Latest Asia Business News
RSS-
Need to focus on changing power generation mix
KARACHI: The new government will have to focus on changing the power generation mix and tilt towards cheaper sources, such as hydel and coal, in order to create a long-term solution to power crisis, analysts said. Hasan Raza, a research analyst at Taurus Securities, said that as a short term strategy the government could increase power tariff by Rs3.5 per unit to minimise circular debt, which ...
-
FBR suspends four principal appraisers
KARACHI: The Federal Board of Revenue (FBR) has suspended four senior Customs officials for alleged involvement in the ISAF containers scam, sources said on Wednesday. Suspension orders have been issued to four principal appraisers - Masood-ul-Hassan of the Model Customs Collectorate Appraisement in Karachi; Riaz-ur-Rehman Sheto of MCC Exports in Karachi; Sardar Amin Farooqui of MCC Hyderabad ...
-
Direct audit selection upheld by IHC
KARACHI: A division bench of the Islamabad High Court (IHC) upheld an earlier ruling by an IHC single member bench, observing that Section 177 of the Income Tax Ordinance, 2001 is not contrary to the Constitution and giving the commissioners of income tax the authority to directly select taxpayers for audits, FBR officials said on Wednesday. The two-member bench had observed in its judgment ...
More Asia Business News
RSS-
Govt raises Rs37 billion from PIBs sale
KARACHI: The federal government raised Rs37.23 billion from the auction of Pakistan Investment Bonds (PIBs) on Wednesday, the State Bank of Pakistan reported. The highest bid worth Rs16.611 billion was accepted for the three-year Pakistan Investment Bonds at a cutoff yield of 10.0484 percent, the central bank said. The bids for the five-year and 10-year Pakistan Investment Bonds attracted ...
-
We are striving to increase the productivity of Pakistani cows and buffaloes
Syed Yawar Ali is the chairman of Pakistan Dairy Association and also the chairman of Nestle Pakistan Limited, the market leader in dairy products in the country. Here are excerpts of his interview with The News. Q: What are the challenges faced by the dairy sector? A: Steps taken by the dairy sector in Pakistan is gradually increasing productivity, efficiency and management practices and ...
-
FPCCI rejects Trade Organization Rules
KARACHI: The Federation of Pakistan Chambers of Commerce ad Industry (FPCCI) has rejected the Trade Organization Rules (TOR) 2013, under which the directorate general of trade organizations has been given vast discretionary powers to exploit trade bodies. The TOR 2013 came under discussion at the executive committee meeting of the FPCCI held recently at the Islamabad Chamber of Commerce and ...
-
Mobilink Unesco sign deal on literacy project
ISLAMABAD: Mobilink Foundation and the United Nations Educational, Scientific and Cultural Organization (Unesco) have signed an agreement to enhance the award winning SMS-based literacy programme, a statement said. The SMS-based literacy programme uses short messaging service (SMS) to impart education to learners across Pakistan, it said. The programme was conceived by Unesco Islamabad, who ...
-
Kashf Foundation to apply for branchless banking licence
LAHORE: Kashf Foundation intends to apply for a branchless banking licence as an agent of the Kashf Microfinance Bank to promote micro savings in Pakistan following the successful completion of their micro savings project. Roshaneh Zafar, managing director of the Kashf Foundation, on Wednesday shared the successful experiences of micro finance sector savings, which the foundation has started on ...
-
Indias Iran oil imports in April drop
NEW DELHI: India's oil imports from Iran fell 34.2 percent in April from March, data from trade sources showed on Wednesday, bolstering the country's case for the renewal of a waiver from US sanctions on Tehran due to expire next month. The US has already granted fresh waivers to Japan and 10 European countries but has so far left out China and India, Iran's biggest clients. US ...
-
Sukuk may enter Musharaka Pool
KARACHI: The State Bank of Pakistan (SBP) announced on Wednesday that the un-encumbered government of Pakistan Ijara Sukuk (Islamic bonds) created under Islamic export refinance scheme (IERS) may be included in the Musharaka Pool from now onwards. According to the circular, the maximum limit for Islamic bank institutions' investment sukuk eligible for IERS will be 50 percent of their total ...
-
Game features Indian steel magnate
METZ, France: A new French online game is allowing players to step into the shoes of an ArcelorMittal worker by fighting police and a robot version of Indian steel magnate Lakshmi Mittal to keep a factory open. Players throw barrels and beams at police in the "Kill Mittal" game inspired by the long-lasting -- and ultimately unsuccessful -- struggle in France's north-eastern town ...
-
ACCA launches new award
KARACHI: A new award called the Foundation Diploma has been launched in Pakistan by the Association of Chartered Certified Accountants (ACCA), a statement said. The Foundation Diploma provides essential knowledge and skills for those students who have completed intermediate, matriculation or O-levels and a clear entry route in the ACCA's main accountancy qualification called the ACCA ...
