Cotton research bodies’ heads
undergoing training on budget
MULTAN (APP):  Heads of public sector research bodies from across Pakistan assembled at a two-day programme for their training on how to prepare budget and spend it as per AGPR rules and regulations at Central Cotton Research Institute (CCRI) Multan. The training programme opened here Monday and deputy secretary (Cotton) ministry of textile industry, Sikandar Masud, delivered a lecture to the directors of CCRIs and heads of cotton research stations. All CCRI and Cotton Research Stations (CRS) are working under Pakistan Central Cotton Committee (PCCC) and the purpose behind the initiative is to harmonize the PCCC accounting system in accordance with the AGPR system.

, says a release issued by CCRI Multan spokesman.
Participants in the training programme included CCRI Multan director Syed Sajid Masud Shah, CRS Ghotki head Dr. Zahid Mahmood, Incharge CRS Dera Ismail Khan Dr. Hataullah, Incharge CRS Bahawalpur Chaudhry Shoukat Ali, Incharge CRS Mirpur Khas Nazir Ahmad Channa, Incharge CRS Sibbi Sultan Ahmad, Incharge CRS Sahiwal Chaudhry Irshad Ali, and accountant directorate of cess management Lahore Rana Taufiq Ur Rahman.

Govt decides to declare tax evasion
as money laundering
ISLAMABAD (Online): Government has decided to declare tax evasion as money laundering.  Finance ministry sources said action will be initiated against those found involved in misusing amnesty schemes and investment schemes. Government has also issued directives to Financial Monitoring Unit (FMU) to devise guidelines for all the financial institutions and FBR to trace out those involved in misusing amnesty schemes and investment schemes. Sources disclosed that tax evasion will be declared money laundering through amendment in anti money laundering act and those found involved in tax evasion will be proceeded against under money laundering laws.
However it has been resolved with IMF that Pakistan would identify those found involved in misusing amnesty schemes and investment schemes and prepare their lists till the amendment is introduced in Pakistan Money laundering act. The amended money laundering  act will be got approved from the parliament and the action will be taken against tax evaders under this amended act.

Halal food market to jump to
$1.6tr by 2018
ISLAMABAD (APP): The global halal food and beverage (F&B) market is forecast to grow from $1.1 trillion in 2013 to $1.6 trillion by 2018, according to a report by the Dubai Chamber of Commerce and Industry. The halal food industry is growing mainly in countries in the Middle East and North Africa, South and South East Asia and forecast to grow from $1.1 trillion in 2013 to $1.6 trillion by 2018. The halal F&B market includes a range of products,such as raw chicken and beef, processed foods, and cold drinks. In 2012, UAE accounted for 16.6 per cent of the global F&B market, as per the report. That same year, the UAE halal food consumption market was valued at around $20 billion in 2012.
Indonesia is the biggest halal food market, valued at $197 billion in 2012, followed by Turkey ($100 billion), according to the report.

Oil prices higher as eyes on Iraq

SINGAPORE (AFP): Oil prices rose in Asia Monday as dealers monitor sustained US air strikes on extremist militants in Iraq who are threatening the crude-rich Kurdish region, analysts said. US benchmark West Texas Intermediate for September delivery rose 25 cents to $97.90 while Brent crude for September gained six cents to $105.08. Kurdish peshmerga forces on Sunday reclaimed two towns from Islamic State fighters, buoyed by three days of US air strikes to stem the jihadist advance. Obama on Thursday ordered his country’s warplanes back into Iraqi skies to prevent genocide by the jihadists against besieged religious minority groups and prevent an advance on the Kurdish capital Arbil where US personnel are stationed.
“Investors take comfort in the knowledge that insurgents will be contained in northern Iraq, away from the oil fields in Kurdistan,” said Desmond Chua, market analyst at CMC Markets in Singapore.
The so-called Islamic State group controls large swathes of Iraq’s north and west, and have declared a “caliphate” in those areas.
The sweeping offensive began on June 9, preventing Baghdad from exporting oil via a pipeline to Turkey and by road to Jordan.
Iraq’s oil ministry on July 24 said crude exports totalled 2.42 million barrels per day in June, falling far short of a budgeted projection of 3.4 million bpd.
As the number-two producer in the OPEC cartel, Iraq’s 11 percent of proven world reserves plays a key role on world markets and prices after violence disrupted oil exports from Syria and Libya.
The dip in exports adds to the woes of Iraq, which is heavily dependent on oil revenues while spending more on military equipment to battle the Islamic State group.

Special exhibition on 14th

KARACHI (Staff Reporter): The State Bank Museum and Art Gallery, as per its tradition, has organised a special exhibition on the auspicious occasion of 14th August, the Independence Day. This year the exhibition is unique since it is comprises of two sections. Both sections are arranged in chronological order starting from 1947 till present day. It is time that the younger generation should not only feel proud of its struggle for independence but also should be aware of the difficulties and different issues faced to this new born state. Section one displays the original newspapers’ clippings starting from 1947 to date whereas the section two portrays the same time period through historical photographs of political leaders and major events.
The Pakistan Movement was a historic and subsequently successful political movement that aimed to form the independent nation state, Pakistan, with four units in the west and part of Bengal in the east.