UBL, Careem partner for youth loan scheme

KARACHI: United Bank Ltd (UBL) has joined hands with Careem to provide vehicle financing to Careem captains under Prime Minister’s Youth Business Loan Scheme. The project has been undertaken to create income generating business activities to support the youth of the country, a press release said.

Under the agreement, Careem’s captains will be able to acquire a car on easy installments over a period of several years, the press release added.

Hascol to acquire Marshal Gas’s LPG plant

KARACHI: The board of directors of Hascol Petroleum Ltd authorised the company to acquire the liquefied petroleum gas plant/business from Marshal Gas Ltd (an associated company) at a consideration of Rs175 million.

The company informed the PSX on Monday that the acquisition would comprise immovable properties and various assets, along with the rights to the licences issued by Oil and Gas Regulatory Authority and other competent authorities.

The deal is subject to the terms and conditions of an asset purchase agreement to be finalised by the company and any regulatory approvals required.—Equities Correspondent

PNSC contributes Rs20m to dam fund

KARACHI: The Pakistan National Shipping Corporation has contributed Rs20 million to Chief Justice’s Diamer Bhasha and Mohmand Damn Fund, a press release issued on Monday said.

The cheque was presented to Chief Justice Pakistan Mian Saqib Nisar by PNSC Chairman Rizwan Ahmed. The amount includes two days salary of PNSC officers and one day’s salary contribution from staff members.

Tesla stock skids

NEW YORK: Shares of Tesla tumbled on Monday on reports that the company asked suppliers for refunds to help it turn a profit.

A memo provided to The Wall Street Journal shows the electric car maker asked a supplier to return what it calls a meaningful amount of money on its payments since 2016. The memo said all suppliers were being asked to help the company become profitable.

Tesla declined to comment on the specific memo, but confirmed that it is seeking price reductions from suppliers for projects, some of which date back that far.

Published in Dawn, July 24th, 2018