Tag Archives: President

Closing of LNG Terminal Hitting Masses, Economy PBIF

Closing of LNG Terminal Hitting Masses, Economy PBIF


Sumera Saeed | December 13, 2017 | category: Business

Closing of LNG Terminal Hitting Masses, Economy PBIF.President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said that the indefinite closure of country’s second LNG terminal in the winter has added to the problems of masses and the business community.

In an statement issued from PBIF’s office on Wednesday , he said that shortage of gas has increased the cost of doing business which is beating production and exports while the decision of the government to close power plants running on furnace oil has backfired due to the closure of the LNG terminal having 600 mmcfd capacity, he said.

The government should take action against those who started the LNG terminal with a delay of almost six months and closed it days after its inauguration on Nov 20th, he demanded.
Mian Zahid Hussain said that the sub-standard material used in the terminal has not only resulted in heavy losses but it has also damaged the image of the country and the LNG project which was viewed as a miracle among stakeholders.
He said that the government should prefer spot purchasing and avoid long-term deals and recover the losses of 272,000 dollars per day from the operators of the second terminal.
The closure of second LNG terminal has resulted in the inability to offload ships carrying LNG while the questions are asked about the fate of three LNG-bases powerhouses in Punjab having a total capacity of 3600 megawatts, the former minister said.
The veteran business leader said that a gas company and a terminal operator have recently entered a deal without legal process which should be probed as questions are being asked about it.

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jobs

No Concrete Measures for Job Creation in Budget: APBF


Sumera Saeed | June 5, 2017 | category: Jobs

All Pakistan Business Forum president Ibrahim Qureshi has said that Pakistan needs 2.5 million jobs annually but the government has taken concrete measures neither in federal nor in Punjab budgets for job creations for the unemployed youth.

Commenting on the 2017-18 federal and Punjab budgets, he termed it a bubble budget, apparently feeling good but does not contain substance.

He condemned the economic manager’s calculator approach in finalizing the budget, which focused more on revenue collection and less on the fulfillment of its major objective of giving a long-term direction to the economy. This budget shows the failure of the Federal Board of Revenue as the reduction of taxpayers in active taxpayers list clearly indicates the failure of the govt, he added.

Terming the federal budget as a number game with no incentives for industry and more privileges for few sectors, he said that government is non-serious to explore new venues for revenue generation and no efforts had been taken to plug revenue leakages amounting in billions. He criticized the Federal Board of Revenue for failing in broadening of tax base. The government instead of generating revenue from direct taxes showed its intention to collect revenue through withholding tax. Moreover, the government after increasing the tax rate for non-filers had admitted its failure to implement the concept of filer and non-filer introduced in the last budget.

He also opposed the Punjab government for slapping duty on internet services. He said internet had now become a necessity for every sector of the economy, whether its agriculture, healthcare, education or SMEs. He said that small size businesses have also a monthly bill of more than Rs1,500. Making broadband expensive will have a very negative impact on the overall economy, as taxing broadband is like raising petrol prices, which affects every sector of the economy, he added. Ibrahim Qureshi said that like the previous governments, this one too has refrained from bringing big fishes into the tax net or even taking measures to prevent major tax evasions. The government attempted to squeeze the neck of old taxpayers instead of taking efforts to bring new taxpayers into tax net.

He blasted the authorities for not keeping its focus on resolving the energy crisis and allocating sufficient funds for the construction of big reservoirs including Kalabagh Dam in budget. He said that policymakers would have to address the concerns of the public since they suffer the most as a result of the power crisis. Ibrahim Qureshi questioned the claims of the government regarding reduction in unemployment, improvement in per capita income and improved energy situation.

The government is opening up the Pakistan economy to imports. While lower duty on raw materials and inputs is needed, but duty free imports of machinery will result in huge spending of scarce foreign exchange and jobs creations abroad, and no jobs for Pakistanis.

Ibrahim Qureshi regretted that no corrective action has been announced in the budget to increase direct taxation and more emphasis has been laid on indirect taxation.

Budget-2017-18

Budget 2017-18 Will Be Presented On 26th May


Sumera Saeed | May 25, 2017 | category: News

The Budget 2017-18 will be presented tomorrow on 26th May in National Assembly. The Finance Minister Ishaq Dar will make budget speech and present the budget documents before the Senate on 26th May.

