2018 May 02 : AsiaNet-Pakistan

Archive for May 2nd, 2018

Sindh Board of Investment Officially Inaugurates the first Business Facilitation Centre

May 2, 2018 | General Business News

Karachi, May 02, 2018 (PPI-OT): The Sindh Board of Investment (SBI) hosted a working breakfast for its Private Sector Advisory Council on Investment Climate (ACIC), the team from World Bank, and representatives from the Federal Board of Investment (BoI). The …

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Burj Capital’s 50MW wind power project, Jhimpir Power, begins commercial operations

May 2, 2018 | General Business News

Karachi, May 02, 2018 (PPI-OT): Jhimpir Power, Burj Capital’s first project in its 500MW renewable asset platform in Pakistan, has now achieved commercial operations. The plant was inaugurated today by Burj Capital. Burj Capital is a Dubai based investment firm …

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BASF signs agreement to acquire additional seeds and crop protection businesses and assets from Bayer Karachi, May 02, 2018 (PPI-OT): In addition to the agreement signed in October 2017, BASF has signed an agreement to purchase further businesses and assets, which Bayer offered to divest in the context of its planned acquisition of Monsanto. The expanded scope includes Bayer’s entire vegetable seeds business, operating under the global trademark Nunhems®, seed treatment products sold under the Poncho®, VOTiVO®, COPeO® and ILeVO® brands, the R and D platform for hybrid wheat and the complete state-of-the-art digital farming platform xarvioTM. The all-cash purchase price for the additional businesses and assets BASF agreed to acquire is €1.7 billion, subject to certain adjustments at closing. For the full year 2017, sales of these businesses amounted to around €745 million. The transaction also includes Bayer’s oilseed rape business in Australia; certain glyphosate-based herbicides in Europe, used predominantly for industrial applications; the canola-quality juncea research and certain non-selective herbicide and nematicide research projects. This purchase is in addition to the agreement BASF and Bayer signed on October 13, 2017, which entails the acquisition of Bayer’s global glufosinate-ammonium non-selective herbicide business; seeds businesses for key row crops in select markets and trait research and breeding capabilities for these crops along with the LibertyLink® trait and trademark. These businesses generated sales of €1.5 billion in 2017. The all-cash purchase price for this prior transaction is €5.9 billion, subject to certain adjustments at closing. Both transactions, with combined 2017 sales of €2.2 billion and combined 2016 sales of €2.0 billion, complement BASF’s crop protection business and biotechnology activities, adding new capabilities and opportunities for profitable growth and innovation. The all-cash purchase price for the combined acquisition is €7.6 billion, subject to certain adjustments at closing. In 2016, the combined businesses generated EBITDA of €550 million (on a pro forma adjusted basis). “With this acquisition, BASF will become an even better partner for farmers by strengthening our crop protection portfolio and entering the seeds business in key agricultural markets. Through the expanded scope, we are accelerating and broadening the basis for growth across all regions,” explained Dr. Kurt Bock, Chairman of the Board of Executive Directors of BASF SE. “This is another important milestone shaping the future of BASF in agriculture, and we look forward to having the new colleagues join the team and play an active part in our future growth,” said Saori Dubourg, member of the Board of Executive Directors of BASF SE and responsible for the Agricultural Solutions segment. “Our customers will benefit from a balanced and highly innovative offering that will give them a real choice and help them develop their businesses successfully,” Dubourg added. “With our expanded portfolio across seeds and traits, chemical and biological crop protection, soil and plant health, and digital farming applications, we will have even more tools to support farmers,” explained Markus Heldt, President of BASF’s Crop Protection division. “When these transactions are completed, we will have more than 12,000 experienced employees working in agriculture to connect innovative thinking with practical action to help our customers increase their yields, crop quality and profitability,” Heldt concluded. All transactions remain subject to the closing of Bayer’s acquisition of Monsanto, expected in the second quarter of 2018. BASF’s acquisition of the businesses and assets Bayer offered to divest in the context of its planned acquisition of Monsanto remains subject to the approval by relevant merger control authorities. For more information, contact: BASF Pakistan 46-A, Block-6, P.E.C.H.S., Karachi – 75400, Pakistan Tel: +92-21-111-550-550 Fax: +92-21-34547815 Website: https://www.basf.com/pk

