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Business Recorder
11-07-2025
- Business
- Business Recorder
Ideal Spinning Mills shuts spinning unit amid unfavourable conditions & rising costs
In a setback for the country's key textile sector, Ideal Spinning Mills Limited has decided to shut down its spinning operations, citing unfavourable market conditions and rising costs. The textile mill disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Friday. 'The Board of Directors of Ideal Spinning Mills Limited in its meeting held today, i.e. 11 July 2025, has accorded approval for sale/disposal of the company's spinning segment's major portion of plant and machinery,' read the notice. The company said the decision has been taken given prevailing unfavourable conditions for spinning,g especially demand for yarn and costs of operations. 'Hence, the company will discontinue its spinning operations but continue with its weaving and socks units,' it informed. The Board of Directors have decided to convene an Extraordinary General Meeting (EoGM) to seek the stakeholders' approval in this regard. Ideal Spinning Mills Ltd is a public limited company incorporated in Pakistan on 8 June 1989 under the Companies Ordinance, 1984. The principal activity of the Company is the manufacturing and sale of yarn, cloth and hosiery products. Days ago, the textile export industry urged the government to immediately address unresolved budget anomalies, as continued inaction could disrupt exports and weaken exporters' confidence. Pakistan stands at a crossroads, and with the right policy support, exporters can generate growth, employment, and economic stability, said Chairman Pakistan Textile Exporters Association Sohail Pasha. He pointed out that Pakistan's value-added textile sector is currently facing severe setbacks due to taxation measures introduced in the Finance Act 2024, which replaced the simplified Final Tax Regime (FTR) with the more burdensome Normal Tax Regime (NTR). He said export proceeds are subject to the deduction of 1% Advance tax under Section 154 as minimum tax. Simultaneously, an advance tax @1% has been levied through the insertion of sub-section (6C) in section 147; however, contrary to this, local supplies are liable to payment of 1% advance tax.
Business Recorder
08-07-2025
- Business
- Business Recorder
Textile exporters demand govt address unresolved budget anomalies
FAISALABAD: The textile export industry has urged the Government to immediately address unresolved budget anomalies as continued inaction could disrupt exports and weaken exporters' confidence. Pakistan stands at a crossroads and with right policy support; exporters can generate growth, employment, and economic stability, said Chairman Pakistan Textile Exporters Association Sohail Pasha. He pointed out that Pakistan's value-added textile sector contributes over $9 billion to national exports annually, supports millions of livelihoods, and remains a key pillar of the country's economic stability. Yet, this sector is currently facing severe setbacks due to taxation measures introduced in the Finance Act 2024, which replaced the simplified Final Tax Regime (FTR) with the more burdensome Normal Tax Regime (NTR). He said export proceeds are subjected to deduction of 1% Advance tax under Section 154 as minimum tax. Simultaneously, an advance tax @1% has been levied through insertion of sub-section (6C) in section 147; however, contrary to these local supplies are liable to payment of 1% advance tax. Treatment meted out to exporters is discriminatory and against the principles of equity and natural justice, he lamented. He added that despite repeated representations and firm commitments, the budget-makers have failed to correct this anomaly. Meanwhile, the Export Facilitation Scheme (EFS), previously essential for importing raw materials not produced locally or required by international buyers from nominated suppliers, has been burdened with excessive conditions, restricting access to critical inputs and damaging export competitiveness. Highlighting the serious concerns regarding the amendments made to the EFS, particularly the removal of zero-rating on local procurement of input goods and the imposition of sales tax at the import stage of cotton yarn, he stressed that these changes undermine the very objectives of EFS, which was introduced to simplify export procedures, reduce liquidity pressure, and promote digital traceability. He demanded the restoration of the original EFS framework which allowed zero-rated invoicing on local purchases and exempted key raw materials such as cotton yarn from sales tax at the import stage. He noted that Pakistan's regional competitors like Bangladesh and Vietnam continue to provide tax-free access to raw materials for their export industries, giving them a clear advantage in global markets. Pointing out another major issue, Sohail Pasha said that the budget has placed a further strain on exporters' liquidity without making strategy for release of liquidity stuck in Duty Drawback of Local Taxes (DLTL), Technology Upgradation Fund (TUF) and Mark up Support Scheme regimes. He said that around PKR 36 billion are pending for payment under textile policy incentives and if these amounts are released, exporters can deploy the capital towards expanding their businesses, which in turn will help Pakistan's export earnings grow. Considering high production cost a major hurdle in export growth, he said that no strategy is designed to reduce the production cost of export items in the budget. Similarly, no relief is given to the export industries in energy input prices which are the major element of production cost. He feared that the budgetary measures would erode the competitiveness of Pakistani exporters in the global market, potentially leading to a decline in export revenue and foreign exchange earnings. He urged the government to reconsider the budgetary measures and restore the confidence of exporters by addressing the anomalies to achieve the desired targets. Copyright Business Recorder, 2025
