Briefs

briefs

 CPEC imports exempted from WHT

By our correspondent

KARACHI: The Federal Board of Revenue (FBR) on Friday exempted equipment imported for rail-based mass transit projects under the China Pakistan Economic Corridor (CPEC) from withholding tax.

The FBR, in a notification, ‘SRO 44(I)/2017’, said the withholding tax of income tax has been exempted on import of equipment to be furnished or installed for rail-based mass transit projects in Lahore, Karachi, Peshawar and Quetta under the CPEC.

The board said the decision was, “in pursuant of the Economic Coordination Committee’s approval on January 6.”

The FBR also awarded a Chinese contractor ‘CR-NORINCO JV’ with a reduced rate of income tax of six percent on payments arising out of commercial contract agreement signed with the Punjab government for installation of electrical and mechanical equipment in the Lahore Orange Line metro train project.

 Jazz regularises 2,000 employees

By our correspondent

KARACHI: After merger of Mobilink and Warid, Jazz has offered 2,000 employees with permanent, full-time job agreements, a statement said on Friday.

“From voice to data and from 3G to 4G the digital revolution gives us limitless new possibilities,” said Aamir Ibrahim, CEO of Jazz.

Jazz now offers all its employees better medical and life insurances along with transportation perks.

Jazz, through re-organisation of its business processes, is now more efficient, as it has moved from 10 to six organisational layers, it added.

This change not only enables swift flow of communication and faster decision making for customers benefit, but also presents faster growth opportunities for employees, it added.

Punjab govt’s decision hailed

By our correspondent

LAHORE: Punjab Industrial Estates Development and Management Company (PIEDMC) chairman Rizwan Khalid Butt has appreciated the Punjab government for devising a new industrial framework to set up the Industrial Regulatory Authority of Punjab, a statement said on Friday.

The industrial framework would soon be in place to streamline the industrialisation process, he said.

He termed it a paradigm shift from the existing state of industrial affairs and expressed the hope that it would introduce a new disciplinary and regulatory environment in the province.

“There are more than 250,000 industrial units operational throughout the province and the new system would harmonise their activities in a befitting manner,” he added.

It would also be helpful in the implementation of internationally acclaimed quality standards, besides addressing the capacity-building issue, he added.

Telenor nominated for awards

By our correspondent

KARACHI: Telenor Pakistan has been nominated for the prestigious GSMA Global Mobile Awards – 2017 (GLOMO 2017) for the fifth consecutive year, a statement said.

The nominations are for two categories that include “outstanding mobile contribution to the UN SDGs” and “best mobile payment solution” for Easypaisa, it added.

The GSMA Global Mobile Awards are commonly dubbed as the “Oscars” of the Mobile and Telecommunication industry.

In 2014, Telenor Pakistan’s mobile financial service “Easypaisa” won two GSMA awards for “Best NFC/mobile money product or service” and “best mobile product or service for women in emerging markets”.

In 2013 and 2015 Easypaisa was also nominated at the awards.

UBS turns more optimistic

ZURICH: UBS, the world´s biggest wealth manager, on Friday struck a more optimistic tone for 2017 on the back of rising U.S. interest rates as it posted a 47 percent fall in full-year net profit.

With its flagship wealth management division struggling amid record-low interest rates and a preference among billionaire and millionaire clients for holding cash, 2016 net profit fell to 3.3 billion Swiss francs ($3.3 billion) from 6.2 billion in 2015."Although macroeconomic uncertainty, geopolitical tensions and divisive politics continue to affect client sentiment and transaction volumes, we have begun to observe improved investor confidence, primarily in the U.S., which may benefit our wealth management businesses," Switzerland´s biggest bank said in a statement.

Earnings in 2015 had been boosted by a substantial tax benefit but 2016 pre-tax operating profit was still down 24 percent.

In the fourth quarter, net profit came in at 738 million francs. This was well ahead of the median estimate of 339 million in a Reuters poll of 15 analysts, in part thanks to lower-than-expected litigation provisions.

Tesco to buy UK wholesaler Booker

LONDON: Britain´s biggest supermarket Tesco said it would buy the country´s largest cash and carry wholesale supplier Booker in a recommended share and cash merger which valued Booker at about 3.7 billion pounds ($4.64 billion).

"This merger with Booker will further enhance Tesco´s growth prospects by creating the UK´s leading food business with combined expertise in retail, wholesale, supply chain and digital," Tesco CEO Dave Lewis said in a statement on Friday.

Tesco said the deal, which represents a value of 205.3 pence per Booker share, a premium of 12 percent on Thursday´s closing price, would result in Booker shareholders owning about 16 percent of the combined group.