PSM receives 70,000 tonnes iron ore

KARACHI: Pakistan Steel Mills (PSM) has received two shipments carrying 20,000 and 50,000 tonnes of iron ore (lump/fine) from Mauritania, thus increasing its stock to 112,000 tonnes. PSM spokesman Shazim Akhtar asserted that two ships carrying 100,000 tonnes ‘Coking Coal’ from Australia had also been cleared from Sept 8 to 18 at the Jetty, increasing the coal stock to 160,000 tonnes.

He said: “The current average capacity production utilisation has increased to 25 per cent almost of the total capacity of 1.1 million tonnes per annum,” adding that the latest stock would increase the production level up to 77pc by Jan/Feb 2015.

He further revealed that another ship of 55,000 tonnes of iron ore from Mauritania would reach by Oct 6, 2014.—Staff Reporter

PVMA elects chairman

KARACHI: Atif Ikram Sheikh on Monday was elected unopposed chairman of Pakistan Vanaspati Manufacturer Association (PVMA) for 2014-15.

Mian Tasaddaq Rasool and Awais Karni were elected senior vice-chairman and vice-chairman respectively, said a press release.

PHMA polls

KARACHI: Muhammad Babar Khan, Zakir Dadabhoy and Altaf Hussain on Monday were elected chairman, senior vice-chairman and vice-chairman, respectively of Pakistan Hosiery Manufacturers and Exporters Association (PHMA) for 2014-15, said a press release.

Aptma elects central chairman

LAHORE: The All Pakistan Textile Mills Association (Aptma) Punjab Chairman S.M. Tanveer on Monday was elected unopposed central chairman of Aptma for 2014-15.

As per the Aptma Articles of Association, this year was Punjab zone’s turn to hold the office.

It is the sixth consecutive year that the candidates of ‘Businessmen Group’ are facing no opposition for the office of central chairman.

Siemens to buy oil equipment maker for $7.6bn

WASHINGTON: Germany’s Siemens on Sunday announced it will buy US oil equipment maker Dresser-Rand Industries, for $7.6 billion.

Siemens said it offered 83 dollars per share, which puts the value of the deal at $7.6bn or 5.8bn euros, the company said on its website.

Sources close to the matter had confirmed to AFP Friday that GE had preliminary discussions with the Houston, Texas company, though they would not say whether GE intended to make a formal offer. —AFP

Jimmy Choo IPO announcement imminent

PARIS: Luxury shoe brand Jimmy Choo could announce its intention to list on the London stock exchange as early as Tuesday (today), a source close to the deal told Reuters.

The initial public offering (IPO), which could value Jimmy Choo at around $1.14 billion, will seek to woo investors with annual sales growth of more than 10pc on the back of aggressive expansion plans in Asia and elsewhere, another source told Reuters last week.

Published in Dawn, September 23rd , 2014