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Kyle Bass Bets on Full-Blown Japan Crisis
Kyle Bass hopes he is wrong, and so may everyone else, as the danger predicted by the founder of Dallas-based Hayman Capital is nothing less than a full blown financial crisis in the world's third-largest economy, Japan. While the hedge-fund trade of the year has been to short the yen and buy Japanese stocks placed for an export boom, Mr. Bass sees in "Abenomics" - stimulus from ...
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China Property Boom Keeps on Chugging
At the end of March, China's newly installed premier Li Keqiang publicly reiterated the government's determination to rein in rising property prices and a resurgent investment binge in the country's real estate market. But by every measure the market continued to boom in April, with prices, sales and investment in new buildings all accelerating from March. New house prices in 70 ...
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Imports exports down PBS
ISLAMABAD: Imports and exports of goods in Pakistan have fallen, according to the Pakistan Bureau of Statistics (PBS), which reflect a contracting economy in FY13. Imports of petroleum and its products amounted to $12.36 billion between July 2012 and April 2013 as compared to the same period in the preceding fiscal year. The data released by the PBS also shows import of petroleum products rose ...
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Johnson Johnson to wrap up Pakistan operations
LAHORE: Johnson & Johnson Pakistan (Pvt) Limited has decided to wrap up its operations in Pakistan, according to industry sources. However, the company has refused to comment on the issue as yet. The American pharmaceutical giant listed on the New York Stock Exchange is the fifth pharmaceutical multinational to decide to end the operations of its subsidiary in Pakistan in the past few years. ...
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Khalid Mansoor becomes CEO of Hubco
KARACHI: Khalid Mansoor has joined Hub Power Company Limited (Hubco) as Chief Executive. In a meeting held on May 20 in Karachi, the company's board of directors appointed him Chief Executive with immediate effect. Previously, Mansoor served as the Chief Executive Officer of Algeria Oman Fertilizer Company. Before that, he served as President and Chief Executive Officer of Engro Fertilizers ...
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Revenue body suggests tax on foreign remittances
KARACHI: The Federal Board of Revenue (FBR) has suggested that the government should impose tax on the inflows of foreign exchange through remittances, as exemptions allowed have been grossly misused, official sources said on Tuesday. The tax managers have reiterated their demand to bring these transactions into the tax net as huge amount was returned to Pakistan that was sent aboard through ...
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Pakistans exhibition in California in November
KARACHI: The Pak-US Chamber of Commerce announced to host the first Pakistan business, trade, and investment exhibition and conference in San Francisco, California in collaboration with the state of California and Events Unlimited in November 2013. "The state of California is officially supporting the two-day event," Mian Shahbaz, president of the chamber, told media from the US via a ...
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Officials release plastic scrap on fake certificates
LAHORE: Fake clearance certificates are being used to import potentially hazardous plastic scrap, reveal official documents available with The News. Customs authorities have unearthed the involvement of their own employees in securing the illegal release of a plastic scrap consignment of 19 tonnes. The consignment was imported by a local businessman from the UAE in April. Sources said fake ...
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Basmati exports decline by 40 percent
KARACHI: Basmati exports have declined by around 40 percent to 497,000 tons in the first 11 months of the ongoing fiscal year as compared to 834,000 tons achieved in the previous year, Rice Exporters Association of Pakistan (REAP) reported on Tuesday. "The signification increase in the cost of production has declined the exports," Jawed Ali Ghori, chairman of the association, said. He ...
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My meeting with Nawaz Sharif
I had the opportunity to lead an 80-member high-level business delegation of the Confederation of Indian Industry (CII) to Pakistan in May 2012 for the 2nd India-Pakistan Economic Conference, held as part of the Aman ki Asha peace campaign, jointly initiated by the Jang Group and the Times of India. We received a very warm welcome in Pakistan and were overwhelmed by the hospitality, generosity ...
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Privatise PSM PR and PIA says PBC chairman
LAHORE: Pakistan Business Council (PBC) Chairman Sikandar Mustafa Khan has said the transparent privatisation of public sector enterprises, such as the Pakistan Steel Mills (PSM), Pakistan Railways (PR) and Pakistan International Airlines (PIA), is necessary to ensure the path to economic recovery. The PBC chairman said there is a need to encourage local and foreign investments in Pakistan and ...
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Agri credit disbursement up by 15.74 percent
KARACHI: Agricultural credit disbursement by commercial banks surged by 15.74 percent on year-on-year basis to Rs259.1 billion in the first 10 months of the current fiscal year, the central bank revealed on Tuesday. Banks disbursed Rs223.8 billion to farmers during the same period last year, it said. Overall credit disbursement by five major commercial banks, including Allied Bank Limited, Habib ...
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FBR proposes raising WHT
LAHORE: The Federal Board of Revenue (FBR) has moved a proposal to the ministry of finance through which withholding taxes rates may be enhanced in the coming budget. It has proposed an increase in withholding tax (WHT) of commercial imports from five percent to six percent; for the export sector from one percent to 1.5 percent; non-corporate exporters from one percent to two percent; on ...
