May 16, 2022: China's investment in property development went down 2.7 percent year on year in the first four months of 2022, data from the National Bureau of Statistics showed Monday.
Xinhua/APP
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June 27, 2022 (MLN): The Security Exchange Commission of Pakistan (SECP) has approved the demerger of Allied Rental Modaraba, the company’s notice to Exchange said today.
“SECP has conveyed their “No Objection” on the proposed demerger of Allied Rental Modaraba”, the notice read.
The management of Modaraba said that it shall update the PSX and certificate holders of the Modaraba on the approvals of other regulatory bodies and fulfilment of other conditions necessary for the proposed demerger scheme.
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June 27, 2022 (MLN): Bykea, the local ride-sharing and delivery startup, raised $10 million from its existing backers to tap rising demand for online services in the country, reported Bloomberg.
Bykea, which focuses on two-wheeler rides, said in a statement Monday it plans to use the funds to extend its services, which include food and e-commerce deliveries, as well as cash pick-up.
The company’s investors include Prosus Ventures, MEVP, Sarmayacar, Tharros, and Ithaca Capital.
With 1.7 million active monthly users and more than 60,000 driver-partners, Bykea offers services in Karachi, Lahore and Islamabad. It’s among an emerging crop of Pakistani startups attracting attention from global venture investors as mobile services gain popularity in the country of more than 200 million people, it added.
“We see an enormous opportunity to serve the middle class by offering easy, affordable, and convenient transport and logistics solutions,” Bykea Executive Chairman Jonas Eichhorst said in the statement.
June 27, 2022: Pakistan's monthly fuel oil imports are set to hit a four-year high in June, Refinitiv data showed, as the country struggles to buy liquefied natural gas (LNG) for power generation amid a heatwave that is driving demand.
The resurgence in residue fuel demand at power plants underscores the energy crisis faced by the South Asian country and slows its efforts to switch to cleaner fuel.
Pakistan had cut fuel oil imports since the second half of 2018 as LNG prices were low, but it had to at times switch back to oil since July 2021 because of sky-high LNG prices.
The country's fuel oil imports could climb to about 700,000 tonnes this month, after hitting 630,000 tonnes in May, according to Refinitiv estimates. Imports last peaked at 680,000 tonnes in May 2018 and 741,000 tonnes in June 2017.
A spokesman for Pakistan's energy ministry cited global prices as the reason for the surge in fuel oil imports.
The trend is set to continue in July too, as Pakistan State Oil (PSO) received offers from Coral Energy to supply two high sulphur fuel oil (HSFO) cargoes and one low sulphur fuel oil (LSFO) cargo for second-half July delivery, industry sources said. PSO had sought five cargoes in the tender, according to its website.
"Import data indicates that thermal power generating companies in Pakistan made the initial switch from gas to fuel oil late last year and the price dynamic provides an ongoing incentive to max out fuel oil purchases over LNG," said Timothy France, a MENA senior oil analyst at Refinitiv.
Asia LNG spot prices jumped last week, tracking European gas prices, as an extended shutdown at a U.S. export plant prompted buying by Japan and South Korea.
Pakistan LNG, in its second attempt to buy four LNG cargoes for July delivery, received only a single supply bid for one cargo from QatarEnergy on Thursday.
Pakistan LNG, however, did not pick up the supply bid due to the cost.
The country, which is facing a severe energy crisis, has been in a conservation mode to reduce consumption and stave off blackouts.
"Weather conditions in Pakistan appear highly supportive of demand. Cooling demand typically remains high until mid-September, which implies that imports could remain elevated in June, July, and August," France added.
While fuel oil-based power generation was relatively steady year-on-year, it climbed 15% in May from the previous month, data from Topline Research showed.
Reuters
June 27, 2022 (MLN): International Steels Limited (ISL) has informed that a state-of-the-art rewinding line with an electrolytic cleaning section has been commissioned which is part of the debottlenecking project to enhance the finishing capacity of Cold Rolled Coils and sheets by 120,000 tons per annum.
This will enable the company to expand its already strong footprint in automobile, appliances, and Tin Mill Black Plate (TMBP) segments of the cold-rolled steel market.
To recall, on March 9, 2021, the Board of Directors of the company approved a capital expenditure of Rs1.235 billion for the said debottlenecking project.
Currently, the stock of the company is trading at Rs57.88 [12:24], up by 99 paisa or 1.74% DoD.
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June 27, 2022: Indus River System Authority (IRSA) Monday released 16,642 cusecs water from various rim stations with an inflow of 27,142 cases.
According to the data released by IRSA, the water level in the Jhelum River at Mangla Dam was 1,097.15 feet, which was 47.15 feet higher than its dead level of 1,050 feet whereas the inflow and outflow of water was recorded a 45,609 and 40,000 cusecs respectively.
The release of water at Kalabagh, Taunsa and Sukkur was recorded as 98,865 ,115,193 and 68,190 cases respectively. Similarly, from the Kabul River, a total of 27,900 cusecs of water was released at Nowshera and 27,142 cusecs released from the Chenab River at Marala.
APP
