06282016Tue
Last update: Tue, 28 Jun 2016 03am

Business & Economy

Pakistan - Business & Economy

CPEC to be proved fortune changer for Gilgit-Baltistan GILGIT: The China-Pakistan Economic Corridor (CPEC) could not only address Pakistan's energy shortfall but prove to be a fortune changer for the Gilgit-Baltistan region.The CPEC is a collection of projects presently being implemented at a cost of $46 billion to rapidly expand and upgrade Pakistani infrastructure, as well as deepen and broaden economic links between Pakistan and China.The Corridor passing through Gilgit-Baltistan in the north to reach the Gwadar port in the south of the country will transform the economy and help bridge Pakistan's power shortfall.In his recent visit to Gilgit-Baltistan, Prime Minister Nawaz Sharif laid the foundation stone of a fiber optic project which is part of CPEC.The project will be completed in two years at the cost of Rs 4.4 billion. It will lay an The 820-kilometer long cable from Rawalpindi to Khunjerab will provide an alternative telecommunication route between Pakistan and China after completion.As a result, people ...

Pakistan - Business & Economy

Curbing smuggling may help reduce dependence on debts: LCCI LAHORE: The Lahore Chamber of Commerce & Industry has said that elimination of smuggling, which is causing loss of billions of dollars to the national exchequer, could help reduce dependence on debts.In a statement issued here, LCCI President Sheikh Muhammad Arshad said that the government could save billions of dollars annually by eradicating the menace of smuggling. Then there would be no need for dependence on loans to meet the budget deficit, he added.He said ...

Pakistan - Business & Economy

84 percent cotton sowing target completed MULTAN: Additional Secretary Agriculture Punjab Hussain Sardar said that cotton sowing on 84 percent land of total taget had been completed so far while extra efforts were being made to achieve 9.5 million cotton bales production.He said that cotton sowing was 16 percent below from total sowing target and 14 percent from last year as May-30 was deadline date for cotton sowing.While, briefing to media at Central Cotton Research Institute (CCRI) after second cotton crop ...

Pakistan - Business & Economy

Business community hails Pakistan's upgradation to emerging markets status ISLAMABAD: The business community on Thursday hailed upgradation of Pakistan Stock Exchange to the emerging market index of the Morgan Stanley Capital International (MSCI) and termed it a highly positive development as it will encourage foreign investors to consider Pakistan as an attractive destination for foreign investment.In a meeting held at Islamabad Chamber of Commerce and Industry (ICCI) here,the businessmen said, It will also create better opportunities for private sector to generate funds from capital ...

Pakistan - Business & Economy

Hosiery, readymade garments exports fetch $ 3.36bn in nine months ISLAMABAD: The hosiery and readymade garments exports have fetched US $ 3.36 billion as precious foreign exchange for the country, showing growth during first three quarters of this year.During the period, Knitwear worth US $ 1749.763 million was exported while readymade garments exports increased to US $ 1609.452 million, showing an increase of 4.2 % in terms of value and 1.56 percent in term of quantity.The latest data regarding performance of hosiery industry on Thursday ...

Pakistan - Business & Economy

Shipping activity at Port Qasim KARACHI: Brisk shipping was recorded at the port where five ships C.V Maersk Stepnica, M.V Orion-3, M.V Horizon and M.T Methane Heater Sally carrying Containers, Soya Bean seeds, Palm oil and LNG were arranged berthing at Qasim International Container Terminal, Grain & Fertilizer Terminal, Liquid Cargo Terminal and Engro Elengy Terminal respectively on Wednesday, 15th June-2016. In the meantime three more ships C.V Priority, M.T Yas and M.T As Orelia with Containers, LPG and Chemicals ...

Pakistan - Business & Economy

NAB Balochistan arrests Saleem Shah QUETTA: National Accountability Bureau (NAB) Balochistan has arrested Saleem Shah, a wanted accused in mega corruption case, under which ex-finance minister, Mir Khalid Langove and suspended finance secretary Balochistan, Mushtaq Ahmed Raisani were in the remand custody of the NAB and were being interrogated. A spokesman for NAB Balochistan said, here on Wednesday that acting on a tip-off, NAB team raided a place in Sindh province and arrested Saleem Shah. "Shah had dual charge of ...