies, OPEC and consultants.That almost matches January's 32.65 million bpd, when Indonesia's return to OPEC boosted production to records.Despite Monday's lower prices, other analysts are growing confident that a near-two-year rout in oil has ended, and many have raised their price forecasts.The chief of the International Energy Agency (IEA) said oil prices may have bottomed out, providing the health of the global economy does not pose a concern.""In a normal economic environment, we will see the price direction is rather upwards than downwards,"" IEA Executive Director Fatih Birol said on Sunday.Non-OPEC output is set to fall by more than 700,000 bpd this year, the biggest decline in around 20 years, he said.With global oil demand seen growing by 1.2 million bpd this year, the draw in global stockpiles will start soon, helping push up prices, he said. 
ewarticle London: Oil prices nudged higher on Friday, further recovering from a steep dive seen mid-week, although demand is set to remain shackled by a global supply glut, analysts said.US benchmark West Texas Intermediate for delivery in May edged up one cent to $50.80 a barrel.Brent North Sea crude for May gained 27 cents to $56.84 around midday in London.WTI and Brent sank 3.6 percent on Wednesday after the US Department of Energy said commercial inventories in the world´s biggest economy hit a record high last week.That came after Saudi Arabia´s Oil Minister Ali al-Naimi said his country´s production had hit an all-time high of 10.3 million barrels a day in March.Phil Flynn, an analyst at Price Futures Group, has said this week that rising imports of US crude oil could indicate improved demand prospects in the world´s largest oil consumer or concerns about supply tightening.Price support has meanwhile come from events concerning major oil producer Iran.Analysts attributed steep gains at the start of the week to investors concluding that the nuclear framework agreed between Iran and international powers will have a minimal near-term effect on global crude supplies.The deal Tehran agreed with the United States, Britain, China, France and Russia plus Germany paves the way for the Islamic republic to curtail its nuclear activity in exchange for relief from punishing economic sanctions, including on oil investment.The United States on Thursday warned that sanctions on Iran will be lifted in stages as a nuclear deal is implemented, after Tehran demanded they be removed as soon as it comes into force.""Geopolitical factors remain a constant worry for investors with concerns regarding Iran´s nuclear programme potentially leading to ongoing volatility in the crude oil market,"" said Kash Kamal, senior research analyst at Sucden brokerage. (AFP)                        










 
ewarticle London: Oil prices edged higher on Tuesday as the market seeks to build on strong gains in April following massive falls earlier in the year.US benchmark West Texas Intermediate for delivery in June won 56 cents to $59.49 a barrel.Brent North Sea crude for June won 47 cents to stand at $66.93 a barrel in London midday deals.After slumping at the start of the year, oil prices rose by about a fifth in value during April owing to several factors including concerns about unrest in Yemen, the weakening dollar and fewer US rigs in operation, analysts said.However, prices remain well down after plunging almost 60 percent between June and the start of 2015 on the back of a global supply glut and ramped up production.""Crude oil producers in the US have significantly cut back output in an attempt to address the significant supply overhang which has exerted downward pressure on... prices since June last year,"" Kash Kamal, senior research analyst at Sucden brokers said on Tuesday.The International Monetary Fund has said that Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices.The wealthy monarchies, however, should ""not react in a knee-jerk way to lower oil prices"", the IMF Middle East and Central Asia chief Masood Ahmed told AFP in an interview Monday.""Saudi Arabia seem committed to defending their market share and have even increased output to over 10 million barrels per day in April,"" said Kamal.""Support for higher crude prices has partly come from a weaker dollar,"" he added.A weaker dollar makes oil priced in the US unit cheaper for holders of others currencies, boosting demand. (AFP)                        










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What were the outcomes of the recent IMF talks with Pakistan?,"DUBAI: Talks between Pakistan and the International Monetary Fund (IMF) concluded successfully on Thursday, with the IMF agreeing to release $518 million by end of March as the next tranche of the three-year $6.6bn Extended Fund Facility (EFF) programme.“The mission and the Pakistani authorities have reached staff-level understandings on a Memorandum of Economic and Financial Policies on the sixth review of the program, which, upon approval by the IMF’s Management, will be discussed by the IMF Executive Board. ""Upon completion of the review, SDR 360 million (about US$518 million) would be made available to Pakistan,” said the outgoing chief of the IMF Mission to Pakistan Jeffery Franks.Newly-announced Chief of IMF Mission to Pakistan, Herald Finger, will replace Franks after the talks.At a jointly held press conference with the IMF staff in Dubai, Finance Minister Ishaq Dar reiterated that there would be no increase in gas and electricity prices. Pakistan also informed the IMF of its expenditure of Rs. 150 billion on the implementation of the National Action Plan (NAP) as well as repatriation of Internally Displaced Persons (IDPs).Also agreed upon was Rs.60 billion in tax cuts for Pakistan, while it was decided that the target for tax cuts should reach Rs. 2750 million by June.Dar said that Pakistan’s foreign exchange reserves have increased to over $15 billion, entitling the country to receive subsidised loans.However, due to the price reduction of petrol in the country, tax revenue decreased to Rs. 68 billion. “Tax revenues were below the second-quarter indicative target by about 0.1 percent of GDP due in part to legal challenges to some revenue measures and to the fiscal effects of the plunge in international oil prices,” said a press statement from the IMF mission. “While progress has been made in addressing the structural impediments to higher and more inclusive growth, important challenges remain, such as steps to enhance the independence of the SBP, permanently resolve energy sector deficiencies, complete the legal framework for deposit insurance, and privatize or restructure public enterprises,” noted the IMF.                        










 
ewarticle ISLAMABAD: Finance Minister and Senator Muhammad Ishaq Dar reached Dubai Wednesday morning and joined Pakistan delegation for ongoing talks with the IMF team for the 11th Review under the Extended Fund Facility (EFF).Finance Minister has had three rounds of talks completed successfully with IMF team according to a statement of the Ministry of Finance.The 4th round of talks are expected to start shortly.Finance Minister, leading the Pakistan delegation, has had four rounds of talks successfully completed and 5th round was underway by Wednesday evening with talks progressing positively.The talks are likely to conclude by Thursday evening.The current review, it may be added, was the second last of a total of 12 reviews under the 36-month programme, supported by an EFF arrangement, approved in 2013. 
ewarticle ISLAMABAD: Finance Minister Ishaq Dar and International Monetary Fund’s (IMF) Harald Finger will hold a final round of review on policy matters on Monday under Extended Funds Facility (EFF) programme.Earlier, Pakistan and IMF completed the detailed deliberations for the 7th review under EFF in Dubai. Pakistan’s delegation was led by Finance Minister Senator Mohammad Ishaq Dar whereas the IMF team was led by Harald Finger at the talks, the Finance Ministry said in a press release here.The Finance Minister proposed that final round of discussion be held at Islamabad to which IMF authorities agreed. The details of the outcome of the talks would also be shared with the media on Monday, the ministry said.It may be mentioned that policy level talks between Pakistan and IMF started last week in Dubai where both sides discussed the 7th quarterly review under Extended Fund Facility (EFF).The successful conclusion of 7th review will enable the Fund to release next tranche of 550 million after the approval of its executive board by late June or early July. Pakistan has received 3.5 billion from the Fund in six tranches since September 4 2013 when the IMF board approved the three year extended arrangement under the EFF for about US 6.12 billion. 










 
ewarticle ISLAMABAD: Finance Minister Senator Ishaq Dar on Monday termed deliberation between Pakistan and International Monetary Fund (IMF) for the 7th review under Extended Funds Facility (EFF) programme as successful.Pakistan’s delegation was led by Dar whereas the IMF team was led by Harald Finger at the final round of talks held in the federal capital.Speaking at a press conference here today, the finance minister said the successful conclusion of dialogue has paved the way for release of next tranche of $506 million to Pakistan by June this year. He said it is for the first time that Pakistan has reached the level of 7th review with IMF under any programme.Dar expressed confidence in achieving the fiscal deficit target of 4.9 per cent in 2015 and the next year's target has been kept at 4.3 per cent, keeping in view expenditure on Operation Zarb-e-Azb and rehabilitation of IDPs.He said all indicators have been showing an upward economic trajectory, calling it a moment of happiness for Pakistan. He said the country was on track to meet its targets for fiscal deficit by June.The minister said that foreign exchange reserves currently stand at $17.6 billion in the State Bank of Pakistan (SBP), hoping that the government would achieve the target of $18.5 billion by the Holy month of Ramadan.Inflation was recorded at 2.1pc in April this year, which he said was lowest in the last 12 years. The minster announced that the National Identity Card number would be used as the tax number from next financial year.The IMF mission chief, on the occasion, expressed satisfaction with Pakistan’s economic growth saying the next tranche under extended fund facility would be released by June.Pakistan has received 3.5 billion from the Fund in six tranches since September, 2013 when the IMF board approved the three year extended arrangement under the EFF for about US$6.12 billion.                        










 
ewarticle strong>ISLAMABAD: Managing Director International Monetary Fund (IMF) Christine Lagarde has congratulated Prime Minister Muhammad Nawaz on the completion of country's IMF supported economic reform program.</strongPakistan has achieved a great deal over the past three years and I congratulate you and your colleagues on the completion of your IMF supported economic reform programme which helped restore macroeconomic stability and strengthen economy's resilience, MD IMF said in a letter addressed to prime minister Sharif.Christine Lagarde, who recently visited Pakistan, said she was encouraged that Prime Minister Sharif planned to continue pushing ahead with reforms to facilitate a deeper structural transformation of the economy and set it on a path of higher and more inclusive growth.The IMF will be ready to support Pakistan in its endeavors in any way possible, she assured.Referring to her recent visit, the IMF MD said ""It was a pleasure for me to visit Pakistan and meet with you and your economic team"".""I truly enjoyed my first visit to Pakistan and the engaging conversations we have had about the progress and future direction of your economic reform program.<br/>Allow me to express my gratitude for your hospitality and the excellent cooperation between Pakistan and IMF,"" she said. "
What is the impact of Chinese manufactured rail engines on Pakistan Railways?,"KARACHI: The final shipment of Chinese manufactured Rail Engines arrived in Pakistan on Friday. Federal Railways Minister, Khwaja Saad Rafique says, the inclusion of the new engines will help ease the shortfall faced by Pakistan Railways. The shipment includes 2000 and 3000-horse-power engines which will be used to pull freight bogeys. Rafique told journalists, the inclusion of 15 new engines has brought Pakistan Railways total strength to 268 engines however more engines are still required.  










 
ewarticle strong>ISLAMABAD: A consignment of seven new modern locomotives have reached Karachi from the United States to reinforce Pakistan Railways’ existing fleet.</strong“Pakistan will receive a total of 55 locomotives in different phases from the US. The remaining 48 are expected to be handed over to the Pakistan Railways by June 2017,” official sources in the Ministry of Railways told APP Monday.Commenting on specifications of the locomotives, they said these were 4,000 Horsepower modern diesel locomotives of General Electric with 676 mm gauge and fully assembled. The 137 tonne six-axle locomotives are designed for a maximum speed of 120 km per hour, and are expected to provide better fuel efficiency and longer maintenance intervals than Pakistan Railways’ current fleet.The locomotives, with each one has 12-cylinder of 563 horse power engine, would help cope with the harsh operating conditions in Pakistan, having additional cooling capacity and an air-conditioned cab suitable for bidirectional operation.This is ever first consignment of evolution series locomotives to anywhere South Asia, which Pakistan has received ever first time, they added.According to the contract, they said USA based Corys Electric Company has to supply a full-scope simulator for driver training.They said the locomotives would be used for transporting the imported coal from Karachi’s Port Qasim to Sahiwal Power Plant in Punjab and Jamshoro Power Plant in Sindh.In 2015, they said that Pakistan Railways had signed an agreement with USA for provision of 55 General Electric diesel locomotives, out of which 40 would be used to haul imported coal from Karachi to the Sahiwal and Jamshoro power stations and 15 in general freight services. 
ewarticle strong>ISLAMABAD/BEIJING: Pakistan and China embarked on their ambitious and effective project to link China's southwestern province Yunnan with Pakistan's largest port in Karachi, on Wednesday. </strongAccording to details, the first  cargo train from Kunming, capital of Yunnan province, left with over 500 tonnes of commodities for Port Qasim in Karachi on Wednesday. This marked the opening of the new route between both the countries, who are ambitiously seeking trade partnerships with each other which could benefit them immensely. These goods are then transported to all parts of the world from the Karachi port. According to Chinese experts, the new route will prove cost-effective in the sense that it would reduce transportation costs by as much as fifty-percent compared with past services. Experts also stated that it would be beneficial for the local firms and traders, who could not expand more and cater to the demands of international clients. They further stated that goods could now reach clients efficiently and more effectively as well as bring prominence to Yunnan.  dir=""ltr"" lang=""en"">  
ewarticle strong>LONDON: Pakistan has secured an additional $8.5 billion of investment from Beijing as part of the countries' joint energy, transport and infrastructure plan, Planning Minister Ahsan Iqbal said on Wednesday.</strongThat is on top of the $46-billion China-Pakistan Economic Corridor (CPEC) project, which focuses on road building and energy infrastructure to end chronic power shortages in Pakistan and to link China's landlocked north-west with the deep-water port Gwadar on the Arabian Sea.Some $4.5 billion of the additional investment will be spent on upgrading tracks and signaling on Pakistan's main railway line from Karachi to Peshawar and increase the speed on the line to 160 km per hour from the current 60-80 kph, Iqbal told Reuters in an interview.Another $4 billion will go toward an LNG terminal and transmission line, he added.""This has now all been approved, so this is an additional $8.5 billion to the $46 billion we had already, so we are now close to $55 billion,"" Iqbal said.The International Monetary Fund said in June that repayments and profit repatriation from large-scale investments such as CPEC could add to Pakistan's medium- and long-term risks, predicting that the country's gross external financing needs would rise to $15.1 billion in 2018/2019 from $11.4 billion in the current financial year.But Iqbal said those risks would be countered by the economic boost the investment would give to industries such as steel, construction and engineering, pushing future annual growth to above 6 percent.In July the IMF upped its forecast for growth in Pakistan to 5 percent from 4.7 percent in the fiscal year to June 2017, citing China's investment plans.""As the economy grows, our capacity to undertake the responsibilities of repayments also improves, what really matters is that all of that investment is going into productive sectors,"" Iqbal said.Under CPEC, a number of new economic zones will be created along the corridor. Pakistan hopes that some industry will relocate from China, due to cheaper wages and production costs, Iqbal said.""Our preferred mode is joint ventures, because that will give a stake to both Pakistani and Chinese enterprises so now our government is actively promoting business-to-business links,"" he said. 
ewarticle strong>ISLAMABAD: A 15-member Chinese delegation  visited Islamabad Chamber of Commerce and Industry (ICCI)here on Saturday and expressed hope that the Chinese investment in Pakistan under China Pakistan Economic Corridor (CPEC) would help generate over 10,000 more job opportunities in the country.</strongThe delegation was led by Gan Rongkun Vice Governor ofHubei Province and discussed with the local businessmen prospects of investment and joint ventures in One Belt One Road and China Pakistan Economic Corridor projects.The delegation showed interest to explore investment opportunities in energy and infrastructure development projects including constructions of roads airports and railway network in Pakistan.They said both countries have good potential to enhance cooperation in auto manufacturing steel cement power generation services industry and many other areas.They said Pakistan now has political stability and growing economy and these factors were stimulating interest in Chinese investors to explore Pakistan for investment and joint ventures.They said China State Construction Corp has already participated in many construction projects in Pakistan including Centaraus New Islamabad Airport and Chinese investors would construct a 392 KMs superhighway to connect Islamabad with other cities and industrial park in Pakistan.They also invited Pakistani businessmen to visit Hubei Province to explore business opportunities as it enjoyed strategic location in the center of China with huge business potential.In his welcome address Atif  Ikram, Sheikh President Islamabad Chamber of Commerce and Industry said that CPEC was considered a game changer for Pakistan and more Chinese investors should be encouraged to participate in this historic project for its timely completion.He said there was huge potential of investment in many sectors of Pakistan s economy including energy infrastructure mining manufacturing engineering IT and others while CPEC was poised to open new horizons of investment opportunities between China and Pakistan.He said China has good expertise and advanced technology while Pakistan offered attractive incentives to foreign investors.He urged that Chinese investors should harvest the investment friendly policies of the current regime by enhancing investment and joint ventures in Pakistan. "
recent trends in global oil prices,"London: Oil prices nudged higher on Friday, further recovering from a steep dive seen mid-week, although demand is set to remain shackled by a global supply glut, analysts said.US benchmark West Texas Intermediate for delivery in May edged up one cent to $50.80 a barrel.Brent North Sea crude for May gained 27 cents to $56.84 around midday in London.WTI and Brent sank 3.6 percent on Wednesday after the US Department of Energy said commercial inventories in the world´s biggest economy hit a record high last week.That came after Saudi Arabia´s Oil Minister Ali al-Naimi said his country´s production had hit an all-time high of 10.3 million barrels a day in March.Phil Flynn, an analyst at Price Futures Group, has said this week that rising imports of US crude oil could indicate improved demand prospects in the world´s largest oil consumer or concerns about supply tightening.Price support has meanwhile come from events concerning major oil producer Iran.Analysts attributed steep gains at the start of the week to investors concluding that the nuclear framework agreed between Iran and international powers will have a minimal near-term effect on global crude supplies.The deal Tehran agreed with the United States, Britain, China, France and Russia plus Germany paves the way for the Islamic republic to curtail its nuclear activity in exchange for relief from punishing economic sanctions, including on oil investment.The United States on Thursday warned that sanctions on Iran will be lifted in stages as a nuclear deal is implemented, after Tehran demanded they be removed as soon as it comes into force.""Geopolitical factors remain a constant worry for investors with concerns regarding Iran´s nuclear programme potentially leading to ongoing volatility in the crude oil market,"" said Kash Kamal, senior research analyst at Sucden brokerage. (AFP)                        










 
ewarticle London: Fragile financial markets are grappling with wild swings in world oil prices, unnerved by uncertainty over global supplies and the demand outlook from China.By the close of business Monday, the price had shot up 27 percent in just three days for the US benchmark contract, West Texas Intermediate for October delivery, rebounding from six and a half year lows.But they skidded again Tuesday when weak Chinese manufacturing data cemented concerns over demand from the world´s biggest commodities consumer.Later in the week oil prices got a boost from the European Central Bank, which on Thursday held out the prospect of yet more stimulus for the eurozone economies if needed.By the end of the week, crude oil prices were trading in London on Friday evening barely changed.Brent North Sea crude sold at $49.95 a barrel -- down from $50.17 a week earlier. The WTI contract traded at $46.22, up from $45.22.Crude oil, the world economy´s most important raw material, has roughly halved in price in a year.""The fall in commodity prices has looked particularly dramatic because it has included oil,"" said Julian Jessop, chief global economist and head of commodities at London-based research group Capital Economics.While many raw materials have been declining in price since 2011 as China´s booming economy began to slow, oil´s price had been propped up by a perceived threat to supply after the Arab Spring, Jessop said in an interview.""Once the concerns about the potential threat to supply from the Arab Spring disappeared and were replaced by the reality of massive oversupply because of the shale revolution in the United States and OPEC´s response of keeping production high when people had thought it might cut, then oil tanked,"" the analyst said.Keeping pressure on oil prices, Iraq has managed to boost production this year by 1.5 million barrels per day despite the conflict with extremists including Daesh group and Iran is set to raise exports as sanctions are lifted after an agreement was reached over its nuclear programme.Despite the uncertainty on commodity markets, the price of gold -- a safe haven -- lost its shine over the past week, hurt by a rally in the US dollar.The precious metal also lost its lure as a haven at as volatile Chinese markets took a holiday on Thursday and Friday to mark the 70th anniversary of the end of World War II.On the London Bullion Market, gold was trading at $1,118.25 dollars an ounce Friday against $1.135 dollars a week before. (AFP) 










 
ewarticle strong>SINGAPORE: Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude.</strongBrent futures were trading at $47.05 (32 pounds) per barrel at 0028 GMT on Monday, down 32 cents from their last settlement. US crude was down 28 cents at $45.64 a barrel.Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) and especially the Middle East was outweighing supportive factors such as an ongoing, albeit slow, fall in U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.""The weaker dollar failed to excite investors in the crude oil markets,"" ANZ bank said, citing a rise in OPEC-output as the main downward driver for prices.The dollar has fallen over 6 percent this year against a basket of other leading currencies.French bank BNP Paribas said that a recent oil rally, with prices jumping almost a third since April, was largely driven by sentiment and lacked physical fundamentals.""The recent rally in oil prices ... appears to have little to do with fundamentals,"" it said.""We see the recent rally as sowing the seeds of its own demise, and extending our recommendation to protect against short-term downside risk.""OPEC-supplies rose to 32.64 million barrels per day (bpd) in April, from 32.47 million bpd in March, according to a Reuters survey based on shipping data and information from sources at oil companies, OPEC and consultants.That almost matches January's 32.65 million bpd, when Indonesia's return to OPEC boosted production to records.Despite Monday's lower prices, other analysts are growing confident that a near-two-year rout in oil has ended, and many have raised their price forecasts.The chief of the International Energy Agency (IEA) said oil prices may have bottomed out, providing the health of the global economy does not pose a concern.""In a normal economic environment, we will see the price direction is rather upwards than downwards,"" IEA Executive Director Fatih Birol said on Sunday.Non-OPEC output is set to fall by more than 700,000 bpd this year, the biggest decline in around 20 years, he said.With global oil demand seen growing by 1.2 million bpd this year, the draw in global stockpiles will start soon, helping push up prices, he said. 
ewarticle strong>SINGAPORE: Oil prices surged during the start of 2016 trading as relations between top crude producers Saudi Arabia and Iran deteriorated, raising concerns about potential supply disruptions, though weak Asian manufacturing data kept a lid on bullish expectations.</strongSaudi Arabia, the world´s biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran.The diplomatic row between the two major oil producers escalated following Riyadh´s execution of a prominent cleric on Saturday.Global oil benchmark Brent climbed more than a dollar to a high of $38.50 per barrel on Monday, before easing back to $38.10 at 0350 GMT, still up over 2 percent.US crude´s West Texas Intermediate (WTI) futures were up 77 cents, or 2.08 percent, at $37.81 a barrel.Oil traders said the crisis between Saudi Arabia, also the world´s second-largest oil producer, and Iran, which holds some of the largest proven oil reserves, was pushing up prices.The clash between the two Middle Eastern rivals also comes as Iran hopes to ramp up oil exports following the expected removal of sanctions against it after reaching a deal over its alleged nuclear weapons development programme.""With increased geopolitical tensions between Saudi Arabia and Iran, the market has put a premium on prices just when markets opened (in 2016),"" brokerage Phillip Futures said on Monday.Despite Monday´s jump, oil prices are down by two-thirds since mid-2014 on ballooning oversupply as producers including the Organization of the Petroleum Exporting Countries (OPEC), Russia and the United States pump between 0.5 million and 2 million barrels of oil every day in excess of demand. 
ewarticle strong>SINGAPORE: Oil prices were stable in early trading on Monday, with global oversupply and slowing economic growth weighing on markets but prospects of falling production lending some support.</strongUS crude futures were trading at $38.41 per barrel at 0239 GMT, down 10 cents from their last settlement.But international Brent futures were up 6 cents at $40.45 a barrel.While Morgan Stanley said that oil prices had likely bottomed out, it warned that a slowing economy and high production would prevent sharp rises.""Oil prices now seem to have bottomed, even though they are likely to stay subdued for the rest of this year before starting to move higher in 2017,"" the US bank said, adding that cheap oil had not provided the economic boost to growth that many had hoped for.""When oil prices are falling below production costs, the income gains for consumers will be smaller than the costs to producers and falling oil prices become a negative-sum game,"" it said.For 2016, the bank said it was ""no longer looking for an acceleration in 2016 GDP growth"" and that the risk of a global recession was now 30 percent.Following a 70 percent price rout between mid-2014 and early 2016, oil markets are in flux.Many analysts expect a modest price recovery, while others see another slump.The International Energy Agency (IEA) on Friday said that oil prices had bottomed out due to US and other output cuts outside the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC).The US rig count fell for a 12th straight week last week to a total of 386, its lowest since December 2009 as drillers continue to slash capital expenditure.Others, like Goldman Sachs, warn that ongoing global overproduction, which continues to see over 1 million barrels of crude produced in excess of demand every day, will pull prices back down again.So far, demand in core markets like China remains strong.China's January-February refinery throughput rose 4.6 percent compared to the same period a year earlier to 87.08 million tonnes (10.59 million barrels per day), official data showed on Saturday.The data release came shortly after China reported record daily crude imports of 8 million barrels per day.In traded markets, sentiment leans towards higher prices, with the amount of managed short positions open for US crude, which would profit from falling prices, down over 40 percent since mid-February, while the amount of trades betting on price increases stands near record highs.""The shift in sentiment in commodity markets continues to gather strength ... The worst may be over for commodity markets,"" ANZ bank said."
Why won't the Ministry of Water and Power renew the contract with K-Electric for 650MW?,"ISLAMABAD: The Ministry of Water and Power issued a statement on Friday saying that the contract to supply 650MW of electricity to K-Electric cannot be renewed.The ministry went on to say that K-Electric should ensure its own production at full capacity to meet the demands.It further said that in case of an emergency shortage, at most 200 to 300MW could be provided.A summary of the decision has been sent to Prime Minister Nawaz Sharif.According to a K-Electric spokesperson, he warned that if the supply is stopped then there could be a possible blackout in the city as the company has no backup plan. He also said that the matter of the ministry not supplying the requirement is sub judice and could lead to contempt of court. Meanwhile, Karachi Chamber of Commerce & Industry President Iftikhar Ahmed Vohra said that if the national grid fails to provide the required demand, industrial production may be heavily affected.He demanded from the government that it should reconsider the supply of 650MW and include it in the contract.On January 26, the ministry had directed the National Power Control Centre (NPCC) not to suspend electricity supply to K-Electric following the expiry of the power distributor’s 5-year agreement for 650 MW supply on January 25. According to sources, a renewed contract with fresh conditions was under consideration earlier. 










 
ewarticle ISLAMABAD: Federal Minister for Water and Power Khawaja Asif on Wednesday said that despite the expiry of an agreement with the K-Electric, power is being supplied to it keeping in view the interest of people of the metropolis.Speaking to media representatives, he said that K-Electric has the capacity to generate sufficient power to meet the requirements of Karachi. However, it gets 650 MW of subsidised electricity from the national grid, he added. Asif said the issue will be reviewed in the new contract agreement with the K-Electric.The minister said the duration of loadshedding has been reduced across the country as compared to the previous year. Industries are being provided with uninterrupted electricity now, he added.To a question about the funding of Diamer Basha Dam, the power minister said the government will start construction on the project from its own resources. When asked about violations of Indus Water Treaty by India, Khawaja Asif said Pakistan is vigilant to the situation and will raise the matter at an appropriate forum in case of any violation.                        










 
ewarticle ISLAMABAD: Minister for Water and Power Khawaja Asif on Friday said that maximum relief is being given to the consumers in power tariff.Talking to the media in Islamabad today, he said electricity generation has increased by 1,500 megawatts as compared to the last year.About the projects being started in the power sector, the minister said that projects of 8,370 MW have been signed with China and these projects will be implemented in all the provinces. Asif added that these projects will bring an investment of $20 billion.He went on to say that imported LNG will be given to the five power plants which will enhance their efficiency.He further said the government has ensured zero load-shedding to the industrial sector in the last four months. He also said that due to the government's efforts, line losses have decreased and circular debt is $70 billion lower as compared to the last year. 










 
ewarticle KARACHI: K Electric has announced a reduction of Rs2.08 in powe tariff which will be applicable in electricity bills for the month of December. According to the spokesman of K Electric, the power tariff cut has been made as a result of fuel surcharge adjustment for the months of August and September. Earlier, National Electric Power Regulatory Authority (NEPRA) had also announced a decrease in electricity tariff which was applicable for all power distributors of the country with the exception of K Electric. 
ewarticle strong>RIYADH: Saudi Arabia´s King Salman replaced the minister for water and electricity Abdullah al-Husayen on Saturday with Agriculture Minister Abdulrahman al-Fadhli, who will do the job on an acting basis, state media reported, citing a royal decree.</strongThis week Deputy Crown Prince Mohammed bin Salman, who is responsible for sweeping economic reforms in the world´s top oil exporter, was quoted as saying increases in water tariffs had not been implemented in line with the plans.Saudi Arabia is seeking to reduce lavish subsidies on its power and water as it faces reduced income from oil exports thanks to lower crude prices since 2014, but raising tariffs is regarded as politically sensitive.The kingdom also introduced its first rises in petrol prices and electricity tariffs in many years when it announced the national budget in December. Power demand growth in the kingdom is estimated at around 10 percent a year and some electricity is produced by burning crude oil which would otherwise be available to sell on the global<br/>market.Riyadh is planning to introduce nuclear and renewable energy plants, but the proposals are still at an early stage."
Tokyo stock market performance on Friday,"strong>TOKYO: Tokyo stocks opened lower Wednesday as a stronger yen hit exporters and following a lacklustre lead from Wall Street.</strongThe benchmark Nikkei 225 index slipped 0.39 percent, or 65.89 points, to 16,699.08 in opening deals, while the broader Topix index of all first-section shares fell 0.42 percent, or 5.51 points, to 1,311.98. 
ewarticle strong>TOKYO: Tokyo stocks opened lower Wednesday as a stronger yen hit exporters and following a lacklustre lead from Wall Street.</strongThe benchmark Nikkei 225 index slipped 0.39 percent, or 65.89 points, to 16,699.08 in opening deals, while the broader Topix index of all first-section shares fell 0.42 percent, or 5.51 points, to 1,311.98. 
ewarticle strong>TOKYO: Tokyo stocks opened lower Wednesday as a stronger yen hit exporters and following a lacklustre lead from Wall Street.</strongThe benchmark Nikkei 225 index slipped 0.39 percent, or 65.89 points, to 16,699.08 in opening deals, while the broader Topix index of all first-section shares fell 0.42 percent, or 5.51 points, to 1,311.98. 
ewarticle strong>TOKYO: Tokyo stocks opened sharply higher Monday following another record on Wall Street after traders welcomed strong US jobs data.</strongThe benchmark Nikkei 225 index rallied 1.28 percent, or 207.84 points, to 16,462.29 in opening deals, while the broader Topix index of all first-section shares soared 1.23 percent, or 15.71 points, to 1,295.61. 
ewarticle strong>TOKYO: Tokyo stocks opened sharply higher Monday following another record on Wall Street after traders welcomed strong US jobs data.</strongThe benchmark Nikkei 225 index rallied 1.28 percent, or 207.84 points, to 16,462.29 in opening deals, while the broader Topix index of all first-section shares soared 1.23 percent, or 15.71 points, to 1,295.61."
How has the decrease in petrol prices affected consumer behavior in Pakistan in January 2015?,"ISLAMABAD: The consistent fall in the price of petrol saw a record sale in the month of January, with a 32 percent increase as compared to January 2014.Consumers across the country bought 0.39 million tonnes of petrol in January this year.According to industry sources, the price difference between petrol and compressed natural gas (CNG) dropped from 56 percent in January 2014 to 31 percent in January 2015.Global crude oil prices have fallen by 50 percent since June 2014, and to provide consistent relief to consumers, the Pakistan government has decreased the price of petrol by Rs 29 since the last four months and brought the price of Diesel down by Rs 23 in the same time frame. 










 
ewarticle ISLAMABAD: In a move to give relief to consumers, sources in the Finance Ministry said on Tuesday that the price of petrol and petroleum products are expected to decrease further from February 1.According to sources, the price of petrol is expected to be slashed by Rs 10 per litre, High Speed Diesel by Rs 8.50 per litre, Light Diesel by Rs 11 per litre, HOBC by Rs 14 per litre, and Kerosene by Rs 12 per litre.Global crude oil prices have fallen by 50 percent since June 2014, and to provide consistent relief to consumers, the Pakistan government has decreased the price of petrol by Rs 29 since the last four months and brought the price of Diesel down by Rs 23 in the same time frame.Fuel crisis in the country began last week when Pakistan State Oil (PSO) was forced to slash imports because banks refused to extend any more credit to the government-owned company, which supplies 80 percent of the country´s oil.The shortfall led to long queues of angry motorists at petrol stations, though these have since dissipated as fuel supplies have reached the pumps. 










 
ewarticle ISLAMABAD: The price of petrol in Pakistan is expected to be reduced by Rs. 1.80, to settle at Rs. 73.21 from May 1, sources told Geo News on Monday.According to sources, OGRA will be sending a complete summary of the price changes for all POL products to the Petroleum Ministry by Wednesday, April 29.Furthermore, the price of diesel is expected to be decreased by Rs. 1.64, to settle at Rs. 81.97.On the other hand, the price of Kerosene oil is expected to be increased by Rs. 2, with the new price at Rs. 63.50. 










 
ewarticle KARACHI: A strike called by the Oil Tanker Owner's Association has caused a severe shortage of petrol in Karachi, Quetta and several parts of the country.The shortage comes as the government notified a decrease of Rs 3 per litre in the prices of petrol and diesel from Tuesday. Chairman Petroleum and CNG Association Shabir Sulemanji said earlier today that 30 percent of fuel stations in Karachi have run out of petrol and diesel due to the strike, expressing hope that situation would improve by Wednesday.But Geo News correspondent Ali Imran said that by now petrol was available on only about 20 to 25 percent pumping stations – those too most likely on the outskirts of Karachi. He said that there were also reports of fuel stations illegally selling petrol in black at exorbitant rates of up to Rs100 per litre.Read more: Prices of petrol, diesel slashed by Rs3 per litre Some parts of Sindh and Punjab have also begun to feel the effect of the shortage, with fears that the shortage may spiral out of control. The strike by the Oil Tanker Owner's Association, called to protest against sales tax imposed on transportation of oil, is being seen as the main reason for the shortage which is causing great difficulty for consumers.Experts and observers say the effects of the shortage are exacerbated by pumping stations not keeping enough stock and consumers waiting for prices to go down to refill their fuel tanks.                        










 
ewarticle KARACHI: The prices of petroleum products are expected to increase next month (November) in Pakistan. According to sources the price of petrol will increase by Rs3.43/litre and diesel by Rs.2.80/litre. The price of kerosene oil will rise by Rs3.00/litre. The final estimate for the price increase will be made on October 26.   










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current trends in oil prices and production February 2021,"London: World crude prices diverged Tuesday as traders eyed weak demand and excess supplies, dealers said.Brent North Sea crude for October dropped eight cents to stand at $46.29 a barrel around late afternoon in London.US benchmark West Texas Intermediate for delivery in October added 86 cents to $44.85 per barrel compared with Monday´s close.Expectations that US crude oil inventories expanded for a third week and news that the OPEC cartel has slashed its demand growth forecast for next year are keeping a lid on any price rally, analysts said.Bloomberg News said it expects US crude stockpiles to have risen by 1.75 million barrels in the week to September 4.The US Energy Information Administration (EIA) will release Wednesday the official stockpiles data, a gauge of demand in the world´s top oil consuming nation.""Prices are unable to make much headway as the market expects US crude stockpiles to expand for the third straight week ahead of the EIA report,"" said Bernard Aw, a Singapore-based strategist at IG Markets.The Organization of the Petroleum Exporting Countries on Monday cut its 2016 forecast for global demand ""due to the projected slower economic momentum in Latin America and China"".The cartel said demand would grow by 1.29 million barrels per day to 94.08 million barrels a day next year, 50,000 barrels less than its previous estimate.Traders are also watching out for the US Federal Reserve meeting this week to see whether policymakers would raise interest rates for the first time since 2006.Analysts say that a hike in the zero-level benchmark rate would likely push the dollar higher, making dollar-priced crude oil more expensive and potentially further damping demand.                        










 
ewarticle New York: US oil prices shot up to a 2015 peak Wednesday after a slight dip in US oil production sparked talk that the glutted petroleum market could be turning.US benchmark West Texas Intermediate for May delivery jumped $3.10 to $56.39 a barrel on the New York Mercantile Exchange, the highest closing price since December 23.European benchmark Brent oil for delivery in May rose $1.89 to $60.32 a barrel in London.The gains extended a market rally into a fifth straight day.Earlier in the day, the US Department of Energy reported US oil production fell by 20,000 barrels, or 0.2 percent, to 9.38 million barrels per day, in the week ending April 10.US crude inventories stand at the highest level for this time of year in at least the last 80 years, the DoE said, but the increase last week was smaller than expected.Analysts expressed caution at Wednesday´s price surge.""I think this rally will stall,"" said Matt Smith, an analyst at Schneider Electric. ""We got quite a bit ahead of ourselves here."" Smith said it is likely still too soon for the lower US rig count to meaningfully dent supply.""Yes, there are a couple of data points, but that doesn´t mean the US is not overflowing crude,"" he said.Meanwhile, the Paris-based International Energy Agency cut its supply forecast for non-OPEC countries, citing a lower outlook for US and Canadian production and the ""worsening conflict"" in Yemen.The agency also bumped up by 90,000 barrels per day its forecast for 2015 petroleum demand. The IEA now expects 2015 consumption of 93.6 million barrels per day, up 1.1 million barrels per day for the year. (AFP)                        










 
ewarticle London: Oil prices edged higher on Tuesday as the market seeks to build on strong gains in April following massive falls earlier in the year.US benchmark West Texas Intermediate for delivery in June won 56 cents to $59.49 a barrel.Brent North Sea crude for June won 47 cents to stand at $66.93 a barrel in London midday deals.After slumping at the start of the year, oil prices rose by about a fifth in value during April owing to several factors including concerns about unrest in Yemen, the weakening dollar and fewer US rigs in operation, analysts said.However, prices remain well down after plunging almost 60 percent between June and the start of 2015 on the back of a global supply glut and ramped up production.""Crude oil producers in the US have significantly cut back output in an attempt to address the significant supply overhang which has exerted downward pressure on... prices since June last year,"" Kash Kamal, senior research analyst at Sucden brokers said on Tuesday.The International Monetary Fund has said that Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices.The wealthy monarchies, however, should ""not react in a knee-jerk way to lower oil prices"", the IMF Middle East and Central Asia chief Masood Ahmed told AFP in an interview Monday.""Saudi Arabia seem committed to defending their market share and have even increased output to over 10 million barrels per day in April,"" said Kamal.""Support for higher crude prices has partly come from a weaker dollar,"" he added.A weaker dollar makes oil priced in the US unit cheaper for holders of others currencies, boosting demand. (AFP)                        










 
ewarticle strong>NEW YORK: Oil prices climbed to just shy of $50 a barrel on Wednesday after a sharper-than-expected fall in crude inventories, lifting energy shares and world stock markets.</strongGrowing bets on a possible Federal Reserve rate increase as early as in June or July reduced demand for U.S. government debt.Investors' expectations for higher borrowing costs have risen since last week's minutes from the central bank's April meeting signalled a June increase was on the table. Comments from policymakers and upbeat U.S. economic data in recent days have supported those views.""What you're seeing is a recognition that this is going to happen and investors are getting more comfortable with it,"" said Kurt Brunner, a portfolio manager at Swarthmore Group in Philadelphia. ""There's a recognition that economic growth is okay.""Energy Information Administration data showed U.S. crude stockpiles fell last week as imports dropped and refineries cut output. Brent LCOc1 settled up $1.13 at $49.74, whileU.S. crude's CLc1 settled 94 cents higher at $49.56.World stocks markets rose for a second straight session, helped by energy shares including Chevron, up 1.6 percent, and bank shares, which benefit from higher interest rates.The Dow Jones industrial average .DJI closed up 145.46 points, or 0.82 percent, to 17,851.51, the S&amp;P 500 gained 14.48 points, or 0.7 percent, to 2,090.54 and the Nasdaq Composite added 33.84 points, or 0.7 percent, to 4,894.89.Combining Tuesday and Wednesday's performances, the S&amp;P 500 gained 2 percent, its strongest two-day run since early March.MSCI's all-country world stock index rose 0.9 percent, while the pan-European FTSEurofirst 300 index of leading regional stocks ended up 1.3 percent, touching its highest level since late April.Banks in Europe were buoyed after a new debt deal for Greece seemed to head off the risk of another round of uncertainty over its finances and even its future in the euro zone.U.S. Treasury prices fell, with short- and medium-dated yields hitting 10-week highs, helped by the solid advance in Wall Street stocks.Early in the U.S. session, the two-year yield and five-year yield reached 10-week highs at 0.938 percent and 1.424 percent, respectively.The U.S. dollar fell from near a 10-week high against the euro and rose just slightly against the yen as investors took profits on the greenback's recent gains.The euro was last up 0.17 percent against the dollar at $1.1161, while the dollar was last up just 0.11 percent against the yen at 110.10 yen.Investors await Fed Chair Janet Yellen's appearance at a panel at Harvard University on Friday, the same day as they take in a revised estimate of U.S. first-quarter growth.Gold dropped to a seven-week low amid the Fed expectations. Spot gold was down 0.2 percent at $1,223.93 an ounce, off an earlier low of $1,217.25, the lowest since April 6. 
ewarticle strong>New York: US oil prices finished above $50 a barrel for the first time since July on Tuesday as a tightening supply picture and a weaker dollar further boosted the commodity.</strongUS benchmark West Texas Intermediate for July delivery rose 67 cents to $50.36 a barrel on the New York Mercantile Exchange, capping a rally from the low near $25 a barrel in February.Analysts said ongoing uncertainty about Nigeria´s outlook for petroleum production was strengthening the oil market.Nigeria´s government and military chiefs met governors of oil-producing states after announcing it planned peace talks with militants who have repeatedly attacked pipelines and installations, slashing output.Attacks have cut output to 1.6 million barrels per day, well below the budgeted-for 2.2 million barrels per day, heaping further pressure on an economy badly hit by the global fall in the price of crude since mid-2014.Analysts said oil was also boosted by a dip in the dollar against major currencies after Federal Reserve Chair Janet Yellen on Monday emphasized that interest rate increases would be gradual after Friday´s very weak jobs report. A weak dollar can boost demand for crude, which is sold on global markets in the US currency.""A good portion of what we´re seeing during the last couple of days is a reaction to the anticipation the Fed will not change its interest rates and that´s leading to a weaker dollar,"" said James Williams of WTRG Economics."
What were the allegations against HSBC's Swiss subsidiary regarding tax evasion?,"LONDON: British bank HSBC Holdings Plc admitted on Sunday failings by its Swiss subsidiary, in response to media reports it helped wealthy customers dodge taxes and conceal millions of dollars of assets.""We acknowledge and are accountable for past compliance and control failures,"" HSBC said on Sunday after news outlets including French newspaper Le Monde and Britain’s The Guardian published allegations about its Swiss private bank. The Guardian, along with other news outlets, cited documents obtained by the International Consortium of Investigative Journalists (ICIJ) via Le Monde.HSBC said that its Swiss arm had not been fully integrated into HSBC after its purchase in 1999, allowing ""significantly lower"" standards of compliance and due diligence to persist.The Guardian alleged in its report that the files showed HSBC's Swiss bank routinely allowed clients to withdraw “bricks” of cash, often in foreign currencies which were of little use in Switzerland, marketed schemes which were likely to enable wealthy clients to avoid European taxes and colluded with some to conceal undeclared accounts from domestic tax authorities.HSBC said the Swiss private banking industry, long known for its secrecy, operated differently in the past and this may have resulted in HSBC having had ""a number of clients that may not have been fully compliant with their applicable tax obligations.""Its private bank, especially its Swiss arm, had undergone ""a radical transformation"" in recent years, it said in a detailed four-page statement.HSBC's Swiss private bank was largely acquired as part of its purchase of Republic National Bank of New York and Safra Republic Holdings, a US private bank.HSBC said the number of accounts in its Swiss private bank had fallen from 30,412 in 2007 to 10,343 at the end of last year and it was cooperating with authorities investigating tax matters.The data was supplied by Herve Falciani, a former IT employee of HSBC's Swiss private bank. HSBC said Falciani downloaded details of accounts and clients at the end of 2006 and early 2007. French authorities have obtained data on thousands of the customers and shared them with tax authorities elsewhere, including Argentina.Switzerland has charged Falciani, who Reuters was unable to reach for comment, with industrial espionage and breaching the country's secrecy laws. Falciani has previously told Reuters he is a whistleblower trying to help governments track down citizens who used Swiss accounts to evade tax.Some of the details of the list have been released before. The names of 2,000 Greeks with HSBC accounts was made public in 2010 and dubbed the ""Lagarde List"" after former French finance minister Christine Lagarde. France passed the names to Greece to help it crack down on tax evasion.                        










 
ewarticle strong>BERN: Switzerland promised on Monday to work with Indian authorities to tackle tax dodgers who stash money in Swiss bank accounts to avoid Indian taxes.</strongAfter talks in Geneva with Swiss President Johann Schneider-Ammann and round-table discussions with Swiss businessmen, Prime Minister Narendra Modi said the two countries had agreed to make combatting tax evasion and ""black money"" a shared priority.""We discussed the need for an early and expeditious exchange of information to bring to justice the tax offenders. An early start to negotiations on the Agreement on Automatic Exchange of Information would be important in this respect,"" he said, referring to a portal supported by the Organisation for Economic Co-operation and Development (OECD).Modi promised in his 2014 election campaign to recover billions of dollars sent to tax havens abroad to avoid income tax, now about 30 percent in India.Schneider-Ammann said no figure had been put on the amount of ""black money"" to be recovered. Talks would begin later this month, he said.Modi said Switzerland had also agreed to support its bid for membership of the Nuclear Suppliers Group (NSG), which it applied to join last month, having won a waiver in 2008 that accorded it the right to trade in commercial nuclear technology.New Delhi's bid for full membership of the 48-nation club, if granted, would tip the balance of power in South Asia against its arch-rival Pakistan, whose own application has been backed by China despite questions over its proliferation record.Modi tacked on Switzerland and Mexico as extra stops on a five-country tour to seek their support on joining the NSG. He left Switzerland for Washington, where U.S. President Barack Obama is expected to offer his backing also.Both Switzerland and Mexico have been viewed as sceptical about India's bid for nuclear legitimacy. They are among countries concerned that India has not signed the nuclear Non-Proliferation Treaty, a step that would require New Delhi to give up its nuclear arsenal.The nuclear club holds its annual meeting later this month. 
ewarticle strong>ISLAMABAD: Finance Minister Ishaq Dar on Friday informed the Senate that the Federal Board of Revenue (FBR) had started negotiations with Swiss authorities to provide access to accounts of Pakistani nationals.</strongThe minister said that he was the first person in the country’s history who brought summary to the cabinet in this regard to empower the FBR.He said two meetings of the FBR officials have so far been held with the Swiss authorities. He added that he would present full details in this house.Regarding Rs200 billion of Pakistanis accounts in Swiss banks, Dar said that he had read about this in the press.He said that he would assign a job to the FBR if he had information about this. He added that Pakistan also acquired membership of a global setup in this regard.Meanwhile, minister Dar told the National Assembly that any decision regarding the extension of Custom Act in Malakand Division would be taken in the light of recommendations of the law ministry.He said the promise about payment of net hydel profit to Khyber Pakhtunkhwa would be fulfilled. He added that it was 20-year old issue and the present government was trying to resolve it. The ministry of water and power is also involved in this issue.Earlier, lawmaker Sahibzada Tariqullah demanded withdrawal of the decision of imposition of Customs Act in Malakhand Division. The provincial government has already moved its summary, withdrawing its early decision. 
ewarticle strong>ZURICH: FIFA´s ethics panel said on Saturday it had formally given outgoing President Sepp Blatter and European soccer head Michel Platini the reasons for their eight-year bans from the game, information both men could use in an appeal.</strongThe move came too late for Platini who said this week he had abandoned plans to appeal against the ban in time to rejoin the race for the FIFA presidency and withdrew his candidacy.Blatter and Platini were banned last month amid the worst corruption scandal in the history of world soccer´s governing body.""After receiving the grounds for the decisions, both officials may lodge an appeal with the FIFA Appeal Committee,"" the adjudicatory chamber of the ethics committee said in a statement, without giving details on the information it sent.The sport faces criminal investigations in Switzerland and the United States, where 41 soccer officials and sports entities have been indicted on corruption charges.Blatter and Platini were both banned over a payment of 2 million Swiss francs ($2 million) made to the Frenchman by FIFA with Blatter´s approval in 2011 for work done a decade earlier.The committee said the payment, made at a time when Blatter was seeking re-election, lacked transparency and presented conflicts of interest, though both men denied wrongdoing.Platini, the head of European soccer body UEFA, had initially been seen as the favourite to replace Blatter in the Feb. 26 election. 
ewarticle strong>BRUSSELS: European Union countries should consider taking tougher measures against banks and tax advisers who help their clients to hide money offshore, an EU Commission paper says.</strongThe document will be discussed at a meeting of EU finance ministers in Amsterdam on April 22-23, where tax evasion has been added to the agenda following the Panama Papers leaks.""The Panama Papers have highlighted how certain European financial intermediaries and other providers of tax advice appear to have actively helped their clients to conceal money offshore,"" the document, seen by Reuters, said.Banks are already subject to financial sanctions and a possible withdrawal of their operating licences if they breach EU anti-money laundering rules.The Commission wants finance ministers to consider ""more effective disincentives"" for lenders and other tax advisers who assist in tax evasion schemes, the document said.The EU executive is reviewing anti-money laundering rules and is expected to make legislative proposals by June.Under consideration are also plans to increase transparency on the ultimate ""beneficial"" owners of companies and trusts, which often are hidden, thus allowing tax evasion.Current rules oblige EU states to set up registers of firms´ owners, but do not require public disclosures.Trusts are at the moment subject to lower transparency requirements.""It would be worth considering whether improvements are possible to enhance accessibility of beneficial ownership registers, to clarify the registration requirements for trusts,"" the EU Commission paper said.The Commission this year proposed measures to tackle tax dodging, urged large companies to reveal their tax data and called for a EU list of tax havens which should be subject to common sanctions.Commission Vice President Valdis Dombrovskis called on EU states to make ""substantive progress"" on all these issues in a letter sent to the Dutch presidency of the EU ahead of the Amsterdam finance ministers´ meeting."
future predictions for global oil prices by IEA,"London: World oil prices sank Friday after the International Energy Agency warned over the price outlook amid bulging global supplies.In midday London deals, European benchmark Brent North Sea crude for April delivery fell 57 cents to $56.51 a barrel.US benchmark West Texas Intermediate (WTI) for April shed 72 cents to $46.33 a barrel.""Crude oil prices extended losses ... as investors remained cautious following the bearish IEA oil monthly report, high levels of crude oil inventories and the strong US dollar rally,"" said Sucden analyst Myrto Sokou.The Paris-based IEA energy watchdog warned Friday that the recent rebound in oil prices was built on flimsy foundations.Prices collapsed by 60 percent to about $40 between June and late January due to global oil oversupply, a weak world economy and the strong dollar.However, the market has since rebounded somewhat following a slowdown in US oil-drilling activities.""Behind the facade of stability, the rebalancing triggered by the price collapse has yet to run its course, and it might be overly optimistic to expect it to proceed smoothly,"" said the Paris-based IEA, which advises energy consuming nations.It noted that a key driver in the recovery in oil prices has been drops in the number of rigs drilling for shale oil in the United States.""Yet US supply so far shows precious little sign of slowing down. Quite to the contrary, it continues to defy expectations,"" said the IEA in its monthly report, which sharply revised up output estimates for the end of last year and forecasts for the start of 2015.The IEA hiked its demand forecasts for every quarter this year, with the annual 2015 figure bumped up by 100,000 barrels per day to 93.5 mbpd, compared with its previous forecast given last month.In earlier Asian trading, the oil market had risen on news of a deal to end a strike at US refineries.Crude futures had fallen Thursday after a government report showed surging US stockpiles, adding to a global oversupply.The US Department of Energy on Wednesday said inventories hit a fresh record high of 448.9 million barrels last week, while stockpiles at the Cushing terminal hub in Oklahoma -- the price settlement point for WTI -- also increased.Bloomberg News meanwhile reported the United Steelworkers union representing 30,000 US oil workers had reached a tentative deal on a four-year contract with Royal Dutch Shell that could see a mass walkout brought to a close.Another development affecting the market was an announcement on Monday by the US Energy Information Administration raising its crude production forecast this year to 9.35 million barrels per day from 9.30 million. (AFP)                        










 
ewarticle Singapore: Oil prices resumed their decline in Asia Wednesday, with global crude oversupply continuing to dampen investors´ sentiment despite occasional rallies.Prices had risen the previous day after a four-day losing streak, as traders weighed a bearish price outlook from the International Energy Agency (IEA) and a lowered US estimate for crude production.The oil market has collapsed by more than half since mid-2014 with prices languishing under $50 a barrel, hurt by the supply glut and the decision by the oil exporter grouping OPEC to maintain output to counter booming US shale production.The Paris-based IEA, in a report Tuesday, forecast that the global oil market would recover to $80 a barrel by 2020.At around 0300 GMT Wednesday, US benchmark West Texas Intermediate for delivery in December was trading 47 cents lower at $43.74 and Brent crude for December was down 26 cents at $47.18.""We continue to think the market will remain in surplus through most of 2016, which is likely to restrict the upside for prices, particularly over the fourth quarter of 2015 and the first quarter of 2016,"" British bank Barclays said in a market commentary.A strong dollar, fuelled by widening expectations that the US Federal Reserve will raise interest rates next month, has also been keeping a lid on prices.Oil is traded in the US currency and a buoyant dollar would make the commodity more expensive for those holding weaker units, lowering demand and prices.""We expect the greenback to continue to be supported as we approach the likely lift-off in rates,"" Singapore´s United Overseas Bank said, referring to a December 17 meeting of the Fed´s policy-setting Federal Open Market Committee. 










 
ewarticle Singapore: Oil prices fell in Asia on Tuesday after the International Energy Agency (IEA) predicted that global oil prices will recover only partially over the next five years, analysts said.US benchmark West Texas Intermediate (WTI) for March delivery slipped 74 cents to $52.12, while Brent crude for March eased 77 cents to $57.57 in afternoon trade. Citing a major shakeup in the oil markets, the IEA said in its five-year forecast that prices will recover from current levels of around $50-60 per barrel but remain considerably below the more than $100 price tags reached the slump began in June.""The global oil market looks set to begin a new chapter of its history, with markedly changing demand dynamics, sweeping shifts in crude trade and product supply, and dramatically different roles for OPEC and non-OPEC producers in regulating upstream supply,"" the IEA said.It added that it sees market rebalancing occurring ""relatively swiftly"", with increases in inventories halting mid-year and the market tightening.""This morning´s slight dip is likely due to the IEA report that predicts only a slow recovery for oil prices. However this is only in the short term as the market fundamentals have not changed,"" said Shailaja Nair, associate editorial director at energy information provider Platts.Prices have plunged from their mid-2014 peaks largely owing to a surge in global reserves boosted by robust US shale production and weak global demand. (AFP)                        










 
ewarticle strong>LONDON: The world will store unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said.</strongThe agency, which coordinates energy policies of industrialised countries, said that while it did not believe oil prices could follow some of the most extreme forecasts and fall to as low as $10 per barrel, it was equally hard to see how they could rise significantly from current levels.The Paris-based IEA trimmed its forecast for 2016 oil demand growth, which now stands at 1.17 million barrels per day (bpd) following a five-year high of 1.6 million in 2015.It cut its call on OPEC crude for 2016 by 100,000 bpd to 31.7 million bpd. That figure is much lower than OPEC's January output of 32.63 million bpd.""Persistent speculation about a deal between OPEC and leading non-OPEC producers to cut output appears to be just that: speculation. It is OPEC's business whether or not it makes output cuts either alone or in concert with other producers but the likelihood of coordinated cuts is very low,"" the IEA said.Oil prices collapsed over the past 18 months to below $30 a barrel from as high as $115 as OPEC opened its taps to drive higher-cost producers such as U.S. shale companies out of the market.Low oil prices have spurred global demand but it was not enough to absorb all crude produced. As a result, unwanted oil went into storage, leading to record global stockpiles of over 3 billion barrels.U.S. shale oil output has started to decline because of low prices and OPEC has said it sees the market rebalancing sometime later in 2016 when demand finally meets supply.But the IEA said supply may still exceed demand throughout the whole of 2016 and added it saw non-OPEC output falling by just 0.6 million bpd in 2016.""The number could be higher of course and many senior international oil company figures have said so but there is a lingering feeling that the big fall-off in production from U.S. shale producers is taking an awful long time to happen. Perhaps resilience still has some way to go,"" the IEA said.The agency also said it saw the dollar remaining strong as it benefits from its safe-haven status, meaning more downward pressure on oil prices.With weaker global oil demand, likely new gains in Iraqi, Iranian and Saudi output, low chances of an OPEC deal, resilient U.S. production and a strong dollar - the IEA said the global oil glut was only poised to worsen.It said that even if OPEC production remained flat, global stocks would build by 2 million bpd in the first quarter, followed by a 1.5-million-bpd build in the second quarter.""Supply and demand data for the second half of the year suggests more stock building, this time by 0.3 million bpd. If these numbers prove to be accurate, and with the market already awash in oil, it is very hard to see how oil prices can rise significantly in the short term. In these conditions the short-term risk to the downside has increased.” 
ewarticle London: World crude prices diverged Tuesday as traders eyed weak demand and excess supplies, dealers said.Brent North Sea crude for October dropped eight cents to stand at $46.29 a barrel around late afternoon in London.US benchmark West Texas Intermediate for delivery in October added 86 cents to $44.85 per barrel compared with Monday´s close.Expectations that US crude oil inventories expanded for a third week and news that the OPEC cartel has slashed its demand growth forecast for next year are keeping a lid on any price rally, analysts said.Bloomberg News said it expects US crude stockpiles to have risen by 1.75 million barrels in the week to September 4.The US Energy Information Administration (EIA) will release Wednesday the official stockpiles data, a gauge of demand in the world´s top oil consuming nation.""Prices are unable to make much headway as the market expects US crude stockpiles to expand for the third straight week ahead of the EIA report,"" said Bernard Aw, a Singapore-based strategist at IG Markets.The Organization of the Petroleum Exporting Countries on Monday cut its 2016 forecast for global demand ""due to the projected slower economic momentum in Latin America and China"".The cartel said demand would grow by 1.29 million barrels per day to 94.08 million barrels a day next year, 50,000 barrels less than its previous estimate.Traders are also watching out for the US Federal Reserve meeting this week to see whether policymakers would raise interest rates for the first time since 2006.Analysts say that a hike in the zero-level benchmark rate would likely push the dollar higher, making dollar-priced crude oil more expensive and potentially further damping demand.                        










