Pak business delegation holds productive meetings in Jeddah

Pak business delegation holds productive meetings in Jeddah

ISLAMABAD, JAN 13 – The high level business delegation is in Jeddah to explore various avenues of business cooperation.

Saudi Arabia and Pakistan enjoy excellent bilateral relations and with the visit of high level business  team from Pakistan, trade and business ties would surely get a considrabe boost.

On Sunday, the Pakistani delegation met with the deputy trade minister of Saudi Arabia. Malik Shahid Saleem the President of Rawalpindi Chamber of Commerce and Industry led he delegation.

Both sides discussed various ways and means to enhance and cement business ties between the two countries.

Pak business delegation holds productive meetings in Jeddah

Earlier, the Commercial Attaché of the Embassy of Saudi Arabia in Pakistan bid farewell to the delegation of Pakistani businessmen participating in the meetings of the Saudi-Pakistani trade mission being held in Jeddah under the auspices of the Saudi Export Development Authority.

Saudi Trade Attaché in Pakistan, Mohammad Ahmad Asiri and members of the office saw the delegation off.

A total of 65 Saudi companies and 35 Pakistani companies are interested in importing Saudi products in the food and building materials sectors.

The trade mission in Jeddah is scheduled to last for two days, 13 and 14 January 2019 and to discuss opportunities to enhance the quality of Saudi products in order to achieve greater openness to international markets and to allow local exporters to undertake many deals to develop their exports and open new markets for their products.

It may be mentioned here that Saudi Arabia had recently appointed a fully fledged trade and commercial attaché in Pakistan.

Ever since his appointed Ahmad Asiri has been engaged with various Pakistani business enterprises with a view to promoted trade and economic links between the two brotherly nations.

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Saudi energy minister's visit seeks to reinforce brotherly ties between Saudi Arabia, Pakistan

Saudi energy minister's visit seeks to reinforce brotherly ties between Saudi Arabia, Pakistan

GWADAR, JAN 12 - Saudi Arabia’s Minister of Energy and Industry, Khalid Al-Falih visited the Gwadar port on Saturday.

The dignified guest was welcomed on arrival in Pakistan by Petroleum Minister Ghulam Sarwar Khan, Minister of State for Port & Shipping Ali Zaidi and the Deputy Ambassador of the Custodian of the two Holy Mosques in the Islamic Republic of Pakistan, Habibullah Bukhari.

The aim of the visit is to reinforce the affiliation between both the brother countries, deliberating the definitive approaches of reconciliation memorandums for investment in the fields of refining, petrochemical, mining and renewable energy in Pakistan, to gain awareness on the prospects and plans existing in the Gwadar port, consider methods to increase exports between the two countries, encouraging the private sector investor in terms of investment and also making it easy for them to capitalize in Pakistan.

Soon as the Honorable Minister Khalid Al-Falih arrived, a meeting was held with the Minister of Petroleum and Minister for Port & Shipping to discuss likelihoods of economically supporting Pakistan in the arenas of energy, sanitation and mineral resources.

Hence, in order to reflect strong ties between the two countries, both parties reviewed possibilities of expanding exports amongst the two republics and the facilitating ways for Saudi investors in Pakistan too came under discussion.

Thereafter, the Dignitary visited Gwadar Port, where he received information regarding opportunities existing at the port. The VIP was also briefed by the port officials about future projects and the ongoing programs in Gwadar Port.

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Korea to continue investing in Azad Kashmir: Ambassador Kyu

Korea to continue investing in Azad Kashmir: Ambassador Kyu

ISLAMABAD, JAN 11 - Ambassador Kwak Sung-Kyu of the Republic of Korea (RoK) assured Sardar Masood Khan, President Azad Jammu and Kashmir on Friday that his country would continue investing in Azad Kashmir, especially in the power sector.

He specifically mentioned the hydropower projects of Patrind and New Bong which have already been completed, and Gulpur hydropower project which was being constructed. In addition, one was being planned at Athmuqam.

