SIE opposes closure of companies working under 42 section

LAHORE (Staff Reporter): The president board of management of Sundar Industrial Estate, the largest industrial estate in province of Punjab, has suggested the Govt of Punjab that companies constituted under section 42 of companies act working in the province should not be abolished and instead their heads should be changed with experts of concerned departments. He expressed these views in a briefing to a group of journalists. He said that the Punjab industrial estates development & management company (PIE) was a great example of public private partnership successful model which has not only delivered but became role model not only in Punjab province but in the country today and working on sustainable grounds. This company has billions of rupee assets. He said that it was necessary to provide seed money to these companies and these should be bound to achieve their sustainability during a certain and targeted period.

These companies should not provide their services free of cost but charge against their services from their users and client as was being done by PIE.

Nigerian economy loses momentum in Q2 as oil sector contracts

ABUJA/LAGOS (Reuters): Nigeria’s economic growth dipped to 1.50 percent year on year between April and June, the statistics office said on Monday, extending a slowdown into a second quarter as the oil sector contracted. Largely dependent on its rich crude reserves, Nigeria’s economy began climbing out of its first recession in 25 years in 2016 as President Muhammadu Buhari’s government implemented the early stages of a turnaround plan. But the pace of recovery has been relatively slow, and since the beginning of this year has again started to dip. The oil sector shrank 3.95 percent in the second quarter, the National Bureau of Statistics said. Oil production dipped to 1.84 million barrels per day (mpbd) from 2 mpbd in the first quarter. “For the first time since the exit from recession, growth was driven by the non-oil sector which grew by 2.05 percent ,” the bureau said. That was the strongest growth in non-oil GDP since the final quarter of 2015.

Leading the expansion were the transportation, construction and electricity sectors, while agriculture growth dipped to 1.3 percent from 3 percent.

Buhari’s record on managing the economy is likely to be closely scrutinised if he goes ahead with plans to seek a second term in office next year.

S. Korea working-age population falls for first time

SEOUL (AFP): The number of people of working age in Asia's fourth-largest economy fell for the first time ever last year, South Korea's official statistics agency said Monday. In the decades after the Korean War the South propelled itself from a devastated ruin to the world's 11th-largest economy and a member of the OECD club of advanced nations. But it faces looming demographic challenges with a rapidly ageing population. The country has one of the world's lowest birth rates as people marry and have children later, amid worries over costs and as women look to focus on their careers. In an annual census, the working-age population, defined as those aged 15 to 64, fell by 116,000 in 2017 to 36.2 million, Statistics Korea said. It was the first time the figure had fallen, it added. The total population rose to 51.4 million, up 0.3 percent, with 14.2 percent of people aged 65 and over. Earlier this month figures showed births plummeting 12 percent in 2017 to 357,771, an all-time low.

The fertility rate -- the number of children a woman can be expected to have in a lifetime -- also dropped to a record low of 1.05. The rate needed to keep a population stable is 2.1.

US new vehicle retail sales seen rising 1.3pc in August

Washington (Reuters): Retail sales of new vehicles in the United States are expected to rise 1.3 percent in August from a year earlier to record their largest gain so far this year, industry consultants JD Power and LMC Automotive said on Monday. Retail sales are forecast to reach 1.28 million units, compared with 1.26 million a year ago. The sales are expected to gain with no large disruptions from storms this year, said Thomas King, senior vice president of JD Power’s data and analytics division. Last year, Hurricanes Harvey and Irma made landfall during the end of August, affecting Labor Day sales events, JD Power and LMC said. The seasonally adjusted annualized rate for the month will be 16.8 million vehicles, up from 16.5 million units in the same month in 2017, they said. The forecast is based on the first 16 selling days of the month. “The auto industry still faces a prolonged and elevated level of trade risk, but overall sales are holding steady,” said Jeff Schuster, president of Americas Operations and Global Vehicle Forecasts at LMC Automotive.

The consultants said average incentive spending per vehicle to date in August is $3,744, down from $3,886. The decline in incentive spending continues to be driven by reduced spending on cars, down $448, while spending on trucks and SUVs is up $22.

LMC raised its 2018 forecast for total light-vehicle sales to 17.2 million, or 20,000 vehicles higher than 2017.