Briefs
Minister stresses free trade in ECO
ISLAMABAD: Minister for Commerce Khurram Dastgir Khan on Friday stressed the need for trade liberalisation and for resolving visa issues in the member countries of the Economic Cooperation Organization (ECO).
“We need issues to be resolved pertaining to visa, customs facilitation and arbitration trigger trade activities between the ECO countries,” Khan said, addressing an ECO Chamber of Commerce and Industry meeting at the Federation of Chamber of Commerce and Industry.
He said regional trade and investment in ECO countries must for sharing prosperity and economic development. “Pakistan is a peaceful country and becoming more peaceful for achieving the goals of economic development and prosperity,” he added.
SECP to facilitate entrepreneurs
By our correspondent
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has organised the first preparatory session with regard to Supply Chain Diversity Expo for incipient entrepreneurs.
A statement issued by the commission on Friday said the event was organised in association with The Indus Entrepreneurs (TiE) and the US-Pakistan Women's Council (USPWC). The objective of the event was to encourage gender diverse supply chains where men and women avail themselves of equal opportunity in benefiting from new market without any gender discrimination.
The Securities and Exchange Commission of Pakistan assured the participants that, in collaboration with TiE, it would do everything possible to facilitate women entrepreneurs. The SECP officials also briefed them about the company registration process and corporate structure of startups, it added.
Raise in POL items’ prices slammed
By our correspondent
LAHORE: The All Pakistan Business Forum (APBF) has criticised the government for increasing fuel prices and termed it a bad news for the country’s economy, a statement said on Friday. APBF president Ibrahim Qureshi said though the prices of oil in the global market are going up yet the authorities can keep the rates stable by reducing tax ratio, which is highest in the region. In the past, the government did not pass on the full benefit of declining oil prices to the public by imposing heavy taxes. It is time to relax the duties and absorb the burden of soaring petroleum prices in the international market by keeping the prices stable, he added.
PSO launches brand building drive
News Desk
KARACHI: The country’s flagship oil marketing company, Pakistan State Oil (PSO), has launched a print and radio marketing campaign for its newly-introduced diesel product “Action +”, which marked the beginning of environment and vehicle-friendly diesel products in the country, a statement said on Friday. The campaign highlights benefits of “Action + Diesel”, which due to its low sulfur content, ensures a cleaner environment and better performance of vehicles, it added. “Action +” not only produces fewer greenhouse gas emissions, but also extends lubricant and engine life. The resultant emission reductions of hydrocarbons and oxides of nitrogen by use of low-sulfur diesel will be a huge step forward toward ensuring a healthy environment in the country, the statement added.
Traders pitch tax net widening formula
By our correspondent
KARACHI: Traders have advised Federal Board of Revenue (FBR) to bring manufacturers into sales tax net by creating a gap of five percent between registered and unregistered persons, a statement said on Friday.
“Instead of trying to bring five million shopkeepers under tax net in one go, the authorities should engage at least 50,000 dealers-cum-retailers in first year,” said Muhammad Sabir Shaikh, chairman All Pakistan Tajir Ittehad (APTI) while shedding light on the association’s tax proposals for federal budget 2017-18.
“For this purpose the government has to reduce sales tax by two percent from 17 to 15 percent for registered persons and increase it from 19 to 20 percent on sales for unregistered persons.” He said it is also very important to register retailers selling made-in-Pakistan goods such as engineering items, motorcycles, vehicles, auto parts, electrical appliances, and all imported items.
SCB posts Rs9.617bln profit
By our correspondent
KARACHI: The profit of Standard Chartered Bank (Pakistan) Limited rose four percent to Rs9.617 billion in 2016 as compared to Rs9.288 billion in 2015, a statement said on Friday.
Final cash dividend of 12.50 percent (Rs1.25/share) has been recommended by the board of directors for approval at the 11th annual general meeting of the bank's shareholders to be held on March 30. The bank delivered resilient financial performance, while revenue was lower by Rs2.9 billion, primarily due to reduced margins.
Bank AL Habib holds AGM
News Desk
KARACHI: The annual general meeting of Bank AL Habib Limited was held at its registered office in Multan on March 1, 2017. The shareholders approved the annual accounts for the year ended December 31, 2016. The payment of 35 percent final cash dividend was also approved. Deposits of the bank as on December 31, 2016 were Rs584.172 billion and profit after tax was Rs8.119 billion.
Taiwan exports to jump
TAIPEI: Taiwan´s February exports likely rose at its strongest pace in four years on solid tech demand, but the expected surge may be largely due to a holiday distortion, a Reuters poll showed. Exports were forecast to have expanded 16.8 percent from a year earlier, according to the median estimate of 14 analysts polled, which would be the strongest pace since January 2013 and more than double January´s 7 percent rise.