01192017Thu
Last update: Thu, 19 Jan 2017 01pm

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Privatisation Commission's Board headed by Chairman Privatisation Commission, Muhammad Zubair approved lease out plan of Pakistan Steel Mills (PSM) on Tuesday. The proposed transaction structure of PSM, which would be presented to the Cabinet Committee on Privatisation (CCoP) in the coming days, envisages a tripartite concession agreement between GoP, PSMC and the investor for a period of 30 years on the basis of revenue sharing. PSM's land will remain with the government while the plant and machinery will be handed over to the new company for a maximum of 30 years.

Chinese President Xi Jinping offered a vigorous defence of free trade at the World Economic Forum in Davos on Tuesday in a speech that underscored Beijing's desire to play a greater global role as the United States turns inward. In the first appearance by a Chinese leader at the annual meeting of political leaders, CEOs and bankers in the Swiss Alps, Xi also cautioned other countries against blindly pursuing their national interests, in an apparent reference to the "America first" policies of Donald Trump.
Pakistan and China have decided to halt talks on second phase of Free Trade Agreement (FTA-II) until review of first phase is completed and mechanism is finalised to deal with under-invoicing which is causing massive financial loss to Pakistan. This was disclosed at a meeting of Senate Standing Committee on Commerce headed by Senator Syed Shibli Faraz. Senator Salim Mandviwalla, who is also Chairman Senate Standing Committee on Finance, gave a tough time to the officials of Commerce Ministry. Commerce Minister Engineer Khurram Dastgir briefly attended the meeting.
Pakistan Stock Exchange (PSX) Tuesday witnessed a heavy selling pressure and the benchmark KSE-100 index hit 48,108.80 points intra-day low, down 780 points. However, the index recovered in later hours on the back of fresh buying in select stocks and hit 49003.94 points intra-day high.
Pakistan Stock Exchange (PSX) Tuesday witnessed a heavy selling pressure and the benchmark KSE-100 index hit 48,108.80 points intra-day low, down 780 points. However, the index recovered in later hours on the back of fresh buying in select stocks and hit 49003.94 points intra-day high.
Pakistan International Airlines (PIA) has approached the Finance Ministry for an increase in GoP guarantee limit by Rs 10.5 billion to Rs 161.5 billion from Rs 151 billion on the plea that its financial woes have increased after the crash of PK-661, sources close to Finance Minister told Business Recorder. The Economic Co-ordination Committee of the Cabinet will consider PIA's request in its meeting on Wednesday (today), the sources added.
Secretary Finance Dr Waqar Masood Tuesday stated that the government with 51 percent shares in Public Sector Enterprises (PSEs) can not exercise the powers of 100 percent shareholding after the government's powers to remove the chief executive officers (CEOs) of PSEs was challenged by the opposing members. The issue that the government has the power to remove the CEOs of the PSEs where it has 51 percent shares came under discussion during a meeting of the sub-committee of the National Assembly Standing Committee on Finance here.