Category: Business

Asia’s biggest visa centre of UAE to open in Karachi

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.

Reko Diq mining project and in detail and its implications

Reko Diq mines, known for their enormous reserves of gold and copper are believed to have the world’s fifth largest gold deposit in them. The news of the treasures this mine holds is not new, as gold diggers have been attempting to explore it since 1992. It was not until 2000, that the Tethyan Copper Company made its way into Pakistani market. 

Honda halts production due to extremely low car sales in Pakistan

Honda Atlas Cars Pakistan (HACP) has decided to shut down its plant for 10 days as its inventories piled up to 2,000 units on plummeting car sales amid rising prices due to imposition of new, higher taxes in budget and steep currency devaluation in recent weeks. Extremely low car sales during first week of July has prompted the company’s decision.

Senate Committee directs Ministry to relax ban on Sheesha

To give relief to the retailers, the Senate Standing Committee on National Health Services directed the Ministry to amend the law for relaxing ban on ‘Sheesha’ smoking in the country. After issuing the directive, Senator Ateeq Sheikh remarked that Sheesha is widely smoked everywhere in the world, and even after the ban people in Pakistan are still smoking at home.

President Putin invites PM Imran for economic moot

Prime Minister Imran Khan has been extended an invite by Russia President Vladimir Putin to attend an economic conference in Vladivostok. The Eastern Economic Forum is scheduled to be held from September 4 to September 6 in Russia’s far eastern city. The EEF serves as a platform for the discussion of key issues in world economy and regional integration.

FBR reduces taxes on imported mobile phones by up to 45 percent

Pakistan Telecommunication Authority (PTA) and the FBR in a collaboration to curb smuggling of mobile phones have decided to reduce taxes on imported mobile phones to almost half. However, if international travelers fail to register their phones within a time frame of 60 days, they will have to pay an extra 10 percent fine with the tax.

Islamabad and Karachi among world’s least expensive cities

In a survey carried out by Mercerl, Islamabad and Karachi have been rated among least expensive metropolitans in the world. The survey is based on the cost of over 200 items in each city – including housing, transport, food, clothing, household goods, and entertainment. Islamabad has been listed 203rd in the list of most expensive cities, while Karachi stands on 207.

Deposits retained by Pakistanis in Swiss banks fall to lowest since 1996

The Swiss National Bank’s annual report has made a startling revelation, depicting a fall of 34% since 2017 in money deposited by Pakistanis in Switzerland. The value of CHF 724 million or $738 million calculated in 2018, has decreased 49% since 2015, when Pakistan and Switzerland finalised a revised taxation treaty. This is the lowest amount of deposits since 1996.

UK increases its financing to support businesses in Pakistan

The United Kingdom (UK) has decided to increase its funding from 400 million pounds to one billion pounds, in order to finance projects and encourage British firms to set up in Pakistan. As Pakistan’s rating improves on the World Bank’s ease of doing business index, UK will provide direct lending into projects like infrastructure, roads, hospitals, and schools.

Pakistan receives help from Qatar in form of $3 billion

Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh in an official Tweet has revealed that during his two-day visit to Pakistan, the Emir of Qatar HRH Sheikh Tamim Bin Hamad Al Thani announced $3 billion in deposits and direct investments for Pakistan. The break up of the $3 billion aid was not provided by the ministry.