Newsweek
02-07-2025
- Entertainment
- Newsweek
Wrestling Legend Teases In-Ring Retirement Is Imminent
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. AEW star Adam Copeland has hinted that the end of his in-ring career may be approaching. In a recent social media post, he noted that his wrestling journey "will not last a lot longer." The WWE Hall of Famer is currently out of action with a storyline injury. He was taken out by FTR at the AEW Dynasty pay-per-view earlier this year. Adam Copeland Reflects On 33-Year Career On July 1st, Copeland celebrated Canada Day by reflecting on his career. The date also marked the 33rd anniversary of his professional wrestling debut. He thanked his fans for their support throughout his journey. He then stated that he plans to soak in every moment he has left. "It won't last a lot longer so I'm gonna soak in every second," Copeland wrote. "Thank you for coming along on this ride with me." Roman and Seth celebrate in the ring during the WWE show at Zenith Arena on may 09, 2017 in Lille, France. Roman and Seth celebrate in the ring during the WWE show at Zenith Arena on may 09, 2017 in Lille, France. PHILIPPE HUGUEN/AFP/Getty Images More news: WWE News: Steve Austin Reveals Real-Life Vince McMahon Confrontation Adam Copeland's Current AEW Status Copeland made his AEW debut in October 2023 at WrestleDream. Since then, he has won the TNT Championship and challenged for the AEW World Title. He is currently sidelined after FTR turned on him at AEW Dynasty. The duo attacked him and hit him with a con-chair-to. There is no official timeline for his return to AEW television. View this post on Instagram A post shared by Adam Copeland (@ratedrcope) Copeland, known in WWE as Edge, is one of the most decorated superstars in the company's history. He first revolutionized the industry alongside his partner Christian, winning a record 14 world tag team championships and pioneering the iconic Tables, Ladders, and Chairs match. As a singles star, "The Rated-R Superstar" became an 11-time World Champion. He was also the first-ever Money in the Bank winner, a two-time Royal Rumble winner (2010 and 2021), and a King of the Ring. A Grand Slam Champion, Edge was inducted into the WWE Hall of Fame in 2012 following a career-ending injury, only to make a miraculous return to the ring years later to continue building his legendary resume. Edge's first retirement was a sudden and emotional event that took place on the April 11, 2011, episode of Monday Night Raw. He was forced to end his in-ring career immediately after being diagnosed with cervical spinal stenosis, a severe narrowing of the spinal canal. Doctors warned him that he was risking paralysis or worse if he took another bad bump. The announcement was especially shocking as he was the reigning World Heavyweight Champion, having just defended the title at WrestleMania XXVII. During a heartfelt and tearful speech, he recounted his journey and officially vacated the championship, laying it in the center of the ring. Believed to be the definitive end of his career, he was inducted into the WWE Hall of Fame in 2012 before making a miraculous and unexpected return to the ring nearly nine years later at the 2020 Royal Rumble. More WWE News: For more on WWE, head to Newsweek Sports.
NDTV
02-07-2025
- NDTV
How To Book An Entire Train Or Coach Via IRCTC: Full Guide Inside
Securing confirmed train tickets in India can be challenging, especially when traveling with large groups. While booking seats together can seem tricky, the Indian Railways Catering and Tourism Corporation (IRCTC) offers a solution: chartering an entire train or coach. So, here is a complete guide that provides a clear, step-by-step explanation of how to book through IRCTC's Full Tariff Rate (FTR) service, ensuring your group travels together comfortably. How to Book an Entire Train or Coach (IRCTC FTR) 1. Understand FTR Options IRCTC offers three charter types: Railway Coach Charter - book one full coach (18-100 seats) Train Charter - reserve an entire train (18 to 24 coaches) Saloon Charter - luxurious private saloons with living amenities 2. Know Key Booking Windows Booking opens 6 months in advance, and closes 30 days before departure For multi-coach/trains: minimum of 18 coaches, max of 24 (must include 2 SLR/generator cars) 3. Pay the Security Deposit Rs 50,000 per coach as Registration Money cum Security Deposit (RMSD) Trains of maximum 24 Coach can be chartered. 4. Submit Your Booking Request Online via IRCTC FTR Portal ( Register your account - verify OTP - select service (coach, train, or saloon) Provide journey details: origin/destination, date, train, number/type of coaches Upload passenger list and pay deposit Offline via Station Office Approach the Chief Reservation Officer or Station Manager at the station where the train originates or has a 10 minute stop . Fill forms, provide travel and identity details for all passengers, and pay deposit + fare. Suitable for weddings, corporate trips, pilgrimages, etc.
