FPCCI opposes shifting of TDAP office
By our correspondent
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has rejected a proposed plan to shift the Trade Development Authority of Pakistan (TDAP) headquarters to Islamabad from Karachi, a statement said on Tuesday. Acting president FPCCI Sheikh Khalid Tawab said such plan would hurt manufacturing and export activities. “The decision would serve as a catalyst to further decline the exports,” Tawab said.
SBP cancels exchange firm’s license
By our correspondent
KARACHI: The State Bank of Pakistan on Tuesday canceled license of East West Exchange Company-B (Pvt.) Limited with immediate effect after it requested for voluntary liquidation, a statement said. “The exchange company, its head office and branches have been debarred from undertaking any kind of foreign exchange business,” the central bank said.
JazzCash, MicroEnsure sign deal
News Desk
Islamabad: JazzCash has entered in to a strategic alliance with MicroEnsure Pakistan, the leading provider of mass market insurance worldwide, whereby innovative small ticket insurance products and solutions will be offered to its customers.
Under the partnership, MicroEnsure will develop a range of life, health and micro assets insurances meeting specific risk needs of the customers for distribution under a simplified process through a number of sales and service touch points of JazzCash.
Mangla Dam filled to capacity
By our correspondent
LAHORE: The Mangla Dam filled to its maximum storage level of 1242 feet above mean sea level on Tuesday, said the Water and Power Development Authority (Wapda). Mangla Dam, the first-ever mega multi-purpose project in Pakistan, was completed in 1967 with storage capacity of 5.88 MAF which reduced to 4.6 MAF due to sedimentation till 2004.
Subsequently, Mangla Dam Raising Project was initiated in 2004 with a view to maximizing hydro potential of River Jhelum. The project was substantially completed in December 2009. The dam was raised by 30 feet in December 2009 to increase water storage level of the reservoir upto 1,242 feet above mean sea level.
Thus, water storage capacity of the Mangla reservoir increased to 7.4 MAF from 4.6 MAF. As a result of the raised Mangla Dam, the additional 2.88 MAF of water can irrigate another 1.314 million acres of land, and generate 644 million additional units of electricity per annum from the existing Mangla Hydel Power Station.
Govt must support livestocks
By our correspondent
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) Tuesday urged the government to encourage private sector investment in livestock that could play a crucial role in the economic uplift of the country.
In a statement, the LCCI President Sheikh Muhammad Arshad, and other office bearers said that the value of livestock was higher than all the agricultural products, including major, minor and fruits and vegetables.
They said that appetite for Pakistani meat was strong in both domestic and export markets. They said that exports of live animals should be marginalised and only meat be exported to get maximum benefits.
They said that 15 percent milk wasted in transportation, required instant remedies. More chillers on farmlands need to be established, and those could be operated through joint ownership of farmers.
The LCCI office-bearers said that poultry meat accounted for around 25 percent of the domestic food requirement. The major way to cut cost in poultry was through reducing all import items involved in industry to zero level.
S Korea mulls 50-year treasury bonds
SEOUL: South Korea is considering issuing 50-year treasury bonds, the finance ministry said on Tuesday, a move that would be unprecedented as the country´s bond maturities now run up to 30 years. In a statement, the finance ministry said it was considering the new issuance because of the prolonged low interest rate environment and the fact that yield gaps between short and long-term treasury bonds were becoming smaller.
Gas groups discuss merger
Berlin: German industrial gas supplier Linde and its US competitor Praxair "are discussing a merger of equals", a source close to the matter told AFP on Tuesday, confirming a Wall Street Journal report.
A potential tie-up between the two companies would create a giant that would overtake French group Air Liquide as the world´s number one supplier of industrial gases.
Air Liquide took the top spot from Linde by sealing a deal at the end of May for the acquisition of US firm Airgas, which should take its annual revenues to more than 20 billion euros ($22.4 billion). But Linde and Praxair combined would have estimated annual revenues of more than $30 billion.
BHP Billiton posts $6.39 billion loss
Sydney: BHP Billiton on Tuesday reported an annual net loss of $6.39 billion, its worst-ever result, as the impact of a mine dam disaster in Brazil and weak commodity prices hit the world´s biggest miner. Mining firms have been battling big price declines in the commodities market, with the outlook uncertain despite a recent improvement in prices. The results for the year to June 30 followed a $1.91 billion net profit in the previous corresponding period. Underlying earnings, which strip out one-off writedowns, came in at $1.22 billion, slightly above analysts´ expectations.