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Cheap labour factor can attract foreign industrialists to Pakistan: Dr Salman

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Cheap Labour Pakistan

LAHORE: Cheap labour factor can help Pakistan to attract foreign industrialists to shift their units here, which will definitely ensure more profit margins for their products.

Chairman of Task force on Textile, Dr. Salman Shah expressed these views, while addressing a seminar on Pakistan’s textile sector held on the sidelines of TEXPO-2019 here at Expo Centre.

In the seminar, people belonged to textile industry shared their views and gave their input and solid recommendations for promotion of textile and its allied and value-addition industry.

They also stressed the need for expansion of mutual trade with regard to export and import of textile products.

Dr. Salman Shah said that textile sector had great importance for Pakistan as it contributed around 57 per cent in exports, while 51 per cent of its economy related to textile industry, and the cotton, as major and basic input raw material, played 50 per cent role in the country’s textile industry.

Dr. Salman Shah said that wages of labourer were very high in China when compared to wages in Pakistan, and Pakistan should take optimum benefit from this very factor in the CPEC (China-Pakistan Economic Corridor) projects, and this plus point could attract the foreign industrialists to shift their production units from China to Pakistan.

Textile Task force’s Chairman said that various reports/surveys were being assessed and reviewed in order to improve country’s overall exports volume.

He said that Pakistan was faced with numerous economic challenges including promotion of trade and exports, for which all the stakeholder would have to play their due role to do away with these challenges.

 

 

 

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Asia

Bears growl at Hong Kong bourse

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Bearish bourse

HONG KONG: Shares fell more than one percent Tuesday, hit by concerns over rising  Iran-US tensions and as investors await this week’s crucial trade talks between  Donald Trump and Xi Jinping.
The Hang Seng Index sank 1.15 percent, or 327.02 points, to 28,185.98. The benchmark Shanghai Composite Index fell 0.87 percent or 26.07 points,
to 2,982.07, while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, lost 0.99 percent, or 15.63 points, to 1,560.46.

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Oil prices rise on US-Iran concern, stocks up ahead of G20 talks

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Oil prices rise on US Iran concern stocks up ahead of G20 talks

HONG KONG: Oil prices extended gains Monday as rising US-Iran tensions fuelled supply concerns, while Asian equities also edged up ahead of a crunch meeting between Donald Trump and Xi Jinping this week.

Both main crude contracts are up almost 10 percent since Tehran last week shot down a US “spy drone” for breaching its airspace, ratcheting up fears of a conflict between the old foes.

At the weekend Trump said he would impose fresh sanctions on Iran, following bans of countries buying its oil, while US media reports said Washington secretly launched cyber-attacks against missile control systems and a spy network.

Both sides say they want to avoid war, but tensions have spiralled as a series of incidents, including the drone downing and recent attacks on tankers, raised fears of an unintended slide towards conflict.

The US president said he was ready to reach out to Iran if it renounced nuclear weapons, adding that if leaders did so “I’m going to be their best friend”. But Iran continues to insist its atomic programme is for civilian purposes.

Brent rose 0.3 percent Monday and WTI was 0.5 percent higher.

“The geopolitical escalation in the Middle East is unquestionably a bullish short-term signal for oil markets, as even the thought of 20 percent of the world oil supply being affected is enough to trigger significant tremors,” said Stephen Innes, managing partner at Vanguard Markets.

“And these tremors are noticeably moving up the Richter scale.”

The stand-off, coupled with a weak dollar as the Federal Reserve flags an interest rate cut, has helped push gold prices to six-year highs above $1,400 as dealers look for a safe haven to park their cash.

 

 

 

 

 

 

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Qatar Emir announces $3 billion for Pakistan

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Qatar Emir Imran han

ISLAMABAD: Emir of the State of Qatar Sheikh Tamim bin Hamad Al Thani has announced $3 billion fro Pakistan in deposits and direct investments from Qatar.

It follows Saudi Arabia and the United Arab Emirates pledging aid packages for Pakistan. Riyadh has given a $3 billion loan to Pakistan whereas UAE provided $1 billion.

The south Asian country and the International Monetary Fund (IMF) had reached an agreement in May on a loan of about $6 billion to overcome economic crisis.

Pakistan and Qatar ink MoUs

Pakistan and Qatar on Saturday signed three different memorandums of understanding (MOUs) to further enhance the mutual cooperation in areas of trade, business, tourism, and investment.

Prime Minister Imran Khan and Amir of the State of Qatar Sheikh Tamim bin Hamad Al Thani witnessed the signing ceremony held here at the Prime Minister House.

The memorandum of understanding on the establishment of Pakistan and Qatar Joint Working Group (JWG) on trade and investment was signed by Finance Minister of State of Qatar Ali Shareef Al Emadi and Advisor on Commerce Abdul Razak Dawood.

Secretary-General of Qatar National Tourism Council Akbar Al Baker and Minister for Inter-Provincial Coordination (IPC) Dr. Fehmida Mirza signed the MoU for cooperation in the field of tourism and business events between Qatar and Pakistan.

Another MoU on the establishment of cooperation in the field of exchange of financial intelligence related to money laundering associated predicate offenses and terrorism financing between the Financial Information Unit of State of Qatar and the Financial Monitoring Unit of the Government of Pakistan was signed by Sheikh Ahmed bin Eid Al Thani, Head of Qatar Financial Information Unit and Muneer Ahmad Acting Director General Financial Monitoring Unit.

 

 

 

 

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