Saturday, July 21, 2012, Ramazan 01, 1433
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Business & Finance
Trade with India Negative list to be cut or eliminated by Dec endSalim Ahmed Lahore—Federal Secretary Commerce Munir Qureshi has said the local entrepreneurs should improve their efficiencies to be competitive as they would have to face the challenge posed by opening of trade with India.
He was addressing the members of Lahore Chamber of Commerce and Industry here. The LCCI President Irfan Qaiser Sheikh presented the Address of Welcome while Senior Vice President Kashif Younis Meher, Vice President Saeeda Nazar, former LCCI presidents Iftikhar Ali Malik, Mian Anjum Nisar, Mian Muzaffar Ali and former Senior Vice President Sheikh Mohammad Arshad, former Vice Presidents Aftab Ahmad Vohra and Shafqat Saeed Piracha also spoke on the occasion.
PM welcomes visa facilitation for businessmen by AfghanistanStaff Reporter Islamabad—Prime Minister Raja Pervez Ashraf has appreciated the decision of the Afghan government to grant multiple visas to the businessmen of Pakistan who were facing problems in getting this visa. The announcement was made by the Afghan President Hamid Karzai yesterday during his joint press conference with Premier Raja Ashraf in the Presidential Palace.
The Prime Minister was talking to Minister for Commerce Makhdoom Amin Fahim who called on him at Prime Minister’s House on Friday.
OICCI to invest $5b in PakistanStaff Reporter Islamabad—Despite unfavuorable law and order situation with growing energy crises, Overseas Chambers Companies have decided to invest $5 billion in Pakistan.
According to an official, Overseas Chambers Companies have planned to invest $3 to $5 billion in next 3 to 5 years in Pakistan whereas these companies had invested $1 billion during last financial year 2011-12.
“This is a very positive move that overseas chambers Companies have planned to invest billions of dollars in Pakistan despite the fact that Pakistan is facing many difficulties in way of promoting investment in country,” added the official.
Pharma Bureau urges review of medicine pricing mechanismStaff Reporter Islamabad—Pharma Bureau Pakistan has urged the federal government to look at the pricing structure of medicines from both commercial and patients’ perspective as inaction in this regard would severely impact availability of essential drugs.
In a statement released from the Pharma Bureau, a spokesperson said that multinational pharmaceutical companies strictly adhere to the regulations and have refrained from increasing the prices without government approval. However the drug manufacturers would be forced out of business if a reasonable increase in prices is not granted in a scenario of ever-increasing input costs and devaluating rupee.
Banks surpass annual agri credit disbursement targetAmanullah Khan Karachi—Although the private sector has been crowded out due to heavy borrowing by the government, yet the banks not only catered to the financial needs of the agriculture sector but exceeded their disbursement targets in the fiscal 2012.
According to State Bank of Pakistan the banks have surpassed the agriculture credit disbursement target for the last fiscal year (2011-12) by extending loans amounting to Rs 293.8 billion to agriculturists which is 8.8 billion (103 percent of annual target) more than the indicative target of Rs 285 billion set by the Agricultural Credit Advisory Committee (ACAC) for the whole fiscal year. It is 11.7 percent higher than Rs 263 billion disbursed in 2010-11.
Social pensions key to reducing poverty: ADBStaff Reporter Islamabad—As Asia’s population ages, developing countries in the region should explore social pensions that provide cash benefits to vulnerable older citizens who are most in need of a safety net, according to a new publication from the Asian Development Bank (ADB).
“Social pensions can help older people gain access to health care, and enhance their status and social standing,” said S. Chander, Director General of ADB’s Regional and Sustainable Development Department. “They also help the most vulnerable, particularly women and widows who often lack savings or any form of social security, and face discrimination in terms of employment, inheritance and property laws.”
Pakistan long-term rating affirmed at ‘B-’, outlook stableTariq Khattak Islamabad—Standard & Poor’s Ratings Services on Friday affirmed its ‘B-’ long-term sovereign credit rating on the Islamic Republic of Pakistan. The outlook on the long-term rating remains stable. Standard & Poor’s also affirmed its ‘B-’ issue rating on Pakistan’s senior unsecured foreign- and local-currency debt and its ‘B-’ transfer and convertibility assessment. At the same time, we raised the short-term sovereign credit rating to ‘B’ from ‘C’, following a change in criteria that links long-term ratings with short-term ones.
NAVTTC starts attestation of technical, vocational certificatesStaff Reporter Islamabad—National Vocational and Technical Training Commission (NAVTTC) has undertaken the Verification and Attestation of Technical & Vocational Certificates of skilled youth seeking employment abroad. The Certificates to be attested/verified would be those issued by the Boards of Technical Education (BTEs) and Trade Testing Boards (TTBs). NAVTTC Headquarters has also set up Verification Centers at its Regional Offices in Lahore, Karachi, Quetta and Peshawar to provide an easy access and service to youth.
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