KPK, GB Chambers’ associations join United Business Group

ISLAMABAD (NNI): The Khyber Pakhtunkhwa Chambers, Harripur, Gilgit Baltistan and Dera Ismael Khan Chambers along with the trade associations has joined United Business Group and announced to support, Iftikhar Ali Malik, in the annual elections of federation of Pakistan Chambers of Commerce and Industries, FPCCI. Representatives of Harripur, Dera Ismael Khan, Gilgit-Baltistan Chambers, Pakistan Gemstones and Mineral Association and All Pakistan Vanaspati Manufacturers Association hold meeting with Chairman United Business Group, Iftikhar Ali Malik and announced their un-conditional support in elections of FPCCI.

President Harripur Chamber, Atif Ikram Sheikh, President Dera Ismael Khan Chamber, Zafar Jaleel Khan Mastikhel, President Giligit-Baltistan Chamber Javed Hussain, Chairman Pakistan Gemstone and Mineral Association Muhammad Ali Zreen and Chairman APVMA showed their confidence on the leadership of Iftikhar Ali malik.


Pakistan can increase wheat

production by 10 million tons

MULTAN (APP): Pakistan can increase its wheat production by 10 million tons per annum, said spokesman of the Agriculture Dept Punjab Naveed Asmat. During a meeting with progressive wheat growers, he said that annual wheat production ranges between 22-26 million tons per annum which could be increased up to 32.5 to 38m tons He said that country’s average per acre wheat production was lower than neighbouring countries despite favourable weather conditions Efficient irrigation system, coupled with easy availability of fertilizers at affordable price, and sowing of registered high yielding varieties can increase production by 30-50pc without increasing wheat cultivated area.

He said, the provincial government was executing an effective strategy to provide awareness among farmers and ensuring availability of agriculture implement to increase national wheat production, adding that the strategy was yielding prositive results.



Hascol Petroleum management participates in LSE briefing

lahore (Staff Reporter):  The senior management of Hascol Petroleum Ltd, Chairman Hascol - Mumtaz Khan, Director Hascol Petroleum Ltd, Liaqat Ali and Northern Regional Manager, Shehryar Afzal along with the team visited the Lahore Stock Exchange to participate in the Corporate Briefing Programme. CBP is an interactive program initiated by the Lahore Stock Exchange under the Corporate Communications Department to encourage companies to come forward and share their financials and non financial projects before the members, TREC Holders, investors and the media to abridge the communication gap between the listed companies and the market participants.

While congratulating the investors, Liaqat shared that HPL has acquired 12.4% A class shares of Pakistan Refinery Limited. He also shared that the company is expanding its Storage facilities across Pakistan, currently; the two company-owned storage projects have been initiated at Mehmoodkot, Muzaffargarh and Daulatpur, Sindh. HPL is amongst the top five OMC’s in Pakistan by market share.



Oil prices rebound on US data

LONDON (AFP): Global oil prices rebounded Thursday, reversing earlier losses as traders embraced a raft of upbeat economic data in top crude consumer the United States. Brent North Sea crude for delivery in January rose 79 cents to $78.89 a barrel in late afternoon deals. US benchmark West Texas Intermediate for December rose 45 cents to $75.03 per barrel. “Oil prices got a lift after US data this afternoon, with traders cheered by continuing signs of recovery in the US that trump the stagnation in Europe,” said IG analyst Chris Beauchamp. Wall Street also won a boost from fresh US data showing flat inflation, a pickup in home sales and an unexpected surge in the Philadelphia regional manufacturing index.

In addition, there was an overall improvement in the Conference Board’s Leading Economic Index, which is an amalgamation of several key economic indicators.

“In recent days both Brent and WTI have found support, which gives hope that a bottom may now be in for the time being,” added Beauchamp.

“As we get closer to the OPEC meeting next week we can expect further rangebound trading as markets await news on planned supply levels for the year ahead.”

- OPEC keenly watched -

Crude futures had fallen earlier Thursday as traders deemed that the OPEC cartel was unlikely to trim output at its key production meeting in Vienna on November 27.

“The Brent price fell ... below the $78 per barrel mark because any major cut in OPEC production is regarded as increasingly unlikely,” said Commerzbank analysts in reference to earlier trade.

“The minimum consensus that appears likely to be reached at OPEC’s meeting is a commitment to better comply with the official production target of 30 million barrels per day.”

The Organization of the Petroleum Exporting Countries (OPEC) pumps about a third of global crude and currently produces just under 31 million bpd. That is around one million more than its official target.

“The market is keenly watching the outcome of the OPEC meeting next week,” said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy EY.

Gulf members of OPEC, led by kingpin member Saudi Arabia, are poised to reject production cuts unless they are guaranteed market share in a highly competitive market, analysts said.

They also say the stance of Gulf nations will be crucial for a positive decision on reducing supplies to boost prices, which have fallen around 30 percent since June.

Saudi Arabia, Qatar, the United Arab Emirates and Kuwait together pump a total 16.2 million barrels per day, or 52 percent of the 12-member cartel’s total output.

They account for two thirds of the group’s exports, according to figures from OPEC and other agencies.

- Chinese data weighs -

Sentiment was also hit earlier Thursday as weak Chinese manufacturing data stoked demand worries in the world’s top energy consuming nation.

Manufacturing activity in China stagnated in November, British banking giant HSBC said Thursday, warning of “significant” pressures on the world’s second-largest economy as its key purchasing managers’ index (PMI) hit a six-month low.

HSBC’s preliminary PMI for the month came in at the 50.0 breakeven point dividing expansion and contraction.

It was lower than October’s 50.4 and was the weakest reading since May’s 49.4, according to the bank’s data.



Agri credit disbursement up

karachi (Staff Reporter):  During current fiscal year (Jul-Oct 2014) the banks have disbursed Rs128.1b which is 25.6pc of the overall annual target of Rs 50b and 40.4pc higher than disbursement of Rs 91.2b made during the corresponding period last year.  The outstanding portfolio of agri. loans has increased by Rs 32b i.e. from Rs 267.4 billion to Rs 299.4 billion at end October 2014. Amongst major banks, MCB has achieved 35.5pc of its target; UBL achieved 35.2pc, HBL 32.5pc, ABL 26.3pc while NBP could achieve only 22.0pc of its target. Under the specialised banks category, ZTBL disbursed Rs 10.7 billion or 11.8pc against its target of Rs 90.0b while PPCBL disbursed Rs 1.6 billion i.e. 14pc against its target of Rs 11.5b during period under review.

Within fifteen domestic private banks, Summit Bank has achieved 43.3pc, Faysal bank 39pc, Bank Alfalah 38.7pc, NIB bank 32.3pc Silk bank 30.8 pc, Bank of Khyber 27pc and Bank Al Habib 26.2pc of their annual targets during Jul-Oct 2014 whereas Standard Chartered Bank has disbursed Rs 3.5 billion against its annual target of Rs 2.5 billion for 2014-15.

Under microfinance category, seven microfinance banks as a group has disbursed Rs 4.2 billion against their annual target of Rs 28.2 billion while under Islamic mode of financing, 4 Islamic banks collectively disbursed Rs 643.9 million against their targets of Rs 2.3 billion to agri. borrowers.