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Nishat Chunian to either acquire or merge with NC...

December 10, 2019 (MLN): The Board of Directors of Nishat Chunian Limited (NCL), in its meeting held on Tuesday, discussed the matter of merger or acquisition of NC Electric Company Limited (NCECL) i.e. a 100% owned subsidiary of the company.

For the above purpose, Board of Directors granted in-principal approval for any of the following:

1.            Acquisition of all assets of NCECL along with its liabilities by NCL.

2.            The merger of both companies under Companies Act 2019

It has been decided in the board meeting that the final course of action will be taken after due consultation with the subject specialists.

 

European, US stock markets hit pause at start of...

December 10, 2019: European and US stock markets eased on Monday at the start of a key week for China-US trade hopes and ahead of Britain's general election.

The dollar wobbled against its main rivals ahead of the final monetary policy meeting of the year of the Federal Reserve.

Meanwhile, sterling drifted higher awaiting Thursday's UK election that is expected to see Prime Minister Boris Johnson's Conservatives win a big enough majority to push through his Brexit deal.

"In a week to remember, it was a session to forget," said Connor Campbell, analyst at Spreadex trading group, adding that investors were "not unjustified in their reticence to act." While observers widely expect Beijing and Washington to hammer out a partial tariffs agreement, trading floors remained nervous places with less than a week until the United States is due to impose fresh levies on Chinese goods.

"Though Wednesday has the final Fed statement of the year, it is going to be hard for American investors -- and investors in general -- to wrench their attentions away from the state of play between the US and China heading into Sunday's tariff deadline," said Campbell.

"So pressing is that matter that Thursday's UK general election is more of a local sideshow than the week's big macro event," he added.

On the corporate front Monday, shares in Tullow Oil, a London-listed independent oil producer in Africa, plummeted by 71 percent after the company cut its production forecast, froze dividend payments and its CEO resigned.

Shares in British supermarket giant Tesco topped the gainers board for London's blue chip FTSE 100 index, having shot up 4.5 percent after Britain's biggest retailer said it was looking at exiting its Thai and Malaysian businesses.

Sanofi stock shed two percent after the French pharmaceutical giant said it had agreed to buy US biotech firm Synthorx, boosting its immuno-oncology portfolio.

ArQule, which has been developing cancer medications, more than doubled after it agreed to be acquired by Merck for $2.7 billion. Merck dipped 0.2 percent.

In the commodities markets, oil prices retreated on profit-taking after Friday's healthy gains on the decision by OPEC and non-cartel producers led by Russia to cut output by a further 500,000 barrels a day.

Downbeat Chinese trade data over the weekend also gave reason to sell as it reminded traders that slowing growth is why oil producers are cutting output.

- Key figures around 2150 GMT - New York - Dow: DOWN 0.4 percent at 27,909.60 (close) New York - S&P 500: DOWN 0.3 percent at 3,135.96 (close) New York - Nasdaq: DOWN 0.4 percent at 8,621.83 (close) London - FTSE 100: DOWN 0.1 percent at 7,233.90 (close) Frankfurt - DAX 30: DOWN 0.5 percent at 13,105.61 (close) Paris - CAC 40: DOWN 0.6 percent at 5,837.25 (close) EURO STOXX 50: DOWN 0.6 percent at 3,672.18 (close) Tokyo - Nikkei 225: UP 0.3 percent at 23,430.70 (close) Hong Kong - Hang Seng: FLAT at 26,494.73 (close) Shanghai - Composite: UP 0.1 percent at 2,914.48 (close) Euro/dollar: UP at $1.1065 from $1.1060 at 2200 GMT on Friday Pound/dollar: UP at $1.3148 from $1.3140 Euro/pound: DOWN at 84.16 pence from 84.17 pence Dollar/yen: DOWN at 108.56 yen from 108.58 yen Brent North Sea crude: DOWN 0.2 percent at $64.25 per barrel West Texas Intermediate: DOWN 0.3 percent at $59.02 per barrel.

AFP/APP

Asian markets in retreat as traders eye tariffs deadline

Dec 10, 2019: Asian markets fell on Tuesday morning with investors keeping a nervous eye on the China-US trade talks with less than a week until Washington is due to impose fresh tariffs on Chinese goods.

The general consensus is that the two superpowers will eventually hammer out a partial pact as part of a wider agreement, which has fuelled a global equity rally for weeks, though comments from both sides -- both optimistic and downbeat -- are keeping dealers on their toes.

While the week is chock-full of key events including the UK general election and central bank decisions in the US and Europe, observers say the China-US negotiations are the only game in town.

The key concern for now is that with the December 15 deadline approaching, Donald Trump still has not scrapped planned levies on $160 billion of Chinese goods, which many fear could derail the long-running talks.

"Given the market has bought into the December tariff delay in a big way, all hell could break loose if the tariffs don't get postponed," said Stephen Innes at AxiTrader.

"Indeed, that would be a bitter pill for investors to swallow as the reality.. sets in that they have yet again been taken down the trade talk garden path only to end up at the cliff edge."

- Sterling holds ground -

Still, agriculture secretary Sonny Perdue provided some hope to markets when he said he did not think the levies will be imposed, though analysts pointed out that while this is positive, the ultimate decision is in Trump's hands.