Business Recorder
24-06-2025
- Business
- Business Recorder
Textile industry: PHMA, PRGMEA for implementation of budget proposals through FBR's body
LAHORE: The Pakistan Hosiery Manufacturers & Exporters Association (PHMA) and the Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) on Monday urged the government to consider and implement the textile industry's key budget proposals through the FBR's Budget Anomaly Committee. The demand came during a post-budget joint meeting of both associations, which was attended by PHMA Chairman Abdul Hameed, PHMA former chairmen Naseer Butt and Shehzad Azam Khan, PRGMEA Chairman Dr Ayyazuddin, and PRGMEA former chairmen Ijaz Khokhar and Sohail Afzal Sheikh. It was clarified that these are proposals from the textile export sector currently being submitted to the committee for review. The participants stressed that the government must not only examine these industry recommendations through the Anomaly Committee process but also implement the committee's final report once compiled. While addressing the meeting, PHMA Chairman Abdul Hameed pointed out that Pakistan's value-added textile, apparel, bedwear, home textile, and towel sectors contribute over $11 billion in annual exports and provide livelihoods to millions. He expressed concern over the replacement of the simplified Final Tax Regime (FTR) with the more complex Normal Tax Regime (NTR), which now subjects exporters to both a 1% minimum tax and a 1% advance tax on export proceeds —regardless of actual profit. PHMA former chairman Naseer Butt, while speaking at the meeting, said that this dual taxation is counterproductive for an already distressed export sector. He warned that many SMEs are operating on thin margins and may be forced to close down if this policy is not reversed immediately. PHMA former chairman Shehzad Azam Khan highlighted the issues of refund delays, rising production costs, and inflation. He stressed that exporters are burdened with more taxes than their earnings, and demanded that the government urgently facilitate timely refunds and provide stable energy pricing. PRGMEA Chairman Dr Ayyazuddin, in his address, raised concerns over changes to the Export Facilitation Scheme (EFS), particularly the removal of zero-rating on local purchases and the imposition of sales tax on imported cotton yarn. He emphasised that these changes undermine the very objective of the EFS, which was introduced to reduce liquidity pressure and digitize export procedures. PRGMEA former chairman Ijaz Khokhar said that Pakistan's regional competitors like Bangladesh and Vietnam provide tax-free access to raw materials for exporters, giving them an edge in international markets. He called for restoring the original EFS framework under SRO 957(I)/2021, which allowed zero-rated invoicing on local inputs and exempted key materials from sales tax at the import stage. PRGMEA former chairman Sohail Afzal Sheikh demanded the immediate restoration of Regionally Competitive Energy Tariffs (RCET), which were earlier suspended. He noted that the discontinuation of RCET has led to high manufacturing costs and forced many SME exporters to scale down or shut operations. He also called for the revival of Duty Drawback on Local Taxes and Levies (DLTL) under the Textile & Apparel Policy 2025–30 and the release of long-pending DLTL and Technology Upgradation Fund (TUF) claims stuck with the State Bank of Pakistan. All participants in the meeting stressed that further burdening exporters with complex taxation, refund issues, and high input costs will shrink the country's export base and push more businesses out of the formal economy. They emphasized that the textile sector is the backbone of Pakistan's economy and requires urgent policy support. PHMA Chairman Abdul Hameed urged Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb, and Commerce Minister Jam Kamal to intervene personally and ensure the textile sector's proposals are properly addressed. He said the industry remains committed to cooperation, but warned that failure to implement the Anomaly Committee's recommendations could lead to irreversible losses in exports, jobs, and global market share. Copyright Business Recorder, 2025
