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News Headlines of 12 - 12 - 2017

PAKISTAN NEWS:

STATE BANL RELAXES FOREX REGULATIONS:
Relaxing foreign exchange regulations, the State Bank of Pakistan (SBP) allowed exporters on Monday to directly dispatch transport documents to the buyers abroad against shipments valuing up to $100,000 or equivalent.


CAR SALES POST ROBUST GROWTH:
Car sales continued to show robust growth, reaching 87,273 units in July-November against 71,877 units in same period in the previous fiscal year. The bus segment remained in the red as overall sales plunged to 276 units from 468. However, assemblers of heavy vehicles covered up their bus sales losses with surging sales of trucks which swelled to 3,574 units from 2,766.

RUPEE SLIDE CONTINUES:
The dollar hit as high as Rs109.80 in the beginning of the Monday session in the interbank market, creating panic among importers. However, the greenback closed at Rs108.40-50, still higher than the benchmark of Rs107 provided by the State Bank of Pakistan (SBP) on Friday.

TRADE DEFICIT JUMPS 29PC TO $15BN:
The merchandise trade deficit swelled nearly 29 per cent to $15.03 billion in the first five months of this fiscal year, the Pakistan Bureau of Statistics said on Monday. It rose 19.5pc year-on-year in November to $2.92bn.The year 2016-17 saw the trade deficit rise to an all-time high of $32.58bn, representing year-on-year growth of 37pc. The country’s annual trade deficit was $20.44bn in 2013. It has been continuously on the rise since then.


POWER PLANTS TO START LIFTING OF FURNACE OIL:
Amid continuing challenges at the second Liquefied Natural Gas (LNG) terminal, the government has decided in principle to ensure simultaneous lifting of domestic and imported furnace oil for power plants to ease jet fuel challenges. A broad understanding to this was reached on Monday after a series of meetings among the stakeholders – power and petroleum divisions and the oil industry – and is subject to approval by Prime Minister Shahid Khaqan Abbasi in a day or two.

 

IMF CALLS FOR TAX REFORMS IN PAKISTAN:
The Inter­national Monetary Fund (IMF) has urged the Federal Board of Revenue (FBR) to carry on reforms within the tax administration to create more avenues for revenue collection. A delegation of the post-programme monitoring mission led by IMF’s Harold Finger met Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan on Monday.

 

AIRPORT OFFICIALS SEIZE 3KG OF GOLD AT JINNAH INTERNATIONAL AIRPORT:
Airport Security Force (ASF) officials have arrested two gold smugglers a few hours ago from Jinnah International Airport Karachi. Three kg gold has been recovered from their possession. Two passengers, named Jameel Qureshi and Jameel Akhtar, have been caught in a search conducted by the ASF officials. The accused passengers were coming from Dubai on Emirates EK-602 when they were arrested by the authorities.

INTERNATIONAL NEWS:

FEARS GROW ACROSS THE ATLANTIC OVER BREXIT FALLOUT:
Nearly all the possible trading relationships between Britain and the European Union following Brexit would be less favourable than staying in the European Union, according to an influential US think tank. The Rand Corporation study said the worst option would be a "no deal". That would leave the UK economy 4.9% poorer by 2029.

MAJOR FORTIES OIL PIPELINE TO BE CLOSED FOR REPAIRS:
One of the UK's most important oil pipelines is being closed after a crack was discovered in Aberdeenshire. The Forties pipeline carries crude North Sea oil across land for processing at Grangemouth.

HSBC PROSECUTION THREAT IN US LIFTED:
HSBC is no longer under threat of prosecution in the US over allegations of money laundering in Mexico. It signed a deferred prosecution agreement (DPA) - a form of probation - with the US Department of Justice in 2012 to avoid facing criminal charges for allegedly laundering hundreds of millions for Mexican drug barons.


LABOUR MAY MOVE PARTS OF BANK OF ENGLAND TO BIRMINGHAM:
The old lady of Threadneedle Street may have to leave her home of 283 years under Labour plans to move large parts of the Bank of England to Birmingham. A report, commissioned by Labour, claims banks have distorted the economy by lending to "unproductive sectors".


TASMANIAN TIGERS WERE IN POOR GENETIC HEALTH:
Tasmanian tigers suffered from limited genetic diversity long before they were hunted to extinction, a study of DNA has found. Australian scientists sequenced the genome of the native marsupial, also known as the thylacine. It showed the species, alive until 1936, would have struggled to survive even without human contact.

