CCA, Shell conduct workshop

RAWALPINDI (Staff Reporter): Pakistan Civil Aviation Authority (CCA) in collaboration with Shell Pakistan Limited conducted a workshop Tuesday on ramp safety for airlines, ground handling agencies, fuelling company and various ramp officials at Benazir Bhutto Islamabad International Airport (BBIIAP). The workshop was led by Muhammad Afsar Malik, Airport Manager BBIIAP, and participated by country level officials from Shell Pakistan Limited, informed PCCA spokesperson. According to her, the session included multimedia presentations, round table discussions in accordance with ramp safety issues, a productive feedback session and exchange of information on safety practices, which resulted in successful conclusion of the workshop.

Airport ramp is an area where aircraft, equipment, ground service providers, flight crew and passengers converge. A number of activities are performed on this area that include marshaling, aircraft parking start up and moving, servicing, repair & engineering works, fueling and passenger/cargo loading and offloading. Due to the level of aircraft activity, the complexity of work task and equipment used in aircraft, ramp, and workers/valuable property aircraft are exposed to an environment that carries considerable hazards, consequences which lead to loss of property, loss of life, business disruption and the organizational reputations.

RCCI facilitating corporate entities

RAWALPINDI (Staff Reporter): The RCCI is facilitating corporate sector in collection of statutory returns, accounts and annual returns under the Companies Ordinance 1984, said RCCI acting president Aqil Obaid here on Tuesday. He said that with the collaboration of Securities Exchange Commission of Pakistan (SECP) RCCI help desk counter helped corporate entities for the collection of Form-29/Form-B on November 17. The next date for the collection of Forms was December 1st, he said. He said that RCCI was also providing guidance and facilitating corporate sector for the filing of income tax returns. As per FBR the last date for filing of Income tax returns/statements of final taxation has been extended to November 30, 2015, he informed.

LCCI for strong institutions

LAHORE (Staff Reporter): President of the Lahore Chamber of Commerce & Industry (LCCI) Sheikh Muhammad Arshad has said that secret of economic progress & prosperity lies in strengthening of institutions, consistency in policies and public-private partnership. The LCCI president was talking to a delegation of National Security & War Course 2016 from National Defence University on Tuesday. LCCI Senior Vice President Almas Hyder, Vice President Nasir Saeed and Executive Committee members also spoke on the occasion. The LCCI office-bearers spoke at length on various economic issues and also threw light on the ways and means to tackle the internal and external economic challenges being faced by the country.

Sheikh Muhammad Arshad said that no country around the globe can every achieve its aims and objectives until and unless it has a strong system backed by strong institutions as weak institutions bound to expose a country or a state to all types of problems including economic and social.

“Strong institutional framework ensures business friendly atmosphere, encourages local investors to put their money in new ventures and also brings much-needed foreign investment in the country, the LCCI president said.

Giving a detailed briefing on LCCI role in policy making, the LCCI president said that the Lahore Chamber of Commerce & Industry is not only working as bridge between the government and business community but is also playing its due role for promotion of trade and industry in the country.

He said that the LCCI has more than 100 sector-specific standing committees. These committees collect private sector feedback, analyze and after a thorough debate it is forwarded to the concerned government departments for consideration at the time of preparation of the federal budget. He said that Chamber monitors the budget, anomalies are identified and these coupled with revised proposals are again communicated to the relevant policy making departments. He said that the LCCI also keeps liaison with the commercial sections of the foreign missions and an exchange of information is ensured.

LCCI Senior Vice President Almas Hyder said answered various questions of the participants. The questions ranged from domestic trade to international economic scenario. They also asked about trade with India and Chambers role in promotion of modern business techniques and capacity building of its members.

LCCI Vice President Nasir Saeed said that the LCCI is also quite conscious of its Corporate Social Responsibility. It has two self-sustaining projects; Shalimar Hospital and LABARD on its credit. The Shalimar Hospital is providing modern health facilities to the common people while LABARD is not only acting as placement body for the disabled persons of the society but also provides relevant training to the young minds in an effort to rehabilitate them.

