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Tag Archives: Government

Corruption costs €100 billion yearly to Greece

ATHENS: Greece’s government has declared war on corruption that will cost the country €100 billion every year. However, as the challenges ahead are enormous, Greece experts say. Panayiotis Nikoloudis, a well respected former Supreme Court prosecutor with a long history in tackling financial crimes, was named Greece’s first ever minister of state for combating corruption. Under this role, Nikoloudis has ... Read More »

Greece presents new reform proposal ahead of €450 million loan repayment to IMF

ATHENS: The Greece government presented a new reform program, although the European partners were not too impressed and no new money for Greece has been released yet. The situation may become critical, as Greece is obliged to a loan repayment to the IMF worth €450 million, on April 9. Although the Greek government claims that it will be able to ... Read More »

Russia grants $10.8 billion loan to Hungary for Paks nuclear plant

BUDAPEST: Hungarian government commissioner stated that the Russia is poised to make a $10.8 billion loan to Hungary, one of the European Union members most sympathetic to it. Budapest plans to draw on the first tranche of the loan this year. Officially the loan is to finance the expansion of the Paks nuclear power plant, Hungary’s only atomic power station, ... Read More »

Eradicating oil smuggling: Libya govt warns crude oil smugglers

TRIPOLI: Government of Libya warns very hardly to crude oil smugglers because Libya is currently producing 488,000 b/d, according to the official. A Panama-flagged vessel is making its way to Libya’s Ras Lanuf crude terminal to illegally load crude there, a senior state-owned NOC official told Argus.NOC issued a statement on its website today that it would take all the ... Read More »

Libyan Govt finds no weapons in seized tanker, released after proceedings

TRIPOLI: In a surprise move the government has released a tankers forced into Tobruk by warplanes because it was suspected of smuggling arms to Misrata. The 34,000 tonne Libyan flagged Anwaar Afriqiya had been slow steaming from Greek waters bound for Misrata, when government forces ordered it to divert to Tobruk. The airstrike on a Greek-owned tanker unloading fuel in ... Read More »

Thailand looks to expand duty free service at Airports  

BANKOK:  The government is exploring ways to allow more companies, including South Korea-based Lotte Group, to operate duty-free services at airports and downtown areas. Currently, King Power, the country’s largest duty-free company, is the sole concessionaire operating duty-free shops at Suvarnabhumi, Don Mueang and Phuket airports overseen by the Airports of Thailand. Transport Minister ACM Prajin Juntong has revealed that ... Read More »

Singapore Business Federation asks govt to hold back levies on foreign workers

SINGAPORE: The Singapore Business Federation (SBF) submitted a paper, urging the government to hold back on planned increases in levies of foreign workers. Singapore has been tightening foreign worker policies these years as part of the economic restructuring, which aims at helping businesses to upgrade, create better jobs and raise wages. According to the SBF’s latest survey 62 per cent ... Read More »

Zimbabwe Govt still fighting for $45 million diamonds seized in Belgium

HARARE:  Government is still to recover its diamonds worth about 45 million U.S. dollars that were seized in Belgium by a South African mining company four months ago, Mines Minister Walter Chidhakwa said. He told Xinhua in an interview that after winning a court case against South Africa’s Amari Platinum Holdings early this month, government will now mount another legal ... Read More »

IPPS cost per unit fell to Rs9.45 from Rs15.50: 35pc cut in furnace oil rate warrants slash in power tariff: IEP

LAHORE: In view of 35 percent decline in the furnace oil rates used for power generation, the government should trickledown benefits to the power consumers by reducing the power tariff. It is to be noted that there has been steep decline of 35 percent in the rates of furnace oil during the past six months. In a statement issued here ... Read More »

US warns Chinese cyber attackers

WASHINGTON: National Security Agency (NSA) warns Chinese cyber attachers, China  have the ability to attack and possibly shut down computer systems of U.S. Director (NSA) Michael Rogers said digital attackers have been able to penetrate such systems and perform.China was one of the countries with that capability. Chinese Foreign Ministry spokesman Hong Lei said that Chinese government “forbids” cyber hacking and ... Read More »

OGDCL 311m shares at Rs216 equivalent to 10% divested, Minister denies privatisation/IMF pressure

