FBR target should be revised downward by Rs400 billion: Mian Zahid Hussain

Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said a slight reduction in government borrowing has been noticed.

The government has borrowed Rs899 billion in the first five months of the current fiscal pushing debt to s24.11 billion while its favourite tool remained Pakistan Investment Bonds, he said.

Read the rest

Pakistan Steel industry and expected profit

A leading research house expects that Steel Universe (Comprising of three top steelmakers in Pakistan) would post a cumulative 2QFY21 NPAT of PKR1,873mn, up 83% YoY. Overall profitability is expected to rise due to increased sales led by a broad-based surge in demand from the construction space, 2/3 wheelers and other segments.

Read the rest

Zubair Motiwala for out of turn release of IT refunds to small traders, SMEs

Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) M. Zubair Motiwala has stressed that the pending Income Tax Refund Claims of small traders, shopkeepers and the SMEs must be calculated out of the turn and the claims of around Rs50,000 to Rs100,000, whose assessment has been completed, should be released on top priority which would bring some relief to the lives of small businessmen during the ongoing extraordinary situation caused by COVID-19 pandemic.

Read the rest

KATI lauds DC for making Korangi “polio-free.”

President of Korangi Association of Trade & Industry Saleem-uz-Zaman and CEO/Chairman KITE DMC Zubair Chhaya lauded Deputy Commissioner Korangi’s efforts Shahryar Gul Memon for a successful polio drive in Korangi. He mentioned that actions of the DC are now converting into real results as the environmental samples of polio in Korangi were negative, and this is a great development towards making the district “polio-free”.

Read the rest

Nepra unveils its CSR drive “Power with Prosperity.”

In a bid to introduce an inclusive development model in the power sector of Pakistan, the National Electric Power Regulatory Authority (NEPRA) has envisioned developing a Corporate Social Responsibility (CSR) culture with its CSR drive of “Power with Prosperity”. In this regard, a webinar cum seminar was hosted at NEPRA Tower on Monday, attended by a number of senior representatives from power industry, public and private sector entities as well as members of the Authority, Mr.

Read the rest

Daily cargo handling report of Karachi Port Trust

The Karachi Port Trust handled 134,665 tons of cargo comprising 73,395 Tones of import cargo and 61,270 Tons of export cargo during last 24 Hrs ending at 0700 Hours.

TOTAL IMPORT CARGO:

The total import cargo of 73,395 comprised of 16,616 Tons of Containerized Cargo, 16,414 Tons of Bulk Cargo, 12,244 Tons of DAP, 4,541 Tons of Soya Bean Seeds, 8,529 Tons of Wheat and 15,051 Tons of Oil/Liquid Cargo

TOTAL EXPORT CARGO:

The total export cargo of 61,270 tons comprised of 29,672 tons of containerized cargo, 21,870 Tons of Clinkers and 9,728 Tons of Cement.

Read the rest

Meezan Bank announces direct integration with Visa enabling seamless transactions

Meezan Bank, Pakistan’s first and largest Islamic Bank, has recently announced direct integration with global digital payments leader, Visa, for routing settlement of Visa card transactions. The shift comes in continuation with its direct integration with Mastercard last year, bringing the Bank a step closer to its goal of transforming its customers’ payment experience, enabling faster and more seamless transactions.

Read the rest

Trade will recover from coronavirus: Global business leaders hope

A survey of senior executives involved in their firms’ international trade decisions and transactions has shown widespread optimism for trade bouncing back in the wake of coronavirus. The study, commissioned by DP World and conducted by The Economist Intelligence Unit, found that 70 percent of businesses predict trade will recover to pre-pandemic levels more quickly than recovery after the financial crisis of 2008, which took two years and two months.

Read the rest