Karachi, May 02, 2018 (PPI-OT): In addition to the agreement signed in October 2017, BASF has signed an agreement to purchase further businesses and assets, which Bayer offered to divest in the context of its planned acquisition of Monsanto. The …

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PACRA assigns Initial Entity Ratings to Popular Sugar Mills Limited

May 2, 2018 | General Business News

Lahore, May 02, 2018 (PPI-OT): The ratings reflect the adequate business profile of Popular Sugar drawing strength from it’s Group, Popular Group of Industries, and strong business acumen of it’s sponsors. Popular Group roots trace back to 1971 when (Late) …

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PM Abbasi chairs 21st meeting of National Security Committee

May 2, 2018 | General Business News

Islamabad, May 02, 2018 (PPI-OT): Prime Minister Mr. Shahid Khaqan Abbasi chaired the 21st meeting of the National Security Committee (NSC) held at Prime Minister’s House today. The meeting was attended by the Minister for Interior Mr. Ahsan Iqbal, Mr. …

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Tariq Fazal chairs meeting of PMERP Steering Committee

May 2, 2018 | General Business News

Islamabad, May 02, 2018 (PPI-OT): Meeting of the Steering Committee of Prime Minister Education Reform Program (PMERP) was held to oversee the progress and quality of work in 200 educational institutions in Islamabad. Federal Minister for Capital Administration and Development …

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Criticising defence budget against national interests

May 2, 2018 | General Business News

Islamabad, May 02, 2018 (PPI-OT): Islamabad Chamber of Small Traders on Wednesday termed recent hike in the defence budget a necessity in the wake of ever-increasing internal and external challenges. A ten percent increase in the defence allocation is less …

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Amendment in Section 148 of Income Tax Ordinance to eliminate many importers out of business

May 2, 2018 | General Business News

Karachi, May 02, 2018 (PPI-OT): Commercial importers and traders, while strongly reacting against the anomalies in the Federal Budget 2018-19, have expressed deep concerns over the changes in Income Tax Ordinance which would compound tax burden on importers of industrial …

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Criticising defence budget against national interests

May 2, 2018 | General, Official News

Islamabad, May 02, 2018 (PPI-OT): Islamabad Chamber of Small Traders on Wednesday termed recent hike in the defence budget a necessity in the wake of ever-increasing internal and external challenges. A ten percent increase in the defence allocation is less …

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Chief Justice of Pakistan directs Secretary Finance that Chief Justice of Pakistan will not receive his salary till confirmation that all the employees have got their salaries

May 2, 2018 | General, Official News

Islamabad, May 02, 2018 (PPI-OT): A three member bench, headed by Hon’ble Mr. Justice Mian Saqib Nisar, Chief Justice of Pakistan, and comprising other two Hon’ble Judges, Mr. Justice Umar Ata Bandial and Mr. Justice Ijaz ul Ahsan heard Human …

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Amendment in Section 148 of Income Tax Ordinance to eliminate many importers out of business

Karachi, May 02, 2018 (PPI-OT): Commercial importers and traders, while strongly reacting against the anomalies in the Federal Budget 2018-19, have expressed deep concerns over the changes in Income Tax Ordinance which would compound tax burden on importers of industrial …

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Pakistan Navy Ship Alamgir provides logistic assistance to Sailing Yacht in Open Sea

May 2, 2018 | General, Official News

Islamabad, May 02, 2018 (PPI-OT): Pakistan Navy Ship ALAMGIR (Oliver Hazard Perry Class Frigate) while on Counter Piracy mission under Task Force-151 provided logistic assistance to sailing yacht BENYLEO 2, which was in dire need of fuel in area about …

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