01172017Tue
Last update: Tue, 17 Jan 2017 10pm

Business & Economy

Pakistan - Business & Economy

Pakistan's once-booming textile industry struggles to bounce back FAISALABAD: As Pakistan slowly emerges from a long-term power crisis, its once booming textile sector is scrambling to find its feet -- but high energy costs and a decade lost to competitors mean recovery is far from assured.Energy production was severely depressed for more than 10 years due to chronic under-investment, inefficiencies in the power network and an inability to collect sufficient revenue to cover costs.The result was crippling for manufacturers and in particular the textile sector, which employs 30 percent of the working population.Pakistan is the world's fourth largest cotton producing country but interminable power and gas cuts have stopped exporters from producing their orders on time. Many have watched helplessly as their clients have instead turned to Vietnam or Bangladesh.A third of the production capacity of the sector has disappeared, thousands of factories have closed, and most of the others are running below full capacity, says Rehan Bharara, ...

Pakistan - Business & Economy

Export of gems, jewellery boosts under new FPCCI leadership KARACHI: All Pakistan Gems Merchants and Jewellers Association (APGMJA) pins high hopes with the newly elected body of Federation of Pakistan Chambers of Commerce and Industry; led by Zubair F. Tufail as President FPCCI and sees a visible increase in gems and jewellery exports.Being jubilant on the sweeping victory of United Business Group (UBG) in FPCCI for third consecutive year of FPCCI annual elections, APGMJA's Spokesman Kashif-ur-Rehman -- who is also member of FPCCI Executive ...

Pakistan - Business & Economy

Edible oil import reduces by 6.92pc, 39.38pc in five months ISLAMABAD: Import of edible oil into the country including soyabean and palm oil during first five months of current financial year reduced by 33 percent and 6.93 percent respectively as compared to the imports of corresponding period of last year.Soyabean oil import into the country during the period from July-November, 2016 reduced by 33 percent as compared to the same period of last year, said the data of Pakistan Bureau of Statistics.During first five months ...

Pakistan - Business & Economy

SECP places conditions on AMCs SOHAIL SARFRAZISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has placed certain conditions on asset management companies (AMCs) for charging of selling and marketing expenses to collective investment schemes managed by them. According to an SECP circular issued here on Wednesday, the commission, exercising the powers conferred under section 282B(3) of the Companies Ordinance 1984 read with Regulation 60 (3) (v) of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, hereby prescribe the ...

Pakistan - Business & Economy

NA body agrees on reconstruction plan for revival of PSM ISLAMABAD: The National Assembly standing committee on industries and production on Wednesday agreed on reconstruction plan for the revival of Pakistan Steel Mill (PSM) proposed by Privatization Commission.The Committee meeting was held under the chairmanship of Asad Umer in Parliament House here.While Chairman Privatization Commission Muhammad Zubair informed the committee that government ensured transparency in Pakistan Steel Mill during different induction at high post in the organization.Zubair said that the government is fully committed to ...

Pakistan - Business & Economy

Tea import reduces 7.55pc in five months ISLAMABAD: Tea import into the country reduced by 7.55 percent during first five months of current financial year as compared to imports of corresponding period of last financial year.According to data of Pakistan Bureau of Statistics, about 89,123 metric tons of tea imported during the period from July-November, 2016-17 as compared to import of 73,383 metric tons of same period of last year.During the period under review, country spent U$ 208.597 million on import of ...

Pakistan - Business & Economy

Mobile phone import falls 14.2pc in Jul-Nov ISLAMABAD: The import of mobile phones fell by 14.2 percent during first five months (July-November) of current financial year as compared to same period of last year. According to latest data released by Pakistan Bureau of Statistics (PBS), the mobile phone import fell from US $307.748 million in July-November 2015-16 to $264.059 million in same period of current financial year.On monthly and yearly basis, the mobile phone import in November 2016, however, increased by 27.55 ...