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US-Turkey relations enter crisis mode as Trump doubles tariffs

US Turkey

Donald Trump doubles Turkey tariffs ‘against World Trade Organisation rules’ as lira falls by 20% US President Donald Trump imposed higher tariffs on metal imports from Turkey, sending the country’s lira currency to a new record low. Trump doubled the U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively. Due to this harsh move, the Turkish ... Read More »

Dubai’s Al Futtaim to establish Renault car plant in Faisalabad

Renault car

Al-Futtaim Group, one of the biggest conglomerates of the United Arab Emirates, has acquired an industrial plot for setting up an automotive plant for the manufacturing and assembly of Renault vehicles in Pakistan. The facility will be set up at M-3 Industrial City in Special Economic Zone Faisalabad. “Al-Futtaim is fully committed to the Pakistani market and to this project,” ... Read More »

Alibaba Group enters Pakistan’s ecommerce market with Daraz acquisition

Alibaba all set to enter Pakistan after signing first MoU

Alibaba expands South Asia footprint, snapping up Pakistani online retailer Daraz Alibaba, the Chinese technology group, has expanded its e-commerce business into South Asia by buying Daraz, the Pakistani online shopping business started by the German company Rocket Internet. Daraz, founded in 2012, is backed by European tech incubator Rocket Internet. It operates in Bangladesh, Myanmar, Sri Lanka and Nepal ... Read More »

Turkish tea company Caykur opens factory in Pakistan

Turkish tea company Caykur opens factory in Pakistan

Turkish tea company Caykur opens factory in northern Pakistan Turkey’s state-run tea company Caykur has opened a factory in northern Pakistan. The factory was inaugurated by the General Directorate of Tea Enterprises of Caykur in the Mansehra region, around 200 kilometers from the capital Islamabad. Caykur Chairman Imdat Sutluoglu as well as Yusuf Zafar, the head of Pakistan’s Agricultural Research ... Read More »

CCI Pakistan opens $45m Greenfield bottling plant

CCI Pakistan opens $45m Greenfield bottling plant

CCI has invested more than $500 million in its business in Pakistan since 2008, doubling its market share. CCI Pakistan, Coca-Cola’s bottler in Pakistan inaugurated its Greenfield bottling plant in Faisalabad. CCI Pakistan is a subsidiary of Coca-Cola İçecek (CCI), headquartered in Turkey, the sixth-largest bottler in the Coca-Cola system globally. Set up with an investment of US$ 45 million, ... Read More »

Bitcoin plunges below $6,000, lowest in last three months

Bitcoin plunges below $6,000, lowest in last three months

Some technical indicators suggest the rout in bitcoin has further to go The digital cryptocurrency Bitcoin fell more than 15 percent on to sending to its lowest level since November ranging from a global regulatory clampdown. On the Luxembourg-based Bitstamp exchange, Bitcoin fell as low as $6,853.53 in early afternoon trading in New York. That marked a fall of more ... Read More »

PTCL injects PKR 1 Billion in U-Microfinance Bank

PTCL injects PKR 1 Billion in U-Microfinance Bank

U Bank serves more than 625,000 customers, where 30% of the served customers are women Pakistan Telecommunication Company Limited (PTCL) has injected an additional equity of PKR 1 billion in U Microfinance Bank Ltd. (U Bank), which is a wholly owned subsidiary of PTCL. This capital injection will enable the Bank to further capitalize on the growth opportunities possible in ... Read More »

Pakistan, Iran to resume passenger train service from September

The passenger train service will be operated once a week and it will also turn around after a week from Iran Pakistan and Iran have decided to resume a fortnightly passenger train service before Muharram after a gap of about five years. A joint Expert Committee comprised of both Pakistan and Iranian Railways officials announced the re-opening of the service ... Read More »

Pakistan and Saudi Arabia pledges to simplify business visa issuance

Pakistan offered tremendous opportunities in various sectors of the economy, particularly in tourism Pakistan and Kingdom of Saudi Arabia have joined hands to make the easy procedure for business visa issuance besides rationalizing the visa fee on the reciprocal basis. The development came out in the 11th session of the Pakistan-Saudi Arabia Joint Ministerial Commission (JMC), where both countries reiterated the ... Read More »

Pakistan’s Single Country Exhibition kicks off in Colombo

Sri Lankan President Maithripala Sirisena along with Minister for Commerce attended the event After successfully organizing the similar event in 2016 and 2017, the Trade Development Authority of Pakistan (TDAP) in association with the High Commission of Pakistan in Sri Lanka is organizing “Pakistan Single Country Exhibition in Colombo from January 12 to 14, 2018 for the third consecutive year. ... Read More »

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