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Qantas IT glitch lists $11000 Sydney-Melbourne fares
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Huge revenue losses feared in fake transactions
KARACHI: The national exchequer is likely to suffer huge revenue losses of two percent general sales tax (GST) per product sold by multinational and local companies - as their distributors are charging sales tax rate of 19 percent - rather than the official 17 percent GST - on supplies to retail outlets, retailers told the News. This is done on fake invoices making the transaction illegal, they ...
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Govt borrowing rises by Rs47 billion
KARACHI: Pakistan's government borrowing from domestic banking sources has risen by Rs 47 billion in fiscal year 2012-13, as compared to the same period last year, the State Bank of Pakistan (SBP) reported on Tuesday. This heavy borrowing from the banking system - as shortfall in public finances weighs on the weak economy - means fear is rising of the country slipping into a "debt ...
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Oil consumption rises by 15 percent
KARACHI: Oil consumption shot up by 15 percent on month-on-month basis and seven percent on year-on-year basis in May based on provisional figures. Petrol sales jumped to a record level of 360k tons, up by 24 percent on month-on-month basis and 47 percent on year-on-year basis, as analysts believe the election campaigning and enhanced CNG outages, particularly in Punjab, contributed towards ...
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Circular debt to be wiped out in 60 days
ISLAMABAD: Federal Minister for Finance Ishaq Dar told Korean Ambassador Choongjoo Choi that circular debt will be wiped out in 60 days in a bid to reform the business environment in Pakistan, in a meeting on Tuesday. Pakistan currently has a circular debt of Rs503 billion, which remains a key factor in the country's massive energy imbroglio. The energy shortfall has led to closure of ...
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Deceptive GST increase slammed
KARACHI: The budget presented by Finance Minister Ishaq Dar in parliament last week will stoke up inflation and contradicts the election manifesto of the ruling PML-N govt, experts said at Jang Forum on Tuesday. The proposed increase in General Sales Tax (GST) to 17 percent has already resulted in the increased prices of most goods and reduced the purchasing power of people, speakers at the ...
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KSE struggles to attract investors with new products
KARACHI: Five products launched by the Karachi Stock Exchange to attract local investors after the stock market crashed in 2008 received response from less than 10 percent of traders, officials said on Tuesday. The stock market reached a major milestone when the KSE-100 index crossed the 15,000-point barrier for the first time in the country's history. The market peaked at 15,737.32 points ...
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Group life insurance premium raised
ISLAMABAD: The Securities and Exchange Commission of Pakistan has doubled the minimum premium limit for group life insurance required for certification of an appointed actuary of a life insurer. According to the SECP, the limit has been increased from one million to two million rupees. It has also issued circular No 11/2013 amending circular No.9/2005, which will take effect from July 1, 2013. ...
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KTBA terms levy on moveable assets blow to savings
KARACHI: The Karachi Tax Bar Association (KTBA) has termed the measure of 0.5 percent levy on net moveable assets as a blow to generations of savings, which are already very low in the country. At a post-budget seminar organised by the KTBA on Tuesday, Haider Patel, the president of the bar association, said that the 0.5 percent levy on net moveable assets from all individual taxpayers on an ...
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Businessmen urged to avail opportunities in Ukraine
LAHORE: Pakistan's ambassador designate to Ukraine Wajahat Ali has urged Pakistani businessmen to avail trade opportunities in Ukraine as the country holds a great market for Pakistani products. He was addressing the members of the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday. He said that textiles, textile made-ups, pharmaceuticals, rice, fruits, surgical and sports goods have ...
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ECB rates becoming effective Draghi
JERUSALEM: The European Central Bank is ready to act to aid the Eurozone economy if needed, while signs of market stabilisation mean interest rates are becoming a more effective tool again, ECB chief Mario Draghi said on Tuesday. Speaking in Jerusalem at a farewell conference for Bank of Israel Governor Stanley Fischer, Draghi said there were numerous measures the ECB could and would deploy if ...
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Protesters abound in Sukkur
SUKKUR: Employees of the Town Municipal Administration (TMA) Sukkur protested on Tuesday against the nonpayment of their salaries for nine months. TMA employees first shutdown their offices and later marched to Sukkur Press Club to set up a hunger strike camp. The disgruntled workers said authorities had withheld their salaries without any justification. They said their dependents were facing ...
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Thar coal recognised at forum
KARACHI: Sindh Board of Investment Chairman Muhammad Zubair Motiwala said on Tuesday that the quality of reserves at Thar Coal have been recognised by world-renowned institutions, including the Clean Coal Forum 2013 in Beijing, China. While giving a briefing, the SBI chairman said access and infrastructure at Thar is being developed for increased participation of local and foreign investors. The ...
