Global demand for LNG grew by 12.5%:Shell Annual Outlook

Karachi(Cliff News)Global demand for liquefied natural gas (LNG) grew by 12.5% to 359 million tonnes in 2019, according to Shell’s latest annual LNG Outlook published today – a significant increase that bolsters LNG’s growing role in the transition to a lower-carbon energy system.2019 saw key developments that are helping to reshape the industry, namely;  

  • an industry record of 40 million tonnes of additional supply becoming available and being consumed by the market.
  • the belief in long-term demand growth triggering record investment decisions in liquefaction capacity of 71 million tonnes.
  • an increase in diversity of contractual structures, providing a wider range of options to LNG buyers.
  • the growing role of gas in improving air quality through coal-to-gas switching in the power and industrial sectors, with coal generation phase-out announcements more than trebling.

Natural gas emits between 45 and 55% fewer greenhouse gas emissions and less than one-tenth of the air pollutants than coal when used to generate electricity.“The global LNG market continued to evolve in 2019 with demand increasing for LNG and natural gas in power and non-power sectors,” said Maarten Wetselaar, Integrated Gas and New Energies Director at Shell. “Record supply investments will meet people’s growing need for the most flexible and cleanest-burning fossil fuel.”“While we see weak market conditions today due to record new supply coming in, two successive mild winters and the Coronavirus situation, we expect equilibrium to return, driven by a combination of continued demand growth and reduction in new supply coming on-stream until the mid-2020s.”Europe absorbed the majority of 2019 supply growth as competitively-priced LNG furthered coal-to-gas switching in the power sector and replaced declining domestic gas production and pipeline gas imports.  New spot-trading mechanisms and a wider variety of indices used for long-term contracts point towards LNG becoming an increasingly flexible commodity.There was a modest rise in imports to Asia in 2019, compared to the previous two years, a result of mild weather and rising electricity generation from nuclear power in Japan and South Korea, two of the three largest global importers.In China, LNG imports increased by 14% in 2019 as efforts continued to improve urban air quality.Also notable was LNG demand growth in South Asia. In total, Bangladesh, India and Pakistan imported 36 million tonnes, an increase of 19% over last year, pointing to emerging growth countries in Asia.Over the longer-term, global LNG demand is expected to double to 700 million tonnes by 2040, according to forecasts*, as gas plays a significant role in shaping a lower-carbon energy system.Asia is expected to remain the dominant region in the decades to come, with South and South-east Asia generating more than half of the increased demand.

 

 

 

 

 

Crown group signs MOU with Total Parco

IMG-20200217-WA0015

Karachi(Cliff News)Crown Group, a leading two and three-wheeler automotive giant, has partnered with Total Parco Pakistan (TPPPL), a globally recognized player in the oil industry, to introduce a new infusion of quality Ultra Boost Multi-Grade Engine Oil which will be available all across Pakistan. Formulated in France, the high quality engine oil will not only rejuvenate vehicles engine life but also actively clean it due to its Pro-Cleansing Formula Technology.The signing ceremony took place at local hotel with the presence of dignitaries from both the respective organizations including Chairman Crown Group, Mr. M. Farhan Hanif, Managing Director, S.M Kashif Qaseem along with other directors of the group. The agreement was signed between Business Development Director, Crown Group – Mr. Zohaib Farhan and Vice President, Total Parco Pakistan Pvt. Ltd – Mr. Zaza Kandelaki.With a monthly sale of up to 10,000 motorcycles, Crown Group has now diversified its operations across motorcycles, all engine parts, batteries, body parts and tyres for two and three-wheelers. Their production capacity is laid out strategically in two factories in Sadiqabad, one motorcycle factory and 8 Chinese joint venture factories in Karachi and an industrial park in Port Qasim, Karachi.Crown is a leading brand in the two and three wheeler industries of Pakistan and the only local consumer brand that exports to international markets while offering solutions for all segments of the industry within Pakistan.

About Crown Group:

Crown Group has been the forerunner in two and three-wheeler automotive industries since 1963. Having the largest network of motorcycle parts across pan Pakistan, Crown deals in manufacturing motorcycles, tyres and tubes for more than 15 years.