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What led to the suspension of the Intra-Kashmir trade service at the Chakothi crossing point?,"MUZAFFARABAD: The Intra-Kashmir trade service will resume tonight after six days of its suspension at the Chakothi crossing point, Geo News reported on Wednesday.The trade service was suspended after authorities in Indian occupied Kashmir leveled allegations of smuggling.It was suspended when a truck from Azad Kashmir was stopped by Indian authorities allegedly said to be carrying contraband.According to Director General (DG) Azad Kashmir Trade and Travel Authority (TATA) Brigadier (R)Imtiaz Wayen, 50 trucks from AJK and 21 from IoK will return tonight.On Sunday in an interview with AFP, Basharat Iqbal, trade facilitation officer on the Pakistani side of the border said: “We were informed by the Indian authorities on Friday evening that they have stopped 22 Pakistani trucks which crossed the Line of Control (LOC) earlier that day.""""They told us that they had discovered 12 kilograms (26 pounds) of opium from a truck carrying oranges and were taking an action against the driver. After the incident, we also held 50 Indian trucks on Pakistani Kashmir side, because traffic crosses the border simultaneously,"" said Iqbal.Imtiaz Wayen, director-general of Pakistani Kashmir´s trade and travel authority, said India was not entitled to stop Pakistani drivers on grounds of smuggling.""According to our agreement, if they find any banned item in our trucks they are bound to hand over that item and the relevant truck driver to us for further action,"" he said.                        










 
ewarticle strong>ISLAMABAD: The Afghan authorities have imposed 5000 Afghan rupees on Pakistani trucks as cargo charges in Qandahar province close to Pakistan Balochistan province.</strongThe imposition of cargo charges has been confirmed by Vice President of Pak-Afghan Joint Chamber of Commerce and Industry Jamal-Ud-Din Achakzai while talking to BBC.He said these charges have not been imposed by the Afghan central government, but by the local administration of Qandahar province.He said these charges have been received between Chamman and Spinbuldak.He said these charges are also being received from Afghan good trucks by Afghan local administration as half of those being imposed on Pakistani trucks.He said it is discrimination and injustice towards Pakistan traders.He said according to Afghan authorities, the charges have been received from Afghan trucks less as they have also been charged with other taxes.Jamal-Ud-Din further said Pakistani trucks don’t only transport goods of Pakistani traders to Afghanistan, but also to central Asian countries via Afghanistan.He acknowledged that Pakistani traders are facing various problems, which have been raised by the chamber in meetings held in Islamabad and Kabul.He said Afghan authorities also gave assurance of addressing the traders’ problems. 
ewarticle KARACHI: A strike by freight forwarders and air cargo agents is piling up cargo containers at the country’s main port as delays in offloading and taking on new cargo is causing fears that a prolonged stand-off will cost the economy billions of rupees.The strike, observed in protest against eight percent turnover tax, entered the second day on Wednesday, bringing the external trade to nearly halt, said a protesting leader.Pakistan International Freight Forwarders Association (PIFFA) and Air Cargo Agents Association of Pakistan (ACAAP) had announced strike for indefinite period until government resolves all the issues, which include withdrawal of the turnover tax.Farukh Iqbal, chairman of Air Cargo Agents Association of Pakistan (ACAAP) said there was no bill of leading for exporters to ship goods through dry ports/sea ports/airports/bonded container freight station.“No one from government’s side came forward to negotiate with us,” he said.“We have written several letters to the Federal Board of Revenue, finance ministry and Prime Minister’s secretariat, but the government was not ready to listen to our grievances.”Even various trade bodies took up this issue with the government, which seems to be indifferent to trade and commerce, he added. The cargo agents’ leader said since no government official had contacted them on Wednesday they decided to continue the strike.“Our members are not responsible or liable for any direct or consequential losses suffered by trade due to strike as government has forced our member companies to take the extreme decision to close businesses in protest against the imposition of this unjust tax, which itself means closure of businesses,” he said.An official at a leading terminal operator of Karachi port told The News that the strike had already slowed down the activities.“If this situation persists for another four to five days the goods waiting for clearance will pile up to create menace,” he said. “And, it will take 20 to 25 days or even more to do clearance in addition to jack up the operational cost for exporters and importers in form of extra port duties.”He added that the government is not realising the fact.Freight forwarders didn’t issue any bill of leading for exports and there was no delivery order for lifting the import consignment at terminals. If the situation persists it will create handling issues.Perishable export/import items can be ruined if not cleared on time.The terminal operator said clearing agents and freight forwarders don’t work on high turnovers and higher taxes can lead to the closure of their businesses.A leading exporter Jawed Bilwani said government’s non-serious attitude to resolve any industry issue is marring trade. The country’s exports are already suffering and with the ongoing strike of the freight forwarders and other stakeholders will further hamper the exports.Bilwani said last year good transporters called strike and the government didn’t seriously take the issue. It was only after 12 days, during which traders sustained huge losses the government came for negotiation with the protestors.He said the present government allows an issue to blow out of proportion before coming for the rescue.Fawad Ijaz Khan, Patron-in-Chief of Pakistan Leather Garments Manufacturers and Exporters Association said the government has failed to resolve the issues facing freight forwarders and air cargo agents.“We have been trying to contact the various ministries, including finance and commerce ministries, but no one was available to listen to our grievances,” Khan said.“Our members are worried about their consignments and their orders might be cancelled if not shipped on time.”Shabbir Ahmed, former chairman of Pakistan Bedwear Exporters Association said the government should seriously take notice of the matter and immediately resolve the issues of the logistics sector. Ahmed said small exporters will suffer the most due to the strike.                        










 
ewarticle ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar has said all out efforts were being made to bring Pakistan International Airlines (PIA) out of deficit.Talking to media, he said the government had started restructuring of national flag carrier from day one.“Its fleet had been expanded from 18 to 38 which would soon reach 40,” he added.To a question about privatization of the Steel Mills, he said initially Sindh Government was offered to purchase the Steel Mills.He said civil and military leadership had same goals regarding operation Zarb-e-Azb and eradicating terrorism from the country.Replying to a question he said the Prime Minister Muhammad Nawaz Sharif had given special instructions to Punjab government for taking strict action in accordance with the law against banned outfits.Ishaq Dar said seminaries and international non-governmental organizations (INGOs) were being registered under newly formulated policy.Operation Zarb e Azb would continue till the elimination of last terrorist as civil and military leadership had expressed their resolve in this regard he added. 
ewarticle LAHORE: Two traders unions have announced to launch a protest movement against withholding tax, threatening the government that a shutter down strike and complete shutdown of their bank transactions might take place if the demands of traders were not met.In two separate press conferences held by as many factions of the All Pakistan Anjuman Tajiran here, it was announced that the Supreme Council of Trade Organisations has given an approval for the proposed protest movement that they intend to launch on September 2. They said as part of the next round of protest, traders would stop all transactions with banks on September 4 and then a country-wide strike would be observed on September 9.The press conferences were addressed by Khalid Pervez and Khawaja Shafiq who said they were united in launching the protest movement.                        










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Progress and significance of the TAPI gas pipeline project,"ISLAMABAD: Prime Minister Nawaz Sharif on Wednesday called for speedy implementation of Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project terming it critical for the regional countries.The meeting in Islamabad included Petroleum Ministers of Turkmenistan, Afghanistan and India as well as Pakistan’s Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi.The PM said that Pakistan would play a positive role for the early progress on TAPI and any delay would add heavily to the cost.He went on to say that Pakistan was facing an acute shortage of gas and that this project would help Pakistan overcome the crisis. On February 6, Minister of State for Petroleum and Natural Resources Jam Kamal said that Pakistan would host technical group meetings of the TAPI project here during this month. All the countries under TAPI would participate in the meetings as the gas sales and purchase agreement had already been signed. He also said that project development was in progress while consultants were engaged in carrying out feasibility study and design.  










 
ewarticle ISLAMABAD: Federal Petroleum Minister Shahid Khaqan Abbasi said on Tuesday work on the Iran-Pakistan gas pipeline project is expected to begin in September. Abbasi said the time-frame on when work would begin on the pipeline depended on the nuclear agreement between Iran and world powers. He added that under the agreement Pakistan had to lay down pipeline 700 KM which may take over two years.  










 
ewarticle WASHINGTON: Pakistan-Iran gas pipeline will not benefit from nuclear deal until the agreement eases economic sanctions on Tehran.Last week Prime Minister Nawaz Sharif’s Special Advisor on Foreign Affairs, Tariq Fatmi’s said Islamabad welcomes nuclear deal as it would open doors for economic cooperation with Tehran, including  gas pipeline. However, US State Department spokesman Mark Toner said lifting of sanctions for economic deals with Iran has not started yet.   










 
ewarticle ISLAMABAD: Pakistan and Russia on Friday signed an inter-governmental agreement for the construction of 1100-kilometer gas pipeline project from Karachi to Lahore.Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi and Russian Energy Minister Alexander Novak signed the agreement at a ceremony also attended by Prime Minister Nawaz Sharif in Islamabad today.The 1,100 kilometer pipeline with a capacity of 12.4bcm per annum will connect liquefied natural gas (LNG) terminals of Karachi with those of Lahore.Russia will make an investment of $2 billion in the project, the first phase of which is expected to be completed by December 2017.                        










 
ewarticle strong>ISLAMABAD: Iran has agreed with Pakistan to negotiate amendment in the Gas Sale Purchase Agreement (GSPA) for implementation of the IP gas pipeline project in the extended period.</strong“Pakistan has requested Iran for amendment in the GSPA and sent it a draft accordingly. Iran has agreed to negotiate the same along with some other amendments, which are awaited,” official sources in the Ministry of Petroleum and Natural Resources told APP sharing current status of the project.They said funds would be allocated for the Iran-Pakistan (IP) gas pipeline Project as per procedure in the due course of time.Answering a question, the sources said the revised timeline for completion of the project would be decided mutually in the forthcoming meetings between Pakistan and Iran.“The details, in this regard, can be sorted out by the Experts Group, which should meet to discuss and decide on all outstanding matters,” they said.Sharing details of the project, the sources said Inter-Governmental Framework Declaration was signed between the two countries on May 24, 2009, while GSPA had reached on June 2009.Subsequently, Pakistan issued sovereign guarantee on May 28, 2010.Project consultant was appointed on April 11, 2011, while the design, feasibility, route survey and other formalities of the project were completed on September 8, 2012.The 56-inch diameter pipeline will initiate from South Pars gas field Iran and end at Nawabshah covering a distance of around 1,931 kilometer with 1,150 km portion in Iran and 781 km in Pakistan.The implementation is to be done on the basis of a segmented approach whereby each country will be responsible for construction of pipeline in the respective territory.The 750 mmcfd gas flow in the pipeline is projected to help generate around 4,000 MW electricity.Moreover, they informed that construction work on the 700-kilomtre Gwadar-Nawabshah gas pipeline was expected to commence soon on the same route of the IP gas pipeline project in collaboration with China."
Economic impact of the Cricket World Cup on Australia's hospitality industry,"SYDNEY: Cricket fever has gripped Australia with the World Cup just days away. Fans from around the world have thronged to the country and hotels are capitalising. Prices of rooms have almost doubled to 300 dollars and hotels are experiencing full bookings. Experts estimate that during the mega event Australia will generate 1.5 million US dollars just from hotel bookings. If the cost of internal air travel, taxis and tickets is taken into consideration, Australia stands to generate two million US dollars during the World Cup.  










 
ewarticle strong>DHAKA: Bangladesh is hopeful England will go ahead with their planned tour of the South Asian country later this year despite Friday's attack by gunmen at an upmarket Dhaka restaurant that left 20 dead.</strongA spokesman of the England and Wales Cricket Board has said the ECB would follow government advice on the trip to Bangladesh for three one-day internationals and two tests from Oct. 7 to Nov. 1.""It is a very unfortunate incident for Bangladesh. We never imagined such a thing could happen in this country,"" Bangladesh Cricket Board (BCB) president Nazmul Hassan told local media.""I have seen England's reaction, which is quite normal. We would have done the same thing if we were in their position.""Even after the Paris attacks, the game didn't stop there. Sport will go on. England are coming after three months, by which time the situation in Bangladesh will get better.""BCB chief executive Nizamuddin Chowdhury was not available for comment to confirm if they had received any communication from their English counterparts.Security concerns have been a major issue in the region, starving Pakistan of international sports at home while the Australian cricket team postponed their Bangladesh tour last year following a warning from their government.""It's very hard to say which place is safe and which is not,"" Hassan added.""Whatever the situation is, I've always said that our security has to be strengthened. We have to provide maximum security. I don't see any reason why sport should be stopped."" 
ewarticle MOHALI: Steven Smith won the toss and chose to bat in Australia's quasi quarter-final against India in the Super Ten Group Two match of the World Twenty20 here at the Punjab Cricket Association IS Bindra Stadium on Sunday night.Both captains named unchanged teams, Australia resisting the temptation to tweak their side after beating Pakistan, and India now going through the group stage with the same XI in each match.Smith said the pitch looked good for batting but might slow up later in the game, and MS Dhoni said he too would have batted had he won the toss. ""It looks like a surface that the batsmen will love,"" Dhoni said. ""But it depends, how well it comes off the wicket.""Both teams had beaten Bangladesh and Pakistan, and lost to New Zealand, which made the clash a straight knockout contest. The winner will progress to the semi-final along with New Zealand.India: Rohit Sharma, Shikhar Dhawan, Virat Kohli, Suresh Raina, Yuvraj Singh, MS Dhoni (captain &amp; wk), Hardik Pandya, Ravindra Jadeja, R Ashwin, Jasprit Bumrah, Ashish NehraAustralia: Usman Khawaja, Aaron Finch, David Warner, Steven Smith (captain),  Glenn Maxwell, Shane Watson, James Faulkner, Peter Nevill (wk), Adam Zampa, Nathan Coulter-Nile, Josh Hazlewood. 
ewarticle strong>CANBERRA: Australia coach Darren Lehmann has urged cricket's governing body to help reduce the workload on players competing in all three forms of the game as he fears the current packed schedule is unsustainable.</strongAs the Indian Premier League (IPL) appears set to capitalise on recent International Cricket Council (ICC) changes to the schedule through a ""mini IPL"" in September, Lehmann fears such a tournament would further restrict time off for his players.In 2015, Australian cricketers who played all three formats spent on average 280 days overseas. Under Cricket Australia (CA) contracts, players are given a six-week break from commitments, which many use to sign lucrative IPL contracts.Lehmann said that while the financial incentive to play in India was tempting, it often wore players out and the ICC should use a common sense approach to future scheduling so that the toll on bodies was not too high.""If it keeps going like this, with players playing IPL as well, they are inevitably going to break down,"" Lehmann told Australian media on Friday.""Hopefully changes will happen at the ICC and then you will see a refined schedule which will be better.""Lehmann said while players often consider setting themselves up for life by playing in the IPL, it was a ""tough conundrum"" for national selectors, as they are reluctant to advise players not to take on out-of-contract commitments.""If you look across a two-year cycle, all of our players have had to come home at some point,"" he said, while referring to injuries Steve Smith (wrist) and Mitchell Marsh (hamstring) picked up in the most recent IPL season.Lehmann believes that while players may be primed to perform under match day stresses, it was the constant travel, variable conditions and lack of adequate rest which was putting them most at risk.""It's not so much the cricket; it's the travel to these places. You're on the road, you have training and all that stuff,"" he said.The ICC is currently considering the introduction of a two-tiered test Championship and a one-day league, which would go some way to lightening the workload. 
ewarticle strong>MOHALI: Australia won the toss and elected to bat first in crucial match against Pakistan in World Cup Twenty20 at Mohali.</strongWinning the toss, Australian skipper Steven Smith said they have two changes. Finch in for Mitch Marsh and Hazlewood for Hastings.Shahid Afridi said, “I think batting first is good idea, but does not matter. Today's match is more important for us. The boys know the importance for this game.”He said Mohammad Irfan is resting and Wahab Riaz is back.On retirement, Afridi said, “I haven't taken any decision. I will do it in front of my nation.”strong>Teams:</strongAustralia: UT Khawaja, AJ Finch, DA Warner, SPD Smith (Captain), SR Watson, GJ Maxwell, JP Faulkner, PM Nevill, A Zampa, NM Coulter-Nile, JR HazlewoodPakistan: Ahmed Shehzad, Sharjeel Khan, Rashid Latif, Umar Akmal, Shoaib Malik, Sarfraz Ahmed, Shahid Afridi (Captain), Imad Wasim, Mohammad Amir, Wahab Riaz, Mohammad Sami"
Nokia 215 Dual SIM features and price in Pakistan,"Karachi: Microsoft Devices Pakistan announced the availability of Nokia 215 Dual SIM, its most affordable Internet-ready phone, in the country. The Nokia 215 Dual SIM is designed to connect and introduce first-time mobile phone buyers to the Internet and new digital experiences. The Nokia 215 Dual SIM will expand the reach of Microsoft services at more affordable prices.Nokia 215 Dual SIM will allow more people to access popular Web content and digital services, and enable them to enjoy online experiences via Opera Mini browser, Bing search, MSN Weather, Twitter and Facebook. People can stay in touch with friends and family using Facebook and Messenger with instant notifications. With SLAM, people can share content between devices and make hands-free calls using Bluetooth 3.0.With a fresh design, durable quality and outstanding battery life, this entry-level mobile phone is an owner’s delight. It has all the essentials for a mobile-first world such as built-in torchlight, up to 20 hours of talk-time, outstanding battery life (up to 21 days for the Dual SIM), MP3 playback of up to 50 hours, FM radio playback of up to 45 hours and a VGA camera.Commenting at the launch of Nokia 215 Dual SIM, Kamran Khan, Country General Manager, Microsoft Mobile Devices Pakistan said: “With our ultra-affordable mobile phones and digital services, we see an inspiring opportunity to connect the next billion people to the Internet for the first time. The Nokia 215 Dual SIM is perfect for people looking for their first mobile device, or those wanting to upgrade to enjoy affordable digital and social media services, like Facebook and Messenger.”The Nokia 215 Dual SIM comes in Bright Green, Black and White, and will be available for an estimated retail price of PKR 4,100/-.                        










 
ewarticle strong>ISLAMABAD: Pakistan will have more than 40 million smartphones by end of this year 2016 as increase in number of mobile broadband users have registered a reasonable growth.</strongBased on current trends in e commerce sector and as per market estimates more than two million users a month are looking to buy a phone online and to capitalise on this growing demand major industry players from service providers (telecom operators) to mobile phone makers and an e commerce platform have partnered with internet giant Google to promote online trade by offering exclusive discounts on mobile phone purchases just ahead of Eidul Fitr.In Pakistan third generation (3G) and 4G mobile phone users stand at 27 million as of May 2016 and continue to grow creating a huge demand for smartphones which is the top selling category across all major e commerce platforms.Publicly available data shows mobile phone imports in terms of value and not in units making it difficult to figure out category wise imports.However market sources say less than 20% of Pakistan’s monthly mobile phone imports comprises smartphones.This equation though is likely to change in a couple of years, they added.It merits mentioned that Pakistan s e commerce market is still in its infancy and represents only 5 % of conventional retail trade.However the overall size of this fast growing segment has come close to 100 million up by two thirds from 60 million as of 2014. A bulk of the country’s e-commerce transactions originate from Karachi Lahore Islamabad and Rawalpindi which comprise about 50% of customers.The remaining customer base is very thinly split between cities and towns nationwide.With telecom operators rolling out 3G and 4G services in semi urban and rural areas of the country   which usually don t have outlets for branded products   the e commerce market is likely to benefit a great deal. 
ewarticle The advent of mobile and smartphone technology has transformed the dynamics of communication in Pakistan. The adoption rates for smartphones are growing rapidly in both urban and rural centers. In 2015, 31% of mobiles purchased in the country were smartphones. Pakistan has approximately 80% mobile user penetration. These mobile phones have become so common that they are not considered a luxury device anymore but rather, an item of necessity. This technology has the potential to solve various day-to-day problems and the ability to lift people out of poverty. In fact, in the life of every individual, a mobile phone plays a critical role.   The reason behind a common man owning a phone can be attributed to price affordability and availability of quality smartphones within the reach of the masses. There are some big names is Pakistan’s smartphone market, but the role which Q Mobile has played for equipping the masses with mobile and smartphones has to be applauded. Q Mobile, which is the largest smartphone brand in Pakistan and enjoys a lion's share in the smartphone market, provides various kinds of phones such as smartphones, feature phones and tablets. It is clearly evident that, from a shopkeeper to a businessman, Q Mobile serves all Socio - Economic Classes.Once upon a time, these phones were used to send a message or receive a call but now, with all telecom operators providing affordable data services, the use of smartphones takes a completely new level of information.We now have access to mobile payment solutions, where we can send or receive money from distant areas within a fraction of seconds. We can shop online and pay via our mobile phones, connect with our loved ones living abroad via video calling, social networking and staying ever connected with all the news from around the world.Very soon, our farmers will check the daily commodity rate or inquire about delivery to the market. Long distance route truck drivers, who transport goods, can use online maps and GPS to plan their routes. Traders in the rural areas can narrow the gap with their buyers and sellers in urban areas by using mobile broadband. Health related services are also available via smartphones. A recent study by the Santa Fe Institute theorizes that cell phone use could help developing countries plan electrical infrastructure.With so much developments taking place, smartphones clearly represent a growing segment of our economy and are an example of how the availability of technology can propel Pakistan in the global marketplace while improving the lives of a common man at the same time. 
ewarticle strong>ISLAMABAD:  Mobile phone imports in the country have reached  433.276 million dollars in current financial year (July-January), registering 10.39 percent increase as compared to same period last year.</strongThe imports of mobile phone were 392.493 million dollars in same period last year statistics of Pakistan Bureau of Statistics (PBS) showed on Sunday.The data said overall telecom imports saw a decline of 5.5percent during July January 2015 16 as compared to same period last year.The total telecom imports were recorded at 800.127million dollars during the period as compared to 846.713 million dollars previous year.Other telecom apparatus import also witnessed a significant decline of 19.23 percent during this period as it stood at US 366.851 million during July January (2015 16) against  454.220 million dollars during same period of last year.Meanwhile telecom experts said in next two years smart phones are expected to cross 55 per cent of mobile phone imports.Smartphones adoption in Pakistan is expected to grow due to expanding 3G and 4G networks (currently 3G services are available in more than 200 cities and towns.Moreover, according to Grappetite Research 77 per cent of smartphone users are between ages of 21 30 years which is the most adaptive segment for use of smartphones.Cellular mobile operators have also collaborated with smartphone manufacturers to promote smartphone usage in Pakistan and companies have also started developing mobile apps and mobile websites keeping in view the fast adoption of smartphones in Pakistan which will increase the smartphone usage in future.With the rapid expansion of mobile broadband networks and adoption of smartphones in the society the telecom import burden has gradually increased over the last five years.In the Fiscal Year 2014 15 Pakistan imported US 1.2 billion worth of telecom equipment in which a record import of US 629.9million was on account of cellular mobile handsets imports.According to International Data Corporation (IDC) Pakistan remained one of the fastest growing markets for smartphones shipments in 2015   123 per cent growth was registered in smartphone shipments to Pakistan between Q 1 2014 and Q 1 2015.Currently almost 31 per cent of cellular mobile handsets imported in Pakistan are smartphones which were only about 7 per cent in 2012. 
ewarticle strong>ISLAMABAD: The mobile phone companies have added 2.2 million new mobile broadband users to their networks during last month as total subscribers’ base of 3G and 4G reached 32 million mark till July 2016.</strongMobile phone companies grew their 3G, 4G users by almost eight percent and according to Pakistan Telecommunication Authority (PTA). Mobilink alone added 1.2 million new 3G users on its network while Zong added another half million 3G users during the month.Total number of 3G users by end of July 2016 stood at 30.62 million while 4G users reached 1.16 million by the time.Mobile phone users in Pakistan from all operators touched 133.28 million mark by the end of July 2016 marginally up from 133.24 million a month ahead.Mobilink and Zong added almost 709,000 users during the reported month while Telenor added 77,000 users during the month.Total additions in mobile phone subscriptions during the month netted under 0.1 million."
What measures has Ishaq Dar announced to address the revenue shortfall in Pakistan?,"strong>ISLAMABAD: Government is targeting a 16 percent rise in tax revenues in the year ending June 2017, Finance Minister Ishaq Dar said on Friday as he unveiled a budget.</strongIn his budget speech in the parliament, he said Pakistan would target a fiscal deficit of 3.8 percent of gross domestic product for the coming financial year, down from the 4.3 percent envisaged for this year.He said the aim was to push Pakistan´s persistently low tax-to-GDP ratio to above 10 percent and raise revenues from taxation to 3.95 trillion rupees ($37.8 billion)from 3.42 trillion this year.The minister presented a review of government’s performance over the last three years during which he said the country achieved economic stability.“Economic indicators reflect our performance,” Dar said. “I am thankful to Allah that we are given an opportunity to present budget for fourth time. Our each budget was better than the previous ones.”“We have successfully managed to put Pakistan on the right track.” The finance minister told the House that the country’s GDP growth stood at 4.7 pc. “While on the path to economic prosperity, the government has managed to put inflation in check,” he added.Revealing his government’s performance on the economic front, Dar said tax collection stood at record high. However, exports showed a major decline, but for the finance minister, it was mainly due to a global downward trend that should be blamed.He said pension of federal government employees would be increased by 10 percent while employees over 85 years of age would get 25 percent raise.The minister also announced 50 percent increase in conveyance allowance for grade 1-5 employees.He expressed hope to meet Rs3104bn tax revenue target.He said exports stood at 18.2 billion dollars with 11 percent decrease between july-2015-2016 as compared to 20.5 billion dollars in the same period in 2012-13 , mainly due to Decline in Global Comodities Prices.The minister said imports stood at 32.7 billions dollars between July-April 2015-16 as compared to  33 billion dollars in the same period in 2012-13.A 40 percent increase was recorded in imports of machinery which shows an increase in investment.Appreciating services of Pakistani expatriats, he said Pakistan’s foreign remittances soared to 16 billion dollars during July-April 2015-16 as compared to 11.6 billion dollars during the same period in 2012-13. strong>GROWTH</strongstrong>REVENUE</strongstrong>SUBSIDIES</strong strong>DEFENCE BUDGET</strongstrong>TAXATION</strong      
ewarticle KARACHI: Federal Finance Minister, Ishaq Dar on Monday said Pakistan has come a long way since 2013, as international institutions have commended the country’s economic progress. Addressing the 39th FPCCI Export Award ceremony here, the Finance Minister said economy, education, energy and anti-terrorism efforts precede the incumbent government’s priority list. He said the Prime Minister has taken bold steps for restoring peace across the country including Karachi. Ishaq Dar said establishing economic discipline is the most difficult task. He said the rate of income tax collection has witnessed a rise of 16 percent over the past five months. “We managed to put in place economic order in the country by pursuing effective policies,” he added. The Finance Minister said the austerity measures were started from the Prime Minister’s House. He said the scope of Benazir Income Support programme is being enhanced to three million families. 
ewarticle LAHORE: Federal Finance Minister, Ishaq Dar on Saturday said the present government is committed to overcoming major challenges of economic revival, energy crisis, elimination of terrorism and extremism from the country and doubling the education and health sectors’ budget. He was addressing the passing out ceremony of Probationary Officers of the 42nd Specialized Training Programme of the FBR here at Directorate General of Training and Research (Inland Revenue). Ishaq Dar said: “I have firm belief and faith that Pakistan has great potential to progress and has very bright future that is why we have almost grasped all these major challenges by ensuring remarkable achievements in these directions.” He mentioned that the PML N government had always put the country’s economy on track to speedy growth citing that in 2012-13 Pakistan’s economy was declared instable and no country was then ready do business with Pakistan or buy Pak bonds but today Pakistan’s bonds including Sukuk got unprecedented response at global level. He said the present government managed to stabilize Pakistan’s economy in just two years and that is why 22 credible institutions of the world have declared Pakistan’s economy much stable. “According to one of the global economic pundits, Pakistan could become world’s 18th largest economy from the current 44th till 2050, provided she maintained its current pace of economic development,” he said. The Finance Minister said the PML-N government managed to bring down the budget deficit to 5.3 percent from 8.8 percent and would soon lower it further to 4.3 percent.“We have curtailed the discretionary funds of the Prime Minister and the ministers,” he added. 
ewarticle strong>ISLAMABAD: Pakistan is expected to target tax revenue growth of up to 20 percent by focusing on tax evaders and will offer concessions to the industrial and agricultural sectors to spur growth, analysts said on Thursday, a day before the annual budget was released.</strongFinance Minister Ishaq Dar will release the federal budget in parliament on Friday, in the absence of Prime Minister Nawaz Sharif, who is recovering from open-heart surgery in London.Annual budget outlay is expected to be around 4,400 billion rupees ($42.04 billion), with a fiscal deficit target of around 3.8 percent, according to a pre-budget briefing from Topline Securities Ltd, a Karachi-based research organisation.Similar briefings from Arif Habib Research Ltd, Elixir Securities, Foundation Research and other analysts corroborated those expectations, with fiscal deficit expectations ranging between 3.8 and 4 percent.""I think tax increases would be across the board, but right now it looks like non-filers [of income tax] would be the target,"" said Mohammed Sohail, CEO of Topline Securities.""Another target is elimination of subsidies and discretionary tax incentives [for industries].""The government last year targeted tax dodgers by introducing higher rates of withholding taxes on banking and other transactions for those who do not file annual income taxes.The tax revenue target is expected to be around 3,700 billion rupees ($35.35 billion), an increase of 20 percent in absolute terms from last year's target of 3,100 billion rupees ($29.62 billion), analysts say.The government is on track to miss its tax target of 3,672 billion rupees ($35.12 billion) for this fiscal year ending June 30, with tax revenue hitting 2,481 billion rupees ($23.73 billion) through March 2016.Around 200 billion rupees ($1.91 billion) in new tax measures are expected, including the renewal of a so-called ""Super Tax"" of 3 percent (4 percent for banks), imposed last year as a one-time measure to pay for the war against Islamist militants.The ""Super Tax"" targets companies with more than 500 million rupees ($4.78 million) in pre-tax profits, who number in the hundreds in Pakistan, said Sohail.Other additional taxes are expected on commercial gas and electricity connections, sugar, car leases, cigarettes and possibly on non-profit organisations, analysts said.strong>FISCAL DEFICIT TARGET</strongAnalysts expect the new fiscal deficit target may be missed, as Pakistan exits the strictures of an International Monetary Fund assistance package this year and the government prepares for a 2018 general election.On Monday, the government announced 1,675 billion rupees ($16.00 billion) in annual development spending at both the federal and provincial level.On Thursday, Pakistan announced it had missed its economic growth target by 0.79 percent, hitting 4.71 percent growth in the fiscal year ending in June, the highest level seen in eight years. On Monday, it set a growth target of 5.7 percent for the fiscal year beginning in July.Last year, the agricultural sector, the largest employer by sector in Pakistan, shrank by about 0.19 percent, he said, mainly due to structural issues and a poor cotton crop.The textile sector, which analysts say lost up to $3 billion in exports last year due to power shortages, a global drop in demand and a poor cotton crop, will also be targeted for revival, textile manufacturers told Reuters.($1 = 104.5600 Pakistani rupees) 
ewarticle strong>ISLAMABAD: Finance Minister Ishaq Dar expressed the resolve to say goodbye to International Monetary Fund after completion of 12th review of its programme for Pakistan starting from Wednesday, July 27.</strongThe Finance Minister said the money of Pakistanis in the Swiss Banks would be brought back to the country.In an interview with Hamid Mir, the host of Geo News popular show ‘Capital Talk’, the finance minister hoped to reach an understanding with the Swiss Government soon to get information about such money in their banks under a multi-lateral agreement.“Swiss authorities had done away with their four conditions and agreed to exchange information to this effect,” the minister said.He said on behalf of Prime Minister he is in contact with all the political parties to help resolve all the national issues adding “he has very good relationship with opposition parties.”"
What are the new tax increases and regulatory duties introduced by the Pakistani government?,"ISLAMABAD: Pakistan must raise an extra $379 million (about Rs40 billion) through new tax measures, the finance minister said on Monday, as the government seeks to qualify for its latest IMF loan tranche.Earlier this month, the IMF approved the release in December of a $502 million tranche of Pakistan´s three-year $6.68 billion programme, even though the government missed targets for tax revenue generation, net domestic assets and the budget deficit.The government will levy an additional 5 to 10 percentage points of tax on 350 items and raise customs duty by 1 percentage point, Finance Minister Ishaq Dar said at a press conference in the federal capital.The full list of items was not immediately available.The increased levies would target ""non-essential luxury items"" only, and exemptions on the customs duty have been offered for 25 key industrial sectors, Dar said on Monday.""We have kept in mind not to increase duties that would make items more expensive for the common man,"" he said.Separate increased taxes were also announced on imported automobiles - both new and used - and domestically-produced cigarettes.In its last review, the International Monetary Fund had warned that the release of December´s approved $502 million tranche depended on the announcement of new measures to generate an extra 40 billion Pakistan rupees ($380 million) in revenue. ""This was a deadline in a sense, and if the government didn´t do it the next tranche of the programme would at least be delayed, if not suspended,"" Khurram Husain, an economic analyst and journalist, told Reuters.It was unclear if the new measures would meet the target.Dar had earlier told a parliamentary standing committee that the increased duties were meant to restrict Pakistan´s import bill, not increase revenue.Husain said if the measures did not raise enough funds, the government would have to raise taxes on staples such as electricity and petrol.                        










 
ewarticle strong>ISLAMABAD: Telecom business in Pakistan has shot up yielding big taxes for the government pushing the economy to expand and offering big opportunities to investors says a new report.</strongAccording to Kahleej Times the telecom sector in Pakistan is doing prospering business with revenues of Rs333.2 billion for July March FY 16after travelling a bumpy road a year ago.The report said it was the time when government launched an anti terrorism campaign to cancel millions of suspected SIM cards.Due to loss of millions of these cellular subscribers after BVS Re verification process intense competition and low tariffs and a declining trends in revenues of the telecom sector were observed since last year.The Ministry of Finance and Pakistan Telecommunication Authority (PTA) reported that during the last five years   FY 11 to FY 15   the telecom sector has contributed Rs744.6 billion to the national exchequer in the form of various taxes and duties.In the first three quarters   July March of FY 16   alone the sector contributed Rs105.9 billion.Reduction in tax rates as well as rationalisation of taxes on telecom sector can result into better sector growth and consequently better collection for the government in the long run PTA and the telecom industry believe.These telecom revenues are a big golden apple in the government’s budget.It yields more cash than several big industries.So I doubt if a major cut is on the cards, an official of the ministry of finance told Khaleej Times.Investment in the telecom sector in its boom period of FY 13 to March FY 16 totalled 4 billion, according to PTA.The period saw the number of cellular subscriber rise to 131.4 million out of an officially estimated population of 180 million   and it is still rising.At the end of March 2016 the number of 3G and 4G LTE subscribers was27.87 million   up from 13.49 million as of June 2015. It indicates that the subscribers have been added by more than one million a year.The broadband subscriber base showed a strong growth.At the end of March 2016 their number stood at 30.99 million up from 16.89 million as on June 30 FY 15. Most of the broadband subscribers belong to mobile broadband launched in June 2014. The number collectively forms almost 90 per cent of the total broadband subscribers as at now. 
ewarticle ISLAMABAD: The Federal Bureau of Revenue (FBR) has begun chasing wealthy tax-dodgers who enjoy lives of extravagance and luxury, but revenue officials face huge challenges in trying to force the very richest — and most influential — to pay up.Pakistan's tax-to-GDP ratio of 9.5 percent is among the lowest in the world and the government is under pressure from foreign donors and lenders, including the International Monetary Fund (IMF), to increase collection to boost the struggling economy.Revenue authorities say they have identified about a quarter of a million new taxpayers who they project will add around 14 billion rupees ($140 million) to government coffers.Broadening the tax base and improving the economy after years of drift and sluggish growth under the last government was a key pledge in Prime Minister Nawaz Sharif´s 2013 election campaign, when he was swept to power for a third time.Currently less than one percent of Pakistanis pay income tax and the government collected just $8 billion in total income tax in the 2013-14 fiscal year — barely enough to cover just the country´s defence expenditure of $7 billion.The finance ministry is aiming to boost the tax-to-GDP ratio to 15 percent in the current fiscal year ending June 30.As part of those efforts, the FBR is compiling lifestyle and vehicle data to try to trace unregistered taxpayers, including wealthy landlords and businessmen zipping between their luxury homes in imported Mercedes.""We are collecting information from the vehicle registration authority, car manufacturers, utility companies, telecom companies and property registration offices and tracing people who are not paying any tax,"" FBR spokesman Shahid Hussain told AFP.Taxpayer profilesThe data is used to generate profiles of potential taxpayers, after which demands are issued for them to pay income tax.""FBR has already issued notices to 261,250 potential tax payers,"" Hussain told AFP, adding that that new taxpayers have paid 570 million rupees since the crackdown started.It is not just dodgy businessmen who have been caught — several lawmakers have been found paying either no tax or very little and not filing their mandatory annual tax statements.The FBR has taken punitive measures against some ""chronic defaulters"", freezing nearly 300 bank accounts, seizing more than 100 vehicles, putting 78 properties up for sale and issuing arrest warrants in 40 cases.""Employing information technology, the FBR is creating a central database which would contain information about all taxpayers and nobody will be left undetected,"" Hussain said.A new FBR department tasked with broadening the tax net started working in July 2013 and within one year it started showing results, he added.But Pakistan is a country where wealth and political influence go hand in hand. For generations, landowners and industrialists have given patronage to political parties and scant attention has been paid to their assets by the taxman.Changing this privileged arrangement is a tricky proposition.Umar Cheema, an investigative journalist for Pakistani daily The News who has done several major exposes on tax-dodgers, says the FBR´s commitment is encouraging, but he does not expect them to net any big fish.´War on tax cheats´""FBR is after those who can´t influence them,"" Cheema told AFP, citing several well-known tycoons considered among Pakistan´s richest whose names were missing from a list of the country´s top 100 taxpayers.""It can be done only by waging a war against tax cheaters without discrimination of good and bad cheaters,"" Cheema said.Pakistan´s central bank said in a recent report that tax revenue growth was not keeping up with budget targets.The tax take grew 11.7 percent in the first quarter of the current fiscal year, against an annual target of 26.9 percent — but this was only half the growth of the same period during the previous fiscal year, according to the State Bank of Pakistan (SBP).The central bank has urged the government to simplify tax procedures and do more to increase the documentation of the economy.A vast amount of business in Pakistan is done off the books, making transactions hard to trace and levy dues on.""Although FBR has taken a number of measures to increase tax collection, these focused more on deductions at source, and/or increasing the tax rates,"" a recent SBP report said, warning such measures had enjoyed ""limited success"" in the past.The IMF, though, has said the government´s reform programme — tied to a $6.6 billion loan from the Washington-based lender — was on track, and expects growth to accelerate to 4.3 percent in the 2014-15 fiscal year from 4.1 percent previously.But even with growth quickening and officials insisting they are making inroads, challenges to the government´s efforts to gather taxes remain considerable.                        










 
ewarticle ISLAMABAD: Government has put in place new taxes of Rs4 billion while regulatory duty on 314 luxury items has been ratcheted up to 10 percent.The decision comes weeks after the central bank suggested in its monetary policy report that it would be challenging for the government to meet the revenue targets for the current fiscal year.According to the notification of the Federal Board of Revenue (FBR), the Federal Board of Revenue (FBR) has also raised regulatory duty on furnace oil, scraped metal, imported make-up and electronic appliances.Regulatory duty on imported chocolates has been increased by 10 percent and on electronic goods to 5 percent. The duty has been raised from 5 to 10 percent on scraped metal, imported makeup.The above decisions were made during the last meeting of the Economic Coordination Committee (ECC). 










 
ewarticle strong>ISLAMABAD: Pakistan is expected to target tax revenue growth of up to 20 percent by focusing on tax evaders and will offer concessions to the industrial and agricultural sectors to spur growth, analysts said on Thursday, a day before the annual budget was released.</strongFinance Minister Ishaq Dar will release the federal budget in parliament on Friday, in the absence of Prime Minister Nawaz Sharif, who is recovering from open-heart surgery in London.Annual budget outlay is expected to be around 4,400 billion rupees ($42.04 billion), with a fiscal deficit target of around 3.8 percent, according to a pre-budget briefing from Topline Securities Ltd, a Karachi-based research organisation.Similar briefings from Arif Habib Research Ltd, Elixir Securities, Foundation Research and other analysts corroborated those expectations, with fiscal deficit expectations ranging between 3.8 and 4 percent.""I think tax increases would be across the board, but right now it looks like non-filers [of income tax] would be the target,"" said Mohammed Sohail, CEO of Topline Securities.""Another target is elimination of subsidies and discretionary tax incentives [for industries].""The government last year targeted tax dodgers by introducing higher rates of withholding taxes on banking and other transactions for those who do not file annual income taxes.The tax revenue target is expected to be around 3,700 billion rupees ($35.35 billion), an increase of 20 percent in absolute terms from last year's target of 3,100 billion rupees ($29.62 billion), analysts say.The government is on track to miss its tax target of 3,672 billion rupees ($35.12 billion) for this fiscal year ending June 30, with tax revenue hitting 2,481 billion rupees ($23.73 billion) through March 2016.Around 200 billion rupees ($1.91 billion) in new tax measures are expected, including the renewal of a so-called ""Super Tax"" of 3 percent (4 percent for banks), imposed last year as a one-time measure to pay for the war against Islamist militants.The ""Super Tax"" targets companies with more than 500 million rupees ($4.78 million) in pre-tax profits, who number in the hundreds in Pakistan, said Sohail.Other additional taxes are expected on commercial gas and electricity connections, sugar, car leases, cigarettes and possibly on non-profit organisations, analysts said.strong>FISCAL DEFICIT TARGET</strongAnalysts expect the new fiscal deficit target may be missed, as Pakistan exits the strictures of an International Monetary Fund assistance package this year and the government prepares for a 2018 general election.On Monday, the government announced 1,675 billion rupees ($16.00 billion) in annual development spending at both the federal and provincial level.On Thursday, Pakistan announced it had missed its economic growth target by 0.79 percent, hitting 4.71 percent growth in the fiscal year ending in June, the highest level seen in eight years. On Monday, it set a growth target of 5.7 percent for the fiscal year beginning in July.Last year, the agricultural sector, the largest employer by sector in Pakistan, shrank by about 0.19 percent, he said, mainly due to structural issues and a poor cotton crop.The textile sector, which analysts say lost up to $3 billion in exports last year due to power shortages, a global drop in demand and a poor cotton crop, will also be targeted for revival, textile manufacturers told Reuters.($1 = 104.5600 Pakistani rupees)"
current trends in oil prices and stockpile levels,"strong>TOKYO: Oil prices fell on Tuesday as concerns mount that a rally since January is fizzling out, while analysts forecast another rise to record levels for US crude stockpiles.</strongUS oil CLc1 was down 30 cents at $39.09 a barrel at 0553 GMT, after finishing down 7 cents at $39.39, the previous session.Brent LCOc1 fell 35 cents to $39.92. On Monday it settled down 17 cents at $40.27 a barrel.US commercial crude oil stockpiles were expected to have reached record highs for a seventh straight week, while refined product inventories likely fell, a preliminary Reuters survey showed late on Monday.The poll of eight analysts, taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API) and the US Department of Energy's Energy Information Administration (EIA), estimated, on average, that crude stocks rose 3.2 million barrels in the week ended March 25.The API will release its data on Tuesday at 2030 GMT, while the EIA will publish its data on Wednesday at 1430 GMT.Both oil benchmarks are up about 50 percent from 12-year lows hit in mid-February but the oil market has taken on a weaker tone in the past week, along with other commodities.""The numbers continue to suggest a supply glut and I suspect that more talk is relevant out of OPEC and Co to help the price stand up or to help it remain relatively stable,"" said Jonathan Barratt, Chief investment officer at Ayers Alliance in Sydney.He was referring to plans by the Organization of Petroleum Exporting Countries and other major suppliers including Russia to meet next month to discuss an output freeze in the hope they can support prices.The plans for the April 17 meeting in Qatar have been a major component of the rally.But with stockpiles high and signs that some OPEC members are losing market share, along with few signs of demand returning, prices are likely to trade in a range.""The likes of Russia and the likes of Iran ... are cutting deals left right and centre just to get cash flow,"" said Barratt.""Given the absence of economic numbers supporting increases in demand we continue to go sideways,"" he said.Most analysts are predicting the end of the year-and-a-half long slump, but also betting that there is little upside in the near future.Barclays said net flows into commodities totalled more than $20 billion in January-February, the strongest start to a year since 2011, and prices could fall 20 to 25 percent if that were reversed.""Were such a scenario to unfold, the price of oil could fall back to the low $30s,"" it said on Monday. 
ewarticle London: Oil prices rebounded slightly Tuesday after recent sharp losses caused by an oversupplied market.US benchmark West Texas Intermediate (WTI) for April delivery rose 39 cents to $49.84 a barrel.Brent North Sea crude for April climbed 51 cents to stand at $59.41 a barrel in London afternoon deals.WTI shed $1.36 in New York and Brent lost $1.32 on Monday, building on heavy losses last Friday, as US crude stockpiles linger at historic levels, contributing to a global oversupply.A closely watched report on US weekly crude stockpiles is next due on Wednesday, with a Bloomberg News survey saying inventories are expected to have risen by 3.75 million barrels.US oil stockpiles are already at their highest level on record at this time of year.""The expectation of further rising US crude oil stocks is pressuring prices,"" said Commerzbank analysts in a note to clients.Globally, crude supplies are also being boosted after oilfields in eastern Libya resumed pumping to the port of Hariga after a pipeline was repaired, and oil producer Oman plans to ramp up output to 980,000 barrels a day this year.""The partial return of supply from Libya is weighing on the Brent price despite its sustainability being anything but certain,"" said Commerzbank.Crude prices lost about 60 percent of their value to about $40 between June and late January owing to an oversupply in world markets, a weak global economy and a strong dollar.Prices have risen above multi-year lows following a slowdown in US oil drilling activities, but analysts say volatility is likely to continue for some time.""It is apparent by now that drilling in the US will slow, global production growth is expected to be lower, and demand, at least in the US, is reacting positively to lower prices,"" British bank Barclays said in a report.""In short, the market is forecast to remain oversupplied for most of 2015, but expectations beyond that are for more balanced fundamentals."" (AFP)                        










 
ewarticle New York: Oil prices fell on Wednesday before the release of a report on US crude inventories as traders kept an eye on unrest in crude exporter Libya.US benchmark West Texas Intermediate for delivery in March shed $1.39 to $52.14 a barrel compared with Tuesday´s close.European benchmark Brent oil for April delivery slid $2.00 to $60.53 a barrel in London.The US Department of Energy will release its weekly stockpiles report on Thursday with many analysts expecting another large rise in stocks.Last week´s report showed that US crude inventories reached their highest levels on record for this time of the year.""The market had a very nice rebound from the $44-45 low it made a little while back,"" said Kyle Cooper, analyst at IAF Advisors in Houston.""But the fundamentals are still on the downside, and expectations are for a crude oil build"" on Thursday.""I don´t think the production growth is going to slow in the next couple of months.""Although leading producers like Chevron and ConocoPhillips have slashed capital budgets in light of the more than 50 percent plunge in global crude prices, the cuts are not expected to significantly affect short-term production levels.Traders were also keeping an eye on developments in north African crude oil producer Libya.Infighting and sabotage in Libya has reduced output to 150,000 barrels a day, down from a high of almost 1.5 million barrels per day, according to analysts. (AFP)                        










 
ewarticle Singapore: Oil prices extended their losses in Asia Wednesday to new six-year lows on expectations US crude stockpiles will rise further, in a market already awash with supplies, analysts said.US benchmark West Texas Intermediate for April delivery eased 83 cents to $42.63 in afternoon trade, the lowest level since March 2009.Brent crude for May fell 14 cents to $53.37 a barrel.""We expect the US stockpiles to increase further and this will exacerbate the market´s supply concerns,"" said David Lennox, a resource analyst with Fat Prophets in Sydney.A Bloomberg News survey showed US crude stockpiles are expected to have increased by 3.3 million barrels to another record 452.2 million in the week ending March 13.The US Energy Information Administration will release the final figure later Wednesday.US stockpiles have risen for nine weeks in a row, each time touching a record, helping push prices lower in a market already weighed down by a supply glut after the OPEC oil cartel decided in November to maintain elevated output levels.World oil prices have collapsed by about 60 percent since June as supply outpaces demand.Lennox said the gloomy market outlook will only shift if the Organization of the Petroleum Exporting Countries (OPEC) -- which is dominated by Saudi Arabia and other Gulf countries -- decides to slash production.""At the moment we are keeping our eyes on OPEC,"" he said, adding: ""They have a meeting in June and we are hopeful they will decide to cut production."" (AFP)                        










 
ewarticle London: World crude prices diverged Tuesday as traders eyed weak demand and excess supplies, dealers said.Brent North Sea crude for October dropped eight cents to stand at $46.29 a barrel around late afternoon in London.US benchmark West Texas Intermediate for delivery in October added 86 cents to $44.85 per barrel compared with Monday´s close.Expectations that US crude oil inventories expanded for a third week and news that the OPEC cartel has slashed its demand growth forecast for next year are keeping a lid on any price rally, analysts said.Bloomberg News said it expects US crude stockpiles to have risen by 1.75 million barrels in the week to September 4.The US Energy Information Administration (EIA) will release Wednesday the official stockpiles data, a gauge of demand in the world´s top oil consuming nation.""Prices are unable to make much headway as the market expects US crude stockpiles to expand for the third straight week ahead of the EIA report,"" said Bernard Aw, a Singapore-based strategist at IG Markets.The Organization of the Petroleum Exporting Countries on Monday cut its 2016 forecast for global demand ""due to the projected slower economic momentum in Latin America and China"".The cartel said demand would grow by 1.29 million barrels per day to 94.08 million barrels a day next year, 50,000 barrels less than its previous estimate.Traders are also watching out for the US Federal Reserve meeting this week to see whether policymakers would raise interest rates for the first time since 2006.Analysts say that a hike in the zero-level benchmark rate would likely push the dollar higher, making dollar-priced crude oil more expensive and potentially further damping demand.                        










