Business News

Deeper integration: ASEAN to declare single market

DAVOS:  The Association of Southeast Asian Nations (Asean) will officially call itself a single market by year’s end, but big things like seamless travel within the 10-nation bloc would only come in 2020, said Malaysia’s Trade Minister Mustapa Mohamed. “We don’t have complete integration or harmonisation yet, but 2015 is laying the stage for bigger things to come,” he said. ...

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Next attacks could be more sophisticated

DAVOS: Davos elite were warned on Saturday of the terrifying possibilities of modern cyber terrorism including attacks on power plants, telecommunications and financial systems and even turning all of Los Angeles’ traffic lights green. “Possibilities of individuals being hacked would only increase in future as more devices like “smart televisions” are hooked up to the internet,” said Kaspersky Lab Security Group ...

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Afghanistan, Pakistan to improve trade ties

KARACHI: As Afghanistan and Pakistan work towards a common goal, Afghan Ambassador Janan Mosazai has said that both the countries must work to deal with common issues like terrorism, illiteracy, poverty, water shortages, energy crisis and infrastructure development. “We are dependent on each other and cannot live in isolation. We need to effectively utilise the available resources in order build deeper ...

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Seed sellers: Registration of 100 companies may be cancelled

ISLAMABAD: A large number of cotton seed companies are likely to be deregistered by the Federal Seed Certification and Registration Department over their dubious activities and poor performance regarding provision of seeds. To this effect, the Federal Seed Certification and Registration Department had constituted five committees for monitoring and evaluating the registered seed companies. These committees were constituted on the directives ...

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Weekly review: Bourse comes down after hitting record high

KARACHI:  The Karachi Stock Exchange hit yet another record high during the week ended on January 23 and touched 34,330 points as anticipation of a discount-rate cut in the monetary policy triggered heavy investments. As expected, the State Bank of Pakistan on Saturday announced a reduction of 1% in the discount rate, taking it to 8.5%. The week started off ...

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Under pressure: Businessmen warn Islamabad against cutting off power

KARACHI:  As the agreement under which Karachi gets approximately 24% of its power supply from the national energy pool expires on January 26, politicians and businessmen have warned Islamabad that alienating the port city would intensify debate over distribution of natural resources. It is very unlikely that the National Transmission and Dispatch Company (NTDC) will sever the supply of roughly ...

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Better supplies: Ministry announces cut in outages for industrial units

LAHORE:  At a time when electricity consumers have braced for the worst load-shedding due to the recent fuel crisis, the Ministry of Water and Power has announced a reduction in the hours of industrial outages to four. According to the National Transmission and Dispatch Company (NTDC) spokesperson, total generation currently stands at 9,000 megawatts against the demand for 12,500MW, depicting ...

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Empowering women: Fixed job quota suggested

ISLAMABAD:  Chairperson of the Senate Standing Committee on Cabinet Secretariat Senator Kulsoom Parveen has called for legislation on fixing job quota for the skilled women in all public departments. Speaking at a certificate distribution ceremony held for the trainees of different industrial homes working under the auspices of the Staff Welfare Organisation, she said “the whole effort of imparting skills ...

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Ahead of monetary policy, traders demand 1.5% cut

LAHORE: Businessmen have shared their perceptions about the central bank’s policy rate and have stated that in order to boost investment the State Bank of Pakistan (SBP) should look at reducing the rate by 1.5% as inflation is also on a gradual decline. All Pakistan Textile Mills Association Chairman SM Tanveer said average inflation in the first six months of the ...

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December 2014: Concerns grow as textile exports drop 6.38%

FAISALABAD: The Pakistan Textile Exporters Association (PTEA) has expressed deep concern over the drop of 6.38% in textile exports in December 2014 despite the availability of GSP Plus scheme. Unprecedented energy shortage and lack of working capital are the major factors behind the substantial drop in exports. PTEA Chairman Sohail Pasha and Vice Chairman Rizwan Riaz apprehended that export numbers might ...

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