PAKISTAN TECHNOLOGY NEWS:

SBP ANNOUNCES TIME SAVING INCENTIVE FOR EXPORTERS:
In the wake of successful implementation of Electronic Form-E (EFE) module in WeBOC, the central bank allowed exporters to directly dispatch shipping documents to the consignees or their agents in the country of final destination. This facility shall be extended only to those exporters who have export performance of at least 3 years with a minimum total export realization equivalent to USD 1 million.

ORIENT LAUNCH NEW LINEUP OF LED TVS:
The consumer electronics giant has launched its brand new LED TV series. The Orient Music LED TVs series comprises of 3 variants namely Guitar, Violin and Trumpet. The launch of Orient’s latest line-up of LED TVs has been endorsed by star cricketer Shahid Khan Afridi, making the release more magnificent.


DAWOOD LAWRENCEPUR INVESTS RS 280 MILLION IN REON ENERGY LTD VIA RIGHT SHARES:
In a recent stock filing, Dawood Lawrencepur Limited revealed that (DLL) the company’s Board of Directors have approved investment of Rs. 280 million by subscription of 28,000,000 Right Shares of Reon Energy Limited at par value of Rs. 10 each. It was decided in a board meeting held on December 8th, 2017. Reon Energy Limited is a wholly owned subsidiary of Dawood Lawrencepur Limited.


AMD RYZEN 2 SET FOR MARCH 2018 LAUNCH- 12C/24T AT UP TO 5.1GHz:
AMD’s next Generation Ryzen 2 CPUs are set to debut on 12nm process technology in the first quarter of 2018. The new lineup comprised of 2000 series Ryzen 7, Ryzen 6 and Ryzen 3 2000 microprocessors are said to bring higher clock speeds and much better overclockability and support of latest DDR4 RAM.


OPPO LAUNCHES THE F5 6GB- SELFIE EXPERT WITH GROUNDBREAKING A.I. BEAUTY TECHNOLOGY:
OPPO, the Selfie Expert, and Leader, today unveiled the OPPO F5 6GB after the brand recently launched the OPPO F5. The OPPO F5 6GB is the first phone in this segment to be priced at PKR 39,899 in Black and Red Edition to give OPPO fans and the youth choices to suit their needs. OPPO has become one of the most fashion-forward, stylish phone brands in Pakistan and is appreciated by the youth across the country.

 

JAZZ INTRODUCES INSURANCE FACILITY FOR ITS PREPAID SUBSCRIBERS:
Jazz has introduced a hassle-free accidental insurance facility for its prepaid subscribers in partnership with MILVIK Mobile Pakistan (Private) Ltd. – a leading emerging market insurance player. The service offers customers insurance coverage from PKR 200,000 up to PKR 2,000,000.The partnership looks to increase the low insurance penetration levels by combining mobile technology and MILVIK’s tech platform, providing Jazz subscribers and their families financial security in case of personal accident or injury.

 

INTERNATIONAL TECHNOLOGY NEWS:

WEB PIONEERS PLEAD TO CANCEL US NET VOTE:
Several influential figures responsible for creating the internet have demanded that a controversial vote to be cancelled. This week the Federal Communications Commission (FCC) will decide on whether to repeal an Obama-era law that protects "net neutrality".


APPLE SHAZAM: WHY IS THE US COMPANY BUYING THE MUSIC APP?:
Apple's smart assistant, Siri, already taps into Shazam, allowing users to verbally ask: "What song is playing?" and has done so for more than three years. But with growing competition between Apple Music and Spotify - which also ties into Shazam - Apple may have felt the need to secure the service rather than risk its Swedish rival or some other company buying it first.

HP LAPTOPS FOUND TO HAVE HIDDEN KEYLOGGER:
Hidden software that can record every letter typed on a computer keyboard has been discovered pre-installed on hundreds of HP laptop models. Security researcher Michael Myng found the keylogging code in software drivers preinstalled on HP laptops to make the keyboard work.


JOKES ‘NO EXCUSE’ FOR HARASSMENT:
Facebook has published its internal workplace harassment policy in part to help other companies, chief operating officer Sheryl Sandberg has said. The policy's definitions of harassment include unwelcome sexual advances, threats, insensitive jokes and innuendo. It states that it is no defence to pass off an offensive comment as a joke or to blame the influence of alcohol.

 

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