NBP, BoC sign agreement

KARACHI: National Bank of Pakistan (NBP) signed a memorandum of understanding (MoU) with Bank of China (Pakistan operations) to meet the growing requirements of bilateral trade, said a press statement on Monday.

Despite a rapid increase in bilateral trade, banking services remain insufficient to deal with its growing volume.

“Both institutions have developed a strong, mutually beneficial relationship and are willing to extend bilateral cooperation,” said NBP President Saeed Ahmad.—Staff Reporter

3 firms disclose key information on PSX

KARACHI: Several corporations filed announcements with the Pakistan Stock Exchange on Monday, disclosing material information.

Amreli Steels: The company released quarterly progress report regarding the expansion of Dhabeji plan. The commercial operations date was pushed forward to the last week of March 2018 due to extended time taken in cold commissioning of plant.

Cherat Packaging: The group stated that the work on installation & commissioning of flexible packaging project was in progress, expected to be commissioned by July 2018. To that end, equipment has been ordered from Windmoller & Holscher, civil works contract awarded and additional staff is being hired.

Mughal Iron & Steel Industries: The steel entity unveiled quarterly progress report regarding BMR of existing bar re-rolling mill & power generation capacity, stating that the second engine for captive power plant had been commissioned while remaining four engines were procured and partial shipment had arrived. The civil works of bar re-rolling mill are in progress. The projects are expected to be completed in the second quarter of the current year.—Equities Correspondent

Chevron introduces new look

KARACHI: Chevron Pakistan Lubricants (Pvt.) Limited unveiled a new packaging of their Caltex Havoline with Deposit Shield Technology range of lubricants in the country, said a press release.

Morocco adopts free-floating currency

LONDON: Morocco became the latest country to loosen its currency peg on Monday under the advice of the International Monetary Fund (IMF) hoping the dollar’s current weakness will make it a smoother process.

Pegs, where the value of one currency is fixed relative to another and then kept at that level using central bank currency reserves, are relatively rare these days among the bigger economies.—Reuters

Published in Dawn, January 16th, 2018