President Masood Khan thanked the South Korean Ambassador for the investment of his country’s enterprises in Azad Kashmir and thus contributing to Azad Kashmir’s energy infrastructure development.

He invited the South Korean entrepreneurs to diversify their investments in Azad Kashmir to other sectors, such as the Information and Communication Technology (ICT) and IT industry.

The President also thanked the South Korean Ambassador for his country's contribution to the United Nations Military Observer Group in India and Pakistan (UNMOGIP), which monitors ceasefire along the Line of Control (LoC).

Sardar Masood Khan said that the engagement between the United States and North Korea, as well as the constructive role played by the RoK President Moon Jae-in in the quest for peace and diplomacy, have rekindled hopes for engagement on the Jammu and Kashmir dispute as well.

 “No barrier should be considered absolute in the search for conflict resolution. All avenues for the diplomatic solution must be explored with diligence and determination”, he said.

The President extended a formal invitation to the South Korean Ambassador to Muzaffarabad, AJK.

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ICCI asks govt to come up with solid strategy for economic revival

ICCI asks govt to come up with solid strategy for economic revival

ISLAMABAD, JAN 10 - The Islamabad Chamber of Commerce & Industry (ICCI) has called upon the Government to come up with a clear cut and solid strategy for the revival of dwindling economy and put it on the path of sustainable growth as the prevailing aura of uncertainty on economic front was creating concerns in the business community.

Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce & Industry said business community had lot of hopes from PTI government that it would create conducive environment for businesses enabling them to flourish smoothly, but there was no tangible improvement in the economic outlook due to which an impression of uncertainty was prevailing in the business circles and productive sectors.

He said the World Bank’s latest report “Global Economic Prospects, Darkening Skies” has projected Pakistan’s GDP to decelerate to 3.7 percent during 2018-19 and Pakistan could face financing needs due to large current account and fiscal deficits combined with low forex reserves.

He said that PTI leadership before elections had made many promises for implementation after coming into power which included strengthening institutions, turning around loss making public sector entities into profit generating PSEs, improving governance and enhancing tax collections.

However, despite the passage of four and a half months in the government, there was no significant progress on any of these fronts, which was cause of concerns.

He said the rupee has tumbled down to more than 11 percent during PTI government, but there was only one percent increase in exports, which was not encouraging.

He said this scenario warranted that government should come up with a solid strategy to turn around the shrinking economy.

He said such a strategy would give confidence to the business community and help it in finalizing its future business plans with better comfort level.

Rafat Farid, Senior Vice President, ICCI said that overall growth of large-scale manufacturing has decreased by 0.65 percent during July-Oct: 2018-19 compared to the same period of last year.

He said though the government has arranged financing needs from friendly countries for one-year period, however, it was still not clear how the government would tackle the economic challenges after the lapse of one year without significant promotion of tax revenue and exports.

Iftikhar Anwar Sethi, Vice President ICCI assured that business community would fully support the government in its efforts aimed at steering the economy out of prevailing challenges and putting it on the path of accelerated growth.

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Assets worth $1tr to shift from UK to EU due to Brexit

Assets worth $1tr to shift from UK to EU due to Brexit

LONDON, JAN 07 - Assets worth nearly 800 billion pounds ($1 trillion) are being moved from Britain to new financial hubs in the European Union ahead of Brexit, consultancy EY said on Monday.

Britain, which is due to leave the bloc in March, has yet to approve a deal to avoid an abrupt severing of ties with the EU.

Although the British parliament is due to vote on a proposed settlement next week, it is unclear if it will be approved. “The closer we get to March 29 without a deal, the more assets will be transferred and headcount hired locally or relocated,” EY UK Financial Services leader Omar Ali said.

EY has been tracking the Brexit plans of 222 financial firms since Britain voted in June 2016 to leave the EU. In its latest update to the end of November 2018, it said that 80 firms are considering or have confirmed relocating assets and staff.