ACCA promotes KP as a gateway to economic prosperity

ACCA - Picture Release

Karachi(Cliff News)ACCA(the Association of Chartered Certified Accountants) hosted a high-profile corporate networking conference in Peshawar on the theme ‘KP: Pakistan’s gateway to economic prosperity’ providing a platform to region’s key stakeholders and thought leaders to engage in interdisciplinary, forward thinking conversations and encouraging collaborative action by proposing a common agenda aimed at revitalising the private sector to kick start an era of sustainable, inclusive economic growth in the province.Taimur Jhagra, Minister for Finance, Government of Khyber Pakhtunkhwa, Hassan Daud Butt, CEO, KP Board of Investment & Trade, Mujahid Saleem, Advisor on Economic Growth, USAID, and Assad Hameed Khan, Market Head, ACCA were among the keynote speakers who shared their insights and proposed tips for organisations to become future-ready.“It’s a source of pride to see the city opening up again and providing a platform for thought leaders to engage in meaningful conversations. The province is a large consumer market and offers exciting opportunities for investors. We strongly believe that Khyber Pakhtunkhwa is our country’s gateway to economic prosperity.” – Taimur Jhagra.Commenting on the theme of the conference, Director of National Incubation Centre (NIC) Peshawar, Faisal Jamil said, “Around 60pc of all the investments and funding raised by the start-ups at NIC Peshawar have been raised by women-led start-ups. The key takeaway from the conference is that the stakeholders of this region need to focus more on inclusivity and sustainability to drive the business forward.”Recognising the aggregated impact of the conference, Mujahid Saleem said, “Today’s event will go a long way in chalking out a clear path forward to promote sustainable economic development in this region. We look forward to working with ACCA on similar initiatives in the future for the benefit of this region.”From robotics and cloud to AI and block chain, digital is arguably the biggest factor shaping the future of business around the world. At the conference, ACCA shared insights, practical guidance, strategies, and solutions to enable businesses and policy makers to embrace these new technologies and create a conducive environment for innovation and entrepreneurship.“The conference offered great insights into developing future-ready talent and preparing the youth of our country for the challenges ahead.” – Dr Sahibzada Ali Mahmud, Chief Strategy & Information Officer, Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC).One of the event highlights was a future-focused panel conversation on the topic ‘Digital transformation and economic growth – journey towards sustainable development’. The conversation leaders for the segment included, Dr Mohsin Khan, Director, Institute of Management Sciences, Shafique Ur Rehman, CEO, Rehman Medical Institute, Dr Shahbaz Khan, Managing Director, KP IT Board, Dr Sahibzada Ali Mahmud, Chief Strategy & Information Officer, KPEZDMC, Syed Asmat Ullah FCCA, Executive Director Audit & Assurance, Deloitte and Arif Masud Mirza FCCA, Regional Head of Policy, ACCA.To emphasise on the importance of inclusivity and to discuss the changing nature of work, and evolving business models, the conference also hosted a thought-provoking panel conversation on the theme ‘Building an inclusive entrepreneurial ecosystem’, with contributions from Hassan Daud Butt, CEO, KP Board of Investment & Trade, Usman Zulfiqar, Academia Head SKANS School of Accountancy Peshawar, Ihsan Ullah Ihsan, Managing Director, The Bank of Khyber, Mubarak Ali Senior Faculty Member Professionals Academy of Commerce Peshawar, Faisal Jamil, Executive Vice President, LMKT and Maryam Arshad, CEO, Impact Dynamics.“We believe healthy and prosperous economies are ones that build equitable and thriving societies. In Pakistan, ACCA will continue to play its role in building a healthy and prosperous economy where people of all backgrounds are able to flourish and there’s an open access to opportunity.” – Assad Hameed Khan, Market Head, ACCA.Bank Islami Pvt Ltd. joined ACCA as an exclusive Strategic Partner. The Bank of Khyber, DHA Peshawar, and Rehman Medical Institute were the Platinum Partners, and Professionals’ Academy of Commerce (PAC), and SKANS School of Accountancy joined as Gold Partners.The conference was also supported by SECP’s Jama Punji, IM Sciences, IM Durshal, Deloitte, SMEDA, KP Information Technology Board, Pakistan Stock Exchange, KPRA, KPCCI, WCCI and KPEZDMC. Nutshell Conferences powered the conference as a Knowledge Partner.With more than 219,000 fully qualified members and 527,000 students worldwide, ACCA is the world’s leading body for professional accountants which uses its unrivalled connections across the world to connect people with fulfilling careers, organisations with the best finance talent, and economies with the ingredients for growth. With strong partnerships with top employers and social sector across the globe and an award-winning Professional Insights programme offering ground-breaking futures insight, ACCA is at the forefront of finance talent development and creating future-proof careers. 

