Pakistan Observer

Business

PCA calls for rationalization of tax structure

Islamabad—Pakistan Computer Association (PCA) on Tuesday emphasized the need to rationalize existing tax structure to generate additional revenue in government tax net. Chairman of PCA, Munawar Iqbal, presiding over a meeting here, said the Association carried out a detailed analysis and comparison of imports made by documented importers and informal sector for Ministry of Finance and Federal Bureau of Revenue (FBR). ... Wednesday, May 27, 2015 Details

NBP pre-tax profit soars by 211pc

Islamabad—The National Bank of Pakistan (NBP)’s profit before tax increased by 211 % in 2014 and stood at Rs. 22 billion. Profit after tax increased by 173% from Rs. 5.5 billion in year 2013 to Rs. 15 billion in year 2014, the Spokesman of NBP Syed Ibne-Hassan in a statement issued here said. He added that earnings per share were Rs. 7.06 in year 2014 as against Rs. 2.59 of 2013, an increase of 173%, and the bank paid cash dividend of Rs.5.5 per share (55%) for the year ended December 31, 2014. ... Wednesday, May 27, 2015 Details

Belarus keen to set up auto parts assembly units in Pakistan

Islamabad—The Belarusian Minister of Industry Vitaly Vovk, Tuesday, expressed his country’s interest in setting up plants to assemble automobile parts, buses, tractors and grain harvesters within Pakistan. In a meeting with Federal Minister for Industries & Production Ghulam Murtaza Khan Jatoi, he also showed interest in military related manufacturing and assembling endeavours, and asked the Federal Minister for recommendations on private sector companies which could forward their diverse ambitions. ... Wednesday, May 27, 2015 Details

SBI to stage LDFA-2015 exhibition

Karachi—Sindh Board of Investment (SBI) is organising the fifth edition of Livestock, Dairy, Fisheries, and Agriculture Exhibition (LDFA- 2015) in collaboration with the Agriculture and Livestock Department. Director General, SBI, Muhammad Riazuddin at a press briefing here on Tuesday announced that the exhibition will be held from May 30 to 31 at Expo Centre, Karachi. ... Wednesday, May 27, 2015 Details

Business community hails cut in policy rate to 7pc

Islamabad—Business Community leaders have appreciated the government, specially the State Bank of Pakistan (SBP) for reducing interest rate to 7 percent and said it would help boost economic activities, encourage investors for setting up new industries, besides reducing the cost of doing business across the country. “This step of the government is very encouraging and we appreciate it”, Executive Committee of Islamabad Chamber of Commerce and Industry and Group Leader, Abdul Rauf Alam, President Islamabad Chamber of Commerce and Industry (ICCI) Muhammad Muzammil Sabri, and President Rawalpindi Chamber of Commerce, Syed Asad Mushadi told APP here today. ... Wednesday, May 27, 2015 Details

NBP, Mobilink & Waseela Bank jointly to create financial service ecosystem

Karachi—National Bank of Pakistan, Mobilink and Waseela Microfinance Bank Limited, signed an agreement to create a collaboration between Mobicash, the fastest growing mobile financial service and the upcoming digital banking initiatives of NBP. This collaboration is the first step to jointly create the required financial services eco system; not only for the people of Pakistan but also to facilitate the payments & collections for the Government of Pakistan. ... Wednesday, May 27, 2015 Details

JS Bank sponsors management conversations day

Karachi—“The Management Conversations day”, 2015 held in Karachi at local hotel was sponsored by JS Bank. The event brought many great thinkers to one platform; enabling them to debate and share their views regarding the future of Pakistan. The event included 700 delegates which covered speakers, panelists and moderators. There were 9 sessions, conversations, corporate interviews, debates, ministerial keynotes, and futurist keynotes, technology keynote, thought leader keynote, local success stories and interactive entertainment. ... Wednesday, May 27, 2015 Details

KE continues operation against defaulters, power thieves

Karachi—Despite the false perception being created in certain sections, Karachi Electric (KE) has yet again clarified that the ongoing operation is against power thieves and heavy defaulters and this operation is being done without any discrimination. KE has explained time and time again that these raids with the help of the FIA and Rangers are being done against influential people as well, from where KE had previously faced resistance. ... Wednesday, May 27, 2015 Details