ISLAMABAD: The Government has clarified that Oil and Gas Development Company Limited (OGDCL) is not being privatized and assured that none of its employee will be removed. Addressing a news conference in Islamabad on Friday, Minister of State for Privatization Muhammad Zubair said there would be no further off-loading of the OGDCL shares, except the forthcoming transaction. He said the ... Read More »

Commerce Ministry gears up efforts reduce trade deficit

ISLAMABAD: The Ministry of Commerce (MoC) has taken numerous measures to reduce trade deficit and to have positive trade balance with every trading partner. Following the MoC’s initiatives, the Trade Development Authority of Pakistan (TDAP) has arranged trade fairs and exhibition to promote Pakistani exports and TDAP took Pakistani exporters to 10 exhibitions in USA alone during 2013-14. An official ... Read More »

SCCI urges govt to release ad hoc relief claims of Sialkot exporters

Jillani wants Trade Development Authority of Pakistan to announce special package to upgrade and modernise export-oriented industry of Sialkot    SIALKOT: Sialkot Chamber of Commerce and Industry (SCCI) President Fazal Jillani on Monday pressed the government to order the Trade Development Authority of Pakistan (TDAP) to ensure the early clearance of all the ad hoc relief claims of Sialkot exporters. Talking ... Read More »

Midday: KSE in bid to recoup losses

KARACHI: After five consecutive bearish days, Karachi Stock Exchange 100-Index Tuesday witnessed positive rally and gained 73.37 points to reach 29784.49 points with the total volume of 32,154,400 shares till midday. Earlier, benchmark KSE 100-Index took a good start and gained 142 points to reach 29853.55 stage with the total volume of 16,142,400 shares. The index observed the highest trading ... Read More »

LCCI seeks incentives for overseas Pakistanis

LAHORE: Terming the increase in remittances encouraging, the Lahore Chamber of Commerce and Industry has urged the government to provide incentives to the overseas Pakistanis. In a statement issued on Thursday, LCCI President Ijaz A Mumtaz, Senior Vice President Mian Nauman Kabir and Vice President Syed Mahmood Ghaznavi said that overseas Pakistanis have sent remittances amounting to $4.69 billion in ... Read More »

PIAF urges govt to take innovative measures for industrial revival

PIAF chairman Malik Tahir Javaid says govt needs to revisit policy towards uninterrupted supply of gas to industrial sector   LAHORE: The Pakistan Industrial and Traders Associations Front (PIAF) on Monday urged the government to adopt innovative measures to ensure an enabling atmosphere to the trade and industry. While addressing a parliamentary committee meeting, PIAF Chairman Malik Tahir Javaid said that ... Read More »

Dastgir vows to resolve foreign investors’ tax issues

KARACHI: The government will address all the problems faced by Overseas Investors Chamber of Commerce & Industry (OICCI), said Federal Minister for Commerce Engr Khurram Dastgir Khan. The federal minister, during his visit to OICCI, said that the government was introducing business-friendly policies and it was serious to resolve all the concerns of foreign investors, especially tax-related issues including timely ... Read More »

Sinking textile industry calls for desperate measures

If government cannot provide gas and electricity then it should announce forced closure of industry   FAISALABAD: More than fifty percent value-added textile units have been closed and the remaining ones are running only with 30 to 40 percent of production capacity, said Rana Alraf Ahmad, senior vice chairman (SVC) Pakistan Hosiery Manufacturers and Exporters Association (PHMEA-North Zone). He said ... Read More »

Midday: KSE keeps upward momentum, gains 69 points

KARACHI: The Karachi Stock Exchange (KSE) 100-index Thursday witnessed variation in trading but remained positive, by gaining 69.45 points and reached 30066.06 index, recording a positive change of 0,23 per cent. Earlier in the morning, KSE made a wonderful start and crossed 30,000 psychological barrier by gaining 129.56 points and reached 30126.17. On Wednesday, benchmark KSE-100 remained in green zone ... Read More »

APTMA predicts $2.3b losses due to power shortage

APTMA Chairman SM Tanveer accuses government of meting out stepmotherly treatment to textile sector   LAHORE: The All Pakistan Textile Mills Association (APTMA) claimed that textile exports would remain almost $2.30 billion less than the target during the current fiscal year as the industrty is suffering from a shortage of power. Newly elected APTMA Chairman SM Tanveer accused the government ... Read More »