 

About ACCA:

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.ACCA supports its 208,000 members and 503,000 students in 178 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 104 offices and centres and more than 7,300 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability.

45 units of Hyundai Porter H-100 pickup delivered to a local distributor company

Hyundai - Porter H-100 ,distribution

Faisalabad(Cliff News)An impressive handing-over ceremony of 45 units of Porter H-100 pickup to M/sShan Distributors & Shan Marketing Services was held at Hyundai Nishat Motor Pvt. Ltd., plant, Faisalabad.The event was attended by the Directors of Shan Distributors and Shan Marketing who received the ceremonial keys of their brand new Hyundai Porter High-deck and Deckless variants from Mr. Tatsuya Sato-COO HNMPL & Mr. Junya Masuda – EVP Sales & Marketing HNMPL. Other senior company officials from HNMPL were also present at the occasion.The production of Porter H-100 pickup and its committed deliveries to the customers have already begun from early January 2020.M/s HyundaiNishat Motor is committed to not only provide highly quality products and services, but also to work closely with the Pakistani clients to set the new benchmark for Pakistan’s transportation industry.

 

 

 

 

 

PM Imran Khan presents PSX top companies award to Arif Habib Limited

AHL Photo Release2 - Prime Minister Imran Khan presents PSX Top Companies Award to Mr. Arif Habib, Chairman, Arif Habib Group (Dec 27, 2019)

Karachi(Cliff News)Arif
 Habib Limited (AHL), one of Pakistan’s leading and largest Brokerage and Investment Banking Firms has been recognised amongst the Top 25 Companies by the Pakistan Stock Exchange (PSX). AHL is one of the six companies that have been recognised as a Top Company for all of the last three years (2016, 2017 & 2018). The PSX Top 25 Companies award is evaluated based on capital efficiency, profitability, free float of shares, transparency, corporate governance & investor relations, compliance with listing of companies & securities regulations and dividend pay-outs. Prime Minister Imran Khan, graced the occasion as Chief Guest and presented the Awards to the winners. Mr. Arif Habib, Chairman, Arif Habib Group received the award on behalf of the company. Mr. Habib appreciated the team of AHL, praising their hard work and dedication which has led to this recognition for the fifth consecutive year. He also said that PSX’s recognition of AHL is a testament of the Company’s excellent financial and managerial performance. 

 

