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Tradekey Pakistan: World’s 3rd Largest B2B Portal
KARACHI: You would never think that a company that was giving Alibaba.com – the world’s largest business-to-business portal – a run for its money around the world was based out of Karachi and yet there it is. Tucked away in an office suite on Sharae Faisal, the global headquarters of Tradekey.com look rather unremarkable, until you start [...]
Continue reading...Long-term financing: State Bank raises lending rates by 150 basis points
2. July 2011
The central bank that maintained its key policy rate at 14% in its last monetary policy decision amid stubborn inflation and government’s failure to diversify its sources of borrowing has raised the lending rates on long-term financing for export-oriented industries by 150 basis points (or 1.5 percentage points) from July 1, 2011. Under the Long-Term [...]
Continue reading...Government backs down after ADB threat
23. June 2011
ISLAMABAD: The Asian Development Bank (ADB) forced Pakistan at the eleventh hour to withdraw a budgetary proposal on the threat that a loan tranche of $200 million expected to be released by the end of June would be stopped, indicating the extent of influence international lending agencies enjoy in the country. The ‘bare threat’ came [...]
Continue reading...British Petroleum Pakistan sale – Ministry wants money to pass through Pakistan
21. June 2011
ISLAMABAD: Despite the fact that the sale of British Petroleum’s Pakistan assets involves a transaction between two companies based in London and Hong Kong respectively, Petroleum Minister Dr Asim Hussain wants the parties to route the payment through the Pakistani banking system. In December 2010, British Petroleum agreed to sell its assets in Pakistan to [...]
Continue reading...Competition in Pakistan’s aviation market to grow
20. June 2011
KARACHI: Nasair, a low-cost airline of Saudi Arabia, has launched operations to Pakistan in a bid to tap the lucrative aviation market from where hundreds of thousands of passengers travel to Saudi Arabia for pilgrimage and employment purposes every year. The first flight of the new private budget carrier of Saudi Arabia reached Karachi from [...]
Continue reading...Energy conservation – Consumer cooperation urged to overcome crisis
20. June 2011
PESHAWAR: PESCO Chief Executive Muhammad Wali on Saturday said that consumers’ cooperation and consensus are vital to overcome the current energy crisis, which has increased due the increasing heat wave and usage of electricity. According to him, Peshawar Electric Supply Company (Pesco) was taking concerted steps to overcome the energy crisis, however the public is [...]
Continue reading...Gilani approves Rs 350m for select advertising agencies
15. June 2011
LAHORE: Prime Minister Yousaf Raza Gilani had approved payments worth Rs 350 million for select advertising companies in violation of government rules, on Wednesday. According to sources, Gilani had directed the Ministry of Information to make the payments to advertising agencies. The orders are currently with the Accountant General of Pakistan. There is no available record [...]
Continue reading...Suzuki profits to ride high on Punjab taxi scheme
14. June 2011
Suzuki profits are expected to jump 88 per cent following the Punjab government’s taxi scheme, according to KASB Securities. The Punjab government allocated Rs4.5 billion in fiscal 2012 budget to provide 20,000 yellow cabs to youth of the province. We have submitted a detailed report on the scheme to the Punjab government after having several meetings,” [...]
Continue reading...Nokia says Apple to pay royalties, ending patent disputes
14. June 2011
The world’s leading mobile phone maker Nokia said Tuesday that its competitor Apple had agreed to pay royalties for use of Nokia technology in its devices, ending all of their 46 ongoing patent disputes. “The financial structure of the agreement consists of a one-time payment payable by Apple and on-going royalties to be paid by [...]
Continue reading...Five-year revival plan: PIA seeks billions of rupees to overcome losses
14. June 2011
The Pakistan International Airlines is seeking injection of billions of rupees in taxpayer money mainly to buy 16 new aircraft and overcome losses under a five-year revival plan, as the carrier’s losses have crossed Rs96 billion. In a meeting of the Public Accounts Committee (PAC) on Monday, the office of the Auditor General of Pakistan [...]
Continue reading...Engineering and construction: OGDCL may award gas field contract to Kahuta Labs
14. June 2011
The board of directors of Oil and Gas Development Company Limited (OGDCL), which is scheduled to meet today (Tuesday), is likely to accord formal approval to the award of $186 million engineering, procurement and construction contract for Uch-II oil and gas field to state-run Kahuta Research Laboratories (KRL). Some officials said the OGDCL’s move to [...]
Continue reading...Federal Budget 2011-12 likely to miss most targets
13. June 2011
After four years of expansionary fiscal policy, resource constraints are beginning to bite, according to Standard Chartered Bank Pakistan’s economist Sayem Ali. In a recently published report on the Federal Budget 2011-12, Ali said that “the government’s record on budget targets inspires little confidence: in the last four years every tax and spending target has [...]
Continue reading...Punjab Assembly – Unification Bloc to skip Money Bill vote
13. June 2011
The Unification Bloc is likely to boycott the Punjab Assembly on June 22, when there is due to be a vote on the 2011-12 budget, to avoid getting into legal trouble. The Pakistan Muslim League Nawaz (PML-N) believes it can pass the bill with a simple majority of the members attending the assembly on that [...]
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© 2011 Voice of Pakistan 
17. October 2011
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