The government has almost finalised the draft of the Public Sector Development Programme (PSDP) for 2017-18 and Economic Survey 2016-17.

The government is to increase the salary and pension of government employees but the increase rate in not finalized yet.

In the National Assembly and Senate sessions on 24th to 26th May respectively, the federal budget 2017-18 will be presented and meeting will be attended by Prime Minister Nawaz Sharif and President Mamnoon Hussain.

In the budget 2017-18 no major relief is anticipated unless the prime minister chooses to interfere. On the other hand, the prime minister will summon a special meeting on the budget after his return from Saudi Arabia.

Private sector role vital for 7% GDP growth

Private sector role vital for 7% GDP growth


Sumera Saeed | December 16, 2016 | category: News

The All Pakistan Business Forum president Ibrahim Qureshi has said the private sector can play role in investment and job creation to achieve the required 7% GDP growth rate in the country, as the private sector knows the art of making markets work, managing risks and fostering competitiveness and innovation.

The public-private partnerships is critical for inclusive and sustainable economic growth, he said and added the implementation of policies is a key challenge in the country.

Only the private sector can drive long-term value creation for their shareholders and stakeholders by developing business models, systems, processes and production chains that manage the economic, social and environmental dimensions in a balanced manner, Ibrahim Qureshi added.

He said there is a need to introduce reforms in the tax system and new sectors should be brought under tax net. He said smuggling, under invoicing and mis-declaration are big challenges for the local industry.

Terming the present tax system of the Federal Board of Revenue as a big challenge for existing and new businesses, he suggested that the taxpayers need to be honoured with a view to improve revenue collection.

APBF president suggested that the FBR must cautiously exercise enforcement powers against the taxpayers, who are regularly contributing revenue to the national kitty. FBR’s field formations should avoid exercising powers to issue notices, sealing of business premises and attachment of bank accounts on groundless basis.

He said that if enforcement powers are exercised without fulfilment of legal formalities, it would send a negative message to the existing investors as well as discourage the new businesses in all over the country.

What an investor needs is secure environment to achieve his goal and be able to contribute to the economy of the country, which could only be possible if the concerned departments extend their support and cooperation, he added.

Ibrahim Qureshi said the government has achieved some macroeconomic targets during last three years; however, declining exports and widening trade deficit still constitute a big challenge that should be focused by the policymakers.

He said that the rising oil prices in the international market and declining exports are negative signs for the country’s current account balance. However, he was optimistic about China Pakistan Economic Corridor saying the country’s economy is bound to grow faster with the completion of the projects of over $46 billion Chinese investment in Pakistan.

He suggested that the government should introduce reforms especially in the tax system and other sectors should be brought under tax net to achieve 7% growth rate of GDP that is essential of economic stability.

Etihad Aviation Group To Forge New Links With Europe's Largest Airline Group

Etihad Aviation Group To Forge New Links With Europe’s Largest Airline Group


Sumera Saeed | December 16, 2016 | category: News

  • Etihad Airways and Lufthansa German Airlines agree on codeshare flights
  • Lufthansa to lease 38 aircraft from airberlin for its point-to-point carrier Eurowings and its network carrier Austrian Airlines

Etihad Airways, the national carrier of the United Arab Emirates and Lufthansa German Airlines, part of Europe’s largest airline group, today announced the conclusion of a codeshare agreement. The arrangement is set to start in January 2017, subject to government approval.

The wet-lease agreement between Lufthansa Group and airberlin – in which Etihad Aviation Group indirectly holds a 29 per cent stake–was also announced today. Lufthansa’s point-to-point carrier Eurowings and Austrian Airlines, a Lufthansa Group airline, have signed an agreement to wet lease 38 aircraft from airberlin. 33 of these aircraft are to be operated for the Eurowings Group, an additional five aircraft are to be flown for Austrian Airlines. The agreement has a term of six years and becomes effective from February 2017 subject to any regulatory requirements. The leases have been agreed at competitive rates.

Under the codeshare agreement, the German airline will place its ‘LH’ code on Etihad Airways’ twice daily non-stop flights between its home base of Abu Dhabi and Frankfurt and its twice daily non-stop services between Abu Dhabi and Munich, the biggest city in southern Germany.

