Briefs

Briefs

Chinese delegation visits FPCCI

By our correspondent

LAHORE: Henan Chamber of Commerce and Industry vice president Hu Zengmin said economic globalisation and regional integration has provided enormous opportunities for further cooperation between China and Pakistan.

During his visit to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Office Lahore on Wednesday, he said, “Both Countries are strongly associated together and both countries’ mutual relations are based on solid foundations.”

Zengmin said Pakistan was an ideal destination of foreign investment and top priority of the Chinese investors.

FPCCI vice president and regional chairman Manzoor Ul Haq said while China was one of the important trade partners of Pakistan, there was dire need of trade balancing between both countries. “China-Pakistan Economic Corridor and business friendly investment policies have turned Pakistan into the best trade and investment destination.”

He highlighted various investment and joint venture opportunities, and said joint ventures with Chinese enterprises would facilitate vital transfer of technology, as Pakistan needed to upgrade the value-addition process.

Highlighting regional trade opportunities, he said CPEC was the largest overseas investment, which was coming in the next three years. The investment would further upraise the potential of Pakistani market to the world.

Govt, international bank to sign deal

ISLAMABAD: The government will soon sign an agreement with an international bank to ensure funding for the construction of the much-delayed Dasu Dam.

Minister of state for water and power Abid Sher Ali informed this to the National Assembly during the Question-Hour session on Thursday.

The agreement with an international bank worth $350 million is expected to be finalised soon, as these banks are in the process of providing commercial financing up to $800 million against the World Bank Partial Credit Guarantee (PCG) and the government of Pakistan guarantees.

The state minister said the agreement for commercial financing of Rs114 billion against the government of Pakistan guarantees and the balance-sheet of the Water and Power Development Authority (Wapda) was signed on March 29, 2017 with the consortium of seven local banks led by Habib Bank Limited.

Other banks in the consortium included National Bank of Pakistan, United Bank Limited, Bank Alfalah Limited, Askari Bank, Faysal Bank and Meezan Bank.

Answering a supplementary question, the state minister said loan agreement between the government, Wapda and the World Bank for an IDA credit of $588.4 million along with an IDA Partial Credit Guarantee of $460 million was signed on August 25, 2014 in Islamabad and this loan agreement was effective from November 20, 2014.

Industry-academia body formed

By our correspondent

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has declared 2017 as the year of industry-academia linkage, a statement said on Thursday.

The decision was made by LCCI president Abdul Basit, senior vice President Amjad Ali Jawa and vice president Muhammad Nasir Hameed Khan. A special Standing Committee on Industry-Academia linkage has also been established.

The LCCI office-bearers said the purpose of this initiative is to enhance interaction between the industrial sector and educational institutions. It would help produce skilled human resource as per the requirement of the industry.

They said the Lahore Chamber of Commerce and Industry is focusing on development of research activities and capacity building.

EDB to attend Hannover Messe-2017

ISLAMABAD: The Engineering Development Board (EDB) is all set to participate in the Hannover Messe-2017 scheduled in Germany from April 24 to April 28.

The ministry of commerce would provide funds for this participation through Export Development Fund (EDF), sources said on Thursday, adding, as many as 6,500 international exhibitors participate in the event every year.

The sources said the Pakistan's Pavilion would be set up in the Industrial Supply Category, where the product showcase for innovative subcontracting will take place. The objective of this participation primarily is to look for new markets for Pakistan's value-added engineering products, besides giving an exposure to high quality production technologies and the international norms and standards to the local business community.

The EDB revived this event in 2016 after a break of six years and the participation received an overwhelming response and generated quality leads.

Many industries received export orders from across the world, the sources said, adding, this year's participation is in continuation of the previous event and is expected to bring home much more.

TSMC Q1 profit up 35pc

TAIPEI: Taiwan Semiconductor Manufacturing Co on Thursday said profit rose 35.3 percent in the first quarter, below estimates, after revenue for the world´s largest contract chipmaker and major supplier to Apple Inc missed guidance.

Net profit hit T$87.63 billion ($2.90 billion) for January-March, traditionally a weak period for the tech sector after the year-end sales rush. That missed the T$88.26 billion median analyst estimate in a Thomson Reuters/Eikon poll.

The result was also down from the T$100.2 billion of the fourth quarter of last year, which was a quarterly record. Gross profit margin was 51.9 percent while its operating margin was 40.8 percent.

TSMC earlier this week said first-quarter revenue, at T$233.91 billion, missed the lower end of its guidance for T$236 billion given in January due to a strong Taiwan dollar.

TSMC will detail its second-quarter outlook in an earnings conference on Thursday where analysts will listen for its views on the possibility of bidding for Toshiba Corp´s chip business.

Carrefour reports rise in sales

PARIS: French supermarket retailer Carrefour reported higher first-quarter revenue, slightly above the consensus market forecast, and maintained its full-year sales growth outlook.

Carrefour, the world´s second-biggest retailer after Wal-Mart Stores Inc, said first-quarter sales had risen 6.2 percent at current exchange rates to 21.3 billion euros ($22.7 billion), boosted by a strong performance in Brazil.

The consensus sales forecast, according to a poll for Reuters compiled by Inquiry Financial, stood at 21.2 billion euros. Carrefour said it was sticking to its target for full-year 2017 sales growth of between 3 and 5 percent, at constant exchange rates.

Bank of Korea holds rates

SEOUL: South Korea´s central bank raised its growth outlook for this year and kept interest rates unchanged at a record low for a 10th straight month on Thursday, while its governor shifted policy to a more hawkish stance. The Bank of Korea´s monetary policy committee held its base rate steady at 1.25 percent, in line with forecasts from 21 analysts surveyed in a Reuters poll. A majority of analysts see the central bank on hold for the rest of the year and some see tightening beginning next year.