Briefs

Briefs

ICAP presents certificates

By our correspondent

KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) has presented the certificate of approved Training Organisation outside practice to ABL,” a statement said on Thursday.    The Institute, after due diligence and taking opinion into account of all the stakeholders, launched the Training outside Practice earlier this year. Speaking at the certificate distribution ceremony, ICAP President, Hafiz Mohammad Yousaf emphasised on building a strong partnership with ABL.  “This initiative opens opportunities for the students as well as those who are already employed in industry,” Yousaf said.

 

Russian team visits Smeda

LAHORE: A delegation consisting of Yury M Kozlov, trade representative in Pakistan for the Russian Federation, and Dr Shahid Hasan, Head Russia Chair from Golden Ring Economic Forum, visited Small and Medium Enterprises and Development Authority (Smeda) head office on Thursday.

The visit was aimed at discussing bilateral trade relations, future possibilities of linkages, development and trade promotion. Haroon Ahmad Khan, general manager, Business & Sector Development Services and Dr Naeem Rauf, GM, Central Support Smeda, received the Russian delegation along with Sheharyar Tahir, head of External Relations Department and Nadia Jahangir Seth, Head of Policy and Planning Division of Smeda.

Smeda officials identified previous working with Russia and proposed development of direct linkages with the SMEs and business organisations of Russia. Smeda also proposed to get grassroots level access for entrepreneurs from the two sides through B2B meetings with Russian SMEs and bilateral trade delegation visits.

Kozlov appreciated the proposals of Smeda and said that there is a need for development of a joint information sharing platform. He also conveyed that the Russian investments were at a moderate level right now; however, there is a lot of interest from their side to invest in Pakistan.

New auto policy to attract investment

ISLAMABAD: Parliamentary Secretary for Industries and Production Rao Muhammad Ajmal Khan on Thursday informed the National Assembly that the government has prepared a comprehensive automotive development policy to attract more investment and ensure quality of locally-manufactured vehicles.

During the question-hour session, he said, some investors had already shown interest in the manufacturing of small cars. Around 49,348 used cars were imported in the country in the last fiscal year 2015/16, he said, adding that under the trade policy 2015/18, maximum three-year old cars can be imported.

Mostly in Pakistan, he said that used cars are being imported from Japan and these cars are E IV and above with regard to emissions. Currently, in Pakistan E II emission standards are being followed so there would be hardly any chance that these used imported cars will impact the environment.

 

MCCI keen to promote trade with Iran

ISLAMABAD: Multan Chamber of Commerce and Industry (MCCI) President Fareed Mughis Sheikh urged the government to enhance trade with Iran.

The Punjab business community is eager to promote trade with Iran in sectors such as textile and agriculture, he said. In an interview with IRNA, he said Pakistan can export textile leather products, rice and agro products, and surgical instruments to Iran.

Pakistan can also import several items from Iran for the purpose of enhancing bilateral trade. He said the present level of economic relations can be improved, as the volume of trade is only $830 million.

Sheikh said that the sharing capacity of the two countries is comparatively low and higher trading figures can be achieved through mutual cooperation. He stressed on the need to send delegations, particularly from South Punjab to Iran to introduce local products. Sheikh also said that Pakistan needs to implement Pak-Iran gas pipeline project as early as possible.

 

STX to sell French unit by year-end

SEOUL: South Korea´s STX Offshore & Shipbuilding plans to sell its French unit by the end of this year as the troubled company seeks a court-led debt restructuring programme, a spokesman said Thursday.

The ailing firm -- once the country´s number four shipbuilder -- filed for the restructuring in May after struggling for years with mounting losses caused by mismanagement and a slump in global demand.

STX will submit a revival proposal on Friday, its spokesman said, adding the it includes a plan to sell STX France to improve the parent firm´s financial conditions. "It is unfortunate that we have decided to let STX France go... but it was necessary as we were in desperate need for cash," Kong Doo-Pyoung told AFP.

A local unit of the accounting firm PricewaterhouseCoopers was hired last month to manage the sale, he said, adding the STX would accept bids in October before selecting a preferred bidder in November.

"Our goal is completing the sales of STX France by the end of this year," he said, adding several potential buyers including some Asian firms had shown an interest. The court is expected to decide the fate of the STX in the fourth quarter of this year, according to Seoul´s financial authorities.  STX shipbuilding -- part of the STX Group that has businesses from shipping to construction -- is seeking to cut hundreds of jobs at home and sell assets as it struggles with debts of 300 billion won ($258.3 million).

Creditor banks since 2013 have provided more than 4 trillion won to help STX repay maturing debts but failed to turn the troubled shipbuilder around. The company -- under creditor banks´ supervision since 2013 -- posted a net loss of 300 billion won last year.