"
What are the recent trends in global oil prices?,"strong>SINGAPORE: Oil prices remained near 2016 highs in early trading on Thursday, buoyed by a fall in U.S. crude inventories, a weaker dollar and strong demand, but some analysts warned that the recent rally was starting to look overblown.</strongInternational Brent crude oil futures LCOc1 were trading at $52.70 per barrel at 0045 GMT, up 19 cents from their last close.U.S. West Texas Intermediate (WTI) crude CLc1 was 32 cents higher at $51.55 a barrel.Traders said the price rises were largely a result of a drop in U.S. crude oil inventories.Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks last week fell by 3.23 million barrels to 532.5 million barrels, marking their third consecutive weekly fall.A weaker dollar, down around 2.4 percent this month against a basket of other currencies, makes dollar-traded fuel imports for countries using other currencies cheaper, also supporting oil prices, traders said.But some analysts said there were also signs that the recent oil price rise, which saw Brent rally 6 percent this month and prices virtually double since February to one-year highs, may be overblown.ANZ bank said that price rises were ""tempered by an increase in crude production of 10,000 barrels per day to 8.75 million barrels per day and the number of active rigs increasing by 9 to 325"".Traders also warned of an ongoing build in refined product stocks in the United States and Asia.With fundamentals weighing both for and against higher prices, many traders and analysts say that a price tag of $50-60 for a barrel of crude was a fair value for oil, reflected in Brent's forward curve which stays within that range until early 2021. 
ewarticle strong>SINGAPORE: Oil prices were stable in early trading on Monday, with global oversupply and slowing economic growth weighing on markets but prospects of falling production lending some support.</strongUS crude futures were trading at $38.41 per barrel at 0239 GMT, down 10 cents from their last settlement.But international Brent futures were up 6 cents at $40.45 a barrel.While Morgan Stanley said that oil prices had likely bottomed out, it warned that a slowing economy and high production would prevent sharp rises.""Oil prices now seem to have bottomed, even though they are likely to stay subdued for the rest of this year before starting to move higher in 2017,"" the US bank said, adding that cheap oil had not provided the economic boost to growth that many had hoped for.""When oil prices are falling below production costs, the income gains for consumers will be smaller than the costs to producers and falling oil prices become a negative-sum game,"" it said.For 2016, the bank said it was ""no longer looking for an acceleration in 2016 GDP growth"" and that the risk of a global recession was now 30 percent.Following a 70 percent price rout between mid-2014 and early 2016, oil markets are in flux.Many analysts expect a modest price recovery, while others see another slump.The International Energy Agency (IEA) on Friday said that oil prices had bottomed out due to US and other output cuts outside the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC).The US rig count fell for a 12th straight week last week to a total of 386, its lowest since December 2009 as drillers continue to slash capital expenditure.Others, like Goldman Sachs, warn that ongoing global overproduction, which continues to see over 1 million barrels of crude produced in excess of demand every day, will pull prices back down again.So far, demand in core markets like China remains strong.China's January-February refinery throughput rose 4.6 percent compared to the same period a year earlier to 87.08 million tonnes (10.59 million barrels per day), official data showed on Saturday.The data release came shortly after China reported record daily crude imports of 8 million barrels per day.In traded markets, sentiment leans towards higher prices, with the amount of managed short positions open for US crude, which would profit from falling prices, down over 40 percent since mid-February, while the amount of trades betting on price increases stands near record highs.""The shift in sentiment in commodity markets continues to gather strength ... The worst may be over for commodity markets,"" ANZ bank said. 
ewarticle strong>SINGAPORE: Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude.</strongBrent futures were trading at $47.05 (32 pounds) per barrel at 0028 GMT on Monday, down 32 cents from their last settlement. US crude was down 28 cents at $45.64 a barrel.Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) and especially the Middle East was outweighing supportive factors such as an ongoing, albeit slow, fall in U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.""The weaker dollar failed to excite investors in the crude oil markets,"" ANZ bank said, citing a rise in OPEC-output as the main downward driver for prices.The dollar has fallen over 6 percent this year against a basket of other leading currencies.French bank BNP Paribas said that a recent oil rally, with prices jumping almost a third since April, was largely driven by sentiment and lacked physical fundamentals.""The recent rally in oil prices ... appears to have little to do with fundamentals,"" it said.""We see the recent rally as sowing the seeds of its own demise, and extending our recommendation to protect against short-term downside risk.""OPEC-supplies rose to 32.64 million barrels per day (bpd) in April, from 32.47 million bpd in March, according to a Reuters survey based on shipping data and information from sources at oil companies, OPEC and consultants.That almost matches January's 32.65 million bpd, when Indonesia's return to OPEC boosted production to records.Despite Monday's lower prices, other analysts are growing confident that a near-two-year rout in oil has ended, and many have raised their price forecasts.The chief of the International Energy Agency (IEA) said oil prices may have bottomed out, providing the health of the global economy does not pose a concern.""In a normal economic environment, we will see the price direction is rather upwards than downwards,"" IEA Executive Director Fatih Birol said on Sunday.Non-OPEC output is set to fall by more than 700,000 bpd this year, the biggest decline in around 20 years, he said.With global oil demand seen growing by 1.2 million bpd this year, the draw in global stockpiles will start soon, helping push up prices, he said. 
ewarticle Singapore: Oil prices edged up in Asia Thursday, lifted by bargain-hunting following a sharp decline the day before, although analysts said the market remains hobbled by an oversupply of the commodity.A report released Wednesday showing a bigger-than-expected increase in US crude stockpiles has stoked fresh worries about a global glut that has depressed oil prices for more than a year.US benchmark West Texas Intermediate for delivery in December rose 25 cents to $45.45 and Brent crude for December climbed 21 cents to $48.06 a barrel at around 0300 GMT.The rebound followed Wednesday´s steep fall after the US Energy Information Administration said the country´s commercial crude-oil inventories jumped by eight million barrels to 476.6 million in the week ending October 16.The increase, which typically indicates weaker demand in the world´s number one economy, was more than double market expectations.Oil prices took a hit at the start of the week when China said gross domestic product grew in the third quarter at its slowest pace in more than six years.""Worries about the health of the Chinese economy continue to batter commodities prices. In the US, crude stockpiles surged ... and supply glut remains a concern,"" said Sanjeev Gupta, who heads the Asia Pacific oil and gas practice at professional services firm EY.Gupta said a meeting between OPEC and non-OPEC oil producers on Wednesday ""did not produce any meaningful results as no potential production cuts were addressed"".Russia had said it was prepared to discuss a reduction with members of the cartel at the meeting in Vienna.Gupta said the market will be looking at a December 4 policy-setting meeting of the Organization of the Petroleum Exporting Countries which is expected to ""provide vital clues about price development in the medium term"".OPEC, which includes Saudi Arabia, Kuwait and the United Arab Emirates, has maintained high production levels despite the oil price decline, as members seek to maintain market share.                        










 
ewarticle London: Fragile financial markets are grappling with wild swings in world oil prices, unnerved by uncertainty over global supplies and the demand outlook from China.By the close of business Monday, the price had shot up 27 percent in just three days for the US benchmark contract, West Texas Intermediate for October delivery, rebounding from six and a half year lows.But they skidded again Tuesday when weak Chinese manufacturing data cemented concerns over demand from the world´s biggest commodities consumer.Later in the week oil prices got a boost from the European Central Bank, which on Thursday held out the prospect of yet more stimulus for the eurozone economies if needed.By the end of the week, crude oil prices were trading in London on Friday evening barely changed.Brent North Sea crude sold at $49.95 a barrel -- down from $50.17 a week earlier. The WTI contract traded at $46.22, up from $45.22.Crude oil, the world economy´s most important raw material, has roughly halved in price in a year.""The fall in commodity prices has looked particularly dramatic because it has included oil,"" said Julian Jessop, chief global economist and head of commodities at London-based research group Capital Economics.While many raw materials have been declining in price since 2011 as China´s booming economy began to slow, oil´s price had been propped up by a perceived threat to supply after the Arab Spring, Jessop said in an interview.""Once the concerns about the potential threat to supply from the Arab Spring disappeared and were replaced by the reality of massive oversupply because of the shale revolution in the United States and OPEC´s response of keeping production high when people had thought it might cut, then oil tanked,"" the analyst said.Keeping pressure on oil prices, Iraq has managed to boost production this year by 1.5 million barrels per day despite the conflict with extremists including Daesh group and Iran is set to raise exports as sanctions are lifted after an agreement was reached over its nuclear programme.Despite the uncertainty on commodity markets, the price of gold -- a safe haven -- lost its shine over the past week, hurt by a rally in the US dollar.The precious metal also lost its lure as a haven at as volatile Chinese markets took a holiday on Thursday and Friday to mark the 70th anniversary of the end of World War II.On the London Bullion Market, gold was trading at $1,118.25 dollars an ounce Friday against $1.135 dollars a week before. (AFP) 










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What is the current price of furnace oil in Pakistan?,"KARACHI: The price of furnace oil used in the production of electricity in Pakistan has increased by about Rs 2000 per tonne to reach Rs 37400 per tonne.A rise in global crude oil prices has affected the otherwise consistently falling price of furnace oil. According to experts, the constant falling price of furnace oil during October to December last year attributed to the reduction of cost of electricity production by Rs 3. The relief is being passed on to consumers gradually by the government. 










 
ewarticle KARACHI: The prices of petroleum products are expected to increase next month (November) in Pakistan. According to sources the price of petrol will increase by Rs3.43/litre and diesel by Rs.2.80/litre. The price of kerosene oil will rise by Rs3.00/litre. The final estimate for the price increase will be made on October 26.   










 
ewarticle strong>ISLAMABAD: The government has decided to keep the prices of petroleum products unchanged rejecting  the summary seeking revision of the prices.</strongFinance Minister Ishaq Dar confirmed the decision has been taken on the special directives of Prime Minister Nawaz Sharif,On Monday, the Oil and Gas Regulatory Authority (OGRA) sent a summary to the Ministry of Petroleum and Natural Resources suggesting an increase in prices of petroleum products for the month of June.According to sources, the ministry requested a hike of 0.85 rupees per litre for petrol, 2.18 rupees per litre for high octane, 6.69 rupees per litre for diesel and 3.97 rupees per litre for kerosene oil.  
ewarticle strong>KARACHI: Pakistani stocks edged higher in volatile trade on Tuesday, led by a rise in global oil prices, dealers said.</strongThe benchmark 100-share index of the Pakistan Stock Exchange closed up 0.03 percent, or 11.75 points, at 36,137.12.The index went up as much as 265 points intraday led by oil stocks as international oil prices hit a six-month high, said Hammad Aman, manager, equity sales at Topline Securities Pvt Ltd.Oil traded at around $49 a barrel on Tuesday, supported by supply outages in Nigeria, Canada and other producers that are eroding a persistent glut.Pakistan Petroleum Ltd gained 1.57 percent, while Pakistan Oilfields Ltd rose 0.38 percent.The rupee ended at 104.66/104.72 against the dollar, compared with Monday´s close of 104.69/104.74Overnight rates in the money market were steady at 6.20 percent from the previous session. ($1 = 104.6500 Pakistani rupees) 
ewarticle ISLAMABAD: The price of petrol in Pakistan is expected to be reduced by Rs. 1.80, to settle at Rs. 73.21 from May 1, sources told Geo News on Monday.According to sources, OGRA will be sending a complete summary of the price changes for all POL products to the Petroleum Ministry by Wednesday, April 29.Furthermore, the price of diesel is expected to be decreased by Rs. 1.64, to settle at Rs. 81.97.On the other hand, the price of Kerosene oil is expected to be increased by Rs. 2, with the new price at Rs. 63.50. 










"
What is the rate of reduction in power unit cost by NEPRA for December 2014?,"strong>ISLAMABAD: National Power Regulatory Authority (NEPRA) has accorded approval to reduction of power tariff by Rs 4.11 per unit under Fuel Adjustment Surcharge (FAS) from the month of January.</strongThe application filed by Central Power Purchasing Agency (CPPA) recommending reduction in power tariff under FAS came up for hearing in NEPRA headquarters on Monday.NEPRA has accorded approval to scale down power tariff on CPPA plea. The reduction has been allowed in FAS for the month of January.The relief of reduction in tariff will be provided to the consumers in the billing for the month of February.The reduction in tariff will not apply to K-electric and the consumers using less than 200 units electricity per month.NEPRA said that curtailment in tariff will afford relief amounting to Rs 20 billion to consumers. 
ewarticle strong>ISLAMABAD: National Power Regulatory Authority (NEPRA) has accorded approval to reduction of power tariff by Rs 4.11 per unit under Fuel Adjustment Surcharge (FAS) from the month of January.</strongThe application filed by Central Power Purchasing Agency (CPPA) recommending reduction in power tariff under FAS came up for hearing in NEPRA headquarters on Monday.NEPRA has accorded approval to scale down power tariff on CPPA plea. The reduction has been allowed in FAS for the month of January.The relief of reduction in tariff will be provided to the consumers in the billing for the month of February.The reduction in tariff will not apply to K-electric and the consumers using less than 200 units electricity per month.NEPRA said that curtailment in tariff will afford relief amounting to Rs 20 billion to consumers. 
ewarticle strong>ISLAMABAD: National Electric Power Regulatory Authority ( NEPRA) has approved reduction in power tariff by Rs 2.06 per unit for the month of November.</strongNEPRA took up for hearing application filed by Central Power Purchasing Agency (CPPA) seeking reduction in power tariff for the said.During the course of hearing, NEPRA curtailed the tariff by Rs 2.06 per unit against fuel adjustment surcharge for the month of November keeping in view statistics presented by CPPA.According to NEPRA the reduction in tariff will not be applicable to consumers of K-Electric and domestic consumers using upto 300 units electricity per month. 
ewarticle ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) has approved Rs2.88 per unit cut in power tariff for the month of September.The authority approved the reduction while hearing on plea for fuel adjustment for the month of September at NEPRA headquarters.Speaking on the occasion, NEPRA Chairman Tariq Sadozzai said consumers will get a relief of Rs24.39 billion, adding that the decision is applicable for all the power distribution companies except K-Electric. 










 
ewarticle ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has approved a Rs 2.80 decrease in the per unit price of electricity. The decrease was made under the monthly fuel adjustment for the month of May. Apart from K-Electric, relief will be offered to consumers across the country.   










"
Qatargas Pakistan LNG supply deal details,"CAIRO/ISLAMABAD: State-run Gulf energy company Qatargas is in the final stages of talks on a deal to supply Pakistan with 3 million tonnes of liquefied natural gas (LNG) annually for 15 years, industry sources in Doha told Reuters on Wednesday.The deal would help the country tackle serious energy shortages and power cuts which can last up to 20 hours a day. Nearly half the country’s electricity is generated by gas and its output of 4.1 billion cubic feet per day is well short of demand for as much as 6 billion, depending on the time of year.One source said the deal would be signed in weeks, while a second said the first shipment would be received by March.An official at the Ministry of Water and Power confirmed an LNG deal was planned but declined to give details. No-one at Qatargas, the world´s largest LNG producer, was available to comment.Pakistan State Oil (PSO) said payments to Qatar would be guaranteed by the government so any cash flow problems at PSO would not affect the Qatargas deal.                        










 
ewarticle DOHA: Pakistan has finalised a 15-year, $16 billion liquefied natural gas (LNG) deal with supplier Qatar and shipments are expected to begin next month, Pakistan Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said on Monday.The amount is 1.5 million tonnes per year, the minister told news agency Reuters on the sidelines of an Asian ministerial energy roundtable in the Qatari capital Doha.The two sides have agreed a price, he said without elaborating.""We have finalised the deal. The first shipment is expected in December,"" he said. ""We are hopeful for similar deals in the future.                        










 
ewarticle strong>KARACHI: Managing Director Pakistan State Oil (PSO), Sheikh Inamul Haq Tuesday announced that the import of Liquefied Natural Gas (LNG) from Qatar will begin from the first week of March.</strongIn a media statement, the MD PSO said Pakistan will import 400 mmcf LNG per day from Qatar.Last week Pakistan and Qatar inked an agreement for supply of around US one billion dollars worth of LNG to Pakistan annually to help the country meet its energy shortfall.The agreement on Long Term LNG Sale and Purchase was signed during the visit of Prime Minister Muhammad Nawaz Sharif’s two-day visit to Qatar. 
ewarticle ISLAMABAD: Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi on Thursday said that five more Liquified Natural Gas (LNG) based agreements would be signed with Qatar.In an interview, the Minister said that Pakistan has been passing through a severe energy crisis and the import of LNG from Qatar would be a positive and welcome step to address the issue.He said that two countries also signed three other agreements and Memorandum of Understanding (MoU) for cooperation in the fields of Radio, TV, health and academic research.The Petroleum Minister said that 50 percent needs of energy of Pakistan depend upon the energy produced by gas.He said that import of LNG from Qatar has been started partially but on the basis of need the LNG has been given to the users.Abbasi said that under the agreement three ships carrying LNG will reach every month in Pakistan in 2016 and next year adding that number of ships will be increased to five after 2017. To a question he said that Pakistan has been facing crisis of energy for several years due to which not only domestic users are facing troubles but economy of the country has been affected badly.In his comment former General Manager Sui Southern Gas Brigadier (R) Agha Gul also said that the process of buying LNG from Qatar was going on from 2004. Talking to VOA he said God willing this will prove to be one of the achievements Prime Minister Nawaz Sharif has secured so far.He said people who have some know how of the energy crisis will term this project as light at the end of the tunnel.Agha Gul said the government has made the deal at the time when petrol prices have reduced which will have a good impact on the deal.He said the deal will help in reducing power load-shedding by 10 to 15 percent. 
ewarticle strong>ISLAMABAD: Pakistan and Qatar have signed four agreements and Memorandum of Understandings (MoUs) to increase cooperation in diverse fields between the two countries.</strongPrime Minister Nawaz Sharif and Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa Al Thani witnessed the signing ceremony held in Doha on Wednesday.The most important agreement signed today is regarding import of LNG from Qatar. It was signed by Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi and Chairman of Qatar Gas.Under the agreement Pakistan will import 3.75 million tons of LNG annually from Qatar which will fulfill 20 percent need of Pakistan.MoUs for enhancing bilateral cooperation with Qatar in Radio and TV, education, health and academic research were also signed."
Greece bailout extension impact on Asian markets,"Hong Kong: Asian markets rallied and the euro held up Wednesday on hopes of a settlement in Greece´s debt stand-off after it emerged that the country will ask for an extension to its bailout and avoid a painful eurozone exit.Another record close on Wall Street also provided support, although trade was thin with some markets closed and others winding down for the Lunar New Year holiday.Tokyo rose 0.84 percent, Hong Kong added 0.21 percent, Sydney put on 0.61 percent and Singapore was 0.41 percent higher.Shanghai, Seoul and Taipei were closed for public holidays.Greek public television said Tuesday that the new government will apply for further aid from its European partners, although will not sign up to the painful austerity measures imposed on the country.And in an interview with German public broadcaster ZDF Greek Finance Minister Yanis Varoufakis said: ""We should extend the credit programme by a few months to have enough stability so that we can negotiate a new agreement between Greece and Europe.""The news will come as a relief after two eurozone finance ministers´ meetings in the past week both collapsed without agreement as Athens refused to continue with the bailout that imposed swingeing spending cuts and tax hikes.The apparent change of face also comes days before its financial lifeline package expires, which would leave the country without any cash and unable to pay its bills, leading it to default and almost certainly leave the eurozone.Investors bought up the euro on the reports and it held the gains in Asia. The single currency fetched $1.1404 and 136.02 yen Wednesday, slightly down from $1.1413 and 136.13 yen in New York afternoon but well above the $1.1357 and 134.70 yen quoted in Tokyo earlier Tuesday.The dollar fetched 119.29 yen from 119.29 yen in New York and 118.55 yen in Tokyo on Tuesday.US shares resumed their record-breaking run Tuesday after they were closed Monday for a public holiday.The S&P 500 climbed 0.16 percent to a second straight all-time high, while the Dow added 0.16 percent. The Nasdaq was up 0.11 percent.Oil prices, which have enjoyed a small recovery over the past week, eased. US benchmark West Texas Intermediate for March delivery fell 33 cents to $53.20 while Brent crude for April eased 20 cents to $62.33. Gold fetched $1,208.28 an ounce, against $1,220.88 on Tuesday. (AFP)                        










 
ewarticle Hong Kong: The euro extended its gains against the dollar Tuesday while Asian equities climbed on hopes Greece´s new government will be able to negotiate a bailout deal with the EU and IMF that will avoid it leaving the eurozone.Regional investors took their lead from advances in Europe and New York, where news of Sunday´s Greek election win for anti-austerity party Syriza had been largely factored in, analysts said.Tokyo jumped 1.44 percent by lunch, Sydney added 0.67 percent, Shanghai edged up 0.10 percent, Seoul rose 0.46 percent and Hong Kong was flat.Markets have been buoyed by rhetoric coming out of Athens and its creditors that raises hopes they two sides can reach an agreement over Greece´s repayment of its 240-billion-euro bailout.Syriza had campaigned on renegotiating terms of the lifeline -- which included swingeing spending cuts and painful tax hikes -- and there are concerns it will default on its repayments, leading to its possible exit from the eurozone.But International Monetary Fund head Christine Lagarde said she was prepared to continue its financial support to the country, while some European finance ministers suggested they were willing to talk, as long as Syriza did not demand its debt be wiped out.The messages coming out of Europe helped shares higher. In Europe, equities in London, Paris and Germany all closed with healthy gains, although Athens lost more than three percent.Dow edged 0.03 percent higher, the S&P 500 added 0.26 percent and the Nasdaq put on 0.29 percent.""The Greek elections had the potential to unnerve the market,"" Nader Naeimi, at AMP Capital Investors in Sydney, told Bloomberg News.""It´s quite encouraging that the new government and the EU are willing to negotiate. The market is in a risk-on mode.""The euro plunged to as low as $1.1098 at one point in Asia Monday, the lowest level since September 2003, before recovering later in the day to close out in New York at $1.1234.On Tuesday in Asia it bought $1.1250.It also sank to 131.55 yen Monday in Asia before bouncing to end the day at 133.12 yen. It bought 133.31 yen in Tokyo Tuesday.The dollar edged up to 118.47 yen from 118.49 yen in US trade.Oil prices edged up slightly after falling to fresh six-year lows Monday, despite a warning from the OPEC cartel that prices could punch $200 owing to shrinking investment in exploration.US benchmark West Texas Intermediate for March delivery rose five cents to $45.20 while Brent crude for March gained 13 cents to $48.29.Gold fetched $1,276.39 an ounce, against $1,281.39 late Monday. (AFP)                        










 
ewarticle Hong Kong: Asian markets followed a positive lead from Wall Street on Tuesday, with investors keeping an eye on Europe as Greece struggles to pay off its debts.Tokyo rose 0.79 percent, Hong Kong added 1.14 percent, Sydney gained 0.93 percent and Shanghai was up 0.72 percent, while Seoul was flat.The gains reversed some of the losses suffered on Monday that came on fears about Greece´s future in the eurozone as Athens looks to secure billions of euros in bailout cash to pay its enormous debts.With its creditors refusing to extend a repayment deadline while also haggling over its bailout reforms, the Greek government has ordered all public agencies to hand over their financial reserves.""With this act, the government hopes to cover urgent needs of the state amounting to three billion euros for the next 15 days,"" said a decree, which still needs adoption by the parliament.However, the euro held its ground in foreign exchange markets. The single currency bought $1.0733 and 128.20 yen against $1.0741 and 128.05 yen on Wall Street.Hong Kong and Shanghai resumed their upward trend after sharp losses Monday that came after China´s stock market regulator tightened rules on trading with borrowed money and increase the supply of shares for short-selling.Confidence was buoyed by Sunday´s cut by the People´s Bank of China in the amount of cash lenders must hold in reserve, the move aimed at helping kick-start the economy, which grew in January-March at its slowest quarterly pace in six years. The next indicator on the state of China´s economy comes with HSBC´s preliminary index of manufacturing activity on Thursday.US traders welcomed that move. The Dow jumped 1.17 percent, the S&P 500 rose 0.92 percent and the Nasdaq rallied 1.27 percent.The dollar edged up despite a key Federal Reserve official suggesting a US rate hike could be put back.New York Fed President William C. Dudley said recent inflation data was not strong enough to warrant an increase, even though economics growth was healthy.The dollar was at 119.34 yen against 119.22 yen, and sharply higher than 118.62 yen in Tokyo earlier Monday.Oil prices retreated. US benchmark West Texas Intermediate for May delivery fell 15 cents to $56.23 while Brent crude for June dipped 15 cents to $63.30.Gold fetched $1,194.55 against $1,200.30 late Monday. (AFP)                        










 
ewarticle Hong Kong: Asian markets mostly headed lower Thursday and the dollar retreated after the Federal Reserve said any rises in US interest rates would be slow.The losses come despite another advance on Wall Street, while investors are keeping track of Greece´s troubled bailout talks as Europe´s leaders are warned of the dire consequences of failing to reach a deal.Tokyo sank 1.13 percent, or 228.45 points, to close at 19,990.82, while Hong Kong shed 0.22 percent, or 59.13 points, to close at 26,694.66.Shanghai tumbled 3.67 percent, or 182.54 points, to 4,785.35 on liquidity fears as several new firms prepare to list while profit-takers also moved in after a surge in the index over the past year that has seen it pile on about 140 percent.Sydney fell 1.26 percent, or 70.5 points, to close at 5,524.9 but Seoul ended 0.34 percent higher, adding 7.02 points to 2,041.88.After a two-day meeting the Fed on Wednesday held off hiking rates but altered its outlook for future rises, expecting a lower upward curve than previously forecast.Afterwards, Fed boss Janet Yellen said its first interest rate hike in nine years would likely come ""later this year"".However, she added: ""My colleagues and I would like to see more decisive evidence that a moderate pace of economic growth will be sustained, so the conditions in the labour market will continue to improve and inflation will move back to two percent.""The prospect of lower borrowing costs boosted US shares. The Dow rose 0.17 percent, the S&P 500 gained 0.19 percent and the Nasdaq put on 0.18 percent.""Yellen was dovish in the press conference,"" David Buckle, London-based head of quantitative research at Fidelity Worldwide Investment, told Bloomberg News.""She was at pains to point out that monetary policy will likely remain highly accommodative for a long time after the first rate rise.""In other markets:-- Mumbai rose 1.06 percent, or 283.17 points, to end at 27,115.83.Reliance Industries rose 5.41 percent to 981.45 rupees, mining major Coal India fell 0.92 percent to 394.10 rupees.-- Bangkok dropped 0.45 percent, or 6.75 points, to 1,508.04.Coal producer Banpu was flat at 26.00 baht, while Airports of Thailand plunged 3.15 percent, or 10.00 baht, to 307.00 baht.-- Singapore closed down 0.77 percent, or 25.49 points, to 3,300.42.United Overseas Bank gained 0.04 percent to Sg$23.00 while public transport firm ComfortDelGro eased 0.94 percent to Sg$3.18.-- Jakarta ended down 0.005 percent, or 0.254 points, at 4,945.50.Heavy equipment provider United Tractors gained 1.75 percent to 20,350 rupiah, while lender Bank Negara Indonesia slipped 2.21 percent to 5,525 rupiah.-- Malaysia´s key index slipped 0.51 percent, or 8.74 points, to 1,718.12.AirAsia surged 9.15 percent to 1.67 ringgit, and British American Tobacco rose 1.35 percent to 60.16 ringgit. Gaming resorts firm Genting lost 2.50 percent to close at 8.19 ringgit.-- Taipei rose 0.31 percent, or 28.54 points, to 9,218.37.Hon Hai Precision Industry closed 0.21 percent higher at Tw$94.6 while Taiwan Semiconductor Manufacturing Co was 0.35 percent lower at Tw$142.0.-- Wellington fell 0.51 percent, or 29.56 points, to 5,749.71.Air New Zealand slumped 9.62 percent to NZ$2.395 after rival Jetstar announced a domestic expansion, while Chorus closed down 2.70 percent at NZ$2.88.-- Manila closed 0.94 percent, or 70.55 points, higher at 7,606.86.Universal Robina added 2.86 percent to 197.50 pesos and Ayala Corp was up 2.50 percent at 799.50 pesos but Globe Telecom fell 0.61 percent to 2,600 pesos. 










 
ewarticle Hong Kong: Asian markets slipped Wednesday after more weak US data raised questions about the health of the world´s top economy, while the dollar edged down as an early interest rate rise looks increasingly unlikely.The euro continued to hold its own, with investors hopeful that Greece will be able to hammer out a bailout reform deal with creditors and avert a default.Sydney plunged 1.85 percent, or 109.9 points, to 5,838.6, with big banks leading the decline as hopes of another interest rate cut waned. Seoul closed 0.23 percent lower, giving up 5.04 points to 2,142.63.Hong Kong ended 0.15 percent lower, shedding 42.41 points to 28,400.34, but Shanghai recovered from early losses to close flat -- edging up 0.41 points to 4,476.62.Tokyo was closed for a public holiday.With few major catalysts, regional investors are focusing on the Federal Reserve´s two-day meeting, which wraps up later in the day.While the US central bank will not announce any policy move, its statement will be pored over for any guidance on interest rates.On Tuesday the Conference Board reported its index of consumer confidence tumbled in March instead of rising as expected. Consumers reported growing pessimism about current and short-term US economic conditions.A series of disappointing indicators has fuelled speculation the US central bank will want to wait to increase rates, which have been pegged at zero since 2008. The Fed had signalled a possible rise as early as June, but analysts now expect it in September at the earliest.Wednesday will also see the release of the government´s first estimate on first-quarter economic growth, with analysts forecasting 1.0 percent, down from a 2.2 percent pace in the previous three months.However, on Wall Street Tuesday the Dow added 0.40 percent and the S&P 500 rose 0.28 percent. But the Nasdaq eased 0.10 percent.- Euro holds strength -The diminishing prospect of an early rate increase has weighed on the dollar, which fell to 118.88 yen in New York Tuesday from 119.10 yen earlier in the day in Tokyo. On Wednesday in Asia the greenback was at 118.82 yen.The euro was at $1.0998 and $130.90 against $1.0981 and 130.55 yen in US trade. It was sharply up from $1.0880 and 129.54 yen in Tokyo Tuesday.Even though talks between Greece´s government and its creditors are dragging on, there is hope for an agreement on the bailout that will unlock billions of euros, allowing Athens to avert a default and stay in the eurozone.Investors cheered Prime Minister Alexis Tsipras´ decision to reshuffle his negotiating team, while he has also expressed confidence in a compromise.According to press reports Greece´s hard-left, anti-austerity leadership could also be prepared to adopt some reforms previously rejected, including a reinforced tax collection system, taxing television adverts and ramping up levies on luxury goods.Oil prices inched lower ahead of the release of the latest US supply report. US benchmark West Texas Intermediate fell 32 cents to $56.74 while Brent crude slipped 18 cents to $64.46.Gold fetched $1,208.05 against $1,201.29 late Tuesday.In other markets:-- Singapore fell 0.23 percent, or 7.94 points, to 3,487.15.United Overseas Bank declined 2.16 percent to Sg$24.42 while investment holding firm Ezion slid 5.24 percent to Sg$1.17.-- Bangkok was down 0.59 percent, or 9.06 points, to 1,522.47.Oil company PTT Exploration and Production lost 3.36 percent to 115.00 baht, while Siam Cement fell 2.19 percent to 536.00 baht.-- Kuala Lumpur slipped 0.65 percent, or 12.13 points, to 1,842.93.AMMB Holdings gained 0.46 percent to 6.49 ringgit while Public Bank ended 0.51 percent lower at 19.70 ringgit. Telekom Malaysia fell 0.27 percent to 7.47 ringgit.-- Jakarta was down 2.34 percent, or 122.87 points, to 5,119.29.Palm oil producer Astra Agro Lestari fell 1.85 percent to 19,925 rupiah while lender Bank Permata rose 1.25 percent to 1,620 rupiah.-- Taipei lost 1.03 percent, or 103.00 points, to end at 9,853.83.Smartphone maker HTC shed 5.7 percent to Tw$124.0 while Taiwan Semiconductor Manufacturing Co. was 1.98 percent lower at Tw$148hk.5.-- Wellington fell 0.50 percent, or 28.84 points, to 5,740.82.Air New Zealand shed 1.09 percent to NZ$2.715 and Fletcher Building was down 0.36 percent at NZ$8.21.-- Manila lost 0.77 percent, or 61.10 points, to 7,825.47.Shopping mall operator SM Prime Holdings fell 1.44 percent to 19.12 pesos, Metrobank was down 1.85 percent at 93 pesos and Banco de Oro sank 2.23 percent to 109.50 pesos.-- Mumbai declined 0.62 percent, or 170.45 points, to 27,225.93.Telecom major Bharti Airtel shed 3.32 percent to 387.50 rupees while Axis Bank rose 3.30 percent to 552.90 rupees. (AFP)                        










"
What is the total cost of Operation Zarb-e-Azb in North Waziristan?,"ISLAMABAD: Pakistan’s Finance Minister Ishaq Dar said  the cost of ongoing Operation Zarb-e-Azb in North Waziristan may exceed $1.3 billion. Dar met with US Senate Armed Services Committee member, Jack Reed and Ambassador Richard Olson and informed them that the Pakistani government had already spent $400 million on the operation and IDPs. During the meeting the finance minister said the operation had the full support of political parties, armed forces and civil society in the country.  Dar added that Pakistani had suffered economically due to the exodus of people from the tribal areas owing to the operation. Senator Jack Reed said it was essential that the global community helped Pakistan in its fight against terrorism.  










 
ewarticle ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar has said all out efforts were being made to bring Pakistan International Airlines (PIA) out of deficit.Talking to media, he said the government had started restructuring of national flag carrier from day one.“Its fleet had been expanded from 18 to 38 which would soon reach 40,” he added.To a question about privatization of the Steel Mills, he said initially Sindh Government was offered to purchase the Steel Mills.He said civil and military leadership had same goals regarding operation Zarb-e-Azb and eradicating terrorism from the country.Replying to a question he said the Prime Minister Muhammad Nawaz Sharif had given special instructions to Punjab government for taking strict action in accordance with the law against banned outfits.Ishaq Dar said seminaries and international non-governmental organizations (INGOs) were being registered under newly formulated policy.Operation Zarb e Azb would continue till the elimination of last terrorist as civil and military leadership had expressed their resolve in this regard he added. 
ewarticle LAHORE: Putting  stout defence of the solar power projects, Punjab Chief Minister Shahbaz Sharif has said his government has saved Rs2 billion by cutting the cost of Quaid-e-Azam Solar Power Park project.He said efforts were made to make the project controversial, adding that the government not only reduced the cost but also setup the project within six months.The chief minister said since his government believes in transparency, it plans to conduct the audit of the Nandipur Power project through an international company after facing the allegations of corruption. Sahbaz Sharif said prevailing energy crises would largely be overcome by the end of 2017.                        










 
ewarticle ISLAMABAD: The Asian Development Bank (ADB) will extend financial assistance of 178 million dollars to Pakistan on easy installments for 20 years.The agreement in this regard was signed between Secretary Finance and Country Director ADB here on Thursday.Speaking on the occasion, Finance Secretary Salim Sethi said the amount will be spent on the construction of Gojra-Shorkot motorway.He said the motorway’s 62 kilometer section is part of the Pak-China Economic Corridor. Salim Sethi said the construction of Gojra-Shorkot motorway will cut by half the travel duration of Islamabad-Toba Tek Singh and Lahore-Toba Tek Singh. 










 
ewarticle KARACHI: On the occasion of Eidul Azha, PIA is offering 25 per cent ticket discount on all domestic sectors for travel during September 25, 26 and 27. A statement issued here on Tuesday said that the discount offer was formally announced by PIA’s Director Marketing & Customer Services Khurram Mushtaq at the airline’s head office today.The passengers can now avail 25 per cent discount on all domestic flights during the first three days of Eid. The discount offer applies to all three classes; Business, Economy and Economy Plus.                        










"
current US crude oil inventory levels,"strong>LONDON: Oil prices rose towards $52 a barrel on Wednesday, hitting their highest level since June, supported by an industry report that U.S. inventories probably fell for a fifth straight week and OPEC's supply cut deal.</strongThe American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped 7.6 million barrels, which would be the fifth straight weekly decline if confirmed by U.S. Energy Information Administration (EIA) data on Wednesday.Brent crude was trading at $51.70 a barrel, up 83 cents, at 0819 GMT. The global benchmark touched $51.72 during the session, its highest since June 10. U.S. crude was up 75 cents at $49.44.Analysts are expecting a rise in crude stocks of 2.6 million barrels.But another drop in U.S. crude stocks would reinforce the view that the supply glut that has been weighing on prices since 2014 is easing. The API data, however, does not always tally with the EIA data, which is due at 1430 GMT.""All eyes now turn to the EIA crude inventory numbers,"" said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore, adding that another confirmed drawdown in crude stocks would likely push U.S. crude prices above $50.Brent has risen from below $49 on Sept. 28, when the Organization of the Petroleum Exporting Countries agreed a surprise cut in its output to support prices which are less than half the level of mid-2014.Under the deal, OPEC will target production of between 32.50 million barrels per day (bpd) and 33.0 million bpd, implying a cut of as much as 740,000 bpd from the August level, as reported in OPEC's monthly report.The move marked an about-face by OPEC, which in November 2014 dropped its role of cutting production. Although it hasn't yet worked out all the details, and analysts are skeptical the cut will be implemented, the deal is supporting the market.""The mere threat of a production cut should put a floor under oil prices until the next OPEC meeting on Nov. 30,"" said Jason Gammel of U.S. investment bank Jefferies. 
ewarticle strong>SINGAPORE: Oil prices rose in early Asian trade on Friday shrugging off a second consecutive week of U.S. crude oil inventory builds, with a U.S. Energy Information Administration (EIA) report late on Thursday indicating an unexpected rise in crude stocks.</strongU.S. benchmark West Texas intermediate (WTI) crude futures were up 18 cents or 0.33 percent to $53.95 at 0105 GMT after settling 29 cents lower at $53.77 per barrel in the previous session.Brent front-month March crude oil futures were 12 cents a barrel or 0.21 percent higher at $56.97.Crude inventories were up 614,000 barrels in the week to Dec. 23, the EIA data showed, compared with analysts' expectations for a decrease of 2.1 million barrel.Despite the unexpected rise in crude stocks, the EIA data published on Thursday showed a significantly smaller rise in crude stocks compared with Wednesday's American Petroleum Institute (API) data that indicated a 4.2 million barrel build in U.S. crude oil stocks in the same period.""Today's Department of Energy report was positive for light products due to draws in gasoline and distillate inventories compared to consensus' build expectations,"" British bank Barclays said in a note.Gasoline stocks fell 1.6 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel rise.The market is likely to have focussed on the surprise draw in product stocks and taken on a slightly more bullish view towards the WTI contract, traders said.Oil prices will gradually rise towards $60 per barrel by the end of 2017, a Reuters poll showed on Thursday, with further upside capped by a strong dollar, a likely recovery in U.S. oil output and possible non-compliance by OPEC with agreed cuts. 
ewarticle London: World oil prices rose Thursday on the back of the weaker dollar, but gains were capped after US crude reserves swelled again to a record high.In midday London deals, European benchmark Brent North Sea crude for April delivery advanced 82 cents to $58.36 a barrel.US benchmark West Texas Intermediate (WTI) for April added 52 cents to $48.69 a barrel.""Despite the bearish oil inventories report yesterday, crude oil prices rebounded in early trade this morning supported by a slightly softer US dollar,"" said Sucden brokers analyst Myrto Sokou on Thursday.""Brent futures recovered and climbed higher towards $59 per barrel while WTI futures rose above $48.50 per barrel.""The weaker greenback makes dollar-denominated crude cheaper for buyers using stronger currencies, which tends to stimulate demand and prices.Crude futures had finished mixed Wednesday after a key report showed US crude stockpiles had struck another record high, adding to an oversupplied global market.The US Department of Energy said crude oil inventories surged by 4.5 million barrels in the week to March 6 to 448.9 million.That was the highest level since the beginning of the weekly data series in 1982.Crude prices lost some 60 percent of their value to decline to about $40 between June and late January owing to an oversupply in world markets, a weak global economy and the strong dollar.Prices have since rebounded somewhat following a slowdown in US oil-drilling activities, but analysts say volatility is likely to continue for some time.Elsewhere, investors were monitoring the progress of talks between the United States and other major Western powers and Iran on Tehran´s contested nuclear programme as a deadline at the end of March nears.The Islamic republic has been crippled by a series of UN and US sanctions, including on crude exports, aimed at bringing an end to its nuclear drive, which the West says is being used to develop atomic weapons. Iran denies the allegations.""Prices are likely to remain in a tight range for the next two weeks until the market gets more clarity on the ongoing negotiations between Iran and the US over the lifting of sanctions,"" said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy EY. (AFP)                        










 
ewarticle New York: Oil prices fell on Wednesday before the release of a report on US crude inventories as traders kept an eye on unrest in crude exporter Libya.US benchmark West Texas Intermediate for delivery in March shed $1.39 to $52.14 a barrel compared with Tuesday´s close.European benchmark Brent oil for April delivery slid $2.00 to $60.53 a barrel in London.The US Department of Energy will release its weekly stockpiles report on Thursday with many analysts expecting another large rise in stocks.Last week´s report showed that US crude inventories reached their highest levels on record for this time of the year.""The market had a very nice rebound from the $44-45 low it made a little while back,"" said Kyle Cooper, analyst at IAF Advisors in Houston.""But the fundamentals are still on the downside, and expectations are for a crude oil build"" on Thursday.""I don´t think the production growth is going to slow in the next couple of months.""Although leading producers like Chevron and ConocoPhillips have slashed capital budgets in light of the more than 50 percent plunge in global crude prices, the cuts are not expected to significantly affect short-term production levels.Traders were also keeping an eye on developments in north African crude oil producer Libya.Infighting and sabotage in Libya has reduced output to 150,000 barrels a day, down from a high of almost 1.5 million barrels per day, according to analysts. (AFP)                        










 
ewarticle New York: US oil prices shot up to a 2015 peak Wednesday after a slight dip in US oil production sparked talk that the glutted petroleum market could be turning.US benchmark West Texas Intermediate for May delivery jumped $3.10 to $56.39 a barrel on the New York Mercantile Exchange, the highest closing price since December 23.European benchmark Brent oil for delivery in May rose $1.89 to $60.32 a barrel in London.The gains extended a market rally into a fifth straight day.Earlier in the day, the US Department of Energy reported US oil production fell by 20,000 barrels, or 0.2 percent, to 9.38 million barrels per day, in the week ending April 10.US crude inventories stand at the highest level for this time of year in at least the last 80 years, the DoE said, but the increase last week was smaller than expected.Analysts expressed caution at Wednesday´s price surge.""I think this rally will stall,"" said Matt Smith, an analyst at Schneider Electric. ""We got quite a bit ahead of ourselves here."" Smith said it is likely still too soon for the lower US rig count to meaningfully dent supply.""Yes, there are a couple of data points, but that doesn´t mean the US is not overflowing crude,"" he said.Meanwhile, the Paris-based International Energy Agency cut its supply forecast for non-OPEC countries, citing a lower outlook for US and Canadian production and the ""worsening conflict"" in Yemen.The agency also bumped up by 90,000 barrels per day its forecast for 2015 petroleum demand. The IEA now expects 2015 consumption of 93.6 million barrels per day, up 1.1 million barrels per day for the year. (AFP)                        










"
Apple Inc's plans for electric vehicles 2020,"SAN FRANCISCO: Apple Inc aims to begin producing electric vehicles as early as 2020, Bloomberg reported.The report cited people with knowledge of the matter as saying, a seemingly aggressive target for a mobile devices maker with little experience in car manufacture.The iPhone maker is pushing its ""car team"" of about 200 people to meet that goal.But Apple may decide to scrap its car-making effort, or delay it, if executives grew unhappy with its progress, the news agency said. 










 
ewarticle strong>NEW DELHI/MUMBAI:  Apple Inc chief Tim Cook met Indian Prime Minister Narendra Modi on Saturday, concluding a four-day trip to India that could set the stage for Apple´s expansion plans in one of the world´s fastest growing smartphone markets.</strongModi and Cook met for an hour in central Delhi and discussed Apple´s plans for its India business, including the possibility of manufacturing and retailing in the country.Apple is looking to expand its retail presence in India and is pursuing a license to set up its own stores, which could start to open as early as next year.Government officials say India is keen to get Apple to start making products in the country in what would be a boost for Modi´s ""Make in India"" manufacturing push.""Every aspect of business was discussed. Now it´s for Apple to talk about their plans,"" a close aide of Modi said.Cook´s first official visit to the country comes at a crucial time as Apple looks for new growth markets after posting its first-ever decline in iPhone sales.More than 100 million smartphones were sold in India last year and sales are expected to grow 25 percent this year, but Apple only has about a 2 percent share of the market.The company has been pushing the Indian government to allow it to import refurbished phones in the country, but that application was turned down earlier this month.A second source aware of the meeting said Cook asked Modi to reconsider the company´s plans to import refurbished phones – a strategy seen key for Apple to make affordable iPhones available in a country where most smartphone sell for less than $150.In an interview with NDTV channel on Friday, Cook said Apple plans to import second hand phones and refurbish them at a facility in India.Cook spent most of the week meeting heads of India´s largest companies, including telecom operator Bharti Airtel  and lender ICICI Bank, but also took out time to visit a temple, dine with Bollywood stars and watch cricket.Apple also announced plans to expand a software development centre it recently opened in Hyderebad and launched a program  for local developers working on its iOS platform.Modi and Cook also discussed cyber-security and data encryption, a government statement said.Apple has been at the centre of a debate on the role technology companies play in protecting data that led to a much-publicised dispute between Apple and the FBI over a phone linked to a shooting in San Bernardino, California. 
ewarticle LAS VEGAS: BMW Group announced Wednesday it would deploy 40 self-driving vehicles for tests in the United States and Europe.The German auto group made the announcement at the Consumer Electronics Show in Las Vegas jointly with US computer chip giant Intel and the Israeli-based auto technology firm Mobileye.""Making autonomous driving a reality for our customers is the shared ambition behind our cooperation with Intel and Mobileye,"" said BMW board member Klaus Froehlich in a statement, who said the tests would be a major step toward achieving a fully autonomous vehicle by 2021.""This partnership has all of the skills and talent necessary to overcome the enormous technological challenges ahead and commercialize self-driving vehicles. Therefore, we are already thinking in terms of scalability and welcome other companies -- manufacturers, suppliers or technology companies - to participate and contribute to our autonomous platform.""The companies said they plan to begin testing by the end of this year, joining autonomous vehicles from Google´s Waymo, Uber and others being used in real-traffic situations.BMW Group will be responsible for driving control, safety and the production of the car platform.Intel will offer its Intel Go computing platform that uses a variety of sensors and other data to power the brains of the car.Mobileye will be using its proprietary EyeQ5 computer vision processor which gets input from the 360-degree surround view sensors as well as localization.""From an industry perspective, we are already seeing savings and speed in development by sharing development costs and in pooling resources to develop a complete autonomous platform,"" Intel chief executive Brian Krzanich said.""That´s why this partnership is breaking new ground. We have established a dedicated team with clear, shared goals and a culture of innovation and agility and accountability.""<br/>  
ewarticle BEIJING: Automakers in China face a war of attrition in the market for environmentally friendly cars as tighter regulations force heavy spending on development and production while a slowing economy leaves the demand outlook hazy.Top vehicle manufacturers from around the world laid out plans for new green offerings at an auto show that kicked off here Monday -- a massive event featuring more than 1,600 companies and nearly 1,200 new models.Volkswagen, still struggling to recover from an emissions scandal, was in the spotlight early on. It will invest more than 4 billion euros ($4.5 billion) in 2016 alone in such areas as environmental and safety technology, said Jochem Heizmann, who heads the German company's operations here.China is VW's most important market. With the government planning to adopt the world's toughest emissions regulations in 2017, the automaker intends to roll out 15 eco-car models over the next three to four years. It will begin full-scale production of a plug-in hybrid based on the Golf around 2018.Toyota Motor plans to build a plug-in-hybrid version of the Corolla starting that year. The company arranged the rollout schedule to coincide with a number of planned launches of plug-in hybrids by other automakers, said Hiroji Onishi, head of China operations.Honda Motor  will begin production of an Accord hybrid this July and release a plug-in hybrid in 2020. Market leader General Motors plans to spend 100 billion yuan ($15.3 billion) over the next five years to promote sales of electric and other vehicles.China led the world in new-car sales for a seventh straight year in 2015, at 24.59 million vehicles. Even if market growth slows, many still see plenty of room for expansion, given that the country has just over one car for every 10 people. Automakers are scrambling to roll out new models to take advantage of generous subsidies for eco-car purchases.But ""demand is strong now because of the tax break on compact cars that started last October,"" said Nobuhiko Watabe, an executive officer at Mazda Motor, adding that the true state of affairs is dire. Automakers' margins are narrowing as price wars become the norm on sales floors. 
ewarticle strong>BEIJING: Toyota Motor Corp plans to sell heavily electrified, so-called plug-in hybrid cars in China starting in 2018, its head of China operations, Hiroji Onishi, said on Sunday.</strongThe plan is aimed at taking advantage of generous purchase incentives made available to Chinese consumers buying such fuel efficient near-all-electric cars, along with all-electric battery cars in China.Onishi told a media event ahead of the Beijing auto show that the Japanese carmaker plans to launch plug-in hybrid versions of the Toyota Corolla and Levin in China in 2018.""Our decision to launch plug-in hybrid versions of the Corolla and the Levin reflects the depth of our resolve and commitment to the Chinese market,"" Onishi said.He did not say whether Toyota plans to produce those cars in China, but the company officials at the announcement said that was a possibility.To qualify for China´s incentives for plug-in hybrids, Toyota officials at the event said it would have to meet certain conditions.One executive who declined to be identified said those plug-in hybrids for China should be able to run all on electricity for as far as more than 50 km (30 miles) when they are fully charged."
Current trends in WTI and Brent crude oil prices,"strong>SINGAPORE: Oil prices rose in Asian trade on Friday, setting crude futures on course for one of their biggest weekly gains this year, as sentiment has become more upbeat despite ongoing oversupply.</strongInternational benchmark Brent crude futures were trading at $45.09 per barrel at 0054 GMT, up more than half a<br/>dollar from their last settlement.U.S. West Texas Intermediate (WTI) crude was up 52 cents at $43.70 a barrel. With Brent up 8 percent since Monday and WTI 12 percent higher since April 18, this week is set for some of the steepest price rallies so far this year, and crude is up by more than two-thirds since its 2016 lows between January and February.Traders said that sentiment in the entire commodity complex had turned more confident, with new cash being put into the market by investors, lifting prices.Another factor has been producers taking advantage of higher prices by locking in production. ""We would expect producers in the U.S. taking every opportunity to aggressively hedge as soon as there is opportunity when oil prices recover for short periods of time,"" French investment bank Natixis said.Falling output, especially in the United States, where many producers are shutting down following an up to 70 percent price<br/>rout since 2014, is also helping to lift the market.Natixis said it expected U.S. oil production to drop by at least 500,000 to 600,000 barrels per day (bpd) this year, compared with 2015, and by another 500,000 bpd in 2017.Despite the recent rally, oil markets remain oversupplied as<br/>between 1 and 2 million barrels of crude are being pumped out of the ground every day in excess of demand, leaving storage tanks around the world filled to the rims with unsold fuel. 
ewarticle London: World oil prices rose Thursday on the back of the weaker dollar, but gains were capped after US crude reserves swelled again to a record high.In midday London deals, European benchmark Brent North Sea crude for April delivery advanced 82 cents to $58.36 a barrel.US benchmark West Texas Intermediate (WTI) for April added 52 cents to $48.69 a barrel.""Despite the bearish oil inventories report yesterday, crude oil prices rebounded in early trade this morning supported by a slightly softer US dollar,"" said Sucden brokers analyst Myrto Sokou on Thursday.""Brent futures recovered and climbed higher towards $59 per barrel while WTI futures rose above $48.50 per barrel.""The weaker greenback makes dollar-denominated crude cheaper for buyers using stronger currencies, which tends to stimulate demand and prices.Crude futures had finished mixed Wednesday after a key report showed US crude stockpiles had struck another record high, adding to an oversupplied global market.The US Department of Energy said crude oil inventories surged by 4.5 million barrels in the week to March 6 to 448.9 million.That was the highest level since the beginning of the weekly data series in 1982.Crude prices lost some 60 percent of their value to decline to about $40 between June and late January owing to an oversupply in world markets, a weak global economy and the strong dollar.Prices have since rebounded somewhat following a slowdown in US oil-drilling activities, but analysts say volatility is likely to continue for some time.Elsewhere, investors were monitoring the progress of talks between the United States and other major Western powers and Iran on Tehran´s contested nuclear programme as a deadline at the end of March nears.The Islamic republic has been crippled by a series of UN and US sanctions, including on crude exports, aimed at bringing an end to its nuclear drive, which the West says is being used to develop atomic weapons. Iran denies the allegations.""Prices are likely to remain in a tight range for the next two weeks until the market gets more clarity on the ongoing negotiations between Iran and the US over the lifting of sanctions,"" said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy EY. (AFP)                        










 
ewarticle strong>SINGAPORE: Oil prices slid on Thursday as record U.S. crude inventories at the Cushing delivery point and worries about a global economic slowdown weighed on markets, and Goldman Sachs said prices would remain low and volatile until the second half of the year.</strongInternational benchmark Brent crude futures LCOc1 were trading at $30.67 per barrel at 0601 GMT, down 17 cents.U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $27.01 per barrel, down 44 cents and within a dollar of the $26.19 a barrel intra-day low hit in January that was the lowest since 2003.Inventories at the Cushing, Oklahoma delivery point for U.S. crude futures rose to an all-time high just shy of 65 million barrels, data from the government's Energy Information Administration (EIA) showed on Wednesday.The U.S.-based Schork Report said that seasonally falling crude oil demand towards the end of the winter heating season also weighed on markets.Analysts said that the recent strength in Brent's premium over WTI contracts was supported by U.S. slowing demand and brimming storage.""Brent is holding much stronger than WTI which reflects the current oversupply in the U.S.,"" said Singapore-based brokerage Phillip Futures.The overhang in oil supplies, together with an economic slowdown in China, means that prices will remain low until the second half of the year, Goldman Sachs said in a note to clients.""The risks of China growth concerns and oil price downside ... materialised faster than we anticipated,"" the bank said.""We expect oil prices will continue to fluctuate between $20 per barrel (operational stress level) and $40 per barrel (financial stress level) with significant volatility and no price trend until 2H2016,"" it added.Chart analysts said that crude prices may be just days away from falling to $25 a barrel or below as weakening technicals put more pressure on the market.Matthew Sferro, technical analyst at New York's Informa Global Markets, said if WTI fell further it would likely test the support level at $25.04 per barrel established in April 2003.Oil prices have fallen almost 75 percent since mid-2014 as producers pump 1-2 million barrels of crude every day in excess of demand, just as China's economy grows at its lowest rate in a generation.Trading activity in Asia remained low due to China's New Year holiday which lasts all week and as Japan is also on a public holiday. 
ewarticle London: Global oil prices slid Wednesday following a three-day rally as dealers were divided on whether the commodity has bottomed out after a plunge of nearly 60 percent since June. US benchmark West Texas Intermediate (WTI) for delivery in March shed $1.72 to stand at $51.33 a barrel compared with Tuesday´s close.Brent North Sea crude for March slid $1.15 a barrel to trade at $56.76 in London afternoon trade.WTI had soared $3.48 Tuesday to record its highest finish since December 31, while Brent jumped $3.16 to a similar closing peak, as dealers cheered signs that the oil industry is tightening exploration activities to cap a supply glut.Ken Hasegawa, an energy trading manager at Newedge Group in Tokyo, said the crude market was ""extremely volatile"" after the three-day rally that began Friday saw prices surge nearly 20 percent.""It has become increasingly difficult to discern the direction of the prices of crude oil, but the fundamentals remain unchanged,"" Hasegawa told AFP. He added that prices could ""fluctuate by increasing up to $10 and falling up to $10"" in the short term.Deep cuts in capital spending by major oil companies, including new announcements Tuesday by BP and BG Group, had suggested there would be tighter supplies in the future. The Baker Hughes North America rig count report for the week to January 30 showed a drop of 128 rigs to 1,937. That compared with 2,393 a year ago.Some analysts however remain doubtful that the current oil price rebound will be sustained as supplies still outweigh demand in the immediate term.The oil market has lost more than half its value since June largely owing to a surge in global reserves boosted by robust US shale oil production. The problem was exacerbated in November after OPEC decided to maintain output levels despite plunging prices.The 12-nation Organization of Petroleum Exporting Countries (OPEC) cartel pumps about 30 percent of global crude supplies. (AFP)                        










 
ewarticle strong>TOKYO: Brent crude fell to another 12-year low on Thursday as the prospect of more oil supplies from Iran loomed, amid gloom over a world already awash with supply and concerns about global economic growth hitting equity markets.</strongThe global benchmark dropped as far as $29.73, the lowest since February 2004 and down more than 1.5 percent.It was down 26 cents at $30.05 a barrel at 0452 GMT and the contract has fallen every trading day this year.West Texas Intermediate (WTI) was up 5 cents at $30.53 in see-saw trading.US oil is trading at a rare premium to Brent, reflecting the hit that the global benchmark is taking with the prospect of more crude from Iran flowing as sanctions imposed on the country for its nuclear programme may be lifted as early as Friday.It was the second time in two days for Brent, the global benchmark, to drop below $30 a barrel after WTI fell below that mark on Tuesday, before recouping some of the losses.""Perhaps $30 or just slightly below is acting as a little bit of a floor, but that being said that´s a straw in a hay barn in terms of positivity,"" said Ben le Brun, market analyst at OptionsXpress in Sydney.""The rest of the news is decidedly negative about oil,"" he said.The United Nations´ nuclear watchdog is likely to confirm on Friday that Iran has curtailed its nuclear programme as agreed with world powers, paving the way for sanctions to be lifted."
What is the initial volume of LNG Pakistan will import according to Petroleum Minister Shahid Khaqan Abbasi?,"ISLAMABAD: Minister for Petroleum Shahid Khaqan Abbasi on Monday said the government will begin importing Liquefied Natural Gas (LNG) from March 31.Talking to Geo News, the Petroleum Minister said initially 300 MMCFD (million cubic feet per day) of LNG will be imported. After six months the import volume will be increased to 400 MMCFD, he added.Shahid Khaqan Abbasi informed that Pakistan’s current consumer demand for LNG stands at 600 MMCFD.He said that in the initial phase, the Finance Ministry will foot the LNG import bill from subsidy allocated for the power sector.The Minister said the electricity generation from LNG will cost Pakistan less compared to the power production from diesel.He, however, said that the price for LNG has not yet been determined. 










