Aptma for continuation of MINTEX

Lahore (Staff Reporter): APTMA Chairman S M Tanveer has urged Prime Minister Nawaz Sharif to appoint a federal minister to oversee the Ministry of Textile Industry. The move to merge the Ministry of Textile Industry with the Ministry of Commerce was not prudent, he said. The Ministry of Textile Industry was formed to facilitate and resolve issues of the textile industry. Presently, the textile industry, the mainstay of the economy, is passing through a turbulent phase. Textile mills are closing down their operations because of becoming unviable due to various reasons concerning energy insecurity, un-affordability and high cost of doing business. Textile exports have seriously declined in quantity terms leading to significantly reduced production.

This has resulted in rampant unemployment and impairment of agricultural linkages causing adverse affect on the cotton economy.

FPCCI holds 2nd budget session

Lahore (Staff Reporter): The regional office of the Federation of Pakistan Chambers of Commerce and Industry on Wednesday held its second budget session, seeking proposals from its members for the federal and provincial budgets for 2015-16 at its Punjab regional office in Lahore with FPCCI vice president Hameed Akhtar Chadda in the chair. Chadda said that the proposals should be regarding sales tax or VAT, income tax, federal excise duty, customs duty, rationalization of taxes and duties and the withholding tax regime. He said that for a greater interaction with the trade and industry associations and to prepare workable proposals for the upcoming budget for the year 2015-16, FPCCI has started working on sound footings which will be workable for the government.

The FPCCI budget committees were tasked to come up with solid proposals that would be forwarded to the government in due course.

He said that an effort had been made to bring all the sectors of the economy on one platform.

Economy showing resilience: Dar

ISLAMABAD (APP): Minister for Finance Senator Mohammad Ishaq Dar said on Wednesday that due to prudent policies of present government, the national economy is showing resilience. As a result, he added, the investors’ confidence has been restored. Ishaq Dar, who is currently visiting London en-route to Washington attending spring meetings of World Bank and International Monetary Fund (IMF) was talking to a private news channel. He said that the international rating agencies are upgrading Pakistan's economy's credit rating from stable to positive due to improvement in the economic indicators. He further said the International Bank for Reconstruction and Development (IBRD) has decided to do business with Pakistan.

PTCL declares financial results

karachi (Staff Reporter): PTCL declared financial results for the first quarter of FY 2015. PTCL group revenues were Rs 30.2b for the period ended March 31, 2015,  while gross and net profit of the group stood at Rs 8.5b and Rs 0.716b respectively. PTCL cash flows remained strong owing to the steady growth in the subscriber base and strong market position backed by the company’s growing fixed and wireless broadband business. PTCL earned revenue of Rs 19.2 billion during the reported period. Net profit was recorded at Rs 2.5b, while gross profit remained Rs 6.1b. Walid Irshaid, President & CEO PTCL said PTCL’s strategy of continuous investment in next generation communications infrastructure has translated in a robust first quarter performance and enabled us to deliver for our shareholders.

 This impetus continued across all of our business segments, especially in our wireless and fixed broadband and enterprise solutions.”

Micro-entrepreneurship awards

karachi (Staff Reporter): Four clients of The First Micro Finance Bank Pakistan (an institution of the Aga Khan Agency for Microfinance) received awards for their entrepreneurial skills at the 9th Citi-PPAF Micro-entrepreneurship Awards. Ahsan Iqbal, Federal Minister for Planning and Development along with Adriano Chiodi Cainfarani, Ambassador of Italy in Pakistan were the Chief Guests for the occasion.  FMFB-P’s clients Sabir Shah from Gujranwala won the runner-up award under the “National Micro-Entrepreneur Award - Special Category” at the Citi-PPAF Micro-entrepreneurship Awards and was awarded a cash prize of PKR 180,000. Another FMFB client, Afsar Ali hailing from Karachi won the runners up Young Entrepreneur award.

Nargis Bibi from Ghizer, Gilgil Baltistan won the Regional Micro-Entrepreneurship Award while Bibi Rano, resident of Hunza, Gilgit Baltistan was the runner-up in the regional category.

The objective of the Citi-PPAF Micro-entrepreneurship Awards Programme is to illustrate and promote the effective role that micro-finance plays in poverty alleviation. It recognises the extraordinary contributions that individual micro-entrepreneurs have made to the economic sustainability of their families as well as their communities.