tag:blogger.com,1999:blog-28909495991062016452024-03-14T10:08:35.313+05:00Stocks Observer. comPakistan's First Online Newspaper on Stock Market.......Pakistani Capital Markets, Pakistani Companies News, CDC Pakistan, SECP News, Foreign Investment in Pakistan, KSE News, Capital Gain Tax, PSO, ODGC, NBP, MCB, PPL, APL, NESTLE, HBL, UBL, ABL, ICI, ENGRO, Jahangir Siddiqui Co, DGKC, Pak Oil Field, BOP, PTCL, Nishat Mills, Arif Habib, Aqeel karim Dhedhi, Askari Bank, Rafhan, Unilever Pakistan, Packages, PIA, PNSC, Pak Suzuki, National FoodsUnknownnoreply@blogger.comBlogger382125tag:blogger.com,1999:blog-2890949599106201645.post-86076065677335698722021-02-27T21:00:00.000+05:002021-02-27T21:00:11.053+05:00Chairman SECP Reaffirms Commitment to Facilitate Businesses<p><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 11pt; text-align: justify;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-sDx44aZ6N7Q/YDpsPTSnUMI/AAAAAAAABls/IwBXUY85eFcuvNamdCKlFJ6XzFZhK2UBACLcBGAsYHQ/s860/SECP%2BCHAIRMAN.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="662" data-original-width="860" height="308" src="https://1.bp.blogspot.com/-sDx44aZ6N7Q/YDpsPTSnUMI/AAAAAAAABls/IwBXUY85eFcuvNamdCKlFJ6XzFZhK2UBACLcBGAsYHQ/w400-h308/SECP%2BCHAIRMAN.jpg" width="400" /></a></div><br />The Securities and Exchange Commission of Pakistan (SECP), as part of its efforts to promote ease of doing business through meaningful stakeholder engagement, held an interactive virtual session with representatives of Overseas Investors Chambers of Commerce & Industry (OICCI).<p></p><p class="MsoNormal" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; margin: 0px; text-align: justify;"><span lang="EN-US" style="font-size: 11pt;"><u></u> <u></u></span></p><p class="MsoNormal" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; margin: 0px; text-align: justify;"><span lang="EN-US" style="font-size: 11pt;">The session was chaired by the Chairman SECP, Aamir Khan, who briefed the participants about recent improvements in the regulatory ecosystem and highlighted some key changes, including introduction of digital certificate of incorporation, creation of special portal for banks to facilitate account opening, digitization of account opening process for resident and non-residents for investment in the capital market etc. These reforms have greatly improved efficiency of processes, which have been duly reflected in country’s global rankings.<u></u><u></u></span></p><p class="MsoNormal" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; margin: 0px; text-align: justify;"><span lang="EN-US" style="font-size: 11pt;"><u></u> <u></u></span></p><p class="MsoNormal" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; margin: 0px; text-align: justify;"><span lang="EN-US" style="font-size: 11pt;">During the session, the Chairman apprised the OICCI’s representatives about SECP’s future endeavors in this regard to simplify regulatory requirements, reduce compliance cost and leverage technology to improve user experience. He reiterated SECP’s commitment to improving business climate and resolving issues hindering overseas investment. <u></u><u></u></span></p><p class="MsoNormal" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; margin: 0px; text-align: justify;"><span lang="EN-US" style="font-size: 11pt;"><u></u> <u></u></span></p><p class="MsoNormal" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; margin: 0px; text-align: justify;"><span lang="EN-US" style="font-size: 11pt;">The SECP Chairman informed the participants that amendments in the Companies Act, 2017 have been laid before the Parliament. The amendments are in line with the Government’s vision to promote ease of doing business, improve access to finance and aim to resolve various issues being faced by businesses, especially startups and smaller companies. <u></u><u></u></span></p><p class="MsoNormal" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; margin: 0px; text-align: justify;"><span lang="EN-US" style="font-size: 11pt;"><u></u> <u></u></span></p><p class="MsoNormal" style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; margin: 0px; text-align: justify;"><span lang="EN-US" style="font-size: 11pt;">The OICCI’s representatives, while appreciating SECP’s efforts to facilitate the business community, also shared their ideas and recommendations to improve investor’s confidence in Pakistani market, which will further boost foreign direct investment.</span></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-86996499155447358902019-12-13T20:45:00.000+05:002019-12-13T20:45:06.227+05:00Misleading Opinions Inducing General Public for Stock Trading<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: inherit;">The Securities and Exchange Commission of Pakistan (SECP) has observed that some capital market individuals are using the print/electronic/social media for giving their views/ opinions to induce the general public to trade on the stock exchange. These persons are neither qualified nor possess the requisite expertise/skill to furnish such opinions. As these views are not supported by any research and data, it encourages rumors that affect the overall investment sentiments.<u></u><u></u></span></div>
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<span style="font-family: inherit;">Misleading views of few individuals tantamount to inducing public, based on deceptive information, for investing in securities. Any such said activity by any person is prohibited in terms of Securities Act, 2015, the framework governing stock market trading.<u></u><u></u></span></div>