The latest estimate from EY says that 800 billion pounds in assets would move, a fraction of Britain’s 8-trillion-pound banking sector. 

Frankfurt Main Finance, which promotes the German financial centre, has said it expects 750 to 800 billion euros of assets to transfer there alone, largely during this quarter.

Around 2,000 new European roles have been created by financial services companies in response to Brexit, with Dublin, Luxembourg, Frankfurt and Paris the most popular locations, EY said.

Forecasts of hundreds of thousands of UK financial jobs moving to the EU have not materialised, and the Bank of England expects about 4,000 jobs to have moved by March 29.

“Whilst roles will no doubt move from the UK, many firms are only moving those employees deemed essential and are hiring locally given the expense of relocation,” Ali said.

Moves so far would be only the “tip of the iceberg” if there is a no-deal Brexit, EY said.

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Atlas Honda launches all-new CB125F motorcycle in Pakistan

Atlas Honda launches all-new CB125F motorcycle in Pakistan

LAHORE, JAN 05 - Honda Atlas has launched its new self-start CB 125F motorcycle in Pakistan.

The all-new Honda CB125F is built on new technology with a trendy and sporty look that provides a comfortable ride.

The new motorcycle is powered by OHV (Overhead Valve) 125cc engine coupled with 5-speed gear transmission that produces a compression ratio of 9.0:1.

Other specifications include Self-Start ignition, Z Section Die-Cast Alloy Rims, Front Disk Brake, Stylish Fuel Gauge, Trip Speedometer and Black Painted Silencer with Stylish Cover.

Honda CB125F is available in Red and Black colours for a price tag ofRs159,900 and Rs161,900 for the special edition.

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Kyrgyzstan important destination for businessmen: Faisal Niaz Tirmizi

Kyrgyzstan important destination for businessmen: Faisal Niaz Tirmizi

RAWALPINDI, DEC 31 - Kyrgyzstan is an important destination for Pakistani traders and they must explore new avenues of cooperation in different fields including fruits, vegetables, pharma, sports goods and services sector.

Situated on the Pamirs and the Tian Shen range; the Kyrgyz Republic is the 4th largest country amongst the Central Asian States offers great opportunities for businessmen and Pakistan can double its exports as last year it has signed a protocol during 3rd session of Pak-Kyrgyz Joint Ministerial Commission (JMC).

These views were expressed by Faisal Niaz Tirmizi Ambassador Designate to Kyrgyzstan during his visit to the Rawalpindi Chamber of Commerce and Industry (RCCI) on Monday.

Kyrgyzstan important destination for businessmen: Faisal Niaz Tirmizi

He appreciated RCCI efforts in promoting trade activities and promoting positive image of Pakistan through exhibitions.

He assured his full cooperation and assistance for sharing relevant trade information for the promotion of trade ties between the chambers of both countries.

He urged chambers to work hard and must took extra mile for enhancing exports.

 

RCCI president Malik Shahid on this occasion said that regional trade ties with Central Asian Republics (CAR) including Kyrgyzstan are imperative to boost exports.

“Pakistan, Afghanistan and the Central Asian states can become a new economic zone which if connected with the China-Pakistan Economic Corridor (CPEC) can take Pakistan economy to new heights,” said the RCCI President.

He said CPEC is an unique opportunity for traders and investors of not only Pakistan and China but also for the entire regional countries especially for Central Asian states.

He also exchanged views on promoting bilateral cooperation in sectors including Pharmaceutical, marble, Rice, sports goods, textile and information technology.

Senior Vice President Muhammad Badar Haroon, Vice President Fayayz Qureshi, members of the executive committee and members were also present on the occasion.

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Ahead of 2022 World Cup: Qatar to hire more workers from Pakistan

Ahead of 2022 World Cup: Qatar to hire more workers from Pakistan

ISLAMABAD, DEC 28 -  Qatari Ambassador Saqr bin Mubarak Al-Mansour said on Thursday that Qatar aimed to hire more workers from Pakistan for building infrastructure projects ahead of the 2022 Fifa World Cup.