In early trade Hong Kong slipped 0.1 percent, Shanghai eased 0.2 percent and Tokyo went into the break marginally lower.

Sydney, Singapore and Taipei each eased 0.2 percent, while Manila was off 0.5 percent. However, Seoul, Wellington and Jakarta edged higher.

There was little early reaction to data showing Chinese consumer inflation picked up in November but not as much as expected, with surging pork prices the key reason owing to African swine fever, which has seen a vast culling of the country's pig herd. However, the drop in factory prices eased, soothing concerns about future inflation rates.

Sterling remains well supported going into the final straight of the UK national vote, with Prime Minister Boris Johnson tipped to win a clear majority that will help him drive through his Brexit deal.

However, his lead has narrowed slightly in recent days, which is keeping traders on guard for a possible hung parliament and more uncertainty.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: FLAT at 23,428.67 (break)

Hong Kong - Hang Seng: DOWN 0.1 percent at 26464.93

Shanghai - Composite: DOWN 0.2 percent at 2,909.67

Euro/dollar: DOWN at $1.1063 from $1.1065 at 2150 GMT

Pound/dollar: UP at $1.3152 from $1.3148

Euro/pound: DOWN at 84.14 pence from 84.16 pence

Dollar/yen: UP at 108.63 yen from 108.56 yen

West Texas Intermediate: DOWN seven cents at $58.95 per barrel

Brent North Sea crude: DOWN 10 cents at $64.15 per barrel

New York - Dow: DOWN 0.4 percent at 27,909.60 (close)

London - FTSE 100: DOWN 0.1 percent at 7,233.90 (close)

-- Bloomberg News contributed to this story --

AFP/APP

Asian markets in retreat as traders eye tariffs deadline

Dec 10, 2019: Asian markets fell on Tuesday morning with investors keeping a nervous eye on the China-US trade talks with less than a week until Washington is due to impose fresh tariffs on Chinese goods.

The general consensus is that the two superpowers will eventually hammer out a partial pact as part of a wider agreement, which has fuelled a global equity rally for weeks, though comments from both sides -- both optimistic and downbeat -- are keeping dealers on their toes.

While the week is chock-full of key events including the UK general election and central bank decisions in the US and Europe, observers say the China-US negotiations are the only game in town.

The key concern for now is that with the December 15 deadline approaching, Donald Trump still has not scrapped planned levies on $160 billion of Chinese goods, which many fear could derail the long-running talks.

"Given the market has bought into the December tariff delay in a big way, all hell could break loose if the tariffs don't get postponed," said Stephen Innes at AxiTrader.

"Indeed, that would be a bitter pill for investors to swallow as the reality.. sets in that they have yet again been taken down the trade talk garden path only to end up at the cliff edge."

- Sterling holds ground -

Still, agriculture secretary Sonny Perdue provided some hope to markets when he said he did not think the levies will be imposed, though analysts pointed out that while this is positive, the ultimate decision is in Trump's hands.

In early trade Hong Kong slipped 0.1 percent, Shanghai eased 0.2 percent and Tokyo went into the break marginally lower.

Sydney, Singapore and Taipei each eased 0.2 percent, while Manila was off 0.5 percent. However, Seoul, Wellington and Jakarta edged higher.

There was little early reaction to data showing Chinese consumer inflation picked up in November but not as much as expected, with surging pork prices the key reason owing to African swine fever, which has seen a vast culling of the country's pig herd. However, the drop in factory prices eased, soothing concerns about future inflation rates.

Sterling remains well supported going into the final straight of the UK national vote, with Prime Minister Boris Johnson tipped to win a clear majority that will help him drive through his Brexit deal.

However, his lead has narrowed slightly in recent days, which is keeping traders on guard for a possible hung parliament and more uncertainty.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: FLAT at 23,428.67 (break)

Hong Kong - Hang Seng: DOWN 0.1 percent at 26464.93

Shanghai - Composite: DOWN 0.2 percent at 2,909.67

Euro/dollar: DOWN at $1.1063 from $1.1065 at 2150 GMT

Pound/dollar: UP at $1.3152 from $1.3148

Euro/pound: DOWN at 84.14 pence from 84.16 pence

Dollar/yen: UP at 108.63 yen from 108.56 yen

West Texas Intermediate: DOWN seven cents at $58.95 per barrel

Brent North Sea crude: DOWN 10 cents at $64.15 per barrel

New York - Dow: DOWN 0.4 percent at 27,909.60 (close)

London - FTSE 100: DOWN 0.1 percent at 7,233.90 (close)

-- Bloomberg News contributed to this story --

AFP/APP

CDWP approves 8 projects worth Rs31.44 billion

December 10, 2019: Central Development Working Party has approved eight projects worth 31.44 billion rupees while referred three worth 40.22 billion rupees to the Executive Committee of the National Economic Council for consideration.

Meeting of the committee was held in Islamabad on Monday with Deputy Chairman Planning Commission Mohammad Jehanzeb Khan in the chair.

Senior officials from federal and provincial governments also attended the meeting. 

Radio Pakistan

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