Briefs
Awareness session on UFG held
By our correspondent
LAHORE: Unaccounted for Gas (UFG) is one of the most critical element in the gas sector and is; therefore, important for stakeholders to understand the term ‘UFG’ and the reasons contributing to it.
This was stressed at the stakeholders engagement sessions, which was held on Monday under the aegis of the Oil and Gas Regulatory Authority (Ogra). A large number of participants who attended the session, included representatives from industry across Punjab, media personnel, general consumers and SNGPL.
High UFG levels of the gas companies have been a major area of concern for the reason that it is wastage of a scarce resource and to a great extent is avoidable. Ogra has always urged the gas companies to control its UFG losses so that unnecessary burden may not be passed on to the consumers and the financial health of the gas companies should improve.
Tractor production up 63.62pc
ISLAMABAD: The manufacturing of tractors in the country during first six months of ongoing fiscal year increased by 63.32 percent compared to same period last year, numbers released by Pakistan Bureau of Statistics (PBS) showed on Monday.
According to Quantum Index Numbers (QIN) of large scale manufacturing industries, during the period from July-December 2016-17, as many as 21,336 tractors were manufactured against 13,064 produced in the same period a year earlier.
Also, the production of tractors was recorded at 4,447 units during December 2016, while only 813 units were assembled in December 2015. Meanwhile, in the last six months, manufacturing of trucks jumped by 63.63 percent to reach 3,806 against 2,326 units produced in the corresponding period last year.
On month-on-month basis, 680 trucks were manufactured in December 2016 as against 447 in the corresponding month last year. During the period under review, production of buses also grew by 34.7 percent as 669 units were manufactured in the first two quarters compared the 499 buses manufactured in same period of last year.
IFC converts loan into shareholding
By our correspondent
KARACHI: The International Finance Corporation (IFC) has converted part of its convertible loans to Engro Fertilizer into shares of the company, a bourse filing said on Monday.
IFC exercised its option to convert part of its convertible loan, amounting to $1 million into shareholding of Engro Fertilizer. As per the terms agreed with IFC and approved by the Securities and Exchange Commission of Pakistan (SECP), Engro will issue 4.367 million shares to IFC at the option price of Rs24/share. The shares will be credited into IFC’s account with the Central Depository Company (CDC).
JazzCash wins GSMA Glomo Award
News Desk
LAHORE: JazzCash is now a proud winner of the GSMA Glomo Awards 2017, a statement said on Monday.
The GSMA announced JazzCash Mobile Account as the “Best Mobile Product, Application or Service for Women in Emerging Markets”. The announcement was made during the Mobile World Congress at Barcelona with Aamir Ibrahim, president and CEO of Jazz, receiving the award, it added.
Ibrahim said, “It is a proud moment for all of us at Jazz. We are proud that our efforts have been recognised at this international forum. This further reinforces our resolve to ensure that each and every customer benefits from the digital revolution spearheaded by Jazz.”
Faysal Bank, IGI Ins enter into deal
By our correspondent
KARACHI: Faysal Bank Limited (FBL) collaborates with Audi Pakistan and IGI Insurance to offer incredible discounts and value-added services to their customers, a statement said on Monday. As a part of strategic alliance between Faysal Bank and Audi Pakistan, customers will avail of unprecedented offers in terms of car financing markup rates, fast-track processing, waivers in processing charges, priority vehicle delivery along with exclusive coverage provided by the IGI Insurance at the most competitive premium rates, it added. In addition, the customers will receive preferential treatment in Faysal Bank branches and Audi showrooms across Pakistan, it said.
Panasonic to strengthen business
News Desk
KARACHI: Panasonic to showcase its latest consumer electronics products in appliances, audio visual, health and beauty products exclusively for dealers in Pakistan, a statement said on Monday.
Shinichi Wakita, managing director of PMMAF said, “We recognises Pakistan’s increased potential as a market for consumer electronics. Industry reports predict a very bright future for the consumer electronics sector in Pakistan, as the country increasingly transports towards urbanisation.”
He said, “Panasonic has a strong presence in the consumer electronics business worldwide and as a part of our growth strategy in region, we are focusing on Pakistan as one of the key markets.”
“We will strengthen our consumer business by offering products that will amaze our valued customers in Pakistan with unmatched features and superior Japanese quality.”
Govt gives Rs25bln for Lowari Tunnel
ISLAMABAD: The federal government has provided Rs25 billion for the construction of Lowari Tunnel during the last three years. According to sources, the project would be completed in the next four months and opened to all kinds of traffic. It would give free access to the people of Chitral who remain disconnected from the rest of the country in extreme weather conditions. Meanwhile, 106MW Golan-Gol hydropower project in Chitral district is also under construction. It's completion would facilitate establishment of industrial units and eradicate poverty in the area.
Standard Life, Aberdeen agree merger
London: British fund management firms Standard Life and Aberdeen Asset Management said Monday that they have agreed to merge, creating a European giant worth some £11 billion ($13.5 billion, 12.7 billion euros).
The deal was billed as a merger but Standard Life shareholders will have overall control with a 66.7-percent stake in the new company. Aberdeen will hold the remaining 33.3 percent. Aberdeen investors will receive 0.757 new Standard Life ordinary share for each share they already own, valuing the asset manager at £3.8 billion.
"The boards of Standard Life plc and Aberdeen Asset Management plc are pleased to announce that they have reached agreement on the terms of a recommended all-share merger," the pair said in a statement.