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<span style="font-family: inherit;">While SECP encourages conducive regulatory environment for sustainable growth of capital markets, it is also responsible to maintain integrity and efficiency of the stock market. SECP is closely monitoring the market activities on regular basis. As a result of SECP vigilance, several criminal complaints have been filed against individuals/entities who were involved in market abuses. Moreover, SECP has also issued prohibitory orders in case of few individuals and leading institutional investors to curb the malpractices and maintain investors’ confidence. A limited scope thematic review of volume generating brokerage houses is being initiated to check their compliance status with regulatory frame governing permissible mode of financing stock investments.<u></u><u></u></span></div>
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<span style="font-family: inherit;">Considering the legal framework, all persons including the market professionals are advised to be careful while giving any opinion through print/electronic/social media as the same may affect securities trading decision of general public/investors. In future, dissemination of any misleading/distorted news/statement may attract the punitive action in terms of Securities Act, 2015. SECP would implement zero tolerance policy while protecting the interest of investors/general public.<u></u><u></u></span></div>
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<span style="font-family: inherit;">Apart from above, some executives and directors of listed companies are also disclosing company’s price sensitive information, including its operational and performance related information, through media without prior dissemination of the same by the company to the general public through Pakistan Stock Exchange (PSX). Furthermore, it has also been observed that the listed companies are not promptly responding to any news appearing in media that may affect the opinion of investors. To address this issue, SECP has issued necessary directions to PSX.<u></u><u></u></span></div>
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<span style="font-family: inherit;">SECP expects media to play its due role to ensure dissemination of only credible information to the general public.</span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-15202432340087758462019-11-06T23:57:00.000+05:002019-11-06T23:57:12.566+05:00SECP introduces “trading only brokers” concept for expanding investor base<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: 11.5pt;"><span style="font-family: inherit;">The Securities and Exchange Commission of Pakistan (SECP) has been undertaking a reform agenda to revitalize the capital market and promote expansion of investor base. It is felt that small and medium sized brokerage houses, alongside large ones, have a critical role to play in this regard.<u></u><u></u></span></span></div>
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<span style="font-size: 11.5pt;"><span style="font-family: inherit;">Based on representations received from various stakeholders including small sized brokers and recommendations of the Stock Market Reforms Committee, the SECP has issued a concept paper to introduce categorization of brokers for addressing the issue of custody of client assets. This concept is in line with international best practices and tailored to local market requirements.<u></u><u></u></span></span></div>
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<span style="font-size: 11.5pt;"><span style="font-family: inherit;">In the proposed regime, in order to provide maximum facilitation to small sized brokers, which would be categorized as Trading Only brokers and shall not retain custody of client assets, the minimum capital requirements for a brokerage licence are being reduced to Rs.15 million. Further, such brokers shall have the flexibility to have a satisfactory QCR rating auditor. These brokerage houses would be allowed to carry out transactions in all markets, including derivatives and leveraged products, with no restriction on number of branches.<u></u><u></u></span></span></div>
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<span style="font-size: 11.5pt;"><span style="font-family: inherit;">Moreover, they would be allowed to provide securities and futures advisory services by charging a fee and sell/ distribute financial products and also act as consultants to the Issue. Several compliance requirements relating to client asset segregation, clearing membership, depository participant etc. shall not be applicable on Trading Only brokers and they would also not be subject to multiple audits/inspections during the year.<u></u><u></u></span></span></div>
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<span style="font-size: 11.5pt;"><span style="font-family: inherit;">For promoting ease of doing business for small sized brokerage houses, the SECP had earlier removed the requirement to provide separate Net Capital Balance certificates which is now required to be made part of audited accounts of brokers. Requirement for auditors to provide limited assurance report of brokers has also been abolished.<u></u><u></u></span></span></div>
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<span style="font-size: 11.5pt;"><span style="font-family: inherit;">Furthermore, two additional categories, i.e. Trading & Clearing broker and Trading & Self Clearing broker have been proposed which shall be subject to enhanced net worth, corporate governance, compliance and rating requirements as they would be retaining custody of client assets.<u></u><u></u></span></span></div>
