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Business

June 8, 2017

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Brief

Brief

‘Vehari Industrial Estate lucrative’

By our correspondent

LAHORE: Availability of best quality underground water has made the Vehari Industrial Estate lucrative for the potential investors both within and outside the country, said Rizwan Khalid Butt, chairman of the Punjab Industrial Estates Development and Management Company (PIEDMC) on Wednesday.

The development work has almost completed at the site, he said, adding that the electric work is under process and 201 industrial plots are ready for sale. A good number of Pakistani investors had already purchased plots. They are ready to construct their factories in the near future, he added.

At present, a good number of pharmaceutical and food processing manufacturers have shown their interest in the estate, he said, adding that the development work at the Vehari Industrial Estate would be completed in June that would be followed by a full-scale sale of industrial plots.

 

StanChart chairman visits Pakistan

News Desk

KARACHI: José Viñals, group chairman of Standard Chartered Plc, was in Pakistan on a two-day visit, a statement said on Wednesday.

This was his first visit to Pakistan, since becoming the chairman in December 2016. His visit is a strong reflection on the bank’s growing commitment to the country, it added.

Standard Chartered Bank has been present in Pakistan for over 150 years and has played a leading role in the growth and development of the banking industry. Viñals visit not only endorses Standard Chartered Bank’s growing role in Pakistan’s economy, but it is also an affirmation of the bank’s future growth plans in the country.

Viñals said, “Over the last 150 years, Standard Chartered has been privileged to serve a wide range of clients here in Pakistan.”

“We continue to invest in our franchise here and in playing our part in the country’s economic growth.”

 

Romania eyeing enhanced trade ties 

ISLAMABAD: Pakistan and Romania on Wednesday agreed to brainstorm ways to take their ties to the next level, besides exploring avenues for enhancing mutual cooperation in trade and commerce.

Nicolae Gola, Ambassador of Romania, and Rana Tanveer Hussain, Minister for Defence Production, reached an agreement to this effect during a meeting held at the ministry.

According a warm welcome to Romanian ambassador, Hussain ardently acknowledged his efforts for strengthening relations between the two countries. “It is very important for both the countries to identify areas of mutual interest so that they may move ahead,” the defence minister stressed.

Hussain added that the two countries enjoy warm and vibrant ties, which are getting stronger every day. “Pakistan is committed to combat terrorism, extremism, and militancy so that peace could prevail in the region,” he mentioned. The minister noted that sacrifices made by the people of Pakistan and its armed forces would always remain unparalleled.

According to Associated Press of Pakistan (APP), both sides agreed that there is a great potential for mutual cooperation in defence production, which may be explored.

Appreciating the hospitality and reciprocity shown by Pakistani side, Romanian ambassador said Pakistan was an extremely important country having a rich culture, working democracy, vibrant economy, and a cordially welcoming disposition as a nation.

“We want to work ambitiously hard in order to improve relations between Pakistan and Romania,” he said adding his country was looking forward to increase the trade volume with Pakistan to unprecedented levels.

 

PPL Chair at NED receives grant

By our correspondent

KARACHI: Pakistan Petroleum Limited (PPL) remains committed to investing in human resource development and use of latest technology for the exploration and production sector through academia-industry partnership under its CSR programme,” PPL MD and CEO Syed Wamiq Bokhari said on Wednesday.

Handing over of the first tranche to NED University of Engineering and Technology for the PPL Chair in Petroleum Engineering, he said, as such, the company has committed an overall grant of Rs50 million over the next five years with an annual disbursement of nearly Rs10 million.

PE Department, NED chairman Professor Abid Murtaza Khan and PPL Chair at NED Dr Syed Muhammad Tariq jointly received the cheque from Bokhari at a simple ceremony at PPL’s head office in the presence of officials from both the organizations, it added.

 

Enviro, JoChaho collaborate

News Desk

KARACHI: Enviro, a leading manufacturer of a diverse range of home appliances, consumer-electronics and power-solutions, has recently collaborated with www.JoChaho.pk – a popular online shopping platform, which offers a wide range of authentic products and genuine electronics, a statement said on Wednesday. Through this partnership, the wide range of Enviro appliances and electronics will be available for online shopping by visiting www.JoChaho.pk, it added. Consumers can now place online orders on JoChaho, for any Enviro product and get discounted prices for Enviro’s kitchen appliances, its air-conditioners and water dispensers, etc, it added.

 

PPL profit up 21 percent

ISLAMABAD: Pakistan Petroleum Limited (PPL), state-owned oil and gas exploration company, earned Rs26,608 million profit in the first nine months of the current fiscal year as compared to Rs21,871 million during the corresponding period of the last year, witnessing 21.65 percent increase in revenue.

"Profitability of the company increased 21 percent mainly due to higher sales revenue and lower other operating expenses," sources told APP on Wednesday. The company's sales revenue (net) stood at Rs63,973 million, which is almost 7.5 percent higher than the last year.

The company's natural gas production increased 8.1 percent from 203,431 million cubic feet (mmcf) to 219,967mmcf, crude oil / natural gas liquid / condensate production up 17.6 percent from 3,790,665 to 4,458,328bbl and liquefied petroleum gas (LPG) production showed 20.5 percent increase from 48,826 tons to 58,838 tons during the period.

 

Banco Popular sold to Santander

Frankfurt: European authorities on Wednesday announced the immediate sale of Spain´s Banco Popular to compatriot Banco Santander to avert a looming failure of the troubled bank.

The European Central Bank, in its capacity as the eurozone´s banking supervisory, said that Banco Popular was "failing or likely to fail" following a significant deterioration of its liquidity situation.

As a result, it would be sold to Banco Santander. It was the first time the ECB has issued such a statement acting as Europe´s banking supervisory authority.

"The significant deterioration of the liquidity situation of the bank in recent days led to a determination that the entity would have, in the near future, been unable to pay its debts or other liabilities as they fell due," the ECB explained.

"Consequently, the ECB determined that the bank was failing or likely to fail and duly informed the Single Resolution Board (SRB), which adopted a resolution scheme entailing the sale of Banco Popular Espanol to Banco Santander."

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