Punjab govt offers lucrative opportunities to investors

Lahore—Punjab Chief Minister Muhammad Shahbaz Sharif gives special importance to overseas Pakistanis and Punjab government is taking all possible steps for providing protection to their families and properties. This was stated by a six-member delegation of Board of Investment and Overseas Pakistanis Commission led by its Vice Chairman Khalid Shaheen Butt while addressing a convention arranged by Pak-Qatar Business Forum. The delegation included Commissioner Overseas Pakistanis Commission Afzaal Bhatti, Director Police Overseas Commission Punjab Syed Ahmad Nadeem, Director General Board of Investment Miss Lubna Pathan, Ch. Noorul Hassan Tanvir, Member Provincial Assembly Mohad Shafi, Shahzad Ahmad Malik, Azad Ali Tabassum and Ehsanul Haq Bajwa. ... Wednesday, May 27, 2015 Details

Pakistan to sign TIR Convention soon: Khurram

Islamabad—Minister for Commerce, Engineer Khurram Dastgir Khan Tuesday said Pakistan would sign the International Road Transports (TIR) Convention in few weeks as the Prime Minister had given approval to accede to the Convention. “This is a great step for trade facilitation to the neighbouring countries on the Western borders and beyond and the trucks carrying goods to neighbouring countries would not pass through the checking process”, the Commerce Minister said while addressing a press conference here. ... Wednesday, May 27, 2015 Details

Air Arabia named ‘Best Low-Cost Carrier’ at World Tourism Forum

Istanbul—Air Arabia has been named “Best Low-Cost Carrier” at the World Tourism Forum Awards in Istanbul, Turkey. The World Tourism Forum is an annual gathering of leading business figures and industry experts to discuss the future direction of the global tourism sector. Among the topics discussed were online tourism, destination marketing and the economic benefits of tourism. ... Tuesday, May 26, 2015 Details

MoU signed to promote Islamic Banking in Uganda

Islamabad—A Memorandum of Understanding (MOU) was signed between AlHuda CIBE and legal Chamber of Islamic Chamber of Commerce to promote Islamic Banking in Uganda. On behalf of AlHuda CIBE Uganda, Ahmed Abdallah, the country head of AlHuda CIBE and Asuman Mukiibi Serunjogi, the President of Islamic Chamber of Commerce, Uganda signed the MoU in Kampala, said a press release issued here on Monday. ... Tuesday, May 26, 2015 Details

Govt committed to extend facilities to foreign investors: Miftah

Islamabad—Minister of State and Chairman Board of Investment (BoI), Dr. Miftah Ismail here on Monday reaffirmed the government’s commitment for extending all possible facilities to foreign investors to encourage and attract direct investment for the prosperity of the country. Addressing the first ‘Pak-Belarus Business Forum’ organized by BoI, he said that the event would help to explore trade and investment opportunities existing between both the countries. ... Tuesday, May 26, 2015 Details

Competitiveness of Automotive Industry: A Case of Asian countries

AUTOMOTIVE sector plays significant role in growth of any economy and considered as the “industry of Industries” due to its backward and forward linkages. Competitiveness of this industry has recently gained exceptional importance in this globalized era and it depends upon many internal and external factors. Increasing importance of automotive sector has motivated the policy makers and researchers to investigate its dynamics and driving forces. Recently a study regarding impact of economic, social and environmental variables on the competitiveness of automotive industry particularly in the context of Asian countries has been published in International Journal of Economic Behavior and Organization. ... Tuesday, May 26, 2015 Details

PBIF supports SBP decision on policy rate

Islamabad—President Pakistan Businessmen and Intellectuals Forum (PBIF) and former provincial minister Mian Zahid Hussain on Monday supported the SBP decision to cut policy rates by one percent, the lowest in 42 years to spur growth. The decision will infuse confidence in the business community and propel economy, which was hostage to the past policy of austerity, he said. ... Tuesday, May 26, 2015 Details