October 23, 2020 (MLN): Topline Securities has submitted Acquirer’s Public Announcement of Intention on behalf of its client Mr. Danish Elahi to acquire more than 51% of issued and paid up capital by way of subscription of existing shares along with management control in Mian Textile Industries Limited.
For the aforesaid acquisition, Topline Securities has been appointed as Manager to the offer by the Acuirer.
Copyright Mettis Link News
37623
November 25, 2020: The oil prices on Wednesday reached their highest level since early March 2020 on improved global economic outlook and vaccine optimism.
As of 12:34 pst on Wednesday, WTI crude gained 0.3percent and was trading at $45.2 per barrel, while Brent was trading at $48.22 per barrel, up by 0.5percent.
“With an orderly Presidential transition in sight, vaccine boosters and expectations that OPEC+ will extend production cuts next week, oil markets completely ignored the unexpected 3.8 million-barrel climb in API U.S. crude inventories,” said Jeffrey Halley, senior market analyst at OANDA.
AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in trials and could be up to 90% effective, providing another weapon in the fight to control the pandemic after positive results from other major pharmaceutical developers.
However, any viable vaccine is not likely to be ready for mass use in the next few months, meaning lockdowns and travel restrictions will be in place into next year.
That makes it likely that OPEC+, which groups the Organization of the Petroleum Export Countries (OPEC) and allies including Russia, will continue production cuts into 2021 after a meeting set to start on Nov. 30 following technical talks this week.
OPEC+ producers have been withholding supplies to support prices after pandemic lockdowns earlier this year caused evaporation in demand.
They are currently due to increase production by 2 million barrels per day — about 2% of global demand before the pandemic — from January.
In the United States, President Donald Trump’s administration gave President-elect Joe Biden access to resources enabling him to take over in January after an extended delay despite Trump’s loss in the Nov. 3 election.
The American Petroleum Institute (API), an industry association, said on Tuesday that U.S. crude stocks rose by 3.8 million barrels in the week to Nov. 20 to around 490 million barrels, against analysts’ expectations in a Reuters poll for a build of 127,000 barrels.
Official U.S. government crude inventory data will be released later on Wednesday.
Reuters
November 25, 2020 (MLN): TPL Trakker Limited (“TPLT”) has been awarded the contract for consultancy services for Mapping of Historical and Religious Sites in Pakistan in order to bring to light all the diverse aspects of Pakistan’s history and culture (“Project”).
According to the notice issued to PSX, the Project will enable local and foreign tourists, as well as researchers, to access valuable information concerning the entire historical and religious site in Pakistan.
Copyright Mettis Link News
November 25, 2020: Pakistan ranked 45th in the Internet Development Index with a score of 39.03, but the country, placed 42nd, surpassed Vietnam, Kazakhstan and other countries in innovation capacity, according to the World Internet Development Report 2020.
The report was released during the World Internet Conference - Internet Development Forum kicked off in Wuzhen, Zhejiang province, highlighting digital empowerment for a better future.
During the event, China Internet Development Report 2020 was also released. This is the fourth year for the release of the two blue books during the World Internet Conference, and their findings are becoming a characteristic of global Internet research.
The Global Internet Development Index gauges six parameters: infrastructure, innovation capacity, industrial development, Internet application, cybersecurity, and cyberspace governance.
"We have selected 48 countries across five continents.
According to the results, in terms of Internet development, the United States and China are still ahead of other countries, and European countries are strong and relatively balanced," said Xia Xueping, head of the Chinese Academy of Cyberspace Studies.
Li Xiaoyu, vice president of Chinese Academy of Cyberspace Studies, told China Economic Net (CEN) that there is unbalanced Internet development in Asia.
He called for cooperation between enterprises in countries that are weak in Internet industry and China's existing Internet operators, equipment manufacturers, information service providers.
"The premise is to strengthen openness and cooperation. Chinese companies are willing to cooperate and provide them with better services," he added.
Pakistan has 169 million mobile phone users and only 87 million fixed broadband Internet users by August 2020, according to the Pakistan Telecommunication Authority. As Pakistan has a population of more than 200 million, its broadband subscribers account for less than 50%.
Touching on the prospects of Internet development in Pakistan, Li said Pakistan has enormous growth potential. Pakistan has always attached great importance to information technology and its role in serving the public, and its Internet practice is worth introducing and recommending.
"The public can get more information and better service via the Internet, especially for countries with hundreds of millions of people in Asia", he added.
APP
November 25, 2020: China has reiterated its full support to the Gwadar Port's project for its greater role in the regional cooperation on trade and goods transition.
Chinese Foreign Ministry's Spokesperson Zhao Lijian during a media briefing in Beijing on Tuesday said that China supports the greater role of the port, an important component of the China-Pakistan Economic Corridor and we are glad to see the new progress.
Zhao Lijain said that facts have proven that China -Pakistan Economic Corridor has not only delivering benefits to the Chinese and Pakistani people but has also facilitated regional connectivity and economic cooperation.
He said we are confident that with efforts from all parties, the CPEC will surely play a more positive role to help promote prosperity in the region.
The international transit activities have started with the arrival of the first fish cargo at the Gwadar port for onward shipment to China.
Radio Pakistan
November 25, 2020: Prime Minister Imran Khan will inaugurate the Country Strategy Dialogue on Pakistan today (Wednesday).
The World Economic Forum is organizing the event and Imran Khan will participate in an interactive dialogue with the President WEF Børge Brende and chairpersons and Chief Executive Officers of leading global corporations and WEF partner companies.
Subsequent sessions of the day-long CSD will feature discussions of global business leaders with Finance Adviser Dr Abdul Hafeez Sheikh, and federal ministers Makhdoom Khusro Bakhtiar and Hammad Azhar on wide-ranging subjects including the economy, finance, investment, trade, manufacturing, digitalization and startups, regional connectivity and China-Pakistan Economic Corridor.
The last segment will include a Round table on 'Energy Transition Priorities and Challenges in Pakistan.'
Each session of the CSD will enable CEOs of global corporations and multinational companies to interact directly with Pakistan’s top leadership on the vast business and investment opportunities available in the country due to the various initiatives for economic reforms by the current government.
CSD is WEF’s signature platform for countries with rising economies and promising growth potential.
The upcoming CSD is the second such event organized by WEF for Pakistan this year. A CSD during Prime Minister’s visit to Davos, Switzerland, for the WEF Annual Meeting in January this year was widely attended by the global corporate sector.
The second CSD by WEF within one year is a recognition of Pakistan’s positive economic trajectory and its commendable resilience to the myriad of challenges including the COVID pandemic.
Radio Pakistan
