Briefs

Briefs

PSQCA barred from sealing units

By our correspondent

LAHORE: Federal Minister for Science and Technology Rana Tanvir Hussain has barred Pakistan Standards and Quality Control Authority (PSQCA) from sealing industrial units before serving three fortnightly notices.

The federal minister took a prompt action on LCCI President Abdul Basit intimation and the Ministry of Science and Technology issued a notification in this regard.

Basit informed the minister during his visit to the Lahore Chamber of Commerce of Commerce and Industry that sealing of industrial units is a burning issue and hurting smooth running of business activities.

According to the notification, the PSQCA has been directed to serve three fortnightly notices to the relevant industry. In case of non-compliance, stern action like sealing the unit and other appropriate measures would be taken.

BASF to participate in Build Asia

News Desk

KARACHI: BASF will showcase its comprehensive product portfolio of Master Builders Solutions for the construction industry at Build Asia 2016 from December 6-8 in Karachi, a statement said on Monday.

“With the recent boom in the construction industry and increase in foreign investment in infrastructural development in Pakistan, the demand for economical and sustainable solutions, to improve overall quality and efficiency of construction has increased.

BASF supports architects, consultants, contractors and users to achieve these goals with high performance construction solutions that also help reduce environmental impact,” said Faisal Akhtar, managing director of BASF Pakistan (Private) Limited.

MMBL to offer internet banking

News Desk

KARACHI: Mobilink Microfinance Bank Limited (MMBL) has become the first microfinance bank in Pakistan to launch internet banking for its customers, a statement said on Monday.

With TPS as its trusted technology partner for this digital banking feature, the bank is enabling its customers to process key financial and non-financial transactions at their fingertips, it added.

Now MMBL’s customers can register themselves online, they can view their account/debit card summary, transaction limits assigned to their accounts / cards, can generate statement of account / mini-statement, can add a beneficiary, can setup and schedule fund transfers (intra-bank and interbank), can sign up for their ATM card / cheque book / on demand statement of account, can suspend their internet banking account, and can edit their ID and password, it added.

Bill payments and mobile application is also being added to the online banking service in the next few weeks, the statement added.

Mizuho, SMBC in talks

TOKYO: Japan´s Mizuho Bank and Sumitomo Mitsui Banking Corp are working on a deal to provide 800 million euros ($845 million) in loans to Russian gas giant Gazprom, sources familiar with the matter said on Monday.

The banks are in talks to finalise the deal during Russian President Vladimir Putin´s visit to Japan on Dec.

15-16, said the sources, who were not authorised to discuss the matter publicly.

JPMorgan Chase & Co is also likely to participate in the deal, the sources said.

Mizuho and SMBC officials did not immediately comment.

JPMorgan Chase officials in Tokyo referred inquiries to their New York office, which was closed outside U.S. business hours.

SMBC is also working on providing financing for Russian bank Alfa Bank with state-run Japan Bank for International Cooperation and Nippon Export and Investment Insurance, the sources said.

'India to become gas-based economy'

NEW DELHI: India is giving priority to moving towards a natural gas-based economy and efforts must be made to raise local production of the fuel while also creating infrastructure to import it, Prime Minister Narendra Modi told an energy conference on Monday. "Natural gas is the next-generation fossil fuel, cheaper and less polluting," Modi said in an address at India´s flagship energy event, Petrotech. "Efforts must be made to increase natural gas production whole also creating import infrastructure to meet the growing domestic demand," Modi said.

 Shenzhen-HK goes live

HONG KONG/SHANGHAI: China´s indexes tumbled on Monday as investors worried about the broader implications of the Italian referendum on the global markets and stern comments over the weekend by the chairman of China´s markets´ regulator regarding leverage buy-outs. Mainland markets were badly hit.

The Shanghai market fell more than 1 percent while the blue-chip index slumped more than 1.3 percent. A broader Asian market gauge was down 0.3 percent. Hong Kong stocks also felt the brunt though the impact was a bit muted. The main index in Hong Kong slipped 0.15 percent while the Hong Kong China Enterprises Index fell as much as 0.5 percent in early trade.

The chairman of China´s securities regulator condemned "barbaric" leveraged company buy-outs by some asset managers using illegal funds, according to a statement posted on the China Securities Regulatory Commission (CSRC) website on Saturday.

A long-awaited stock link between China´s gigantic Shenzhen and neighboring Hong Kong´ stock markets launched on Monday, giving foreign investors access to some of the fastest growing private-owned companies in the world´s second biggest economy.

Glencore keeps zinc market guessing

LONDON: Glencore is still keeping the zinc market guessing over when the company will reactivate its 500,000 tonnes of idled mine capacity.

Since the Swiss commodities powerhouse first announced its intention to mothball about 4 percent of global capacity in October 2015 the London zinc price has risen from $1,700 a tonne to $2,680 at the time of writing. True, zinc has been on the same Chinese price rollercoaster as the rest of the metals complex in recent days.

But there is accumulating evidence, to quote Glencore boss Ivan Glasenberg, that "tightness is starting to flow through the entire supply chain and is beginning to reach the metal market".