Briefs

PSO ensures ample fuel stock

By our correspondent

KARACHI: Pakistan State Oil (PSO), leading oil marketing company of the country, continues smooth nationwide fuel supplies, besides ensuring ample fuel reserves in stock, a statement said on Thursday.

PSO takes timely measures to ensure uninterrupted supply of fuel to all PSO retail stations across the country and replenish its reserves on a regular basis, it said. At present, Pakistan State Oil has working stocks of around 135,000MT of petrol and 250,000MT of diesel with 58,000MT petrol and 55,000MT diesel cargoes being ready off-port Karachi for unloading.

In addition, the retail outlet storages of the company are also adequately filled up to meet the nation’s energy needs, it said. PSO keeps a close watch on the demand and supply cycle to ensure continuous fuel supply across the country, it added.

 

UBL Tanzania opens new branch 

News Desk

KARACHI: The United Bank Limited has opened a new branch in Tanzania, a bank statement said on Thursday.

At an impressive ceremony, Wajahat Husain, president and CEO of UBL, and Chairman of the board of directors UBL Bank (Tanzania) Limited (UBTL), welcomed Dr Ashatu K Kijaji (MP) Deputy Minister of Finance and Planning, who was the chief guest at the inauguration ceremony of the Kariakoo Branch of UBL Bank (Tanzania) Limited, it added.

The new branch of UBTL is ideally located in the heart of the business district of Dar es Salaam, it said. This branch in Kariakoo is unique among other bank branches located in that area, as it is geared to provide the bank’s innovative product suite with world-class services to its customers in different business segments.

 

UBL Funds awarded

By our correspondent

KARACHI: UBL Fund Managers Limited (UBL Funds), one of Pakistan’s leading asset management companies, has been recognised by an award for The Most Customer-Centric Asset Manager in Pakistan by The European’s in its prestigious Global Banking & Finance Awards 2016, a statement said on Thursday.

The European’s recognises organisations that stand out from the crowd and are, consequently setting benchmarks for the global financial industry. Good governance, innovation, know-how, and quality of service are all major considerations for this recognition, it added.

Yasir Qadri, CEO of UBL Funds, said, “Building a world-class asset management company starts with the willingness to create value for our clients by developing and delivering innovative and sophisticated investment solutions.”

 

Dollar surges to near 14-year high

LONDON: The dollar surged to a near 14-year high before pulling back on Thursday, clocking up records against a range of other top world currencies and skittling emerging markets.

Stronger data from the world's biggest economy and thinner volumes on the U.S. Thanksgiving holiday underpinned the dollar's gains. The dollar had eased off highs by midday after pushing its way past more of last year's peaks against the euro to reach $1.0515, with only the March 2015 high of $1.0457 standing in the way of a drive toward parity.

The yen had skidded to an eight-month low and China's yuan  to an 8-1/2 year low, while the highly sensitive Turkish lira and Indian rupee  hit new troughs. "There doesn't seem to be anything stopping U.S. yields going higher in the near-term so I think people are going to stay on the dollar trend," State Street Global Markets' head of global macro strategy, Michael Metcalfe, said.

"The only risk to this are that the dislocations in markets outside of the U.S., particularly in emerging markets, get to a point where they start to feed back into concerns (for the Federal Reserve as it looks to raise interest rates)," he said.

 

TDAP focusing on international fairs

ISLAMABAD: The Trade Development Authority of Pakistan (TDAP) is focusing on 15 international exhibitions for participation to enhance trade relations in the African continent during the current financial year.

The government in order to enhance trade with the African countries, including Zimbabwe has been focusing on promotional activities to increase the volume of bilateral trade. Sources in the Commerce Division on Thursday said the TDAP had already been participating in Zimbabwe International Trade Fair since 2015.

The 15 international exhibitions for participation to enhance trade relations in African continent included 24th Edition of Inter-build Africa, Johannesburg; Pro-Beauty South Africa, Medic East Africa Exhibition & Congress, Nairobi, Kenya; International Exhibition of Textile Equipment, Tunisia; and Lagos International Trade Fair, Nigeria.

 

Chinese Coca-Cola workers strike

Beijing: Coca-Cola workers in three Chinese cities have gone on strike after the US soft drinks giant announced it was selling its bottling interests in the country.

Strikes and other labour protests have surged in recent years in China, where growth is slowing and parts of the economy are moribund.

The beverage giant announced last week it was selling all its bottling assets in mainland China to Hong Kong conglomerate Swire Pacific and COFCO Corporation, one of China´s state-owned food giants.

The Swire transaction would cost 5.87 billion yuan ($850 million), the Hong Kong company said. COFCO did not disclose the size of its deal.

Workers at three Coca-Cola plants called coordinated strikes on Monday, with pictures posted online appearing to show workers outside a factory in Chongqing with a banner that read: "We worked hard for over a decade but were sold in less than a second. Compensate! Compensate! Compensate!"

Another proclaimed: "Give back my youth, compensate my time".  Simultaneous strikes also took place in Chengdu, also in the southwest, and Jilin province in the northeast, other photos on social media showed.

One worker told AFP that more than 600 staff went on strike in Chengdu.  Labour protests have erupted in China with economic growth slowing, and closing factories often leaving workers with unpaid wages and no redundancy pay.