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Business

CPEC shifting gears to industrial parks

KARACHI (Web Desk) The China-Pakistan Economic Corridor (CPEC) is about to shift gears and enter its next phase as the industrial working group on Special Economic Zones (SEZs) is going to finalise its recommendations on Tuesday and decide which SEZ will begin first.Towards that end, a team from China International …

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Global logistics body elects Pakistani as president

KARACHI (Web  Desk) Zurich-based Fédération Internationale des Associations de Transitaires et Assimilés (FIATA) has elected Mr Babar Badat as its president at its World Congress, 2017 on Oct 8.FIATA International Fede­ra­­tion of Freight Forwarders Associations — is a global body, representing over 50,000 international logistics companies from 150 member countries. …

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PIA incurs losses worth over Rs146 billion in last 4 years

ISLAMABAD (Web Desk) The Pakistan International Airlines (PIA) suffered losses amounting to more than Rs146 billion during the last four years, according to a statement submitted by the Minister in Charge of the Aviation Division.The details, submitted in response to a question by PPP MNA Shahida Rehmani during the National …

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State Bank shoots back at NAB

KARACHI (Web Desk) The State Bank of Pakistan (SBP) on Friday strongly reacted over National Accountability Bureau’s (NAB) decision to investigate its officials for alleged misuse of authority in terms of amalgamation of KASB Bank into BankIslami.The NAB decision was termed disappointing since the inquiry report did not incorporate all …

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Split emerges within FPCCI

ISLAMABAD (Web Desk) Leaders of the business community criticised the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday for failing to play its part in arresting the decline in exports.They demanded the government should take the business community on board to stop the fall in exports.Mian Anjum …

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Robots could cause war, joblessness, says UN

BRUSSELS (Web Desk) From the risk of mass unemployment to the deployment of autonomous robotics by criminal organisations or rogue states, the new Centre for Artificial Intelligence and Robotics has been set the goal of second-guessing the possible threats. It is estimated that 30 percent of jobs in Britain are potentially under …

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Chinese firm to lend Rs15bn for Eastbay Expressway

KARACHI (Web Desk) The six-lane 19.5km-long Eastbay Expressway in Gwadar will be developed by China Communication Construction Company (CCCC), which will give Rs15 billion interest-free loan, said Minister of State for Ports and Shipping Chaudhry Jaffar Iqbal on Thursday. A memorandum of understanding (MoU) was signed earlier on Sunday. Under the …

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Dollar buying gathers momentum

KARACHI(Web Desk) Fearing a devaluation of the rupee, Pakistanis have started piling up dollars in their foreign currency accounts. This has resulted in an increase of $1.2 billion in foreign currency deposits of commercial banks in just four months. Bankers and currency dealers were unanimous in their opinion that the sudden …

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World’s biggest uncut diamond sells for $53m

LONDON (Web Desk) British jeweller Graff said on Tuesday it has purchased the world’s largest uncut diamond roughly the size of a tennis ball for $53 million (44.5 million euros).Canadian miner Lucara Diamond sold to Graff the 1,109-carat gem, the Lesedi La Rona, which was found in Botswana’s Karowe mine …

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2nd LNG terminal will be ready by Nov 15: PM

LAHORE (Web Desk) Prime Minister Shahid Khaqan Abbasi on Tuesday said that the country’s second LNG terminal will be commissioned by Nov 15.Talking to Dawn, Mr Abbasi said that if anyone, whether a client or contractor, claims for damages on the basis of delay in the project, they will have …

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