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<span style="font-family: inherit;"><span style="font-size: 11.5pt;">These steps are aimed at strengthening the brokerage industry, enhancing commercial viability of brokers, improving regulatory compliance and ensuring robust growth of the capital market. The SECP shall initiate a consultative process for finalizing the concept paper in the coming weeks. The concept paper is available at </span><a data-saferedirecturl="https://www.google.com/url?q=https://www.secp.gov.pk/document/concept-note-for-new-broker-regime/?wpdmdl%3D36850&source=gmail&ust=1573152252918000&usg=AFQjCNGztiAdK2nfwEv9GSQCyv5ksvL6fg" href="https://www.secp.gov.pk/document/concept-note-for-new-broker-regime/?wpdmdl=36850" style="color: #1155cc;" target="_blank">https://www.secp.gov.pk/<wbr></wbr>document/concept-note-for-new-<wbr></wbr>broker-regime/?wpdmdl=36850</a></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-32327280195906944762019-07-16T12:32:00.002+05:002019-07-16T12:32:15.781+05:00Railways stalwarts concerned about rising train accidents<div dir="ltr" style="text-align: left;" trbidi="on">
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<b style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;">By Abdul Qadir Qureshi </b><br style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;" /><i style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;">(Pakistan News and Features Services) </i><br style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;" /><br />
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Former Railways bigwigs and stalwarts have taken exception to successive railway accidents claiming many precious human lives and described the same as utter professional mismanagement and overloading of railway system caused by launching of new trains with old rolling stock just for political reasons. </div>
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“The recent spate of accidents on PR’s network reflects the breakdown of an intricate system put in place to ensure safety of train operations. These horrific accidents are reflective of utter mismanaged and a quickly deteriorating and overheated system, adversely affecting the safety of train operations,” the former senior railway professionals observed while offering their comments on railway accidents one after the other. </div>
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The tragic accident occurred at Walhar station, near Sadiqabad, on July 11 in which about 24 precious lives were lost and more than 70 passengers injured, some of them critically. Akbar Bugti Express, on way to Quetta, had rammed into a stationery freight train, a nightmare for any operating system. </div>
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An equally horrific had accident occurred a few days ago near Hyderabad when another passenger train rammed into a freight train. </div>
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“These accident reflected the breakdown of the administrative, technical and operational framework put in place to ensure the safety of train operations,” one of the former Pakistan Railways high-ranking officials remarked, fearing that the nightmare may continue unabated unless adequate safety measures were put in place immediately. </div>
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Another former Railways official, while commenting on safety aspects of train operations, pointed out that it’s a crucially important aspect of any railway system as the maintenance of the already weakened infrastructure had been completely neglected for the past year or two. The condition of the already dilapidated track has further deteriorated with the load of more passenger trains introduced by the current political leadership. </div>
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Moreover, mandatory inspections of stations, track and rolling stock, maintenance facilities, essentially required to ensure safety of train operations, has lost its priority with the PR management. Their focus, unfortunately, has been diverted to arranging frequent inaugural functions for the political leadership. </div>
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Complete track renewals, which were considered routine on the main line, are a thing of the past and short term track rehabilitation projects take ages to complete due financial suffocation and lack of proper supervision. </div>
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Another senior railway official of the past was of the view that routine maintenance of rolling stock has also been criminally ignored as the attention of the mechanical staff, especially at MGPR workshops, washing lines and sick lines has been diverted towards rolling out refurbished passenger coaches for facilitating introduction of new trains being announced on a monthly basis, in compliance with policy directives of the Minister for Railways. </div>
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Most of the newly introduced trains are financial disasters and do not even meet the fuel costs, he claimed Though fully convinced of the adverse financial, operational and safety effects of the newly inducted trains, the railway management has somehow failed to convince the Federal Minister for Railways. </div>
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Yet another very senior ex-railway man opened that regular training of human resource, particularly operating staff like drivers, firemen, station staff, guards, signal staff and track maintenance staff is vital for the safety of train operations. This aspect of capacity building of operating employees has been ignored and is not a priority with the railway management. </div>
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The rail experts unanimously reckoned that train operation is an intricate business where each department has to contribute to the system with commitment. This dedication, coordination and commitment is completely lacking, somehow. </div>
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According to them the employees and supervisory staff have lost faith in the officers at the operational levels; and the junior officers have lost faith in the senior officers; worst of all the senior officers have no love lost for the political leadership of PR. </div>
