Tag: Economy news world
September 27, 2021: Digital marketing holds promise for tourism promotion and that’s what exactly the present government is doing by rolling out an inclusive project -Brand Pakistan- in coming days to transform the country’s image by projecting its breath-taking tourist resorts at international level through online means.
“The competent authority has already given approval for Brand Pakistan and now our focus is on its launch which is expected in coming month,” a senior officer of Pakistan Tourism Development Corporation (PTDC) told APP on Monday.
The Pakistan Tehreek-e-Insaf government, soon after coming into the power, tasked the PTDC with transforming the local tourism industry by developing a brand for local tourism industry at global level.
He said the initiative, which includes Brand Pakistan, exclusive tourism portal, a ten-year road-map for tourism promotion, a five-year action plan and national minimum standards for hospitality sector, was meant to boost tourism activities in the country. All the components of project would be unveiled at its launching ceremony, he added.
Giving details of the project, he said international experts were hired to prepare the project, which was finalized after holding thorough consultation with all stakeholders.
He said the Brand Pakistan had an exclusive tourism portal, which was meant to promote the country’s tourist attractions across the world through virtual galleries, videos and documentaries.
It would provide world-class exposure to Pakistan’s tourist attractions through one click. It consisted of a user-friendly interface to interact with the prospective tourists and give them the necessary and latest information about the country’s tourist attractions, he added.
He said a ten-year road-map to invigorate tourism industry was also part of the project. The ‘National Tourism Strategy’ (NTS) 2020-2030 would ensure maximum utilization of its huge resources for sustained economic growth, poverty alleviation and reduced social inequalities.
He said the strategy was guided by a vision (2020-2030) that envisaged, a mature, sustainable and responsible tourism industry contributing significantly to the economic development of Pakistan and the quality of life of all her people, primarily through job creation, social inclusion and economic growth.The NTS would raise the industry’s competitiveness and ensure maximum utilization of Pakistan’s natural, cultural, historical and geographical assets, he added.
The officer said salient features of the strategy included sustained economic growth, employment creation, poverty reduction, safety and security of tourists, roads and efficient transport services, comfortable and hygienic accommodation and restaurants, value shopping, efficient telecommunication services and access to quality health services.
As a part of National Tourism strategy, he said a five-year National Tourism Strategy Action Plan (2020-2025) had also been prepared that would provide a road-map for effective implementation of the strategic efforts to boost tourism.
He said it was a welcoming development that the sector has been bounced back despite the coronavirus pandemic Pakistan. The government kept open the tourism sector during the pandemic by ensuring full implementation of the Standard Operating Procedures (SOPs) issued by the National Command and Operation Center (NCOC) for stemming the virus spread.
About the steps taken by the government to attract foreign tourists, he said the facility of e-visa was introduced for 193 countries, while 50 countries were provided visa-on-arrival service.
Sep 27, 2021: Prime Minister Imran Khan Monday performed ground-breaking of Rs 207 billion Karachi Circular Railway project, at a ceremony held here at Cantt Railway Station and termed it as a revolutionary project and a big gift to Karachiites facing serious transport problems over decades.
The ceremony was also attended by Federal Minister for Information and Broadcasting Fawad Chaudhry, Federal Minister for Planning and Development Asad Umer, Federal Minister for Railways Azam Khan Swati, Federal Minister for Information Technology Amen-ul-Haq, Federal Minister for Maritime Affairs Ali Zaidi, Pakistan Tehreek-e-Insaf’s members of National Assembly and MPAs from Karachi besides a large number of the party office bearers.
On this occasion, Federal Minister for Railways Azam Khan Swati said that KCR was a public-private partnership project with an estimated completion period of 18 to 24 months. It would be a state-of-the-art project having all modern facilities including fast electric trains.
By pursuing the vision of Prime Minister Imran Khan, the PTI government was writing a new history for Karachi as it was the most important city of the country. Besides KCR, there were seven other big Federal Government development projects for Karachi in the pipeline.
He recalled the grandeur of the city during the 1970s when he was studying here; also mentioned the tram-train service. Instead of further development, he regretted, over last forty years this international city had been ruined.
