07242016Sun
Last update: Sun, 24 Jul 2016 01pm

Business & Economy

Pakistan - Business & Economy

Govt advised to save $2.5bn through intervention in edible oil sector ISLAMABAD: The Islamabad Chamber of Small Traders (ICST) advised the government to promote edible oil sector through intervention which will help Pakistan save 2.5 billion dollars annually.Government has announced incentives for the agriculture sector in the budget but the edible oil sector has been ignored, said Shahid Rasheed Butt, Patron Chamber ICST.He said that government's intervention can result in self-sufficiency in edible oil production can help country save 2.5 billion dollars while providing jobs to many.Edible oil imports are now second largest after fossil fuel in which palm oil enjoys 90 percent share because farmers are at the mercy of middlemen which is the biggest reason behind lack of interest by growers, he said.Shahid Rasheed Butt said that self-reliance is possible if land under cultivation is increased, support price is offered, and the coastal belt of Sindh and Balochistan are utilized for production.He called for enhanced research and development, subsidy ...

Pakistan - Business & Economy

New system developed to deduct sales tax automatically ISLAMABAD: Controller General of Accounts (CGA) with the assistance of Federal Board of Revenue (FBR) has developed a software which is now being used for automated verification of Sales Tax Registration Number (STRN) and deduction of applicable rates of sales tax from the vendors' claims submitted at accounting offices.The system has been implemented across all accounting offices from July 01, 2016, said a statement here on Wednesday.The successful implementation of the project will ensure correct ...

Pakistan - Business & Economy

LCCI welcomes SECP steps to facilitate company formation LAHORE: Lahore Chamber of Commerce & Industry (LCCI) Tuesday welcomed the revolutionary steps taken by Securities & Exchange Commission of Pakistan (SECP) to facilitate company formation and said that these initiatives would give boost to the trade and economic activities in the country. The LCCI President Sheikh Muhammad Arshad, Senior Vice President Almas Hyder and Vice President Nasir Saeed said here that SECP's move to ease the process of company registration would reduce the difficulties ...

Pakistan - Business & Economy

Consumer protection essential for unleashing potential of e- commerce: Khurram ISLAMABAD: Minister for Commerce Engineer Khurram Dastgir Khan on Tuesday said consumer protection is essential to unleash the true potential of e-commerce which is going to be the next big thing in international trade.Addressing the roundtable discussion on `E-Commerce for Development' at the 14th meeting of United Nations Conference on Trade and Development (UNCTAD) in Nairobi, Kenya, said a statement.The minister appreciated the `E-trade for All' initiative of UNCTAD and said that it will provide ...

Pakistan - Business & Economy

Shipping activity at Port Qasim KARACHI: Four ship HS Chopin, Al-Safat, White Purl and Rowan-3 carrying Containers,LPG and General cargowere arranged berth at Qasim International Container Terminal, Engro Vopak Terminal and Multi Purpose Terminal respectively on Monday,18.In the meantime Three more ship Glarus, Maersk, Chicago and BW Hawk with Fertilizer containers and Soya bean seeds also got anchored at outer anchorage of Port Qasim.Berth occupancy remained at the port at 47% on Monday where a total of seven berths were ...

Pakistan - Business & Economy

FPCCI for setting of agriculture desk to increase productivity ISLAMABAD: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Standing Committee Tuesday called for setting up an agriculture desk for formation of policies and their onward submission to government aimed at enhancing income and productivity.Chairman, FPCCI Regional Standing Committee Ahmad Jawad said, it would also increase global competitiveness of Pakistan's agriculture sector.Talking to APP he said, last year, the FPCCI Standing Commitee on Horticulture and Agriculture Produce had sent a detail proposal to ...

Pakistan - Business & Economy

ADB forecasts economic boost in Pakistan in 2016-17 ISLAMABAD: The Asian Development Bank (ADB) has forecast further boost in Pakistan's economic growth during 2016 and 2017 due to high investment in infrastructure, improved security environment and energy supply."In Pakistan, further improvements in energy supply, higher infrastructure investments, and an improved security environment will help push up growth in 2016 and 2017," said an ADP report released on Monday.Growth in Asia and the Pacific's developing economies for 2016 and 2017 will remain solid as ...