Iraqi businessmen shy away from Iranian currency
Posted by punal on Feb 08, 2012 | Leave a Comment
BAGHDAD: Huge numbers of Iranian pilgrims visit Shia holy places in Iraq each year, but businesses have grown wary of transactions in the Islamic republic’s rial as it declines in value under sanctions.
In Kadhimiyah in northern Baghdad, restaurants and shops that sell gold and clothes around the two shrines of Shia imams, Musa Kadhim and Mohammed Jawad, are crowded with visitors.
Ali Mohammed, a 42-year-old who owns...
Pakistan gets trade waiver for European Union markets
Posted by punal on Feb 02, 2012 | Leave a Comment
Pakistan’s efforts to revive its export sector have received a big boost after some of its goods were given duty free access to the European Union (EU).
The World Trade Organization (WTO) has approved the EU’s move to waive duties on 75 Pakistani products, including textiles, for two years.
The waiver was granted on humanitarian grounds after Pakistan’s manufacturing was hurt by floods in the country.
The...
IMF expect debt deals soon
Posted by punal on Feb 02, 2012 | Leave a Comment
Greece and the IMF said Wednesday that negotiations for landmark debt deals will be concluded in a “matter of days,” raising hopes that the country will dodge a disastrous default in the spring.
Greece is locked in two sets of talks one with private creditors to have them take losses on their bondholdings and the other with its international bailout rescuers to receive new loans.
“We are...
Petroleum products prices raised around 6pc U
Posted by punal on Feb 01, 2012 | Leave a Comment
ISLAMABAD: The prices of petroleum products on Tuesday were increased in the range of Rs 2.78 to 6.29 per litre.
According to a notification issued here, the government while ignoring the recommendations of the Oil and Gas Regulatory Authority has increased HOBC price by Rs 6.29 per litre, Premium by Rs 5.37 per litre, High Speed Diesel by Rs 4.64 per litre, Light Speed Diesel by Rs 3.43 per litre and kerosene oil by...
Agreement for $40m Kuwaiti loan signed
Posted by punal on Feb 01, 2012 | Leave a Comment
ISLAMABAD: The Economic Affairs Division (EAD) and Neelum Jhelum Hydropower Project Company (NJHPC) on Monday signed Subsidiary Loan Agreement worth $40 million, as it was a legal requirement for making loan agreement between Kuwait and Pakistan effective that was agreed on November 25, 2010.
Abdul Wajid Rana, Secretary EAD represented the Government of Pakistan while Lt. Gen. (R) Muhammad Zubair, CEO represented NJHP...
Ogra opposes LNG import for power
Posted by punal on Jan 31, 2012 | Leave a Comment
AHMAD AHMADANI
ISLAMABAD – In an unprecedented development, a regulatory body has voiced categorically straight-forwarded reservations over the import of LNG, arguing that the move would make the masses pay through the nose for electricity.
Oil and Gas Regulatory Authority (OGRA), emphatically opposing the LNG import project for electricity generation, has forwarded its serious concerns to the government through...
Sarkozy announces French financial transaction tax
Posted by punal on Jan 30, 2012 | Leave a Comment
French President Nicolas Sarkozy has announced plans to introduce a tax on financial transactions.
The 0.1% levy will be introduced in August regardless of whether other European countries follow suit.
The tax is part of a package of measures set out by the president to promote growth and create jobs.
Mr Sarkozy faces a presidential election in April, but is currently trailing in the opinion polls behind his Socialist...
Euratex opposes EU’s duty-free access to Pakistan
Posted by admin on May 18, 2011 | 1 Comment
BRUSSELS: European Apparel and Textile Confederation (Euratex) has opposed changes to the Generalised System of Preferences (GSP) proposed by the European Union (EU) Commission to grant duty-free access to Pakistan, a statement said on Thursday.
Euratex believes the changes will increase the vulnerability threshold of the GSP+ from one percent to two percent, which will have a severe impact on the EU textile and clothing...
Subsidies reduced due to resource constraints: FM
Posted by admin on May 18, 2011 | Leave a Comment
ISLAMABAD: Finance Minister, Dr. Abdul Hafeez Sheikh has said that subsidies had to be reduced due to the resource constraints and added that efforts were afoot for the increase in income in a bid to ease the provision of funds with more resources thus raised.
Addressing the annual planning coordination committee meeting here, the finance minister said that funds would first be provided to the projects nearing completion....
KSE remained range-bound this week
Posted by admin on May 18, 2011 | Leave a Comment
KARACHI: Karachi Stock Exchange (KSE) in the week ended on Friday witnessed range-bound activity but managed to close 87 points up at 11,967, Geo News reported.
The stock market started this week with positive numbers and at one stage touched the height of 12,100 points level. But the gains were eroded due to the uncertainties regarding the upcoming federal budget and in the wake of Pak-US relations becoming further strained.
The...
You can subscribe by e-mail to receive news updates and breaking stories.