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FDI likely to swell after reforms say analysts
KARACHI: Pakistan is expected to strengthen its position as a destination for foreign direct investment (FDI) in the years to come as analysts foresee the PML-N government carrying out a comprehensive reform agenda to create an environment conducive for investment. Pakistan witnessed a significant fall in foreign direct investment in the past five years with FDI inflows dropping from $5.4 ...
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Power generation remains stagnant
KARACHI: Perpetual power outages have caused Pakistan's economy to underperform in the last few years. According to Pakistan Energy Yearbook released by the Ministry of Petroleum and Natural Resources, the country's installed generation capacity stood at 22,797 MW by the end of FY12, up by 1.4 percent from last fiscal and 17 percent against FY08. However, several factors, including ...
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Tanners concerned over rise in WHT
LAHORE: Pakistan Tanners Association-central (PTA) has expressed concern over expected rise in withholding taxes. In a release Tuesday, the Federal Bureau of Revenue (FBR) has once again moved a proposal to the ministry of finance that withholding tax rates (WHT) may be enhanced in coming budget. FBR has proposed increase in WHT of commercial imports from five percent to six percent, for export ...
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LCCI calls for changes in Lesco board
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) expressed concerns over the performance of Lahore Electric Supply Company's (Lesco) board of directors and called for its reconstitution through a transparent mechanism. In a statement issued on Tuesday, LCCI President Farooq Iftikhar said that it was unfortunate that the Ministry of Water and Power, Lesco officials and political ...
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Faysal Bank launches Barkat UnionPay Debit Card in Pakistan
Karachi: Faysal Bank Limited recently launched the first ever Shariah-compliant Barkat UnionPay Debit Card in Pakistan. This launch furthers the Bank's aggressive growth strategy for its Barkat Islamic Banking, and makes it the only Islamic Banking platform globally, offering both VISA and UnionPay debit cards under Shariah principles. UnionPay is one of the fastest growing payment ...
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State Life Insurance Corporation partners with First Women Bank Limited to sell Bancassurance
State Life Insurance Corporation (SLIC) and First Women Bank Limited (FWBL) signed an agreement to sell insurance products under Bancassurance. This will include a unique gender specific product focusing on women. SLIC is the leading insurance corporation of Pakistan with the highest market share in its industry, as well as the largest network of outlets. FWBL is the only Bank in Pakistan setup ...
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KSE index breaches 21000 points barrier
The Karachi Stock Exchange's (KSE) benchmark 100-share index increased by 353.86 points on Tuesday to reach a new all-time high of 21,168.00, reacting positively to the heavy mandate of the PML-N government. "Investors are hopeful that the Pakistan Muslim League-Nawaz-led government will pursue privatisation aggressively," said Arif Habib, CEO and chairman of Arif Habib ...
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Apple denies using gimmicks to dodge taxes
WASHINGTON: Apple denied Tuesday using "gimmicks" to dodge taxes as the tech giant came under attack from US lawmakers for using "sham" subsidiaries and "convoluted" strategies to shift profits offshore. In a statement issued ahead of a Senate hearing on corporate strategies to minimize taxes, Apple said it "carefully manages its foreign cash holdings to ...
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Karachi ports handle 239618 tons of cargo
The Karachi Port and Port Qasim handled a cargo volume of 239,618 tons during the last 24 hours that included 170,490 tons of imports and 69,128 tons of exports, the two ports reported on Tuesday. Accordingly, the Karachi Port handled imports, including containerised cargo (44,829 tons), bulk cargo (9,275 tons), coal (17,971 tons), sulphur (50 tons), and oil / liquid cargo (34,729 tons). It also ...
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Rupee down against dollar
Karachi The rupee slightly edged down against the dollar on Tuesday in the wake of fresh demand for the greenback in the currency market, dealers said. In the interbank market, the rupee closed at 98.45 against the dollar, down by two paisas as compared to Monday's closing of 98.43. The local currency was being traded at 98.44 for buying and 98.46 for selling. The interbank forex market ...
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Gold low silver under pressure
Singapore Gold climbed off session lows on Tuesday as Chinese buyers picked up the metal, easing some pressure on bullion which has been hit by persistent outflows from exchange-traded funds and has lost nearly a fifth of its value this year. But the selling pressure on silver appeared mostly intact with prices still near 2-1/2-year lows reached during the intraday sell-off on Monday. Gold has ...
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Cotton trading picks momentum
Karachi Though not significant, however, the trade turnover of cotton surprisingly surged to 5,900 bales (155 kilograms each) during the last 24 hours as compared to no or little trade in the last 15 days, a dealer said on Tuesday. "Spinning mill-owners and exporters have reentered into the cotton markets after they received fresh order for export of cotton and cotton yarn," Taqi ...
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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