After inaugurating the first visa centre in Islamabad, the ambassador pointed out that Qatar had decided to raise the number of Pakistani workers in the Gulf country by hiring professional and semi-professional workers, who would assist in ongoing infrastructure projects.

He pointed out that Qatar had decided to include Pakistan in the first eight countries where Qatar would have two visa centres.

In Pakistan, the visa centres will be in Islamabad and Karachi. Qatar says it is opening these facilities in order to facilitate recruitment of skilled labour from Pakistan as well as to provide required visa services for visit and residence purposes in the Arab nation.

These centres will ensure speedy completion of special process for the issuance of visas and residence permits in Qatar.

The ambassador stressed that Qatar provided a good environment for foreign employees. The United Nations agency, the International Labour Organisation (ILO), has recognised the facilities provided by Qatar to foreign workers from all over the world.

Work visa applicants going to Qatar will be required to sign work contracts, get their biometric data registered and undergo medical test at the visa centre. The centre operates through an integrated electronic system to complete the recording of biometric data and required medical check-ups.

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FBR offices to observe extended working hours on Dec 31

FBR offices to observe extended working hours on Dec 31

KARACHI, DEC 26 – All Federal Board of Revenue (FBR) offices (LTUs/CRTOs/RTOs) will observe extended working hours till 10:00pm on Monday (December 31) to facilitate the taxpayers in payment of duties and taxes.

A notification issued on Wednesday, the FBR said that all Large Taxpayers Units (LTUs), Corporate Regional Tax Offices (RTOs) and Regional Tax Offices (RTOs) would remain open and observe normal working hours on Saturday December 29, 2018.

The FBR directed Chief Commissioners to establish liaison with State Bank of Pakistan (SBP) and authorized branches of National Bank of Pakistan (NBP) to ensure transfer of tax collection by these branches on December 31, 2018 to the respective branches of SBP on the same date so as to account for the same towards the collection for the month of December 2018.

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For one year: NEPRA notifies tariff hike by Rs1.27 per unit

For one year: NEPRA notifies tariff hike by Rs1.27 per unit

ISLAMABAD, DEC 20  - The National Electric Power Regulatory Authority (NEPRA) notified on Wednesday to increase the average power tariff by Rs1.27 per unit for one year.

The regulator set aside concerns of stakeholders who opposed the increase, citing that the government was charging more than 50% taxes out of actual electricity price from the consumers.

 

According to NEPRA’s decision, the distribution companies would recover Rs226 billion from electricity consumers. 

The tariff was being notified following the proposed increase by the federal government.

NEPRA also imposed certain conditions with the hike in tariff.

It asked the government to fulfil public consumer interest, ownership and control of the applicant through common shareholding and consolidated accounts of the applicant.

For one year: NEPRA notifies tariff hike by Rs1.27 per unit

The Pakistan Tehreek-e-Insaf (PTI) government approved the increase in electricity prices by around 33% in October this year but did not increase the rates for consumers utilising up to 300 units per month.

The Economic Coordination Committee (ECC) of the Cabinet approved to expand the average electricity prices by at least Rs1.27 while NEPRA proposed to increase the average electricity prices by Rs3.82 per unit.

 

Following the decision of the power regulator, the resolution of the federal government to increase the power tariff would be implemented.

The stakeholders opposed the decision saying that the regulator could not conduct a public hearing due to a lack of quorum. 

They further added that any retrospective adjustment in electricity prices should be borne by the government instead of the consumer.

“Any increase or compensation/adjustment should not be transferred to industrial consumers,” they demanded.

 

They were of the view that while determining the tariff, poor performance of distribution companies and burden of losses and theft of general consumers should not be placed on the shoulders of the industry.

“Taxation contributes to more than 50% of the actual electricity price including sales tax, income tax, EQ surcharge and other surcharges.