He said in the 1960s Pakistan Railways coaches were much better than those of Iran and Turkey.
He assured that within the next few months Pakistan Railways would be turned into a profitable state organization.
Federal Minister for Planning and Development Asad Umer said Green Line service would be formally operational in November 2021, which would be inaugurated by the Prime Minister.
He said K-4 bulk water supply project was scheduled to start supplying water to Karachi in October 2023, but he desired its completion before August 14,2023.
He informed that the work on another mega project of Freight Corridor would start soon; feasibility was ready and a proposal for it had also been received from a Chinese company.
He said though innovations Pakistan could do a lot in different sectors despite limited resources.
He said in addition to many development projects launched or to be initiated for Karachi by the federal government, the work on development projects in other 14 priority districts of Sindh province were on full swing.
September 27, 2021: Federal Minister for Industries and Production Makhdum Khusro Bakhtyar Monday said the government is committed to engage the International Monitoring Fund (IMF) to broaden the economic development in the country.
He said this while talking to IMF County Representative for Pakistan Teresa Daban Sanchez who made farewell courtesy call on him. She was accompanied with Esther Perez Ruiz newly appointed IMF country representative in Pakistan, said a press release.
The minister welcomed the appointment of Ruiz in Pakistan and conveyed well wishes to outgoing resident representative Teresa Daban.
During the interaction, the sides exchanged views on economy of Pakistan in post-pandemic situation.
The minister highlighted the government's endeavors to develop a long-term sustainable and viable economic plan to address issues pertaining to the fiscal and monetary situation in Pakistan.
Teresa lauded the efforts of government of Pakistan to curb the negative impact of the pandemic through well-timed monetary and exchange rate policies.
She also commended Pakistan's response to the health and economic crisis amidst the pandemic and said the vital economic reforms needed to achieve the sustainable economic growth in Pakistan.
September 27, 2021: The water level of Tarbela Dam reservoir Monday has reduced to 1515.72 feet while power production also declined to 3283 megawatts.
According to the Tarbela dam spokesperson, water inflow and power production once again started reducing and today it was 4020 megawatts where 16 power generations units out of 17 were working with full capacity and one power unit was shut down.
The water inflow in the Tarbaila Dam reservoir which remained 75000 cusec feet and outflow was 110000 cusecs.
It was also disclosed that today no water was released for Pehur High-Level Canal (PHLC) to supply water for some areas of KPK for irrigation.
September 27, 2021 (MLN): Sitara Peroxide Limited (SPL) announced its FY21 results today, as per which the company posted profits after tax of Rs34.7mn which was 53% YoY lower than the profits of Rs74.26mn in FY20.
This translated into the company’s earnings per share which nosedived from Rs1.35/sh in FY2) to Rs0.68/sh in FY21.
Despite better downstream demand for hydrogen peroxide (H202) from the textile sector which is the major consumer of hydrogen peroxide, and new contracts agreements from food and paper & pulk industries, the lower H202 prices and higher cost pressures kept the earnings in check.
During the year, net revenues of the company increased slightly by 7% YoY to Rs1.86bn mainly backed by an increase in sales volume due to high demand from the textile sector.
The gross margin of the company clocked in at 10% compared to 19% in the previous year. The decline is mainly attributed to lower prices of hydrogen peroxide during the FY21 and higher RLNG costs.
With regards to major expense heads, the company’s admin expenses surged by 22% YoY while its distribution expense increased by 15% YoY to Rs93mn as this segment is connected to the topline of the company.
Moreover, amidst lower interest rates, the financial charges of the company were reduced by 41% YoY to Rs48.5mn. On the other hand, the Other income improved by 2.7x YoY to Rs128mn.
The company also booked impairment loss on financial assets worth Rs28.3mn which was 12 times higher than the loss incurred in the previous year.
On the tax front, SPL observed a tax incentive of Rs21mn against tax payments of Rs14.7mn in FY20.
Profit and Loss Statement for the year ended June 30, 2021 (Rupees)
Cost of Sales
Impairment loss on financial assets
Profit before taxation
Profit after taxation
Earnings per share- basic and diluted
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