 
ewarticle ISLAMABAD: Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi on Thursday said that five more Liquified Natural Gas (LNG) based agreements would be signed with Qatar.In an interview, the Minister said that Pakistan has been passing through a severe energy crisis and the import of LNG from Qatar would be a positive and welcome step to address the issue.He said that two countries also signed three other agreements and Memorandum of Understanding (MoU) for cooperation in the fields of Radio, TV, health and academic research.The Petroleum Minister said that 50 percent needs of energy of Pakistan depend upon the energy produced by gas.He said that import of LNG from Qatar has been started partially but on the basis of need the LNG has been given to the users.Abbasi said that under the agreement three ships carrying LNG will reach every month in Pakistan in 2016 and next year adding that number of ships will be increased to five after 2017. To a question he said that Pakistan has been facing crisis of energy for several years due to which not only domestic users are facing troubles but economy of the country has been affected badly.In his comment former General Manager Sui Southern Gas Brigadier (R) Agha Gul also said that the process of buying LNG from Qatar was going on from 2004. Talking to VOA he said God willing this will prove to be one of the achievements Prime Minister Nawaz Sharif has secured so far.He said people who have some know how of the energy crisis will term this project as light at the end of the tunnel.Agha Gul said the government has made the deal at the time when petrol prices have reduced which will have a good impact on the deal.He said the deal will help in reducing power load-shedding by 10 to 15 percent. 
ewarticle strong>KARACHI: Managing Director Pakistan State Oil (PSO), Sheikh Inamul Haq Tuesday announced that the import of Liquefied Natural Gas (LNG) from Qatar will begin from the first week of March.</strongIn a media statement, the MD PSO said Pakistan will import 400 mmcf LNG per day from Qatar.Last week Pakistan and Qatar inked an agreement for supply of around US one billion dollars worth of LNG to Pakistan annually to help the country meet its energy shortfall.The agreement on Long Term LNG Sale and Purchase was signed during the visit of Prime Minister Muhammad Nawaz Sharif’s two-day visit to Qatar. 
ewarticle strong>ISLAMABAD: The government has set a target of domestic production of 43.8 million barrels of crude oil and 1.51 trillion cubic feet gas for the next fiscal year.</strong>    The demand and supply gap in both oil and gas sectors will be filled through import of petroleum products, Radio Pakistan reported officials as saying.The indigenous gas supply will be supplemented through LNG imports to the tune of 4.5 million tones. They said the annual production of crude oil stood at 32.03 million barrels in the outgoing fiscal year.The officials said a total of one hundred and sixteen oil and gas wells will be drilled by the exploration and production companies in the next fiscal year to enhance the domestic oil and gas production.Giving details of the projects of Sui Northern and Sui Southern Gas Company Limited, the officials said the two companies plan to add over four hundred thousand new consumers to their systems.In addition, the gas companies have also plans to lay down about six thousand kilometer of new transmission pipelines in their networks. 
ewarticle strong>SINGAPORE: Pakistan is taking another step towards becoming a key buyer of liquefied natural gas (LNG), signing a deal to purchase a Floating Storage and Regasification Unit (FSRU) for its second import terminal.</strongSingapore's BW Group said in a statement on Monday that it would deliver the FSRU to Pakistan GasPort Limited (PGPL) in the fourth quarter, as well as providing the terminal at Port Qasim, Karachi with LNG regasification services in a 15-year agreement.The South Asian country has been earmarked as an up-and-coming demand outlet for the oversupplied LNG market. Along with Egypt and Jordan, Pakistan was a newcomer to the LNG import market in 2015, helping drive up demand and absorb growing world supplies from a wave of new projects.The new import terminal will be able to receive 600 million cubic feet of natural gas per day and is expected to be commissioned for operations by mid-2017.The terminal will reduce Pakistan's gas deficit by 30 percent and ensure fuel for 3,600 megawatts of new power generation plants being constructed in the country, said PGPL chairman Iqbal Ahmed.Pakistan started up the 3.5 million tonnes per year Engro Elengy LNG terminal, the country's first LNG import facility, in Port Qasim last March. Pakistan shipped in a total of 1.02 million tonnes of LNG in 2015, and has imported 1.78 millions tonnes in the first seven months of this year.""We are seeing weaknesses more in the North Asian market, and (South) Korea ... and a lot of the strong (demand) growth in where you might expect,"" said Neil Beveridge, a Hong Kong-based analyst at AB Bernstein, referring to emerging economies such as Pakistan.Qatar, which signed two term supply contracts with Pakistan this year, is the country's largest LNG supplier."
current trends in oil prices april,"London: Global oil prices fell Monday, after bumper gains before the weekend, as many traders took profits and eyed plentiful world crude supplies, analysts said. European benchmark Brent North Sea crude for April delivery dropped $1.26 to $61.32 a barrel in London early afternoon deals.New York´s West Texas Intermediate (WTI) for April shed 90 cents to $48.86 a barrel.Crude futures had rebounded sharply Friday at the end of a volatile trading week. WTI had advanced $1.59 while Brent gained a hefty $2.53.""Oil prices came under renewed pressure,"" said Sucden analyst Myrto Sokou on Monday.""Crude oil inventories continue to remain at fairly high levels following ongoing builds of crude stocks last week.""Oil has lost about 50 percent of its value since June, largely due to a global supply glut partially caused by surging US shale production.""Although there is still a global supply glut, oil prices are on a general increasing trend especially with the falling rig count numbers indicating that US shale is responding to low prices,"" Ken Hasegawa, energy trading manager at Newedge Group in Tokyo, told AFP. The weekly Baker Hughes US drilling rig count showed the number of rigs in operation fell by 33 to 986 in the week to February 27. The count is down 39 percent since October, according to Bloomberg News. Analysts said dealers will next be scrutinising a slew of US economic data to be released later Monday for clues on demand prospects in the world´s biggest crude consumer.  (AFP)                        










 
ewarticle London: Oil prices edged higher on Tuesday as the market seeks to build on strong gains in April following massive falls earlier in the year.US benchmark West Texas Intermediate for delivery in June won 56 cents to $59.49 a barrel.Brent North Sea crude for June won 47 cents to stand at $66.93 a barrel in London midday deals.After slumping at the start of the year, oil prices rose by about a fifth in value during April owing to several factors including concerns about unrest in Yemen, the weakening dollar and fewer US rigs in operation, analysts said.However, prices remain well down after plunging almost 60 percent between June and the start of 2015 on the back of a global supply glut and ramped up production.""Crude oil producers in the US have significantly cut back output in an attempt to address the significant supply overhang which has exerted downward pressure on... prices since June last year,"" Kash Kamal, senior research analyst at Sucden brokers said on Tuesday.The International Monetary Fund has said that Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices.The wealthy monarchies, however, should ""not react in a knee-jerk way to lower oil prices"", the IMF Middle East and Central Asia chief Masood Ahmed told AFP in an interview Monday.""Saudi Arabia seem committed to defending their market share and have even increased output to over 10 million barrels per day in April,"" said Kamal.""Support for higher crude prices has partly come from a weaker dollar,"" he added.A weaker dollar makes oil priced in the US unit cheaper for holders of others currencies, boosting demand. (AFP)                        










 
ewarticle London: Oil prices rebounded slightly Tuesday after recent sharp losses caused by an oversupplied market.US benchmark West Texas Intermediate (WTI) for April delivery rose 39 cents to $49.84 a barrel.Brent North Sea crude for April climbed 51 cents to stand at $59.41 a barrel in London afternoon deals.WTI shed $1.36 in New York and Brent lost $1.32 on Monday, building on heavy losses last Friday, as US crude stockpiles linger at historic levels, contributing to a global oversupply.A closely watched report on US weekly crude stockpiles is next due on Wednesday, with a Bloomberg News survey saying inventories are expected to have risen by 3.75 million barrels.US oil stockpiles are already at their highest level on record at this time of year.""The expectation of further rising US crude oil stocks is pressuring prices,"" said Commerzbank analysts in a note to clients.Globally, crude supplies are also being boosted after oilfields in eastern Libya resumed pumping to the port of Hariga after a pipeline was repaired, and oil producer Oman plans to ramp up output to 980,000 barrels a day this year.""The partial return of supply from Libya is weighing on the Brent price despite its sustainability being anything but certain,"" said Commerzbank.Crude prices lost about 60 percent of their value to about $40 between June and late January owing to an oversupply in world markets, a weak global economy and a strong dollar.Prices have risen above multi-year lows following a slowdown in US oil drilling activities, but analysts say volatility is likely to continue for some time.""It is apparent by now that drilling in the US will slow, global production growth is expected to be lower, and demand, at least in the US, is reacting positively to lower prices,"" British bank Barclays said in a report.""In short, the market is forecast to remain oversupplied for most of 2015, but expectations beyond that are for more balanced fundamentals."" (AFP)                        










 
ewarticle London: World oil prices sank Friday after the International Energy Agency warned over the price outlook amid bulging global supplies.In midday London deals, European benchmark Brent North Sea crude for April delivery fell 57 cents to $56.51 a barrel.US benchmark West Texas Intermediate (WTI) for April shed 72 cents to $46.33 a barrel.""Crude oil prices extended losses ... as investors remained cautious following the bearish IEA oil monthly report, high levels of crude oil inventories and the strong US dollar rally,"" said Sucden analyst Myrto Sokou.The Paris-based IEA energy watchdog warned Friday that the recent rebound in oil prices was built on flimsy foundations.Prices collapsed by 60 percent to about $40 between June and late January due to global oil oversupply, a weak world economy and the strong dollar.However, the market has since rebounded somewhat following a slowdown in US oil-drilling activities.""Behind the facade of stability, the rebalancing triggered by the price collapse has yet to run its course, and it might be overly optimistic to expect it to proceed smoothly,"" said the Paris-based IEA, which advises energy consuming nations.It noted that a key driver in the recovery in oil prices has been drops in the number of rigs drilling for shale oil in the United States.""Yet US supply so far shows precious little sign of slowing down. Quite to the contrary, it continues to defy expectations,"" said the IEA in its monthly report, which sharply revised up output estimates for the end of last year and forecasts for the start of 2015.The IEA hiked its demand forecasts for every quarter this year, with the annual 2015 figure bumped up by 100,000 barrels per day to 93.5 mbpd, compared with its previous forecast given last month.In earlier Asian trading, the oil market had risen on news of a deal to end a strike at US refineries.Crude futures had fallen Thursday after a government report showed surging US stockpiles, adding to a global oversupply.The US Department of Energy on Wednesday said inventories hit a fresh record high of 448.9 million barrels last week, while stockpiles at the Cushing terminal hub in Oklahoma -- the price settlement point for WTI -- also increased.Bloomberg News meanwhile reported the United Steelworkers union representing 30,000 US oil workers had reached a tentative deal on a four-year contract with Royal Dutch Shell that could see a mass walkout brought to a close.Another development affecting the market was an announcement on Monday by the US Energy Information Administration raising its crude production forecast this year to 9.35 million barrels per day from 9.30 million. (AFP)                        










 
ewarticle New York: US oil prices shot up to a 2015 peak Wednesday after a slight dip in US oil production sparked talk that the glutted petroleum market could be turning.US benchmark West Texas Intermediate for May delivery jumped $3.10 to $56.39 a barrel on the New York Mercantile Exchange, the highest closing price since December 23.European benchmark Brent oil for delivery in May rose $1.89 to $60.32 a barrel in London.The gains extended a market rally into a fifth straight day.Earlier in the day, the US Department of Energy reported US oil production fell by 20,000 barrels, or 0.2 percent, to 9.38 million barrels per day, in the week ending April 10.US crude inventories stand at the highest level for this time of year in at least the last 80 years, the DoE said, but the increase last week was smaller than expected.Analysts expressed caution at Wednesday´s price surge.""I think this rally will stall,"" said Matt Smith, an analyst at Schneider Electric. ""We got quite a bit ahead of ourselves here."" Smith said it is likely still too soon for the lower US rig count to meaningfully dent supply.""Yes, there are a couple of data points, but that doesn´t mean the US is not overflowing crude,"" he said.Meanwhile, the Paris-based International Energy Agency cut its supply forecast for non-OPEC countries, citing a lower outlook for US and Canadian production and the ""worsening conflict"" in Yemen.The agency also bumped up by 90,000 barrels per day its forecast for 2015 petroleum demand. The IEA now expects 2015 consumption of 93.6 million barrels per day, up 1.1 million barrels per day for the year. (AFP)                        










"
Current sugar prices in Karachi wholesale market,"KARACHI: The price of sugar decreased by 50 paisas in the wholesale market and is now being sold at Rs 49 per kilo. According to sources in the wholesale market, the price decrease took place due to an increase in the supply of sugar. The price decrease is also being experienced at the retail level where sugar is being sold at Rs 52 which is an Rs 1-2 decrease.  










 
ewarticle KARACHI: Wholesale market rates for sugar dropped to less than Rs 50 per kg following the resumption of sugar cane crushing by sugar mills in Sindh.Within two days, the rate dropped by Rs 1.70 to Rs 49.80 per kg in Karachi Whole Sale Market.According to dealers, the resumption of sugar cane crushing by the mills stabilised the supply to the market with an immediate effect on price as well.Industry experts said that the quality of sugar cane is excellent in Sindh and approximately 100 kg of sugar cane can produce 11 kg of sugar.  










 
ewarticle KARACHI: The prices of petroleum products are expected to increase next month (November) in Pakistan. According to sources the price of petrol will increase by Rs3.43/litre and diesel by Rs.2.80/litre. The price of kerosene oil will rise by Rs3.00/litre. The final estimate for the price increase will be made on October 26.   










 
ewarticle strong>NEW DELHI: India plans to introduce a 25 percent tax on sugar exports to maintain local supplies, the government said on Thursday, a move that could further push up global prices of the sweetener and boost shipments from Thailand.</strongSugar output in India, the world's no. 2 producer behind Brazil, is expected to decline this year due to a drought in major growing regions, while global prices have risen to two-and-a-half year highs.Food minister Ram Vilas Paswan said the levy was aimed at curbing the country's exports and would help keep local prices under control in the world's top consumer of sugar.""There is an increasing trend in the price of sugar in the international market. Traders may increase the export of sugar to make profit,"" Paswan tweeted on Thursday evening.Traders and experts said the new tax could push up global sugar prices, even though India was already expected to become a net importer in the year from Oct. 1 following back-to-back drought years.""Since we are the world's second largest sugar producer there could be a 5 percent impact on global prices but not more,"" said Aurobinda Prasad, vice president research, Kotak Commodities.India exported 2.9 million tonnes of sugar in 2015/16, accounting for 5.3 percent of world exports, according to U.S. Department of Agriculture (USDA) figures.In a May report, the USDA already forecast sharply reduced exports from India this year of just 1 million tonnes, which would be the lowest since the 2009/10 crop year.""With rising white sugar prices and the weakening rupee, Indian mills could have signed export deals with Sri Lanka. That won't happen now,"" said a Singapore-based trader.Global sugar prices have also been buoyed by cold temperatures in parts of Brazil and growing demand.""Markets were not expecting exports from India but the move to tax sugar exports will definitely have a temporary impact on global prices,"" said a Delhi-based sugar industry expert.He said the plan to tax exports is better than the country's previous moves to ban overseas sales.The move would help rival exporters Thailand and Brazil, said a Mumbai-based trader.""Thailand will benefit more since it has been competing with India in the white sugar market. It also has freight advantages in catering to Asian consumers,"" the trader said. 
ewarticle strong>ISLAMABAD: The petroleum prices are likely to be slashed by Rs4.35 per litre in the upcoming month of September.</strongAccording to sources, the price of petrol is likely to be reduced by Rs2.60 per litre.Likewise, the prices of High Speed Diesel (HSD) Rs3.46, High Octane Blending Component (HOBC) Rs4.35 and Light Diesel Oil (LDO) Rs2.80 per liters are likely to be reduced.The price of kerosene which is used for cooking in rural areas is likely to be dropped by Rs3 per litre.However, the Finance Ministry is considering increasing petroleum levy and General Sales Tax (GST) due to which the public will be deprived of relief."
Current trends in oil prices and factors influencing them,"strong>SINGAPORE: Oil prices remained near 2016 highs in early trading on Thursday, buoyed by a fall in U.S. crude inventories, a weaker dollar and strong demand, but some analysts warned that the recent rally was starting to look overblown.</strongInternational Brent crude oil futures LCOc1 were trading at $52.70 per barrel at 0045 GMT, up 19 cents from their last close.U.S. West Texas Intermediate (WTI) crude CLc1 was 32 cents higher at $51.55 a barrel.Traders said the price rises were largely a result of a drop in U.S. crude oil inventories.Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks last week fell by 3.23 million barrels to 532.5 million barrels, marking their third consecutive weekly fall.A weaker dollar, down around 2.4 percent this month against a basket of other currencies, makes dollar-traded fuel imports for countries using other currencies cheaper, also supporting oil prices, traders said.But some analysts said there were also signs that the recent oil price rise, which saw Brent rally 6 percent this month and prices virtually double since February to one-year highs, may be overblown.ANZ bank said that price rises were ""tempered by an increase in crude production of 10,000 barrels per day to 8.75 million barrels per day and the number of active rigs increasing by 9 to 325"".Traders also warned of an ongoing build in refined product stocks in the United States and Asia.With fundamentals weighing both for and against higher prices, many traders and analysts say that a price tag of $50-60 for a barrel of crude was a fair value for oil, reflected in Brent's forward curve which stays within that range until early 2021. 
ewarticle KARACHI: The price of petroleum products are expected to increase in June, industry sources have revealed to Geo News. The per litre price of diesel may rise by Rs6.20 and petrol by Rs5.80.  A staggering Rs11 increase may be seen in the price of HOBC. The reason for the price increase is the turmoil in Yemen which has led to an increase in crude oil price in the international market.  










 
ewarticle London: Oil prices nudged higher on Friday, further recovering from a steep dive seen mid-week, although demand is set to remain shackled by a global supply glut, analysts said.US benchmark West Texas Intermediate for delivery in May edged up one cent to $50.80 a barrel.Brent North Sea crude for May gained 27 cents to $56.84 around midday in London.WTI and Brent sank 3.6 percent on Wednesday after the US Department of Energy said commercial inventories in the world´s biggest economy hit a record high last week.That came after Saudi Arabia´s Oil Minister Ali al-Naimi said his country´s production had hit an all-time high of 10.3 million barrels a day in March.Phil Flynn, an analyst at Price Futures Group, has said this week that rising imports of US crude oil could indicate improved demand prospects in the world´s largest oil consumer or concerns about supply tightening.Price support has meanwhile come from events concerning major oil producer Iran.Analysts attributed steep gains at the start of the week to investors concluding that the nuclear framework agreed between Iran and international powers will have a minimal near-term effect on global crude supplies.The deal Tehran agreed with the United States, Britain, China, France and Russia plus Germany paves the way for the Islamic republic to curtail its nuclear activity in exchange for relief from punishing economic sanctions, including on oil investment.The United States on Thursday warned that sanctions on Iran will be lifted in stages as a nuclear deal is implemented, after Tehran demanded they be removed as soon as it comes into force.""Geopolitical factors remain a constant worry for investors with concerns regarding Iran´s nuclear programme potentially leading to ongoing volatility in the crude oil market,"" said Kash Kamal, senior research analyst at Sucden brokerage. (AFP)                        










 
ewarticle strong>SINGAPORE: Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude.</strongBrent futures were trading at $47.05 (32 pounds) per barrel at 0028 GMT on Monday, down 32 cents from their last settlement. US crude was down 28 cents at $45.64 a barrel.Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) and especially the Middle East was outweighing supportive factors such as an ongoing, albeit slow, fall in U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.""The weaker dollar failed to excite investors in the crude oil markets,"" ANZ bank said, citing a rise in OPEC-output as the main downward driver for prices.The dollar has fallen over 6 percent this year against a basket of other leading currencies.French bank BNP Paribas said that a recent oil rally, with prices jumping almost a third since April, was largely driven by sentiment and lacked physical fundamentals.""The recent rally in oil prices ... appears to have little to do with fundamentals,"" it said.""We see the recent rally as sowing the seeds of its own demise, and extending our recommendation to protect against short-term downside risk.""OPEC-supplies rose to 32.64 million barrels per day (bpd) in April, from 32.47 million bpd in March, according to a Reuters survey based on shipping data and information from sources at oil companies, OPEC and consultants.That almost matches January's 32.65 million bpd, when Indonesia's return to OPEC boosted production to records.Despite Monday's lower prices, other analysts are growing confident that a near-two-year rout in oil has ended, and many have raised their price forecasts.The chief of the International Energy Agency (IEA) said oil prices may have bottomed out, providing the health of the global economy does not pose a concern.""In a normal economic environment, we will see the price direction is rather upwards than downwards,"" IEA Executive Director Fatih Birol said on Sunday.Non-OPEC output is set to fall by more than 700,000 bpd this year, the biggest decline in around 20 years, he said.With global oil demand seen growing by 1.2 million bpd this year, the draw in global stockpiles will start soon, helping push up prices, he said. 
ewarticle London: Oil prices edged higher on Tuesday as the market seeks to build on strong gains in April following massive falls earlier in the year.US benchmark West Texas Intermediate for delivery in June won 56 cents to $59.49 a barrel.Brent North Sea crude for June won 47 cents to stand at $66.93 a barrel in London midday deals.After slumping at the start of the year, oil prices rose by about a fifth in value during April owing to several factors including concerns about unrest in Yemen, the weakening dollar and fewer US rigs in operation, analysts said.However, prices remain well down after plunging almost 60 percent between June and the start of 2015 on the back of a global supply glut and ramped up production.""Crude oil producers in the US have significantly cut back output in an attempt to address the significant supply overhang which has exerted downward pressure on... prices since June last year,"" Kash Kamal, senior research analyst at Sucden brokers said on Tuesday.The International Monetary Fund has said that Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices.The wealthy monarchies, however, should ""not react in a knee-jerk way to lower oil prices"", the IMF Middle East and Central Asia chief Masood Ahmed told AFP in an interview Monday.""Saudi Arabia seem committed to defending their market share and have even increased output to over 10 million barrels per day in April,"" said Kamal.""Support for higher crude prices has partly come from a weaker dollar,"" he added.A weaker dollar makes oil priced in the US unit cheaper for holders of others currencies, boosting demand. (AFP)                        










"
Current status of Tokyo stocks and impact of Greek debt deal,"TOKYO: Tokyo stocks opened flat on Tuesday after recent advances to 15-year highs as caution over a Greek debt deal grew.The Nikkei 225 index at the Tokyo Stock Exchange was up 1.47 points, or 0.01 percent, at 18,468.39 at the start.The euro remained under pressure as traders waited to see if Greece could complete the agreement reached last week with eurozone partners on its bailout programme.Athens has delayed sending a list of reforms to its international lenders aimed at obtaining a four-month extension of its bailout.The euro bought $1.1332 and 134.73 yen early Tuesday, compared with $1.1337 and 134.63 yen in New York Monday afternoon.The dollar was at 118.87 yen against 118.76 yen in US trade. Among individual stocks, Hitachi eased 0.20 percent to 833.0 yen in early trade after media reports that the Japanese firm reached a basic accord with Italian aerospace and defence giant Finmeccanica to buy its rail business for 250 billion yen ($2.1 billion).On Wall Street on Monday, the Dow Jones Industrial Average declined 0.13 percent following lacklustre housing data on the eve of congressional testimony by Federal Reserve chair Janet Yellen 










 
ewarticle TOKYO: Tokyo stocks opened 1.09 percent higher on Friday, with investor sentiment supported by sharp gains on Wall Street and assurances that Greek banks will get liquidity funding.The Nikkei 225 index at the Tokyo Stock Exchange gained 191.56 points to 17,696.18 at the start.The Dow Jones Industrial Average jumped 1.20 percent Thursday on surging oil prices and merger activity by Pfizer.The euro rebounded as emergency funding was promised for Greek banks.The common European currency bought $1.1472 and 134.83 yen early Friday, compared with $1.1475 and 134.89 yen in New York Thursday afternoon.The euro plunged on Wednesday after the European Central Bank said it would not longer allow Greek banks to use government debt as collateral for loans.But on Thursday assurances that the banks could still tap the ECB´s emergency liquidity assistance programme helped quell fears of an immediate banking crisis.The access should help protect them against a possible run by depositors while Athens seeks to renegotiate its international bailout with creditors.The dollar was at 117.51 yen against 117.55 yen in US trade Thursday as investors waited for a key US jobs report to be released later Friday. 










 
ewarticle Hong Kong: Asian markets rallied and the euro held up Wednesday on hopes of a settlement in Greece´s debt stand-off after it emerged that the country will ask for an extension to its bailout and avoid a painful eurozone exit.Another record close on Wall Street also provided support, although trade was thin with some markets closed and others winding down for the Lunar New Year holiday.Tokyo rose 0.84 percent, Hong Kong added 0.21 percent, Sydney put on 0.61 percent and Singapore was 0.41 percent higher.Shanghai, Seoul and Taipei were closed for public holidays.Greek public television said Tuesday that the new government will apply for further aid from its European partners, although will not sign up to the painful austerity measures imposed on the country.And in an interview with German public broadcaster ZDF Greek Finance Minister Yanis Varoufakis said: ""We should extend the credit programme by a few months to have enough stability so that we can negotiate a new agreement between Greece and Europe.""The news will come as a relief after two eurozone finance ministers´ meetings in the past week both collapsed without agreement as Athens refused to continue with the bailout that imposed swingeing spending cuts and tax hikes.The apparent change of face also comes days before its financial lifeline package expires, which would leave the country without any cash and unable to pay its bills, leading it to default and almost certainly leave the eurozone.Investors bought up the euro on the reports and it held the gains in Asia. The single currency fetched $1.1404 and 136.02 yen Wednesday, slightly down from $1.1413 and 136.13 yen in New York afternoon but well above the $1.1357 and 134.70 yen quoted in Tokyo earlier Tuesday.The dollar fetched 119.29 yen from 119.29 yen in New York and 118.55 yen in Tokyo on Tuesday.US shares resumed their record-breaking run Tuesday after they were closed Monday for a public holiday.The S&P 500 climbed 0.16 percent to a second straight all-time high, while the Dow added 0.16 percent. The Nasdaq was up 0.11 percent.Oil prices, which have enjoyed a small recovery over the past week, eased. US benchmark West Texas Intermediate for March delivery fell 33 cents to $53.20 while Brent crude for April eased 20 cents to $62.33. Gold fetched $1,208.28 an ounce, against $1,220.88 on Tuesday. (AFP)                        










 
ewarticle TOKYO: Tokyo stocks opened up 0.24 percent on Friday, aided by a lower yen and higher New York shares following a solid US retail sales report.The Nikkei 225 index at the Tokyo Stock Exchange added 48.81 points to 20,431.78 at the start.The Dow Jones Industrial Average advanced 0.22 percent after a stronger-than-expected US retail sales report suggested American consumers are gaining confidence after a sluggish first quarter.The dollar held up early Friday, buying 123.58 yen against 123.45 yen in New York late Thursday.A lower yen is positive for Japanese exporters as it increases profits when repatriated.The euro drifted lower to $1.1244 and 138.93 yen from $1.1260 and 139.00 yen in US trade as investors fretted over troubled Greek negotiations with official creditors. 










 
ewarticle Hong Kong: Asian markets followed a positive lead from Wall Street on Tuesday, with investors keeping an eye on Europe as Greece struggles to pay off its debts.Tokyo rose 0.79 percent, Hong Kong added 1.14 percent, Sydney gained 0.93 percent and Shanghai was up 0.72 percent, while Seoul was flat.The gains reversed some of the losses suffered on Monday that came on fears about Greece´s future in the eurozone as Athens looks to secure billions of euros in bailout cash to pay its enormous debts.With its creditors refusing to extend a repayment deadline while also haggling over its bailout reforms, the Greek government has ordered all public agencies to hand over their financial reserves.""With this act, the government hopes to cover urgent needs of the state amounting to three billion euros for the next 15 days,"" said a decree, which still needs adoption by the parliament.However, the euro held its ground in foreign exchange markets. The single currency bought $1.0733 and 128.20 yen against $1.0741 and 128.05 yen on Wall Street.Hong Kong and Shanghai resumed their upward trend after sharp losses Monday that came after China´s stock market regulator tightened rules on trading with borrowed money and increase the supply of shares for short-selling.Confidence was buoyed by Sunday´s cut by the People´s Bank of China in the amount of cash lenders must hold in reserve, the move aimed at helping kick-start the economy, which grew in January-March at its slowest quarterly pace in six years. The next indicator on the state of China´s economy comes with HSBC´s preliminary index of manufacturing activity on Thursday.US traders welcomed that move. The Dow jumped 1.17 percent, the S&P 500 rose 0.92 percent and the Nasdaq rallied 1.27 percent.The dollar edged up despite a key Federal Reserve official suggesting a US rate hike could be put back.New York Fed President William C. Dudley said recent inflation data was not strong enough to warrant an increase, even though economics growth was healthy.The dollar was at 119.34 yen against 119.22 yen, and sharply higher than 118.62 yen in Tokyo earlier Monday.Oil prices retreated. US benchmark West Texas Intermediate for May delivery fell 15 cents to $56.23 while Brent crude for June dipped 15 cents to $63.30.Gold fetched $1,194.55 against $1,200.30 late Monday. (AFP)                        










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Upcoming changes in petroleum product prices in Pakistan March 2023,"KARACHI: The prices of petroleum products are expected to increase next month (November) in Pakistan. According to sources the price of petrol will increase by Rs3.43/litre and diesel by Rs.2.80/litre. The price of kerosene oil will rise by Rs3.00/litre. The final estimate for the price increase will be made on October 26.   










 
ewarticle strong>ISLAMABAD: The government has decided to keep the prices of petroleum products unchanged rejecting  the summary seeking revision of the prices.</strongFinance Minister Ishaq Dar confirmed the decision has been taken on the special directives of Prime Minister Nawaz Sharif,On Monday, the Oil and Gas Regulatory Authority (OGRA) sent a summary to the Ministry of Petroleum and Natural Resources suggesting an increase in prices of petroleum products for the month of June.According to sources, the ministry requested a hike of 0.85 rupees per litre for petrol, 2.18 rupees per litre for high octane, 6.69 rupees per litre for diesel and 3.97 rupees per litre for kerosene oil.  
ewarticle ISLAMABAD: The price of petrol in Pakistan is expected to be reduced by Rs. 1.80, to settle at Rs. 73.21 from May 1, sources told Geo News on Monday.According to sources, OGRA will be sending a complete summary of the price changes for all POL products to the Petroleum Ministry by Wednesday, April 29.Furthermore, the price of diesel is expected to be decreased by Rs. 1.64, to settle at Rs. 81.97.On the other hand, the price of Kerosene oil is expected to be increased by Rs. 2, with the new price at Rs. 63.50. 










 
ewarticle KARACHI: The price of petroleum products are expected to increase in June, industry sources have revealed to Geo News. The per litre price of diesel may rise by Rs6.20 and petrol by Rs5.80.  A staggering Rs11 increase may be seen in the price of HOBC. The reason for the price increase is the turmoil in Yemen which has led to an increase in crude oil price in the international market.  










 
ewarticle ISLAMABAD: The consistent fall in the price of petrol saw a record sale in the month of January, with a 32 percent increase as compared to January 2014.Consumers across the country bought 0.39 million tonnes of petrol in January this year.According to industry sources, the price difference between petrol and compressed natural gas (CNG) dropped from 56 percent in January 2014 to 31 percent in January 2015.Global crude oil prices have fallen by 50 percent since June 2014, and to provide consistent relief to consumers, the Pakistan government has decreased the price of petrol by Rs 29 since the last four months and brought the price of Diesel down by Rs 23 in the same time frame. 










"
Current trends in oil prices and US crude inventory levels,"strong>LONDON: Oil prices rose towards $52 a barrel on Wednesday, hitting their highest level since June, supported by an industry report that U.S. inventories probably fell for a fifth straight week and OPEC's supply cut deal.</strongThe American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped 7.6 million barrels, which would be the fifth straight weekly decline if confirmed by U.S. Energy Information Administration (EIA) data on Wednesday.Brent crude was trading at $51.70 a barrel, up 83 cents, at 0819 GMT. The global benchmark touched $51.72 during the session, its highest since June 10. U.S. crude was up 75 cents at $49.44.Analysts are expecting a rise in crude stocks of 2.6 million barrels.But another drop in U.S. crude stocks would reinforce the view that the supply glut that has been weighing on prices since 2014 is easing. The API data, however, does not always tally with the EIA data, which is due at 1430 GMT.""All eyes now turn to the EIA crude inventory numbers,"" said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore, adding that another confirmed drawdown in crude stocks would likely push U.S. crude prices above $50.Brent has risen from below $49 on Sept. 28, when the Organization of the Petroleum Exporting Countries agreed a surprise cut in its output to support prices which are less than half the level of mid-2014.Under the deal, OPEC will target production of between 32.50 million barrels per day (bpd) and 33.0 million bpd, implying a cut of as much as 740,000 bpd from the August level, as reported in OPEC's monthly report.The move marked an about-face by OPEC, which in November 2014 dropped its role of cutting production. Although it hasn't yet worked out all the details, and analysts are skeptical the cut will be implemented, the deal is supporting the market.""The mere threat of a production cut should put a floor under oil prices until the next OPEC meeting on Nov. 30,"" said Jason Gammel of U.S. investment bank Jefferies. 
ewarticle strong>SINGAPORE: Oil prices remained near 2016 highs in early trading on Thursday, buoyed by a fall in U.S. crude inventories, a weaker dollar and strong demand, but some analysts warned that the recent rally was starting to look overblown.</strongInternational Brent crude oil futures LCOc1 were trading at $52.70 per barrel at 0045 GMT, up 19 cents from their last close.U.S. West Texas Intermediate (WTI) crude CLc1 was 32 cents higher at $51.55 a barrel.Traders said the price rises were largely a result of a drop in U.S. crude oil inventories.Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks last week fell by 3.23 million barrels to 532.5 million barrels, marking their third consecutive weekly fall.A weaker dollar, down around 2.4 percent this month against a basket of other currencies, makes dollar-traded fuel imports for countries using other currencies cheaper, also supporting oil prices, traders said.But some analysts said there were also signs that the recent oil price rise, which saw Brent rally 6 percent this month and prices virtually double since February to one-year highs, may be overblown.ANZ bank said that price rises were ""tempered by an increase in crude production of 10,000 barrels per day to 8.75 million barrels per day and the number of active rigs increasing by 9 to 325"".Traders also warned of an ongoing build in refined product stocks in the United States and Asia.With fundamentals weighing both for and against higher prices, many traders and analysts say that a price tag of $50-60 for a barrel of crude was a fair value for oil, reflected in Brent's forward curve which stays within that range until early 2021. 
ewarticle New York: Oil prices fell on Wednesday before the release of a report on US crude inventories as traders kept an eye on unrest in crude exporter Libya.US benchmark West Texas Intermediate for delivery in March shed $1.39 to $52.14 a barrel compared with Tuesday´s close.European benchmark Brent oil for April delivery slid $2.00 to $60.53 a barrel in London.The US Department of Energy will release its weekly stockpiles report on Thursday with many analysts expecting another large rise in stocks.Last week´s report showed that US crude inventories reached their highest levels on record for this time of the year.""The market had a very nice rebound from the $44-45 low it made a little while back,"" said Kyle Cooper, analyst at IAF Advisors in Houston.""But the fundamentals are still on the downside, and expectations are for a crude oil build"" on Thursday.""I don´t think the production growth is going to slow in the next couple of months.""Although leading producers like Chevron and ConocoPhillips have slashed capital budgets in light of the more than 50 percent plunge in global crude prices, the cuts are not expected to significantly affect short-term production levels.Traders were also keeping an eye on developments in north African crude oil producer Libya.Infighting and sabotage in Libya has reduced output to 150,000 barrels a day, down from a high of almost 1.5 million barrels per day, according to analysts. (AFP)                        










 
ewarticle strong>SINGAPORE: Oil prices rose in early Asian trade on Friday shrugging off a second consecutive week of U.S. crude oil inventory builds, with a U.S. Energy Information Administration (EIA) report late on Thursday indicating an unexpected rise in crude stocks.</strongU.S. benchmark West Texas intermediate (WTI) crude futures were up 18 cents or 0.33 percent to $53.95 at 0105 GMT after settling 29 cents lower at $53.77 per barrel in the previous session.Brent front-month March crude oil futures were 12 cents a barrel or 0.21 percent higher at $56.97.Crude inventories were up 614,000 barrels in the week to Dec. 23, the EIA data showed, compared with analysts' expectations for a decrease of 2.1 million barrel.Despite the unexpected rise in crude stocks, the EIA data published on Thursday showed a significantly smaller rise in crude stocks compared with Wednesday's American Petroleum Institute (API) data that indicated a 4.2 million barrel build in U.S. crude oil stocks in the same period.""Today's Department of Energy report was positive for light products due to draws in gasoline and distillate inventories compared to consensus' build expectations,"" British bank Barclays said in a note.Gasoline stocks fell 1.6 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel rise.The market is likely to have focussed on the surprise draw in product stocks and taken on a slightly more bullish view towards the WTI contract, traders said.Oil prices will gradually rise towards $60 per barrel by the end of 2017, a Reuters poll showed on Thursday, with further upside capped by a strong dollar, a likely recovery in U.S. oil output and possible non-compliance by OPEC with agreed cuts. 
ewarticle London: Crude prices fell Thursday awaiting the release of official data on the levels of US commercial energy inventories for clues on demand in the world´s biggest oil consumer.US benchmark West Texas Intermediate (WTI) for delivery in November delivery dropped 63 cents to $46.01 a barrel from Wednesday´s close.Brent North Sea crude for November delivery fell 18 cents to stand at $48.97 a barrel in London afternoon deals.The US Department of Energy will publish inventory data against a backdrop of market concern about a supply glut owing in part to weaker demand from China, the world´s biggest energy consumer.Prices had fallen Wednesday, as weak Chinese trade data and poor consumer spending numbers in the US added to a picture of a slowing global economy.Underpinning the bearish sentiment has been a forecast this week from the International Energy Agency that pointed to much slower oil demand growth next year.US crude inventories are meanwhile expected to have risen last week.A Bloomberg News survey showed stockpiles are expected to have increased by 2.58 million barrels in the week to October 9.                        










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What are the details of the KASA 1000 electricity transfer project between Tajikistan and Pakistan?,"ISLAMABAD: Ambassador of Tajikistan Sher Ali Jononov on Friday said that his country was preparing to export sizeable quantity of electricity to Pakistan to lessen the intensity of the energy crisis which has compromised economic growth. The KASA 1000 project is among the major electricity transfer projects in the region, based on which 1,300 megawatts of electricity from Kazakhstan and Tajikistan is expected to be transferred to Afghanistan and Pakistan.He said that Tajikistan wished to enhance bilateral trade with Pakistan and invited the business community to visit his country to explore investment opportunities and organise trade exhibitions. He added that the energy sector of Tajikistan had been showing sustainable growth for the last 15 years transforming the country into the world’s third largest producer of hydroelectric power after the US and Russia. Jononov went on to say that hydroelectric generation accounted for 76 percent of the total energy output of the country and the total cost of the project which would lighten Pakistan through Tajik electricity will be financed by the World Bank, ADB, Islamic Development Bank and other donors.He also said that this project would not only alleviate electricity shortages in Pakistan but would also replace fuel based electricity generation for Afghanistan and Pakistan, adding that it would also establish Afghanistan as a viable transit country and offer transmission capacity for other countries during the off peak season.He further said that it would also create a viable governance mechanism to build confidence among neighbours as major share of the export will be used by Pakistan and approximately 300 MW will be utilised by Afghanistan. 










 
ewarticle strong>ISLAMABAD: State Grid of China will help build a 4,000 MW power transmission line in Pakistan in a project valued at $1.5 billion, Pakistan said on Friday, the latest in a series of Chinese investments in its South Asian neighbour.</strongThe high-capacity transmission line will be the first of its kind in Pakistan and will link Matiari town in the south, near a new power station, to Lahore city in the east, a key link in transmission infrastructure, the Pakistani government said.An agreement on the project was signed on Thursday in Beijing between Mohammad Younus Dagha, Pakistan's secretary of water and power, and Shu Yinbiao, chairman of State Grid Corporation of China, the government said in a statement.Construction will begin in January, and should take about 20 months, said a spokesman for the Pakistani prime minister's office.Pakistan has been plagued by a shortage of electricity for years, with widespread rolling blackouts in both rural and urban areas.The government has managed to reduce load shedding - scheduled power outages - in some areas, but production gaps and distribution woes remain.The project is the latest in a series of big Chinese investments, most of which fall under a planned $55 billion worth of projects for a China Pakistan Economic Corridor (CPEC).The corridor is a combination of power and infrastructure projects that link western China to Pakistan's southern port of Gwadar.Other Chinese investment in Pakistan has included the acquisition of a majority stake by Shanghai Electric of the K-Electric power production and distribution company for $1.8 billion.Last week, a Chinese-led consortium bought a 40 percent stake of the Pakistan Stock Exchange for an estimated $85 million. 
ewarticle ISLAMABAD: Federal Minister for Water and Power Khawaja Asif on Wednesday said that despite the expiry of an agreement with the K-Electric, power is being supplied to it keeping in view the interest of people of the metropolis.Speaking to media representatives, he said that K-Electric has the capacity to generate sufficient power to meet the requirements of Karachi. However, it gets 650 MW of subsidised electricity from the national grid, he added. Asif said the issue will be reviewed in the new contract agreement with the K-Electric.The minister said the duration of loadshedding has been reduced across the country as compared to the previous year. Industries are being provided with uninterrupted electricity now, he added.To a question about the funding of Diamer Basha Dam, the power minister said the government will start construction on the project from its own resources. When asked about violations of Indus Water Treaty by India, Khawaja Asif said Pakistan is vigilant to the situation and will raise the matter at an appropriate forum in case of any violation.                        










 
ewarticle strong>ISLAMABAD: Country’s fourth nuclear power plant at Chashma Unit-3 (C-3) with 340 Megawatt (MW) power generation capacity has been successfully connected to the national grid, Pakistan Atomic Energy Commission (PAEC) said Sunday.</strong“Congratulation to the nation that Pakistan’s 4th nuclear power plant Chashma unit-3 (C-3) has been connected to the national grid,” the PAEC sources said and added that the electricity generated has been connected to the national grid on trial basis.“After performing various safety and functional tests, the plant will attain full power in first fortnight of December 2016 and a formal inauguration ceremony of the full power grid connection will be held in December.”Chairman PAEC Muhammad Naeem, on achieving this milestone, has re-affirmed that the scientists, engineers and technicians of PAEC are working hard to contribute in achieving all the targets set to ensure energy security for the country.He acknowledged the support of Special Plans Division and the government for help achieve these targets. 
ewarticle ISLAMABAD: Seven private coal-based and hydropower projects, having a total electricity generation capacity of 5,155 megawatts, will reach their financial close by yearend, a minister said on Thursday.Minister for Water and Power Khawaja Muhammad Asif, chairing 102nd meeting of the Private Power and Infrastructure Board (PPIB), said the implementation of these projects will start after the financial close.These projects have local and foreign investments. Investors from China, Korea, Qatar and Saudi Arabia have large equity contributions in these projects.“The government is making every effort to increase electricity supply to the national grid through all possible avenues, private sector being one of them,” Asif said.The said projects include 102MW Gulpur hydropower at Poonch River, Azad Jammu and Kashmir, 720MW Karot hydropower at Jhelum River, district Rawalpindi, 870 MW Suki Kinari hydropower at Kunhar River, Mansehra, Khyber Pakhtunkhwa, 1,320MW Port Qasim coal-based power, 660MW Engro Powergen coal-based power at Thar Block-II, Sindh, 1,320MW Shandong imported coal-based power at Qadirabad, Sahiwal, and 163MW Grange Holdings coal-based power at Arifwala, Punjab. The minister said the presence of international investment groups/companies in the development of private sector power projects shows the confidence of the international community in the government’s policies. Various ongoing private power projects were also discussed during the meeting. The board was briefed on coal and hydel based private power generation projects being handled by PPIB, particularly the projects being processed under the China-Pakistan Economic Corridor. The minister and board members expressed their satisfaction on the progress and advised PPIB to ensure the timely completion of the projects. 