Garbage created a disastours situation at the seashores:Ali Zaidi

Karachi(Cliff News)Federal Minister for Maritime Affairs Syed Ali Hyder Zaidi, while appreciating the immense participation of the business community, Public, KMC, DMCs and Sindh government in Federal government’s ‘Clean Karachi Campaign’, reiterated his commitment to completely cleanse Karachi from garbage and devise strategies to ensure cleanliness all over the city on regular basis.Speaking at a meeting during his visit to Karachi Chamber of Commerce & Industry (KCCI) on Saturday, he added that Sindh government, Karachi Municipal Corporation and all District Municipal Corporations have become part of Clean Karachi Campaign in which the first phase to cleanse all the Nullahs has been completed while the second phase will also start soon in which garbage lying at the dumpsters all over the city including parks will be cleared.Chairman Businessmen Group & Former President KCCI Siraj Kassam Teli, Vice Chairman BMG Zubair Motiwala, General Secretary BMG AQ Khalil, President KCCI Junaid Esmail Makda, Senior Vice President KCCI Khurram Shahzad, Former Presidents Majyd Aziz and Younus Muhammad Bashir, Commissioner Karachi Iftikhar Shallwani along with KCCI Managing Committee members were also present at the meeting.“In order to create a better and civilized society, we, instead of blaming others for the disaster, should look at what we are doing which if we really do, would certainly create a much better society”, he stressed.He also sought peoples’ help to take photos and film those who throw litter on public places and upload them on social media to expose these elements. Such elements should be ashamed of their act and this campaign be titled as ‘Name and Shame’.Ali Zaidi pointed out that out of a total garbage of 14,000 tons, most of garbage was ending up by ultimately landing in the sea which has created a disastrous situation at the seashores. This garbage at Keemari has now reached Hawks Bay and may further go all the way to Port Qasim beach as well.He particularly appreciated Mayor Karachi Waseem Akhtar and Sindh Minister for Local Government Syed Nasir Hussain Shah for extending their full support and cooperation to Clean Karachi Campaign. “All of us will have to work jointly and take the ownership of Karachi city in order to improve the cleanliness conditions. Situation will only change if all of us will come forward to take the ownership of our city”, he added.In response to KCCI’s suggestion, the Minister agreed to form a committee of all fourteen MNAs of PTI elected from Karachi who will be tasked to hold regular interaction with Karachi Chamber so that the issues being faced by the city could be discussed in detail.To a question, he informed that the new Shipping Policy, which has already been approved, will be announced in a week at a press conference. This new Shipping Policy addresses many issues currently being suffered by the business and industrial community, he added.Chairman Businessmen Group & Former President KCCI Siraj Kassam Teli, while appreciating Ali Zaidi for undertaking the desperately needed cleanliness campaign in Karachi, stressed that this cleanliness must not stop halfway and continue till the entire city is completely cleansed from the garbage while an effective system must also devised to ensure cleanliness across Karachi on regular basis.Siraj Teli announced that the Karachi Chamber will contribute a sum of Rs10 million to the kitty established for Clean Karachi campaign while the bank account details for this particular campaign will also be publicized by KCCI through its monthly publication. “Moreover, KCCI’s members will also be requested on your behalf and also on our behalf to contribute generously towards this cause of completely cleansing Karachi from the garbage. We would like to monetarily and humanly support your campaign”, he added.Referring to the human support being committed by KCCI, he informed that Karachi city currently has a total of 120 police stations and under KCCI’s Police Chamber Liaison Committee (PCLC), two representatives of Karachi Chamber are nominated for every police station of the city, who are purely businessmen and are well-acquainted with their respective areas. This human force, which was available at every nook and corner of Karachi, can be provided to Federal Minister for his cleanliness campaign in order to make it successful.He further commented that every political party during its tenure extracted maximum revenue from Karachi which contributes more than 70 percent revenue to the national exchequer but none of them bothered to do anything for this city. “There was a time when all three major political parties of Karachi assumed control of the government and we felt that now they will pay some attention to the issues of Karachi but unfortunately, during that era, Karachi suffered a lot of devastation” he added and urged that the city, which gives votes to come into power, must get something in return.Referring to some previous meetings with Chairman PTI Imran Khan particularly a meeting held on July 22, 2018 before being elected as Prime Minister, Chairman BMG said that although the government has made some compromises after assuming charge of the country’s affairs as compared to their claims and commitments given before the election yet the business & industrial community still has high hopes from PM Imran Khan who is on track but the government should not make those compromises that may create problems in the long term.In order to efficiently deal with the issues of Karachi which is spread on a huge area of 3500 square kilometers with a huge population of around 22 million, Siraj Teli suggested that all fourteen Ministers of PTI who were elected from Karachi must take similar initiatives in their respective areas as done by Ali Zaidi which may result in awakening the Sindh government and they may also start taking those steps which were in favor of Karachi. “Every single step either taken by the federal government or Sindh government for the betterment of and in favor of Karachi will be fully supported by KCCI”, he added but cautioned that any retreat from the task to completely cleanse Karachi from garbage was going to receive a lot of criticism from Karachi Chamber.Speaking on the occasion, Vice Chairman BMG Zubair Motiwala suggested to form a committee comprising all the fourteen Ministers of PTI government from Karachi and the proposed committee must hold regular meetings with Karachi Chamber either once a month or once in two months so that KCCI could well-acquaint them about the issues of Karachi which would surely enable them to efficiently advocate and debate on the issues of Karachi at National Assembly’s sessions.Commenting on the massive garbage being generated in Karachi city, he suggested that in order to get rid of this huge garbage, the government must look into the possibility of utilizing it for power generation as being successfully done in some of the most developed countries around the world. In this regard, numerous feasibility studies had been completed in the past for establishing two such power plants at both sides of the city which will be capable of producing 700 megawatts. “All these studies can be reviewed again by the present government for setting up these power plants and I am sure many foreign companies will come forward to set up these plants”, he added. President KCCI Junaid Esmail Makda, while welcoming the Federal Minister, paid glowing tribute to PTI government which has been extending full support and cooperation to Karachi Chamber from time to time and was also paying pay special attention to the issues being raised by the Chamber. He hoped that the liaison between the government and Karachi Chamber will continue to improve further in the days to come.Highlighting the overall cleanliness situation in Karachi, Junaid Makda pointed out that Karachi has been a story of neglect since the last many decades. During the recent monsoon rains in Karachi, there would not have been any stagnant water on the roads had the 38 Nullahs (drains) been cleaned.Referring to ‘Clean Karachi’ Campaign initiated by Federal Minister Ali Zaidi, President KCCI stated that over 15 private companies, celebrities, Karachi Chamber and around 5,000 volunteers pledged their support for the campaign while KCCI stands shoulder to shoulder with the federal government to make this campaign successful. “If Karachi can be cleansed of crimes, it can also be cleaned from garbage provided there is a will and desire to do it through collective measures and motivation”, he added.Commenting on the pathetic performance of Sindh Solid Waste Management Board, Junaid Makda stated that of an estimated 20,000 tons of garbage thrown out onto the city daily by a population of 20 million residents, nearly 70 percent reaches the two landfill sites while the rest remains strewn around the city in drains and some even finds its way quietly into the Arabian Sea. As a result, a bulk of residential, industrial and medical waste was being burnt on the daily that produces toxic gases contributing to harmful diseases and infections. “Sindh Solid Waste Management Board has to be blamed for failing to devise effective strategies to efficiently and swiftly deal with the massive garbage being produced all over the city everyday”, he added.