Regarding the lack of quorum to conduct hearing, the NEPRA stated that as per Rule 9(5) of the tariff rules, a hearing may be conducted by a single member of the authority, who shall be designated as the presiding officer by the authority for that purpose, provided that the final decision or determination in the proceedings shall be taken by the authority on the basis of the recorded proceedings.

 

As per the said rule, hearings pertaining to tariff determinations can be conducted by a single member.

The question of fiscal federalism is addressed by the subsequent condition to the process, namely that despite the conduct of hearing by two members, the final determination will be the result of the decision of the duly constituted authority, fulfilling the statutory quorum requirement ie (three members or the chairman/vice chairman plus two members). 

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Kenya, Pakistan relations on a positive trajectory: HC Julius Bitok

Kenya, Pakistan relations on a positive trajectory: HC Julius Bitok

ISLAMABAD, DEC 13 - Colourful cultural performances and traditional Kenyan cuisines provided the guests with a real feast during the National Day reception hosted by High Commissioner of Kenya Julius Bitok.

Federal Minister of Privatisation Muhammadmian Somroo and a large number of guests hailing from various walks of life attended the reception. Moreover, the ambassadors of all the all African countries share the stage with the host.

High Commissioner Julius Bitok, ever since his arrival in Pakistan, is all agog in giving new dimensions to bilateral relations. 

During his tenure the trade volume has gone significantly up while relations in other fields also happen to be on positive trajectory.

In his remarks on the occasion the high commissioner said Kenya and Pakistan were good friends.

High Commission Bitok said Pakistan was a great country and what the international media says about it is just not true.

 It is a peaceful country full of opportunities. It has rich culture, music, art and poetry. The real treasure in Pakistan is its warm, hardworking, friendly and welcoming people.

Pakistan is faced with a view challenges related to peace and security but Pakistan is a valued world partner in the fight against Global threat of terrorism.

Kenya has confidence in Pakistan's government capabilities to overcome these challenges. We shall in this regard continue to work in peace, security and socio-economic development of Kenya and Pakistan so that our people can live in respect and dignity.

Kenya, Pakistan relations on a positive trajectory: HC Julius Bitok

“Our relationship started long before we established first diplomatic ties. The two sides have long followed the principle of sensor of friendship in mutual respect.

Kenya and Pakistan have been collaborating for long in various fields of development.  Pakistan needs to further reach out to Kenya and engage the business community through institutions like the Chambers of Commerce and industry”.

He said they had a specific mandate to improve bilateral relationship and strengthen trade cultural and political relationship with a great nation of Pakistan.

A relationship has been cordial before and even after inception of Kenya High Commission in 1984 bilateral trade has risen over the time for 200 million USD 10 years ago to over 650 million USD in 2018.

He said, they wanted to aggressively engage with Pakistan business community. “This year I personally visited 7 chambers of commerce and industry in sectors of interest to Kenya namely rice, surgical instruments, textiles and pharmaceuticals.

I am also closely in contact with Pakistani authorities for direct flights of Kenya Airways (KQ) to Karachi”.

He said, the efforts of the Government of Pakistan in fighting terrorism and corruption menace have been commendable. This can increase direct foreign invest remarkably.

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Baku to host joint trade exhibition of Azerbaijan, Pakistan and Turkey

Baku to host joint trade exhibition of Azerbaijan, Pakistan and Turkey

BAKU, DEC 10 - Baku will host a joint trade exhibition of Azerbaijan, Pakistan and Turkey. Report informs citing the foreign media that the exhibition will be held in April 2019.

It will feature pharmacological, medical, beauty products, surgical instruments, electrical appliances, textiles, sportswear, furniture, household products, food and accessories.

According to the Pakistan Trade Development Authority, participation fee will be up to 80,000 rupees (nearly AZN 1,910). Companies willing to participate must submit applications by December 17.