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current trends in global oil prices 2023,"London: Oil prices nudged higher on Friday, further recovering from a steep dive seen mid-week, although demand is set to remain shackled by a global supply glut, analysts said.US benchmark West Texas Intermediate for delivery in May edged up one cent to $50.80 a barrel.Brent North Sea crude for May gained 27 cents to $56.84 around midday in London.WTI and Brent sank 3.6 percent on Wednesday after the US Department of Energy said commercial inventories in the world´s biggest economy hit a record high last week.That came after Saudi Arabia´s Oil Minister Ali al-Naimi said his country´s production had hit an all-time high of 10.3 million barrels a day in March.Phil Flynn, an analyst at Price Futures Group, has said this week that rising imports of US crude oil could indicate improved demand prospects in the world´s largest oil consumer or concerns about supply tightening.Price support has meanwhile come from events concerning major oil producer Iran.Analysts attributed steep gains at the start of the week to investors concluding that the nuclear framework agreed between Iran and international powers will have a minimal near-term effect on global crude supplies.The deal Tehran agreed with the United States, Britain, China, France and Russia plus Germany paves the way for the Islamic republic to curtail its nuclear activity in exchange for relief from punishing economic sanctions, including on oil investment.The United States on Thursday warned that sanctions on Iran will be lifted in stages as a nuclear deal is implemented, after Tehran demanded they be removed as soon as it comes into force.""Geopolitical factors remain a constant worry for investors with concerns regarding Iran´s nuclear programme potentially leading to ongoing volatility in the crude oil market,"" said Kash Kamal, senior research analyst at Sucden brokerage. (AFP)                        










 
ewarticle strong>SINGAPORE: Oil prices were stable in early trading on Monday, with global oversupply and slowing economic growth weighing on markets but prospects of falling production lending some support.</strongUS crude futures were trading at $38.41 per barrel at 0239 GMT, down 10 cents from their last settlement.But international Brent futures were up 6 cents at $40.45 a barrel.While Morgan Stanley said that oil prices had likely bottomed out, it warned that a slowing economy and high production would prevent sharp rises.""Oil prices now seem to have bottomed, even though they are likely to stay subdued for the rest of this year before starting to move higher in 2017,"" the US bank said, adding that cheap oil had not provided the economic boost to growth that many had hoped for.""When oil prices are falling below production costs, the income gains for consumers will be smaller than the costs to producers and falling oil prices become a negative-sum game,"" it said.For 2016, the bank said it was ""no longer looking for an acceleration in 2016 GDP growth"" and that the risk of a global recession was now 30 percent.Following a 70 percent price rout between mid-2014 and early 2016, oil markets are in flux.Many analysts expect a modest price recovery, while others see another slump.The International Energy Agency (IEA) on Friday said that oil prices had bottomed out due to US and other output cuts outside the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC).The US rig count fell for a 12th straight week last week to a total of 386, its lowest since December 2009 as drillers continue to slash capital expenditure.Others, like Goldman Sachs, warn that ongoing global overproduction, which continues to see over 1 million barrels of crude produced in excess of demand every day, will pull prices back down again.So far, demand in core markets like China remains strong.China's January-February refinery throughput rose 4.6 percent compared to the same period a year earlier to 87.08 million tonnes (10.59 million barrels per day), official data showed on Saturday.The data release came shortly after China reported record daily crude imports of 8 million barrels per day.In traded markets, sentiment leans towards higher prices, with the amount of managed short positions open for US crude, which would profit from falling prices, down over 40 percent since mid-February, while the amount of trades betting on price increases stands near record highs.""The shift in sentiment in commodity markets continues to gather strength ... The worst may be over for commodity markets,"" ANZ bank said. 
ewarticle Singapore: Oil prices remained under pressure in Asia Friday after a huge jump in US crude inventories reinforced projections that a supply glut will persist well into next year.US benchmark West Texas Intermediate (WTI) for delivery in December was down 24 cents to $41.51 and Brent crude for December was trading four cents higher at $44.10 a barrel at around 0330 GMT.Prices were hammered Thursday after the US Department of Energy reported that commercial crude inventories in the world´s top oil consumer grew by 4.2 million barrels last week, far higher than analyst expectations of an increase of 1.3 million barrels.WTI sank 2.7 percent and Brent fell 3.8 percent after the report, which also showed US crude oil production continued to ramp higher.Global oil demand growth has not been fast enough to soak up the excess in supplies and analysts say a rebalancing of the supply-demand situation is needed for a sustained uptick in prices.Oil prices have plunged by more than half from peaks of over $100 a barrel in mid-2014.""Although global oil demand growth has been exceptionally strong year-to-date, the overall pace of supply side adjustment has been too slow to end a sustained increase in global inventories that we expect to persist through most of 2016,"" British bank Barclays said.It said in a market commentary that US offshore production in the Gulf of Mexico reached its highest level since early 2010 in August and is expected to remain strong although at a slower pace into 2016 ""as several more new fields begin to produce"".Members of the Organization of the Petroleum Exporting Countries (OPEC) have also kept production high in an aggressive bid to retain market share.OPEC´s collective production has stabilised at around 31.5 million barrels per day in recent months, Barclays said, but this is still more than its output ceiling of 30 million barrels per day. 










 
ewarticle strong>LONDON: Oil edged above $50 a barrel on Thursday, drawing support from sources' comments that OPEC's Gulf members are willing to cut their output by 4 percent and from a further drop in U.S. crude inventories.</strongSaudi Arabia and its Gulf OPEC allies are willing to make that reduction from their peak oil output, energy ministers from the Gulf countries told their Russian counterpart this week, sources familiar with the matter told Reuters.""That seems to be the reason behind the price move,"" said Carsten Fritsch, analyst at Commerzbank. ""But the big question is, how will they handle Iraq.""Brent crude was up 38 cents at $50.36 a barrel as of 1348 GMT, having risen as high as $50.67 intra-day. U.S. crude gained 28 cents to $49.46.Oil also drew support from the unexpected drop in U.S. crude inventories, and larger than expected falls in stocks of gasoline and distillates, reported this week, which raised hopes that a long-awaited market rebalancing is finally under way.""The global stock overhang must be reduced in order to see higher prices. Whilst such reduction is largely in the hand of OPEC, the re-balancing is already taking place in the U.S.,"" Tamas Varga of oil broker PVM said.The market was keeping an eye on escalating protests in Venezuela against the rule of President Nicolas Maduro, although there was no sign of any impact on the OPEC member's oil output. Venezuelan production has been falling this year as low prices hit investment.Doubts about the Organization of the Petroleum Exporting Countries' supply cut deal have been weighing on the market this week.OPEC agreed last month its first deal to restrain output in eight years to boost prices. But Iraq on Sunday called for Baghdad to be exempt, adding to the list of members seeking special treatment.A technical meeting at OPEC's headquarters on Friday, and with officials from non-OPEC countries on Saturday, is supposed to come up with recommendations on how to implement the supply cutback to the oil ministers' next meeting on Nov. 30.The OPEC plan is designed to speed up the removal of a supply glut that is keeping oil prices at less than half their level of mid-2014, cutting exporters' income and leading to investment cuts by oil companies worldwide. 
ewarticle strong>SINGAPORE: Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude.</strongBrent futures were trading at $47.05 (32 pounds) per barrel at 0028 GMT on Monday, down 32 cents from their last settlement. US crude was down 28 cents at $45.64 a barrel.Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) and especially the Middle East was outweighing supportive factors such as an ongoing, albeit slow, fall in U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.""The weaker dollar failed to excite investors in the crude oil markets,"" ANZ bank said, citing a rise in OPEC-output as the main downward driver for prices.The dollar has fallen over 6 percent this year against a basket of other leading currencies.French bank BNP Paribas said that a recent oil rally, with prices jumping almost a third since April, was largely driven by sentiment and lacked physical fundamentals.""The recent rally in oil prices ... appears to have little to do with fundamentals,"" it said.""We see the recent rally as sowing the seeds of its own demise, and extending our recommendation to protect against short-term downside risk.""OPEC-supplies rose to 32.64 million barrels per day (bpd) in April, from 32.47 million bpd in March, according to a Reuters survey based on shipping data and information from sources at oil companies, OPEC and consultants.That almost matches January's 32.65 million bpd, when Indonesia's return to OPEC boosted production to records.Despite Monday's lower prices, other analysts are growing confident that a near-two-year rout in oil has ended, and many have raised their price forecasts.The chief of the International Energy Agency (IEA) said oil prices may have bottomed out, providing the health of the global economy does not pose a concern.""In a normal economic environment, we will see the price direction is rather upwards than downwards,"" IEA Executive Director Fatih Birol said on Sunday.Non-OPEC output is set to fall by more than 700,000 bpd this year, the biggest decline in around 20 years, he said.With global oil demand seen growing by 1.2 million bpd this year, the draw in global stockpiles will start soon, helping push up prices, he said."
What was the impact of China's central bank interest rate cut on Hong Kong stocks?,"Hong Kong: Asian stocks flip-flopped on Wednesday after China cut interest rates in a bid to restore confidence in its sagging economy, with trading volatile after days of heavy swings across world equities.The dollar edged up in Tokyo, after rebounding from this week´s steep losses in New York as nervous investors searched for safety.Tokyo rose 0.40 percent by the break, bouncing after their worst two-day plunge since 2011, and Seoul added 1.05 percent as China´s move to cut rates and free up cash for banks to lend spurred optimism.But Shanghai swiftly gave up gains in opening deals to fall 3.03 percent by mid-morning, and Hong Kong and Sydney both dropped 0.70 percent.China on Tuesday cut its key interest rate and slashed the amount of money banks must hold in reserve for the second time in as many months in a bid to spur growth and end its worst stock market rout in decades.The People´s Bank of China has already cut interest rates five times since November to spur the slowing economy as concerns mount it may miss its seven percent growth target for the year.Fears of stalling growth in China, the world´s number two economy and key driver of world growth, has sent global markets into a tailspin and investors said the cuts alone may not be enough to stem the losses.""The authorities have not been intervening, they have been allowing stocks to go down in price. Assuming that continues to be the case on Wednesday, I do see a continued fall in prices,"" Komal Sri-Kumar, founder of Sri-Kumar Global Strategies, told Bloomberg News.In currency trade, the dollar remained under pressure at 118.96 yen, little changed from 118.84 yen in New York trade Tuesday, but dramatically weaker than the 122.06 yen seen in US trade on Friday.The euro stood at $1.1535 and 137.25 yen in Tokyo, compared with $1.1518 and 136.87 yen in New York overnight.Oil prices held steady ahead of the latest US energy report after heavy losses earlier in the week owing to jitters over China´s faltering economy.US benchmark West Texas Intermediate for October delivery gained four cents to $39.35 while Brent crude for October rose 11 cents to $43.32.Gold traded at $1,137.66 compared to $1,149.80 late Tuesday.In individual shares, BHP Billiton rose 0.81 percent to Aus$23.54 after the global mining giant announced a 86.2 percent slump in annual net profit after trading closed Tuesday. 










 
ewarticle HONG KONG: Hong Kong stocks rose 0.70 percent in the first few minutes of trade Monday after China´s central bank at the weekend cut interest rates for the second time since November.The benchmark Hang Seng Index added 173.47 points to 24,996.76. 










 
ewarticle Hong Kong: Asian shares were mixed Thursday, as an afternoon rally on Wall Street gave investors room to breathe after concerns about China´s economy jolted global financial markets.The dollar inched higher, after taking a knock in New York from speculation the US Federal Reserve will delay hiking interest rates following China´s devaluation of the yuan.Tokyo opened flat, easing 0.23 points, Sydney added 0.57 percent and Seoul dipped 0.1 percent after the South Korean central bank left its key rate at a record low.Hong Kong added 0.60 percent and Shanghai rose 0.19 percent in early deals.China cut the rate of the yuan against the dollar for the third consecutive day Thursday, reducing the reference rate by 1.1 percent from the previous session.The reduction comes after two previous cuts, on Tuesday and Wednesday, sparked concerns that China´s economy, long an engine for world growth, is weaker than previously thought.The move fanned fears the Chinese currency could be set for a prolonged depreciation and send shockwaves reverberating through global financial markets.Commodities along with stocks in Europe and Asia fell, safe-havens gold and bonds rose and currencies in Asia-Pacific suffered their worst two-day selloff since 1998.But an afternoon comeback on Wall Street, led by Apple and energy stocks, and news China´s central bank had intervened to stop the yuan tanking on Wednesday cheered dealers.The intervention ""is a hopeful sign that the authorities are not shooting for a maxi-devaluation,"" Tim Condon, head of Asian research at ING in Singapore, told Bloomberg News.In Tokyo forex trade, the dollar fetched 124.30 yen early Thursday against 124.24 yen in New York late Wednesday.The euro exchanged hands at $1.1156 and 138.67 yen compared with $1.1159 and 138.63 yen in US trade.Oil prices were mixed on Thursday after edging up from a six-year low in New York on news US oil supplies declined and the dollar retreated.US benchmark West Texas Intermediate for delivery in September fell three cents to $43.27 and Brent crude for September rose five cents to $49.71 in morning Asian trade.Safe-haven gold fetched $1,121.23 compared to $1,117.50 late Wednesday.In individual shares, Australia´s Telstra fell two percent to Aus$6.12 after the telecoms company said annual net profit fell one percent Aus$4.23 billion after the sale of Hong Kong mobile business CSL.Chinese Internet giant Alibaba closed more than five percent lower in New York at $73.38 after a disappointing quarterly report showed sales growth cooling. 










 
ewarticle Hong Kong: Asian markets slipped Wednesday after more weak US data raised questions about the health of the world´s top economy, while the dollar edged down as an early interest rate rise looks increasingly unlikely.The euro continued to hold its own, with investors hopeful that Greece will be able to hammer out a bailout reform deal with creditors and avert a default.Sydney plunged 1.85 percent, or 109.9 points, to 5,838.6, with big banks leading the decline as hopes of another interest rate cut waned. Seoul closed 0.23 percent lower, giving up 5.04 points to 2,142.63.Hong Kong ended 0.15 percent lower, shedding 42.41 points to 28,400.34, but Shanghai recovered from early losses to close flat -- edging up 0.41 points to 4,476.62.Tokyo was closed for a public holiday.With few major catalysts, regional investors are focusing on the Federal Reserve´s two-day meeting, which wraps up later in the day.While the US central bank will not announce any policy move, its statement will be pored over for any guidance on interest rates.On Tuesday the Conference Board reported its index of consumer confidence tumbled in March instead of rising as expected. Consumers reported growing pessimism about current and short-term US economic conditions.A series of disappointing indicators has fuelled speculation the US central bank will want to wait to increase rates, which have been pegged at zero since 2008. The Fed had signalled a possible rise as early as June, but analysts now expect it in September at the earliest.Wednesday will also see the release of the government´s first estimate on first-quarter economic growth, with analysts forecasting 1.0 percent, down from a 2.2 percent pace in the previous three months.However, on Wall Street Tuesday the Dow added 0.40 percent and the S&P 500 rose 0.28 percent. But the Nasdaq eased 0.10 percent.- Euro holds strength -The diminishing prospect of an early rate increase has weighed on the dollar, which fell to 118.88 yen in New York Tuesday from 119.10 yen earlier in the day in Tokyo. On Wednesday in Asia the greenback was at 118.82 yen.The euro was at $1.0998 and $130.90 against $1.0981 and 130.55 yen in US trade. It was sharply up from $1.0880 and 129.54 yen in Tokyo Tuesday.Even though talks between Greece´s government and its creditors are dragging on, there is hope for an agreement on the bailout that will unlock billions of euros, allowing Athens to avert a default and stay in the eurozone.Investors cheered Prime Minister Alexis Tsipras´ decision to reshuffle his negotiating team, while he has also expressed confidence in a compromise.According to press reports Greece´s hard-left, anti-austerity leadership could also be prepared to adopt some reforms previously rejected, including a reinforced tax collection system, taxing television adverts and ramping up levies on luxury goods.Oil prices inched lower ahead of the release of the latest US supply report. US benchmark West Texas Intermediate fell 32 cents to $56.74 while Brent crude slipped 18 cents to $64.46.Gold fetched $1,208.05 against $1,201.29 late Tuesday.In other markets:-- Singapore fell 0.23 percent, or 7.94 points, to 3,487.15.United Overseas Bank declined 2.16 percent to Sg$24.42 while investment holding firm Ezion slid 5.24 percent to Sg$1.17.-- Bangkok was down 0.59 percent, or 9.06 points, to 1,522.47.Oil company PTT Exploration and Production lost 3.36 percent to 115.00 baht, while Siam Cement fell 2.19 percent to 536.00 baht.-- Kuala Lumpur slipped 0.65 percent, or 12.13 points, to 1,842.93.AMMB Holdings gained 0.46 percent to 6.49 ringgit while Public Bank ended 0.51 percent lower at 19.70 ringgit. Telekom Malaysia fell 0.27 percent to 7.47 ringgit.-- Jakarta was down 2.34 percent, or 122.87 points, to 5,119.29.Palm oil producer Astra Agro Lestari fell 1.85 percent to 19,925 rupiah while lender Bank Permata rose 1.25 percent to 1,620 rupiah.-- Taipei lost 1.03 percent, or 103.00 points, to end at 9,853.83.Smartphone maker HTC shed 5.7 percent to Tw$124.0 while Taiwan Semiconductor Manufacturing Co. was 1.98 percent lower at Tw$148hk.5.-- Wellington fell 0.50 percent, or 28.84 points, to 5,740.82.Air New Zealand shed 1.09 percent to NZ$2.715 and Fletcher Building was down 0.36 percent at NZ$8.21.-- Manila lost 0.77 percent, or 61.10 points, to 7,825.47.Shopping mall operator SM Prime Holdings fell 1.44 percent to 19.12 pesos, Metrobank was down 1.85 percent at 93 pesos and Banco de Oro sank 2.23 percent to 109.50 pesos.-- Mumbai declined 0.62 percent, or 170.45 points, to 27,225.93.Telecom major Bharti Airtel shed 3.32 percent to 387.50 rupees while Axis Bank rose 3.30 percent to 552.90 rupees. (AFP)                        










 
ewarticle strong>HONG KONG: Shares slipped in early Hong Kong trade Friday following a first loss for the Dow on Wall Street in six sessions, while investors also cashed in profits following a recent rally.</strongThe Hang Seng Index eased 0.40 percent, or 87.45 points, to 21,913.04.And the benchmark Shanghai Composite Index was marginally lower, dipping 0.89 points to 3,038.12, while the Shenzhen Composite Index, which tracks stocks on China´s second exchange, eased 0.05 percent, or 0.93 points, to 2,037.25."
Who is the richest person according to Forbes latest ranking?,"NEW YORK: Billionaire philanthropist Bill Gates kept his spot as the world’s richest man, a rank he has held for 16 of the past 21 years, Forbes magazine said Monday.The Microsoft co-founder’s fortune increased $3.2 billion since last year to $79.2 billion, the business magazine said, despite a $1.5 billion gift of Microsoft shares to the Bill & Melinda Gates Foundation in November.Mexican telecom tycoon Carlos Slim held onto second place thanks to his $77.1 billion, ahead of American investor Warren Buffett, with $72.7 billion. The so-called Oracle of Omaha was the biggest gainer of the Forbes list this year, up $14.5 billion from last year riding on the rising share price of his Berkshire Hathaway.In fourth was Amancio Ortega, founder of the Inditex fashion group that includes Zara clothing retail shops. He counts a fortune of $64.5 billion.Facebook co-founder Mark Zuckerberg jumped five spots to land in number 16, the first time he made it within the exclusive circle of the world´s 20 richest people.Jack Ma, whose Alibaba online marketplace made the biggest global IPO ever last year, was ranked among the world´s 50 richest people, along with two other Chinese nationals.The number of billionaires is growing steadily, breaking an all-time record this year, with 1,826 — up from 1,645 last year.The rise of the dollar against the euro, along with plunging oil prices, had a significant impact on this year’s list.                        










 
ewarticle strong>NEW YORK: Jeff Bezos, the founder and chief executive of Amazon.com Inc (AMZN.O), has become the world's third-richest person as of the market close for the first time, Forbes magazine said, passing Warren Buffett, the chairman and chief executive of Berkshire Hathaway Inc (BRKa.N).</strongBezos' fortune was $65.3 billion as of 4:30 p.m. EDT (2030 GMT) on Thursday, compared with Buffett's $64.9 billion.Microsoft Corp (MSFT.O) co-founder Bill Gates remained the world's richest person, at $77.7 billion, while Spain's Amancio Ortega, who founded the Zara clothing chain's owner Inditex SA (ITX.MC), was second at $72.7 billion. Facebook Inc (FB.O) co-founder and chief executive Mark Zuckerberg was fifth, at $54 billion.Bezos, 52, owns close to 18 percent of Amazon. Its stock has risen by roughly 50 percent since early February, as the world's largest online retailer continued to upend retailing as more people took to the Web rather than the mall to shop.Amazon's share price rose further in after-hours trading, after the Seattle-based company reported better-than-expected second-quarter results.Buffett, 85, owns close to 18 percent of Berkshire, but his donation this month of $2.86 billion of Berkshire stock to the Bill &amp; Melinda Gates Foundation and four family charities led to his drop to fourth place. He has donated more than $24.3 billion to the Gates Foundation and family charities since 2006.Berkshire is based in Omaha, Nebraska, and has roughly 90 business units including Geico car insurance, the BNSF railroad and Dairy Queen ice cream.In June, Buffett called Bezos a ""classic example"" of how a business owner could thrive, by having focused at Amazon on how to ""delight"" customers, and keep them coming back, rather than simply process their orders. 
ewarticle strong>DAVOS, SWITZERLAND: Just eight individuals, all men, own as much wealth as the poorest half of the world's population, Oxfam said on Monday in a report calling for action to curtail rewards for those at the top.</strongAs decision makers and many of the super-rich gather for this week's World Economic Forum (WEF) annual meeting in Davos, the charity's report suggests the wealth gap is wider than ever, with new data for China and India indicating that the poorest half of the world owns less than previously estimated.Oxfam, which described the gap as ""obscene"", said if the new data had been available before, it would have shown that in 2016 nine people owned the same as the 3.6 billion who make up the poorest half of humanity, rather than 62 estimated at the time.In 2010, by comparison, it took the combined assets of the 43 richest people to equal the wealth of the poorest 50 percent, according to the latest calculations.Inequality has moved up the agenda in recent years, with the head of the International Monetary Fund and the Pope among those warning of its corrosive effects, while resentment of elites has helped fuel an upsurge in populist politics.Concern about the issue was highlighted again in the WEF's own global risks report last week.""We see a lot of hand-wringing - and clearly Trump's victory and Brexit gives that new impetus this year - but there is a lack of concrete alternatives to business as usual,"" said Max Lawson, Oxfam's head of policy.""There are different ways of running capitalism that could be much, much more beneficial to the majority of people.""strong>SUPER-CHARGED CAPITALISM</strongOxfam called in its report for a crackdown on tax dodging and a shift away from ""super-charged"" shareholder capitalism that pays out disproportionately to the rich.While many workers struggle with stagnating incomes, the wealth of the super-rich has increased by an average of 11 percent a year since 2009.Bill Gates, the world's richest man who is a regular at Davos, has seen his fortune rise by 50 percent or $25 billion since announcing plans to leave Microsoft in 2006, despite his efforts to give much of it away.While Gates exemplifies how outsized wealth can be recycled to help the poor, Oxfam believes such ""big philanthropy"" does not address the fundamental problem.""If billionaires choose to give their money away then that is a good thing. But inequality matters and you cannot have a system where billionaires are systematically paying lower rates of tax than their secretary or cleaner,"" Lawson said.Oxfam bases its calculations on data from Swiss bank Credit Suisse and Forbes. The eight individuals named in the report are Gates, Inditex founder Amancio Ortega, veteran investor Warren Buffett, Mexico's Carlos Slim, Amazon boss Jeff Bezos, Facebook's Mark Zuckerberg, Oracle's Larry Ellison and former New York City mayor Michael Bloomberg. 
ewarticle strong>WASHINTON: The Walton family, which owns roughly a 50 percent stake in retailer Wal-Mart Stores Inc (WMT.N), was named the richest family in the United States for a third consecutive year on Wednesday, according to Forbes.</strongOthers featured on Forbes' list include the Koch family, which owns the majority of conglomerate Koch Industries, the second largest private company in the United States. Their net worth was listed as $82 billion.The Mars family, owners of the candy giant Mars Inc, was third riches with a net worth of $78 billion, according to Forbes.Collectively, the top 25 wealthiest families in America are worth $722 billion, down 1.5 percent, or $11 billion, from a year ago.Worth $130 billion, the Walton Family Foundation announced on Tuesday that it would commit $250 million to help urban charter schools gain access to more facilities. 
ewarticle strong>Serena Williams may have been second best at the French Open on Saturday but the American has moved ahead of fellow tennis player Maria Sharapova to top the women's earnings list in sports, according to Forbes Magazine.</strongWilliams ended the Russian's 11-year reign as the world number one women's money earner in sports by hauling in $28.9 million in combined prize money and off-field earnings over the past 12 months, the magazine said on Monday.Sharapova, who lost some sponsorship money after announcing she had tested positive for the recently banned substance meldonium at the Australian Open in January and is provisionally suspended, holds second spot at $21.9 million.American mixed martial arts standout Ronda Rousey shot up to third on the list at $14 million from eighth place and $6.5 million, just ahead of compatriot and NASCAR driver Danica Patrick, who earned $13.9 million, according to www.forbes.com.The rest of the women's top 10 were also tennis players.Poland's Agnieszka Radwanska ranked fifth at $10.2 million followed by Dane Caroline Wozniacki ($8 million), Spain's newly-crowned French Open champion Garbine Muguruza ($7.6 million), Serb Ana Ivanovic ($7.4 million), Victoria Azarenka of Belarus ($6.6) and Canada's Eugenie Bouchard ($6.2 million)."
Current status of K-Electric agreement with federal government,"ISLAMABAD: Federal Minister for Water and Power Khawaja Asif on Wednesday said that despite the expiry of an agreement with the K-Electric, power is being supplied to it keeping in view the interest of people of the metropolis.Speaking to media representatives, he said that K-Electric has the capacity to generate sufficient power to meet the requirements of Karachi. However, it gets 650 MW of subsidised electricity from the national grid, he added. Asif said the issue will be reviewed in the new contract agreement with the K-Electric.The minister said the duration of loadshedding has been reduced across the country as compared to the previous year. Industries are being provided with uninterrupted electricity now, he added.To a question about the funding of Diamer Basha Dam, the power minister said the government will start construction on the project from its own resources. When asked about violations of Indus Water Treaty by India, Khawaja Asif said Pakistan is vigilant to the situation and will raise the matter at an appropriate forum in case of any violation.                        










 
ewarticle KARACHI: K Electric has filed a petition with the National Electric Power Regulatory Authority (NEPRA), seeking 57 paisa increase in per unit rate under fuel adjustment for the month of November 2015.According to NEPRA, the K Electric has in its petition stated that it supplied a total of 1.21 billion units of electricity during the month of November while the fuel cost born by it rose by Rs700 million for the same month.NEPRA will come to a decision over the K Electric’s petition after conducting a hearing on January 19. 
ewarticle ISLAMABAD: The Ministry of Water and Power issued a statement on Friday saying that the contract to supply 650MW of electricity to K-Electric cannot be renewed.The ministry went on to say that K-Electric should ensure its own production at full capacity to meet the demands.It further said that in case of an emergency shortage, at most 200 to 300MW could be provided.A summary of the decision has been sent to Prime Minister Nawaz Sharif.According to a K-Electric spokesperson, he warned that if the supply is stopped then there could be a possible blackout in the city as the company has no backup plan. He also said that the matter of the ministry not supplying the requirement is sub judice and could lead to contempt of court. Meanwhile, Karachi Chamber of Commerce & Industry President Iftikhar Ahmed Vohra said that if the national grid fails to provide the required demand, industrial production may be heavily affected.He demanded from the government that it should reconsider the supply of 650MW and include it in the contract.On January 26, the ministry had directed the National Power Control Centre (NPCC) not to suspend electricity supply to K-Electric following the expiry of the power distributor’s 5-year agreement for 650 MW supply on January 25. According to sources, a renewed contract with fresh conditions was under consideration earlier. 










 
ewarticle KARACHI: K Electric has announced a reduction of Rs2.08 in powe tariff which will be applicable in electricity bills for the month of December. According to the spokesman of K Electric, the power tariff cut has been made as a result of fuel surcharge adjustment for the months of August and September. Earlier, National Electric Power Regulatory Authority (NEPRA) had also announced a decrease in electricity tariff which was applicable for all power distributors of the country with the exception of K Electric. 
ewarticle strong>Karachi: K-Electric has won two national awards in recognition of its commitment to promote a safety culture within the organization in line with global best practices.</strongThe power utility’s first award is ‘National Fire and Safety Award’ received from National Forum for Environment and Health (NFEH) and in collaboration with Fire Protection Association of Pakistan.This is the fifth consecutive year that KE has won this award, according to the statement released by the company on Thursday.Meanwhile, KE has also received third position in the “Overall Category” awarded by Employers’ Federation of Pakistan-Occupational Health, Safety and Environment (EFP-OSH&amp;E) in partnership with International Labor Organization."
current trends in oil prices and geopolitical impacts,"strong>LONDON: Oil edged above $50 a barrel on Thursday, drawing support from sources' comments that OPEC's Gulf members are willing to cut their output by 4 percent and from a further drop in U.S. crude inventories.</strongSaudi Arabia and its Gulf OPEC allies are willing to make that reduction from their peak oil output, energy ministers from the Gulf countries told their Russian counterpart this week, sources familiar with the matter told Reuters.""That seems to be the reason behind the price move,"" said Carsten Fritsch, analyst at Commerzbank. ""But the big question is, how will they handle Iraq.""Brent crude was up 38 cents at $50.36 a barrel as of 1348 GMT, having risen as high as $50.67 intra-day. U.S. crude gained 28 cents to $49.46.Oil also drew support from the unexpected drop in U.S. crude inventories, and larger than expected falls in stocks of gasoline and distillates, reported this week, which raised hopes that a long-awaited market rebalancing is finally under way.""The global stock overhang must be reduced in order to see higher prices. Whilst such reduction is largely in the hand of OPEC, the re-balancing is already taking place in the U.S.,"" Tamas Varga of oil broker PVM said.The market was keeping an eye on escalating protests in Venezuela against the rule of President Nicolas Maduro, although there was no sign of any impact on the OPEC member's oil output. Venezuelan production has been falling this year as low prices hit investment.Doubts about the Organization of the Petroleum Exporting Countries' supply cut deal have been weighing on the market this week.OPEC agreed last month its first deal to restrain output in eight years to boost prices. But Iraq on Sunday called for Baghdad to be exempt, adding to the list of members seeking special treatment.A technical meeting at OPEC's headquarters on Friday, and with officials from non-OPEC countries on Saturday, is supposed to come up with recommendations on how to implement the supply cutback to the oil ministers' next meeting on Nov. 30.The OPEC plan is designed to speed up the removal of a supply glut that is keeping oil prices at less than half their level of mid-2014, cutting exporters' income and leading to investment cuts by oil companies worldwide. 
ewarticle London: Oil prices nudged higher on Friday, further recovering from a steep dive seen mid-week, although demand is set to remain shackled by a global supply glut, analysts said.US benchmark West Texas Intermediate for delivery in May edged up one cent to $50.80 a barrel.Brent North Sea crude for May gained 27 cents to $56.84 around midday in London.WTI and Brent sank 3.6 percent on Wednesday after the US Department of Energy said commercial inventories in the world´s biggest economy hit a record high last week.That came after Saudi Arabia´s Oil Minister Ali al-Naimi said his country´s production had hit an all-time high of 10.3 million barrels a day in March.Phil Flynn, an analyst at Price Futures Group, has said this week that rising imports of US crude oil could indicate improved demand prospects in the world´s largest oil consumer or concerns about supply tightening.Price support has meanwhile come from events concerning major oil producer Iran.Analysts attributed steep gains at the start of the week to investors concluding that the nuclear framework agreed between Iran and international powers will have a minimal near-term effect on global crude supplies.The deal Tehran agreed with the United States, Britain, China, France and Russia plus Germany paves the way for the Islamic republic to curtail its nuclear activity in exchange for relief from punishing economic sanctions, including on oil investment.The United States on Thursday warned that sanctions on Iran will be lifted in stages as a nuclear deal is implemented, after Tehran demanded they be removed as soon as it comes into force.""Geopolitical factors remain a constant worry for investors with concerns regarding Iran´s nuclear programme potentially leading to ongoing volatility in the crude oil market,"" said Kash Kamal, senior research analyst at Sucden brokerage. (AFP)                        










 
ewarticle strong>SINGAPORE: Oil prices remained near 2016 highs in early trading on Thursday, buoyed by a fall in U.S. crude inventories, a weaker dollar and strong demand, but some analysts warned that the recent rally was starting to look overblown.</strongInternational Brent crude oil futures LCOc1 were trading at $52.70 per barrel at 0045 GMT, up 19 cents from their last close.U.S. West Texas Intermediate (WTI) crude CLc1 was 32 cents higher at $51.55 a barrel.Traders said the price rises were largely a result of a drop in U.S. crude oil inventories.Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks last week fell by 3.23 million barrels to 532.5 million barrels, marking their third consecutive weekly fall.A weaker dollar, down around 2.4 percent this month against a basket of other currencies, makes dollar-traded fuel imports for countries using other currencies cheaper, also supporting oil prices, traders said.But some analysts said there were also signs that the recent oil price rise, which saw Brent rally 6 percent this month and prices virtually double since February to one-year highs, may be overblown.ANZ bank said that price rises were ""tempered by an increase in crude production of 10,000 barrels per day to 8.75 million barrels per day and the number of active rigs increasing by 9 to 325"".Traders also warned of an ongoing build in refined product stocks in the United States and Asia.With fundamentals weighing both for and against higher prices, many traders and analysts say that a price tag of $50-60 for a barrel of crude was a fair value for oil, reflected in Brent's forward curve which stays within that range until early 2021. 
ewarticle strong>SINGAPORE: Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude.</strongBrent futures were trading at $47.05 (32 pounds) per barrel at 0028 GMT on Monday, down 32 cents from their last settlement. US crude was down 28 cents at $45.64 a barrel.Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) and especially the Middle East was outweighing supportive factors such as an ongoing, albeit slow, fall in U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.""The weaker dollar failed to excite investors in the crude oil markets,"" ANZ bank said, citing a rise in OPEC-output as the main downward driver for prices.The dollar has fallen over 6 percent this year against a basket of other leading currencies.French bank BNP Paribas said that a recent oil rally, with prices jumping almost a third since April, was largely driven by sentiment and lacked physical fundamentals.""The recent rally in oil prices ... appears to have little to do with fundamentals,"" it said.""We see the recent rally as sowing the seeds of its own demise, and extending our recommendation to protect against short-term downside risk.""OPEC-supplies rose to 32.64 million barrels per day (bpd) in April, from 32.47 million bpd in March, according to a Reuters survey based on shipping data and information from sources at oil companies, OPEC and consultants.That almost matches January's 32.65 million bpd, when Indonesia's return to OPEC boosted production to records.Despite Monday's lower prices, other analysts are growing confident that a near-two-year rout in oil has ended, and many have raised their price forecasts.The chief of the International Energy Agency (IEA) said oil prices may have bottomed out, providing the health of the global economy does not pose a concern.""In a normal economic environment, we will see the price direction is rather upwards than downwards,"" IEA Executive Director Fatih Birol said on Sunday.Non-OPEC output is set to fall by more than 700,000 bpd this year, the biggest decline in around 20 years, he said.With global oil demand seen growing by 1.2 million bpd this year, the draw in global stockpiles will start soon, helping push up prices, he said. 
ewarticle London: Oil prices edged higher on Tuesday as the market seeks to build on strong gains in April following massive falls earlier in the year.US benchmark West Texas Intermediate for delivery in June won 56 cents to $59.49 a barrel.Brent North Sea crude for June won 47 cents to stand at $66.93 a barrel in London midday deals.After slumping at the start of the year, oil prices rose by about a fifth in value during April owing to several factors including concerns about unrest in Yemen, the weakening dollar and fewer US rigs in operation, analysts said.However, prices remain well down after plunging almost 60 percent between June and the start of 2015 on the back of a global supply glut and ramped up production.""Crude oil producers in the US have significantly cut back output in an attempt to address the significant supply overhang which has exerted downward pressure on... prices since June last year,"" Kash Kamal, senior research analyst at Sucden brokers said on Tuesday.The International Monetary Fund has said that Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices.The wealthy monarchies, however, should ""not react in a knee-jerk way to lower oil prices"", the IMF Middle East and Central Asia chief Masood Ahmed told AFP in an interview Monday.""Saudi Arabia seem committed to defending their market share and have even increased output to over 10 million barrels per day in April,"" said Kamal.""Support for higher crude prices has partly come from a weaker dollar,"" he added.A weaker dollar makes oil priced in the US unit cheaper for holders of others currencies, boosting demand. (AFP)                        










"
What are the details of the new power plants agreement between K-Electric and Bahria Town in Karachi?,"DUBAI: Bahria Town and K-Electric signed an agreement on Saturday, which will add 500MW of electricity supply for Karachi. According to the deal inked in UAE, KElectric will set up one coal based and one liquefied natural gas (LNG) based power plant in the metropolis and will supply uninterrupted power to Bahria Town Karachi.Speaking exclusively to Geo.tv from UAE, K-Electric’s spokesperson Usama Qureshi confirmed that two agreements have been signed, which include setting up of a 300MW coal powered plant and a 200MW LNG powered plant, while the second agreement pertains to supplying uninterrupted power to Bahria Town Karachi. Speaking on the occasion Ex-Chairman & Founder of Bahria Town Malik Riaz said, “For the people of Karachi, LNG and coal powered plants will be setup and Karachi Bahria Town will receive uninterrupted power supply.” 










 
ewarticle ISLAMABAD: Federal Minister for Water and Power Khawaja Asif on Wednesday said that despite the expiry of an agreement with the K-Electric, power is being supplied to it keeping in view the interest of people of the metropolis.Speaking to media representatives, he said that K-Electric has the capacity to generate sufficient power to meet the requirements of Karachi. However, it gets 650 MW of subsidised electricity from the national grid, he added. Asif said the issue will be reviewed in the new contract agreement with the K-Electric.The minister said the duration of loadshedding has been reduced across the country as compared to the previous year. Industries are being provided with uninterrupted electricity now, he added.To a question about the funding of Diamer Basha Dam, the power minister said the government will start construction on the project from its own resources. When asked about violations of Indus Water Treaty by India, Khawaja Asif said Pakistan is vigilant to the situation and will raise the matter at an appropriate forum in case of any violation.                        










 
ewarticle strong>KARACHI: Pakistan Tehreek-e-Insaf MPA Khurram Sherzaman has submitted a resolution against K-Electric's overbilling and load-shedding issues in the Sindh Assembly.</strongThe resolution asked Sindh government to take action against the power utility for overcharging it’s consumers through overbilling. This act of the company has put extra financial burden on the masses, it said.Sindh government must take up these problems with the federal government, the motion demanded. 
ewarticle strong>ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has approved increase in power tariff for Karachi under fuel charges adjustment for the month of July and August.</strongThe power regulatory body, while hearing the petition filed by K-Electric for hike in power tariff under FCA here Thursday, approved increased by 15 paisa and 23 paisa per unit for the month of July and August respectively.During the proceedings today, K-Electric informed that over Rs237.8 million and Rs358.7 million extra were spent on the consumption of fuel in the generation of electricity in July and August respectively. Therefore, the power utility urged NEPRA to increase the power tariff under fuel charges adjustment.On this, the regulatory body approved increase by 15 paisa for July and 23 paisa for August. 
ewarticle KARACHI: The National Electric Power Regulatory Authority (NEPRA) has approved Rs1.75 per unit cut in the tariff of K-Electric to provide a relief the Karachiites with effect from next month.The consumers will benefit from the cut in the tariff from the June. 










"
What directives has the IMF given to Pakistan regarding its budget?,"ISLAMABAD: International Monetary Fund (IMF) has appreciated the steps being taken by the government of Pakistan for improving the fiscal condition of the country.According to international media, the IMF spokesman welcomed the measures adopted by Pakistan government for improving the country’s financial condition and reducing the domestic borrowings.He noted that steps were also being taken to curtail the budget deficit through fiscal management by ensuring better coordination between the federation and the provinces.The spokesman further also observed that Pakistan’s foreign debt servicing has also improved while the rise in foreign exchange reserves will help bring economic stability.    
ewarticle The International Monetary Fund (IMF) has cited Pakistan’s prudent monetary and fiscal policies along with other measures as reasons for an improvement in the country’s economy, reported The Wall Street Journal. Director IMF Middle East and Central Asia Department, Masood Ahmed following his visit to Pakistan said: “The authorities have made progress with consolidating macroeconomic stability, strengthening public finances and rebuilding foreign-exchange buffers.” The director also called on the Pakistani government to broaden the tax base which would increase revenue and reduce debt.   










 
ewarticle strong>ISLAMABAD: Managing Director International Monetary Fund Christine Lagarde has reiterated full support to Pakistan in its endeavours to address economic challenges and realize its superb potential.</strongShe was addressing a news conference along with Finance Minister Ishaq Dar in Islamabad on Tuesday.Christine Lagarde felicitated Pakistan on having successfully completed IMF supported economic reforms package. She said the program helped the country achieved macroeconomic stability and provided a solid foundation to the country to go for further reforms in important sectors. She pointed out that as a result of better economic performance; the country has significantly improved social protection spending. She also expressed satisfaction over the gradual reduction in the power outages and better financial discipline of the power sector.She said Pakistan has achieved a lot over the last few years but much more also needs to be done in the next phase to address the remaining challenges in order to ensure higher standards of living for their people. She said the requisite reforms process will help the country effectively meet challenges on the economic front.Christine Lagarde said structured reforms are required in different sectors including power besides there is need to plug losses in public enterprises. In parallel, special focus should also be laid on health and education sectors. She was of the view that any future reforms should focus primarily on inclusive and sustainable growth as it is imperative to bringing improvements in the living standards of the people.Minister for Finance Ishaq Dar said besides consolidating gains of the last three years, the Government would focus for next two years on growth, creation of job opportunities, poverty reduction and creating space for social sector spending.He said this has been reflected in the current year's budget, which is aimed at broadening tax net and improving financial disciple.The Minister said development spending has been increased from 300 billion rupees three years back to 800 billion rupees this year, social safety net expenses taken from 40 to 117 billion rupees and budgetary support for higher education has been increased substantially.Ishaq Dar expressed pleasure that for the first time the country completed an IMF programme and embarked upon comprehensive economic and financial reforms.He said when the present Government assumed power; it pledged to focus on addressing the four challenges of economic instability, energy shortages, low spending on social sector and extremism. He said the country has made good progress on all these fronts.The Finance Minister said the battle against terrorism has entered into its last round and incidents like the one in Quetta are blow back. 
ewarticle DUBAI: Talks between Pakistan and the International Monetary Fund (IMF) concluded successfully on Thursday, with the IMF agreeing to release $518 million by end of March as the next tranche of the three-year $6.6bn Extended Fund Facility (EFF) programme.“The mission and the Pakistani authorities have reached staff-level understandings on a Memorandum of Economic and Financial Policies on the sixth review of the program, which, upon approval by the IMF’s Management, will be discussed by the IMF Executive Board. ""Upon completion of the review, SDR 360 million (about US$518 million) would be made available to Pakistan,” said the outgoing chief of the IMF Mission to Pakistan Jeffery Franks.Newly-announced Chief of IMF Mission to Pakistan, Herald Finger, will replace Franks after the talks.At a jointly held press conference with the IMF staff in Dubai, Finance Minister Ishaq Dar reiterated that there would be no increase in gas and electricity prices. Pakistan also informed the IMF of its expenditure of Rs. 150 billion on the implementation of the National Action Plan (NAP) as well as repatriation of Internally Displaced Persons (IDPs).Also agreed upon was Rs.60 billion in tax cuts for Pakistan, while it was decided that the target for tax cuts should reach Rs. 2750 million by June.Dar said that Pakistan’s foreign exchange reserves have increased to over $15 billion, entitling the country to receive subsidised loans.However, due to the price reduction of petrol in the country, tax revenue decreased to Rs. 68 billion. “Tax revenues were below the second-quarter indicative target by about 0.1 percent of GDP due in part to legal challenges to some revenue measures and to the fiscal effects of the plunge in international oil prices,” said a press statement from the IMF mission. “While progress has been made in addressing the structural impediments to higher and more inclusive growth, important challenges remain, such as steps to enhance the independence of the SBP, permanently resolve energy sector deficiencies, complete the legal framework for deposit insurance, and privatize or restructure public enterprises,” noted the IMF.                        










 
ewarticle strong>WASHINGTON: The International Monetary Fund has praised commitment of Pakistan’s government to strengthen country’s fiscal position saying the economic recovery and macroeconomic stability has further receded short term vulnerabilities.</strongIn a statement issued after the meeting of the Executive Board in Washington IMF’s Deputy Managing Director Mitsuhiro Furusawa emphasized the need of preserving and consolidating macroeconomic stability and further advancing key structural reforms.The economic recovery had gradually strengthened and short term vulnerabilities had further receded on the back of improved macroeconomic stability and progress on structural reforms, the IMF Director said.He praised the government for its commitment to the fiscal consolidation saying the authorities are on track to achieve their program s end year fiscal targets and their commitment to continue with gradual fiscal consolidation in FY2016 17 is welcomed.The Executive Board approved the immediate disbursement of about 501 million after completion of the 11th review of Pakistan s economic performance under a three year program supported by an Extended Fund Facility arrangement.With the release of the fresh tranche the total disbursement stood at about 6.01 billion.Praising steps for fiscal consolidation Mr. Furusawa said the amendments to the Fiscal Responsibility and Debt Limitation Act would strengthen the anchor for medium term fiscal policy supporting fiscal sustainability and medium term macroeconomic stability.Furthermore he said the new framework for Public Private Partnerships would foster much needed growth supporting investments and help manage associated fiscal risks.He emphasized on sustaining progress with tax administration reforms to widen the tax base which he said was needed to increase tax revenues and create needed fiscal space for priority infrastructure and to reinforce social expenditures.The IMF Director also noted rising foreign exchange reserves and said it would further bolster external buffers and reduce vulnerabilities.He also emphasized the need of maintaining a prudent monetary policy stance to preserve the achievements in containing inflation and to support macroeconomic stability.He welcomed expansion of the coverage of tax crimes and said it would contribute to improve tax compliance and governance.Continued progress with structural reforms is needed to raise Pakistan’s growth potential.Restructuring and privatizing loss making public sector enterprises (PSEs) remain a priority to ensure their financial viability reduce fiscal costs and strengthen the efficiency of the economy he added.The IMF official welcomed the decision of the government to contain the accumulation of power sector arrears and said that efforts to complete the energy sector reforms should remain a priority.The commitment of the government to move forward with the implementation of the new business climate reform strategy will be a key to boost competitiveness and foster investment and private sector led growth he concluded."
What measures has the FBR taken to improve tax collection in Pakistan?,"ISLAMABAD: The Federal Bureau of Revenue (FBR) has begun chasing wealthy tax-dodgers who enjoy lives of extravagance and luxury, but revenue officials face huge challenges in trying to force the very richest — and most influential — to pay up.Pakistan's tax-to-GDP ratio of 9.5 percent is among the lowest in the world and the government is under pressure from foreign donors and lenders, including the International Monetary Fund (IMF), to increase collection to boost the struggling economy.Revenue authorities say they have identified about a quarter of a million new taxpayers who they project will add around 14 billion rupees ($140 million) to government coffers.Broadening the tax base and improving the economy after years of drift and sluggish growth under the last government was a key pledge in Prime Minister Nawaz Sharif´s 2013 election campaign, when he was swept to power for a third time.Currently less than one percent of Pakistanis pay income tax and the government collected just $8 billion in total income tax in the 2013-14 fiscal year — barely enough to cover just the country´s defence expenditure of $7 billion.The finance ministry is aiming to boost the tax-to-GDP ratio to 15 percent in the current fiscal year ending June 30.As part of those efforts, the FBR is compiling lifestyle and vehicle data to try to trace unregistered taxpayers, including wealthy landlords and businessmen zipping between their luxury homes in imported Mercedes.""We are collecting information from the vehicle registration authority, car manufacturers, utility companies, telecom companies and property registration offices and tracing people who are not paying any tax,"" FBR spokesman Shahid Hussain told AFP.Taxpayer profilesThe data is used to generate profiles of potential taxpayers, after which demands are issued for them to pay income tax.""FBR has already issued notices to 261,250 potential tax payers,"" Hussain told AFP, adding that that new taxpayers have paid 570 million rupees since the crackdown started.It is not just dodgy businessmen who have been caught — several lawmakers have been found paying either no tax or very little and not filing their mandatory annual tax statements.The FBR has taken punitive measures against some ""chronic defaulters"", freezing nearly 300 bank accounts, seizing more than 100 vehicles, putting 78 properties up for sale and issuing arrest warrants in 40 cases.""Employing information technology, the FBR is creating a central database which would contain information about all taxpayers and nobody will be left undetected,"" Hussain said.A new FBR department tasked with broadening the tax net started working in July 2013 and within one year it started showing results, he added.But Pakistan is a country where wealth and political influence go hand in hand. For generations, landowners and industrialists have given patronage to political parties and scant attention has been paid to their assets by the taxman.Changing this privileged arrangement is a tricky proposition.Umar Cheema, an investigative journalist for Pakistani daily The News who has done several major exposes on tax-dodgers, says the FBR´s commitment is encouraging, but he does not expect them to net any big fish.´War on tax cheats´""FBR is after those who can´t influence them,"" Cheema told AFP, citing several well-known tycoons considered among Pakistan´s richest whose names were missing from a list of the country´s top 100 taxpayers.""It can be done only by waging a war against tax cheaters without discrimination of good and bad cheaters,"" Cheema said.Pakistan´s central bank said in a recent report that tax revenue growth was not keeping up with budget targets.The tax take grew 11.7 percent in the first quarter of the current fiscal year, against an annual target of 26.9 percent — but this was only half the growth of the same period during the previous fiscal year, according to the State Bank of Pakistan (SBP).The central bank has urged the government to simplify tax procedures and do more to increase the documentation of the economy.A vast amount of business in Pakistan is done off the books, making transactions hard to trace and levy dues on.""Although FBR has taken a number of measures to increase tax collection, these focused more on deductions at source, and/or increasing the tax rates,"" a recent SBP report said, warning such measures had enjoyed ""limited success"" in the past.The IMF, though, has said the government´s reform programme — tied to a $6.6 billion loan from the Washington-based lender — was on track, and expects growth to accelerate to 4.3 percent in the 2014-15 fiscal year from 4.1 percent previously.But even with growth quickening and officials insisting they are making inroads, challenges to the government´s efforts to gather taxes remain considerable.                        










 
ewarticle KARACHI: Federal Finance Minister, Ishaq Dar on Monday said Pakistan has come a long way since 2013, as international institutions have commended the country’s economic progress. Addressing the 39th FPCCI Export Award ceremony here, the Finance Minister said economy, education, energy and anti-terrorism efforts precede the incumbent government’s priority list. He said the Prime Minister has taken bold steps for restoring peace across the country including Karachi. Ishaq Dar said establishing economic discipline is the most difficult task. He said the rate of income tax collection has witnessed a rise of 16 percent over the past five months. “We managed to put in place economic order in the country by pursuing effective policies,” he added. The Finance Minister said the austerity measures were started from the Prime Minister’s House. He said the scope of Benazir Income Support programme is being enhanced to three million families. 
ewarticle ISLAMABAD: Federal Board of Revenue (FBR) has announced August 31 as last date for salaried persons and September 30 for non salaried persons to file their tax returns.The deadlines for filing the tax returns is for all existing and new tax filers an official of FBR told APP here on Tuesday.He said the FBR was committed to broadening the tax net for strengthening of the national economy and to enhance tax to GDP ratio.The official said that FBR had collected Rs 140 billion during first month of current fiscal year 2015-16. He said the amount is six percent extra as compared to the previous year as the FBR collected Rs 133 billion in July last  year.The performance of FBR is very encouraging in the start of current fiscal year and figures shows six per cent increase in collection of taxes he added.He said that FBR was aiming to issue the notices to those non compliant persons who have not returned their tax files.He said that the FBR s administrative reforms were gradually leading to improvement in tax structure and revenue collection. The reforms will continue for addressing the issue of tax compliance and administration he said.The FBR Spokesman said the government directed all Chief Commissioners of regional tax office to accelerate the efforts for the broadening of tax base.                        










 
ewarticle strong>ISLAMABAD: The Federal Board of Revenue (FBR) has realized Rs 1664 billion revenues upto February 15 against the collections of Rs1404 billion taxes in the same period of last fiscal year showing an increase of 18 percent, a senior official of the board said.</strongSpokesman of FBR Dr Muhammad Iqbal says that the FBR had performed well in tax collection and it collected 17 percent more taxes during first 15 days of February 2016 as compared to same period last year.He said during the period Rs78.6 billion were collected as compared to the collection of Rs66.9 billion during same period last year.The FBR spokesman said: “We had issued notices to 300 000 non-tax filers whereas currently one million people are filing their taxr eturns in the country.”He added the FBR was committed to broaden the tax net and enhance the tax filers from one million to 1.7 million to increase the revenue for economic development and prosperity.He said the tax amnesty scheme was aimed at introducing the simple procedure for filing the tax returns to facilitate the filers.He said the new procedure would enhance tax compliance expand the tax base discourage tax evasion and reduce cost of compliance by the traders.He added that under this scheme FBR wanted to raise tax revenues without inconveniencing the traders and minimizing contact between tax officials and taxpayers.Dr Iqbal said the simplified procedure can be availed by both the existing return filer and non-filer traders.The FBR had collected an amount of 28 percent extra in the months of October and November and mid of December as compared to the same period of previous year, he said.The performance of FBR, he said, was very encouraging in the second quarter of current fiscal year and figures show 30 percent increase in collection of taxes, he added.The FBR Spokesman said that the FBR’s administrative reforms were gradually leading to improvement in tax structure and revenue collection.The reforms he said would continue to address the issue of tax compliance and administration.He said that serious efforts were underway to bring FBR at par with the tax authorities of the developed countries for economic stability in the country. 
ewarticle KARACHI: Desperate to widen the tax base in a country where less then one percent of the population pay taxes, the Federal Board of Revenue (FBR) has set a target to collect 138,000 more returns during the tax year 2015, officials said on Friday. The FBR has fixed a target of 1.05 million income tax returns during the year due to higher tax rates on non-filers. The FBR last year received 0.912 million tax returns. A senior official at Directorate of Broadening of Tax Base (BTB) of FBR said the FBR was estimating over 100,000 new income tax returns to be filed by the taxpayers during tax year 2015. The return filing for tax year 2015 will be completed by December with the filing by corporate sector. The filing of income tax returns for the tax year 2014 has been increased after measures taken in the budget 2015/2016 and it has increased to 912,000. The total number is still low as 3.5 million registered taxpayers are in the country. The directorate has gathered details of transactions on which tax was paid during 2013/2014 for the purposes of bringing new taxpayers in the system. According to details, Rs19.75 billion was collected from 2.46 million commercial and 0.29 million industrial electricity consumers. Similarly, about Rs52 billion of taxes were collected through withholding mechanism from 136.5 million mobile phone and 5.6 million landline telephone subscribers. In the banking system the FBR recorded 30.5 million transactions including saving accounts, national saving schemes and cash withdrawals on which the tax authorities collected over Rs50 billion. The directorate so far issued 344,572 notices to defaulters. Around 72,000 persons filed returns and paid Rs485 million tax. Through those notices, the directorate created demand of Rs16.87 billion and recovered Rs6.42 billion. During the recovery process the tax authorities resorted to harsh measures in 2,326 cases, which included: freezing of 1,366 bank accounts; issued arrest warrant in 343 cases; attached 195 properties and impounded 422 vehicles. 