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Chairman Businessmen Group & Former President KCCI Siraj Kassam Teli and President KCCI Junaid Esmail Makda presenting crest to Federal Minister for Maritime Affairs Syed Ali Hyder Zaidi during his visit to KCCI. Chairman Karachi Port Trust (KPT) Rear Admiral Jamil Akhter, Vice Chairman BMG Zubair Motiwala, General Secretary BMG AQ Khalil, Senior Vice President KCCI Khurram Shahzad, Former Presidents Majyd Aziz and Younus Muhammad Bashir and Commissioner Karachi Iftikhar Shallwani are also seen in the picture.

 

 

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CDC again reduces it’s tariff structure

Karachi(Cliff News)Central Depository Company of Pakistan Limited has reduced its tariff structure in the larger interest of the public and to support the stock market. As the infrastructure backbone of Pakistan Capital Market, CDC’s main objective is to provide efficient and cost effective services to all its customers and promote ease of doing business. In line to this resolve, CDC has continued to pass on the benefits to market participants and general investors without compromising on its services. As part of the recent reduction, CDC has provided 100% waiver on Maintenance fee for such Sub-Account holders who also have Investor Accounts. Taking this initiative further in order to promote the growth of Pakistan’s corporate debt market, CDC has significantly reduced its annual fee for long-term redeemable securities by approximately 65%. Additionally, CDC has rationalized its tariff structure for next five years which also includes reduction in custody fee for the year 2019-20 and 2020-21 by 14% and 16% respectively.Commenting on this market supporting endeavor, Mr. Badiuddin Akber, CEO-CDC said that “This initiative was taken by CDC to give much needed relief and support to the market, especially the investing public. While CDC continues to reduce its tariff since its inception, we are targeting our efforts towards helping reduce the cost of doing business for market participants. This is our ongoing contribution towards the development of Pakistan Capital Market.”