Latest Asia Business News
RSS-
Five sectors enjoy discriminatory advantage
KARACHI: Five sectors of the economy presently enjoy over 81 percent of duty and tax exemptions at the import stage, sources in Pakistan Customs said on Monday. They said this regime - sanctioned by the Federal Board of Revenue (FBR) - demonstrated inequality in the system and had hampered the growth of other sectors, A study conducted by Pakistan Customs revealed that 81.4 percent of allowed ...
-
Gillette denies delisting rumours
KARACHI: Gillette Pakistan has shot down rumours regarding its impending delisting from the Karachi Stock Exchange (KSE). Sources in the stock market told The News on Monday that the company is planning a buyback of its ordinary shares and subsequent delisting from the KSE . However, deputy CFO Asif Khan at Gillette Pakistan denies plans to buyback all shares and subsequently delist from the ...
-
Nespak gets irrigation project in Iraq
LAHORE: The Ministry of Water Resources (Iraq) has awarded an irrigation project known as East Gharaf to National Engineering Services Pakistan (Pvt) Limited (Nespak), said a Nespak spokesperson. The spokesperson said that Dr Mansoor Ahmad Hashmi, vice president of Water Resources Division at Nespak, will proceed to Iraq by the end of this month to sign the agreement with the Ministry of Water ...
More Asia Business News
RSS-
FBR to miss revenue target
ISLAMABAD: The Federal Board of Revenue (FBR) is unlikely to achieve the revised tax collection target of Rs2,050 billion till June 30 due to the infighting within the tax collection machinery, official sources said on Monday. The tax target for the current fiscal year was fixed at Rs2,381 billion, which was revised downward to Rs2,193 billion and again revised down to Rs2,050 billion but ...
-
Market high-rollers sideline small investors
KARACHI: The number of individual or retail investors has declined by more than 30 percent in the last five years, a KSE official said on Monday. That is despite the fact that the Karachi Stock Exchange (KSE) benchmark 100-index has crossed the 20,000-mark. As the regulators have stopped supporting small traders, banks are no longer financing them, the official added. "Small investors are ...
-
Qatar sets up $1bn energy infrastructure fund
DOHA: Three Qatari state-backed entities, including the Gulf Arab nation's acquisitive sovereign wealth fund, are setting up a $1 billion fund to invest in overseas energy infrastructure assets. The new fund will be run by Qatar Holding, Qatar Petroleum International and Qatar Electricity and Water Company (QEWC), a bourse filing from QEWC said on Monday. A country with one of the highest ...
-
Pakistan on edge of economic crisis State Bank
KARACHI: Pakistan is likely to hit a macroeconomic crisis if much-needed fiscal reforms are not implemented, according to a State Bank of Pakistan (SBP) report. Early warning indicators specific to the fiscal and debt sustainability of the country present a gloomy picture, the SBP report said, citing a survey conducted on advanced and emerging countries. The survey, which said domestic debt ...
-
Policy overhaul key to widening tax net experts
LAHORE: Increasing tax revenues may remain a pipedream until policymakers' ensure the elimination of incompetent administration and human resources, experts said on Monday They also stressed the use technology to promote transparency and plug loopholes that encourage under-invoicing and smuggling. "Increasing the tax base will not be possible if the leakages within revenue collection ...
-
Cut in import taxes of hybrid cars demanded
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the Federal Board of Revenue (FBR) to immediately announce a reduction in taxes on the import of hybrid electric cars. LCCI President Farooq Iftikhar said a switch to hybrid technology would help reduce the current load on CNG and help bring the galloping oil import bill for Pakistan under control. He requested the FBR to ...
-
Yahoo buying social media platform for $1.1bn
SAN FRANCISCO: Yahoo Inc said it is buying blogging service Tumblr for $1.1 billion cash, giving the struggling internet pioneer a much-needed platform in social media to reach a younger generation of users. The deal, announced on Monday, is a bold bet by Yahoo Chief Executive Marissa Mayer to revitalise the company by co-opting a web property with strong visitor traffic but little revenue. The ...
-
PALPA devises fleet renewal plan for PIA
KARACHI: Pakistan Airline Pilots' Association (PALPA) has suggested a two-phase PIA fleet renewal plan, considering the national airline's current liabilities and financial health. In a statement Monday, PALPA suggested measures to overcome the problems being faced by the new management under the chairmanship of Lt Gen (R) Asif Yasin Malik. "Phase one will help maintain schedule ...
-
International construction show on 24th
KARACHI: The second international building and construction technology, materials exhibition would be organised from May 24, a statement said. The inaugural ceremony of the three-day event will be held at the Expo Centre Lahore in collaboration with STONECA - the stone expo, it said. According to the organisers, the construction industry is the backbone of the economic growth of any region ...
-
Power outages hampering textile industry
LAHORE: All Pakistan Textile Mills Association (APTMA) Chairman Ahsan Bashir has expressed concern over the prevailing energy crisis and its adverse effect on the textile industry. Bashir said various textile mills are being exposed to 16-18 hours of power disruptions on a daily basis despite an exemption in place around the same time last year to curtail outages to the textile industry on ...