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impact of Federal Reserve interest rate hikes on US dollar and emerging markets,"Tokyo: The dollar eased against most currencies in Asia early Thursday after surging at the start of the week, while a strong unemployment reading boosted the Australian dollar.The Aussie surged more than one percent against the greenback, as government data showed the country´s October jobless rate fell to a better-than-expected 5.9 percent.Investors moved into high-yield, or riskier, emerging currencies as they await speeches by Federal Reserve chief Janet Yellen and other US central bank policymakers for hints about their plans for US interest rates.With US economic data showing improvement, the Fed is considering hiking rates next month, at the same time as other central banks -- including in Europe and Japan -- are mulling further loosening as growth at home struggles.""Divergence in monetary policy is creating an even choppier investment environment,"" Michael McCarthy, chief market strategist at CMC Markets Plc, told Bloomberg News. ""The futures market is indicating that it´s more likely than not that we´ll see the Fed raise rates in December. Expectations of further easing in China are high because there´s been a demonstrated responsiveness among policy makers to the weakening economy.""The dollar has given up some of its strength in previous days after last week´s US jobs report boosted expectations Fed policymakers will hike rates for the first time in nine years at their next meeting.This week, a lot of the rate hike speculation has already been priced in, Koji Fukaya, chief executive officer at FPG Securities Co, told Bloomberg News.""Emerging and commodities currencies have more scope to react to positive news as they have priced in negative news,"" Fukaya said.""These currencies have been sold off, making some breathing space to recover when there (is) positive news.""In Tokyo trade Thursday Indonesian rupiah tacked on 0.2 percent, the South Korean won added 0.1 percent and the Malaysian ringgit was up 0.05 percent. The Taiwan dollar was up 0.2 percent and the Thai baht was also higher.Emerging units have climbed in Asia for the past three days after taking a hammering in response to the US jobs figures.The euro advanced to $1.0764 and 132.34 yen from $1.0741 and 131.94 yen. But the dollar rose to 122.95 yen from 122.84 yen Wednesday in New York.                        










 
ewarticle Tokyo: The dollar held steady on Wednesday after upbeat US inflation figures all but sealed the case for a Federal Reserve interest rate hike, analysts said.Financial markets are focused on the US central bank´s last 2015 meeting, which wraps up Wednesday, with policymakers likely to give the go-ahead to a rate rise for the first time in almost a decade.The case for a rate lift-off -- which is a plus for the dollar -- has grown stronger over the past year as the world´s top economy appeared to be staging a firm recovery.That view got another boost Tuesday as fresh November data showed an inflation gauge that excludes volatile food and energy prices hit the Fed´s 2.0 percent target.""For (Fed Chair) Janet Yellen, who has been at pains to emphasise her concern of inflation overshooting if rates are not hiked in 2015, this final data point surely locks in the Fed rate rise now,"" Angus Nicholson, a market analyst with IG Ltd. in Melbourne, wrote in a commentary.The benchmark federal funds rate has been pegged near zero since December 2008 to support the economy´s recovery from deep recession.In Tokyo trading, the dollar rose to 121.87 yen from 121.66 yen Tuesday in New York, while it gained 0.18 percent against the Malaysian ringgit, and also ticked up against the Taiwanese dollar, Thai baht, Indonesian rupiah and Singapore dollar.However, the South Korean won rose 0.67 percent on the greenback, as it bounced off recent drops.The euro edged up to $1.0936 and 133.18 yen from $1.0930 and 132.97 yen in US trading.The pound ticked up to $1.5050 from $1.5039 while the dollar edged down to 0.9901 Swiss Francs against 0.9914 francs in New York.While markets have been pricing in a rate hike, analysts said there was still room for the dollar to strengthen.""Money markets have not fully discounted a Fed rate hike, so there is scope for the US dollar to have a knee-jerk upside reaction,"" Elias Haddad, a currency strategist at Commonwealth Bank of Australia, told Bloomberg News.""We expect the (Federal Open Market Committee) to emphasise that its tightening cycle will be gradual. This should slow rather than reverse the uptrend in the dollar."" 
ewarticle strong>Hong Kong: The dollar retreated against most of its major peers and emerging market currencies Wednesday, as analysts predict the Federal Reserve could hold off another hike in borrowing costs until April.</strongAs the effects of last week´s greenback rally -- fuelled by the US central bank´s first rate rise in almost a decade -- wear off, pressure has built on the unit as dealers decide to cash in at the end of the year.With a sense of optimism reappearing in regional markets -- and demand for higher-risk assets -- Asia tracked a rally on Wall Street for a second-successive day, boosting emerging currencies. And a lift in oil prices also supported commodity-based units.The dollar´s losses also come despite upbeat readings on US growth and consumer spending that indicate the Fed´s decision to begin lift-off was well justified.""There´s some paring of outstanding dollar long positions with investors reluctant to carry dollar exposure into the holidays,"" Ray Attrill, co-head of currency strategy at National Australia Bank in Sydney, told Bloomberg News.""If you want to be at least modestly constructive on the US dollar early next year, which we are at this stage, you´re probably going to need to see the market attaching a higher probability"" to the Fed raising rates in the first quarter, he said.In morning Asian trade the dollar bought 121.03 yen, down from 121.10 yen in New York Tuesday and well off the levels above 123 yen touched last week. The euro was at $1.0950 against $1.0954 but sharply up from the $1.0830 mark last week.Australia´s dollar rose 0.04 percent against the US unit, while the South Korean won was 0.2 percent higher and Taiwan´s dollar gained 0.1 percent. There were also increases for the New Zealand and Canadian dollars as well as the Thai baht. 
ewarticle strong>NEW YORK: The U.S. dollar edged lower against a basket of major currencies on Friday, but still held near 14-year highs touched after Wednesday's Federal Reserve meeting, with profit-taking halting the greenback's rally.</strongThe dollar index, which measures the greenback against a basket of six major rivals, was last at 102.900, not far from Thursday's 14-year high of 103.560 but down 0.12 percent on the day.The index gained 1.2 percent on Thursday to mark its biggest daily percentage gain in nearly six months a day after the U.S. central bank raised interest rates for the first time in a year. The Fed also signaled it was likely to hike rates three more times in 2017, up from the two increases forecast at the central bank's September meeting.The projections, combined with expectations that U.S. President-elect Donald Trump's incoming administration may boost domestic economic growth with fiscal stimulus, sent the dollar shooting higher and brought parity with the euro back in play.Profit-taking ahead of the weekend and expectations of a squeeze on dollar liquidity heading into year-end dampened the dollar's gains on Friday, analysts said.""The scale of the move since the FOMC meeting has been significant, and you would expect to see some kind of profit-taking on dollar longs,"" said David Gilmore, partner at FX Analytics in Essex, Connecticut.The euro was last up 0.2 percent against the dollar at $1.0433 after hitting a nearly 14-year low of $1.0364 on Thursday, with the current level putting it about 4 percent away from parity with the dollar. The dollar was down 0.2 percent against the yen at 117.94 yen after hitting a roughly 10-1/2 month high of 118.66 yen on Thursday.Despite Friday's losses, the dollar remained on track to notch its biggest weekly percentage gains against the euro, yen, and Swiss franc in four weeks. The euro was on track to decline 1.2 percent against the dollar, while the dollar was set to gain 2.2 percent against the yen and about 1 percent against the Swiss franc for the week.""We’re probably starting to thin out for the holidays as well,"" said Win Thin, global head of emerging market currency strategy at Brown Brothers Harriman in New York.Against the Swiss franc, the dollar was last down 0.3 percent at 1.0268 francs after touching 1.0344 francs on Thursday, its highest since August 2010. 
ewarticle strong>SAN FRANCISCO/NEW YORK: U.S. Federal Reserve policymakers are set this week to again cut their forecasts for how high interest rates will need to go in an economy where output, productivity and inflation are growing at a slower pace than in past decades.</strongIt would be the fourth time in 15 months that the U.S. central bank has been forced to admit its estimate of this so-called neutral rate was too optimistic, raising questions about the health of the economy in the coming years.The Fed, however, still insists low interest rates and its large balance sheet of bonds are sufficient to continue bolstering economic growth.Conversations with Fed officials suggest some will cut their predictions for the longer-run rate at this week's monetary policy meeting, with the median forecast possibly falling to 2.75 percent. It was 3.75 percent in June 2015 and 4.25 percent four years ago.The Fed is expected to leave its benchmark overnight interest rate unchanged following its two-day meeting on Wednesday, according to a Reuters poll of economists.The Fed's policy rate has been about 0.38 percent since it was raised in December, the first increase in nearly a decade.The expected reduction in the longer-run neutral rate forecast amounts to a lower speed limit on future rate hikes, and points to fewer increases with longer gaps between them than U.S. central bankers and investors had expected.The lower the neutral rate forecast, the less anxious the Fed needs to be about tightening policy, which would justify its repeated decisions to defer rate increases.The result, says San Francisco Fed President John Williams, will be the ""shallowest"" set of rate hikes ever; ""much flatter,"" according to Dallas Fed President Robert Kaplan in a separate conversation, than anything in the past.The Fed has not raised rates this year despite signaling in December that four rate hikes were coming in 2016. That number has since been scaled back to two hikes this year, with another three hikes in 2017, due to a global growth slowdown, financial market volatility and tepid U.S. inflation.But given the new thinking on the neutral rate, that seems overly optimistic.Fed policymakers say an aging U.S. population and decline in productivity growth is sapping economic potential, making them wary about raising rates too fast.""They are not very far from being in a tightening mode,"" said Shehriyar Antia, founder of Macro Insight Group and a former senior analyst at the New York Fed. ""That augers for more patience since the risk of you falling behind with inflation is less because it ain't going to take that much for rates to lean on inflation.""FED TOOLBOXRegardless of any reduction in the neutral rate estimate this week, Fed Chair Janet Yellen is likely to stick with her view that the central bank's so-called toolbox - its more than $4 trillion in Treasuries and mortgage-backed securities, low interest rates and planned gradual removal of stimulus - is appropriate for an economy that has consistently fallen short of growth forecasts.During the global central banking conference last month in Jackson Hole, Wyoming, Yellen said that policy mix had served the Fed well and would likely be useful in the face of a future economic downturn.But the Fed's constant walk-backs have served to undercut some of the market's faith in the central bank. Traders of short-term rate futures, for instance, are now betting the Fed will not hike rates until early next year.Still, any cut to the Fed's neutral rate forecast does not mean it will never raise rates.""They want to maintain market expectations for a rate hike in case they want to raise rates in December if conditions warrant one,"" said Sam Bullard, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.The Fed is due to release its policy statement at 2 p.m. EDT (1800 GMT) on Wednesday and Yellen will hold a press conference shortly after. The Fed's rate-setting committee will meet again in early November and mid-December."
Why are CNG stations in Sindh closed?,"KARACHI: CNG stations in Sindh will remain closed for three days per week, a spokesman for the Sui Southern Gas Company (SSGC) said. According to the spokesman the CNG stations will remain closed on Monday, Wednesday and Friday. The stations will be shut from 8:00AM in the morning on the above mentioned days for 24 hours.  










 
ewarticle KARACHI: Compressed Natural Gas (CNG) outlets in Sindh will remain suspended on second consecutive day Thursday.Sui Southern Gas Company (SSGC) officials said duration for closure of CNG stations across the province has been extended due to shortage of gas in the system.According to the schedule, the CNG outlets remained closed on Wednesday as well.                        










 
ewarticle KARACHI: CNG stations will remain shut in Sindh on second consecutive day, Tuesday and will reopen on Wednesday morning after 48 hours of closure.According to Sui Southern Gas Company, closure of CNG outlets has been extended due to shortage of gas supply.Now, CNG pumps will reopen at 8:00AM on Wednesday morning after 48 hours of closure.It may be noted here that SSGC often changes CNG closure schedule, resulting daily commuter suffer severely.  










 
ewarticle strong>KARACHI: CNG stations across Sindh resumed supply after a three-day long strike.</strongAccording the Geo New, CNG from today will be sold in kilograms and not litres.The strike was called off after a round of successful talks on Friday between CNG Association and government.In a press conference held after the meeting representatives of the CNG Association told media that they had met Oil and Gas Regulatory Authority (OGRA) officials and the petroleum minister in Islamabad on August 11.During the meeting the CNG Association explained their issues with the government.It is stated that another meeting between stakeholders will be held in Karachi.Oil and Gas Regulation Authority (OGRA) spokesman, earlier, has categorically stated that Compressed Natural Gas (CNG) cannot be sold in litres in Sindh province.He said OGRA has sent letter to CNG Associations regarding the issue. Different inspection teams have been formed to collect data of CNG pumping stations in Karachi. 
ewarticle strong>KARACHI: CNG stations across Sindh resumed supply after a three-day long strike.</strongAccording the Geo New, CNG from today will be sold in kilograms and not litres.The strike was called off after a round of successful talks on Friday between CNG Association and government.In a press conference held after the meeting representatives of the CNG Association told media that they had met Oil and Gas Regulatory Authority (OGRA) officials and the petroleum minister in Islamabad on August 11.During the meeting the CNG Association explained their issues with the government.It is stated that another meeting between stakeholders will be held in Karachi.Oil and Gas Regulation Authority (OGRA) spokesman, earlier, has categorically stated that Compressed Natural Gas (CNG) cannot be sold in litres in Sindh province.He said OGRA has sent letter to CNG Associations regarding the issue. Different inspection teams have been formed to collect data of CNG pumping stations in Karachi."
What impact did the weaker dollar have on crude oil prices?,"strong>SINGAPORE: Oil prices rose in early Asian trade on Thursday, rebounding on a weaker U.S. dollar after falling around 3 percent or more in the previous session following a surprisingly large build in U.S. crude and distillate stocks last week.</strong""The weaker dollar is providing support for oil prices today. The direction of oil prices is governed by supply and the strength of the dollar,"" said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance.The U.S. dollar index slipped against a basket of currencies on Thursday. A weaker dollar makes greenback-denominated commodities including oil cheaper for holders of other currencies.U.S. crude futures had climbed 12 cents to $44.82 a barrel by 2025 EST, after falling $1.65, or 3.6 percent, in the previous session.Brent crude futures climbed 10 cents to $46.99 a barrel after settling $1.33 lower, or 2.8 percent, at the previous close.That came after U.S. crude inventories rose 2.3 million barrels to 1.221 billion barrels in the week to Aug. 26, data from the Department of Energy's Energy Information Administration showed on Wednesday. That compared with analyst expectations of a 921,000-barrel increase.Distillate stocks, which include diesel and heating oil, unexpectedly rose by 1.5 million barrels, while gasoline inventories fell by 691,000 barrels, about half the forecast drawdown.""In the absence of any price shocks, oil prices remain rangebound - as soon as oil gets down to the lower end of $40 a barrel prices find support. When oil gets down to $40-$42 investors buy, when it gets to $48-$50 they sell again"", Barratt said.Speculation the Organization of the Petroleum Exporting Countries and other oil producers might agree to curb output at talks in Algeria later this month helped fuel an 11-percent rise in crude prices in August, the best monthly return since April.But optimism of an output freeze has since waned.""The market is very complacent on whether OPEC can come up with a supply freeze deal. The market doesn't believe OPEC has the ability to achieve an agreement freezing supply,"" Barratt added.Investors are also waiting for U.S. non-farm payroll data on Friday to give the market direction, ANZ Bank said in a note. 
ewarticle strong>SINGAPORE: Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude.</strongBrent futures were trading at $47.05 (32 pounds) per barrel at 0028 GMT on Monday, down 32 cents from their last settlement. US crude was down 28 cents at $45.64 a barrel.Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) and especially the Middle East was outweighing supportive factors such as an ongoing, albeit slow, fall in U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.""The weaker dollar failed to excite investors in the crude oil markets,"" ANZ bank said, citing a rise in OPEC-output as the main downward driver for prices.The dollar has fallen over 6 percent this year against a basket of other leading currencies.French bank BNP Paribas said that a recent oil rally, with prices jumping almost a third since April, was largely driven by sentiment and lacked physical fundamentals.""The recent rally in oil prices ... appears to have little to do with fundamentals,"" it said.""We see the recent rally as sowing the seeds of its own demise, and extending our recommendation to protect against short-term downside risk.""OPEC-supplies rose to 32.64 million barrels per day (bpd) in April, from 32.47 million bpd in March, according to a Reuters survey based on shipping data and information from sources at oil companies, OPEC and consultants.That almost matches January's 32.65 million bpd, when Indonesia's return to OPEC boosted production to records.Despite Monday's lower prices, other analysts are growing confident that a near-two-year rout in oil has ended, and many have raised their price forecasts.The chief of the International Energy Agency (IEA) said oil prices may have bottomed out, providing the health of the global economy does not pose a concern.""In a normal economic environment, we will see the price direction is rather upwards than downwards,"" IEA Executive Director Fatih Birol said on Sunday.Non-OPEC output is set to fall by more than 700,000 bpd this year, the biggest decline in around 20 years, he said.With global oil demand seen growing by 1.2 million bpd this year, the draw in global stockpiles will start soon, helping push up prices, he said. 
ewarticle strong>New York: US oil prices finished above $50 a barrel for the first time since July on Tuesday as a tightening supply picture and a weaker dollar further boosted the commodity.</strongUS benchmark West Texas Intermediate for July delivery rose 67 cents to $50.36 a barrel on the New York Mercantile Exchange, capping a rally from the low near $25 a barrel in February.Analysts said ongoing uncertainty about Nigeria´s outlook for petroleum production was strengthening the oil market.Nigeria´s government and military chiefs met governors of oil-producing states after announcing it planned peace talks with militants who have repeatedly attacked pipelines and installations, slashing output.Attacks have cut output to 1.6 million barrels per day, well below the budgeted-for 2.2 million barrels per day, heaping further pressure on an economy badly hit by the global fall in the price of crude since mid-2014.Analysts said oil was also boosted by a dip in the dollar against major currencies after Federal Reserve Chair Janet Yellen on Monday emphasized that interest rate increases would be gradual after Friday´s very weak jobs report. A weak dollar can boost demand for crude, which is sold on global markets in the US currency.""A good portion of what we´re seeing during the last couple of days is a reaction to the anticipation the Fed will not change its interest rates and that´s leading to a weaker dollar,"" said James Williams of WTRG Economics. 
ewarticle strong>SEOUL: Global benchmark oil futures rallied more than 2 percent on Friday, following Asian shares higher after Beijing deactivated a circuit breaker mechanism that was blamed for aggravating equity market crashes.</strongChinese stocks were also boosted as the yuan currency firmed in early trade after the central bank strengthened its official rate for the first time in nine trading days.Brent had risen 56 cents to $34.31 a barrel as of 0150 GMT, having hit an intraday high of $34.72. It settled down 48 cents at $33.75 in the previous session, after marking $32.16, a level last seen in April 2004.U.S. crude West Texas Intermediate (WTI) was trading 63 cents higher at $33.90 a barrel after settling at $33.27 on Thursday. In the last session, it hit its lowest since late 2003 at $32.10.OPEC's smallest member Ecuador, which has increased debt and reduced investments due to the oil price plunge, said on Thursday it would continue to press for production cuts at the cartel's next meeting scheduled for June.""Oil remains under pressure amid concerns about China's economy,"" ANZ said in a note on Friday.""With rising Middle East tensions now a distant memory, oil is likely to test the $30 a barrel level amid growing concerns on the impact of a weakening yuan on Chinese demand.""Natixis said in a research note that global demand should increase by 1.1 million barrels per day (bpd) as opposed to 1.7 million bpd in 2015.""There are several clouds on the horizon which may impact demand growth such as the potential slowdown in China and any other emerging markets,"" it said.Chart-watching oil analysts said if oil prices do not rally hard on Friday, they seem doomed to drop below $30 a barrel for the first time since 2003. 
ewarticle SINGAPORE: Oil prices fell on Monday after closing the previous session at their lowest levels since March on renewed oversupply concerns from the United States and Iraq, although a weaker dollar helped to limit deeper losses.Investors are looking to the US Federal Reserve for direction this week. The central bank starts a two-day policy meeting on Tuesday that could result in a September interest rate hike that would strengthen the greenback.""The markets are looking for price guidance from Janet & Co,"" said Ben Le Brun, market analyst at Sydney's OptionsXpress, referring to Fed Chair Janet Yellen and the bank.""There is scope for the dollar bulls to be disappointed this week (which) might be a driver for oil prices and the commodities complex overall,"" Le Brun said.A weaker dollar makes dollar-denominated commodities, including oil, cheaper for consumers using other currencies.Brent crude for September was down 2 cents at $54.60 a barrel as of 0655 GMT after dropping 65 cents in the previous session to $54.62, its lowest close since March 19.US crude for September was down 12 cents at $48.02, after falling 31 cents in the previous session to $48.14, its lowest settlement since March 31. It hit an intra-day low of $47.72 on Friday, the lowest intraday price since April 1.Sparking new worries about a global glut, US oil producers added 21 drilling rigs last week, the biggest rise since April 2014, according to Baker Hughes.The increase in drilling activity came despite a 21 percent collapse in US crude prices from about $61 a barrel in mid-June. A 20 percent downturn is considered by many traders to constitute a bear market.In Iraq, exports from its southern oilfields are on course for a monthly record, having topped 3 million barrels per day so far this month, according to loading data and an industry source.The expectation of continued abundant oil supplies, including an output increase from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries, led the National Australia Bank on Monday to revise its oil price forecasts in a monthly report.""We now expect oil prices to stay below $70 a barrel for the rest of 2015 and 2016,"" the bank said.Speculators cut long bets on US crude futures and options to the lowest level in five years last week, the US Commodity Futures Trading Commission said on Friday.                        










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What improvements has IMF noted in Pakistan's economy?,"The International Monetary Fund (IMF) has cited Pakistan’s prudent monetary and fiscal policies along with other measures as reasons for an improvement in the country’s economy, reported The Wall Street Journal. Director IMF Middle East and Central Asia Department, Masood Ahmed following his visit to Pakistan said: “The authorities have made progress with consolidating macroeconomic stability, strengthening public finances and rebuilding foreign-exchange buffers.” The director also called on the Pakistani government to broaden the tax base which would increase revenue and reduce debt.   










 
ewarticle ISLAMABAD: International Monetary Fund (IMF) has appreciated the steps being taken by the government of Pakistan for improving the fiscal condition of the country.According to international media, the IMF spokesman welcomed the measures adopted by Pakistan government for improving the country’s financial condition and reducing the domestic borrowings.He noted that steps were also being taken to curtail the budget deficit through fiscal management by ensuring better coordination between the federation and the provinces.The spokesman further also observed that Pakistan’s foreign debt servicing has also improved while the rise in foreign exchange reserves will help bring economic stability.    
ewarticle strong>ISLAMABAD: Managing Director International Monetary Fund Christine Lagarde has reiterated full support to Pakistan in its endeavours to address economic challenges and realize its superb potential.</strongShe was addressing a news conference along with Finance Minister Ishaq Dar in Islamabad on Tuesday.Christine Lagarde felicitated Pakistan on having successfully completed IMF supported economic reforms package. She said the program helped the country achieved macroeconomic stability and provided a solid foundation to the country to go for further reforms in important sectors. She pointed out that as a result of better economic performance; the country has significantly improved social protection spending. She also expressed satisfaction over the gradual reduction in the power outages and better financial discipline of the power sector.She said Pakistan has achieved a lot over the last few years but much more also needs to be done in the next phase to address the remaining challenges in order to ensure higher standards of living for their people. She said the requisite reforms process will help the country effectively meet challenges on the economic front.Christine Lagarde said structured reforms are required in different sectors including power besides there is need to plug losses in public enterprises. In parallel, special focus should also be laid on health and education sectors. She was of the view that any future reforms should focus primarily on inclusive and sustainable growth as it is imperative to bringing improvements in the living standards of the people.Minister for Finance Ishaq Dar said besides consolidating gains of the last three years, the Government would focus for next two years on growth, creation of job opportunities, poverty reduction and creating space for social sector spending.He said this has been reflected in the current year's budget, which is aimed at broadening tax net and improving financial disciple.The Minister said development spending has been increased from 300 billion rupees three years back to 800 billion rupees this year, social safety net expenses taken from 40 to 117 billion rupees and budgetary support for higher education has been increased substantially.Ishaq Dar expressed pleasure that for the first time the country completed an IMF programme and embarked upon comprehensive economic and financial reforms.He said when the present Government assumed power; it pledged to focus on addressing the four challenges of economic instability, energy shortages, low spending on social sector and extremism. He said the country has made good progress on all these fronts.The Finance Minister said the battle against terrorism has entered into its last round and incidents like the one in Quetta are blow back. 
ewarticle strong>DUBAI: The International Monetary Fund said on Thursday that it had reviewed Pakistan´s economic performance and would make available a further $510 million to the country as part of a three-year, $6.7 billion financial assistance programme.</strongThe money will be provided when the review is approved by the IMF´s management and executive board, the Fund said in a statement, describing its discussions with Pakistan as ""productive"" and adding that performance criteria in the programme had been met.Pakistan´s gross domestic product growth is projected at 4.5 percent in the 2015/16 fiscal year and 4.7 percent in the following year, the IMF said. 
ewarticle ISLAMABAD: International Monetary Fund (IMF) Director for Middle East and Central Asia, Masood Ahmed said the economic survey of Pakistan is conducted keeping in mind the security situation in the country. Speaking at a seminar here, Ahmed said the IMF was aware that billions spent on security were putting pressure on Pakistan’s economy. He added the IMF has issued directives to Pakistan to decrease expenses and to focus on health and education in the budget. The IMF has also directed Pakistan to take necessary measures to increase tax revenue.  










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impact of IEA report on global oil prices,"London: World oil prices sank Friday after the International Energy Agency warned over the price outlook amid bulging global supplies.In midday London deals, European benchmark Brent North Sea crude for April delivery fell 57 cents to $56.51 a barrel.US benchmark West Texas Intermediate (WTI) for April shed 72 cents to $46.33 a barrel.""Crude oil prices extended losses ... as investors remained cautious following the bearish IEA oil monthly report, high levels of crude oil inventories and the strong US dollar rally,"" said Sucden analyst Myrto Sokou.The Paris-based IEA energy watchdog warned Friday that the recent rebound in oil prices was built on flimsy foundations.Prices collapsed by 60 percent to about $40 between June and late January due to global oil oversupply, a weak world economy and the strong dollar.However, the market has since rebounded somewhat following a slowdown in US oil-drilling activities.""Behind the facade of stability, the rebalancing triggered by the price collapse has yet to run its course, and it might be overly optimistic to expect it to proceed smoothly,"" said the Paris-based IEA, which advises energy consuming nations.It noted that a key driver in the recovery in oil prices has been drops in the number of rigs drilling for shale oil in the United States.""Yet US supply so far shows precious little sign of slowing down. Quite to the contrary, it continues to defy expectations,"" said the IEA in its monthly report, which sharply revised up output estimates for the end of last year and forecasts for the start of 2015.The IEA hiked its demand forecasts for every quarter this year, with the annual 2015 figure bumped up by 100,000 barrels per day to 93.5 mbpd, compared with its previous forecast given last month.In earlier Asian trading, the oil market had risen on news of a deal to end a strike at US refineries.Crude futures had fallen Thursday after a government report showed surging US stockpiles, adding to a global oversupply.The US Department of Energy on Wednesday said inventories hit a fresh record high of 448.9 million barrels last week, while stockpiles at the Cushing terminal hub in Oklahoma -- the price settlement point for WTI -- also increased.Bloomberg News meanwhile reported the United Steelworkers union representing 30,000 US oil workers had reached a tentative deal on a four-year contract with Royal Dutch Shell that could see a mass walkout brought to a close.Another development affecting the market was an announcement on Monday by the US Energy Information Administration raising its crude production forecast this year to 9.35 million barrels per day from 9.30 million. (AFP)                        










 
ewarticle strong>LONDON: The world will store unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said.</strongThe agency, which coordinates energy policies of industrialised countries, said that while it did not believe oil prices could follow some of the most extreme forecasts and fall to as low as $10 per barrel, it was equally hard to see how they could rise significantly from current levels.The Paris-based IEA trimmed its forecast for 2016 oil demand growth, which now stands at 1.17 million barrels per day (bpd) following a five-year high of 1.6 million in 2015.It cut its call on OPEC crude for 2016 by 100,000 bpd to 31.7 million bpd. That figure is much lower than OPEC's January output of 32.63 million bpd.""Persistent speculation about a deal between OPEC and leading non-OPEC producers to cut output appears to be just that: speculation. It is OPEC's business whether or not it makes output cuts either alone or in concert with other producers but the likelihood of coordinated cuts is very low,"" the IEA said.Oil prices collapsed over the past 18 months to below $30 a barrel from as high as $115 as OPEC opened its taps to drive higher-cost producers such as U.S. shale companies out of the market.Low oil prices have spurred global demand but it was not enough to absorb all crude produced. As a result, unwanted oil went into storage, leading to record global stockpiles of over 3 billion barrels.U.S. shale oil output has started to decline because of low prices and OPEC has said it sees the market rebalancing sometime later in 2016 when demand finally meets supply.But the IEA said supply may still exceed demand throughout the whole of 2016 and added it saw non-OPEC output falling by just 0.6 million bpd in 2016.""The number could be higher of course and many senior international oil company figures have said so but there is a lingering feeling that the big fall-off in production from U.S. shale producers is taking an awful long time to happen. Perhaps resilience still has some way to go,"" the IEA said.The agency also said it saw the dollar remaining strong as it benefits from its safe-haven status, meaning more downward pressure on oil prices.With weaker global oil demand, likely new gains in Iraqi, Iranian and Saudi output, low chances of an OPEC deal, resilient U.S. production and a strong dollar - the IEA said the global oil glut was only poised to worsen.It said that even if OPEC production remained flat, global stocks would build by 2 million bpd in the first quarter, followed by a 1.5-million-bpd build in the second quarter.""Supply and demand data for the second half of the year suggests more stock building, this time by 0.3 million bpd. If these numbers prove to be accurate, and with the market already awash in oil, it is very hard to see how oil prices can rise significantly in the short term. In these conditions the short-term risk to the downside has increased.” 
ewarticle Singapore: Oil prices resumed their decline in Asia Wednesday, with global crude oversupply continuing to dampen investors´ sentiment despite occasional rallies.Prices had risen the previous day after a four-day losing streak, as traders weighed a bearish price outlook from the International Energy Agency (IEA) and a lowered US estimate for crude production.The oil market has collapsed by more than half since mid-2014 with prices languishing under $50 a barrel, hurt by the supply glut and the decision by the oil exporter grouping OPEC to maintain output to counter booming US shale production.The Paris-based IEA, in a report Tuesday, forecast that the global oil market would recover to $80 a barrel by 2020.At around 0300 GMT Wednesday, US benchmark West Texas Intermediate for delivery in December was trading 47 cents lower at $43.74 and Brent crude for December was down 26 cents at $47.18.""We continue to think the market will remain in surplus through most of 2016, which is likely to restrict the upside for prices, particularly over the fourth quarter of 2015 and the first quarter of 2016,"" British bank Barclays said in a market commentary.A strong dollar, fuelled by widening expectations that the US Federal Reserve will raise interest rates next month, has also been keeping a lid on prices.Oil is traded in the US currency and a buoyant dollar would make the commodity more expensive for those holding weaker units, lowering demand and prices.""We expect the greenback to continue to be supported as we approach the likely lift-off in rates,"" Singapore´s United Overseas Bank said, referring to a December 17 meeting of the Fed´s policy-setting Federal Open Market Committee. 










 
ewarticle Singapore: Oil prices fell in Asia on Tuesday after the International Energy Agency (IEA) predicted that global oil prices will recover only partially over the next five years, analysts said.US benchmark West Texas Intermediate (WTI) for March delivery slipped 74 cents to $52.12, while Brent crude for March eased 77 cents to $57.57 in afternoon trade. Citing a major shakeup in the oil markets, the IEA said in its five-year forecast that prices will recover from current levels of around $50-60 per barrel but remain considerably below the more than $100 price tags reached the slump began in June.""The global oil market looks set to begin a new chapter of its history, with markedly changing demand dynamics, sweeping shifts in crude trade and product supply, and dramatically different roles for OPEC and non-OPEC producers in regulating upstream supply,"" the IEA said.It added that it sees market rebalancing occurring ""relatively swiftly"", with increases in inventories halting mid-year and the market tightening.""This morning´s slight dip is likely due to the IEA report that predicts only a slow recovery for oil prices. However this is only in the short term as the market fundamentals have not changed,"" said Shailaja Nair, associate editorial director at energy information provider Platts.Prices have plunged from their mid-2014 peaks largely owing to a surge in global reserves boosted by robust US shale production and weak global demand. (AFP)                        










 
ewarticle London: Oil prices ended the week firmer Friday, lifted by a recovery in share prices in China, which is the world´s biggest consumer of energy and major buyer of commodities generally.The crude market won a boost also from surging European stock markets, that were lifted mainly by hopes of a deal between Greece and its creditors. The International Energy Agency meanwhile forecast that global oil demand growth would slow in 2016 and that oil production in nations outside the Organization of the Petroleum Exporting Countries (OPEC) would stall.In its first estimates for 2016, the IEA forecast that oil demand would slow next year to 1.2 million barrels per day, compared with an average of 1.4 million barrels per day this year.Meanwhile growth in non-OPEC oil supply ""is expected to grind to a halt in 2016 as lower oil prices and spending cuts take a toll"", the IEA said in its monthly oil report.In trading Friday, US benchmark West Texas Intermediate for delivery in August climbed 42 cents to $53.20 a barrel compared with Thursday´s close.Brent North Sea crude for August advanced 62 cents to stand at $59.23 a barrel in London afternoon deals.- Chinese turbulence -US crude futures had sunk nearly eight percent Monday on worries about slowing global growth, as Greek voters rejected a bailout offer and China moved to calm financial market turbulence.""There are some signs that foreign investors are more optimistic about China´s efforts to arrest the stock slide,"" said Bernard Aw, market strategist at IG Markets.""However, I feel much caution should be exercised and it is important to observe the Chinese markets in the coming sessions before calling it a bottom.""Aw added: ""As we have seen in the past, Chinese equities may recover in one session, only to fall straight back into a downward spiral the next day.""Chinese stocks surged for a second day on Friday as a government rescue plan offered a respite from a month-long rout.In a rollercoaster week, the Shanghai market gained 5.18 percent overall, after the government announced additional policies to avoid a market crash.But it is still down 24.9 percent from its closing peak on June 12. The stock market slide of recent weeks was a dramatic reversal of a 150-percent charge in the 12 months to its peak last month, fuelled by tens of millions of retail investors using borrowed funds.China´s economy, the world´s second largest, is already faltering. Gross domestic product expanded 7.4 percent in 2014, the slowest pace since 1990, and weakened further in the first three months of this year.But the International Monetary Fund said Thursday that there was no reason to lose faith in China´s economy because of the bursting stock market bubble.-- Greek relief --The oil market was focused also on Greece amid hopes debt-strapped nation would reach a deal with its creditors after Athens laid out details Thursday of a new bailout plan to save it from financial collapse.The package involves a pensions overhaul and tax hikes in return for debt relief and a rescue loan from the eurozone.Traders are also keeping an eye on negotiations in Vienna between western powers and Iran on a deal to curb Tehran´s nuclear ambitions and allow the lifting of punishing sanctions.Global powers leading the negotiations sought to ramp up the pressure for a deal, but Iranian Foreign Minister Mohammad Javad Zarif hit back, saying Western countries among the so-called P5+1 group on the other side of the talks were backtracking on previous commitments.A lifting of sanctions will allow Iranian oil to flow back into the global market, adding to a supply glut and helping depress prices, according to analysts.Meanwhile US commercial crude stockpiles rose another 400,000 barrels to 465.8 million barrels in the week to July 3, even as refineries picked up activity. Gasoline inventories also jumped, with the summer holiday driving season in full swing. (AFP)                        










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ECC's approval for gas allocation from TAPI project,"Islamabad: The Economic Coordination Committee (ECC) has approved allocation of 75 per cent gas from Turkmenistan-Afghanistan-Pakistan-India (TAPI) to Sui Northern Gas Pipelines and 25pc to Southern Gas Company.The approval was given during ECC’s meeting held in Islamabad on Saturday with Finance Minister Ishaq Dar in the chair.The committee also approved grant of Rs84 million for payment of four month’s salaries to the employees of Printing Corporation of Pakistan.The ECC also approved the proposal for allowing Attock Cement Pakistan to remit $24 million for establishment of Cement Grinding Unit in Basra Iraq.The ACPL intends to hire 50 percent of its labor force from outside Iraq and the venture will create employment opportunities for the Pakistanis.The committee also approved import of RLNG LNG by fertilizer plants using SNGPL Network with prior permission of the Ministry. (PPI)                        










 
ewarticle ISLAMABAD: Prime Minister Nawaz Sharif on Wednesday called for speedy implementation of Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project terming it critical for the regional countries.The meeting in Islamabad included Petroleum Ministers of Turkmenistan, Afghanistan and India as well as Pakistan’s Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi.The PM said that Pakistan would play a positive role for the early progress on TAPI and any delay would add heavily to the cost.He went on to say that Pakistan was facing an acute shortage of gas and that this project would help Pakistan overcome the crisis. On February 6, Minister of State for Petroleum and Natural Resources Jam Kamal said that Pakistan would host technical group meetings of the TAPI project here during this month. All the countries under TAPI would participate in the meetings as the gas sales and purchase agreement had already been signed. He also said that project development was in progress while consultants were engaged in carrying out feasibility study and design.  










 
ewarticle ISLAMABAD: Following its approval from National Assembly, the lower house of the parliament, the upper house Senate on Wednesday also passed the Gas Infrastructure Development Cess (GIDC) bill 2015 amid protest from some opposition members.During the discussion, members of opposition parties criticized the government for presenting the bill in the house and urged that it should be presented in Council of Common Interest (CCI) for consultation with the provinces before its passage. Senator Tahir Hussain Mashhadi of MQM said that the the bill should have been presented in the CCI. He said any tax on natural resources cannot be imposed without consultation of provinces, he said.Senator Nauman Wazir and Sentor Saleem Mandviwala called for need to find a mechansim of gas infrastructure development and suggested that concerns of opposition should also be addressed.Opposition Leader Aitzaz Ahsan and Senators including Usman Saifullah, Mohsin Aziz, Shahi Syed, Saeed Ghani, Usman Kakar, Sassui Paleejo, Robina Adnan, Naseema Ehsan and Mohsin Leghari registered their opposing comments on the bill during discussion.Opposition members belonging to Muttahida Qaumi Movement (MQM), Pakistan Tehreek-e-Insaf (PTI), Awami National Party (ANP) and Balochistan National Awami Party staged a token walk out from the House.Earlier, Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi in his winding up speech said National Assembly has already passed the Bill and said the government requires Rs1000 billion annually to maintain and improve gas infrastructure in the country.He said that Rs100 billion would be collated annually through this levy and it would be used for gas infrastructure and added that no province is self-sufficient in gas.He said that the production of gas is 4 BCFD and demand is 8 BCFD adding that it is very necessary to fund some important projects.He said that TAPI is Rs1 trillion project but our share is of Rs100 billion.The minister said that the collection amount of GIDC would not be misused and the parliament would oversee it.Shahid Khaqan said that the CCI itself says that the GIDC does not come into its domain and federal government should settle it. He said that Supreme Court has already decided that it is not a tax but a cess.Defending further the Cess Bill, he argued that to bridge the widening gas supply gap a number of gas import projects were being perused including the Iran-Pakistan (IP) gas pipeline project, Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project, LNG import projects and LPG supply enhancement project in public as well as private sectors.He said that in case the required infrastructure was not developed for the above mentioned projects the government would be forced to import liquefied fuels which are much costlier as compared to gas.Further Pakistan would also be exposed to payment of liquidated damages or payments. According to him presently neither the federal government nor any gas utility has adequate funding to implement the above project.To create the required infrastructure it was therefore necessary that a new Cess may be imposed.He also accepted the idea of some opposition Senators for forming a committee to point out anomalies in the bill, which would prepare its recommendations to make the bill more beneficial.The minister went on to say that it would be the current government, which has planned to provide gas to every district of Balochistan– APP/Geo News 










 
ewarticle strong>ISLAMABAD: Iran has agreed with Pakistan to negotiate amendment in the Gas Sale Purchase Agreement (GSPA) for implementation of the IP gas pipeline project in the extended period.</strong“Pakistan has requested Iran for amendment in the GSPA and sent it a draft accordingly. Iran has agreed to negotiate the same along with some other amendments, which are awaited,” official sources in the Ministry of Petroleum and Natural Resources told APP sharing current status of the project.They said funds would be allocated for the Iran-Pakistan (IP) gas pipeline Project as per procedure in the due course of time.Answering a question, the sources said the revised timeline for completion of the project would be decided mutually in the forthcoming meetings between Pakistan and Iran.“The details, in this regard, can be sorted out by the Experts Group, which should meet to discuss and decide on all outstanding matters,” they said.Sharing details of the project, the sources said Inter-Governmental Framework Declaration was signed between the two countries on May 24, 2009, while GSPA had reached on June 2009.Subsequently, Pakistan issued sovereign guarantee on May 28, 2010.Project consultant was appointed on April 11, 2011, while the design, feasibility, route survey and other formalities of the project were completed on September 8, 2012.The 56-inch diameter pipeline will initiate from South Pars gas field Iran and end at Nawabshah covering a distance of around 1,931 kilometer with 1,150 km portion in Iran and 781 km in Pakistan.The implementation is to be done on the basis of a segmented approach whereby each country will be responsible for construction of pipeline in the respective territory.The 750 mmcfd gas flow in the pipeline is projected to help generate around 4,000 MW electricity.Moreover, they informed that construction work on the 700-kilomtre Gwadar-Nawabshah gas pipeline was expected to commence soon on the same route of the IP gas pipeline project in collaboration with China. 
ewarticle ISLAMABAD: Federal Minister for Water and Power Khawaja Asif has welcomed the US Company, American Ethane for showing its deep interest in setting up three gas-based power plants, producing 2,000MW each, in Pakistan. Speaking to a delegation of American Ethane, led by, Prime Minister’s Special Envoy for Overseas Investment Ambassador Javed Malik, here on Tuesday, Asif said that the new power policy and power generation policies have been improved to facilitate the investment in the energy sector. “After the introduction of revolutionary reforms in power policy the private sector can now establish their own transmission line,” said the minister. “The government of Pakistan will purchase it,” he added.  Khawaja Asif said that a large number of private sector energy projects are already at different stages in the China Pakistan Economic Corridor (CPEC).He said that keeping in view the number of projects that are planned in the energy sector overall, economic activities were also gearing up and the country’s economic indicators were improving fast.The minister assured the American delegation that all facilities will be extended to them by his ministry and its institutions. He said that special instructions have already been passed by the ministry to the Private Power infrastructure Board in this regard. The water & power minister lauded Ambassador Javed Malik for his efforts in bringing in valuable investment in the country. He said that Ambassador Malik’s services were known to all Pakistanis living abroad and he was an important link between their homeland and the country of their work. Secretary Ministry of Water and Power Mohammad Younus Dagha briefed the delegation about the features of the new power policy and assured them that an all out support will be extended to the company. Other members of the delegation included John Teter, Michael Hood, Walter Teter and Alex Domakhin.                        










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current oil price trends and factors affecting them,"strong>SINGAPORE: Oil prices remained near 2016 highs in early trading on Thursday, buoyed by a fall in U.S. crude inventories, a weaker dollar and strong demand, but some analysts warned that the recent rally was starting to look overblown.</strongInternational Brent crude oil futures LCOc1 were trading at $52.70 per barrel at 0045 GMT, up 19 cents from their last close.U.S. West Texas Intermediate (WTI) crude CLc1 was 32 cents higher at $51.55 a barrel.Traders said the price rises were largely a result of a drop in U.S. crude oil inventories.Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks last week fell by 3.23 million barrels to 532.5 million barrels, marking their third consecutive weekly fall.A weaker dollar, down around 2.4 percent this month against a basket of other currencies, makes dollar-traded fuel imports for countries using other currencies cheaper, also supporting oil prices, traders said.But some analysts said there were also signs that the recent oil price rise, which saw Brent rally 6 percent this month and prices virtually double since February to one-year highs, may be overblown.ANZ bank said that price rises were ""tempered by an increase in crude production of 10,000 barrels per day to 8.75 million barrels per day and the number of active rigs increasing by 9 to 325"".Traders also warned of an ongoing build in refined product stocks in the United States and Asia.With fundamentals weighing both for and against higher prices, many traders and analysts say that a price tag of $50-60 for a barrel of crude was a fair value for oil, reflected in Brent's forward curve which stays within that range until early 2021. 
ewarticle London: Oil prices edged higher on Tuesday as the market seeks to build on strong gains in April following massive falls earlier in the year.US benchmark West Texas Intermediate for delivery in June won 56 cents to $59.49 a barrel.Brent North Sea crude for June won 47 cents to stand at $66.93 a barrel in London midday deals.After slumping at the start of the year, oil prices rose by about a fifth in value during April owing to several factors including concerns about unrest in Yemen, the weakening dollar and fewer US rigs in operation, analysts said.However, prices remain well down after plunging almost 60 percent between June and the start of 2015 on the back of a global supply glut and ramped up production.""Crude oil producers in the US have significantly cut back output in an attempt to address the significant supply overhang which has exerted downward pressure on... prices since June last year,"" Kash Kamal, senior research analyst at Sucden brokers said on Tuesday.The International Monetary Fund has said that Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices.The wealthy monarchies, however, should ""not react in a knee-jerk way to lower oil prices"", the IMF Middle East and Central Asia chief Masood Ahmed told AFP in an interview Monday.""Saudi Arabia seem committed to defending their market share and have even increased output to over 10 million barrels per day in April,"" said Kamal.""Support for higher crude prices has partly come from a weaker dollar,"" he added.A weaker dollar makes oil priced in the US unit cheaper for holders of others currencies, boosting demand. (AFP)                        










 
ewarticle Singapore: Oil prices remained under pressure in Asia Friday after a huge jump in US crude inventories reinforced projections that a supply glut will persist well into next year.US benchmark West Texas Intermediate (WTI) for delivery in December was down 24 cents to $41.51 and Brent crude for December was trading four cents higher at $44.10 a barrel at around 0330 GMT.Prices were hammered Thursday after the US Department of Energy reported that commercial crude inventories in the world´s top oil consumer grew by 4.2 million barrels last week, far higher than analyst expectations of an increase of 1.3 million barrels.WTI sank 2.7 percent and Brent fell 3.8 percent after the report, which also showed US crude oil production continued to ramp higher.Global oil demand growth has not been fast enough to soak up the excess in supplies and analysts say a rebalancing of the supply-demand situation is needed for a sustained uptick in prices.Oil prices have plunged by more than half from peaks of over $100 a barrel in mid-2014.""Although global oil demand growth has been exceptionally strong year-to-date, the overall pace of supply side adjustment has been too slow to end a sustained increase in global inventories that we expect to persist through most of 2016,"" British bank Barclays said.It said in a market commentary that US offshore production in the Gulf of Mexico reached its highest level since early 2010 in August and is expected to remain strong although at a slower pace into 2016 ""as several more new fields begin to produce"".Members of the Organization of the Petroleum Exporting Countries (OPEC) have also kept production high in an aggressive bid to retain market share.OPEC´s collective production has stabilised at around 31.5 million barrels per day in recent months, Barclays said, but this is still more than its output ceiling of 30 million barrels per day. 










 
ewarticle London: Oil prices nudged higher on Friday, further recovering from a steep dive seen mid-week, although demand is set to remain shackled by a global supply glut, analysts said.US benchmark West Texas Intermediate for delivery in May edged up one cent to $50.80 a barrel.Brent North Sea crude for May gained 27 cents to $56.84 around midday in London.WTI and Brent sank 3.6 percent on Wednesday after the US Department of Energy said commercial inventories in the world´s biggest economy hit a record high last week.That came after Saudi Arabia´s Oil Minister Ali al-Naimi said his country´s production had hit an all-time high of 10.3 million barrels a day in March.Phil Flynn, an analyst at Price Futures Group, has said this week that rising imports of US crude oil could indicate improved demand prospects in the world´s largest oil consumer or concerns about supply tightening.Price support has meanwhile come from events concerning major oil producer Iran.Analysts attributed steep gains at the start of the week to investors concluding that the nuclear framework agreed between Iran and international powers will have a minimal near-term effect on global crude supplies.The deal Tehran agreed with the United States, Britain, China, France and Russia plus Germany paves the way for the Islamic republic to curtail its nuclear activity in exchange for relief from punishing economic sanctions, including on oil investment.The United States on Thursday warned that sanctions on Iran will be lifted in stages as a nuclear deal is implemented, after Tehran demanded they be removed as soon as it comes into force.""Geopolitical factors remain a constant worry for investors with concerns regarding Iran´s nuclear programme potentially leading to ongoing volatility in the crude oil market,"" said Kash Kamal, senior research analyst at Sucden brokerage. (AFP)                        










 
ewarticle London: Oil prices ended the week firmer Friday, lifted by a recovery in share prices in China, which is the world´s biggest consumer of energy and major buyer of commodities generally.The crude market won a boost also from surging European stock markets, that were lifted mainly by hopes of a deal between Greece and its creditors. The International Energy Agency meanwhile forecast that global oil demand growth would slow in 2016 and that oil production in nations outside the Organization of the Petroleum Exporting Countries (OPEC) would stall.In its first estimates for 2016, the IEA forecast that oil demand would slow next year to 1.2 million barrels per day, compared with an average of 1.4 million barrels per day this year.Meanwhile growth in non-OPEC oil supply ""is expected to grind to a halt in 2016 as lower oil prices and spending cuts take a toll"", the IEA said in its monthly oil report.In trading Friday, US benchmark West Texas Intermediate for delivery in August climbed 42 cents to $53.20 a barrel compared with Thursday´s close.Brent North Sea crude for August advanced 62 cents to stand at $59.23 a barrel in London afternoon deals.- Chinese turbulence -US crude futures had sunk nearly eight percent Monday on worries about slowing global growth, as Greek voters rejected a bailout offer and China moved to calm financial market turbulence.""There are some signs that foreign investors are more optimistic about China´s efforts to arrest the stock slide,"" said Bernard Aw, market strategist at IG Markets.""However, I feel much caution should be exercised and it is important to observe the Chinese markets in the coming sessions before calling it a bottom.""Aw added: ""As we have seen in the past, Chinese equities may recover in one session, only to fall straight back into a downward spiral the next day.""Chinese stocks surged for a second day on Friday as a government rescue plan offered a respite from a month-long rout.In a rollercoaster week, the Shanghai market gained 5.18 percent overall, after the government announced additional policies to avoid a market crash.But it is still down 24.9 percent from its closing peak on June 12. The stock market slide of recent weeks was a dramatic reversal of a 150-percent charge in the 12 months to its peak last month, fuelled by tens of millions of retail investors using borrowed funds.China´s economy, the world´s second largest, is already faltering. Gross domestic product expanded 7.4 percent in 2014, the slowest pace since 1990, and weakened further in the first three months of this year.But the International Monetary Fund said Thursday that there was no reason to lose faith in China´s economy because of the bursting stock market bubble.-- Greek relief --The oil market was focused also on Greece amid hopes debt-strapped nation would reach a deal with its creditors after Athens laid out details Thursday of a new bailout plan to save it from financial collapse.The package involves a pensions overhaul and tax hikes in return for debt relief and a rescue loan from the eurozone.Traders are also keeping an eye on negotiations in Vienna between western powers and Iran on a deal to curb Tehran´s nuclear ambitions and allow the lifting of punishing sanctions.Global powers leading the negotiations sought to ramp up the pressure for a deal, but Iranian Foreign Minister Mohammad Javad Zarif hit back, saying Western countries among the so-called P5+1 group on the other side of the talks were backtracking on previous commitments.A lifting of sanctions will allow Iranian oil to flow back into the global market, adding to a supply glut and helping depress prices, according to analysts.Meanwhile US commercial crude stockpiles rose another 400,000 barrels to 465.8 million barrels in the week to July 3, even as refineries picked up activity. Gasoline inventories also jumped, with the summer holiday driving season in full swing. (AFP)                        










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What are the expected changes in the monetary policy of Pakistan in March?,"KARACHI: The State Bank of Pakistan on Saturday announced the new monetary policy for the next two months reducing the interest rate further by 50 basis points. The central bank reduced interest rate by 0.5 percent and brought it down to six percent.The State Bank of Pakistan noted year-on-year headline CPI inflation to have decelerated to 1.7 percent in August 2015 from 7.0 percent in August 2014. Following its declining trend of the past several months, the 12-month moving average CPI inflation came down to 3.6 percent in August 2015 from 8.4 percent in August 2014. A press release from the State Bank noted, “With better law and order situation, investor and consumer confidence is improving. After recording a growth of 3.3 percent, Large-scale Manufacturing is expected to gain further traction at the back of improvement in energy supplies. Implementation of infrastructure development and energy projects under China Pakistan Economic Corridor would further enhance the improving investment environment. Therefore, there is anticipation of higher economic activity in FY16 which is expected to boost credit uptake.” 










 
ewarticle KARACHI: The announcement of Monetary Policy for the next two months is likely to be made on March 21 by the State Bank of Pakistan (SBP).The experts are expecting a further cut in the policy rate in view of improvement in the country’s foreign exchange reserves, stability in rupee value and the decline of inflation rate to 3 percent.They are expecting that the central bank might ratchet down the discount rate by 0.5 to 1 percent.The economic analysts are of the view that a further cut in the policy rate of the SBP will not only provide additional impetus to the business and economic activities but also help boost employment in the country.  










 
ewarticle strong>KARACHI: State Bank of Pakistan cut its key policy rate by 25 basis points to 5.75 percent on Saturday, saying the country was on course to miss its economic growth target for the year.</strongThe bank said economic growth in the fiscal year ending June 2016 was likely to exceed last year´s 4.2 percent but miss the 5.5 percent target.The bank also said the inflation outlook was ""low"" despite headline inflation nudging up for seven consecutive months.The annual consumer inflation rate rose to 4.17 percent in April from 3.94 percent in March.Economists say Pakistan, a nation of 190 million people, needs to expand by at least 6 percent a year to absorb new entrants to the work force.In a statement, the bank said growth in the service sector and industrial activities would offset poor performance in the agricultural sector.There has also been an uptick in lending. ""GDP growth in FY16 is expected to provide the needed sustainability in growth trajectory and the basis for further improvement in FY17,"" the bank said in a statement.It added that foreign exchange reserves are expected to continue building, while the current account deficit will be at around 1 percent of GDP.Potential headwinds for the economy may come from an increase in global oil prices, the bank said.Pakistan is a net importer of oil. 
ewarticle KARACHI:  State Bank of Pakistan (SBP) on Saturday announced its monetary policy and decided to keep the policy rate unchanged at 6.0 percent.A statement issued here said that the average Jul-Oct FY16 inflation was at 1.7 percent is lower than the 7.1 percent average inflation in the corresponding period of last year.It said that the decline is broad based as both food and non-food and core inflation measures came down in this period.Going forward with subdued outlook of international oil price and other major commodity prices and in the absence of any shock to supplies of food items even though the average inflation would remain below the FY16 annual target of 6 percent the headline inflation is expected to reverse its declining momentum.Moreover market surveys indicate a marginal increase in inflation expectations for the coming months.The SBP statement further pointed out that the current account deficit despite a year on year 10.6 percent contraction in exports has narrowed down to $ 532 million in Jul-Oct FY16 from $ 1.9billion in Jul-Oct FY15. The improvement largely owes to declining oil price that has substantially reduced the oil import payments healthy workers remittances and the realization of Coalition Support Fund.At the back of official disbursements and Eurobond inflows surplus in capital and financial account has supported the overall balance of payments position thus ensuring an upward trajectory in foreign exchange reserves in Jul Oct FY16. Going forward continued flow of external resources would be required to maintain the stable balance of payments position.Furthermore, realization of investment inflows stemming from the China Pakistan Economic Corridor would indeed strengthen the external sector outlook over the medium to long term.Large Scale Manufacturing (LSM) mainly supported by food and beverages, automobiles, fertilizers and cement production increased to 3.9 percent in Jul Sep 2015 compared to 2.6 percent in the same period of last year.Further boost to this growth is expected from expansion in cotton yarn manufacturing strong construction activities as per planned development spending increased automobile production encouraged by government schemes and improving energy supply at the back of recent LNG imports.Credit to private sector witnessed a nominal increase in July-October 2015 wherein fixed investments continued to expand for the fourth consecutive quarter from Q2 FY15 to Q1 FY16. As a result of easy monetary policy, the weighted average lending rates on fresh and outstanding loans at 7.8 percent and 9.2 percent in September2015 are the lowest in 10 years.Thus, with current credit cycle now entering in uptake phase and with improving LSM growth borrowing on account of both the working capital and fixed investment is likely to increase.This outlook would reflect in broad money (M2) growth going forward which during July 01-November 06, 2015 M2 has expanded by 0.2percent against 0.7 percent during the same period last year.While the Net Domestic Assets declined by Rs 78 billion Net Foreign Assets contribution in M2 growth remained substantial as it increased by Rs106 billion.In view of the foregoing the Central Board of Directors of SBP has decided to keep the policy rate unchanged at 6.0 percent. 










 
ewarticle strong>KARACHI: The State Bank of Pakistan decided to maintain the interest rate at 5.75 percent, it announced on Saturday.</strongAddressing a press conference to announce the monetary policy for the upcoming two months, Governor State Bank of Pakistan Ashraf Mahmood Wathra stated that the interest rate would remain unchanged at 5.75 percent.Wahtra said during the press conference that Pakistan's energy situation had improved. He also said that Pakistan's economy had nothing to fear from the surging prices of oil. Wahtra claimed that the situation with regard to private sector's loans had improved.The Governor State Bank further said that an increase had been recorded in income which should be taken positively.""Production capabilities of the country will improve,"" he said.He said that the government did not get Coalition Support which caused hardships."
Current trends in oil prices and US stockpiles,"New York: Oil prices fell on Wednesday before the release of a report on US crude inventories as traders kept an eye on unrest in crude exporter Libya.US benchmark West Texas Intermediate for delivery in March shed $1.39 to $52.14 a barrel compared with Tuesday´s close.European benchmark Brent oil for April delivery slid $2.00 to $60.53 a barrel in London.The US Department of Energy will release its weekly stockpiles report on Thursday with many analysts expecting another large rise in stocks.Last week´s report showed that US crude inventories reached their highest levels on record for this time of the year.""The market had a very nice rebound from the $44-45 low it made a little while back,"" said Kyle Cooper, analyst at IAF Advisors in Houston.""But the fundamentals are still on the downside, and expectations are for a crude oil build"" on Thursday.""I don´t think the production growth is going to slow in the next couple of months.""Although leading producers like Chevron and ConocoPhillips have slashed capital budgets in light of the more than 50 percent plunge in global crude prices, the cuts are not expected to significantly affect short-term production levels.Traders were also keeping an eye on developments in north African crude oil producer Libya.Infighting and sabotage in Libya has reduced output to 150,000 barrels a day, down from a high of almost 1.5 million barrels per day, according to analysts. (AFP)                        










 
ewarticle Singapore: Oil prices fell in Asia Wednesday, giving up meagre gains in the previous session as investors await a US inventory report to gauge demand in the world´s top economy.US benchmark West Texas Intermediate for September delivery fell 17 cents to $42.45 a barrel and Brent crude for October dipped 23 cents to $48.58 a barrel in late-morning Asian trade.Both contracts eked out modest rebounds in closing deals in New York on Tuesday.But analysts said prices were unlikely to stage a sustained rally because the market remains awash with supplies from the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia.Oil traders are also watching a report on US crude inventories in the week ending August 14 due later Wednesday to measure demand in the world´s biggest economy and large producer of shale oil.Analysts expect inventories to decline, but also said stockpile levels remain high after a weaker-than-hoped rise in demand during the summer driving season.""Output in the US has turned out to be more robust than many had previously assumed, as shale firms have dramatically slashed costs and increased their efficiency rather than cutting production,"" said Thomas Pugh, commodities economist at research firm Capital Economics.Demand growth is not keeping pace with supply, especially with the slowdown in China, the world´s top energy consuming nation and its second-biggest economy.Iran last month also reached an agreement with major world powers to rein in its nuclear ambitions in exchange for the lifting of crippling Western economic sanctions which have restricted its oil exports.""This renewed decline in oil prices has largely been driven by a combination of concerns about demand, notably from China, and continued strong growth in supply,"" said Pugh.""OPEC has increased its output by almost 1.4 million barrels per day since January and the potential return of exports from Iran early next year could exacerbate the supply glut,"" he said. 










