FBR officers directed to file

declaration of assets by 30th

ISLAMABAD (STAFF REPORTER): The FBR on Monday took serious notice of matter of its officers failing to submit the assets declaration and warned to discontinue the performance allowance who will not file the declaration of assets by end of November. Sources informed that FBR had warned the officers for the second time to submit their assets declaration of the fiscal year ended on June 30, as majority of officers did not bother to comply law and not submitted their assets. “I am directed to refer to Board’s letter of even No dated 05.08.2014 on the above subject and to say that a number of officers have still not submitted their declaration of assets despite the above letter.

The competent authority has taken a serious view of the situation and has therefore directed to initiate process to discontinue performance allowance of officers who fail to file the declaration of assets by 30.11.2014”, stated Muhammad Majid Secretary (Mgt-IR-I) of FBR in a notification.

The officers, through a notification, had intimated that the performance allowance of the officers who failed to file their all declaration of assets up to June 30 2014 will be discontinued after November 30.

Pakistani businessmen should explore untapped Russian market

LAHORE (Online): Russian Ambassador Alexey Yurivich Dedov has said that Pakistani businessmen should explore untapped Russian market as Pakistani products can get right place in that market for being of good quality. He was speaking at the Lahore Chamber of Commerce & Industry here on Monday. LCCI President Ijaz A. Mumtaz presented the address of welcome while Senior Vice President Mian Nauman Kabir, Vice President Syed Mahmood Ghaznavi, Executive Committee Members, Russian Consul General in Karachi Oleg Avdeev and Honorary Consul of Russia in Lahore Habib Ahmed also spoke on the occasion.

Russian Ambassador said that both the countries should take sector specific measures to enhance the mutual trade that does not reflect the existing potential.

Russian Ambassador expressed the optimism that both Pakistan and Russian businessmen could enter into joint ventures to benefit each other in their respective businesses and could take to level of bilateral trade to new heights with a little sector specific effort.

He said that the Russia has a lot to offer to Pakistani business community while Pakistani businessmen could learn a lot from Russians for the technological upgradation of their industrial units.

Speaking on the occasion, the LCCI President Ijaz A. Mumtaz said that Pakistanis are grateful to Russian Federation for helping Pakistan establish a mega steel mill at Karachi, which has played a crucial role in the development of the country. Today, this steel mill is the biggest source of steel products catering to the demand of the country and value addition for related products. But since then no major initiative has been taken by Russian Federation.

Denmark keen to enhance

cooperation in agri sector: Envoy

ISLAMABAD (INP): Ambassador of Denmark to Pakistan, Jesper Moller Sorensen has said that Pakistan is a country with agriculture tradition and his country desires to enhance bilateral cooperation in the said sector. While speaking at the International Food Conference organised here on Monday, Jesper Moller Sorensen spoke about the Danish experience with agriculture and food. He said that even today, agriculture and farming is one of the most important reasons as to why Denmark still ranks as one of the world’s most prosperous countries. “Export of food and agriculture products accounts for 24 percent of Denmark’s total export to the rest of the world”, said Ambassador Sorensen.

Denmark’s success is based on a coherent and efficient government system that includes political responsibility, an independent scientific risk assessment, efficient control systems and the mandatory requirement of all necessary legislation, rules and standards being in place, he added.

Speaking about future challenges and opportunities, Ambassador Sorensen stated that “Globalisation in food trade will continue as more food will be imported, and exports will increase. The global food supply is going from surplus to shortage as the world population is growing each day.

Pasdec, SDC sign MoU to bring

innovation in stone industry

ISLAMABAD (NNI): Pakistan Stones Development Company and Skills Development Council signed a MoU to promote training-industry that would facilitate the advancement and innovation in stone industry. ICCI organised the MoU signing ceremony, which was signed by Mian Akram Farid, Chairman, Skills Development Council, Islamabad and Agha Shahid N. Khan, Chairman PASDEC. M Shakeel Munir, Acting President, ICCI said that majority of our population was comprised of youth and SDC should launch demand driven technical training and skills development programmes to turn the youth bulge into well-trained and skilled manpower for the industry.  

He said to improve the competitiveness of our exports, it was essential that our skills development institutes should impart vocational trainings that should meet the global standards. He said SDC should get affiliation with some internationally recognised training body, which will not only benefit the local industry in innovation, it will also facilitate the easy absorption of our trained manpower in international job markets.

Oil prices down in Asian trade

SINGAPORE (AFP): Oil prices slipped in Asia Monday but losses were limited by speculation that the OPEC cartel would be forced to cut output to prevent further big losses, analysts said. US benchmark West Texas Intermediate for December delivery fell 38 cents to $75.44 while Brent crude for January was down 47 cents at $78.94 in afternoon trade.  Crude was supported by "speculation that OPEC will put a floor on prices by curbing output now that Brent is trading persistently below $80", said Desmond Chua, market analyst at CMC Markets in Singapore.  Singapore's United Overseas Bank (UOB) said expectations are for the recent price plunge to "force OPEC to cut production".

Prices sank to four-year lows last week following remarks by ministers from the Organization of the Petroleum Exporting Countries (OPEC) that it is unlikely to slash output.

But analysts now say the losses could push the 12-nation cartel to cobble together a deal to cut output, despite resistance from some members.

Venezuela and Ecuador have called publicly for a cut.

However, Saudi Arabia, the world's top producer and OPEC's kingpin, has reduced prices on crude exports to the US market in a move seen by some as an effort to maintain market share as it faces competition from rising US shale oil production.

OPEC's next meeting is set for November 27 in Vienna, home to the cartel's headquarters.

Singapore's UOB said dealers will be scrutinising the minutes of the US Federal Reserve's October policy meeting for further clues on when short-term interest rates will be cut next year. The minutes will be released on Wednesday.