Business News

Where to invest? Majority prefer investment in real estate, but laws absent

LAHORE: Pakistan’s real estate sector is definitely lucrative, attracting both investors and genuine buyers alike. Yet, a noticeable majority of Pakistanis are overly anxious when dealing with investment in this particular sector. Reasons for this are well known. The undocumented real estate industry, which witnesses many frauds from developers with almost no property laws protecting the investor from potential scams and ...

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Assistance required: Finance ministry may resist new bailout package

ISLAMABAD:  The Ministry of Industries may face resistance from the finance ministry in getting approval of a fresh bailout package amounting to Rs12.6 billion for the Pakistan Steel Mills (PSM). The Economic Coordination Committee (ECC), in its meeting held on April 25, 2014, had approved a cash injection of Rs18.5 billion into PSM in a bid to bring its production ...

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PSM financial adviser: Sole consortium fails technical evaluation

ISLAMABAD:  An evaluation committee has knocked out the sole consortium that submitted a bid for taking over the job of financial adviser for selling the Pakistan Steel Mills (PSM) on technical grounds, dealing a blow to the plan of privatising the ailing entity by the end of this year. The consortium of Pak-China Investment Bank, Grant Thornton consulting, Tyazhpromexport, RIAA ...

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Weekly review: KSE rally comes to an end as index drops 713 points

KARACHI:  The stock market’s rally finally came to an end after six consecutive weeks of gains as foreign selling coupled with profit-taking resulted in the benchmark KSE-100 index falling 713 points (2.1%) during the week ended February 13. A correction was long overdue as the index racked up gains after gains since the start of 2015. The KSE-100 index, which ...

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Clean technology: UNIDO partners with NUST

ISLAMABAD:  The United Nations Industrial Development Organization (Unido) and the National University of Science and Technology (Nust) have agreed to foster entrepreneurship in clean technology innovation in Pakistan. Both organisations are already working on capacity building of national engineering universities, R&D institutes and local manufacturers of biomass gasifiers. Speaking on the occasion, Unido Director General Li Yong appreciated Nust’s role ...

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Mandarin festival: Kinnow research institute planned

ISLAMABAD:  The Trade Development Authority of Pakistan and Sargodha Chamber of Commerce and Industry (SCCI) organised a one-day Mandarin Festival for the promotion of kinnow and citrus varieties of the country. Parliamentary Secretary Mohsin Ranjha, in his remarks, said the initiative would promote the country’s kinnows and encourage fruit growers to increase production. He said Pakistan was an agriculture-based country ...

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Gas shortage: SSGC faces 40mmcfd shortfall

KARACHI:  As a result of curtailed gas supply from Bhit and Naimat Basal fields, an overall shortfall of 40 million cubic feet per day (mmcfd) has been recorded in the Sui Southern Gas Company’s (SSGC) system. Owing to this, the supplies of SSGC have also been affected and the utility is receiving calls from people in Karachi and interior Sindh, ...

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SITE businesses protest to ‘save industry’

KARACHI: The industrialists of the SITE Association of Industry (SAI) – one of the biggest industrial zones in Karachi – staged a protest on Friday near the Governor House against unavailability of gas to the industries. The protesters, led by SAI President Jawed Bilwani, were holding black flags and placards, urging the government to resume gas supply. The industrialists said gas ...

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Construction: Thatta Cement profit rises 51%

KARACHI:  Thatta Cement has posted a net profit of Rs134 million in the first half ended December 31, 2014, up by a significant 51% compared to the same period of previous year. Earnings per share (EPS) improved to Rs1.34 compared to EPS of Rs0.89 in the same period of previous year. However, the company’s profitability declined to Rs48 million in ...

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Gender equality: US envoy launches women’s entrepreneurial centre

ISLAMABAD: Reinforcing the US commitment to advancing gender equality through entrepreneurship in Pakistan, US Ambassador Richard Olson inaugurated the Women’s Entrepreneurial Center of Resources, Education, Access and Training for Economic Empowerment (WECREATE) here on Friday. The centre, the first of its kind in the world, will advance gender equality in entrepreneurship and provide training support and mentorship for women entrepreneurs in ...

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