Briefs
FBR suspends two Customs officials
By our correspondent
KARACHI: The Federal Board of Revenue (FBR), while taking disciplinary action, has suspended two Customs officials. In a notification issued on Wednesday, the FBR placed the officials under suspension with immediate effect for a period of three months. The officials, who were suspended, are Amir Ahmed Shamoo, principal appraiser and Qamar Jamal, appraising officer. Both the officials are currently posted at Model Customs Collectorate (MCC) Appraisement (West), Karachi.
Karandaaz signs three agreements
By our correspondent
LAHORE: Karandaaz Pakistan signed grant agreements of $300,000, ie, $100,000 each with Ricult Pakistan, Paysys Labs and PublishEX Solutions, winners of the first-ever Fintech Disrupt Challenge in Pakistan, a statement said on Wednesday.
Both the challenge and resultant grants have been funded by Bill & Melinda Gates Foundation, it added. Of a total of 61 applications from all parts of the country, 28 were invited to present at the Fintech Disrupt Challenge 2016 held in collaboration with the LUMS Center for Entrepreneurship in November last year, the statement said.
Ten finalists were shortlisted by judges who included subject matter and investor experts from ArbiSoft, Acumen, Bank Al-Falah and board members of Karandaaz. Of these three companies emerged as the winners.
PPAF wins award
By our correspondent
KARACHI: The South Asia Regional Public Procurement Network (SAPPN) has declared the Pakistan Poverty Alleviation Fund winner of the South Asia Procurement Innovation Awards 2016-17 for its community driven inclusive procurement processes, a statement said on Wednesday.
The award has been launched by South Asia Regional Public Procurement Network (SAPPN) with Asian Development Bank, the World Bank and Procurement iNET. Pakistan Poverty Alleviation Fund developed a Community Driven Development (CDD) procurement manual to introduce a participatory, efficient, cost effective and transparent procurement mechanism at the grassroots.
Under its innovative CDD model PPAF through its partner organizations identifies and trains community resource persons from its network of local support organizations on financial management, record keeping, community procurement and asset management to take down the guidelines to all tiers of community institutions. PPAF has used this local human capital to build capacities of community institutions.
‘Oil output cut stabilises market’
Doha: Qatar´s energy minister, the current OPEC president, said Wednesday that world oil markets were "responding positively" to output cuts implemented by the cartel and some non-cartel producers. "I think the market is responding positively and you can see the drop in supply," Mohammed Saleh al-Sada told reporters. "As you know, what we are after is the rebalancing of the market." OPEC and non-OPEC producers led by Russia agreed in December to cut output by nearly 1.8 million barrels per day, initially for six months, starting from the beginning of this year. Sada said he was happy with the level of compliance with the agreed cuts by individual producers. "The degree of adherence is very high," he said.
China invites UK to Silk Road summit
BEIJING/LONDON: China has invited British Prime Minister Theresa May to attend a major summit in May on its "One Belt, One Road" initiative to build a new Silk Road, diplomatic sources told Reuters, as London said she would visit China this year.
"One Belt, One Road" is Chinese President Xi Jinping´s landmark programme to invest billions of dollars in infrastructure projects including railways, ports and power grids across Asia, Africa and Europe.
China has dedicated $40 billion to a Silk Road Fund and the idea was the driving force behind the establishment of the $50 billion China-backed Asian Infrastructure Investment Bank. China has so far given few details about who will attend the summit, to be held in Beijing.
The country´s top diplomat, State Councillor Yang Jiechi, told the official China Daily last week that leaders from about 20 countries have confirmed their participation, representing Asia, Europe, Africa and Latin America, though he did not give names.
Etihad sees challenging year
DUBAI: Etihad Airways faces "another challenging year", Group Chief Executive James Hogan said on Wednesday, adding the Abu Dhabi-based carrier would "expand prudently and efficiently" this year. Gulf carriers are under pressure to adapt to slowing growth after years of rapid expansion. Two weeks ago, Etihad said it was conducting a company-wide strategic review and Hogan would step down in the second half of 2017.The review could include adjustments to the network of equity partnerships with other carriers that Hogan used to engineer Etihad´s rapid growth. "We remain optimistic and have every belief that our robust business model will succeed and, most importantly, stand the test of time," Hogan said in an emailed statement.