PML-N traders wing greets LCCI new body

Lahore (Staff Reporter): PML-N Traders Wing vice president Argumand Maqsood has greeted the newly elected Executive Committee Members of the Lahore Chamber of Commerce and Industry (LCCI) and hoped that the new body would utilize all their energies to come up to the expectations of the businessmen. He said that newly elected office-bearers of the Lahore Chamber of Commerce and Industry (LCCI) would ensure implementation of their manifesto in true sense of word. He said that there was no second opinion about it that the country is faced with enormous internal and external challenges and only true representatives of the business community could help surmount these issues.

 He said that the new leadership should be tasked to prepare sector specific working papers to expedite economic activity in the country in general and in the city of Lahore in particular.

LCCI to hold annual general meeting on 30th

Lahore (Staff Reporter): The Lahore Chamber of Commerce and Industry will declare the formal announcement of its new president, SVP and VP at the annual general meeting scheduled for September 30. LCCI new office-bearers will assume the charge of their offices on October 01. It is to be noted that renowned businessmen Ijaz A. Mumtaz, Mian Nauman Kabir and Syed Mahmood Ghaznavi Friday elected unopposed President, Senior Vice President and Vice President respectively. All the three made their way to victory stand as nobody turned up to file nomination against their candidature.

Textile machinery exhibition

KARACHI (APP): The 8th International Garment, Textile & Leather Machinery & Accessories exhibition & conference IGATEX Pakistan is scheduled to start from Oct.21 and will continue till Oct.24 at Expo Centre, Lahore. It is an international event recognized for its quality of exhibitors and visitors. IGATEX Pakistan 2014 introduces high level machinery, equipments and accessories which provide business opportunities and add value to our exports. It will increase the products’ worth that will positively contribute towards strengthening of economy of the country. This year IGATEX Pakistan will feature over 550 exhibitors from 35 countries including China, Germany, India, Italy, Japan, Turkey, Taiwan and Switzerland etc.

This is the highest number of exhibitors participating at an exhibition in Pakistan. Since its inception in 2002, the event has played a pivotal role in the development of textile industry. IGATEX Pakistan is organized by FAKT Exhibitions (Private) Limited.

Date for tax returns extended

ISLAMABAD (APP): Federal Minister for Finance Senator Mohammad Ishaq Dar approved the extension of date of filing of income tax returns to October 31 to facilitate the people. Finance Minister in a statement issued by the Ministry of Finance on Friday said, “There were a large number of appeals, conveyed in writing, through SMS, fax and phone calls, with people complaining about difficulties in filing tax returns, the on-going sit-ins topping them all. So I had to consider the requests to facilitate the people”. For individuals and Association of Persons the date of filing Income tax Returns/statements is extended to October 31, 2014, it was September 30 earlier.

The date of filing of Returns of Total Income/Statements of Final taxation due on August 31,2014 and extended to September 30, 2014 has been further extended to October 31, 2014.

The date of filing of Returns of Total Income/Statements of Final Taxation of Companies whose tax year ends between the 1st day of July, 2013 to 31 December, 2013 due on or before September 30, 2014 has also been extended up to October 31, 2014 provide that the admitted liability of tax due with return is deposited by September 30, 2014.

“We want to promote the tax culture in Pakistan and for this purpose we shall facilitate the tax payers”,the Finance Minister said.

Oil market firms after choppy week

LONDON (AFP): Oil prices rose slightly on Friday, striking a stable note after diving earlier this week to two-year lows on fears over ample supplies and weak demand. The market won modest support heading into the weekend on worries over US-led airstrikes against jihadists in the oil-rich Middle East. Brent North Sea crude for delivery in November gained 28 cents to stand at $97.28 a barrel in London midday deals. US benchmark West Texas Intermediate for November added 42 cents to $92.95 a barrel. “Oil prices remain virtually unchanged as compared with yesterday despite some pretty volatile trading,” said Commerzbank analysts in a note to clients. “There is a clear lack of any impetus to drive any price recovery, however.”

Later on Friday, traders will pay close attention to the latest economic growth data in the United States, the top global crude consuming nation.

“On the macroeconomic front, the main focus will switch to the release of the US GDP data,” added Sucden analyst Myrto Sokou.

The oil market was weak on Thursday, buffeted by the strong dollar and rebounding Libyan output.

Recovering Libyan exports have added to the oversupply. Light Libyan crude is valued by refiners in Europe as an alternative to Brent.

Oil prices were also pushed lower this week by poor global economic data which has stoked fresh fears about the energy demand outlook.

“The predominant drivers (of oil prices) remain ample global supply and a perceived weakening in demand as the world’s largest consumers continue to indicate slowing economic growth,” said Inenco analyst Dorian Lucas.

“Fears of oil production disruption stemming from the conflicts in the Middle East and North Africa are currently having minimal bullish influence,” he added

The Brent oil contract had dived on Wednesday to $95.60 — the lowest level since early July 2012 — on worries over abundant oil supplies, poor global economic data and a weaker demand outlook — before pulling back on data showing a surprisingly heavy drop in US crude inventories.

The Department of Energy said Wednesday that US crude inventories fell 4.3 million barrels in the week ending September 19, confounding analysts’ projections of an increase.

A drop in US stockpiles typically indicates stronger demand in the world’s biggest economy and top crude consumer, and therefore tends to support prices.

The rising greenback meanwhile makes dollar-priced oil more expensive for buyers using weaker currencies, dampening demand.

The euro plunged Thursday to a near two-year low of $1.2697 on fresh worries over the health of the stuttering eurozone economy and growing expectations of higher US interest rates.