Hira Jalal, ACCA, founder of Finperial, organized a financial literacy seminar for entrepreneurs in Islamabad on 14th September, 2019. The event was held at WeCreate Centre and was attended by 70+ startup founders. The seminar touched upon numerous accounting standards and included topics related to bookkeeping, financial statements, budgeting, break-even analysis, FBR, SECP or any other financial fundamentals.
Atoms, a Pakistani e-commerce brand and one of the trailblazers in the world of footwear, has raised $8.1 million from a list of illustrious backers to bring its concept to the masses. The company has been selling directly to consumers in the US via its website and at one point had a list of nearly 40,000 people waiting to buy.
The Pakistan International Airlines (PIA) management has laid off nearly 1,000 surplus employees in order to reduce operational cost. The staff which has been termed “redundant” by PIA President Arshad Malik, was laid off on cost cutting recommendations of Finance Minister Dr Abdul Hafeez Sheikh. Dr Sheikh asked PIA to effectively utilise its assets, improve revenue streams and ensure efficiency and financial discipline.
The government is ready to establish a mobile phone manufacturing plant in Haripur in collaboration with the private sector, dropping the idea of privatizing the Telephone Industry of Pakistan (TIP). To fully realize the potential of IT sector, talks are underway with five to six different Chinese companies for establishing a mobile handset manufacturing plant.
PTI leader and former finance minister Asad Umar has said that according to his assessment inflation rates would peak in next two to four months. While speaking on a local news channel, Umar said that after few months, slowly inflation rate would start going down, which would be reflected in monetary policy and hence, interest rates would also go down.
Pakistan and China have decided to enter into an agreement to control misdeclaration at the country’s ports, as the menace has been causing massive revenue and foreign investment loss. In order to control corruption within the customs department and reduce misdeclaration, the two countries will automate the port data and declaration system. Currently, 62% of declared goods at port showed discrepancies.
In another positive development, the United States has assured Pakistan that it will soften its travel advisory, enabling Islamabad to attract foreign investors. Adviser to PM on Commerce Abdul Razak Dawood while talking to media said US was going to soften the travel advisory. Removal of travel advisory would mean both countries can engage in business activities.
The US State Department has announced on its Twitter account that Trump administration is ready to approve $125 million for Pakistan to provide technical support to its fleet of F-16 aircraft. The programme has been sent to Congress for approval after being given a go-ahead by State Department. The good news comes immediately after PM Imran Khan’s visit to USA.
Internet and broadband services prices are about to reach a new high in Sindh, after the provincial government has decided to slap sales tax on the services. Effective from July 1, the exemption of sales tax has been withdrawn and all internet and broadband customers, irrespective of their speed or charges, will pay sales tax at the statutory rate of 19.5%.
The ambassador of United Arab Emirates (UAE), Hamad Obaid Alzaabi has revealed that the UAE Consulate will open a visa centre in Karachi this September. Opening first week of September, the visa centre will be UAE’s biggest facility in Asia. Similarly, another visa centre in Islamabad will be functional in October. The entire team for the centre would come from UAE.