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The staff is disgruntled at the lack of strategic leadership. In the process, the organization is suffering as mandatory operating rules are ignored, resulting in derailments, train parting, fire in trains and head-on collisions. They noted that preliminary inquiries into the recent accidents at Walhar and Hyderabad point to not only technical failures but also to human failure in the form extremely indifferent attitude of the operating staff like, drivers, assistant drivers, station staff, signal staff, etc. </div>
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The PR’s system is almost fool proof and all failures, whether human, electrical and mechanical or track related have to be in place in order to avoid accident. These accidents indicate some kind of tempering with the system. </div>
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For an accident to happen, a combination of human and technical failure in track, rolling stock or signalling is required. The current overload of the already compromised track and rolling stock, by introducing nonproductive and financially nonviable trains has added to the chaos. </div>
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They asserted that focused attention, through inspections and field visits, on day to day basis, of infrastructure and rolling stock facilities, punctuality of trains, safety of train operations, and crash refresher courses for operating staff will definitely reduce the current trend of accidents.</div>
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As accidents are a reflection of a failed system. The farce of introduction of new passenger trains on rickety tracks need to be stopped immediately. Running of more passenger trains, and that too loss making is a disservice to PR and causing over heating of an already compromised and weak system. <br /><div class="separator" style="clear: both; text-align: center;">
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They alleged that PR has been an unfortunate story of neglect in the form of deferred maintenance of its three main assets, namely, infrastructure, rolling stock and its human resource. Way forward is to concentrate on immediate implementation of upgradation of ML-1 project’ under CPEC; a once in a life time opportunity but slowly fading away due to mishandling at the political leadership level?</div>
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One word of caution though, PR and the government needs to concentrate on proper maintenance of the existing track till the time the ML-1 project is completed in five to six years. </div>
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They advised that infrastructure engineers need to remain on line rather than in the comfort of their offices, especially during the upcoming monsoon season, so as to cater to minor track defects and to protect the track from flash floods. </div>
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Going back to the elaborate framework of operating and safety code, rules and procedure would definitely reduce the frequency of accidents. The frequency of meetings on issues not related to train operations , especially at the highest levels, needs to be drastically curtailed enabling the officers to focus on basic things like punctuality, safety of operations, track and rolling stock maintenance and revenue generation. This is not a tall order. </div>
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Referring to an important aspect of the up gradation project, under CPEC, is human resource development, senior former professional said adding that the Chinese can be of help in immediate upgrade of the training facilities at Walton so as to facilitate immediate training of operating and signalling staff, to avoid critical over load of the system and to reduce expenditures, stop running of new loss making passenger trains.</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-72281622660246099532019-07-09T21:58:00.000+05:002019-07-09T21:58:35.970+05:00Sir Syed Express inaugurated in Karachi<div dir="ltr" style="text-align: left;" trbidi="on">
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<b style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;">By Abdul Qadir Qureshi </b><br style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;" /><i style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;">(Pakistan News & Features Services)</i><br style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;" /><i style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;"><br /></i><span style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;"></span><br />
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The Divisional Superintendent, Pakistan Railways, Karachi Division, Syed Mazhar Ali Shah, got the much talked about the newly introduced Karachi-Rawalpindi Sir Syed Express inaugurated on July 4 through Muhammad Suleman, the first passenger to have booked the ticket from Karachi. </div>
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Talking to media on the occasion, he informed that the train having a total capacity of 646 seats, offers three classes of AC Sleeper, AC Business and Economy. It had 100% booking for the opening day. The train, branded as luxurious, had the facilities of dining car and wi-fi.</div>
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The train will reach its destination in 21 hours via Faisalabad. Upon completion of ML-1, the travel time of the train will reduce to 10 hours. </div>
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Besides facilitating passengers it’s being expected to earn the much-needed revenue for the Pakistan Railways. </div>
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The train, named after the legendary scholar and thinker, Sir Syed Ahmad Khan, is an important addition to passengers’ service as it would serve three different segments of the passengers market with a focus on economy class service (72%).</div>
