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Incentives to boost exports by $2bn: Afridi ISLAMABAD: Federal Minister for Textile Industry, Abbas Khan Afridi said Wednesday that country's exports would increase by $2 billion annually owing to the incentives provided by the government to the textile sector.He was addressing a press conference at the conclusion of a day-long Pakistan Cotton Consultative Conference organized by the Ministry of Textile Industry with an aim to take recommendations and proposals from the stakeholders for the promotion of textile sector.The minister was flanked by Secretary Textile Industry, Rukhsana Shah, Cotton Commissioner, Dr. Khalid Abdullah and other officials of the ministry.Afridi said that the country's cotton output is expected at 12.5 million bales this year which would go up to 15 million bales during next year as government has taken comprehensive steps for the promotion of this sector.He said that government would sign a Memorandum of Understanding (MoU) with Chinese company under which new cotton seed would be tested through ...

FPCCI calls for 10pc uniform tax on rentals KARACHI: The government can earn more revenue from income tax on rentals income by adopting a uniform rate of 10 percent income tax rather to put the tax-payers in different tax slabs and complex calculations of income tax on rentals.This was stated by President, Federation of Pakistan Chambers of Commerce and Industry ( FPCCI) Zakaria Usman in a press statement here on Tuesday.He maintained that different slabs introduced during budget 2013-14 should be abolished because ...
Promoting investment, exports pivotal to economic uplift strategy: Ambassador Jilani WASHINGTON: Participants of Gem and Jewelry internship program, held under the auspices of the US Department of Commerce's Special American Business Internship Training Program, visited the embassy of Pakistan.Addressing the participants, Ambassador Jalil Abbas Jilani thanked the US government for initiating such programs, which are in line with the vision of Prime Minister Nawaz Sharif and the Pakistan US Joint Action Plan to diversify and enhance its export portfolio, through adoption of modern techniques and ...
Illicit cigarettes trade causes loss of Rs80bn ISLAMABAD: The country has lost Rs. 80 billion in last five years due to illicit trade in cigarettes and is expected to lose another Rs. 100 billion in the next five years.According to Euromonitor International, a global research agency, Pakistan, the penalties for the sale of smuggled cigarettes included confiscation of such cigarettes, fine up to Rs. 50,000, recovery equal to 500 percent of unpaid taxes and the imprisonment up to five years.However, up till ...
NADRA to set up desk at LCCI LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) will soon have a NADRA desk on its premises with an objective to facilitate its members.It was decided in a meeting between LCCI Vice President Kashif Anwar and Director General NADRA Brig (R) Muhammad Javaid Iqbal Khan here at NADRA office on Friday.Brig Javaid Iqbal informed the LCCI Vice President that NADRA was taking all possible measures to facilitate the masses and the establishment of a ...
Overseas remittances register commendable growth in economy: Babar ISLAMABAD: Managing Director Overseas Pakistani Foundation (OPF) Iftikhar Babar said on Friday that overseas worker's remittances registered commendable growth during July-April, 2013-14, growing by 11.5 percent against 6.4 percent growth recorded in the corresponding period of last year.Talking to APP Iftikhar Babar said that the consistent growth in remittances reflects a shift from informal to formal avenues to remit funds from overseas Pakistanis.Babar further said that overseas workers were the main source of economic growth ...
Rs100mn set aside for promotion of olive cultivation ISLAMABAD: The government has earmarked Rs100 million in its Public Sector Development Programme (PSDP), 2014-15 for the promotion of olive cultivation on commercial scale in the country.According to the budgetary documents, the total estimated cost for the project is Rs500 million while an amount of Rs100 million has been allocated for the fiscal year 2014-15.The status of the project is un-approved and it has to be approved by the Central Development Working Party (CDWP).It may ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln