Business News

PRGMEA welcomes Chinese President, demands business visa relaxation

Muzaffar Ali

Lahore—The Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) has welcomed the Chinese President Xi Jinping’s historic visit to Pakistan, demanding the authorities to also sign a deal of visa relaxation along with a number of other important agreements and MoUs worth $46 billion. PRGMEA Chairman, Ijaz Khokhar, observed that the Prime Minister should personally take interest to ink an agreement with China to remove visa restriction, as presently the local businessmen are facing serious issues regarding release of visa for China.

PTC declares Q1 results, contributes Rs 22.7b to national exchequer

Staff Reporter

Islamabad—Pakistan Tobacco Company has announced its results for the 1st quarter of 2015, declaring net turnover of Rs. 32.861 billion, an after tax profit of Rs 2.083 billion rupees and an earnings per share of Rs. 8.15. The company contributed Rs. 22.7 billion to the Government Exchequer in the form of duties and taxes which is a 22per cent increase over the same period last year.

HUBCO, CPIH sign $2.4b coal power project

Amanullah Khan

Karachi—The Hub Power Company has signed a joint venture agreement (JVA) with China Power International Holding Limited (CPIH), a wholly owned core enterprise of China Power Investment Corporation, it is reliably learnt. The JVA was signed amid the presence of honorable Prime Minister of Pakistan Mian Nawaz Sharif, honorable President of People’s Republic of China Xi Jinping and the senior management of HUBCO and CPIH.

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