DAILY BUSINESS UPDATE: 20.06.2011.....

Brief News:
Business News

Monday, June 20, 2011 09:04

- Euro eases amid uncertainty over Greek bailout

- Sui, Zamzama gas fields? faults removed

- KSE sheds 16 points this week
The market analysts are of the view that the trade sessions in the coming week might also witness fluctuations.

- Oil prices fall as Greek debt crisis weighs

- KESC, union talks end inconclusively
Later, the KESC spokesman hoped that all the stakeholders would try to reach a positive resolution of the issue rather than dragging it.

- KSE 100-index almost ends flat
In the currency market, the rupee weakened to 85.80/85 to the dollar, compared with Tuesday''s close of 85.75/79, following a rise in import payments. The rupee hit a record low of 86.50 last month, but dealers said the local unit may be stable in the coming days because of increased remittances from Pakistanis working abroad. (Reuters)

- Decrease in subsidies not to impact poor: Hafeez Shaikh

- Asian shares mixed amid euro fears

- Euro holds firm ahead of German-French summit

- Oil up in Asia on positive US data

Pak-China Development Programme on Trade to be launched in 2012

BEIJING: The next five-year (2012-1216) Pak-China Development Programme on Trade and Economic Cooperation (FYDP) will be launched next year. Ambassador Masood Khan said this in an interview with China Textile News, a Chinese language daily which focuses on textile related matters.
He said this programme includes collaboration on an Institute of Textile and Clothing. He said Pakistan welcomes Chinese producers setting up factories in Pakistan.
"Pakistan has one of the most liberal investment regimes. Pakistan's investment environment is especially hospitable for Chinese entrepreneurs. Chinese corporate sector has worked in Pakistan for several decades with success," he noted.
Ambassador Khan said that most of the Chinese companies are familiar with Pakistan's manufacturing landscape.
China has excess capital and expertise in textiles industry. The textile industries' competencies can be easily transferred to Pakistan. In fact, the best option would be to start exclusive textile zones which could be managed by the Chinese enterprises. "We could also experiment with joint ventures. An interface of sorts already exists," he said.

Mohammed Saleem Mansoori