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Another round of global recession

The world is heading toward third economic recession, warns British Prime Minister David Cameron, saying that “red warning lights are once again flashing on the dashboard of the global economy.”Cameron made this statement on the state of global economy while just returning to his country after attending the G20 summit of world leaders in Australia.The world is preparing a ground ... Read More »

Import of used car

  The Competition Commission of Pakistan (CCP) has issued a Competition Impact Assessment report for the automobile sector, suggesting the government to open commercial import of used cars to create an atmosphere of competitiveness in the auto industry.The report says that allowing the import of used cars on the basis of auto tariff regime will have a positive impact on ... Read More »

Potentials of marble industry

According to Islamabad Chamber of Commerce and Industry (ICCI) Acting President M Shakeel Munir, Pakistan’s share is less than one percent in $62 billion worldwide marble trade despite the fact that the country is gifted with all kind of natural resources, including best quality marble and granite. He says that over 64 varieties of marble and granite are found in ... Read More »

FBR up in arms to curb contrabands

According to a report appearing in Customs Today, the United States has provided state of the art equipment to the Federal Board of Revenue to stop the smuggling of explosive material into the country.US Ambassador Richard Olson has handed over 10,000 chemical testing kits, 80 vehicles and five first defenders night vision glasses to FBR chairman Tariq Bajwa. The equipment ... Read More »

Putting OGDCL sale on hold

The Cabinet Committee on Privatisation has stalled the sale of 10 percent shares of the Oil and Gas Development Company Limited (OGDCL), the largest energy firm in Pakistan, after receiving lukewarm response from the local and international investors to its ambitious agenda of privatisation. The government had offered 311 million shares for sale,but received offers for only 162 million shares ... Read More »

Industry without gas

The federal government has decided to suspend gas supply to industries and CNG stations in Punjab for four months from November 15 to March 15. According to load management policy of the Federal Petroleum Ministry, the decision has been taken in view of the shortage of gas which will only be supplied to domestic consumers in the province. The Lahore ... Read More »

Economy: reality vs claims

Painting a rosy picture of the economy, Finance Minister Ishaq Dar has claimed that the government has set the country on the road of progress despite the fact that it had inherited a broken economy when it assumed the office in 2013. He also saysthat the government has ensured a remarkable economic recovery during a short span of time by ... Read More »

Reviving the textile industry

Textile industry is the backbone of the national economy,contributing nearly one-fourth of the industrial value addition, 8 percent of the gross domestic product and 55 percent of the overall exports. At least 40 percent of the industrial workforce is associated with this industry, but declining trends in the export of cotton products call for the introduction of a new textile ... Read More »

A question of integrity

According to newspaper reports, an Integrity and Performance Management Unit has been set up in the Federal Board of Revenue (FBR) to evaluate integrity and performance of all the board employees and identify corrupt elements within the ranks of the junior and senior officials. The unit will be bound to present its report to the FBR chairman while the heads ... Read More »

To import or not to import wheat

The federal finance ministry has imposed a 20 percent regulatory duty on import of wheat for the current crop season, apparently to support domestic producers and discourage wheat import. Pakistan is one of the biggest wheat producing country in the world and at one point of time it produced wheat more than the entire African continent and even Russia. But ... Read More »

Tax collection target

The year book 2013-14 issued by the Federal Bureau of Revenue (FBR) shows four percent growth in development and tax collection, but recorded a shortfall of Rs 209 billion in its revenue target set for the specified year. The FBR had collected Rs 2,266 billion during the previous year against a target of Rs 2,475 billion, falling short of Rs ... Read More »

Banking on IMF loan

The Finance Ministry expects a breakthrough in talks between Pakistan and the International Monetary Fund (IMF) in Dubai for the issuance of $100 million installment, hoping that the money will soon be delivered to Islamabad. According to newspaper reports, the talks are going to be held in November 7 in the backdrop of $6.64 billion assistance programme for Pakistan. The ... Read More »

Potential for Islamic banking

Muslims count over 1.6 billion of the world population, but are divided and even sub-sub divided on economic, political, geographical, cultural and ethnic lines. Islam rejects interest-based economy whereas the current banking system prevailing in all the Muslim countries is offshoot of capitalism where interest is the key to business ethics. The State Bank of Pakistan has issued a document ... Read More »

Getting one step down

Pakistan has once again set a new record of degradation. This time in the ranking of business friendly countries, thanks to unfavourable economic atmosphere, political polarisation, sit-ins and ill-conceived government policies. According to a new World Bank report on ‘Doing Business’, Pakistan falls one grade lower — from 127th of last year to 128th of the current year — in ... Read More »

Bajwa’s narratives

Federal Board of Revenue (FBR) Chairman Tariq Bajwa’s claim that his department has achievedthe desired targets, including tax collection and broadening of tax net, auspicatesthe emergence of a strong financial order in the coming months. According to him, at least 40,000 new taxpayers have been registered and the government is prepared for the fifth assessment of the economy with the ... Read More »

Pakistan as favourite tourist destination

The other day, a meeting of the board of directors of the Pakistan Tourism Development Corporation underlined the need for concerted efforts to promote tourism industry in the country. Tourism has emerged as a promising industry in recent years and is not only a popular recreation but also it means business. Several economies in Europe, Asia and North America wholly ... Read More »

Investment moot: Money in the bank

Pakistan needs billions of dollars investment in various sectors of the economy, including infrastructure, industry, energy and natural resources . The government has allowed foreign investors to hold 100 percent equity and that too without fixing a slab for the transfer of profit to the countries of their origin. Special offers are extended to those who will invest in the ... Read More »

New World Financial Order

At least 21 countries, Including Pakistan, have signed a memorandum of understanding at Great People’s Hall in Beijing to set up Asian Infrastructure Development Bank with paid up capital of $50 billion. The establishment of the bank indicates China desire to promote investment at the regional level as well as the nature of its competitive relationship with the United States. ... Read More »

Fixing economic woes

Pakistan is 27th largest economy in the world based on its purchasing power, but a quarter of its population lives below the poverty line despite having adequate natural resources and industrial infrastructure. According to experts, internal political chaos, regional instability,energy crisisand lack of interest of developed nations to involve Pakistan in business and tradeactivities are a few causes to be ... Read More »

Concession package for investors

Federal Commerce Minister Khurram Dastgir Khan has said that a 10-year concession package will be launched for the Export Processing Zones across the country,which will be supported by a legal cover to restore the confidence of the local and foreign investors in the government policies. According to newspaper reports, Khan attended a briefing on the Export Processing Zones and noted ... Read More »