FPCCI demands relief measures for industrial sector
Islamabad (Online): Chairman Regional Standing Committee on Trade & Industry of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Riaz Khattak has said that Finance Minister Ishaq Dar should announce relief measures for revival of industrial units in the upcoming budget. While talking to a group of industrialists, Khattak said the piling up of foreign exchange reserves would be of no advantage if the common man's problems remain unattended. It is exorbitant utility bills, unemployment or high rate of taxes including sales tax due to which prices of daily use items have increased and the common man is suffering badly at present, he added. He said the government must ensure availability of low-cost pesticides, fertiliser and other agricultural inputs by reducing taxes and subsidising the inputs including provision of free electricity to the agriculture community. He said fresh investment would only come to the country if the foreign/local investors were ensured a fair amount of return on their investments.
As a matter of fact, the return on investment in the country has no match with other countries in the region, he added.

Saudi Aviation Authority threatens to stop PIA flights over unpaid dues
ISLAMABAD (INP): Despite all tall claims, the authorities have utterly failed in their bid to restore Pakistan International Airlines’ (PIA) past magnificence. Finance Ministry, while expressing grave concern over rising debt of PIA, has urged the authorities concerned to craft comprehensible plan for issuance of payments. Finance Ministry has also asked national flag carrier’s authorities to release Rs2.20 billion for Saudi Civil Aviation Authority at the earliest as later has threatened to put all flight operations for PIA to halt over unpaid dues. PIA is supposed to make payments worth Rs25b in terms of loan and interest during period of January 1, 2017 to June 30, 2017. The national flag carrier owes a debt of Rs15.16b to federal government, Rs4.22b to non-government organisations and Rs5.54b in terms of interest on loans. Official documents further revealed that PIA would require Rs3.48b in Jan, Rs5.11b in February, Rs3.25b in March, Rs3.28b in April, Rs6.50b in May and Rs3.69b in June for issuance of freeze payments.
It is pertinent to mention here that overall loan volume of national flag carrier has surpassed Rs185 billion during the past three years.

ICCI urges CDA to address traders’ issues

Islamabad (Online): A delegation of Islamabad Chamber of Commerce and Industry (ICCI) led by President Khalid Iqbal Malik on Monday visited Traders Welfare Association to congratulate the newly elected President Chaudhry Waqas Anjum Gujar and other office bearers of the association. Speaking at the occasion, Malik said that traders were facing many problems while most of the issues were related to CDA and Islamabad Metropolitan Corporation. He called upon Sheikh Anser Aziz, Mayor IMC and Chairman CDA to take urgent measures for resolving the problems of G-11 Markaz in order to facilitate the growth of business activities. He assured that ICCI would highlight their key issues at every relevant forum for their urgent redress. The Traders Welfare Association president said that apart from many other issues, non-availability of a rent law was the major problem due to which traders were feeling insecure about their future. He stressed that ICCI should play role in early promulgation of new rent law to resolve traders’ rent disputes in an amicable manner.
He also assured that TWA would extend its full cooperation and support to ICCI in efforts aimed at facilitating the growth of business activities.

CDNS achieves Rs116b target by Jan 20

ISLAMABAD (APP): The Central Directorate of National Savings (CDNS) has achieved Rs116 billion savings till third week of third quarter of current fiscal year, from July 1 to January 20, 2016-17. The target for the year 2016-17 was set at Rs228 billion, while the directorate was able to achieve the target of Rs218 billion for the previous fiscal year, an official of CDNS told APP here on Monday. He said that CDNS has launched first phase of modernization plan in collaboration with National Institutional Facilitation Technologies (NIFT) to facilitate its customers. After signing a Memorandum of Understanding (MoU) with NIFT, now senior citizens and pensioners would get the amount credited in their accounts from National Bank of Pakistan (NBP). Under the plan, the CDNS would give this facility on Savings Accounts, Bahbood Savings Certificates and Pensioners' Benefit Account. In second phase of institutional reforms, same facility would be given on the remaining schemes.
The directorate would be equipped with modern tools for shifting from manual to innovative information technology (IT) services, especially in rural branches, he added. The official said that 83 branches of CDNS have been computerised in different regions under the first phase while 140 more branches would be automated during the second phase.
He said the modernisation plan would be completed in September this year. Replying to a question, he said after agreement with NIFT, the directorate would launch registered prize bonds, besides transferring profit to the customers’ accounts. The official said the proposed structural reforms plan would be launched gradually in order to provide better service delivery to customers.