‘Punjab facilitating investors

interested to explore minerals’

LAHORE (PR): Punjab CM Mian Shahbaz Sharif is keen to explore minerals in the province, said chairman PMDC Nauman Kabir while addressing a meeting held at Lahore Chamber of Commerce here the other day. The meeting was attended by former presidents of LCCI and investors from private sector. It was decided in the meeting to provide attractive incentives to the investors interested to explore underground minerals like salt, gypsum, coal and other hidden treasure. Nauman Kabir further added there was much room to introduce state of the art technology for gypsum processing. Beside president LCCI Sh Muhammad Arshad, the meeting was attended by former presidents LCCI Mian Ashraf, Shahid Hassan Sheikh, Anjum Nisar, Mian Shafqat Ali, M.A Mian, Irfan Qaiser Sh. Irfan Iqbal Sh., Faheem Saigol, Wasal Mannoo and other industrialists.

SECP asks insurance firms to

submit statement of assets

ISLAMABAD (Staff Reporter): In accordance with the provision of Insurance Ordinance 2000, the insurance companies are required to furnish the statement of assets and liabilities to the SECP for each quarter within six weeks from the end of that quarter. In order to ensure compliance with the law, the SECP has sought clarification from 35 insurance companies for failing to comply with the mandatory provisions requiring the submission of statement of assets and liabilities for the last quarter. The information provided through the statements is critical for the supervision and monitoring of the insurance industry in Pakistan. It helps the SECP to watch the interests of policyholders of insurance companies.

PTCL signs fiber leasing

agreement with Telenor

KARACHI (PR): PTCL has signed a fiber leasing agreement with Telenor Pakistan. Telenor will benefit from this agreement in terms of upgrading its cellular backhaul to cater for exponential data growth in the aftermath of 3G/4G regime in the country. This agreement also serves as a major milestone towards achieving PTCL’s overall vision of becoming ‘The Carrier of Carriers’ by leveraging its strengths in infrastructure and services domain. Speaking on the occasion, Dr. Daniel Ritz, President and CEO PTCL, said, “This agreement is indicative of how PTCL’s vast network serves as the primary framework for Pakistan’s communications infrastructure, connecting millions of consumers across the country.

With over 35,000 KMs of fiber deployed across Pakistan, our partnership with Telenor Pakistan will help them to expand their 3G footprint further in order to provide high quality data and voice services to its growing customer base. PTCL will continue to play its major role in fiber and other telecom infrastructure developments in Pakistan, contributing further to the overall progress of the country.”

World oil price falls as caution

prevails before Doha

LONDON (AFP): Oil prices slid Friday as caution prevailed before a crunch producers' summit this weekend, which could deliver an output freeze deal to curb fresh losses on the market. At about 1130 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May lost 98 cents to $40.52 per barrel. Brent North Sea crude for June delivery dived $1.03 to $42.81 a barrel compared with Thursday's close. The market has however risen this week on optimism that major global oil producers would agree a production freeze when they meet in the Qatari capital on Sunday. The gathering will involve both members of the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and non-OPEC producers such as Russia.

"Oil is trading a little lower so far today having entered into consolidation mode ... as traders adopt a cautious approach ahead of Sunday's meeting of oil producers in Doha," said analyst Craig Erlam at traders Oanda.

"The outcome of Sunday's meeting is likely to be the catalyst for the next move with the prospect of a deal being broadly being behind prices rising" over the week. Iran's oil minister will not join an Iranian delegation at Doha, Tehran announced on Friday.

In a statement carried by the Shana news agency, the ministry said Bijan Zanganeh would skip the talks in Doha, adding that "Iran already announced it cannot join the plan to stabilise oil prices" while its output is still below pre-sanction levels.

The ministry said Iran's OPEC representative would attend the meeting instead.

Tehran is expected to seek a waiver as it increases output after the lifting of nuclear-related Western sanctions.

OPEC kingpin and regional rival Saudi Arabia has vowed not to join an output freeze unless Iran does the same.

Oil prices, which hit a 13-year low earlier this year, have rebounded sharply in recent weeks partly on expectation that a deal between OPEC and non-OPEC producers in Qatar could help to reduce a global crude supply glut.

OPEC said Wednesday that Iranian oil production in March was 3.3 million barrels per day (bpd), up from 2.9 million in January, but still short of its pre-embargo level of around 4.0 million.

"Iran supports efforts... to stabilise the market and support prices," oil ministry spokesman Akbar Nematollahi was quoted as saying Friday.

"Iran's representative will go to Doha to explain the position of Iran and revive efforts to improve the market situation."

- Supply glut to disappear? -

In earlier Asian deals on Friday, oil prices had risen after the International Energy Agency (IEA) said it saw the crude supply glut almost disappearing by the year's end.

The IEA report said the oil surplus would fall to 200,000 barrels per day in the second half of this year from 1.5 million bpd in the first six months.

However, the Paris-based agency said any decision by oil producers to freeze output would have "limited" impact compared to trimming production, which would have a more permanent effect in boosting prices.

But trading sentiment was tempered by a report on Wednesday showing a sharper-than-expected rise in US commercial crude inventories, indicating softer demand in the world's top oil consumer.

Oil slumped by about three quarters between mid-2014 and last February -- when they hit 13-year lows -- on the back of the global supply glut and overproduction.

APBF delegation visits Romania

LAHORE (Staff Reporter): A high level delegation of All Pakistan Business Forum (APBF) recently visited Romania to have meetings at the Romanian Ministry of Foreign Affairs and productive discussions with Aurelian NEAGU Director of Asia Pacific and other senior officials. The visit was aimed at fostering cooperation to tap the business opportunities between the two friendly countries President of APBF - Ibrahim Qureshi led the delegation comprising of the Secretary General of APBF Syed Maaz Mahmood, along with board members – Tahir Malik and Asim Shaikh. During the visit, the APBF delegation also held insightful discussions with the Director General of Romania’s Department of Foreign Trade – Radu Zaharia and Lucian Lazar from the Romanian Defence Industry Department.

Productive meeting were also held with the director of Prahova Chamber of Commerce, the president of Bucharest Chamber of Commerce and the president of ILFOV Chamber of Commerce. The APBF delegation was also hosted by the Ambassador of Pakistan in Romania at the Embassy of Pakistan.

The senior officials of the Romanian Foreign Affairs Ministry appreciated the initiative to enhance business volumes, investments and turnover of bilateral trade, while they also assured of complete support for the efforts of the Ambassador of Italy in Pakistan, Emilian Ion, who is keenly promoting trade and cultural-exchange between the two countries. The respective departments in Romania are also playing a positive role in accelerating business growth

Ibrahim Qureshi urged the business leaders of Romania to support closer ties between Romania and Pakistan.