The UAE’s natiairline will, in onal turn, put its ‘EY’ code on Lufthansa’s long-haul, non-stop intercontinental services between its home base of Frankfurt, the business and commercial capital of Germany, and Rio de Janeiro, Brazil as well as Bogota, Colombia.

James Hogan, President and Chief Executive Officer, Etihad Aviation Group, said: “We have long seen Germany as a key strategic market for Etihad Aviation Groupand this new relationship with Lufthansa marks the next step in our commitment to the leading European aviation group.

“Lufthansa is highly respected globally and I’m very pleased that we will work together in the future for the benefit of our customers.

“Additionally, we are, in our role as a minority shareholder in airberlin, fully supportive of the separate agreement reached today with the Lufthansa Group to wet lease 38 airberlin aircraft.

 

“It is very clear to us at Etihad Airways that Lufthansa is a like-minded, forward thinking organisation with which we can do strong, meaningful and mutually beneficial business.”

 

Carsten Spohr, Chairman of the Board and CEO, Lufthansa Group, said:

 

“We are looking forward to partnering with the Etihad Aviation Group. The wet-lease contract with airberlin fosters the growth of our Eurowings Group. The codeshare agreement of Lufthansa and Etihad will offer our customers more benefits and complement both airlines’ networks. We willconsiderextending our cooperation in other areas.”

            

About Etihad Aviation Group:

Etihad Aviation Group (EAG) is a diversified global aviation and travel group comprising four business divisions – Etihad Airways, the national airline of the United Arab Emirates, Etihad Airways Engineering, Hala Group and Airline Equity Partners. The group has minority investments in seven airlines: airberlin, Air Serbia, Air Seychelles, Alitalia, Jet Airways, Virgin Australia, and Swiss-based Darwin Airline, trading as Etihad Regional.

From its Abu Dhabi base, Etihad Airways flies to, or has announced plans to serve, more than 110 passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and the Americas. The airline has a fleet of over 120 Airbus and Boeing aircraft, with 204 aircraft on firm order, including 71 Boeing 787s, 25 Boeing 777Xs, 62 Airbus A350s and 10 Airbus A380s. For more information, please visit: etihad.com

About Lufthansa Group:

Lufthansa is a global aviation group divided into the three strategic areas of Hub Airlines, Point-to-Point Business and Service Companies. The Group’s network carriers, with their premium brands of Lufthansa, SWISS and Austrian Airlines, serve its home market from their Frankfurt, Munich, Zurich and Vienna hubs. With its Eurowings brand, the Group also offers short- and long-haul point-to-point services in the growing private travel market. And with its service companies, which are all global market leaders in their individual industries (e.g. Cargo, MRO, Catering), the Lufthansa Group has found success in further areas of the aviation business. The Lufthansa Group’s airlines currently serve 255 destinations in 101 countries (i.e. as of winter 2016/2017). The Group’s total fleet comprises some 600 aircraft; and its member airlines will be taking delivery of 214 new aircraft, including A350 and A321neos between now and 2025. For more information visit LH.com.

No Public Holiday on 6th September 2016 Defence Day of Pakistan

No Public Holiday on 6th September 2016 Defence Day of Pakistan


Sumera Saeed | September 5, 2016 | category: Defence Day of Pakistan

No Public Holiday on 6th September 2016 Defence Day of Pakistan

There will be no public holiday on 6th September 2016 at Defence Day of Pakistan.

Pakistani nation celebrate Youm-e-Difah every year at 6th September to commemorate the sacrifices of the martyrs in Pak – India War II was fought in 1965. Both the countries had stopped war on September 6 as none of them occupied.

The 1965 war between Pakistan and India damaged the economy of both countries. Pakistan celebrates Youm-e-Difah or Defence Day just to show that the people of Pakistan were too brave and courageous as the lost their life for the sake of the country and nation and ruined the plans of their enemy on 6th September 1965.

Kashmir was the real cause behind the 1965 war between Pakistan and India, a number of people lost their lives during the war but the Kashmir dispute is yet unsolved. The war was ended by the support of United Nation UN.

The Defence Day (Youm-e-Difah) in Pakistan starts with special prayers for the peace and prosperity of the country. Prime Minister and President and address to the nation on 6th September celebrations.

There were used to be public holiday on 6th September in the country but now government has stopped the holiday on the occasion of Youm-e-Difah in Pakistan.