Posted on

Bank Alfalah received Best Bank of the year Award

F.P. Report

KARACHI: Bank Alfalah was awarded with the Best Bank of 2017 for providing better contribution to national development and the most effective management.

Bank Alfalah received the honor at the second Pakistan Banking Awards which were jointly organized by Institute of Bankers, A.F Ferguson and Company and Dawn Media group.

The same award was received by United Bank last year, however Bank Alfalah was declared the best bank for customer franchise and was also awarded for expanding its Islamic franchises and raising public awareness.

Telenor Microfinance Bank was declared the Best Bank for the Unbanked for paying attention to financial inclusion by expanding its outreach through rural and low-income urban areas.

The Best Bank for Small Business and Agriculture for its performance was given to Habib Bank and United Bank was declared as the Best Bank for Corporate Finance and Capital Market Development.

Similarly, Meezan Bank was declared the Best Islamic Bank for expanding its Islamic banking franchise.

JS Bank received the Best Environmental, Social and Governance (ESG) Bank Award for its conduct of responsible business.

A number of bankers, including State Bank of Pakistan Governor Tariq Bajwa, participated in the ceremony.

Posted on

Pakistan borrowed $ 19.66 bn loans in four years

F.P. Report

ISLAMABAD: Despite the high claims of PML-N regarding bringing revolution in the economic sector, the federal government had taken loans of $ 19.66 billion in the last four years.

The local media outlet claims that during June 2013 and June 2017 Pakistan borrowed the highest numbers of load from the international institutions including Pakistan borrowed $6.3 bn from International Monetary Fund for period of 13 years, $4.10 bn from Asian Development Bank for period of 20 years and $4.96 bn from International Development Association for period of 26 years.

Meanwhile, telecom sector has deposited a mammoth Rs198.74 bn in national exchequer in terms of tax whereas Foreign Direct Investment (FDI) stands at $14.28 bn during aforementioned period.

Posted on

SBP allows commencement of banking business to Bank of China

Naimat Khan

KARACHI: State Bank of Pakistan (SBP) has allowed commencement of banking business to the Bank of China Limited, a spokesman of the central bank told on Monday.

“Earlier, SBP had issued a banking license to the bank in the month of May 2017. The Bank of China Limited has complied with the important regulatory and operational requirements of SBP necessary to commence banking business in Pakistan,” a statement issued by the State Bank reads.

According to spokesman, the Bank of China is a subsidiary of China Central Huijin, investment arm of the Government of China. The Bank of China is the 4th and 5th largest global bank in terms of Tier-1 Capital and total Assets respectively.

“It is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. Globally, the footprint of Bank of China is spread across 50 countries out of which, nineteen are located across Chinese “One Belt One Road” initiative.”

The Bank of China is the second Chinese bank, which entered in Pakistan. The Bank of China’s entry into Pakistan will not only further strengthen the bilateral relationship of Pakistan and China but will also represent growing confidence of international investors on the country’s banking sector and the stable economic outlook.

In Pakistan, the Bank of China aims to provide specialized banking services to serve the financing needs of China Pakistan Economic Corridor (CPEC) related projects by leveraging on its experience and global technology platform.

 

Posted on

PM Abbasi directs officials to expands exports to different markets

F.P. Report

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi chaired a meeting of ministry of Commerce to review the balance of trade and measures to increase the exports.

Ministry of Commerce presented several short and medium term alternatives to boost the exports and control the imports. The Prime Minister Shahid Khaqan Abbasi directed the officials to make sure adopted such alternatives which cannot left negative impact on country’s economy growth rate and development.

The meeting focused to increased exports to the European markets. PM Abbasi that Pakistani diplomatic mission abroad needs to focus and work as economic and trade ambassadors of Pakistan.

Posted on

Govt to find new markets for meat and dairy product exports

F.P. Report

ISLAMABAD: The federal government is trying to finding new markets for the export of meat and dairy products with the aim to improve the export of meat and dairy products.

Government officials told state run media that several Muslims countries are dependent on imported Halal meat and Pakistan can get advantage from this situations and it can increased the exports of these products if we focus on modern and hygiene slaughter houses as per the international standard for chilled and frozen meat.

Official added that efforts are being made for market access in Russia, China, South Africa, Egypt, Hong Kong and Indonesia besides Middle-East countries for meat and meat products.

The sources said the United Arab Emirates has lifted ban on import of poultry and poultry products from Pakistan. This would go a long way in promoting export of poultry products.

