CPI registers inflation hike by 7 per centIslamabad—Consumer Price Index (CPI) during the month of August registered an increase of 7 percent on year on year basis as compared to 7.9 percent in the previous month and 8.5 percent in August, 2013. On month-on-month basis, the CPI inflation increased by 0.3 percent in August 2014 as compared to 1.7 percent in month of July 2014 and it was up by 1.2 percent as compared to the month of August 2013. According the data of Pakistan Bureau of Statistics, Core inflation measured by non-food non-energy CPI increased by 7.9% on year on year basis in August 2014 as compared to 8.3% in the previous month and by 8.5% in August 2013.
Oman grants $17.5m for new Gwadar International Airport
Staff ReporterKarachi—The development of New Gwadar International Airport, the part of Pak China Economic Corridor is being carried out by Pakistan Civil Aviation Authority in collaboration with China Communication and Construction Company for New Gwadar International Airport.
PCJCCI for participation in Furniture China 2014 exhibition
Salim AhmedLahore—President PCJCCI, Shah Faisal Afridi accentuated to participate in Furniture China 2014 exhibition which is scheduled to be held from 10 to 14 September, 2014 at the Shanghai New International Expo Centre, such exhibitions can play a pivotal role for Pakistani furniture manufacturers in achieving the furniture export target of more than $1 billion annually in the international furniture market. He said that, Pakistani furniture industry had exhibited astounding growth during the recent year.
PICT assures speedy clearance of congestion at terminal
Amanullah KhanKarachi—Pakistan International Container Terminal (PICT) has assured speedy clearance of congestion at the terminal due to disturbed political situation prevailing in the country. Chairman of the FPCCI Standing Committee on Customs Saquib Fayyaz Magoon stated that a delegation of FPCCI Standing Committee on Customs led by him visited Pakistan International Container Terminal (PICT) and held a meeting with Zafar Iqbal Awan, Chief Executive Officer of PICT and other high officials of PICT wherein, the problems being faced by the trade and industry due to congestion at terminal. PICT, CEO assured the FPPCI delegation that he would take necessary remedial measures to improve the efficiency and that the things would become better in near future.
ICI posts Rs 1.7b profit after tax for FY 2013-14
Staff ReporterKarachi—The Board of Directors of ICI Pakistan Limited is pleased to announce the financial results for the fiscal year ended June 30, 2014. The company posted profit after tax of PKR 1.7billion, which is 47% higher than the same period last year. Net Sales Income is 5% higher than the same period last year primarily due to a higher sales volume in the Life Sciences, Soda Ash and Chemicals Businesses.
KASB Bank declares operational profit of Rs171m for H1
Staff ReporterKarachi—The Board of Directors of KASB Bank announced its half yearly results for 2014. The Bank’s operational profit for the first six months of 2014 is Rs. 171 million.
The operational profit is a reflection of overall improvement in the bank. The Bank’s total assets are on constant growth, which amount over Rs. 69 Billion. KASB bank is also aggressively working in the area of Home Remittances taking the PRI initiative of SBP and Government of Pakistan forward to inculcate the culture of using legitimate means for sending money to Pakistan while helping the economy grow. In the first half of 2014 the bank handled Home Remittances of over Rs. 2 Billion.
Turkish jewellery Expo invites Pakistan to showcase products
Staff ReporterKarachi—Turkish Jewellery expo in October this year has invited Pakistan jewellers to display their product in the jewellery exhibition. A delegation of Turkish Jewellery Association comprising Mr. Oguz Ozdemir, Consultant TJA and Mr. Evindar Akcan, Expert TJA visited the Karachi Chamber of Commerce and Industry (KCCI) on Monday to invite KCCI members in Istanbul Jewelry Show which will provide a perfect opportunity to Pakistani manufacturers and exporters of jewelry products to take a good look at international jewelry products, hold B2B meetings, exchange information and meet suppliers from all over the world.