Domestic cement sale increased by over 10pc in August
LAHORE (Staff Reporter): During the month of August 2015, cement dispatches rose by 10.24 per cent as the domestic uptake continued to rise in view of accelerated economic activities. According to the data released by All Pakistan Cement Manufacturers Association, cement dispatches during the month of August 2015 stood at 3.061 million tons that were 10.24pc higher than the dispatches recorded during the same month of last fiscal that were 2.776 million tons. Domestic sales during August 2015 were 2.494 million tons against 1.94 million tons in August 2014, showing a robust growth of 27.99pc over August 2014. Zone wise, domestic dispatches during August 2015 in North Zone were 2.024 million tons and in South Zone 0.470 million tons.

On year over year basis, total domestic dispatches during the first two months of current fiscal were 4.29 million tons compared to 3.67 million tons during same period of last fiscal, showing an impressive growth of 16.73%. Export sector, however, continued to disappoint. Exports from North zone during August 2015 were 349,873 metric tons.

SECP okays foundation course, curriculum for insurance agents
ISLAMABAD (Staff Reporter): The Securities and Exchange Commission (SECP) has issued a notification approving the curriculum for foundation course for life and non-life insurance agents or the designated persons and minimum infrastructural/training and faculty requirements for recognition of the institutes by it. The course contents consist of basic principles, role of insurance agents, risks and insurance, claims handling and law governing insurance industry. The SECP has approved the Institute of Capital Markets and Pakistan Insurance Institute as recognized institutes and authorized them to train insurance agents as required by Rule 26(b) of the 2002 SEC (Insurance) Rules as amended vide S.R.O. 649(I)/2015 dated July 2, 2015.
In addition, as per the S.R.O. 649(I)/2015, the minimum educational requirement of higher secondary school certificate or equivalent has been prescribed for the persons entering agency contract with insurers. The said requirement is applicable to the persons entering any such agency contract for the first time.

Nestlé Pakistan announces change in its top management
LAHORE (Staff Reporter): Nestlé Pakistan has announced a change in its top management, with Bruno Olierhoek taking over the responsibilities of Managing Director and CEO of company after the departure of Magdi Batato. Batato has moved to Nestlé headquarters in Switzerland as the executive vice president in charge of operations for Nestlé worldwide after heading Nestlé Pakistan for three years. Olierhoek comes to Nestlé Pakistan from Cameroon where he was the Country Manager Tropical Cluster for Central and West Africa region. He has worked as an int’l executive at Nestlé for more than 20 years, serving in different Asian, European and African countries. Olierhoek has wide cross-functional experience.
He successfully led a business turnaround, established new startups and engaged in global business strategy development. He also focused on improving the safety and health standards in Nestlé’s Central African operations, as a result of which the organization became a founding member of ‘Safe Way, Right Way,’ which promotes road safety.
Speaking to the employees of Nestle Pakistan after taking charge, Olierhoek said, “I am looking forward to discovering your beautiful country, so rich in culture and history and to continue to build with you on the solid foundations of the highly successful Nestlé Pakistan.”

LCCI for evolving mechanism to
fix power tariff
LAHORE (Staff Reporter): The Lahore Chamber of Commerce & Industry (LCCI) has demanded of the National Electric Power Regulatory Authority (NEPRA) to freeze the electricity tariff to keep Pakistani merchandise competitive. In a statement issued here Tuesday, LCCI President Ijaz A. Mumtaz said that government would have to evolve a mechanism to fix the electricity prices in collaboration with the stakeholders for at least one year so that the consumers could know how much they have to pay and how much input cost they have to bear. Ijaz A. Mumtaz said that the NEPRA method to raise electricity tariff by issuing a single notification for millions of its consumers is not only unjustified but unethical as well.
He said that there was a time when a businessman calculates Return on Investment keeping in view the two factors including cost of electricity and the cost of raw material but now it is very unfortunate that even local investor has no idea of the prices of the electricity because NEPRA keeps on adding various components in power tariff and that too with retrospective effect.
The LCCI President said that the Lahore Chamber of Commerce and Industry understands well and is a staunch believer that the economic turnaround would remain and dream unless and until all institutions have the realization of causes that are hitting the economic fabric of the country.

World oil prices mixed on weak
Chinese trade data
LONDON (AFP): Oil prices were mixed Tuesday after the latest Chinese trade data showed lacklustre demand in the world's top energy consumer. US benchmark West Texas Intermediate for delivery in October fell 69 cents to $45.36 a barrel, with the contract affected also by low-volume trading Monday owing to a public holiday in the United States. Brent North Sea crude for October jumped $1.14 to $48.82 a barrel in London afternoon deals. On Tuesday, the Chinese customs administration said overseas shipments in August fell 5.5 percent from a year earlier -- which was less of a drop than analysts had expected. This compared with a fall of 8.3 percent in July. Imports dropped 13.8 percent, from an 8.1 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.
Analysts said dealers would next scrutinise the weekly US stockpiles report due Thursday.
US commercial crude reserves currently sit near an eight-decade peak owing 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 since the middle of 2014.