 
ewarticle London: Oil prices rebounded slightly Tuesday after recent sharp losses caused by an oversupplied market.US benchmark West Texas Intermediate (WTI) for April delivery rose 39 cents to $49.84 a barrel.Brent North Sea crude for April climbed 51 cents to stand at $59.41 a barrel in London afternoon deals.WTI shed $1.36 in New York and Brent lost $1.32 on Monday, building on heavy losses last Friday, as US crude stockpiles linger at historic levels, contributing to a global oversupply.A closely watched report on US weekly crude stockpiles is next due on Wednesday, with a Bloomberg News survey saying inventories are expected to have risen by 3.75 million barrels.US oil stockpiles are already at their highest level on record at this time of year.""The expectation of further rising US crude oil stocks is pressuring prices,"" said Commerzbank analysts in a note to clients.Globally, crude supplies are also being boosted after oilfields in eastern Libya resumed pumping to the port of Hariga after a pipeline was repaired, and oil producer Oman plans to ramp up output to 980,000 barrels a day this year.""The partial return of supply from Libya is weighing on the Brent price despite its sustainability being anything but certain,"" said Commerzbank.Crude prices lost about 60 percent of their value to about $40 between June and late January owing to an oversupply in world markets, a weak global economy and a strong dollar.Prices have risen above multi-year lows following a slowdown in US oil drilling activities, but analysts say volatility is likely to continue for some time.""It is apparent by now that drilling in the US will slow, global production growth is expected to be lower, and demand, at least in the US, is reacting positively to lower prices,"" British bank Barclays said in a report.""In short, the market is forecast to remain oversupplied for most of 2015, but expectations beyond that are for more balanced fundamentals."" (AFP)                        










 
ewarticle London: World crude prices diverged Tuesday as traders eyed weak demand and excess supplies, dealers said.Brent North Sea crude for October dropped eight cents to stand at $46.29 a barrel around late afternoon in London.US benchmark West Texas Intermediate for delivery in October added 86 cents to $44.85 per barrel compared with Monday´s close.Expectations that US crude oil inventories expanded for a third week and news that the OPEC cartel has slashed its demand growth forecast for next year are keeping a lid on any price rally, analysts said.Bloomberg News said it expects US crude stockpiles to have risen by 1.75 million barrels in the week to September 4.The US Energy Information Administration (EIA) will release Wednesday the official stockpiles data, a gauge of demand in the world´s top oil consuming nation.""Prices are unable to make much headway as the market expects US crude stockpiles to expand for the third straight week ahead of the EIA report,"" said Bernard Aw, a Singapore-based strategist at IG Markets.The Organization of the Petroleum Exporting Countries on Monday cut its 2016 forecast for global demand ""due to the projected slower economic momentum in Latin America and China"".The cartel said demand would grow by 1.29 million barrels per day to 94.08 million barrels a day next year, 50,000 barrels less than its previous estimate.Traders are also watching out for the US Federal Reserve meeting this week to see whether policymakers would raise interest rates for the first time since 2006.Analysts say that a hike in the zero-level benchmark rate would likely push the dollar higher, making dollar-priced crude oil more expensive and potentially further damping demand.                        










 
ewarticle strong>TOKYO: Oil prices fell on Tuesday as concerns mount that a rally since January is fizzling out, while analysts forecast another rise to record levels for US crude stockpiles.</strongUS oil CLc1 was down 30 cents at $39.09 a barrel at 0553 GMT, after finishing down 7 cents at $39.39, the previous session.Brent LCOc1 fell 35 cents to $39.92. On Monday it settled down 17 cents at $40.27 a barrel.US commercial crude oil stockpiles were expected to have reached record highs for a seventh straight week, while refined product inventories likely fell, a preliminary Reuters survey showed late on Monday.The poll of eight analysts, taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API) and the US Department of Energy's Energy Information Administration (EIA), estimated, on average, that crude stocks rose 3.2 million barrels in the week ended March 25.The API will release its data on Tuesday at 2030 GMT, while the EIA will publish its data on Wednesday at 1430 GMT.Both oil benchmarks are up about 50 percent from 12-year lows hit in mid-February but the oil market has taken on a weaker tone in the past week, along with other commodities.""The numbers continue to suggest a supply glut and I suspect that more talk is relevant out of OPEC and Co to help the price stand up or to help it remain relatively stable,"" said Jonathan Barratt, Chief investment officer at Ayers Alliance in Sydney.He was referring to plans by the Organization of Petroleum Exporting Countries and other major suppliers including Russia to meet next month to discuss an output freeze in the hope they can support prices.The plans for the April 17 meeting in Qatar have been a major component of the rally.But with stockpiles high and signs that some OPEC members are losing market share, along with few signs of demand returning, prices are likely to trade in a range.""The likes of Russia and the likes of Iran ... are cutting deals left right and centre just to get cash flow,"" said Barratt.""Given the absence of economic numbers supporting increases in demand we continue to go sideways,"" he said.Most analysts are predicting the end of the year-and-a-half long slump, but also betting that there is little upside in the near future.Barclays said net flows into commodities totalled more than $20 billion in January-February, the strongest start to a year since 2011, and prices could fall 20 to 25 percent if that were reversed.""Were such a scenario to unfold, the price of oil could fall back to the low $30s,"" it said on Monday."
What is the percentage increase in salary for Railway Police announced by Khawaja Saad Rafique?,"LAHORE: Federal Minister for Railways, Khawaja Saad Rafique Tuesday announced good news of pay-raise for the employees of Pakistan Railways.In a media statement, the Minister disclosed that a summary for increase in salaries for the employees of Pakistan Railways has been forwarded to the Prime Minister.He also said that the government had also chalked out a plan to build houses for the Railways workers.Khawaja Saad Rafique said it was expected that the salaries of Railway Police may witness a jump of 20 percent.He also announced the government’s plan to launch a new train service between Karachi and Islamabad. 










 
ewarticle KARACHI: Sindh will present Rs700 billion budget for fiscal year 2015-16 on June 12, according to sources at provincial finance department.The sources told Geo News that Rs160 billion would be allocated for provincial development program in the upcoming budget, showing a decline of 10 percent compared to the previous fiscal.Out of the development budget, 80 percent will be earmarked for the ongoing schemes while 20 percent will be allocated for the new ones.The budget would set aside Rs65 billion for law and order whereas 10,000 new inductions will be made in the police department.Any raise in the salaries and perks of government employees will be in line with the federal budget’s announcement.The provincial government will earmark Rs2.5 billion for K-IV water supply project and Rs2 billion for water sewerage project S-III.The development budget will envisage an allocation of Rs3 billion for Orange Line Bus Service. 










 
ewarticle PESHAWAR: Khyber Pakhtunkhwa Finance Minister Muzafar Said presented a Rs 488 billion provincial budget for the year 2015-16 on Monday, as opposition members staged a walk-out from the assembly session in protest.Opposition members chanted slogans against the KP government in the assembly hall while the provincial finance minister was giving his budget speech before they walked out of the assembly in protest. According to details read out by the finance minister, the budget does not include any new taxes but changes have been made to rates of existing taxes. The KP government has given 10 percent ad hoc relief in salaries for provincial government employees, while their medical allowances have been increased by 25 percent. The government has also recommended up-gradation of government employees in the budget proposals.The provincial government has set aside Rs 25bn for district governments formed after the recently held local bodies' elections in the province.The KP government has proposed Rs175bn for the annual development programme, with 1500 ongoing projects and new proposed projects. The development programme also includes Rs33bn in foreign aid.For education, the provincial government is proposing to set aside over Rs21bn. A 19 percent increase is being proposed for health expenditure over last year's allocation, coming to a total of approximately Rs12.31bn. Rs1.21bn is also being allocated for 53 projects relating to tourism and sports, while Rs3.20bn is proposed for 39 projects relating to power and electricity.According to other details, the allocation for the police department will see a 15 percent increase, social development will increase by 23 percent, and 11 percent increase in allocation for environment, 12 percent rise in funds for technical education, and a 12 percent increase in budgetary allocation for agriculture.                        










 
ewarticle strong>ISLAMABAD: The government has increased the annual stipend to the beneficiaries of Benazir Income Support Program (BISP) from eighteen thousand to eighteen thousand eight hundred rupees per annum in accordance with the increase in Consumer Price Index during the last year.</strongA decision in this regard was taken by Finance Minister Ishaq Dar after consultation with Prime Minister Nawaz Sharif.The Minister hoped the decision would contribute to mitigating the effect of inflation on the BISP beneficiaries.The stipend at the enhanced rate of four thousand seven hundred rupee per beneficiary per quarter would be payable with effect from first of July last year. 
ewarticle strong>ISLAMABAD: The government has allocated Rs 21486.487 million for the Higher Education Commission (HEC) for the Fiscal Year 2016-17 in the Public Sector Development Program (PSDP).</strongAccording to budgetary document released on Friday, a total amount of Rs5426.631 million has been earmarked for the new schemes of the HEC while Rs 16059.856 million would be spent on the ongoing schemes.The allocated amount for the new important schemes included Ph.D Scholarship Program under Pak-US Knowledge Corridor phase 1 with total funding of Rs 300 million while Rs 297.981 million has been earmarked for Strengthening &amp; Up gradation of the Universities of Less Developed Areas.An amount of Rs 200million has been allocated for the Women University Campuses at Pashin and Khuzdar.The ongoing schemes of the HEC included Establishment of FATA University for which Rs 250 million has been earmarked while Rs350 million would be spent on the establishment of University of Loralai Rs 50 million allocated for establishment of University at Sibi Balochistan.A sum of Rs 500 million has been earmarked for the Fulbright Scholarships Support Program of HEC USAID Phase 2 while Rs 900 mln would be utilized for Indigenous PhD fellowship for 5000 scholars HEC phase 2.A sum of Rs 105 mln woul dbe spent on provision of funds to the students from FATA and Balochistan students for higher education.An amount of Rs 70 mln would be utilized for theUpgradation of the Federal Government College for Women F 7 2 toFederal Women University Islamabad."
What caused the decline in the KSE 100-share Index?,"KARACHI: Share prices witnessed a big drop at Karachi Stock Exchange (KSE) on Monday as the benchmark KSE-100 share index took a nosedive and plunged by 1023 points to peg at 32,502.According to market analysts, the capital market is witnessing a major decline in the wake of two developments. One is a notification of Securities and Exchange Commission of Pakistan (SECP) binding the consumers of security companies to submit a bi-weekly report.The second reason for the bearish spell is the suspension of gas supply to the fertilizers companies, they added. 










 
ewarticle KARACHI: Bearish spell at Karachi Stock Exchange (KSE) grew in strength on Wednesday, as the benchmark KSE 100-share Index witnessed a sharp decline of 817.28 points or 2.5 percent to close at 31,524.During the intra-day trading, the main Index at one point took a nosedive and lost over 1,000 points. But, some support was seen at the bottom which helped the Index regain about 200 points. However, the market remained deeply mired the red zone and the Index lost over 800 points at market close.The local bourse remained bearish for the third consecutive day in the backdrop of deteriorating law and order situation.According to capital market analysts, the selling of shares from foreign investors and mutual fund institutions has kept Pakistan biggest stock market under pressure. 










 
ewarticle KARACHI: The Karachi Stock Exchange (KSE) plummeted over 1,000 points during intra-day trading on Monday, with investors at the Pakistani bourse in a cautious mood as Asian markets also stayed on edge ahead of key data on the slowing Chinese economy.The benchmark KSE 100-share index was down 3.17 per cent, or 1073.78 points, trading at 32817.30 at around 2:00PM.Traders said that, after flight of foreign investment, local investors had also begun to withdraw their capital from the market.Analysts largely attributed the bearish trend at the KSE to declines at other Asian markets and continuing political uncertainty in Pakistan.AFP adds: Stock markets in Shanghai and Hong Kong gave up early gains to end lower Monday as dealers await fresh Chinese economic data this week, amid fears weak figures will spark more turmoil.Shanghai's benchmark index fell 2.52 percent, or 79.75 points, to 3,080.42. However, the Shenzhen Composite Index, which tracks stocks on China´s second exchange, edged up 0.20 percent, or 3.38 points, to 1,677.33. In Hong Kong the Hang Seng Index shed 1.23 percent, or 257.09 points, to close at 20,583.52.                        










 
ewarticle KARACHI: Following Asian stock market trend, Karachi Stock Exchange (KSE) shed over 1,419 points at the closing of Monday's trading.With over 1,400 points down, the KSE-100 index was recorded at 33,100.The KSE witnessed a three month low and market capitalisation suffered a loss of almost Rs270 billion. Out of 100 companies, 81 have hit 5 per cent lower lock. Biggest markets of Asia including Hong Kong, China and Japan also plummeted on Monday.The fall in the Asian markets will likely to hit world stocks.                        










 
ewarticle KARACHI: Pakistani stocks continued their free-fall at the start of the week, with the benchmark Karachi Stock Exchange 100-index falling over 1,000 points or 3.5 per cent during trading on Monday.The benchmark index was at a six-month low of 28,927.04 points at the close of trading, down 1,030.79 points or 3.34 per cent. The index has shed over 4,600 points during the last two months, with experts estimating that investors have lost now lost over USD10 billion or Rs 1 trillion.Mohammad Sohail, CEO of Topline Securities, said the bearish trend was “largely due to different rumours circulating in the market”. The market has been abuzz with speculation about leveraged investors selling stocks to meet margin calls.Panic-selling was seen across all sectors the previous week too as stocks fell like nine-pins, going under the 30,000-level after 22 weeks.                        










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Current trends in US crude oil stockpile levels and market prices,"New York: Oil prices fell on Wednesday before the release of a report on US crude inventories as traders kept an eye on unrest in crude exporter Libya.US benchmark West Texas Intermediate for delivery in March shed $1.39 to $52.14 a barrel compared with Tuesday´s close.European benchmark Brent oil for April delivery slid $2.00 to $60.53 a barrel in London.The US Department of Energy will release its weekly stockpiles report on Thursday with many analysts expecting another large rise in stocks.Last week´s report showed that US crude inventories reached their highest levels on record for this time of the year.""The market had a very nice rebound from the $44-45 low it made a little while back,"" said Kyle Cooper, analyst at IAF Advisors in Houston.""But the fundamentals are still on the downside, and expectations are for a crude oil build"" on Thursday.""I don´t think the production growth is going to slow in the next couple of months.""Although leading producers like Chevron and ConocoPhillips have slashed capital budgets in light of the more than 50 percent plunge in global crude prices, the cuts are not expected to significantly affect short-term production levels.Traders were also keeping an eye on developments in north African crude oil producer Libya.Infighting and sabotage in Libya has reduced output to 150,000 barrels a day, down from a high of almost 1.5 million barrels per day, according to analysts. (AFP)                        










 
ewarticle strong>TOKYO: Oil prices fell on Tuesday as concerns mount that a rally since January is fizzling out, while analysts forecast another rise to record levels for US crude stockpiles.</strongUS oil CLc1 was down 30 cents at $39.09 a barrel at 0553 GMT, after finishing down 7 cents at $39.39, the previous session.Brent LCOc1 fell 35 cents to $39.92. On Monday it settled down 17 cents at $40.27 a barrel.US commercial crude oil stockpiles were expected to have reached record highs for a seventh straight week, while refined product inventories likely fell, a preliminary Reuters survey showed late on Monday.The poll of eight analysts, taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API) and the US Department of Energy's Energy Information Administration (EIA), estimated, on average, that crude stocks rose 3.2 million barrels in the week ended March 25.The API will release its data on Tuesday at 2030 GMT, while the EIA will publish its data on Wednesday at 1430 GMT.Both oil benchmarks are up about 50 percent from 12-year lows hit in mid-February but the oil market has taken on a weaker tone in the past week, along with other commodities.""The numbers continue to suggest a supply glut and I suspect that more talk is relevant out of OPEC and Co to help the price stand up or to help it remain relatively stable,"" said Jonathan Barratt, Chief investment officer at Ayers Alliance in Sydney.He was referring to plans by the Organization of Petroleum Exporting Countries and other major suppliers including Russia to meet next month to discuss an output freeze in the hope they can support prices.The plans for the April 17 meeting in Qatar have been a major component of the rally.But with stockpiles high and signs that some OPEC members are losing market share, along with few signs of demand returning, prices are likely to trade in a range.""The likes of Russia and the likes of Iran ... are cutting deals left right and centre just to get cash flow,"" said Barratt.""Given the absence of economic numbers supporting increases in demand we continue to go sideways,"" he said.Most analysts are predicting the end of the year-and-a-half long slump, but also betting that there is little upside in the near future.Barclays said net flows into commodities totalled more than $20 billion in January-February, the strongest start to a year since 2011, and prices could fall 20 to 25 percent if that were reversed.""Were such a scenario to unfold, the price of oil could fall back to the low $30s,"" it said on Monday. 
ewarticle London: Oil prices rebounded slightly Tuesday after recent sharp losses caused by an oversupplied market.US benchmark West Texas Intermediate (WTI) for April delivery rose 39 cents to $49.84 a barrel.Brent North Sea crude for April climbed 51 cents to stand at $59.41 a barrel in London afternoon deals.WTI shed $1.36 in New York and Brent lost $1.32 on Monday, building on heavy losses last Friday, as US crude stockpiles linger at historic levels, contributing to a global oversupply.A closely watched report on US weekly crude stockpiles is next due on Wednesday, with a Bloomberg News survey saying inventories are expected to have risen by 3.75 million barrels.US oil stockpiles are already at their highest level on record at this time of year.""The expectation of further rising US crude oil stocks is pressuring prices,"" said Commerzbank analysts in a note to clients.Globally, crude supplies are also being boosted after oilfields in eastern Libya resumed pumping to the port of Hariga after a pipeline was repaired, and oil producer Oman plans to ramp up output to 980,000 barrels a day this year.""The partial return of supply from Libya is weighing on the Brent price despite its sustainability being anything but certain,"" said Commerzbank.Crude prices lost about 60 percent of their value to about $40 between June and late January owing to an oversupply in world markets, a weak global economy and a strong dollar.Prices have risen above multi-year lows following a slowdown in US oil drilling activities, but analysts say volatility is likely to continue for some time.""It is apparent by now that drilling in the US will slow, global production growth is expected to be lower, and demand, at least in the US, is reacting positively to lower prices,"" British bank Barclays said in a report.""In short, the market is forecast to remain oversupplied for most of 2015, but expectations beyond that are for more balanced fundamentals."" (AFP)                        










 
ewarticle London: World crude prices diverged Tuesday as traders eyed weak demand and excess supplies, dealers said.Brent North Sea crude for October dropped eight cents to stand at $46.29 a barrel around late afternoon in London.US benchmark West Texas Intermediate for delivery in October added 86 cents to $44.85 per barrel compared with Monday´s close.Expectations that US crude oil inventories expanded for a third week and news that the OPEC cartel has slashed its demand growth forecast for next year are keeping a lid on any price rally, analysts said.Bloomberg News said it expects US crude stockpiles to have risen by 1.75 million barrels in the week to September 4.The US Energy Information Administration (EIA) will release Wednesday the official stockpiles data, a gauge of demand in the world´s top oil consuming nation.""Prices are unable to make much headway as the market expects US crude stockpiles to expand for the third straight week ahead of the EIA report,"" said Bernard Aw, a Singapore-based strategist at IG Markets.The Organization of the Petroleum Exporting Countries on Monday cut its 2016 forecast for global demand ""due to the projected slower economic momentum in Latin America and China"".The cartel said demand would grow by 1.29 million barrels per day to 94.08 million barrels a day next year, 50,000 barrels less than its previous estimate.Traders are also watching out for the US Federal Reserve meeting this week to see whether policymakers would raise interest rates for the first time since 2006.Analysts say that a hike in the zero-level benchmark rate would likely push the dollar higher, making dollar-priced crude oil more expensive and potentially further damping demand.                        










 
ewarticle New York: US oil prices shot up to a 2015 peak Wednesday after a slight dip in US oil production sparked talk that the glutted petroleum market could be turning.US benchmark West Texas Intermediate for May delivery jumped $3.10 to $56.39 a barrel on the New York Mercantile Exchange, the highest closing price since December 23.European benchmark Brent oil for delivery in May rose $1.89 to $60.32 a barrel in London.The gains extended a market rally into a fifth straight day.Earlier in the day, the US Department of Energy reported US oil production fell by 20,000 barrels, or 0.2 percent, to 9.38 million barrels per day, in the week ending April 10.US crude inventories stand at the highest level for this time of year in at least the last 80 years, the DoE said, but the increase last week was smaller than expected.Analysts expressed caution at Wednesday´s price surge.""I think this rally will stall,"" said Matt Smith, an analyst at Schneider Electric. ""We got quite a bit ahead of ourselves here."" Smith said it is likely still too soon for the lower US rig count to meaningfully dent supply.""Yes, there are a couple of data points, but that doesn´t mean the US is not overflowing crude,"" he said.Meanwhile, the Paris-based International Energy Agency cut its supply forecast for non-OPEC countries, citing a lower outlook for US and Canadian production and the ""worsening conflict"" in Yemen.The agency also bumped up by 90,000 barrels per day its forecast for 2015 petroleum demand. The IEA now expects 2015 consumption of 93.6 million barrels per day, up 1.1 million barrels per day for the year. (AFP)                        










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Impact of US Federal Reserve comments on dollar value and interest rates,"strong>Hong Kong: The dollar retreated against most of its major peers and emerging market currencies Wednesday, as analysts predict the Federal Reserve could hold off another hike in borrowing costs until April.</strongAs the effects of last week´s greenback rally -- fuelled by the US central bank´s first rate rise in almost a decade -- wear off, pressure has built on the unit as dealers decide to cash in at the end of the year.With a sense of optimism reappearing in regional markets -- and demand for higher-risk assets -- Asia tracked a rally on Wall Street for a second-successive day, boosting emerging currencies. And a lift in oil prices also supported commodity-based units.The dollar´s losses also come despite upbeat readings on US growth and consumer spending that indicate the Fed´s decision to begin lift-off was well justified.""There´s some paring of outstanding dollar long positions with investors reluctant to carry dollar exposure into the holidays,"" Ray Attrill, co-head of currency strategy at National Australia Bank in Sydney, told Bloomberg News.""If you want to be at least modestly constructive on the US dollar early next year, which we are at this stage, you´re probably going to need to see the market attaching a higher probability"" to the Fed raising rates in the first quarter, he said.In morning Asian trade the dollar bought 121.03 yen, down from 121.10 yen in New York Tuesday and well off the levels above 123 yen touched last week. The euro was at $1.0950 against $1.0954 but sharply up from the $1.0830 mark last week.Australia´s dollar rose 0.04 percent against the US unit, while the South Korean won was 0.2 percent higher and Taiwan´s dollar gained 0.1 percent. There were also increases for the New Zealand and Canadian dollars as well as the Thai baht. 
ewarticle strong>NEW YORK: The U.S. dollar edged lower against a basket of major currencies on Friday, but still held near 14-year highs touched after Wednesday's Federal Reserve meeting, with profit-taking halting the greenback's rally.</strongThe dollar index, which measures the greenback against a basket of six major rivals, was last at 102.900, not far from Thursday's 14-year high of 103.560 but down 0.12 percent on the day.The index gained 1.2 percent on Thursday to mark its biggest daily percentage gain in nearly six months a day after the U.S. central bank raised interest rates for the first time in a year. The Fed also signaled it was likely to hike rates three more times in 2017, up from the two increases forecast at the central bank's September meeting.The projections, combined with expectations that U.S. President-elect Donald Trump's incoming administration may boost domestic economic growth with fiscal stimulus, sent the dollar shooting higher and brought parity with the euro back in play.Profit-taking ahead of the weekend and expectations of a squeeze on dollar liquidity heading into year-end dampened the dollar's gains on Friday, analysts said.""The scale of the move since the FOMC meeting has been significant, and you would expect to see some kind of profit-taking on dollar longs,"" said David Gilmore, partner at FX Analytics in Essex, Connecticut.The euro was last up 0.2 percent against the dollar at $1.0433 after hitting a nearly 14-year low of $1.0364 on Thursday, with the current level putting it about 4 percent away from parity with the dollar. The dollar was down 0.2 percent against the yen at 117.94 yen after hitting a roughly 10-1/2 month high of 118.66 yen on Thursday.Despite Friday's losses, the dollar remained on track to notch its biggest weekly percentage gains against the euro, yen, and Swiss franc in four weeks. The euro was on track to decline 1.2 percent against the dollar, while the dollar was set to gain 2.2 percent against the yen and about 1 percent against the Swiss franc for the week.""We’re probably starting to thin out for the holidays as well,"" said Win Thin, global head of emerging market currency strategy at Brown Brothers Harriman in New York.Against the Swiss franc, the dollar was last down 0.3 percent at 1.0268 francs after touching 1.0344 francs on Thursday, its highest since August 2010. 
ewarticle New York: The dollar weakened Tuesday after huge gains the prior week appeared to encourage profit taking, while the euro benefited from Greece´s progress toward a bailout.""A lull in the US economic calendar over the first half of the week has enticed many to cash in a few of the dollar´s big two percent gains from last week which amounted to its best weekly performance in two months,"" said Joe Manimbo at Western Union Business Solutions.The euro rose to $1.0942 around 2100 GMT from $1.0824 at the same time Monday. The dollar also fell against the yen, to 123.86 from 124.30.The dollar´s weakness should be fleeting as the US Federal Reserve readies an interest rate increase, said Kathy Lien of BK Asset Management, with the next update of the Fed´s stance coming after a policy meeting on July 29.""Although the Fed is not expected to raise interest rates in July, the tone of the monetary policy statement should be optimistic, reinforcing the notion that the economy is ready for tightening,"" she said.Last week Fed chief Janet Yellen said the rate hike was likely this year, underpinning the dollar´s rally. In Europe, there was positive movement in Greece´s efforts to gain a new bailout. The Greek government submitted to parliament a second batch of reform measures needed to start negotiations, with a vote scheduled for Wednesday.""The euro is higher as progress continues to be made toward a third financial assistance program for Greece,"" said Nick Bennenbroek, head of currency strategy at Wells Fargo Securities. 










 
ewarticle strong>Gold looked likely to extend losses to a fifth straight session on Friday as the dollar rebounded ahead of US non-farm payrolls data later in the session.</strongstrong>FUNDAMENTALS</strong* Spot gold was little changed at $1,276.80 an ounce by 0041 GMT after four days of losses.* The metal has closed lower every session this week despite hitting a 15-month top of $1,303.60 on Monday.* Gold is down 1.3 percent for the week, its biggest weekly drop in six though the direction could change depending on U.S. jobs data later.* The dollar rose to a one-week high against a basket of major currencies on Thursday after sliding to a 15-month low this week as traders closed out profitable bets against the greenback before the U.S. payrolls report.* Investors are eyeing U.S. economic data to gauge the Federal Reserve's outlook on monetary policy.* The Fed raised rates for the first time in a decade in December from near zero but has since stood pat, in part because of global economic uncertainty.* A strong payrolls numbers could prompt the Fed to raise rates sooner than later.* Economists polled by Reuters forecast U.S. employers likely added 202,000 workers in April following a 215,000 increase in March with the jobless rate holding at 5.0 percent.* Gold is sensitive to interest rates and returns on other assets as rising rates lift the opportunity cost of holding non-yielding bullion.* Assets in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.47 percent to 829.44 tonnes on Thursday to the highest in over two years.* Silver demand hit a record high last year as increased buying by the coin and bar, jewellery and photovoltaic sectors offset weakness in industrial demand, a Silver Institute report showed on Thursday.* Soaring silver prices are changing the market's 2016 landscape as bargain-hunting coin buyers step to the sidelines, and futures and options participants take the reins, said Erica Rannestad, a senior analyst at GFMS. 
ewarticle Tokyo: The dollar struggled to recover Thursday after diving on comments from the US Federal Reserve that cooled expectations of an early summer interest rate hike.In Tokyo, the greenback briefly fell below 120 yen before ticking up to 120.22 yen by midday, well down from 121.35 yen level in Tokyo before the US central bank´s announcement. The euro changed hands at $1.0809 and 129.92 yen, down from $1.0871 and 130.54 yen in New York but still well above $1.0595 and 128.57 yen in Asia on Wednesday.While the US central bank opened the door for a rise from six years of zero percent rates, it lowered its forecasts for economic growth and inflation and stressed it would remain cautious before making any move.""It´s fair to say we now have somewhat stronger doubt that Fed rates ´lift-off´ will begin a early as June, than we did heading into the FOMC (Federal Open Market Committee)"" meeting, National Australia Bank said.""The key takeaway is that (Fed chief Janet) Yellen has successfully established in the market´s mind the data, rather than date, dependency of Fed policy.""After a two-day meeting, the Fed on Wednesday issued a statement that removed a pledge to remain ""patient"" on raising interest rates, signalling a possible mid-year rate increase.However Yellen stressed growth prospects were more muted than three months ago, despite strong increases in jobs creation. She noted consumer spending has slipped, inflation has declined, wages are flat, and the stronger dollar has hurt US exports.The policy committee lowered its rate outlook to 0.5-0.75 percent for the end of this year from 1.0 percent previously, while also reducing its 2016 forecast to 1.75-2.5 percent from 2.5 percent. ""Just because we removed the word patient from the statement doesn´t mean we´re going to be impatient,"" Yellen told reporters.Markets have been focusing on the Fed´s timing for a rate hike -- a plus for the dollar -- with Yellen´s comments giving much-needed relief for the euro, which has been hammered by the European Central Bank´s new stimulus programme.While some analysts pegged the dollar to fall further, loose monetary policy in major economies was likely to stem its losses, said Sebastien Galy, a senior currency strategist at Societe Generale.""The dollar will resume its uptrend vs G10 in the next few weeks driven by the pressure of negative interest rates elsewhere,"" he wrote in an e-mail, according to Bloomberg News. (AFP)                        










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What is the new interest rate announced by the State Bank of Pakistan?,"strong>KARACHI: The State Bank of Pakistan decided to maintain the interest rate at 5.75 percent, it announced on Saturday.</strongAddressing a press conference to announce the monetary policy for the upcoming two months, Governor State Bank of Pakistan Ashraf Mahmood Wathra stated that the interest rate would remain unchanged at 5.75 percent.Wahtra said during the press conference that Pakistan's energy situation had improved. He also said that Pakistan's economy had nothing to fear from the surging prices of oil. Wahtra claimed that the situation with regard to private sector's loans had improved.The Governor State Bank further said that an increase had been recorded in income which should be taken positively.""Production capabilities of the country will improve,"" he said.He said that the government did not get Coalition Support which caused hardships. 
ewarticle strong>KARACHI: The State Bank of Pakistan announced its monetary policy on Saturday.</strongIt was decided that interest rate for the next two months will be maintained at 5.75 percent.Inflation rates have increased, the State Bank maintained, adding that inflation rate in October this year remained at 4.2 percent. Compared to October 2015, inflation rates showed a 1.6 percent increase.It is expected that inflation rates will increase after October.Crude oil prices will affect inflation rates, the State Bank said. 
ewarticle strong>KARACHI: State Bank of Pakistan kept its key policy rate unchanged at 5.75 percent on Saturday, citing steady remittances and low oil prices.</strongState Bank of Pakistan Governor Ashraf Mahmood Wathra also told a news conference that foreign direct investment is projected to increase as work on projects under the $46 billion China Pakistan Economic Corridor gains momentum.In the previous Monetary Policy Statement in May the interest rate was reduced by 25 basis points from 6 per cent to 5.75pc.The SBP announces a target rate every two months, which serves as the benchmark interest rate for overnight funds in the interbank market. It is one of the tools that the central bank uses to ensure price stability in the economy. 
ewarticle KARACHI: The State Bank of Pakistan on Saturday announced the new monetary policy for the next two months reducing the interest rate further by 50 basis points. The central bank reduced interest rate by 0.5 percent and brought it down to six percent.The State Bank of Pakistan noted year-on-year headline CPI inflation to have decelerated to 1.7 percent in August 2015 from 7.0 percent in August 2014. Following its declining trend of the past several months, the 12-month moving average CPI inflation came down to 3.6 percent in August 2015 from 8.4 percent in August 2014. A press release from the State Bank noted, “With better law and order situation, investor and consumer confidence is improving. After recording a growth of 3.3 percent, Large-scale Manufacturing is expected to gain further traction at the back of improvement in energy supplies. Implementation of infrastructure development and energy projects under China Pakistan Economic Corridor would further enhance the improving investment environment. Therefore, there is anticipation of higher economic activity in FY16 which is expected to boost credit uptake.” 










 
ewarticle KARACHI: The State Bank of Pakistan on Saturday announced the new monetary policy for the next two months keeping interest rate at an all time low since 13 years.The central bank reduced interest rate by 0.5 percent and brought it down to eight percent.Experts were expecting a reduction of one percent.Despite a significant cut in interest rates during the current fiscal year, there has been no increase in loan acquisition by the private sector.On the other hand, government borrowing from the commercial banks has amounted to over one trillion rupees in eight months.  










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Impact of China's PMI on global oil prices,"SINGAPORE: Oil prices dropped on Tuesday after activity in China's factory sector fell to an 11-month low and as Saudi Arabia said its production was close to an all-time high.The flash HSBC/Markit Purchasing Managers' Index (PMI) dipped to 49.2 in March, below the 50-point level that separates growth in activity from a contraction on a monthly basis, stoking worries over the strength of the world's No.2 economy. Economists polled by Reuters had forecast a reading of 50.6.""Considering that the preliminary PMI figures for major crude importers turned out much lower than estimates ... we expect both WTI and Brent to end-off today lower,"" Singapore-based Phillip Futures said on Tuesday.The PMI drop in China followed an overnight report that Saudi Arabia, OPEC's biggest producer, was now pumping around 10 million barrels of crude oil per day, a near all-time high and some 350,000 bpd above the figure Saudi Arabia gave to OPEC for its February output.""The market was under pressure early in the trading day after comments from Saudi Arabia that it was producing almost 10 million barrels per day,"" ANZ bank said on Tuesday.Brent crude oil futures were trading down 47 cents at $55.45 a barrel at 0750 GMT. U.S. WTI crude dropped 65 cents to $46.80 a barrel.Worries over slowing growth in China's economy as well as high production have contributed to a global surplus in oil supplies.""We expect crude prices to be pressured once again by the weight of some 2 million barrels per day of oversupply in Q2 2015,"" energy consultancy FGE said in a note on Tuesday.The refinery sector has benefited from cheap oil, which has improved margins for oil products such as diesel or jet fuel.""A sharp decline in crude prices over late 2014 and into January 2015, followed by an extraordinarily cold February (in the United States and parts of Europe), has meant good times for refiners,"" FGE said, but it added that high refinery margins were unlikely to last.""In H2 2015, we see an oversupplied products market even as crude prices begin to recover. Refinery margins will adjust downwards.""                        










 
ewarticle Singapore: Oil prices were mixed in Asia Tuesday after the latest Chinese trade data showed lacklustre demand in the world´s top energy consumer, analysts said.US benchmark West Texas Intermediate for October delivery fell $1.34 to $44.71 while Brent crude for October gained 44 cents to $48.07 in late-morning trade.The Chinese customs administration said Tuesday overseas shipments in August fell 6.1 percent in yuan terms from a year earlier. This compared with a fall of 8.9 percent in July.Imports dropped 14.3 percent, from an 8.6 percent decrease in July.""This data just reinforces the view we are still seeing weakness in the Chinese economy and this data point suggests we have not seen a bottom yet,"" Bernard Aw, market strategist at IG Markets, told AFP.""China´s economy remains a worry for the wider world economy and global asset markets,"" he added.The data was the first in a string of economic figures this week that will be used as a barometer of the state of the Chinese economy, the world´s second-biggest and a crucial driver of global growth.Oil prices have come under pressure from concerns that China´s slowing economy will curb demand for the commodities that have helped feed its astonishing growth over the past three decades.The devaluation of the yuan on August 11 fuelled economic fears, sparking a slump in world equities sending commodities, as measured by the Bloomberg Commodity Index of 22 raw materials, to a 16-year-low before stabilising near current levels.Oil prices are down almost 30 percent from this year´s closing peak in May, according to Bloomberg News data.Analysts said dealers would next scrutinise the latest weekly US petroleum report due Thursday, a day later than usual due to a holiday on Monday.US crude reserves currently sit near an eight-decade peak due to high production levels despite tepid demand.Dealers had been hoping that an uptick in US demand, coupled with a slowdown in output, could whittle down the huge global supplies that were a key reason for the collapse in prices from around $120 in June last year.                        










 
ewarticle Singapore: Oil fell in Asia Monday after official data showed China´s economy posted its slowest growth for more than six years in the third quarter, reinforcing worries about demand from the world´s top energy guzzler.The government said gross domestic product (GDP) for the world´s second-biggest economy rose 6.9 percent in the three months to September, beating market forecasts but still the worst since 2009.Growth in China´s industrial production, which measures output at factories, workshops and mines, also dropped sharply to 5.7 percent year-on-year in September, the government said.""Although China´s retail sales turned out strong, industrial related data remained weak. This would likely be weighing down on commodity usage in China,"" Daniel Ang, an investment analyst with Phillip Futures in Singapore, said in a market commentary.""With weak Chinese industrial production, we may see Chinese manufacturing PMI worsen, thus, leading to weaker oil prices,"" he said, referring to the forward-looking Purchasing Managers´ Index to be released later this week.The market will also be on the lookout for economic data from the United States and the eurozone expected to be released this week.""Considering the expectations for both China and eurozone, we could see US being the tie breaker between oil bulls and bears. US data has not been exceptionally strong, and thus, could mean that oil prices could be facing some headwinds towards the end of the week,"" Ang said.In Asian trade, US benchmark West Texas Intermediate for November delivery was down 10 cents to $47.16 and Brent crude for December fell 12 cents to $50.34 a barrel at around 0300 GMT.Both contracts fell for four straight trading days last week before advancing Friday on the back of data showing a fresh decline in US oil exploration, which suggested lower output that could help ease the global oversupply.Sanjeev Gupta, head of the Asia Pacific oil and gas practice at professional services firm EY, said the market will also be seeking clues from a meeting of OPEC and non-OPEC technical experts in Vienna on Wednesday.Oil-producer Russia said last week it was prepared to discuss output cuts during the meeting.                        










 
ewarticle Singapore: Oil prices edged higher in quiet Asian trade Wednesday as dealers set aside weak Chinese trade data and looked ahead to the release of a US stockpiles report, analysts said.US benchmark West Texas Intermediate for October delivery gained 22 cents to $46.16 while Brent crude for October rose 24 cents to $49.76 in late-morning trade.""We are seeing trading volumes for oil futures down a third than on average. The market seems to have shrugged off the weak Chinese trade data and is now looking beyond that for cues,"" Michael McCarthy, chief market strategist at IG Markets in Sydney, told AFP.""We might see some movement next depending on how the US stockpile numbers turn out,"" he said.China said Tuesday its exports fell 5.5 percent year-on-year in August while imports plunged 13.8 percent, led by falling commodity prices, adding to worries about the strength of the world´s number two economy and top energy consumer.The slowdown Chinese growth, as well as a slew of other weak indicators, have sent panic through world markets, as the country is a key driver of global expansion.In the United States, the Department of Energy will release its weekly petroleum report on Thursday, a day later than usual owing to the Labor Day holiday on Monday.US crude reserves likely rose by 250,000 barrels in the week to September 4, according to a Bloomberg News survey of analysts. An increase in stockpiles usually points towards weaker demand.Dealers had been hoping that an uptick in US demand, coupled with a slowdown in output, could whittle down the huge global supplies that were a key reason for the collapse in prices from around $120 in June last year.                        










 
ewarticle London: Oil prices ended the week firmer Friday, lifted by a recovery in share prices in China, which is the world´s biggest consumer of energy and major buyer of commodities generally.The crude market won a boost also from surging European stock markets, that were lifted mainly by hopes of a deal between Greece and its creditors. The International Energy Agency meanwhile forecast that global oil demand growth would slow in 2016 and that oil production in nations outside the Organization of the Petroleum Exporting Countries (OPEC) would stall.In its first estimates for 2016, the IEA forecast that oil demand would slow next year to 1.2 million barrels per day, compared with an average of 1.4 million barrels per day this year.Meanwhile growth in non-OPEC oil supply ""is expected to grind to a halt in 2016 as lower oil prices and spending cuts take a toll"", the IEA said in its monthly oil report.In trading Friday, US benchmark West Texas Intermediate for delivery in August climbed 42 cents to $53.20 a barrel compared with Thursday´s close.Brent North Sea crude for August advanced 62 cents to stand at $59.23 a barrel in London afternoon deals.- Chinese turbulence -US crude futures had sunk nearly eight percent Monday on worries about slowing global growth, as Greek voters rejected a bailout offer and China moved to calm financial market turbulence.""There are some signs that foreign investors are more optimistic about China´s efforts to arrest the stock slide,"" said Bernard Aw, market strategist at IG Markets.""However, I feel much caution should be exercised and it is important to observe the Chinese markets in the coming sessions before calling it a bottom.""Aw added: ""As we have seen in the past, Chinese equities may recover in one session, only to fall straight back into a downward spiral the next day.""Chinese stocks surged for a second day on Friday as a government rescue plan offered a respite from a month-long rout.In a rollercoaster week, the Shanghai market gained 5.18 percent overall, after the government announced additional policies to avoid a market crash.But it is still down 24.9 percent from its closing peak on June 12. The stock market slide of recent weeks was a dramatic reversal of a 150-percent charge in the 12 months to its peak last month, fuelled by tens of millions of retail investors using borrowed funds.China´s economy, the world´s second largest, is already faltering. Gross domestic product expanded 7.4 percent in 2014, the slowest pace since 1990, and weakened further in the first three months of this year.But the International Monetary Fund said Thursday that there was no reason to lose faith in China´s economy because of the bursting stock market bubble.-- Greek relief --The oil market was focused also on Greece amid hopes debt-strapped nation would reach a deal with its creditors after Athens laid out details Thursday of a new bailout plan to save it from financial collapse.The package involves a pensions overhaul and tax hikes in return for debt relief and a rescue loan from the eurozone.Traders are also keeping an eye on negotiations in Vienna between western powers and Iran on a deal to curb Tehran´s nuclear ambitions and allow the lifting of punishing sanctions.Global powers leading the negotiations sought to ramp up the pressure for a deal, but Iranian Foreign Minister Mohammad Javad Zarif hit back, saying Western countries among the so-called P5+1 group on the other side of the talks were backtracking on previous commitments.A lifting of sanctions will allow Iranian oil to flow back into the global market, adding to a supply glut and helping depress prices, according to analysts.Meanwhile US commercial crude stockpiles rose another 400,000 barrels to 465.8 million barrels in the week to July 3, even as refineries picked up activity. Gasoline inventories also jumped, with the summer holiday driving season in full swing. (AFP)                        










"
Moody's rating upgrade for Pakistan's dollar bonds,"KARACHI: Moody’s upgraded Pakistan’s dollar bonds rating one notch from stable to positive on Wednesday on the back of the country’s improving macroeconomic indicators.The financial ratings firm said its decision came in view of Pakistan’s strengthening foreign exchange reserves.Pakistan has been trying to boost its flagging economy since Prime Minister Nawaz Sharif was elected nearly two years ago.""Moody´s Investors Service has revised the outlook on Pakistan´s foreign currency government bond rating to positive from stable,"" the company said in a statement.Pakistan issued $1 billion in five-year Sukuk Bonds, the Islamic version of eurobonds, in November last year to boost foreign exchange reserves.In April 2014, the country issued $2 billion worth of eurobonds, in five and 10 year terms,Pakistan´s net foreign currency reserves with the central State Bank reached to $11.2 billion up to March 13, from just $3.2 billion in January 2014.The International Monetary Fund (IMF) has voiced satisfaction with Pakistan´s progress on reforms required under a $6.6-billion bailout agreed in 2013.The loan came on condition that Pakistan -- which was suffering an energy crisis -- would carry out extensive economic reforms, particularly in the energy and taxation sectors.Moody´s said continued success under the IMF programme would act as ""upward triggers to the rating"".The central State Bank of Pakistan on the weekend slashed its benchmark interest rates by half a percentage point to eight percent.The bank noted that the economy was now on a more stable footing and was benefiting from the drop in world oil prices. 










 
ewarticle ISLAMABAD: Moody's Investor Service has upgraded Pakistan’s sovereign credit rating by a notch, from Caa1 to B3, Finance Minister Ishaq Dar announced on Thursday in the National Assembly.According to Dar, Moody's had downgraded the country’s credit rating to Caa1 on July 13, 2012.The outlook for the rating back then was negative. A sovereign with a Caa rating is judged to be of poor standing and subject to very high credit risk.Weak government finances, structural inflationary pressures and domestic political uncertainties were adding to Pakistan's external vulnerabilities and debt sustainability, thereby compounding the downward pressure on sovereign creditworthiness, Moody’s said.Moody's also said the downgrade was also prompted by an upcoming repayment of $7.5 billion to the International Monetary Fund. 










 
ewarticle LIMASSOL: Moody’s Investors Service on Wednesday changed the outlook for the Pakistan banking system to stable from negative, reflecting the improvement in the country’s economic growth prospects, driven in turn by the government’s commitment to economic reforms under its IMF program.“We expect the strengthening economy, together with the central bank’s accommodative monetary policy, to stimulate lending growth and support the banking sector’s loan performance over the next 12-18 months,"" said Elena Panayiotou, a Moody’s Assistant Vice President and lead analyst for Pakistani banks.Moody’s forecasts Pakistan’s real GDP will expand by 4.0 per cent in the fiscal year ending June 2016 (compared to a sluggish 2.8pc during 2008-13), mainly driven by higher spending on infrastructure projects as the government aims to ease energy shortages and execute projects associated with the China-Pakistan Economic Corridor (CPEC).The rating agency noted that the strengthening of the domestic economy will contribute to the improvement in Pakistani banks’ asset quality. The level of credit risk, however, will remain high as banks are heavily exposed to the low-rated Pakistan sovereign (B3, stable) through holdings of securities and government-related loans, which were equivalent in size to 7.3x Tier 1 capital, exposing banks to event risk.""We expect problem loans will decline to around 12 per cent of total loans by the end of 2016 compared with 12.4pc for the end of June 2015. Banks, however, will remain heavily exposed to the low-rated Pakistan sovereign, linking the banks’ creditworthiness to that of the sovereign"" Panayiotou said.In the area of capital, the rating agency expected that buffers will come under pressure due to moderate asset growth and lower internal capital generation – a result of weaker profitability.Moody’s expected earnings to ease slightly over the outlook period, mainly because of the lower coupon on government securities in a declining interest rate environment and as the market’s perception of Pakistan’s risk profile eases (upgraded to B3 from Caa1 on June 11, 2015). Higher loan volumes and capital gains booked through the sale of government securities will only partially offset the pressure on profitability.In addition, the rating agency expected that Pakistani banks will maintain ample liquidity and continue to benefit from large volumes of low-cost and stable customer deposits.""The Pakistani banks’ deposit-based funding structure remains a credit strength. We expect inflows of remittances from migrant workers will continue to drive the growth in bank deposits and support banks’ funding bases,"" said the asst vice-president of Moody's.While banks will use part of their liquid asset to fund lending, Moody’s expected the sector to maintain strong liquidity buffers, with core liquid assets – defined as cash and bank placements – at 12 per cent of total assets and liquid securities, more broadly defined, at 41pc of total assets as of June 2015.                        










 
ewarticle ISLAMABAD: Pakistan's ongoing fuel shortage that has led to worsening power blackouts is weighing on its credit worthiness and hindering its ability to meet key reform targets laid out by the IMF, ratings agency Moody´s warned Monday. The country is currently in the grip of one of its worst power crises in years due to a shortfall in imported oil, with the situation exacerbated Sunday by an attack on a key powerline in restive Balochistan province. Moody´s said that increasing energy imports without addressing structural issues that create so-called circular debt ""will further strain Pakistan's budget and balance of payments, a credit negative"". ""Fuel shortages also reflect the strained finances of state-owned distribution companies and the fuel importer, Pakistan State Oil corporation, and are a setback to the sector's progress on reforms made so far under Pakistan's financial support program with the International Monetary Fund.""The IMF granted a $6.6-billion loan to Pakistan in September 2013 on the condition that it carry out extensive economic reforms, particularly in the energy and taxation sectors.Moody´s, which in July 2014 upgraded Pakistan's rating outlook from ""negative"" to ""stable"" in a boon for the shaky South Asian economy, said that structural reforms had been a ""key driver"" in its decision last year. ""Circular debt"" -- brought on by the dual effect of the government setting low electricity prices and customers failing to pay -- is at the heart of the crisis. State utilities lose money, and cannot pay private power generating companies, which in turn cannot pay the oil and gas suppliers, who cut off the supply. The fuel crisis began last week when Pakistan State Oil was forced to slash imports because banks refused to extend any more credit to the government-owned company, which supplies 80 percent of the country´s oil. The shortfall led to long queues of angry motorists at petrol stations, though these have since dissipated as fuel supplies have reached the pumps. But Moody´s warned that the government of Prime Minister Nawaz Sharif, which made solving the energy crisis a key campaign pledge, had so far failed to offer policy solutions and increasing oil supplies would only add to the fiscal burden. ""The government´s targeted fiscal deficit of 4.5 percent of GDP in fiscal 2015 from 4.7 percent in fiscal 2014 is already impeded by delays in implementing electricity tariff adjustments and legal challenges related to tax collections,"" it said. Increasing fuel imports, which currently comprise 35 percent of total imports would further weigh on Pakistan´s import bill, it added.                        










 
ewarticle KARACHI: Standard and Poor's on Tuesday revised Pakistan's credit rating outlook from stable to positive and forecast higher GDP growth for 2015 to 2017, amid a stint of economic reforms.In a statement, the agency said the country had made significant progress in stablising its economic, fiscal and external performance, alongside eased financing conditions.“We are therefore revising the outlook on the long term ratings on Pakistan to positive from stable,” the agency said, affirming a B- rating.S&P also revised its earlier average growth estimates for 2015 to 2017 to 4.6 percent from 3.8 percent.This reflected “strong capital inflows and remittances, and lower oil prices, which support business confidence and investment spending,” it said.Pakistan’s GDP grew by 4.1 percent in the fiscal year ending June last year.Net foreign exchange reserves with the central bank reached $12.36 billion dollars in recent weeks from just $3.2 billion in January 2014.The International Monetary Fund (IMF) has voiced satisfaction with Pakistan’s progress on reforms required under a $6.6-billion bailout agreed in 2013.The loan came on condition that Pakistan – which was suffering an energy crisis – would carry out extensive economic reforms, particularly in the energy and taxation sectors.In March, Moody’s upgraded Pakistan’s dollar bonds rating one notch from stable to positive.Pakistan has been trying to boost its flagging economy since Prime Minister Nawaz Sharif was elected nearly two years ago.                        










