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China-Switzerland FTA to benefit both sides
/enpproperty--> BEIJING - China and Switzerland on Friday announced the completion of talks concerning a new free trade agreement (FTA), the first to be signed between Beijing and continental Europe. A memorandum of understanding was signed during a meeting between visiting Premier Li Keqiang and Swiss President Ueli Maurer. The two sides also announced the establishment of a financial ...
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Chidambaram sees growth accelerating this fiscal
It's not that every state can have excellent growth in each and every sector of the economy. Every state has their own strengths, Gopalakrishnan ...
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Gold up by Rs 100 on scattered buying
NEW DELHI: Snapping a three day losing streak, gold prices recovered by Rs 100 to Rs 27,050 per 10 grams in the national capital on Saturday on scattered buying by retailers at prevailing lower ...
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Interesting tale of ice business in India
India is in the midst of a gigantic effort to bring back over 75,000 people. After having failed to regularise their work status, these people have applied for emergency exit ...
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ICICI Bank 20 hike for top management
hike of over 20% to its top management team just months before issue of new bank licences to corporate houses by the Reserve Bank of India. The board of directors have rewarded Chanda Kochhar, the managing director and chief executive offer of the bank with a 20.75% salary hike to Rs 5.12 crore in 2013. The board has also decided to raise the minimum and maximum range of monthly supplementary ...
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Chinese airline to get eight Dreamliners
Boeing 787 plane after the local aviation regulator gave the approval for the aircraft. The Guangzhou-based carrier will take delivery of up to eight B787-8s this year, with the first expected by early next ...
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AirAsia India launch seen in Q4 may order 50 more jets
AirAsia, may order an additional 50 Airbus A320 jets on top of its existing record order for 475 of the Airbus model, Chief Executive Tony Fernandes said on ...
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Kobe Steel mulls shutting blast furnace in western Japan -Nikkei
TOKYO | Sat May 25, 2013 4:24am EDT TOKYO May 25 (Reuters) - Kobe Steel Ltd is considering shutting a blast furnace in Kobe, western Japan, to cut production capacity by 20 percent, the Nikkei business daily reported on Saturday, as it tries to turn around its loss-making iron and steel business. Its iron and steel operations posted an ordinary loss of 50.2 billion yen ($496.1 million) ...
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Rupee falls for 6th day down 4 paise against dollar
MUMBAI: Falling for the sixth day in a row, the rupee today ended 4 paise lower at fresh six-month low of 55.63 against dollar on sustained demand of US currency from exporters and some banks, amid capital outflows in stocks. On a weekly basis, the rupee fell by 1.36 per cent or 75 paise as dollar demand outweighed supply and stocks fell. Today, rupee commenced slightly lower at 55.61 a dollar ...
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CCI to probe why AI cant get FDI
Now this grudge has got an official form. In a significant move, the Competition Commission of India (CCI) has admitted a complaint against the government's move to allow foreign airlines to invest in Indian carriers except AI. The complainant, Delhibased lawyer Ankit Jain, has said that such a move denies a level playing field to the national airline. A ...
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Benet to head Nestle India
Nestle India. "Antonio Helio Waszyk, chairman and managing director, shall step down from the position of managing director with effect from October 1, 2013, to take up a new assignment within Nestle Group. He would continue to be the non-executive chairman of the company," the company stated in its filing to ...
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Trai cracks down on pesky callers
) on Friday fired a fresh salvo against pesky messages and unwanted calls, asking phone operators to disconnect all "telecom resources" - which includes phone, internet and other connections - to those who are flouting the guidelines. The disconnection will last two years. The latest move will impact unregistered telemarketers, most of whom were so far unregulated and using a loophole ...
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IPL India Cements stock hits 52-week low
BSE , a 1.4% decline on Friday. The counter saw hectic activity with over 28 lakh shares of the company being traded on the two exchanges combined. India Cements' earnings for the last quarter of 2012-13 also came below expectations. Higher costs pushed down realizations with adjusted PAT (profit after tax) plunging 59% year-on-year to around Rs. 26.3 crore during the ...
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Ban of CNG use in large cars not implementable
ISLAMABAD: Pakistan's Ministry of Petroleum and Natural Resources (MOPNR) has reversed its decision to ban cars over 1000cc from using CNG as fuel - saying it was 'not implementable.' The decision had been taken after being approved by the Prime Minister - an approval which the Law Ministry now says is 'a negation of the constitution.' Prime Minister Hazar Khan Khoso on ...
