Chief Editor: Ansar Mahmood Bhatti

Category Archives: Business

ISLAMABAD, AUG 22: President FPCCI, Zubair Tufail addressing the business community during a seminar, on Tuesday.=DNA PHOTO

FPCCI demands Rs3 per unit reduction in power tariff for export sector

ISLAMABAD, AUG 22 (DNA) – Former Governor of the State Bank of Pakistan Dr. Ishrat Hussain has said that exports play a very important role in keeping the economy stable therefore this sector should be facilitated. Reasons behind dwindled exports include cost and availability of energy, want of skilled labour and lack of interest in imparting training to the staff on the part of export industries, he said. Dr. Ishrat Hussain who has also served as Advisor to the government said this while speaking at a seminar regarding export competitiveness in the FPCCI. 

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Gov’t releases Rs.53.615 billion for development projects

ISLAMABAD, AUG 21 (DNA) – The government has so far released Rs53.615 billion under its Public Sector Development Programme (PSDP) for the fiscal year 2017-18 for various ongoing and new schemes against their total allocations of Rs.1001 billion. The released funds include Rs5083.980 million for federal ministries and Rs14420 million for special areas, according to data of Ministry of Planning, Development and Reform. Out of these allocations, Rs2600 million have been released for Communication Division (other than National Highway Authority) for which the government has earmarked Rs13660 million under PSDP 2017-18.

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Qatar and Pakistan exploring new maritime cooperation

KARACHI, AUG 19 (DNA) – After launching weekly direct shipping service between Hamad Port and Karachi Port, Qatar and Pakistan are exploring new avenues of maritime cooperation. Vice-Admiral (Retd) Azhar Shamim Anwar, Managing Director of Bahria Foundation Pakistan, has said that Qatar and Pakistan are exploring maritime cooperation and in future ‘fully operational Gwadar Port will take them to new heights’.“Bahria Foundation also runs a transshipment hub in Karachi and through our transshipment services, we can facilitate Qatar in its trade arrangements with China,” Anwar said while talking to The Peninsula during his visit to Qatar last week.

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Seizure of bank accounts by FBR perturbs investors at PSX

KARACHI, AUG 18 (DNA) – Investors at Pakistan Stock Exchange (PSX) have been perturbed and disturbed on seizure of bank accounts and withdrawal of cash from their accounts, hurting the investment trend at the local bourse. Pakistan Stock Exchange Brokers Association wrote a letter to Federal Board of Revenue and Securities Exchange Commission on the field officers of Inland Revenue Department for recovery of demand against the brokerage houses are seizing bank accounts of the brokers, which under your instructions have been earmarked/reserved for funds of “clients only”. Such an action by officers of FBR besides being unlawful also puts the whole clearing cycle of the Exchange in danger.

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Luxury hotel chain Hyatt looks to tap opportunity in smaller towns

CHENNAI: The increasing demand from domestic travelers and the underserved nature of markets in tier-ii and tier-iii towns is driving luxury hotel chain Hyatt to begin expanding in those locales.According to Kurt Straub, Vice-President Operations (India), Hyatt Hotels & Resorts, the chain has “ramped up” efforts to increase its footprint in these destinations.“Since domestic travel has become increasingly important in India, we have ramped up our efforts to increase Hyatt’s footprint in tier II and III destinations as these cities and towns are underserved, and we believe that they have great potential,” Straub told.

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Flourishing economy: Investors took $2.10 bn abroad in terms of profit

LAHORE, AUG 16 (DNA)- Economic stats continue to flourish with improvement in law and order situation as foreign investors have taken whooping $2.10 billion abroad from Pakistan in terms of profit in the fiscal year (FY) 2016-17. Similar stats stood at $1.91 billion for the FY 2015-16. According to details available, Pakistan received $2.41 billion of direct foreign and public investment in the previous fiscal year.

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The EU may make it easier for Britain to sign a post-Brexit China trade deal

BEIJING, AUG 15 (DNA) – The European Union’s plan to make it harder for China to acquire European companies could make it easier for Britain to forge a trade deal with Beijing after Brexit. That’s one scenario following a “hard Brexit,” in which the UK retains few, if any, special links to the EU. This would free the UK from the bloc’s rules and restrictions, like the one that requires trade deals to be negotiated by Brussels on behalf of member states. Considering Britain’s desire to sign its own trade deals to bolster its economy post-Brexit, it could emphasize its differences to the EU as part of the negotiations.