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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 ...
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Australian economy stays strong
SYDNEY: Australian Prime Minister Julia Gillard dispelled fears about the economy on Friday saying it had strong fundamentals, after US carmaker Ford announced an end to production in the country. Ford said Thursday that it will stop making vehicles at its unprofitable Australian plants in 2016, prompting concerns for the manufacturing industry, which is struggling due to the high Australian ...
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India coal output up 3.15pc
NEW DELHI: India produced 43.5 million tonnes of coal in April, 3.15 percent more from a year earlier, provisional figures obtained from a government source showed on Friday, but still lagged a government-set monthly target. India, which relies on coal to fuel more than half of its power generation, was chasing a target of 44.7 million tonnes of coal production in April. Despite being the ...
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Stocks decline on institutional selling
Karachi Stock Exchange (KSE) benchmark 100-index declined by 58.88 points on Friday to close at 21,283.77 points on institutional selling, dealers said. Ahsan Mehanti, an analyst at Arif Habib Corp, said that profit-booking was witnessed in the market and institutions were offloading their shares. He added that the market remained concerned about the upcoming budget, coupled with a decline in ...
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Top Swiss tax diplomat to quit
ZURICH: Switzerland's top representative on international financial affairs will step down at the end of August, the finance ministry said on Friday, as negotiations with the United States and the European Union over tax reach a critical point. Michael Ambuehl, who has been state secretary for international financial matters since 2010, will take up a job in September at Zurich's ...
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Cotton trading remains sluggish
Karachi The cotton market witnessed low trading activity on Friday as a power crisis in the textile industry kept buyers to the sidelines, a broker said. "The majority of traders stayed out of markets due to the worsening of the energy crisis in recent days," Naseem Usman, a broker at Karachi Cotton Exchange (KCE), said. "The crisis is the worst in Faisalabad, where 80 percent of ...
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Karachi ports handle 243762 tons of cargo
The Karachi Port and Port Qasim handled a cargo volume of 243,762 tons in the last 24 hours that included 179,473 tons of imports and 64,289 tons of exports, the two ports reported on Thursday. The Karachi Port handled imports, i.e. containerised cargo (41,944 tons), bulk cargo (604 tons) and oil/liquid cargo (51,420 tons). It handled exports, i.e. containerised cargo (22,007 tons), bulk cargo ...
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Jet Airways defers move to amend its articles on Sebi concerns
Securities and Exchange Board of India . The airline also reported that losses for the January-March quarter widened by more than 66% to Rs 495.53 crore as against a net loss of Rs 298.12 crore in the year ago period largely due to higher operational costs. Earlier in the day, at the extraordinary general meeting, the shareholders of the company approved its proposal to sell 24% stake to Abu ...
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Air New Zealand forced to dump sharks fin cargo
The anti-shark's fin campaign is crusading on in Asia Pacific. Air New Zealand has become the latest airline to stop flying shipments of shark's fin to Hong Kong, the shark's fin capital of the world. The decision came about after the New Zealand Shark Alliance revealed the airline's shipments in local media. "Air New Zealand has taken the decision to suspend the ...
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UPDATE 1-U.S. audit regulator reaches deal with China on document access
Fri May 24, 2013 4:14pm EDT * U.S.-China deal reached after years of negotiations * Deal will pave way for auditor enforcement actions * U.S. had been blocked from probing Chinese audit failures By Dena Aubin and Sarah N. Lynch NEW YORK, May 24 (Reuters) - U.S. regulators will get access to Chinese companies' audit documents under a deal announced on Friday, opening the way to probes of ...
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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