-
LCCI slams PTA for creating hurdles for importers
LAHORE: The Lahore Chamber of Commerce and Industry on Monday took a strong exception to Pakistan Telecommunication Authority (PTA) for creating undue hurdles in the way of genuine importers. In a statement issued here, the LCCI President Farooq Iftikhar said that the PTA is meant to supplement government's efforts aimed at promotion of documented economy but it seems that the PTA's ...
-
Airline emissions deal unlikely before EU deadline
NEW YORK: Hope is fading for a global deal to regulate the airline industry's greenhouse gas emissions ahead of a fall deadline, even though failure could push the industry back to the brink of a trade war over the European Union's emissions trading system. Last November the EU suspended its controversial scheme to force all airlines to buy carbon credits for any flight arriving in or ...
-
KATI praises PML-N energy road map
KARACHI: Korangi Association of Trade and Industry (KATI) has praised the road map developed by a taskforce formed by PML-N chief Mian Nawaz Sharif for resolving the energy crisis. In a statement issued on Monday, KATI parton-in-chief S. M. Muneer and chairman Mohammad Zubair Chhaya hoped that the taskforce would chalk out sustainable policies to overcome gas and electricity shortages. The plan, ...
-
Chinas mobile users at 1.16bn
HONG KONG: China, the world's largest mobile phone market by subscribers, posted a 0.9 percent monthly increase in the number of mobile subscribers to 1.16 billion in April, data from the country's three telecommunications operators ...
-
KSE index shoots up by 277 points on foreign buying
The Karachi Stock Exchange continued the jubilation of democratic process even after one week of general elections and the benchmark 100-share index increased by 277.11 points on Monday to a new all time high of 20,814.14 points on foreign buying, dealers said. Zafar Moti, an analyst and senior member of the KSE, said the market stayed positive despite the concerns of the traders about ...
-
Little sign Abe can shake up Japans inbound FDI
TOKYO: Japan risks missing, yet again, an opportunity to use foreign investment to help fuel sustained economic growth that has eluded it for the last two decades. Prime Minister Shinzo Abe pledged to make Japan "the world's easiest country for companies to do business in" as part of his economic revival plan, which so far has been largely met with approval. The stock market has ...
-
Karachi ports handle 355044 tons of cargo
Karachi Port and Port Qasim handled a cargo volume of 355,044 tons during the last 24 hours that included 302,091 tons of imports and 52,953 tons of exports, the two ports reported on Monday. Accordingly, Karachi Port handled imports, including containerised cargo (89,922 tons), bulk cargo (18,594 tons), coal (26,909 tons), sulphur (1,996 tons), and oil / liquid cargo (10,630 tons). It handled ...
-
Rupee stable against dollar
Karachi The rupee-dollar parity closed nearly firm on Monday due to slow trading activity at the foreign exchange market, dealers said. In the interbank market, the rupee closed at 98.43 against the dollar from the previous closing of 98.42. The local currency was being traded for 98.42 for buying and 98.44 for selling. The interbank forex market initiated the day in the range of 98.46 and 98.50 ...
-
Cotton markets trade 400 bales
Karachi Cotton markets in Pakistan remained virtually closed as traders exchanged 400 bales (155 kilograms) in the country during the last 24 hours, the Karachi Cotton Exchange (KCE) reported on Monday. "The worsening electricity crisis has resulted in almost no trade in cotton," Naseem Usman, a broker at the KCE, said, adding that the week is expected to maintain dull trading. Trading ...
-
Gold falls for eighth session
Gold fell for an eighth straight session on Monday to its weakest level in over a month, as fears that the US Federal Reserve may wind back its economic stimulus programme hurt the metal's appeal as a hedge against inflation. Investors have been dumping gold, which is down 20 percent so far this year, as stocks and the dollar continue to outperform. If gold closes in the red on Monday, it ...
-
Negative starts for Hang Seng Shanghai
(9 mins ago) Stocks in Hong Kong opened down 0.37 percent after Wall Street closed slightly lower in cautious trade ahead of the Federal Reserve chairman's testimony to Congress on the US economic outlook. The benchmark Hang Seng Index fell 87.80 points to 23,405.23 in the first minutes of trade. Fed chairman Ben Bernanke is due to give testimony to Congress on Wednesday. In Shanghai, ...
-
Nikkei slips from 5-12-year high as yen weakness put on hold
* Sony Financial falls after earnings guidance disappoints * SoftBank slips, Sprint permitted discussions with Dish By Dominic Lau TOKYO, May 21 (Reuters) - Japan's Nikkei average eased from a 5-1/2-year high on Tuesday after Wall Street gave up earlier gains to end flat and the dollar slipped against the yen on caution before U.S. Federal Reserve Chairman Ben Bernanke fronts a Congressional ...
Hong Kong Feature
-
Electoral reform hot topic for Hong Kong
Hong Kong is going through more growing pains, perhaps even the most uncomfortable since the city was handed back to Beijing by Britain. Pro-democracy advocates want to be able to vote for the entire legislative council, a direct challenge to Beijing.
Hong Kong was handed back to China in 1997. At that time, Beijing made an agreement with Britain that under a law called the Basic Law, all the civil liberties which were existent in Hong Kong at the time of the hand over would remain in place for at least 50 years, by which time it is envisioned, by the pro-democracy camp at any rate, that the Special Administrative Region will be fully democratic at any rate. Read more
News from around our Network
