KCCI team to attend Pakistan-UK Business Festival at Manchester

KARACHI (Staff Reporter): Karachi Chamber of Commerce and Industry (KCCI), Senior Vice President Muffasar Atta Malik, Vice President KCCI, Muhammad Idrees, Chairman of Fairs, Exhibitions & Trade Delegations Sub-Committee, Naveed Farooki have left for United Kingdom to attend Pakistan-UK Business Festival being organised in Manchester, UK from August 14th to 17th, 2014. According to a statement issued, Muffasar Atta Malik is leading the visit to Pakistan-UK Business Festival which is jointly being organised by Economic & Trade Division UK North, High Commission of Pakistan and Karachi Chamber. More than 20 businessmen and industrialists of Karachi are participating in this exhibition.

Commenting on this important visit, President KCCI, Abdullah Zaki said, “This exhibition, besides giving us an opportunity to promote various Pakistani products and services, has also given us a perfect chance to highlight Pakistan’s soft image and its culture. KCCI’s participation in this important event is likely to improve interaction amongst business communities of the two countries, besides enhancing the existing trade volume.


Protests always cause irreparable damage to economy: LCCI

Lahore (Staff Reporter): The Lahore Chamber of Commerce & Industry on Tuesday said that it was very unfortunate that the Independence Day that should be celebrated with zeal and zest is being observed as a protest day that would give a bad message to the international community. LCCI President Engineer Sohail Lashari said that international media is monitoring the whole situation therefore it would be wiser on part of the political players to show responsibility and commitment toward the country. He urged the authorities concerned to only utilise empty containers for necessary blockade as the containers filled with flammable material may cause any untoward incident.

Lahore Chamber of Commerce & Industry had received a number of complaints from the businessmen that at quite a few places the authorities were using containers, having chemicals which is inflammable and very dangerous and could easily rise to a tragedy.

The LCCI president said that the Lahore Chamber of Commerce & Industry well understands that the protests and agitations always cause irreparable damage to the economy therefore it had already appealed to all the political parties to settle their issues on the negotiating table instead of taking them into the streets.

He said that all political parties are responsible to safeguard the national interests therefore that should resolve the issues through talks and parliament.

The LCCI President said that politicians should understand well that political stability is must for rapid economic growth. He said that call of long march and revolution march is badly affecting business environment and dragging national economy towards the destruction.

Engineer Sohail Lashari said that survival of the countries depends on sound economies and to achieve this goal, political stability is must therefore politicians should take a lesson from the developed economies and utilise all the national resources for the progress and prosperity of the country.



Call to extend ST return date

lahore (Staff Reporter): The business community has appealed to the Chairman of Federal Board of Revenue (FBR) to extend Sales Tax Returns filing date as it has not been uploaded on FBR portal so far. In a statement issued here Tuesday, the LCCI President Engineer Sohail Lashari, Senior Vice President Mian Tariq Misbah and Vice President Kashif Anwar said that date should be extended by one month so that business community could easily submit their sales tax returns that have yet not been uploaded on the FBR site. They said that an extension in the date of filing of Sales Tax Returns would not only facilitate the business community but it would also send a very positive signal about private-public sector liaison.



Oil price hits 9-month low in London

LONDON (AFP): Oil prices dropped on Tuesday, with European benchmark Brent falling to a fresh nine-month low point on easing concerns about supply disruptions arising out of conflicts in Ukraine and Iraq. Brent crude for delivery in September hit $103.65 a barrel — the lowest level since last November. In later midday deals, Brent stood at $103.78 a barrel, down 90 cents compared with Monday’s closing level. US benchmark West Texas Intermediate for September dropped 71 cents to $97.37 a barrel.  Meanwhile unsteady global economic growth is holding down oil demand and prices despite conflict in key producer regions, the International Energy Agency said on Tuesday.

“Despite armed conflict in Libya, Iraq and Ukraine, the oil market today looks better supplied than expected, with an oil glut even reported in the Atlantic basin,” the International Energy Agency said as it lowered its forecasts for crude demand this year and next.

Desmond Chua, market analyst at CMC Markets in Singapore, said markets were buoyed by the “uncanny coincidences of de-escalating crises in the trifecta hotspots,” referring to east Ukraine, Iraq and the Gaza Strip.



ICCI welcomes vision 2025

ISLAMABAD (INP): ICCI has welcomed the launch of Vision 2025 and termed it a right move to make Pakistan a strong economy.  M Ali Mirza, Acting President, ICCI said that implementation of Vision 2025 has the potential to put Pakistan on economic growth.  He said the seven pillars of Vision 2025 which include developing human and social capital, achieving sustainable indigenous, governance institutional reforms and modernization of energy water and food security, public sector-led growth & entrepreneurship, developing a competitive knowledge economic through value addition, modernization of transportation infrastructure etc., if fully implemented, would lay the foundation for a stronger and prosperous Pakistan.

Muhammad Ali Mirza said it was encouraging that emphasis has been given to entrepreneurship development and private sector-led growth in the Vision 2025. He stressed that government should take all possible measures for enhanced role of private sector through policy measures and facilitation so that the private sector organizations and entrepreneurs could contribute more effectively to the growth of economy and development of our country.