 

 

Posted on

India ‘the most corrupt country in Asia’: Forbes

ISLAMABAD (Online): A recent survey conducted by the Transparency International declared India as “the most corrupt country in Asia”. The survey was published in March 2017, but the official handle of Forbes tweeted the article on Friday.

The list released by Forbes about five top most corrupt countries in Asia said that India beats Vietnam, Thailand, Pakistan and Myanmar, when it comes to bribery rate.

The Forbes article, which rated India the highest in the list with 69 per cent bribery rate, described India as: “In five of the six public services – schools, hospitals, ID documents, police, and utility services – more than half the respondents have had to pay a bribe.” India was closely followed by Vietnam at 65 per cent bribery rate.

Pakistan stood fourth in the list with 40 per cent bribery rate.

The 18-month long survey by Transparency International was concluded after talking to more than 20,000 people in 16 countries, regions and territories in the Asia Pacific. The Berlin-based corruption watchdog had put India at rank 76 out of 168 countries in its Corruption Perception Index last year.

Posted on

PM Abbasi to Chair ECC meeting today

F.P. Report

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi will chair a meeting of the Economic Coordination Committee (ECC) of the Cabinet on Tuesday (today).

It is expected that several amendments in Rules of Business of 1973 will be approved and they will also discuss different petroleum projects in the country.

Cabinet Secretariat distributed the agenda of the meeting on August among the members of the ECC.

 

Posted on

Govt wants to improve cooperation with various countries in energy sector

F.P. Report

ISLAMABAD: Government trying to improve and strengthen the cooperation with the various countries of region in the energy sector.

As per the government, quoted by State run media that government have made and signed the agreements with different countries including Turkey, Azerbaijan, Qatar, Iran, China, Russia and Turkmenistan to enhance the cooperation in energy sector.

Sources added that Memorandum of Understanding (MoU) has also been signed with Asia Pacific Corporation of United Kingdom and others countries of the West..

 

Posted on

Withholding tax to be refunded to internet, telephone users: FBR

F.P. Report

KARACHI: Federal Board of Revenue (FBR) informed media that 10% withholding tax which was taken from the all internet and telephone users will now be refunded annually.

As per  details, the consumers of Internet or landlines phones with paying over Rs 1000 every month can now will be received their withholding tax at the end of the year.

FBR added that it charges 10% on internet and landlines bills and this tax will not be applicable for the use with paying the bill below Rs 10000.

Posted on

Pakistani American businessman appeals to Chinese officials

Appeal to Excellency Ambassador of China to Pakistan Excellency Ambassador of China to America Police Chief, Tianjin China   My name is Mohammad Khalid Khan. I am Pakistani having business based in America and Pakistan. My American based company, Afpak Consultants LLC recently did a business transaction with Chinese based company in Tianjin namely, Tianjin Huichao International Trading Company Limited. The said Chinese company cheated me for over one hundred thousand US Dollars. I have already registered a police case against the said company in Tianjin, a copy of the police report is below. Excellency, I went to Tianjin China myself in the month of June 2017 and signed a contract with Tianjin Huichao International Trading Company Limited at their office. I then uploaded two containers of copper wire weighing twenty five tons each from the warehouse of the said company. I also transferred the amount of almost one hundred thousand US dollars from my bank in America to the bank account of the above mentioned company at Industrial Bank of Korea (china). The shipment was CIF, which means that the above company, Tianjin Huichao International Trading Company Limited was responsible for shipping the consignment from port of the departure to port of destination, which was Jabal Ali port, UAE. Upon receiving the containers in UAE, it was discovered that my two containers instead of having fifty tons of copper wire had fifteen hundred kg of trash wire. I then again immediately went to Tianjin China in July 2017 and registered my case with the police authorities. After providing the Chinese police with all relevant proofs they have now accepted my case, copy of which is below. It is humbly requested that my financial loss may kindly be recovered at the earliest and restore the confidence of the Pakistani businessmen dealing in China. I fail to understand how such cheaters are allowed to register a company in China, establish an office, establish ware house, open company bank account and hire staff members. Keeping in view the game changer plan, China Pakistan Economic Corridor (CPEC), it is very important that both Pakistan and China give exemplary punishments to those businessmen who are involved in criminal activities. Cheating international businessmen is a crime which should not be tolerated by governments of both the countries. I humbly request you for help and support. Khalid Khan Chairman Afpak Consultant LLC Info@afconsultants.com +13012565138