SECP places mutual funds returns on its website

ISLAMABAD(Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP) has uploaded returns of mutual funds as of June 30, 2016, on its official website to facilitate and encourage investors in making informed investment decisions. The summary report contains information about all the categories of mutual funds. The objective is to provide necessary information to the retail investors regarding return and cost associated with different types of mutual funds. The report includes sales load and management fee being charged by the management company to the investors and total expense ratio of the fund. For comparison purposes, the yearly returns for the period ended June 30, 2015 are also provided for the investors. The SECP will regularly update mutual funds returns and other information on its website. The said report is available on the SECP’s website

 Punjab govt ensuring maximum facilities to industrial workers

LAHORE (APP): The Punjab government is ensuring maximum facilities to the industrial workers, who are backbone of the economy. This was stated by Labour Welfare Director-General Muhammad Saleem Hussain while talking to APP here on Thursday. He said that it was top priority of the government to improve living standards of workers so that they face less problems at their workplace. For sustainable and smooth economic development in the country, the government was committed to assuring protection of labourers' rights, he said. For necessary labour laws legislation, to protect labourers' rights, the federal government was in close coordination with all provinces to formulate new labour laws to meet international demands, he added. To a question, the DG Welfare said that the Punjab Labour Department had enrolled 2,764 adolescents in the age group of 14 to 18 years for Skills Training Programme in different vocational training institutions of the Punjab Vocational Training Council (PVTC). "

Various policies were being prepared to provide more benefits and incentives to labourers," Saleem further said.

 New tax office in Mardan to facilitate taxpayers

MARDAN  (Staff Reporter): In order to spare taxpayers the hardships of travelling to Peshawar, the government has established a Commissionerate in Mardan district, Commissioner Inland Revenue Taj Hameed, who has been appointed as commissioner at the newly-established Commissionerate in Mardan, said in a press release issued on Thursday. He added that in the past taxpayers of Mardan, Swabi, Charsadda, Nowshera, Malakand division, Bajaur Agency and Mohmand Agency had to go to Peshawar to either obtain tax exemption certificate, file tax returns or to discuss other tax related issues. He added that currently the office was situated in Sheikh Maltoon Town of Mardan in a rented building. “However, we are going to purchase 10-kanal land to construct our office,” he elaborated. Taj asked the taxpayers of the aforementioned areas to visit the new office instead of going to Peshawar for the redressal of their problems

 Brent crude oil tops $50

LONDON (AFP): Oil prices rose on Thursday with Brent briefly topping $50 thanks to a weaker dollar and a drop in US crude stockpiles, traders said. Brent North Sea crude reached $50.05 a barrel -- breaching $50 for the first time since early last month. Later around 1230 GMT, Brent North Sea crude for delivery in October was up two cents at $49.87 a barrel following some profit-taking. US benchmark West Texas Intermediate for September delivery gained 27 cents to $47.06, compared with Wednesday's close. "Brent has climbed... to $50 per barrel for the first time since early July, finding support from a weaker US dollar and an unexpectedly marked decline in US crude oil and gasoline stocks," said Commerzbank analyst Carsten Fritsch. As a dollar-priced commodity, a weaker greenback makes crude cheaper for those holding other currencies.  The dollar has been impacted by minutes from the Federal Reserve's July meeting that showed caution over raising US interest rates, dealers said.

US central bank minutes, published Wednesday, coincided with official data revealing signficant declines in US commercial crude stockpiles -- signalling a modest strengthening of demand in the world's top oil consumer.

US crude stockpiles last week fell by 2.5 million barrels and gasoline stocks declined 2.7 million barrels, said the Department of Energy.

Oil prices have hit five-week highs this week, supported by hopes of an agreement between OPEC and non-cartel crude producers to limit excess supplies.

OPEC members and non-OPEC rival Russia are to meet informally in Algeria next month, as reports suggest that OPEC kingpin Saudi Arabia is ramping up production to fresh record levels after an all-time high of 10.67 million barrels per day in July.

Oil price "upside is capped by Saudi's signals of pumping more oil in August, which could give the kingdom more leverage during talks in Algeria next month", said EY energy analyst Sanjeev Gupta.

"The oil market will continue to seesaw amid scepticism over the coordinated efforts to stabilise output," he told AFP.