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Fuel hike hinges on compensation
JAKARTA: Indonesia will hike petrol prices once the government has finalised the process to compensate poor families for the rise in fuel costs, the finance minister said on Tuesday. Chatib Basri did not provide a specific timeline on when that may occur. Under the government's measures, ordinary gasoline will rise 44 percent and diesel by 22 percent. Parliament approved the plan on ...
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Psha seeks forward looking policies
KARACHI: At a post-budget appraisal meeting, the Pakistan Software Houses Association for IT and ITES (P@SHA) discussed pressing issues confronting the new state minister of IT and telecom. P@sha is the only registered professional trade body representing the information technology and business process outsourcing sector in Pakistan. Its primary mandate is the growth of the technology sector, ...
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EU US launch trade talks
ENNISKILLEN, Northern Ireland: The United States and the European Union launched talks on Monday to create one of the world's most ambitious free-trade zones, as France again underscored its determination to protect its movies and culture. A trans-Atlantic free trade agreement was first considered three decades ago but was knocked down by France in the 1990s. Europe has now managed to get ...
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British inflation up to 2.7pc in May
LONDON: British 12-month inflation accelerated to 2.7 percent in May, rebounding from a seven-month low point struck in April, official data showed on Tuesday. Analysts' consensus forecast had been for a rise in the 12-month rate to 2.6 percent, according to Dow Jones Newswires. "The Consumer Prices Index (CPI) grew by 2.7 percent in the year to May 2013, up from 2.4 percent in ...
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PTCL concludes leadership conference
KARACHI: Pakistan Telecommunication Company Limited (PTCL) held the concluding session on Tuesday of its leadership conference 'Broadening Learning Horizons', which kicked off earlier this month. Designed to enhance the leadership capabilities of PTCL's senior management in-line with the strategic business vision of the company, the event brought together business leaders and ...
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HBL Signs Agreement with Atlas Honda Limited
Karachi: HBL entered into an agreement with Atlas Honda Ltd. to offer its salary account holders a personal loan facility for the purchase of Atlas Honda motorbikes. The agreement was signed by Mr. Nauman K. Dar, President and CEO HBL and Mr. Saquib H. Shirazi, CEO Atlas Honda Ltd., during a ceremony held at the HBL Head Office in Karachi. Also present on the occasion were Ms. Sima Kamil, Head - ...
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Stocks decline 297 points on profit-taking
The Karachi Stock Exchange (KSE) benchmark 100-index declined by 297 points to 21,919.63 points on Tuesday on profit-taking, dealers said. They added that foreigners, local institutions and retailers offloaded their positions. Arif Habib, chairman of Arif Habib Group, said that profit-taking was witnessed in the market during the last three sessions as the honeymoon period of elections and the ...
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Karachi ports handle 192918 tons of cargo
The Karachi Port and Port Qasim handled a cargo volume of 192,918 tons during the last 24 hours that included 111,485 tons of imports and 81,433 tons of exports, the two ports reported on Tuesday. Accordingly, the Karachi Port handled imports, including containerised cargo (20,966 tons), bulk cargo (12,701 tons), DAP (8,007 tons), and oil / liquid cargo (36,547 tons). It handled exports, ...
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Cotton spot rate increased
Karachi The Karachi Cotton Exchange (KCE) revised up its cotton spot (average) rate by Rs100 per maund (37.324 kilograms) to Rs6,500 per maund after the demand for the commodity continued to increase at the local markets, a dealer said on Tuesday. "The KCE increased its cotton spot rate after the demand for the commodity surged significantly," Taqi Abbas, a member of the Advisory ...
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Hang Seng dips at open
(2 mins ago) Stocks in Hong Kong fell 0.18 percent at the open as dealers await the outcome of a US Federal Reserve policy meeting for an idea of its plans for its vast stimulus scheme. The benchmark Hang Seng Index fell 37.48 points to 21,188.40 in the first few minutes of ...
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GLOBAL MARKETS-Nikkei outperforms Asian stocks as Fed looms
Tue Jun 18, 2013 11:38pm EDT * Asian stocks softer as Fed outcome awaited * Markets hope for clarity on any pullback in Fed stimulus * Nikkei up as softer yen boosts exporters; currencies mostly steady By Ian Chua SYDNEY, June 19 (Reuters) - Japanese stocks rose on Wednesday, thanks to a positive lead from Wall Street plus a softer yen, outperforming the rest of Asia which anxiously seeks ...
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Cathay Pacific to revamp first class BOSE headphones more personal space
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Taiwan Focus
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Taiwan investing in biotech sector
Taiwan’s economy has seen massive growth in the last few decades, but one industry has been in decline and a development project by the Academia Sinica is expected to reverse that decline, once environmental issues have been cleared up.
Taiwan is one of the Four Asian Tigers; this little island off the coast of mainland China has experienced rapid development in just a few decades and has become a major hub of manufacturing, high-tech industry, shipping and tourism. Read more
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