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Qatar Airways Qsuites coming to Boston

Qatar Airways Qsuites coming to Boston

DOHA - Qatar Airways’ Qsuites is the world’s best business class product, It initially debuted between Doha and London Heathrow in June 2017.

The airline has been working on retrofitting existing planes with Qsuites, and also has taken delivery of new planes featuring the product.

So far Qsuites are available on select Boeing 777-300ERs, select Boeing 777-200LRs, select Airbus A350-900s, and all Airbus A350-1000s.

US destinations with Qatar Airways Qsuites

Qatar Airways’ US destinations include Boston, Chicago, Dallas, Houston, Miami, Los Angeles, New York, Philadelphia, and Washington.

Of those routes, Qatar Airways already offers Qsuites to Chicago, Houston, New York, and Washington, and they’ve announced that they’ll offer Qsuites to Los Angeles as of February 2019.

Qatar Airways’ next US route with Qsuites

Based on the airline having updated seatmaps, it looks like Qatar Airways will offer Qsuites to Boston as of March 31, 2019. The airline currently operates the route with an A350-900 that doesn’t feature Qsuites.

Then as of March 31, 2019, the airline will use a Boeing 777-300ER for the route, which is scheduled to feature Qsuites.

This flight operates with the following schedule:

QR743 Doha to Boston departing 8:05AM arriving 2:10PM

QR744 Boston to Doha departing 11:05PM arriving 6:05PM (+1 day)

At 6,518 miles, this is Qatar Airways’ shortest route to the US, though it’s still quite long, as it’s blocked at 12hr55min westbound and 12hr eastbound.

Redeeming miles for Qsuites

Boston has long been one of Qatar Airways’ best US gateways for snagging award seats. As more and more routes feature Qsuites, Qatar Airways has also gotten better about making award seats available, which is awesome.

Award availability on this flight is wide open. The best way to search is on aa.com, and just select the “non-stop only” option.

You can redeem just 70,000 AAdvantage miles one-way, which is an incredible deal. There are no carrier imposed surcharges on these redemptions, and you can continue onwards to anywhere in the Middle East or India at the same mileage cost.

Earning American miles

If you want to earn American miles, there are a couple of ways to do it. First of all, at the moment American is selling miles for as little as 1.77 cents per mile, which could represent a good value.

There are also several excellent credit card bonuses available on their co-branded credit cards:

• The CitiBusiness® / AAdvantage® Platinum Select® World Mastercard® is offering a welcome bonus of 70,000 AAdvantage miles after making $4,000 of purchases within the first four months; $99 annual fee, waived for the first 12 months

• The Citi® / AAdvantage® Executive World Elite™ Mastercard® is offering a welcome bonus of 50,000 AAdvantage miles after making $5,000 of purchases within the first three months; the card has a $450 annual fee

• The Citi® / AAdvantage® Platinum Select® World Elite™ Mastercard® is offering a welcome bonus of 40,000 AAdvantage miles after making $2,000 of purchases within the first three months, plus another 10,000 AAdvantage miles after making $6,000 of purchases within the first 12 months; $99 annual fee, waived for the first 12 months

• The AAdvantage Aviator Business Mastercard is offering a welcome bonus of 50,000 AAdvantage miles after making a purchase and paying the $95 annual fee

• The AAdvantage Aviator Red World Elite Mastercard is offering a welcome bonus of 50,000 AAdvantage miles after making a purchase and paying the $95 annual fee

My favorite is the 70K bonus on the CitiBusiness Platinum Select — once you complete minimum spend on the card you’ll have enough miles for a one-way Qsuites ticket between the US and the Middle East/India.

Bottom line

It’s great to see Qatar Airways continue to expand their Qsuites destinations. It used to be nearly impossible to get a Qsuites award ticket from the US, but that’s no longer the case, so redeeming miles for this is more attainable than ever before.

Now there are only a few US routes remaining to get Qsuites.

Anyone plan to fly Qatar Airways business class to/from Boston this coming spring?