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Current trends in oil prices and US stockpile data,"strong>TOKYO: Oil prices fell on Tuesday as concerns mount that a rally since January is fizzling out, while analysts forecast another rise to record levels for US crude stockpiles.</strongUS oil CLc1 was down 30 cents at $39.09 a barrel at 0553 GMT, after finishing down 7 cents at $39.39, the previous session.Brent LCOc1 fell 35 cents to $39.92. On Monday it settled down 17 cents at $40.27 a barrel.US commercial crude oil stockpiles were expected to have reached record highs for a seventh straight week, while refined product inventories likely fell, a preliminary Reuters survey showed late on Monday.The poll of eight analysts, taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API) and the US Department of Energy's Energy Information Administration (EIA), estimated, on average, that crude stocks rose 3.2 million barrels in the week ended March 25.The API will release its data on Tuesday at 2030 GMT, while the EIA will publish its data on Wednesday at 1430 GMT.Both oil benchmarks are up about 50 percent from 12-year lows hit in mid-February but the oil market has taken on a weaker tone in the past week, along with other commodities.""The numbers continue to suggest a supply glut and I suspect that more talk is relevant out of OPEC and Co to help the price stand up or to help it remain relatively stable,"" said Jonathan Barratt, Chief investment officer at Ayers Alliance in Sydney.He was referring to plans by the Organization of Petroleum Exporting Countries and other major suppliers including Russia to meet next month to discuss an output freeze in the hope they can support prices.The plans for the April 17 meeting in Qatar have been a major component of the rally.But with stockpiles high and signs that some OPEC members are losing market share, along with few signs of demand returning, prices are likely to trade in a range.""The likes of Russia and the likes of Iran ... are cutting deals left right and centre just to get cash flow,"" said Barratt.""Given the absence of economic numbers supporting increases in demand we continue to go sideways,"" he said.Most analysts are predicting the end of the year-and-a-half long slump, but also betting that there is little upside in the near future.Barclays said net flows into commodities totalled more than $20 billion in January-February, the strongest start to a year since 2011, and prices could fall 20 to 25 percent if that were reversed.""Were such a scenario to unfold, the price of oil could fall back to the low $30s,"" it said on Monday. 
ewarticle London: World crude prices diverged Tuesday as traders eyed weak demand and excess supplies, dealers said.Brent North Sea crude for October dropped eight cents to stand at $46.29 a barrel around late afternoon in London.US benchmark West Texas Intermediate for delivery in October added 86 cents to $44.85 per barrel compared with Monday´s close.Expectations that US crude oil inventories expanded for a third week and news that the OPEC cartel has slashed its demand growth forecast for next year are keeping a lid on any price rally, analysts said.Bloomberg News said it expects US crude stockpiles to have risen by 1.75 million barrels in the week to September 4.The US Energy Information Administration (EIA) will release Wednesday the official stockpiles data, a gauge of demand in the world´s top oil consuming nation.""Prices are unable to make much headway as the market expects US crude stockpiles to expand for the third straight week ahead of the EIA report,"" said Bernard Aw, a Singapore-based strategist at IG Markets.The Organization of the Petroleum Exporting Countries on Monday cut its 2016 forecast for global demand ""due to the projected slower economic momentum in Latin America and China"".The cartel said demand would grow by 1.29 million barrels per day to 94.08 million barrels a day next year, 50,000 barrels less than its previous estimate.Traders are also watching out for the US Federal Reserve meeting this week to see whether policymakers would raise interest rates for the first time since 2006.Analysts say that a hike in the zero-level benchmark rate would likely push the dollar higher, making dollar-priced crude oil more expensive and potentially further damping demand.                        










 
ewarticle strong>SINGAPORE: Oil prices remained near 2016 highs in early trading on Thursday, buoyed by a fall in U.S. crude inventories, a weaker dollar and strong demand, but some analysts warned that the recent rally was starting to look overblown.</strongInternational Brent crude oil futures LCOc1 were trading at $52.70 per barrel at 0045 GMT, up 19 cents from their last close.U.S. West Texas Intermediate (WTI) crude CLc1 was 32 cents higher at $51.55 a barrel.Traders said the price rises were largely a result of a drop in U.S. crude oil inventories.Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks last week fell by 3.23 million barrels to 532.5 million barrels, marking their third consecutive weekly fall.A weaker dollar, down around 2.4 percent this month against a basket of other currencies, makes dollar-traded fuel imports for countries using other currencies cheaper, also supporting oil prices, traders said.But some analysts said there were also signs that the recent oil price rise, which saw Brent rally 6 percent this month and prices virtually double since February to one-year highs, may be overblown.ANZ bank said that price rises were ""tempered by an increase in crude production of 10,000 barrels per day to 8.75 million barrels per day and the number of active rigs increasing by 9 to 325"".Traders also warned of an ongoing build in refined product stocks in the United States and Asia.With fundamentals weighing both for and against higher prices, many traders and analysts say that a price tag of $50-60 for a barrel of crude was a fair value for oil, reflected in Brent's forward curve which stays within that range until early 2021. 
ewarticle New York: Oil prices fell on Wednesday before the release of a report on US crude inventories as traders kept an eye on unrest in crude exporter Libya.US benchmark West Texas Intermediate for delivery in March shed $1.39 to $52.14 a barrel compared with Tuesday´s close.European benchmark Brent oil for April delivery slid $2.00 to $60.53 a barrel in London.The US Department of Energy will release its weekly stockpiles report on Thursday with many analysts expecting another large rise in stocks.Last week´s report showed that US crude inventories reached their highest levels on record for this time of the year.""The market had a very nice rebound from the $44-45 low it made a little while back,"" said Kyle Cooper, analyst at IAF Advisors in Houston.""But the fundamentals are still on the downside, and expectations are for a crude oil build"" on Thursday.""I don´t think the production growth is going to slow in the next couple of months.""Although leading producers like Chevron and ConocoPhillips have slashed capital budgets in light of the more than 50 percent plunge in global crude prices, the cuts are not expected to significantly affect short-term production levels.Traders were also keeping an eye on developments in north African crude oil producer Libya.Infighting and sabotage in Libya has reduced output to 150,000 barrels a day, down from a high of almost 1.5 million barrels per day, according to analysts. (AFP)                        










 
ewarticle London: Oil prices rebounded Wednesday from recent steep losses in the previous session, as traders awaited the latest snapshot of US crude inventories.US benchmark West Texas Intermediate (WTI) for delivery in July rose 59 cents to $58.58 a barrel.Brent North Sea crude for July gained 83 cents to stand at $64.85 a barrel in London early afternoon deals.""Prices have bounced back a little following yesterday´s 3.0-percent drop,"" said analyst Fawad Razaqzada at trading site Forex.com.""Speculators are exercising some caution ahead of the official supply data today.""Later on Wednesday, the US government´s Department of Energy will publish its weekly inventories data for the week to May 15.The US Department of Energy is expected to report stockpiles fell by two million barrels in the week ending May 15, according to Bloomberg News. They still remain near their highest levels on record, however.""Although stockpiles are expected to fall, the crude production level in the US is still on a high side and we expect it to rise further,"" said Daniel Ang, an investment analyst with Phillip Futures in Singapore.Both oil contracts fell sharply Tuesday on worries about the crude oversupply and as the greenback soared against other major currencies, making dollar-priced oil more expensive and denting demand.The dollar strengthened against the euro after a European Central Bank official said the bank would ramp up its asset-purchase stimulus programme in May and June to offset an expected financial market slowdown in the coming months.A robust report on US housing construction also lifted the greenback.""The strengthening of the dollar... was the reason for the three percent decline in crude prices yesterday,"" added Ang.""The subsequent rebound we see today is due to bargain-hunting and the market forces readjusting to normal trading."" (AFP)                        










"
What is the capacity of LNG shipment from Qatar that arrived in Karachi?,"strong>KARACHI: Managing Director Pakistan State Oil (PSO), Sheikh Inamul Haq Tuesday announced that the import of Liquefied Natural Gas (LNG) from Qatar will begin from the first week of March.</strongIn a media statement, the MD PSO said Pakistan will import 400 mmcf LNG per day from Qatar.Last week Pakistan and Qatar inked an agreement for supply of around US one billion dollars worth of LNG to Pakistan annually to help the country meet its energy shortfall.The agreement on Long Term LNG Sale and Purchase was signed during the visit of Prime Minister Muhammad Nawaz Sharif’s two-day visit to Qatar. 
ewarticle KARACHI: A shipment of 147,000 cubic feet of Liquefied Natural Gas (LNG) from Qatar arrived at the Karachi anchorage on Thursday in a Floating Storage Regasification Unit (FSRU).The FSRU, after going through clearance, is expected to dock at Engro Corporation´s Elengy Terminal Pakistan Limited (ETPL), where the cargo will undergo ´regasification´ before being injected into the Sui Southern Gas Company Ltd (SSGCL) network.The SSGCL is then required to transfer it to the Sui Northern Gas Pipelines Ltd (SNGPL) at the Zamzama-Sawan gas establishment.The LNG will initially be provided to four Independent Power Producers (IPPs) in Punjab, including Kot Addu Power Company (Kapco). In the second phase of the operation, fuel will be used for Compressed Natural Gas (CNG) and in the third, it will be supplied to the fertiliser sector. 










 
ewarticle DOHA: Pakistan has finalised a 15-year, $16 billion liquefied natural gas (LNG) deal with supplier Qatar and shipments are expected to begin next month, Pakistan Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said on Monday.The amount is 1.5 million tonnes per year, the minister told news agency Reuters on the sidelines of an Asian ministerial energy roundtable in the Qatari capital Doha.The two sides have agreed a price, he said without elaborating.""We have finalised the deal. The first shipment is expected in December,"" he said. ""We are hopeful for similar deals in the future.                        










 
ewarticle CAIRO/ISLAMABAD: State-run Gulf energy company Qatargas is in the final stages of talks on a deal to supply Pakistan with 3 million tonnes of liquefied natural gas (LNG) annually for 15 years, industry sources in Doha told Reuters on Wednesday.The deal would help the country tackle serious energy shortages and power cuts which can last up to 20 hours a day. Nearly half the country’s electricity is generated by gas and its output of 4.1 billion cubic feet per day is well short of demand for as much as 6 billion, depending on the time of year.One source said the deal would be signed in weeks, while a second said the first shipment would be received by March.An official at the Ministry of Water and Power confirmed an LNG deal was planned but declined to give details. No-one at Qatargas, the world´s largest LNG producer, was available to comment.Pakistan State Oil (PSO) said payments to Qatar would be guaranteed by the government so any cash flow problems at PSO would not affect the Qatargas deal.                        










 
ewarticle ISLAMABAD: Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi on Thursday said that five more Liquified Natural Gas (LNG) based agreements would be signed with Qatar.In an interview, the Minister said that Pakistan has been passing through a severe energy crisis and the import of LNG from Qatar would be a positive and welcome step to address the issue.He said that two countries also signed three other agreements and Memorandum of Understanding (MoU) for cooperation in the fields of Radio, TV, health and academic research.The Petroleum Minister said that 50 percent needs of energy of Pakistan depend upon the energy produced by gas.He said that import of LNG from Qatar has been started partially but on the basis of need the LNG has been given to the users.Abbasi said that under the agreement three ships carrying LNG will reach every month in Pakistan in 2016 and next year adding that number of ships will be increased to five after 2017. To a question he said that Pakistan has been facing crisis of energy for several years due to which not only domestic users are facing troubles but economy of the country has been affected badly.In his comment former General Manager Sui Southern Gas Brigadier (R) Agha Gul also said that the process of buying LNG from Qatar was going on from 2004. Talking to VOA he said God willing this will prove to be one of the achievements Prime Minister Nawaz Sharif has secured so far.He said people who have some know how of the energy crisis will term this project as light at the end of the tunnel.Agha Gul said the government has made the deal at the time when petrol prices have reduced which will have a good impact on the deal.He said the deal will help in reducing power load-shedding by 10 to 15 percent."
How did the Asian stock markets perform after the US economic data release?,"Hong Kong: Most Asian markets rose Friday, taking a positive lead from Wall Street where the Nasdaq broke a 15-year-old record high, while the euro ticked higher ahead of a key eurozone meeting to discuss Greece´s debt crisis.Oil prices edged down after another rally that has been fuelled by worries that unrest in Yemen could hit Middle East supplies.Hong Kong added 0.45 percent, Sydney rose 1.19 percent and Seoul gained 0.23 percent while Singapore put on 0.41 percent and Taipei jumped 1.35 percent.However, Tokyo slipped 0.55 percent and Shanghai lost 0.68 percent.With few catalysts in Asia, investors tracked their US counterparts, where the tech-heavy Nasdaq passed its previous record high set at the peak of the dot-com boom.The index added 0.42 percent to finish at 5,056.06, finally making up the nearly 4,000 points lost in a stunning crash that followed the previous closing high set on March 10, 2000.The Dow gained 0.11 percent and the S&P added 0.24 percent.Thursday´s advances came despite official data showing fresh claims for US unemployment insurance benefits edged up marginally, while sales of new homes plunged in March after a sharp rise in February.The figures will further muddy the waters for the Federal Reserve as it debates when to hike record-low interest rates. On forex markets the dollar eased to 119.50 yen from 119.55 yen in New York late Thursday as expectations for an early summer hike narrow following several below-par US readings lately.The euro bought $1.0814 and 129.25 yen against $1.0823 and 129.39 yen in US trade.However, the single currency is still up from the $1.0703 and 128.28 yen in Tokyo earlier Thursday ahead of the meeting of eurozone finance ministers in Latvia´s capital Riga later in the day to talk about Greece.The Eurogroup meeting comes with Athens running out of cash and struggling to reach a bailout reform deal with its creditors that will unlock billions of euros to service its debts to avert a default and likely exit from the eurozone.However, Kathy Lien of BK Asset Management said that while there is optimism an agreement can be reached ""in reality the rebound in (the euro) reflects short covering ahead of the meeting"".Oil prices dipped on profit-taking after sharp gains Thursday that came as a Saudi Arabia-led coalition renewed airstrikes against rebels in Yemen.While Yemen is not a major producer, it sits on a key strategic entry point into the Red Sea through which some 4.7 million barrels of oil pass each day.US benchmark West Texas Intermediate fell 23 cents to $57.51 while Brent dipped 25 cents to $64.60.On Thursday WTI gained $1.58 and Brent advanced $2.12.Gold fetched $1,193.36 against $1,189.92 late Thursday. (AFP)                        










 
ewarticle strong>TOKYO: Asian stocks edged higher on Wednesday reflecting upbeat U.S. growth news while oil steadied after a sharp drop overnight as OPEC struggled to agree on a glut-draining production cut.</strongMSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent in early trades. It is poised to post a second consecutive monthly loss.Early action in Asian stocks was just as guarded with Australia down 0.16 percent , the Nikkei flat and South Korea .KS11 up 0.2 percent.In currency markets, the dollar consolidated recent gains against a trade-weighted basket of its peers with investors looking to buy on dips after strong data.The U.S. economy grew faster than initially thought in the third quarter, notching its best performance in two years.The relatively upbeat data pushed major U.S. stock indices higher with major benchmarks closing between 0.2 to 0.6 percent up. Stock futures SPC1 edged higher in Asia.Oil slumped by roughly 4 percent on Tuesday before bouncing somewhat as most analysts concluded the Organization of Petroleum Exporting Countries would cobble together a deal at its meeting in Vienna on Wednesday to cut production to some extent. The meeting starts at 1000 GMT (5.00 a.m. ET).Brent futures LCOc1 were flat around $46.38 per barrel while U.S. crude CLc1 gained 0.3 percent to $45.39 per barrel. 
ewarticle strong>TOKYO: Asian shares extended their gains on Tuesday as a combination of stabilising Chinese markets, a rebound in oil prices and solid US consumption data drove investors to look for bargains after last week's rout.</strongMSCI's broadest index of Asia-Pacific shares outside Japan gained 0.6 percent, with Chinese bank shares leading the gains after a surprise jump in China's bank lending data.Mainland Chinese shares also rose 2.5 percent to three-week highs.Japan's Nikkei rose 0.9 percent after a 7.2 percent climb on Monday, recovering a sizable part of its 11 percent slump last week - its biggest since 2008.On Monday, European stocks rose 2.9 percent, having shed nearly 10 percent over the last two weeks. U.S. financial markets were closed for a national holiday but globally-traded U.S. stock futures rose 1.5 percent.""It is partly a reaction after such big falls last week. Solid U.S. data is also improving investor sentiment given that they are counting on U.S. growth to lead the global economy,"" said Hirokazu Kabeya, chief global strategist at Daiwa Securities.U.S. retail sales data published on Friday showing firm growth allayed fears - at least for now - that the U.S. economy could be dragged into recession as growth stumbles in many parts of the world.Sentiment on the U.S. currency also improved, with the dollar rising to 114.65 yen, recovering further from a 15-month low of 110.985 touched on Thursday.The euro also eased to as low as $1.1128 on Monday, retreating from Thursday's 3 1/2-month high of $1.1377, and last stood at $1.1173.The common currency was also driven lower by remarks from European Central Bank President Mario Draghi that the bank is ready to ease policy further in March.Gold extended fall from Thursday's one-year peak of $1,262.90 per ounce as safe-haven buying in the precious metal in recent weeks was rolled back.It fell 0.6 percent to $1,203.90, unable to find a floor after 2.2 percent on Monday, which was its biggest fall in almost seven months.Oil prices gained on news of a rare private meeting of top officials from the world's biggest oil producers spurred speculation of an eventual deal to tackle a deep supply glut.Global benchmark Brent futures rose 3.3 percent to $34.48 a barrel, rising to their highest level in a week. U.S. crude futures also jumped back above $30.As risk sentiment improved, yields on top-rated government bond rose, with the 10-year U.S. Treasuries yield rising 4.7 basis points to 1.793 percent from 1.746 percent at the end of last week.The Bank of Japan started implementing negative interest rates on Tuesday. The benchmark interbank lending rate fell to zero percent but not to negative levels partly because some banks have not fixed their system to deal with negative rates. 
ewarticle Hong Kong: Tokyo shares led Asian stock markets higher on Friday after a surprising US economic growth report buoyed investors following a prolonged rout driven by concerns over China´s economy.The dollar gained and oil prices rose on the back of the US growth report, but concerns over Japanese inflation figures tempered sentiment.Tokyo stocks gained 2.49 percent in early trading, while Hong Kong was up 1.00 percent and Shanghai gained 1.65 percent.Sydney was also 0.53 percent higher, while Seoul gained 1.38 percent.The gains in Asia followed a second straight day of advances on Wall Street, with the Dow Jones Industrial Average gaining 2.27 percent, the broad-based S&P 500 rising 2.43 percent and the tech-rich Nasdaq adding 2.45 percent.They were boosted by a US economic growth report that showed the world´s biggest economy expanded at an annual rate of 3.7 percent in the second quarter, sharply higher than the initial appraisal of a 2.3 percent gain.""Fear for the global economy had been one reason behind the recent falls, so the unexpected strength in the US, the fact that their GDP has managed to grow this much, is positive,"" said Nobuyuki Fujimoto, a Tokyo-based senior market analyst at SBI Securities Co.The gains come as a relief to investors who at one point saw $8 trillion wiped off global markets in a rout led by fears over the outlook for China.Oil prices also extended gains after surging 10 percent in the previous session on the back of the US data.US benchmark West Texas Intermediate for October delivery gained 83 cents to $43.39 while Brent crude for October rose 45 cents to $48.01.And on currency markets, the dollar was at or near one-week highs against the euro and the yen.In Tokyo trading, the dollar bought 121.14 yen, up from 121.02 in New York and 119.98 on Wednesday.It was also at $1.1250 against the euro, down from $1.1239 in New York but still stronger than Wednesday´s value of $1.1312.The euro bought 136.30 yen, against 136.03 yen in US trading.Gains from upbeat releases in the US were tempered by data in Japan that showed that inflation in the Asian powerhouse fell back to zero in July while household spending dropped for a second straight month.Gold, which is seen as a safe haven in times of stock market turmoil, traded at $1,129.61, up from $1,125.00.                        










 
ewarticle Hong Kong: Asian markets mostly fell Friday following another sell-off on Wall Street while the dollar edged up against the yen ahead of an expected US interest rate rise.Gold prices extended losses as commodity prices are hurt by the stronger dollar but oil recovered slightly from Thursday´s dips, although a global supply glut is expected to keep a lid on any strong gains.Tokyo slipped 0.39 percent, Hong Kong dipped 0.47 percent, Seoul was 0.82 percent lower and Sydney was flat.Shanghai rose 0.15 percent, a seventh-straight advance, after the government put in place measures to support the market in response to a month-long plunge.US traders retreated for a third straight session Thursday in response to more soft reports, with American Express, Caterpillar and 3M all disappointing.The below-par results follow similarly downbeat posts from Apple, Microsoft and United Technologies this week, which have fuelled fears about this quarter´s earnings.The Dow fell 0.67 percent, the S&P 500 dropped 0.57 percent and the Nasdaq gave up 0.49 percent.Company profits have been pressured by a strengthening of the dollar as the Federal Reserve prepares to hike rates, with bank chief Janet Yellen last week saying she saw a move before the year´s end.In Tokyo Friday, the dollar was at 124.00 yen, up from 123.90 yen in New York.The euro edged up to $1.0990 and 136.14 yen from $1.0985 and 136.10 yen.""With the US dollar likely to keep rising as the Fed prepares to raise rates, there´s still some sort of weakness to come in the commodity space,"" Angus Gluskie, managing director at White Funds Management Ltd. in Sydney, told Bloomberg News.""The earnings outlook in the US is also somewhat subdued as a result of the strong US dollar. We´re not likely to see a massive rally in the next few months.""On commodities markets gold is sitting at five-year lows as the expected rate hike sees traders flee from the safer sanctuary of the precious metal in search of better returns.Bullion fetched $1,088.64 an ounce compared with $1,101.86 late Thursday.Oil rose but continues to be blasted by the strong dollar and worries about a global supply glut.US benchmark West Texas Intermediate for September delivery was up 37 cents to $48.82 -- around its lowest levels since March -- and Brent crude for September gained 26 cents to $55.53 a barrel in morning Asian trade. (AFP) 










"
impact of Yemen conflict on oil prices,"London: Oil prices fell Friday after spiking the previous day as Saudi Arabian jets struck rebel targets in Yemen, sparking supply fears in the crude-rich Middle East.Brent North Sea crude for delivery in May sank 63 cents to $58.56 a barrel in London midday deals.US benchmark West Texas Intermediate (WTI) for May slid 81 cents to $50.62 a barrel.""Oil prices ... are shedding some of the strong gains they had achieved over the two previous days,"" said Commerzbank analyst Carsten Fritsch.""It would appear that the initial panicky response to Saudi Arabia´s military intervention in Yemen is giving way to a more sober assessment of the situation.""Prices rose sharply on Wednesday and Thursday after a Saudi Arabia-led coalition bombed Huthi rebels in support of Yemen´s embattled President Abedrabbo Mansour Hadi.WTI struck a one-month high of $52.48 and Brent jumped to a March 9 peak of $59.78 on Thursday.However, the market has since pulled lower owing to no disruption to oil supplies.Yemen is bordered by key Middle East oil producers Saudi Arabia and Oman.""Oil prices have cooled ... as the initial panic over the consequences of Saudi Arabia´s military action in Yemen and the harm it might cause its oil distribution have failed to materialise,"" added analyst Alistair McCaig at traders IG.Yemen has been gripped by turmoil since the rebels launched a power takeover in Sanaa in February.Warplanes from the Saudi-led coalition kept up raids against Huthi rebels on Friday as Hadi headed to an Arab summit to garner support as Iran warned the intervention was ""dangerous"".""The recent developments in Yemen have caused oil prices to jump on fears of disruption to supplies,"" said research house Capital Economics in a commentary.There are concerns that an escalation of the conflict could disrupt oil shipments passing through the Bab el-Mandeb Strait, located between Yemen and Djibouti and through which about 3.8 million barrels of oil per day are transported, it added.Other analysts said the impact of the Yemen crisis on the market was tempered by the crude oversupply, which has been fanned by record US stockpiles and the OPEC cartel´s refusal to slash production.""Despite all this increase, we continue to see weak oil fundamentals and thus, find it extremely hard for current prices to persist,"" said Daniel Ang, an investment analyst with Phillip Futures in Singapore. (AFP)                        










 
ewarticle London: Oil prices fell on Tuesday as a global supply glut and soft demand overshadowed the impact of geopolitical tensions in the crude-rich Middle East, analysts said.US benchmark West Texas Intermediate (WTI) for delivery in June slid 43 cents to $59 a barrel.Brent North Sea crude for July shed 63 cents to stand at $65.64 a barrel in London afternoon deals.""According to official data... Saudi Arabia exported just shy of eight million barrels of crude oil per day in March -- the highest export volume in more than nine years,"" said analysts at Commerzbank in a note to clients on Tuesday.Bernard Aw, market strategist at IG Markets Singapore, said ""global oversupply with weak demand"" continues to put a cap on prices despite geopolitical unrest raising concerns about a disruption in the Middle East.He said the crude market is already ""used to"" unrest in the region, where Islamic State fighters on Sunday captured the key Iraqi city of Ramadi.Yemen is also engulfed in violence that analysts fear could escalate and draw in neighbouring Saudi Arabia and Iran, which are backing the warring factions.Yemen is not a major oil-producing country, but its coast forms one side of the Bab el-Mandeb Strait, the key strategic entry point into the Red Sea through which some 4.7 million barrels of oil pass each day on ships headed to or from the Suez Canal.""Fears that the fighting in Iraq and Yemen could hamper the oil supply have clearly given way to a more sober appraisal, for the past twelve months have demonstrated that such concerns are exaggerated,"" Commerzbank analysts added. ""In actual fact, the oil supply from the region has continued to grow.""Oil supplies from leading OPEC producers Saudi Arabia, Kuwait and the United Arab Emirates are already near their highest levels in three decades, the International Energy Agency (IEA) said last week. Crude futures have fought back a little in recent weeks after prices plummeted more than 60 percent between June and January, as the Organization of the Petroleum Exporting Countries refused to cut production despite a global glut.The move by the 12-nation OPEC cartel, which pumps about 30 percent of global crude, was widely taken as an attempt to push US shale producers, which have higher costs, out of the market. (AFP)                        










 
ewarticle New York: Oil prices fell Tuesday as the Saudi-led coalition announced an end to its military strikes in Yemen and the market expected another rise in US crude inventories. West Texas Intermediate for May delivery sank $1.12, or two percent, to close at $55.26 a barrel on its last day the contract´s trade on the New York Mercantile Exchange.Brent North Sea crude for June delivery, the global benchmark, settled at $62.08 a barrel in London trade, down $1.37 (2.2 percent) from Monday´s closing level.News of the Saudi-led coalition wrapping up air strikes against rebels in Yemen, coming in afternoon trade in New York, accelerated losses on the market, said Phil Flynn of Price Futures Group.""Oil is selling because the Saudis are going to end their operation in Yemen,"" Flynn said. ""This is why we´ve seen the precipitous drop in prices in the last few minutes.""The end of four weeks of air strikes against the Huthi rebel forces, with the coalition saying the rebels´ threat to Saudi Arabia and neighboring countries had been removed, eased concerns about the spreading unrest in Yemen.Although Yemen is not a particularly important oil producer, market watchers have been worried about the impact of the turmoil on the oil-rich region, notably in Iran, which is suspected of supporting the rebellion.Expectations for Wednesday´s weekly inventories report from the US Department of Energy were bearish. The country´s historically high crude inventories were estimated to have increased by 2.5 million barrels in the week ended April 17, according to a Bloomberg News survey of experts.Oil prices have shed about half their value since last June amid a supply glut and weak demand growth.For many analysts, recent gains in oil prices were mainly the result of speculative buying by investors betting that the fundamentals of supply and demand would improve. News last week of a slight decline in US oil production had boosted prices.""There is no fundamental explanation for the price spike,"" Commerzbank analysts said in a research note Tuesday. ""Due to sharply higher OPEC oil production, the market remains significantly oversupplied."" (AFP)                        










 
ewarticle KARACHI: The price of petroleum products are expected to increase in June, industry sources have revealed to Geo News. The per litre price of diesel may rise by Rs6.20 and petrol by Rs5.80.  A staggering Rs11 increase may be seen in the price of HOBC. The reason for the price increase is the turmoil in Yemen which has led to an increase in crude oil price in the international market.  










 
ewarticle strong>SINGAPORE: Oil prices surged during the start of 2016 trading as relations between top crude producers Saudi Arabia and Iran deteriorated, raising concerns about potential supply disruptions, though weak Asian manufacturing data kept a lid on bullish expectations.</strongSaudi Arabia, the world´s biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran.The diplomatic row between the two major oil producers escalated following Riyadh´s execution of a prominent cleric on Saturday.Global oil benchmark Brent climbed more than a dollar to a high of $38.50 per barrel on Monday, before easing back to $38.10 at 0350 GMT, still up over 2 percent.US crude´s West Texas Intermediate (WTI) futures were up 77 cents, or 2.08 percent, at $37.81 a barrel.Oil traders said the crisis between Saudi Arabia, also the world´s second-largest oil producer, and Iran, which holds some of the largest proven oil reserves, was pushing up prices.The clash between the two Middle Eastern rivals also comes as Iran hopes to ramp up oil exports following the expected removal of sanctions against it after reaching a deal over its alleged nuclear weapons development programme.""With increased geopolitical tensions between Saudi Arabia and Iran, the market has put a premium on prices just when markets opened (in 2016),"" brokerage Phillip Futures said on Monday.Despite Monday´s jump, oil prices are down by two-thirds since mid-2014 on ballooning oversupply as producers including the Organization of the Petroleum Exporting Countries (OPEC), Russia and the United States pump between 0.5 million and 2 million barrels of oil every day in excess of demand."
causes of Karachi Stock Exchange 100-index drop,"KARACHI: Bearish spell at Karachi Stock Exchange (KSE) grew in strength on Wednesday, as the benchmark KSE 100-share Index witnessed a sharp decline of 817.28 points or 2.5 percent to close at 31,524.During the intra-day trading, the main Index at one point took a nosedive and lost over 1,000 points. But, some support was seen at the bottom which helped the Index regain about 200 points. However, the market remained deeply mired the red zone and the Index lost over 800 points at market close.The local bourse remained bearish for the third consecutive day in the backdrop of deteriorating law and order situation.According to capital market analysts, the selling of shares from foreign investors and mutual fund institutions has kept Pakistan biggest stock market under pressure. 










 
ewarticle KARACHI: Pakistani stocks continued their free-fall at the start of the week, with the benchmark Karachi Stock Exchange 100-index falling over 1,000 points or 3.5 per cent during trading on Monday.The benchmark index was at a six-month low of 28,927.04 points at the close of trading, down 1,030.79 points or 3.34 per cent. The index has shed over 4,600 points during the last two months, with experts estimating that investors have lost now lost over USD10 billion or Rs 1 trillion.Mohammad Sohail, CEO of Topline Securities, said the bearish trend was “largely due to different rumours circulating in the market”. The market has been abuzz with speculation about leveraged investors selling stocks to meet margin calls.Panic-selling was seen across all sectors the previous week too as stocks fell like nine-pins, going under the 30,000-level after 22 weeks.                        










 
ewarticle KARACHI: Pakistan’s main stock index witnessed a bullish trend as it rebounded over 1,100 points during day trading on Tuesday, a day after the market plunged around 3.5 percent on fears of a selling spree by foreign investors.The benchmark Karachi Stock Exchange (KSE) 100-index was hovering around 30,028.85 points at 1 pm, up 1,101.81 points or 3.81 percent from its previous close of 28,971.The previous day, the index tumbled 1,252 points to 28,706, a drop of 4.18 percent – one of the largest falls in a single day in recent years – before it recovered somewhat to end on 28,971, down 3.44 percent.The KSE has enjoyed startling growth in recent years even though Pakistan has been racked by militancy and political upheaval for more than a decade.But from the start of January to March 29, the market saw an outflow of foreign investment of $131 million compared with a $384 million inflow last year.There was speculation in the market that local buyers had overrun their capacity to absorb more offloaded shares from foreign investors, while rumours were also circulating that some stockbrokers were also on the verge of default. But investor confidence appeared to have returned as the bourse recovered today.  The government of Prime Minister Nawaz Sharif has been trying to boost Pakistan’s flagging economy since being elected in May 2013.Last week, Moody´s upgraded Pakistan´s dollar bond rating one notch from stable to positive on the back of improving macroeconomic indicators. The financial ratings firm said its decision came in view of strengthening foreign exchange reserves.                        










 
ewarticle KARACHI: Share prices witnessed a big drop at Karachi Stock Exchange (KSE) on Monday as the benchmark KSE-100 share index took a nosedive and plunged by 1023 points to peg at 32,502.According to market analysts, the capital market is witnessing a major decline in the wake of two developments. One is a notification of Securities and Exchange Commission of Pakistan (SECP) binding the consumers of security companies to submit a bi-weekly report.The second reason for the bearish spell is the suspension of gas supply to the fertilizers companies, they added. 










 
ewarticle KARACHI: Pakistani shares fell on all days this week, bringing down the benchmark index below the 40,000 mark, as political tensions deepened between the ruling and opposition parties, spooking investors.The benchmark 100-share index of the Pakistan Stock Exchange closed down 0.29 percent, or 114.43 points, at 39,872.88.The index fell 3.4 percent this week.""Fear gripped investors on increased political tensions between PTI (Pakistan Tehreek Insaaf) and ruling party Pakistan Muslim League (Nawaz) creating a selling spree on Friday,"" said Fawad Khan, head of research at KASB Securities Pvt Ltd.Among the gainers, Fauji Cement Company Ltd rose 3.01 percent, while Sui Southern Gas Company Ltd was up 4.98 percent.The Pakistani rupee ended slightly weaker at 104.80/104.84 against the dollar, compared with Thursday´s close of 104.79/104.83.Overnight rates in the money market fell to 5.80 percent from Thursday´s close of 5.75 percent."
current oil price trends and impact of potential Iran nuclear deal,"NEW YORK: Crude-oil prices fell Thursday after six world powers and Iran announced they had agreed on a framework to curb Iran’s nuclear drive.With the tentative deal, if confirmed, likely to allow Iran crude exports back on the markets, Brent North Sea crude for delivery in May, the global benchmark contract, slumped $2.15, settling at $54.95 a barrel in London trade.The US benchmark, West Texas Intermediate (WTI) for May delivery, shed 95 cents to close at $49.14 a barrel on the New York Mercantile Exchange.Traders have been following the marathon negotiations closely. Shortly before the New York market closed, the world powers and Iran said that Tehran has agreed to curtail its nuclear program in return for the lifting of US and European Union nuclear-related sanctions that have harmed its economy.Lifting sanctions could open up the flow of Iranian crude to an oversupplied global market. The glut has pushed crude prices more than 50 percent lower since last June.The outline of the deal marked a major breakthrough in a 12-year standoff between Iran and the West, which has long feared Tehran wants to build a nuclear bomb. Iran has insisted the nuclear program is for peaceful purposes.At the beginning of the press conference in Lausanne, Switzerland, the price of WTI, which had been trading lower since the market opened, fell to $48.11 a barrel before paring its losses.The countries announced the drafting of a full agreement would begin immediately, with a June 30 deadline for completion.The sanctions would be lifted after the UN atomic agency verifies Iran has fulfilled the terms of the deal.The so-called P5+1 group – the United States, Britain, China, France and Russia plus Germany – hope that the deal will make it virtually impossible for Iran to make nuclear weapons under the guise of its civilian program.Commerzbank analysts, citing shipping sources, said earlier this week that Iran has at least 30 million barrels of crude oil in storage onboard tankers that could quickly move onto the market if sanctions were lifted.Iran has the world´s fourth-largest oil reserves. The OPEC member´s crude exports have fallen from more than 2.2 million barrels per day in 2011 to about 1.3 million bpd because of the US-EU sanctions.Traders also kept an eye on the latest Baker Hughes count of US crude-oil drilling rigs, looking for clues that the strong US crude output could be easing. The count fell by 11 rigs from last week, and the number of operating rigs has fallen more than 50 percent since October.                        










 
ewarticle London: Oil prices fell Tuesday, with profit-taking in evidence a day after the market rallied on doubts over an agreement with Iran over the crude producer´s nuclear programme, traders said. US benchmark West Texas Intermediate (WTI) for delivery in May dropped 64 cents to $51.50 a barrel compared with Monday´s close. Brent North Sea crude for May lost 46 cents to $57.66 in midday trade.The contracts had surged by three dollars each on Monday.""The current decline in oil prices is most likely due to profit-taking,"" Ken Hasegawa, energy trading manager at Newedge Group, told AFP. Analysts attributed the steep gains on Monday to investors concluding that the nuclear framework agreed between Iran and international powers will have a minimal near-term effect on global crude supplies.The deal Tehran agreed with the United States, Britain, China, France and Russia plus Germany paves the way for the Islamic republic to curtail its nuclear activity in exchange for relief from punishing economic sanctions, including on oil investment.""Most traders were waiting on Iran nuclear talks to cause a flood in Iranian oil as sanctions get lifted,"" said Daniel Ang, investment analyst at Phillip Futures in Singapore. ""However, the tone from the US seems firm and this means that sanctions would only be lifted slowly,"" he added.Iran has the world´s fourth-largest oil reserves but its exports have fallen from more than 2.2 million barrels per day in 2011 to about 1.3 million because of the US-EU sanctions, which were put in place to prevent it building a nuclear bomb. (AFP)                        










 
ewarticle strong>SINGAPORE: Oil prices hit their lowest since 2003 on Monday, as the market braced for a jump in Iranian exports after the lifting of sanctions against the country at the weekend.</strongThe UN nuclear watchdog on Saturday said Tehran had met its commitments to curtail its nuclear programme, and the United States immediately revoked sanctions that had slashed the OPEC member's oil exports by around 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.""Iran is now free to sell as much oil as it wants to whomever it likes at whatever price it can get,"" said Richard Nephew, program director for Economic Statecraft, Sanctions and Energy Markets at Columbia University's Center on Global Energy Policy.Iran is ready to increase its crude exports by 500,000 bpd, its deputy oil minister said on Sunday.In what traders described as a knee-jerk reaction, international Brent crude fell to $27.67 a barrel early on Monday, its lowest since 2003, before recovering to $28.56 by 0208 GMT, still down over 1 percent from its settlement on Friday.US crude was down 27 cents at $29.15 a barrel, after hitting a 2003-low of $28.36 earlier in the session.""The lifting of sanctions on Iran should see further downward pressure on oil ... in the short term,"" ANZ said on Monday.""Iran's likely strategy in offering discounts to entice customers could see further downward pressure on prices in the near term,"" the bank added.Trading data shows that short positions in US crude markets, which would profit from further price falls, have hit a fresh record despite steep recent drops.While this could trigger sudden price jumps once traders close positions to cash in from further drops, it also indicates that many market participants think there is still more downside to prices.Iran's potential new exports come at a time when global markets are already reeling from chronic oversupply as producers pump a million barrels or more of crude every day in excess of demand, pulling down crude prices by over 75 percent since mid-2014 and by over a quarter since the start of 2016.And although analysts expect Iran to take some time before being able to fully revive its export infrastructure, suffering from years of underinvestment during the sanctions, it does have at least a dozen Very Large Crude Carrier super-tankers filled and in place to sell into the market.The oil price rout is also hurting stock markets, with Asian shares set to slide to near their 2011 troughs on Monday, stoking further worries about a global economic downturn.""Growth keeps slowing ... Lower commodity prices, including oil, partly reflect weakening demand itself. In addition, the downturn in mining capex and the declining income of commodity producers is weighing on exports from Asia,"" said Frederic Neumann, co-head of Asian Economics Research at HSBC, Hong Kong. 
ewarticle SINGAPORE: Oil prices fell on Monday as traders focused on whether Iran and six world powers would reach a deal that could add fuel to an already oversupplied market if sanctions against Tehran are lifted.The two sides are trying to reach an agreement in nuclear negotiations by a Tuesday deadline.""Any relaxation of Iran oil sanctions could see increased exports adding to swelling global supplies and further pressuring prices,"" ANZ said.Brent crude futures were down 42 cents at $55.99 by 0633 GMT as the market began to price in a potential deal with Iran. U.S. West Texas Intermediate (WTI) was down 84 cents at $48.03 a barrel.Barclays said that the U.S. build-up in stocks would make its way into an already oversupplied market in the second quarter and that global demand would unlikely be strong enough to support oil prices once that happens.""In OECD Asia, demand growth actually fell from -3 percent to -4 percent (in Q1) ... Apparent demand in China was around 2 percent higher, but actual demand is likely to be lower since seasonal stockbuilding typically takes place after the start of the year,"" the bank said. It added that demand growth in the OECD region had been in structural decline over the past five years.""Continued dollar strength is (also) a headwind to the oil price recovery,"" Barclays said, forecasting the dollar rising slightly above parity with the euro by Q4.A potential climb in prices could come from an OPEC production cut, which some members have lobbied for but its biggest exporter Saudi Arabia has resisted.""Saudi Arabia had to cut its price in Asia to ensure its crude oil remained attractive,"" energy consultancy Wood Mackenzie said.""Other suppliers looking to position themselves in Asia will have to pay close attention to the Saudi's pricing strategy,"" it added.Morgan Stanley said that crude demand would also be dented via the refinery sector, where production tends to fall towards the middle of the year.In the United States, the oil rig count continued to drop, although analysts said that lower drilling activity would only affect oil production later this year.""The current rig count is pointing to U.S. production declining slightly sequentially in 2Q15 and 3Q15,"" Goldman Sachs said although it added activity could bounce back in 2016 as drillers benefitted from falling production costs.                        










 
ewarticle Singapore: Oil prices rose in Asia Tuesday, three days before an OPEC meeting in which the cartel is expected to maintain high output levels despite a global supply glut.Analysts say the Organization of the Petroleum Exporting Countries is likely to focus more on maintaining market share against competitors than on slashing production in order to lift prices.US benchmark West Texas Intermediate for delivery in January was up 29 cents to $41.94 and Brent crude for January was trading 18 cents higher at 44.79 a barrel at around 0300 GMT.""Crude oil remained on the soft side as many expect OPEC to be unwaving about its production target when the group gathers this Friday,"" said Bernard Aw, market strategist at IG Markets in Singapore.""Crude prices are likely to stay sideways ahead of the OPEC meeting, where Iran is expected to announce plans to expand output.""Iran is expected to increase its oil exports after crippling western sanctions are lifted under a landmark deal reached with major world powers in July to curb its nuclear programme.The sanctions have restricted Iranian oil shipments and analysts say their return to the market will further add to the crude oversupply.Iran´s deputy foreign minister Abbas Araghchi said last week his country expects the deal to come into force in early January, when Tehran will have implemented its commitments.Oil prices have been in retreat from levels above $100 a barrel reached in mid-2014, with the decline accelerating after OPEC´s November 2014 meeting signalled the group would keep output high.A key measure of China´s manufacturing activity dropped to its weakest level in more than three years in November, data released Tuesday showed, further underlining weaknesses in the world´s top energy consumer.The official Purchasing Managers Index (PMI), which tracks activity in the crucial factories and workshops sector, fell to 49.6, the government statistics bureau said. It was the fourth consecutive month of decline and the lowest figure since August 2012. 










"
What is the new price of petrol in Islamabad starting October 31?,"ISLAMABAD: The new price of petrol effective from midnight Tuesday, October 31, will be Rs 74.29 per litre.The price of petrol has been increased by Rs 4 per litre for the month of April.Similarly, the price of diesel has been increased by Rs 3 per litre.All other POL prices will however remain same.The Oil and Gas Regulatory Authority (OGRA) on Monday forward a proposal to ratchet up the prices of petroleum products effective from April 1.OGRA had suggested increasing the rate of petrol by Rs4.40 per litre, high speed diesel by Rs6.25, High Octane Blending Component (HOBC) Rs7.66, light diesel Rs2.56 and kerosene oil by Rs1.56 a litre.In response to the similar proposal from OGRA last month, the government had decided not to increase the POL prices and kept them unchanged for the month of March. 










 
ewarticle ISLAMABAD: The new price of petrol effective from midnight Tuesday, October 31, will be Rs 74.29 per litre.The price of petrol has been increased by Rs 4 per litre for the month of April.Similarly, the price of diesel has been increased by Rs 3 per litre.All other POL prices will however remain same.The Oil and Gas Regulatory Authority (OGRA) on Monday forward a proposal to ratchet up the prices of petroleum products effective from April 1.OGRA had suggested increasing the rate of petrol by Rs4.40 per litre, high speed diesel by Rs6.25, High Octane Blending Component (HOBC) Rs7.66, light diesel Rs2.56 and kerosene oil by Rs1.56 a litre.In response to the similar proposal from OGRA last month, the government had decided not to increase the POL prices and kept them unchanged for the month of March. 










 
ewarticle KARACHI: The prices of petroleum products are expected to increase next month (November) in Pakistan. According to sources the price of petrol will increase by Rs3.43/litre and diesel by Rs.2.80/litre. The price of kerosene oil will rise by Rs3.00/litre. The final estimate for the price increase will be made on October 26.   










 
ewarticle ISLAMABAD: The price of petrol in Pakistan is expected to be reduced by Rs. 1.80, to settle at Rs. 73.21 from May 1, sources told Geo News on Monday.According to sources, OGRA will be sending a complete summary of the price changes for all POL products to the Petroleum Ministry by Wednesday, April 29.Furthermore, the price of diesel is expected to be decreased by Rs. 1.64, to settle at Rs. 81.97.On the other hand, the price of Kerosene oil is expected to be increased by Rs. 2, with the new price at Rs. 63.50. 










 
ewarticle strong>ISLAMABAD: The government has decided to keep the prices of petroleum products unchanged rejecting  the summary seeking revision of the prices.</strongFinance Minister Ishaq Dar confirmed the decision has been taken on the special directives of Prime Minister Nawaz Sharif,On Monday, the Oil and Gas Regulatory Authority (OGRA) sent a summary to the Ministry of Petroleum and Natural Resources suggesting an increase in prices of petroleum products for the month of June.According to sources, the ministry requested a hike of 0.85 rupees per litre for petrol, 2.18 rupees per litre for high octane, 6.69 rupees per litre for diesel and 3.97 rupees per litre for kerosene oil. "
current performance of Karachi Stock Exchange,"NEW DELHI: Pakistan's stock market has outperformed the Indian equity market with a huge gap since the beginning of the new century. <br/> <br/> Over the past 16 years, the MSCI Pakistan index climbed over 14 per cent in dollar terms on a compounded annual growth (CAGR) basis, while the MSCI India index has advanced 8.39 per cent annually during the same period, data available with Bloomberg showed.The KSE100 index of the Karachi Stock Exchange rallied 2,625 per cent from 1,772 in January 2000 to around 48,300 in December 2016, while the Sensex of the BSE advanced 431 per cent in this period. <br/> <br/> KSE100 tracks the performance of biggest companies by market capitalisation from each sector of the Pakistani economy listed on bourses. <br/> <br/> On the hand, the 30-share Sensex jumped from 5,005 in December 1999 to 26,626 on December 30, 2016.Among other emerging markets, the Chinese equity indices have underperformed both Indian and Pakistani equity markets since the year 2000. China's Shanghai Composite index advanced 120 per cent to 3,103 till December 2016 from 1,406, where it was trading at in January 2000. <br/> <br/> According to a Forbes report, published in September 2016, Pakistan is a frontier economy rather than an emerging .   
ewarticle strong>ISLAMABAD: Asia’s best-performing stock market this year could be in for an additional boost if MSCI Inc. includes Pakistan in its emerging-market index for the first time since 2008.</strongThe index provider, added frontier-market Pakistan to its list for possible reclassification last year, citing improvements in transparency and liquidity, said a report appeared in the Bloomberg.The report said Prime Minister Nawaz Sharif is seeking to boost economic growth to its fastest pace in more than a decade after achieving stability through an International Monetary Fund loan programme that averted an external payments crisis in 2013.The nation also plans to end an energy crisis in two years with the help of $46 billion of planned Chinese investment.The Karachi Stock Exchange KSE100 Index has gained 15 percent this year, making it the best performer in Asia.The gauge has climbed 4.2 percent this month, compared with a 0.4 percent fall in the MSCI Emerging Markets Index.EFG Hermes said last month an upgrade could lure around $475 million of inflows by mid-2017. Pakistan has a “70 percent chance” of being promoted, according to Tundra Fonder, a fund manager specializing in frontier markets.The country’s benchmark index rallied the most in five weeks before MSCI’s decision due late Tuesday in New York.“Pakistan is moving into acceptance: the nation has what it needs, a decently functional state and decent stability,” said Mattias Martinsson, the Stockholm-based chief investment officer at Tundra Fonder, which holds $200 million of Pakistani equities.“We have a pretty fair chance,” said Farid Ahmed Khan, the Karachi-based chief executive officer at ABL Asset Management Co.Pakistan was downgraded to frontier status in December 2008, four months after the Karachi Stock Exchange imposed a rule that caused near total paralysis of market activity for more than three months.MSCI’s Frontier Markets Index currently features 16 Pakistani companies that make up about 9 percent of the gauge.“Pakistan’s market has been doing so well as valuations are some of the lowest in the region,” said Arthur Kwong, the Hong Kong-based head of Asia-Pacific equities at BNP Paribas Investment Partners, which oversees about 552 billion euros ($623 billion).“Basically people are looking for alternatives, finding markets that are less correlated to the U.S. interest-rate cycle and the China macro slowdown. Pakistan, no doubt, is one of the outstanding spots,” the report said.  
ewarticle strong>KARACHI: Pakistan Stock Exchange witnessed bullish trend on second consecutive day, on Tuesday at the start of the business as 100 index crossed the level of 50 thousand points with 174 points increase in hundred index. </strongThe market had closed at 49876 points yesterday which at the start of the business reached to the highest level of fifty thousand fifty (50,050) points on Tuesday morning. This increasing trend of investment in stock exchange is being deemed as good omen for national economy by business.Economic expert Muhammad Sohail while talking to local media expressed that the news regarding the historic uphill trend in country’s stock market was definitely amazing. 
ewarticle KARACHI: Bearish spell at Karachi Stock Exchange (KSE) grew in strength on Wednesday, as the benchmark KSE 100-share Index witnessed a sharp decline of 817.28 points or 2.5 percent to close at 31,524.During the intra-day trading, the main Index at one point took a nosedive and lost over 1,000 points. But, some support was seen at the bottom which helped the Index regain about 200 points. However, the market remained deeply mired the red zone and the Index lost over 800 points at market close.The local bourse remained bearish for the third consecutive day in the backdrop of deteriorating law and order situation.According to capital market analysts, the selling of shares from foreign investors and mutual fund institutions has kept Pakistan biggest stock market under pressure. 










 
ewarticle KARACHI: Pakistan’s main stock index witnessed a bullish trend as it rebounded over 1,100 points during day trading on Tuesday, a day after the market plunged around 3.5 percent on fears of a selling spree by foreign investors.The benchmark Karachi Stock Exchange (KSE) 100-index was hovering around 30,028.85 points at 1 pm, up 1,101.81 points or 3.81 percent from its previous close of 28,971.The previous day, the index tumbled 1,252 points to 28,706, a drop of 4.18 percent – one of the largest falls in a single day in recent years – before it recovered somewhat to end on 28,971, down 3.44 percent.The KSE has enjoyed startling growth in recent years even though Pakistan has been racked by militancy and political upheaval for more than a decade.But from the start of January to March 29, the market saw an outflow of foreign investment of $131 million compared with a $384 million inflow last year.There was speculation in the market that local buyers had overrun their capacity to absorb more offloaded shares from foreign investors, while rumours were also circulating that some stockbrokers were also on the verge of default. But investor confidence appeared to have returned as the bourse recovered today.  The government of Prime Minister Nawaz Sharif has been trying to boost Pakistan’s flagging economy since being elected in May 2013.Last week, Moody´s upgraded Pakistan´s dollar bond rating one notch from stable to positive on the back of improving macroeconomic indicators. The financial ratings firm said its decision came in view of strengthening foreign exchange reserves.                        










"
What are the new petrol prices in Islamabad starting October 31?,"ISLAMABAD: The new price of petrol effective from midnight Tuesday, October 31, will be Rs 74.29 per litre.The price of petrol has been increased by Rs 4 per litre for the month of April.Similarly, the price of diesel has been increased by Rs 3 per litre.All other POL prices will however remain same.The Oil and Gas Regulatory Authority (OGRA) on Monday forward a proposal to ratchet up the prices of petroleum products effective from April 1.OGRA had suggested increasing the rate of petrol by Rs4.40 per litre, high speed diesel by Rs6.25, High Octane Blending Component (HOBC) Rs7.66, light diesel Rs2.56 and kerosene oil by Rs1.56 a litre.In response to the similar proposal from OGRA last month, the government had decided not to increase the POL prices and kept them unchanged for the month of March. 










 
ewarticle KARACHI: The prices of petroleum products are expected to increase next month (November) in Pakistan. According to sources the price of petrol will increase by Rs3.43/litre and diesel by Rs.2.80/litre. The price of kerosene oil will rise by Rs3.00/litre. The final estimate for the price increase will be made on October 26.   










 
ewarticle ISLAMABAD: The new price of petrol effective from midnight Tuesday, October 31, will be Rs 74.29 per litre.The price of petrol has been increased by Rs 4 per litre for the month of April.Similarly, the price of diesel has been increased by Rs 3 per litre.All other POL prices will however remain same.The Oil and Gas Regulatory Authority (OGRA) on Monday forward a proposal to ratchet up the prices of petroleum products effective from April 1.OGRA had suggested increasing the rate of petrol by Rs4.40 per litre, high speed diesel by Rs6.25, High Octane Blending Component (HOBC) Rs7.66, light diesel Rs2.56 and kerosene oil by Rs1.56 a litre.In response to the similar proposal from OGRA last month, the government had decided not to increase the POL prices and kept them unchanged for the month of March. 










 
ewarticle ISLAMABAD: The price of petrol in Pakistan is expected to be reduced by Rs. 1.80, to settle at Rs. 73.21 from May 1, sources told Geo News on Monday.According to sources, OGRA will be sending a complete summary of the price changes for all POL products to the Petroleum Ministry by Wednesday, April 29.Furthermore, the price of diesel is expected to be decreased by Rs. 1.64, to settle at Rs. 81.97.On the other hand, the price of Kerosene oil is expected to be increased by Rs. 2, with the new price at Rs. 63.50. 










 
ewarticle strong>ISLAMABAD: The government has decided to keep the prices of petroleum products unchanged rejecting  the summary seeking revision of the prices.</strongFinance Minister Ishaq Dar confirmed the decision has been taken on the special directives of Prime Minister Nawaz Sharif,On Monday, the Oil and Gas Regulatory Authority (OGRA) sent a summary to the Ministry of Petroleum and Natural Resources suggesting an increase in prices of petroleum products for the month of June.According to sources, the ministry requested a hike of 0.85 rupees per litre for petrol, 2.18 rupees per litre for high octane, 6.69 rupees per litre for diesel and 3.97 rupees per litre for kerosene oil. "
Chinese investment in Pakistan's oil and gas sector,"ISLAMABAD: Chinese companies have expressed interest to invest in Pakistan’s oil and gas sector, the Petroleum Ministry revealed on Wednesday. A notification issued by the ministry stated that a workshop has been held in this regard. Pakistan was represented by the Petroleum Secretary while China was represented by the Director General National Energy Administration. During the briefing, it was revealed that Pakistan has an estimated 160 trillion cubic feet of gas reserves and this estimate includes 105 trillion cubic feet of Shale gas reserves. Chinese companies are interested to invest in Pakistan oil and gas sector to explore for further reserves.  










 
ewarticle ISLAMABAD: International oil and gas companies and some leading global investors have shown interest in Pakistan’s promising gas sector, which is a very healthy sign, said Ghiyas Paracha, Chairman All Pakistan CNG Association (APCNGA) in a statement here on Sunday. He said the oil and gas majors in US, Russia, China, UAE and Singapore have realised Pakistan’s interest in gas, prompting them to explore opportunities in gas import terminals and pipelines. Paracha said the confidence of investors is rising which will help the government bridge gas shortfall of two billion cubic feet. He said government is framing policy for gas import by CNG sector which will relieve government of the burden besides resulting in price cuts as compared to petrol. He said gas utilities are improving transmission and distribution system, which would increase their swap capacity by December 2016. He said completion of LNG pipeline and more terminals will settle the energy crisis, Ghiyas Paracha said. (PPI) 
ewarticle strong>ISLAMABAD: A delegation of Chinese investment companies has apprised Prime Minister Nawaz Sharif of bringing $ 3 billion Investment Fund to Pakistan focusing on infrastructure development and energy sectors.</strongA consortium of Chinese investment companies called on PM Nawaz at the PM House here Friday.The Chinese delegation also expressed its intent to explore possibility of starting a new airline in Pakistan after the permission from the government of Pakistan.Talking to the delegation, Nawaz Sharif said Pakistan’s economic outlook had altogether changed in last three years and was being acknowledged globally.He said Pakistan was among the year’s global top 10 improvers in ‘Doing Business 2017’ report.Nawaz Sharif said the country’s investment policy had been designed to provide a comprehensive framework for creating a conducive business environment for the attraction of Foreign Direct Investment.He said the country’s policy trends had been consistent, with liberalization, de-regulation, privatization, and facilitation being its foremost cornerstone.Warmly welcoming the delegation, the Prime Minister appreciated the Chinese delegation’s fruitful interaction with Ministries of Finance, Petroleum and Natural Resources, Secretary Water and Power and Capital Development Authority.The Prime Minister expressed hope that members of the Chinese delegation would have a productive visit in the backdrop of briefing by various Ministries about immense potential for investment in Pakistan’s infrastructure development, energy and communication sectors.The Chinese side said that it is actively pursuing its investments in infrastructure, power, aviation and tourism sectors of Pakistan. 
ewarticle strong>ISLAMABAD: A 15-member Chinese delegation  visited Islamabad Chamber of Commerce and Industry (ICCI)here on Saturday and expressed hope that the Chinese investment in Pakistan under China Pakistan Economic Corridor (CPEC) would help generate over 10,000 more job opportunities in the country.</strongThe delegation was led by Gan Rongkun Vice Governor ofHubei Province and discussed with the local businessmen prospects of investment and joint ventures in One Belt One Road and China Pakistan Economic Corridor projects.The delegation showed interest to explore investment opportunities in energy and infrastructure development projects including constructions of roads airports and railway network in Pakistan.They said both countries have good potential to enhance cooperation in auto manufacturing steel cement power generation services industry and many other areas.They said Pakistan now has political stability and growing economy and these factors were stimulating interest in Chinese investors to explore Pakistan for investment and joint ventures.They said China State Construction Corp has already participated in many construction projects in Pakistan including Centaraus New Islamabad Airport and Chinese investors would construct a 392 KMs superhighway to connect Islamabad with other cities and industrial park in Pakistan.They also invited Pakistani businessmen to visit Hubei Province to explore business opportunities as it enjoyed strategic location in the center of China with huge business potential.In his welcome address Atif  Ikram, Sheikh President Islamabad Chamber of Commerce and Industry said that CPEC was considered a game changer for Pakistan and more Chinese investors should be encouraged to participate in this historic project for its timely completion.He said there was huge potential of investment in many sectors of Pakistan s economy including energy infrastructure mining manufacturing engineering IT and others while CPEC was poised to open new horizons of investment opportunities between China and Pakistan.He said China has good expertise and advanced technology while Pakistan offered attractive incentives to foreign investors.He urged that Chinese investors should harvest the investment friendly policies of the current regime by enhancing investment and joint ventures in Pakistan.  
ewarticle strong>KARACHI: Pakistani stocks edged higher in volatile trade on Tuesday, led by a rise in global oil prices, dealers said.</strongThe benchmark 100-share index of the Pakistan Stock Exchange closed up 0.03 percent, or 11.75 points, at 36,137.12.The index went up as much as 265 points intraday led by oil stocks as international oil prices hit a six-month high, said Hammad Aman, manager, equity sales at Topline Securities Pvt Ltd.Oil traded at around $49 a barrel on Tuesday, supported by supply outages in Nigeria, Canada and other producers that are eroding a persistent glut.Pakistan Petroleum Ltd gained 1.57 percent, while Pakistan Oilfields Ltd rose 0.38 percent.The rupee ended at 104.66/104.72 against the dollar, compared with Monday´s close of 104.69/104.74Overnight rates in the money market were steady at 6.20 percent from the previous session. ($1 = 104.6500 Pakistani rupees)"