Chief Editor: Ansar Mahmood Bhatti

Category Archives: Business

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India, Mauritius to restart FTA talks soon

India and Mauritius are set to revive talks for a free trade agreement (FTA), following a revision of the bilateral tax treaty last year that gave India the right to impose the capital gains tax on investments routed through the island nation. More than economic significance, the trade talks are of strategic importance to strengthen New Delhi’s presence in the Indian Ocean region to counter China’s mega investment plans through its one-belt-one-road (OBOR) initiative.

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Import of mobile phones hikes by 40% in first two months of FY

ISLAMABAD, OCT 12 (DNA) : The imports of mobile phones into the country increased by 39.57 percent during the first two months of current fiscal year when compared to the imports of the corresponding period of last year. Mobile phones worth $129.329 million were imported into the country during July-August (2017-18) compared to the imports of $92.707 million during July-August (2016-17), according to the data of Pakistan Bureau of Statistics (PBS). The overall imports of telecoms sector increased by 35.30 percent by going up from $170.667 last year to $230.920 million during the current fiscal year, the data revealed.

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Somalia months away from having new currency

WASHINGTON, OCT 06 (DNA) – The Somali Minister of Finance says the International Monetary Fund (IMF) is taking the lead in helping Somalia with a grant to print new currency before the end of this year. Abdirahman Duale Beileh says the IMF will work with the Somali government. “IMF is ready, from wherever they going to get that money, to help us,” he said. “There are other sources, but we are going to go through IMF.” Beileh said the Somali government needs $100 million, half of which will go directly toward printing the new money, and the other half to keep the value of the currency when it circulates.

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Istanbul’s 3rd airport to welcome 1st plane by Feb 2018

ANKARA, OCT 06 (DNA) – Istanbul’s third airport will welcome its first plane before February of next year, according to Turkey’s transport, maritime, and communications minister. Ahmet Arslan said: “We will land the first plane at Istanbul’s third airport before February 2018.” The official opening of the new under-construction airport in Istanbul, the first phase, will be on Oct. 29 of next year, he said. Oct. 29 is the day Turkey marks Republic Day, commemorating the proclamation of the Republic of Turkey in 1923.

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EU to kick off mid-term GSP Plus review this month

ISLAMABAD, OCT 03 (DNA) – The European Union, with the assistance of Pakistan, will undertake a mid-term review of the Generalised Scheme of Preferences (GSP) Plus status by the middle of current month in a bid to assess the required measures already taken and the future plan of action designed by Islamabad. “Pakistan has improved its position on human development indicators over the past three years (since winning GSP Plus trade preference status in January 2014) and has shown impressive performance and extraordinary recovery in key competitiveness indicators,” a senior official of the Ministry of Commerce and Textile told.

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Electricity prices reduce by Re 1.81 per unit

ISLAMABAD, OCT 03 (DNA) – The National Electric Power Regulatory Authority (NEPRA) has on Wednesday announced to reduce electricity price by Re 1.81 per unit for one month. The reduction has been made in respect of monthly fuel adjustment for the month of August. The decision will be implemented on users of all electricity distribution companies except K-electric. Those who consumed over 300 units will not be benefited from this decision.

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FPCCI, PBBC sign MoU to bring Pakistan, UK Businessmen closer

LONDON, SEPT 26 (DNA) – The Federation of Pakistan Chamber of Commerce & Industries & Pakistan Britain Business Council signed an MOU to boost trade ties between Pakistan and UK. The MOU was signed between Mr. Ishtiaq Baig , Vice President FPCCI & Mr. Julian Hamilton, Chairman Pakistan Britain Business Consul at a networking reception organized by Pakistan High Commission, London attended by Mr. Ibne Abbas High Commissioner of Pakistan to UK, Mr. Zahid Hafiz, Deputy High Commissioner, Mr. Rehman Chisti UK Trade Envoy, CEOs and Directors of Leading Pakistani and British companies beside London Chamber, Mayor of London Office, London Stock Exchange, Standard Chartered, Marks & Spencer, Debenhams, UK Department of International Trade (DIT), UBL and HBL.