Tag: ECON
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Huawie to set up regional headquarters in Pakistan
Jul 17: Vice President of Huawei Group Mark Xueman Wednesday said his company would set up a regional headquarters in Islamabad at a cost of $55 million, which would create job opportunities for local young engineers.
The leading Chinese mobile phone company would invest total $100 million in Pakistan during the current year, he said while talking to Minister for Planning and Development Makhdum Khsuro Bakhtyar, on whom he called on along with his delegation here at his office.
Secretary Planning Zafar Hasan, CPEC Project Director Hassan Daud and senior officials of the ministry were also present in the meeting.
Mark Xueman said Huawei would also invest $15 million more in its Technical Support Centre in Pakistan and hire more work force for the same taking the number of its staff from 600 to 800 during the year.
He said the company was eager to initiate more projects in Pakistan on grant funding from the Chinese government.
Makhdum Khusro Bakhtyar, while appreciating Huawei’s continued engagement in Pakistan, said the leading technological company could support in developing and upgrading the information technology (IT) sector of the country.
He said Huawei had 25% share in Pakistan's mobile industry and was also the top taxing paying Chinese company in the country.
The minister appreciated Huawei’s engagement with the Higher Education Commission for its smart schools project with the latest information and communications technology equipment.
He stressed on exploring new business models for future projects and joint ventures in Pakistan. Huawei could contribute to the government’s e-governance initiative as well in centralizing data to improve efficiency and productivity.
The minister opined that Huawei could support IT start-up projects in Pakistan to benefit the youth in the important sector. He assured of the ministry’s all possible cooperation in future joint ventures.
APP
Auction Result: SBP Sells MTB worth Rs.2.32 Trillion
July 17, 2019 (MLN): July 17, 2019 (MLN): The State bank of Pakistan conducted an auction on Wednesday in which it sold market treasury bills (MTB’s) worth Rs.2.32 trillion for 3, 6 and 12 months.
The auction target was Rs.600 Billion against a maturing amount of Rs.638.505 Billion.
The SBP’s decision to raise the Policy Rate by 100 basis points on Tuesday seemed to elicit a positive albeit measured response from market participants, as bids were received across all tenors.
While the main concentration of bids was in the 3 month tenor, the 6 and 12 month MTBs received a substantial increase over previous auctions.
Cut off Yields for the 3 Month was 13.7499 percent, 6 Months was 13.95 percent while 12 month was 14.10 percent.
The SBP received bids worth Rs.2.054 Trillion for 3 months, Rs.146.963 Billion for 6 months and Rs.125.178 Billion for 12 months, out of which the SBP accepted Rs.2.04 Trillion for 3 months while it accepted Rs.134.899 Billion and Rs.112.728 Billion for 6 and 12 months.
Including the non-competitive bids, the total accepted amount increased to Rs.2.32 Trillion.
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Notification for Minimum Indicative price of Tobacco approved for...
July 17, 2019 (MLN): The ECC in its meeting today considered and approved the notification of Minimum Indicative Prices (MIP) of tobacco for year 2019-20.
As per section 8 of the Pakistan Tobacco Board Ordinance 1968, the MIP for different grades of various types of tobacco are to be notified by the Federal Government.
The following prices were suggested for notification:
| S.No. | Types Of Tobacco | Minimum Indicative Price Per Kg For 2019-20 Crop |
|---|---|---|
| 1 | FCV Tobacco (Plain) | Rs.190.63 |
| 2 | FCV Tobacco (Sub-Mountainous) | Rs.218.77 |
| 3 | WP Tobacco | Rs.82.85 |
| 4 | Burley Tobacco | Rs.150.54 |
| 5 | DAC Tobacco | Rs.94.76 |
The ECC also allowed that new PCT codes, as created in the Pakistan Customs Tariff through the Finance Act, 2019, may also be incorporated in SRO 693(I)/2006 dated 01.07.2006 so that levy of additional customs duty collected on those parts of Sport Utility Vehicles (SUVs) of engine capacities 1001cc to 1500cc and 1501cc to 1800cc which have been localized, may be appropriately accounted for under separate PCT codes.
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ECC moves status of non-hazardous aluminum waste from banned...
July 17, 2019 (MLN): On the summary moved by Ministry of Commerce and Textile, the Economic Coordination Committee has decided that the scrap slag, ash and residues containing metals, arsenic or their compounds (containing mainly Aluminum under PCT 2620.4000) may be moved from Appendix-A (Banned Items) to Appendix-B (Restricted Items) of the Import Policy Order, 2016.
However, in order to forestall the chances of import of hazardous waste, the import may be subject to the following conditions:
(i) Importable only by industrial consumer having recycling facilities, subject to NOC from Ministry of Climate Change and duly certified by provincial Environmental Protection Agency (Federal EPA, in case of Islamabad Capital Territory).
(ii) Provision of a pre-shipment Inspection Certificate and consent of Focal Point of Basel Convention from the country of export to the effect that the waste/scrap is non-hazardous as defined in the Basel Convention.
(iii) The imported consignments of the registered recycling plants shall be cleared from seaport only.
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PIA to upgrade in-flight entertainment system of its Boeing-777...
July 17 (MLN): The Economic Coordination Committee (ECC)has allowed PIA Corporation Limited to make a re-appropriation in its already approved budget of Rs.24 billion for the upgradation of in-flight entertainment (IFE) system of its fleet of 8 Boeing-777 aircrafts.
As per an official press release, the project will cost Rs.700 million.
It was also briefed during the meeting that the measures will improve the occupancy of the airline to 80 per cent from the current level of 70 per cent.
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