-
Free life insurance cover to expats
ISLAMABAD: A money transfer brand, Xpress Money in association with the Union Insurance, an insurance firm in the Gulf Cooperation Council (GCC) region, on Wednesday launched remittance industry's first free life insurance for overseas Pakistanis working in Saudi Arabia and Kuwait, a statement said. The insurance cover is available to any person remitting money through Xpress Money, it ...
-
Carlyle plans to raise $2bn
TOKYO: US private equity firm Carlyle Group LP is planning to raise 200 billion yen ($2 billion) for a third Japan fund to succeed its seven-year old second fund, with Japan's aggressive monetary easing helping to boost investor interest, people with direct knowledge of the matter said. Carlyle, the only global private equity firm with funds specifically designated only for Japanese ...
-
British official retail sales slide in April
LONDON: British retail sales slid unexpectedly last month amid cold spring weather, official data showed on Wednesday. Retail sales sank by 1.3 percent in April from March, the Office for National Statistics (ONS) announced in a statement. Market expectations had been for a rise of 0.1 percent, according to a survey by Dow Jones Newswires. Retail sales grew by 0.5 percent in April compared with ...
-
New govt urged to prepare for GSP plus
LAHORE: Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Chairman Sajid Salim Minhas has urged the PML-N-led government to prioritise Pakistan's qualification for the duty-free exports status to the 27-member European market under the new generalised system of preferences (GSP) plus scheme. The EU is Pakistan largest trading partner with an annual trade volume of ...
-
DG IPO hails govt
LAHORE: The Director General Intellectual Property Organization of Pakistan (IPO) Tarik Feroze has said that government is committed to protect and enforce vigorously intellectual property rights (IPRs) besides providing a congenial and protected environment to improve the image of Pakistan as a responsible and IP-compliant nation. The director general was speaking at a seminar on ...
-
Import duty on PTA likely to remain unchanged
KARACHI: Market sources are certain that the import duty on purified terephthalic acid (PTA) will remain three percent. A public hearing was conducted by National Tariff Commission (NTC) on May 20, 2013 to get views on increasing import duty on PTA. The final decision is reserved by the Authority however the impression received from various stake holders is that the import duty on PTA may remain ...
-
Samsung offers 43 Plasma TV at an incredible price
LAHORE: Samsung Electronics is a global market leader in technologies, offering big screen 43" Plasma TV which makes action more life-like, natural looking at most incredible price. Samsung 43" Plasma TV is packed with many brilliant features. This includes build in triple protector, regular fluctuation of voltage is no more a worry as it saves television from it and an efficient layer ...
-
Stocks surge to 21458 points on foreign buying
Karachi Stock Exchange's (KSE) benchmark 100-index surged by 290.90 points on Wednesday to a new high of 21,458.90 points on foreign buying, dealers said. Yaseen Lakhani, CEO Lakhani Securities and former chairman of KSE, said that the stock market was performing well in selected stocks of oil, cement and PICIC Growth Fund. "Foreign investment includes the funds of foreigners and ...
-
Cotton spot rate rises to Rs6400
Karachi The Karachi Cotton Exchange (KCE) increased its cotton spot (average) rate by Rs100 per maund (37.324 kilograms) to Rs6,400 per maund after local markets witnessed revival in the commodity trading during the last two days, a broker said on Wednesday. "The KCE increased the spot rate in line with the upward trend at the local markets," Shakeel Ahmed, a broker at the KCE, said. ...
-
Karachi ports handle 106982 tons of cargo
The Karachi Port and Port Qasim handled a cargo volume of 106,982 tons during the last 24 hours that included 66,803 tons of imports and 40,179 tons of exports, the two ports reported on Wednesday. Accordingly, the Karachi Port handled imports, including containerised cargo (11,902 tons), bulk cargo (1,287 tons), coal (10,115 tons), and oil / liquid cargo (575 tons). It handled exports, ...
-
Brent dips below $104
Brent futures dropped further below $104 per barrel on Wednesday, as data showing a surprise jump in US gasoline stockpiles and worries that peak summer demand in the world's top oil consumer may falter dragged down prices. But losses were capped ahead of minutes from a US Federal Reserve meeting, scheduled for release later in the day. The meeting notes will be scoured for details on the ...
-
Hang Seng Shanghai open lower
(14 mins ago) Stocks in Hong Kong opened 0.81 percent lower, reflecting falls on Wall Street after the US Federal Reserve hinted it could soon start to ease its policy of aggressive stimulus measures. The benchmark Hang Seng Index fell 189.05 points to 23,072.03 in the first minutes of trade. Stocks in Shanghai were down 0.44 percent in early trade ahead of the release of HSBC's ...
-
Positive start for Nikkei
(1 hr 7 mins ago) Stocks in Tokyo opened 0.72 percent higher after the yen fell against the US dollar on signals that the US Federal Reserve could soon scale back its aggressive stimulus measures. The benchmark Nikkei 225 index, which closed at its best level in more than five years yesterday, added 112.72 points to 15,739.98 at the ...
Taiwan Focus
-
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
News from around our Network
