08292016Mon
Last update: Mon, 29 Aug 2016 10am

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Silk Road powers bids for $1.5bn Pakistan utility stake SINGAPORE/ISLAMABAD: Chinese state-backed firms are frontrunners to buy a $1.5 billion controlling stake in Pakistani utility K-Electric, sources said, as they bet the benefits of a Beijing-led economic corridor will trump the risks of investing in Pakistan.State-backed Shanghai Electric Power and China Southern Power Grid are among Chinese firms leading the pack of about half a dozen bidders in K-Electric, one person familiar with the matter said.Shanghai-headquartered Golden Concord Holdings is also among the bidders, as are some local Pakistani and other companies, according to people who know about the process.Chinese companies' interest comes after China last year announced energy and infrastructure projects worth $46 billion in the South Asian nation, with a view to opening a trade corridor linking western China with the Arabian Sea."The China-Pakistan Economic Corridor (CPEC) is the main driver, with a lot of Chinese funding flowing into Pakistan," said one person aware of the K-Electric ...

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RECORDER REPORT-PSX mid day update KARACHI: On Wednesday, until mid day, KSE-100 Index was at 39474.58 with a positive change of 74.39 and volume of 25,879,720 shares.High and Low were 39537.22 and 39362.25 respectively. Total volume traded in the market was 51,423,430 shares with 298 total traded companies out of which 150 were up, 129 were down and 19 were unchanged.COMMERCIAL BANKS was the top traded sector with total traded volume of 6,409,800 shares. It was followed by POWER GENERATION ...

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Kerry warns against crackdowns as Nigeria claims Boko Haram leader 'wounded' SOKOTO: US Secretary of State John Kerry on Tuesday praised Nigeria for its recent gains against Boko Haram militants but did not confirm military claims that the group's leader Abubakar Shekau has been wounded.Speaking at a press conference in the ancient northern city of Sokoto, Kerry congratulated Nigeria for reclaiming swathes of territory and releasing thousands of hostages from Boko Haram while warning against the use of excessive force to fight extremists.Nigeria has made "important ...

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Corps Commander calls on CM Sindh KARACHI: Corps Commander Karachi, Lt. General Naveed Mukhtar, called on Sindh Chief Minister Syed Murad Ali Shah and discussed over all law and order situation.A CM House statement on Tuesday said that they also discussed the hate speeches delivered yesterday and he appreciated the chief minister's prompt action and mobilization of the forces. Copyright APP (Associated Press of Pakistan), 2016

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Iran signals more willingness for OPEC action to boost oil price DUBAI/LONDON: Iran is sending positive signals that it may support joint action to prop up the oil market, sources in OPEC and the oil industry said, potentially aiding efforts to revive a global deal on freezing production levels at talks next month. OPEC's third-largest producer has been boosting output after the lifting of Western sanctions in January. Tehran refused to join a previous attempt this year by OPEC plus non-members such as Russia to stabilise ...