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The Divisional Superintendent remarked that the train aims at facilitating the passengers from Khyber Pukhtunkhwa, Gilgit Baltistan and Azad Kashmir who travel to Karachi and other southern cities of the country. </div>
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DS Syed Mazhar Shah told PNFS that at present some 60 trains operate Up and Down from Karachi Division out of which 40 were mail and express trains.<br /><br /></div>
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According to him, on 100 percent booking, the Sir Syed Express will generate an income of Rs two million on one side in a day. </div>
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Mazhar Shah said that in Karachi Division alone some 1.2 million passengers were added to an existing roughly seven million passengers during the last financial year contributing to the railway's exchequer. </div>
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Earlier the Sir Syed Express was formally inaugurated by Prime Minister, Imran Khan, during a high-profile ceremony in Rawalpindi.</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-79700319301208850162018-08-08T12:25:00.004+05:002018-08-08T12:25:45.060+05:00Overseas students, including Pakistanis, set to take up part-time jobs in China<div dir="ltr" style="text-align: left;" trbidi="on">
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<b style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px; line-height: 20.79px;">By Masood Sattar Khan</b><br style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px; line-height: 20.79px;" /><i style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px; line-height: 20.79px;">(Pakistan News & Features Services)</i><br style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px; line-height: 20.79px;" /><br />
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The overseas students, including over 20,000 Pakistanis, in China are set to be benefitted from the revamped policy of Beijing allowing international students to take up part-time jobs. </div>
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China will allow international students at Chinese universities nationwide to take part-time jobs during their studies to make the country's higher educational system more attractive, the Ministry of Education said in a statement provided to China Daily on August 7. </div>
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The government of China has been introducing a number of exploratory changes allowing international students in Beijing and Shanghai to take part-time jobs or internships off campus as long as they obtain approval from their academic institutions and the entry and exit administrative authorities. </div>
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In 2016, the Ministry of Public Security had implemented new policies to allow foreign students recommended by their host universities in Beijing to take part-time jobs with companies in the city's Zhongguancun Science Park or become involved in entrepreneurship in the area, where they get an annotation of ‘entrepreneurship’ added to their student visa. </div>
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With around 22,000 Pakistanis studying in Chinese universities, China has now become the largest destination for Pakistani students seeking overseas studies, an official revealed while giving break up including 3,000 students were completing their PhD degrees while others are studying engineering, economics, management, agriculture, medicine, information technology, communication and other majors. </div>
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One of the major reasons for Pakistani students to be attracted to Chinese universities was that they were confident of getting employment after their studies in projects being completed under the China-Pakistan Economic Corridor (CPEC), a flagship initiative of Belt and Road Initiative. </div>
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According to statistics released by the Chinese Ministry of Education, more than 200,000 students from 64 countries along the Belt and Road Initiative were studying in China. </div>
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The number of pupils studying in China from countries along the Silk Road Economic Belt and the 21st Century Maritime Silk Road has increased greatly under a series of preferential policies, an education officials said.</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-65108605714375021672018-08-08T12:24:00.001+05:002018-08-08T12:24:30.212+05:00Hassan Daud appointed CPEC projects spokesperson<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://4.bp.blogspot.com/-Hcth22FesHc/W2mGAT-sZsI/AAAAAAAAQCM/ruOu7BRkuyo7JT-eAf4XqbwrtVRWegOiwCLcBGAs/s1600/Hassan%2BDawood.jpg" imageanchor="1" style="clear: right; color: #6699cc; float: right; margin-bottom: 1em; margin-left: 1em; text-decoration: none;"><img border="0" data-original-height="472" data-original-width="444" height="320" src="https://4.bp.blogspot.com/-Hcth22FesHc/W2mGAT-sZsI/AAAAAAAAQCM/ruOu7BRkuyo7JT-eAf4XqbwrtVRWegOiwCLcBGAs/s320/Hassan%2BDawood.jpg" style="border: none; position: relative;" width="300" /></a><b>By Masood Sattar Khan</b><br /><i>(Pakistan News & Features Services)</i><br /><span style="font-size: 14.85px; line-height: 20.79px; text-align: justify;"><br /></span></div>
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<span style="font-size: 14.85px; line-height: 20.79px; text-align: justify;">The Ministry of Planning, Development and Reforms, Government of Pakistan, has appointed Hassan Daud as the spokesperson on matters related to China Pakistan Economic Corridor (CPEC). </span></div>