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No electricity for non-taxpayers LTU Karachi
KARACHI: The largest tax collecting unit of the Federal Board of Revenue (FBR) has suggested that utility service providers should disconnect services to users who have not paid their taxes, official sources said on Thursday. In its budget proposals for the upcoming financial year, the Large Taxpayers Unit (LTU) Karachi has suggested changing the withholding tax regime. At present, gas and ...
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Pakistan repays $385m to IMF
KARACHI: Pakistan on Friday successfully paid a tranche of $385.6 million to the International Monetary Fund (IMF) under the Standby Arrangement signed in 2008, a central bank spokesman said. "Pakistan has paid 258.425 million special drawing rights (SDR) or $385.6 million against the principal amount of the SBA loan," a SBP spokesman said. Meanwhile, an economist requesting anonymity ...
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SPI-based inflation rises by 0.06 percent
ISLAMABAD: The Sensitive Price Indicator (SPI) increased by 0.06 per cent for the lowest income group earning up to Rs8,000 per month for the week ending on May 23. The SPI for the combined group also registered an increase of 0.11 per cent as it went up from 192.01 points in the previous week to 192.23 points in the week under review. As compared to the corresponding week of last year, the SPI ...
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PAAPAM slams mini-budget by caretaker government
LAHORE: The Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) has expressed concern over the proposed revision of the tax regime by the interim government, accusing the Federal Board of Revenue (FBR) of 'squeezing' registered taxpayers instead of widening the tax net. PAAPAM Chairman, Munir Bana said the caretaker government has no authority to take such ...
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Punjab body formed to produce baggase electricity
LAHORE: Punjab's chief minister nominee has constituted a committee to chalk out a plan for electricty generation from the baggase of crushed sugar cane, the News has learnt. According to sources, its possible to generate 2,000 to 3,000 megawatts of electricity from the baggase of sugarcane during the crushing season. In this regards the committee has been asked to come up with a plan on an ...
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FBR union welcomes chairmans extension
LAHORE: The Federal Board of Revenue (FBR) union has welcomed the extension of FBR Chairman Ansar Javed till the end of June, a statement said. Javed's extension would ensure smooth functioning of the budget-making process and create no disruption in the revenue generation process by the end of fourth quarter of FY13. FBR Union central president Mian Abdul Qayyum said that as the budget for ...
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Aptma chairman demands end to outages
LAHORE: The head of the All-Pakistan Textile Mills Association (Aptma) has demanded that the government restore uninterrupted electricity supply to the textile industry. Ahsan Bashir also said in a statement that the government should end the unannounced outages on all girds and independent feeders of the industry in Punjab. The Aptma chairman said the textile industry is passing through ...
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Cottage industry seeks PML-N assistance
LAHORE: The All Pakistan Cottage Industry and Small Traders Welfare Association has said that the growth of the manufacturing sector and economic stability cannot be achieved without strengthening the cottage industry. Chairman of the association, Ghulam Sarwar Malik, said the newly elected government would have to evolve a comprehensive strategy and announce a special package for early revival ...
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PG CEOs comeback not a strategy change
CINCINNATI, Ohio: Procter & Gamble Co said on Friday the surprise return of AG Lafley as chairman and chief executive was not an indication of any bigger problems at the world's largest consumer products maker. Lafley replaces Bob McDonald, effective immediately, at P&G, which is in the midst of a major restructuring. "This change very simply reflects Bob McDonald's ...
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79pc Pakistanis think inflation up
ISLAMABAD: About 79 percent of Pakistanis think inflation has increased in the last three months, while 46 percent reduced spending in order to deal with it, according to a Gilani Research Foundation Survey carried out by the Gallup Pakistan. Severn percent said it has decreased and 14 percent said it has remained the same. The respondents were also asked "What steps have you taken to deal ...
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FBR urged to rationlise withholding tax
LAHORE: Pharmaceutical distributors have demanded the Federal Board of Revenue (FBR) to rationalise the withholding tax on pharmaceutical distributors. A 12-member delegation of pharmaceutical distributors led by Khawaja Shahzeb Akram, an executive committee member of the Lahore Chamber of Commerce and Industry (LCCI), shared the challenges being faced by the pharmaceutical distributors with ...
Hong Kong Feature
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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
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