Tag: Business news podcast
November 24, 2020 (MLN): Agha Steel Industries through a notice to PSX, has informed that Military Engineering Services (MES) of Pakistan Army has enlisted Agha Steel Industries Limited as the manufacturer cum supplier of deformed steel bar for its projects.
In this regard, the Engineer-in-chief’s branch already issued the company a provisional certificate of enlistment/ registration.
Military Engineering Services (MES) is an inter service organization responsible for designing, construction and maintenance of buildings, road, airfields, bridges, electricity, water supply. Sewerage, Sui gas, drainage, furniture and stores services for Army, Navy, Air Force and DP Division.
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November 24, 2020 (MLN): Mari Petroleum Company Limited (MPCL) has entered into an agreement with Y.B. Pakistan Limited, Arif Habib Equity (Private) Limited, Liberty Mills Limited, and Reliance Commodities (Private) Limited pertaining to a joint venture arrangement through a company (National Resources (Private) Limited (NRL)) to potentially undertake mineral mining projects in the Province of Balochistan.
As per the company’s notice to PSX, these projects will involve, inter alia, exploration, survey, extraction, excavation, mining and sale of produced minerals. MPCL, in the initial stages will acquire approximately up to 20% equity share in NRL.
The abovementioned joint venture is subject to necessary regulatory approvals from relevant authorities, including clearance from the Competition Commission of Pakistan, under the Competition Act, 2010 and in due course, grant of necessary license(s) and lease(s).
As part of its long-term growth strategy, MPCL is evaluating multiple opportunities in near-core and non-core sectors to diversify its business including mineral exploration in the prospective areas of the Country, the notice revealed.
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November 24, 2020: Pakistan and Oman have agreed to qualitatively enhance relations in diverse fields, with particular emphasis on the economic dimensions.
The understanding reached during the 7th session of Pakistan-Oman Bilateral Political Consultations held virtually.
The Pakistan delegation was led by Foreign Secretary Sohail Mahmood, while the Omani side was led by Under-Secretary Sheikh Khalifa bin Ali bin Isa Al Harthy.
The consultations encompassed the entire spectrum of bilateral relations, including political, economic, commercial, defense and people-to-people ties.
The importance of regular exchanges at the highest level was emphasized, along with optimal utilization of institutional mechanisms such as the Joint Ministerial Commission and Joint Business Council.
November 24, 2020: Pakistan hosted the first virtual meeting of SAARC Planning Secretaries with Asad Rafi Chandna in the chair and prepared the ground work for the "First Meeting of SAARC Planning Ministers" dedicated to the theme, "Shaping SAARC Vision 2030".
All eight member states attended the meeting with their virtual presence.
First Meeting of SAARC Planning Ministers to be held virtually on Wednesday.
The meeting extensively discussed the subject of "Achieving Sustainable Development Goals (SDGs) 2030- Vision for South Asia".
In the welcome remarks, the chair emphasized that the spread of COVID19 with its impacts on health, education, jobs, and income across the member states is a challenge that warrants a review of national strategies for achieving SDGs.
The SAARC forum discussed the compilation of national approaches and strategies of SAARC member states on inclusive sustainable development, the impact of COVID-19 on overall economic growth in the member states and strategy for collaborative action for mobilizing development financing, especially in the post-COVID-19 scenario.
In relevance to the impact of COVID19 on overall economic growth in SAARC member states, Pakistan urged member states for cooperation not limited to the health services only but also to cover pharmaceutical collaboration, personal protective equipment and expansion on the demands of post-pandemic relief, recovery and rehabilitation.
The forum largely agreed that the transfer of technology from the technologically advanced countries is one of the critical factors to mitigate the adverse impacts of COVID19 along with the transformation of production, consumption and supply chain mechanism within the SAARC region.
November 24, 2020: Minister for Planning and Development Asad Umar says the review in agreements with Independent Power Producers (IPPs) would reduce per-unit price of electricity by over 1.4 rupees.
Talking to media in Islamabad, he said the reviewed agreements with IPPs would provide a huge relief of over 300 billion rupees to the consumers in three years.
Asad Umar said the government has decided to shut down all the low performing power plants and operationalize only the efficient one.
He said we will have to reduce the cost of power production and create a competitive market.
The Minister said the tariff of renewable energy has also been reduced by one third.
He said thirty-one projects of power distribution were completed in two and a half years.
Asad Umar said in order to meet the power shortage, the federal government would give 1400 MW additional electricity to K-Electric in two and a half years.