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The ministry, through a statement, has announced that Hassan Daud, who is Project Director of the CPEC Support Project, will be authorized to issue statements on status of CPEC projects to all forums if required after due approval. </div>
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“All concerned including center of excellence CPEC (PIDE) are advised to acknowledge this in view of importance and coherence of CPEC arrangements”, the statement said adding that any official participating in CPEC related event should coordinate with CPEC secretariat ministry of planning for updated information on all CPEC related activities. </div>
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When contacted by PNFS, Hassan Daud vowed to keep the media posted of the developments regarding the CPEC projects as and when they happened. </div>
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“Whenever an activity takes place in this regard and we have newsworthy stuff to share we will do it right away,” he stated in a brief chat. </div>
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The CPEC, a framework of regional connectivity, will not only benefit China and Pakistan but will have positive impact on Iran, Afghanistan, India, Central Asian Republic, and the region. </div>
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Having founded peace, development, and win-win model for all of them, it is deemed as a journey towards economic regionalization in the globalized world. The CPEC is considered to be a hope of better region of the future with peace, development and growth of economy.</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-40723339174030642342018-03-06T14:23:00.000+05:002018-03-06T14:23:24.613+05:00Nisar Memon’s An Insight into the Senate launched in Karachi<div dir="ltr" style="text-align: left;" trbidi="on">
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<b style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;">By Abdul Qadir Qureshi</b><br style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;" /><i style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;">(Pakistan News & Features Services)</i><br style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.85px;" /><br />
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Describing national security of Pakistan as key to our survival and growth, Senator Nisar Memon, a former Federal Minister, called upon everyone to rise to the occasion to work for a common of cause of upholding the dignity of our people, sovereignty of the country and strengthening of the institutions, which he reckoned, were in a state of decay. </div>
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He gave the clarion call while speaking at the second launch of his book "An Insight into the Senate of Pakistan" held at the NJV High School's auditorium in Karachi on March 4. Earlier the first launch of the book had taken place in Islamabad. </div>
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Besides Nisar Memon himself, other speakers on the occasion included former Federal Minister and Senator Javed Jabbar, former Chief Minister and Senator Syed Muzaffar Hussain Shah, Marvi Memon, Chairperson Benazir Income Support Programme, Syed Raghib Shah, former chairman WAPDA, and Tariq Hussain from World Bank. </div>
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Nisar Memon discussed national security at length and dilated upon its various aspects like water, environment, climate change, finance, defence, defence production and social service. In the book, he said, he has also touched upon the present day's most sensitive issue of international peace. </div>
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While bringing the book to conclusion, Nisar Memon asked "can't people the believers in one God, one Prophet, one Book and one Faith be joined on one front against aggression and violation of human rights". </div>
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Nisar Memon, who served the Senate for six years, told his audience that objective of his writing this book was to let the people know about those aspects of the Senate to which it is not possible to them to have access to. </div>
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He said many things which occur in the Senate does not appear in newspapers and, therefore, he thought, to present himself before the people for accountability and what he did when he was in the city, what changes and reforms should be brought. </div>
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He said that when you are elected to the Senate to serve the cause of people for six long years, you have to give the best to the people and they must know what you performed, what you gave and what you learned. </div>
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He said he has discussed all these things in black and white and also to encourage the others to come out and speak about the working of the Senate </div>
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Speaking on the occasion Javed Jabbar facilitated Nisar Memon for writing this book which was long overdue from a parliamentarian about parliament. </div>
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While eulogizing the services of Nisar Memon, he recalled his appreciative role in a non-partisan cabinet, his role in the reformers movement and again in a caretaker government and said he enjoyed excellent opportunities into governments he served with a constructive approach. </div>
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He described his book a genuine attempt aimed at strengthening the institutions and pointed out that Senate is the custodian and rather political custodian of all the four provinces and his book contributes wealth of experiences he gained during his six years of Senatorship. </div>
