Pakistan Observer

Business

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

UBL Funds launches Al-Ameen Islamic Active Allocation Plan –I

Karachi—UBL Fund Managers Limited (UBL Funds) announced the launch of the Al-Ameen Islamic Active Allocation Plan –I (AIActAP-I), under the Al-Ameen Islamic Financial Planning Fund. The plan is now open for subscription. The Al-Ameen Islamic Active Allocation Plan –I (AIActAP-1) offers a unique one of its kind plan for investors that wish to benefit from the equity market and want an actively managed investment portfolio. The plan has a term of two years, aiming to smartly invest and disinvest from the stock market. ... Tuesday, May 26, 2015 Details

Shahbaz approves institutional reforms in Minerals dept

Lahore—Punjab Chief Minister Muhammad Shahbaz Sharif presided over a high level meeting, here today, which decided to modernize Minerals Department. He gave approval to institutional reforms in Minerals Department and directed that a steering committee be set up for presenting recommendations for reorganization, capacity-building and reforms in Minerals Department. ... Tuesday, May 26, 2015 Details

Businessmen asked to initiate joint ventures in Qatar

Lahore—Ambassador of Qatar Saqr Bin Mubarak Al-Mansouri has said that Pakistani businessmen should initiate joint ventures (JVs) with Qatar counterparts as abundant investment and business opportunities were available in various sectors including infrastructure, tourism, pharmaceutical and healthcare. ... Tuesday, May 26, 2015 Details

Punjab govt to complete 300MW coal power project at Salt Range by 2018

Lahore—Provincial Minister for Mines and Minerals Sher Ali Khan has said that coal is the best solution for resolving energy crisis and Punjab government will complete 300MW coal power project at Salt Range by 2018. He said that there were 600 million tons reservoirs of coal at Salt Range and there is need to adopt clean coal technology to protect environment from negative effects of producing energy. He was addressing a seminar on “Role of Indigenous Coal in Solving Energy Crisis” organized by Centre for Coal Technology at Al Raazi Hall here on Monday. PU VC Dr Mujahid Kamran, Director Centre for Coal Technology Prof Dr Shahid Munir, MPAs Dr Farzana Nazir, Ghazala, faculty members and a large number of students were present on the occasion. ... Tuesday, May 26, 2015 Details

APCNGA protests against imposition of GIDC

Peshawar—The All Pakistan CNG Association (APCNGA) on Monday held a demonstration in front of Peshawar Press Club to register protest against imposition of GIDC, which they dubbed as discriminatory and lethal for the industry. Speaking at the occasion, provincial chairman of APCNGA Fazl-e-Muqeem Khan said that increased GIDC has been imposed in the underdeveloped province of Khyber Pakhtunkhwa (KP) while the GIDC of the past years of other sectors has been waived which is discrimination and unacceptable. ... Tuesday, May 26, 2015 Details

Budget 2015-16 would bring betterment of overall economy: Dar

Islamabad—Minister for Finance Senator Mohammad Ishaq Dar said Monday the upcoming budget 2015-16 would bring encouraging incentives for the betterment of the overall economy and for generation of employment opportunities He was chairing a meeting at the Federal Board of Revenue (FBR) which discussed budget proposals for the upcoming financial year, 2015-16. ... Tuesday, May 26, 2015 Details

Greece expresses doubt on IMF repayments due next month

Athens—Greece cannot make debt repayments to the International Monetary Fund (IMF) next month unless it achieves a deal with creditors, its interior minister said on Sunday, the most explicit remarks yet from Athens about the likelihood of default if talks fail. Shut out of bond markets and with bailout aid locked, cash-strapped Athens has been scraping state coffers to meet debt obligations and to pay wages and pensions. ... Monday, May 25, 2015 Details

Siraj shows discomfort on ICCI role

Islamabad—President Traders Welfare Association (TWA) Fruit Mandi Syed Agha Siraj has said Islamabad Chamber of Commerce and Industry (ICCI) has disappointed the business community. He said that democracy and proper representation of all the segments of businesses is imperative in business chambers for smooth functioning, accountability and economic development. ... Monday, May 25, 2015 Details

‘Preserving oil market share top priority for Gulf’

Kuwait—Gulf oil producers will resist attempts to cut output at an OPEC meeting next month, as preserving market share remains their top priority, industry analysts said. A decision by the 12-member Organization of Petroleum Exporting Countries not to cut production in November sent prices crashing 60 percent before a partial recovery in recent weeks. ... Monday, May 25, 2015 Details

Low price, loadshedding to affect rice cultivation

Islamabad—Farmers this year will be compelled to cultivate rice crop on comparatively less area due to low prices last year compounding with the electricity loadshedding, Kissan Bachao Tehreek Secretary General Ahmed Noor Dhudi said on Sunday. He said many paddy cultivators were thinking not to cultivate this crop because of low monetray benifit. They would instead opt for other crops, affecting the rice produce this year, he said while talking to APP. ... Monday, May 25, 2015 Details