Business articles

Mithai meets automation

Mithai meets automation

From family concerns to multi-million rupee corporations, the mithai-making industry is coming of age in Pakistan
Starched kurta, checkered dhoti and handle-bar moustaches. Halwais and mithai-makers still persist as slivers of tradition in our otherwise rapidly transforming urban landscape. Hailing from the Mughal kitchens, mithai is quintessentially a traditional product. But while the recipes may be ‘secrets’ from the royal kitchens, the production process and retailing are

Overseas Banks despair after non-performing loans almost double

Foreign banks in Pakistan have reported 91 percent increase in their ratio of non-performing loans (NPLs) to total loans during the last year.
In June 2009-10 the NPL ratio was 4.5 percent that had surged to 8.6 percent by June 2010, exposing an alarming increase of 91.1 percent one year.
In comparison to domestic banks, the foreign banks have reported a much higher increase in their NPL ratio.
By June 2010, the non-performing loans of the foreign banks amounted to

KPT expels disputed TCP sugar ships out of port

KARACHI: The ailing national exchequer must brace for paying a heavy price, as a lingering dispute between the Trading Corporation of Pakistan (TCP) and Customs authorities faced a fresh setback over quality of imported Indian and Thai sugar.
One may aptly hold the state-run grain trader, TCP, accountable for burdening the flood-hit economy with heavy ship and port demurrages, as the Karachi Port Trust (KPT), after constant warnings, removed two of its disputed ships from

TCP and Customs Lock Horns over Sugar Dispute

A snail paced investigation crawls ahead into how thousands of tons of sugar, unfit for human consumption, was imported by the Trading Corporation of Pakistan (TCP) from India and Thailand. Slow offloading of the cargo from the vessels is likely to cause major congestion at the country’s major seaport.
The KPT authorities has ordered the TCP to remove the two disputed sugar ships, presently anchored at berths number 18 and 20 of West Wharf, to avoid possible congestion at

FBR Declares Zero Percent Duty on Imported Sugar

The Federal Board of Revenue (FBR) has issued fresh notification informing zero percent duty on import of raw sugar of cane sugar and beet sugar variants by the private sector, in a statement issued by the Ministry of Industries and Production here on Friday.
In its meeting here, the ECC allowed import of raw sugar by the private sector at zero customs duty with no limitations. This decision means that there is no capping on quantity of import or any linkage to timing of import

Netherlands to Provide Majority of SME funding

The Netherlands has generously offered to bear at least 60 percent of the cost of funding SME projects in Pakistan, which may cost up to of 1.5 million euros, at a time when resources are badly needed elsewhere.
The offer was renewed by Mr. Ahmad Dodou, Head of Economic Affairs of Embassy of the Netherlands and Paul Schoenmakers while speaking at the Lahore Chamber of commerce and Industry (LCCI). The event was well attended by members of the body
The officials informed the

KSE-100 Index Witnesses Positive Activity And Surges 68 pts

European Union’s duty exemption on unfinished goods showed its positive impact, as the KSE-100 index gained 68 points on Friday.
However, instability in the economic and political situation and the International Monetary Fund’s claim that the release of $ 1.7 billion would be followed by implementation of various stringent inflationary measures kept the nerves alive.
The tranche is expected to be released in December, while the country already holds nine billion dollars for

Honda Launches New Hybrid Fit Model

Honda Motor on Friday launched a hybrid version of its popular Fit subcompact car in Japan, making it the cheapest petrol-electric car available on the market.
Expecting to generate considerable sales, Fit Hybrid went on sale with a starting price of 1.59 million yen (19,000 dollars), cheaper than any other hybrid vehicle in Japan. The conventional Fit is priced at about 1.2 million yen.
The vehicle has been launched as a direct competitor to Toyota’s Prius, which has been

Commerce Minister to consult stakeholders on EU trade concessions

The government has convened a meeting of stakeholders to evaluate the implications of the trade concessions offered by the European Union (EU). The meeting will be held in Karachi on October 14.
The Commerce Minister, Makhdoom Amin Fahim will consult stakeholders and officials of Trade Development Authority (TDA) of Pakistan and analyse the offered package. The Ministry of Commerce will also share its analysis on trade concessions with the stakeholders.
The meeting will

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