Pakistan Observer

Business

Oil prices recover as Iran talks, Greek crisis drag on

Singapore—Oil prices recovered Thursday after the Iran nuclear talks were extended until July 7, giving oversupplied markets a breather despite uncertainty over the Greek financial crisis, analysts said. US benchmark West Texas Intermediate (WTI) for August delivery was up 14 cents at $57.10 in mid-afternoon Asian trade while Brent was 25 cents higher at $62.26. ... Friday, July 03, 2015 Details

Samsung introduces wireless bluetooth headset

Islamabad—Samsung Electronics has announced the new LEVEL U Bluetooth headset. The latest addition to the LEVEL headset line-up incorporates the latest Samsung technology; delivers best-in-class sound with crystal-clear call quality and features a stylish, ergonomic design for a comfortable fit. The LEVEL U has a long battery life and is also great for Text-to-Speech (TTS) applications. It will be available from July 1st, 2015, with a recommended retail price of $79.99. ... Friday, July 03, 2015 Details

Hubco to receive tax refund of Rs. 1.9b

Karachi—In a landmark decision, the Honourable Supreme Court of Pakistan has set aside the tax demand created by the Federal Board of Revenue (FBR) against the Hub Power Company (Company) on the issuance of shares to the sponsors. Following the decision, the Company is entitled to a refund of Rs. 1.9 billion. ... Friday, July 03, 2015 Details

Pak economic revival attracting investors: Bloomberg report

Washington—Pakistan’s expanding economy and cheapest borrowing costs was making investors look at the country as a lucrative destination for investment, said a report of Bloomberg News. The report title “In the ‘Best Hidden’ Frontier Market, a Boom Signals a Pakistan Revival,” said that in Pakistan’s commercial hub of Karachi, at least half a dozen commercial projects were springing up as developers including Dubai’s Emaar Properties, PJSC and local tycoons boosted investment in construction. The construction booms followed the recent revival in economy after Prime Minister Nawaz Sharif averted a balance of payment crisis, with the help of IMF, soon after he took over the charge of the country in 2013. ... Friday, July 03, 2015 Details

World Economic Forum sees finance industry in digital firing-line

Frankfurt—The world’s top banks and insurers are being forced to review their business models amid rapid inroads by nimble “fintech” start-ups, which are reshaping what consumers and businesses expect out of financial services, a report out reveals the facts. The report by the World Economic Forum (WEF), the Swiss-based corporate think-tank which runs the Davos summit of world leaders each January, says major disruptions are in store for many once highly profitable financial services businesses. ... Friday, July 03, 2015 Details

China marts plunge again, Hong Kong up on Greece hopes

Hong Kong—Chinese shares tumbled again Thursday after another volatile day despite regulators relaxing trading rules, but Hong Kong edged up in line with global markets on confidence a deal will eventually be struck to keep Greece in the eurozone. The benchmark Shanghai Composite Index dropped 3.48 percent, or 140.93 points, to 3,912.77 on turnover of 736.0 billion yuan ($120.3 billion). It slumped as much as 6.38 percent in late afternoon trade before recovering slightly. ... Friday, July 03, 2015 Details

TRTA-II programme team visits LCCI

Lahore—A-four member TRTA (Trade Related Technical Assistance) II Program team called on the LCCI President Ijaz A. Mumtaz and discussed in detail business atmosphere in Pakistan. The team comprising Chief Technical Advisor of TRTA II Bruno Valanzuolo and International Expert of TRTA (Trade Related Technical Assistance) II Program Dr. Simon White remained with the LCCI President Ijaz A. Mumtaz for more than an hour. ... Friday, July 03, 2015 Details

Prices ease on rise in arrivals of seed cotton

Lahore—Prices failed to sustain overnight firmness on the cotton market as arrivals of phutti improved in the process of trading, dealers said. The official spot rate was down by Rs 100 to Rs 5000, dealers said. Seed cotton prices in Sindh were at Rs 2450-2550 and in Punjab rates were at Rs 2550 and Rs 2650, they said. In the ready business, approximately, 1800 bales of cotton changed hands between Rs 4950 and Rs 5000, they said. ... Friday, July 03, 2015 Details

Brokers to maintain mandatory websites for awareness

Islamabad—The Securities and Exchange Commission of Pakistan (SECP) has advised stock exchanges to ensure that all brokerage companies registered with the Commission maintain functional websites with minimum contents/information latest by December 31, 2015. ... Friday, July 03, 2015 Details

Khattak asks Turk consultants to fetch investment in KP

Peshawar—Chief Minister Khyber Pakhtunkhwa Pervez Khattak has asked the Turk investment consultants to explore investment opportunities in the housing, infrastructure development and agriculture sectors of Khyber Pakhtunkhwa. He said that the provincial government was offering attractive incentives in these sectors under the public-private partnership concept in a bid to save the public money and enhance the standard of work. ... Friday, July 03, 2015 Details

TDAP urged to close QRC to soar rice export

Karachi—The Union of Small and Medium Enterprises (UNISAME) has invited the attention of the ministry of commerce to the difficulties being faced by the SME rice exporters due to the lingering in the implementation of already decided closure of the Quality Review Committee (QRC). President Unisame Zulfikar Thaver said it was finally decided by the Ministry to close the QRC as it was unanimously agreed that QRC has become futile and the committee as pointed out by all stakeholders is not serving any purpose. The buyers prefer to import rice in their own or selected brands of blended rice. ... Friday, July 03, 2015 Details

PICG becomes member of GNDI

Karachi—Pakistan Institute of Corporate Governance (PICG) has been inducted as a member of the Global Network of Director Institutes (GNDI). “PICG is the first institute from the sub-continent to have been granted the prestige of joining the GNDI network. This is an exciting opportunity for our current and future members to benefit from sharing experiences with global directors, learn from international colleagues and to stay updated on business and emerging governance trends impacting boardrooms across the world.” said Najia Ansari, spokesperson for PICG. ... Friday, July 03, 2015 Details

Far reaching structural reforms puts economy on growth track: Dastgir

Karachi—Federal Minister for Commerce Engr. Khurram Dastgir Khan has said that the government has succeeded in creating a stabilized platform and now the time has come to shift focus from stabilization to growth. “Economy of Pakistan is on the right track today due to the far-reaching structural reforms, stabilization measures and initiatives of the past two years. We all must work together for the progress and prosperity of our country”, he added while exchanging views during his visit to the Karachi Chamber of Commerce and Industry (KCCI) on Thursday. ... Friday, July 03, 2015 Details

Standard Chartered receives Islamic Finance Award 2015

Karachi—Islamic Finance Award (IFA) 2015 recognized Standard Chartered Saadiq for the Best Islamic Consumer Banker of the year 2015 and Islamic Corporate Relationship Manager of the year 2015. Ali Allawala, Head of Islamic Banking, Retail Clients won the Award for Best Islamic Consumer Banker of the year 2015, while Ahsan Manzoor, Relationship Manager, won the award for Best Corporate Relationship Manager of the year 2015. ... Friday, July 03, 2015 Details

IT expansion: YahClick to revolutionize broadband internet in Pakistan

Islamabad—Following the speedy expanding market of Information Technology and connectivity through internet facility in Pakistan, the Abu Dhabi’s one of the colossal Internet facilitators, Yahsat with investment of millions of dollars has introduced high speed Broadband Satellite Internet Service in Pakistan. ... Friday, July 03, 2015 Details