In his address, the head of the delegation, lauded the role of LCCI for keeping the country’s economy on right track. He said that it is the private sector which plays a decisive role for the economic boost of any country. He said that the LCCI is doing a real service by projecting a positive image of the economy of the country.

Euro at 7-month low against dollar

TOKYO (AFP): The euro hit a seven-month low against the dollar Tuesday after a key ECB official reinforced expectations for further monetary easing while a pick-up in confidence gave support to emerging market currencies. Trading focus Monday was dominated in Asia by the terror attacks in Paris, which fuelled a flight to safety -- hitting higher-yielding units -- as investors worried about their possible impact on the already fragile global economy. But nerves calmed through the day and a little more risk aversion returned in Europe and New York. However, the European single currency was unable to bounce back from its Monday funk, and continued its descent. The selling came after ECB Executive Board member Peter Praet said the bank was mulling fresh stimulus to add to its already vast bond-buying programme.

"It's key for a central bank to keep inflation expectations anchored, especially in a period of slack in the economy, and we have some signals that these inflation expectations are still fragile," he said in Frankfurt Monday.

"There are risks and this is why we're considering further action."

ECB chief Mario Draghi last month hinted at a widening of the programme in December, which -- combined with expectations of a US interest rate hike before 2016 -- has pushed the euro to multi-month lows.

On Tuesday the single currency fell to $1.0665 -- after touching its lowest level since April at $1.0656 -- from $1.0687 Monday in New York. It was also down at 131.31 yen from 131.64 yen.

The greenback was also up against the yen, lifted by expectations the Federal Reserve will begin to hike interest rates next month. In afternoon trade it bought 123.40 yen from 123.18 yen.

However, it retreated against higher-yielding emerging currencies on revived risk-buying interest.

The South Korean won, Indonesia's rupiah and the Malaysian ringgit ticked higher, in line with a broad rally across regional stock and oil markets following big gains on Wall Street.

"Risk appetite has returned and currencies in emerging markets are regaining ground," Nizam Idris, head of foreign exchange and fixed-income strategy at Macquarie Bank in Singapore, told Bloomberg News.

"The recovery in Brent (crude) as well as US and European stocks also helped sentiment."

The won added 0.31 percent against the greenback, while the ringgit edged up 0.04 percent. The Taiwan dollar added 0.31 percent and the rupiah tacked on 0.11 percent.

Oil drops as glut woes return

LONDON (AFP): World oil prices slid on Tuesday on traders' thoughts returned to the stubborn oil glut that has plagued the market for months. At about 1230 GMT, US benchmark West Texas Intermediate for delivery in December was down 40 cents at $41.34 per barrel. Brent North Sea crude for January delivery slid 31 cents to $44.25 a barrel. "The oil market remains amply supplied at the moment," said Gain Capital analyst Fawad Razaqzada. Crude futures had pushed higher Monday as France intensified a bombing campaign against the Islamic State group in Syria in retaliation following the deadly attacks on Paris last Friday. The oil-market gains reversed a steady decline since November 5, mostly driven by signs that major producers were not cutting back.

, and by mounting stockpiles especially in the United States, in part due to the very mild fall weather.

"The general improvement in risk appetite is part of the reason why oil bounced back on Monday, especially since prices were severely oversold," added Razaqzada.

"Today, traders are realising that fundamentally nothing has changed.

"The French bombardment of IS targets are on the main away from most major oil terminals, and therefore they are unlikely to cause any actual disruptions to supply.

"So, oil prices continue to remain depressed by the still-high supply of the stuff and weaker demand prospects."

Friday's devastating attacks on Paris, blamed on the Islamic State group, also stirred expectations of a rise in the level of conflict in the Syria-Iraq region that some fear could disrupt oil output.

In addition, crude oil prices tend to rise in times of geopolitical turmoil because the commodity is often regarded as a safe store of value.

"Due to the intensifying demand for oil amidst times of uncertainty, oil prices historically increase due to global conflict," added Jonathan Sudaria at London Capital Group.

"With key inventory data ahead and suspicions of oversupply, momentum could be handed back to bears," he added, in reference to investors who bet on the market heading lower.

The US government's Department of Energy will release its regular weekly oil inventories report on Wednesday.