briefs
Govt urged to promote local LPG
By our correspondent
LAHORE: The LPG Association of Pakistan on Wednesday urged the government to promote local liquefied petroleum gas as an alternative fuel to help narrow the yawning trade deficit of the country. “Import of petroleum products is the biggest contributor towards historic trade deficit and is also a major indicator of the economy of any country,” Farooq Iftikhar, chairman LPG Association of Pakistan said in a statement.
“Country’s trade deficit swelled by 38.8 per cent to $ 23.385 billion during the first nine months of the ongoing fiscal year owing to rising imports.” Iftikhar said that trade deficit of $ 3.208 billion in March was 77.33 percent higher compared to the same month of previous year.
FFIs get FBR exemption
By our correspondent
KARACHI: The Federal Board of Revenue (FBR) has granted exemption from income tax on profit derived by foreign financial institutions, which extended loans to Pakistan about three and half years ago.
According to a notifications issued by the FBR on Wednesday, the exemption had been granted under Second Schedule of Income Tax Ordinance, 2001. The FBR said it had exempted profit on loans borrowed by the federal government under facilities arrangement on November 26, 2013 from financial institutions included: China Development Bank Corporation; Credit Suisse AG; Noor Bank PJSC; Standard Chartered (as lead manager) and Noor Bank PJSC (as investment agent), and Dubai Islamic Bank PJSC.
Cold Stone Creamery opens at Zamzama
News Desk
KARACHI: The premium American ice cream chain, Cold Stone Creamery, through their master franchisers in Pakistan, Venus Pakistan (Private) Limited, opened their seventh flagship store in the city. US Consul General-Karachi Grace W Shelton was the chief guest at the launch along with the consulate official and many other celebrities from Pakistan and abroad. Representing the Cold Stone parent company, Kahala Brands, from USA would be Audrey DE Haven (director of international operations). The secret recipe for the ice cream is that it is made fresh in Pakistan by Venue Pakistan at their manufacturing facility, and then delivered to all the outlets in Pakistan through their fleets of vehicles specially designed to keep the ice cream fresh.
NRSP bank deploys Oracle system
By our correspondent
KARACHI: NRSP Microfinance Bank Limited has selected Oracle Corporation, the worlds leading enterprise software and cloud computing services provider, to support its rapid growth and help improve services offered to its customers at a lower operational cost, a statement said on Wednesday.
“In order to continue our progress, expand our portfolio, and make our operations more transparent, efficient, effective and reliable, we needed to accelerate the modernisation and optimisation of our information systems,” Zahoor Hussain Khan, president of the bank, established under the vision of the National Rural Support Programme (NRSP) in 2011, said while announcing their agreement with Oracle.
IBA awards home-based workers
News Desk
KARACHI: A certificate distribution ceremony for Business Incubation Programme for Women Home-Based Workers was held at the Institute of Business Administration (IBA) main campus. An official of the Institute said on Wednesday that 61 women home-based workers belonging to areas including Sultanabad, Korangi, Ibrahim Hyderi and Lyari were awarded certificates for completing a comprehensive three-month entrepreneurship training programme especially designed for them.
He said this is a hallmark programme of IBA AMAN Centre for Entrepreneurial Development in which women entrepreneurs from underprivileged communities of Karachi are trained to start their own ventures in order to promote the cause of women economic empowerment.
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