Briefs

PM urged to announce textile package

By our correspondent

LAHORE: All Pakistan Textile Mills Association (Aptma) Central Chairman Amir Fayyaz has appealed the prime minister to announce the agreed textile package to build on the advantage of stable macroeconomic indicators.

Addressing a press conference, he said Pakistan badly needs huge export earnings because taking more foreign loans is not an option and workers’ remittances is on the decline. Textile alone has the potential to boost exports by $15 billion in five years, if the industry is provided a level-playing field, he said.

The disadvantage textile sector faces in comparison with competing economies include import duty on all types of fibres used by textile industry to produce value-added exports. Fayyaz said that innovative non-refundable taxes on exports are eroding the competitiveness of the sector.

The policy to provide long-term finance facility for upgrading the technology should not be restricted to direct exporters only, he said, adding that exporters also need upgradation of technology.

 

Oil marketing companies sign charter

By our correspondent

KARACHI: Leading oil marketing companies (OMCs) have signed a charter promoting safety on carriage of petroleum products by road at a seminar on safety of transporting dangerous cargo, a statement said.

The charter was signed between OMCs - Shell, Total, PSO, Hascol and Byco - and major stakeholders and the purpose was to plan operations to ensure that safety obligations are met; while promoting driver compliance with the law; encouraging drivers training at levels above the minimum legal standards; ensure vehicles are safe and well maintained; and to promote the health of workforce. The seminar was organised by Automobile Corporation of Pakistan (Autocom) in collaboration with government regulatory authorities.

Khayam Husain, managing director of Automobile Corporation of Pakistan stressed the importance of ensuring safety measures on dangerous cargo while transporting them in Pakistan and there needs to be prudent monitoring of the drivers and the equipment used in transportation of such cargo, it said.

Ameer Hussain, program manager at RTIRPC said road accidents are mostly underreported and there are around 30 thousand to 35 thousand road accidents annually only in Karachi. He also stated that the action plan to prevent such incidents should be revised to ensure safety of human lives.  International transportation equipment companies also introduced their equipments which make tankers' liquid loading and unloading safer and save time.

 

PBL, Ramada Hotel sign MoU

News Desk

KARACHI: A renowned name in the hotel industry, the Ramada chain, recently opened their new location in Defence, Karachi, a statement said on Friday. With over 800 hotels across 63 countries, Ramada’s recent acquisition offers its guests panoramic views of the Arabian Sea.

At a grand ceremony held at the hotel itself, Yasin H Kassam CEO and Managing Director of Pakistan Beverage Ltd, and Iftikhar Qureshi, CEO of Ramada Creek Hotel, signed an exclusive agreement for the supply of carbonated and non-carbonated beverages to the guests of the hotel, it added.

Other senior members present on the occasion included Zaid Yasin, director of PBL; Agha Muhammad Khan, general manager of PBL; and Obaidullah Anwar, manager marketing and PR, Ramada Creek Hotel.

 

Easypaisa service extnded

By our correspondent

KARACHI: With the latest version of the Easypaisa Android App, users of other mobile operators can now open and access the most popular branchless banking service that had been up till now limited to Telenor users only, a statement said on Friday.

Easypaisa is one of the fastest growing branchless banking applications with more than 200,000 installs in less than six months.

Opening a new Easypaisa Account through the Easypaisa App is a simple process where the customers register with their mobile number and CNIC, upon which a One-Time Password (OTP) is sent to their phone and fed into the app automatically, it said.

Customers then enter the desired PIN and use the same to login to the application. Other new features included PIN creation from the app, eliminating the use of a mobile number and finding an Easypaisa outlet, through the Easypaisa store locator feature in the App.

HomeNet hails Sindh policy

By our correspondent

 KARACHI: HomeNet Pakistan commended the Sindh government’s decision of approving the home-based workers (HBWs) policy, a statement said on Friday. “We are highly thankful and acknowledge the remarkable efforts of Sindh government in taking lead for protecting HBWs rights across province,” the statement said. The Sindh government approved the policy of HBWs, which will soon be notified.

 

Global economic uncertainty likely

BERLIN: The global economic outlook is tinged with uncertainty following the U.S. election and the Brexit vote, but there will likely be no major economic impact on the German economy in the short term, the Economy Ministry said on Friday.

"The global economic environment remains characterised by uncertainty following the Brexit decision and the U.S. election," the ministry said in its monthly report.

"However, no negative impact is expected in the short term from today´s point of view," it said, adding that the German economy, Europe´s largest, likely continued to grow moderately in the third quarter.

Donald Trump´s protectionist rhetoric and his surprise victory in the U.S. presidential election shocked German politicians and business leaders. The United States is Germany´s most important export market, accounting for roughly 10 percent of overall sales abroad.

In 2015, German companies sold goods worth 114 billion euros to the U.S.- mainly vehicles, machines and chemical products. Germany´s Ifo institute estimates that more than 1 million jobs in Germany are linked to those exports that could shrink if Trump actually enacts his protectionist rhethoric.

 

Allianz posts bumper Q3 profit

Frankfurt: German insurance heavyweight Allianz on Friday announced a bumper third-quarter profit, turning around a slump prompted by higher payouts for natural disasters earlier in the year.

The group said it increased net profit to 1.95 billion euros ($2.1 billion) between July and September, an increase of 35 percent year-on-year. Its result outdid the expectations of analysts surveyed by Factset, who had forecast a net profit of 1.6 billion.

Allianz is now on course to meet its full-year target of 10.5 billion euros in underlying, or operating profit over the full year after earning just over 8.0 billion in the first nine months, chief financial officer Dieter Wemmer said in a statement.

"Efforts to develop our business in a very difficult environment are paying off," Wemmer said. In its statement, Allianz pointed to a "better performance across its business segments" to explain the rise in profits. 

 

Thai economic fundamentals strong

BANGKOK: Thailand´s economic fundamentals are strong enough to weather any impact from the U.S. election outcome, the country´s finance minister said on Friday. Thailand´s economy is export-dependent. Finance Minister Apisak Tantivorawong said exports to the United States would likely decrease, but the election outcome would have a minimum impact on overall exports. "Our economic fundamentals are stronger than many countries. We have passed through various crises. This is why we believe Thailand will not be too affected," Apisak told reporters.