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He mentioned the book a good combination of remembrance, intelligence and contribution to democracy. </div>
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Senator Syed Muzaffar Shah, who was re-elected as Senator for another six years term only the other day, in his eloquent address marked with fluency, observed that Pakistani politicians are not fond of writing books outlining their experiences as parliamentarians and which the people at large want to know as to how the parliaments work in a parliamentary democracy. </div>
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Senator Shah, who has the presence in as many as 14 committees of the Upper House besides being Chairman of Food and Agriculture Committee and said that Senate is the custodian of rights of the provinces while passing laws. </div>
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He disclosed how he save 1300 acres of prime land in the heart of Islamabad belonging to Pakistan Agriculture Research Council and said the report thereof by highly appreciated by the Supreme Court. </div>
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Referring to clamouring of accusation of horse trading in the Senate election, he stated to have secured highest number of votes without spending a single penny. </div>
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He asserted that parliamentarians should write books and follow the example of Senator Nisar Memon who ventured to do this which only few would do as people want to know how parliament work and how the Senate functions and this book is worth reading for such people. </div>
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Muzaffar Shah was confident that soon the Senate will also have financial authority being the custodian of provinces. </div>
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He paid tributes to Nisar Memon from a Sindhi background and from the corporate sector and said he made a significant role in the political history of Pakistan. </div>
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Marvi Memon in her usual charming style said that to be elected a member of the parliament indeed is an honor as they can make a difference in the political history. </div>
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She said that it was a very special for her to have served the country along with her father Nisar Memon and advised that new generation should learn from his experiences. </div>
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Marvi Memon said that the thoughts cherished by his father as Senator and as Federal Minister were always dedicated to the national causes and one would find it explicitly in his book "Insight into the Senate of Pakistan". </div>
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Tariq Hussain from the World Bank spoke about Nisar Memon's focus on aspect of National Security as highlighted by him in his book, particularly the aspect of water which today is assuming as an alarming issue, particularly with reference to drainage, water logging and salinity. </div>
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He said that the book should encourage the others for improving the effectiveness of our political bodies.</div>
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Syed Raghib Shah referred to Nisar Memon's acumen about technical issues and said that although he was Chief Engineer in WAPDA he found Mr Memon more technical than him he would speak in the House Committee on Water issues. </div>
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The present Senators, he said, should pursue all those recommendations and suggestions as provided by Nisar Memon on water as Chairman of Water Committee which were duly recognized by the world bodies.</div>
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On the occasion Mr Nisar Memon announced that proceeds of his book would go to the NJV High School where he had remained a student. He congratulated Senator Syed Muzaffar Hussain Shah for having been elected to the Senate for another six years term. </div>
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The launch ceremony concluded with the presentation of copies of the book "Insight into the Senate" to the speakers of the day by Nisar Memon himself.</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-29733274214714164992018-02-28T15:42:00.000+05:002018-02-28T15:42:13.521+05:00Dewan launches Daehan Shehzore at an spectacular ceremony<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>By Abdul Qadir Qureshi</b><br /><i>(Pakistan News & Features Services)</i><br /><i><br /></i></div>
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The Interior Minister Ahsan Iqbal has said that Pakistan is fast coming back on its real economic track and would be looking at its future in the year 2018 when its GDB will be close to 6 percent as against 5.3 percent in 2017. </div>
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He was speaking as chief guest at the grand launch of Shehzor truck, the most popular light commercial vehicle produced in the automotive history of Pakistan with over 50,000 units in operation.</div>
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Shehzore has become the generic name for pickups in the country, Dewan Muhammad Yousuf Farooqui, Chairman, Yousuf Dewan Motor Company remarked in his welcome speech at the launch of Daehan Shehzore at the Mohatta Palace Museum on February 25.</div>
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Ahsan Iqbal recalled that there was a time when big industrialists and businessmen would be speaking about relocating their industries and concerns to Canada and Dubai and smaller ones to Lahore but today they are coming back to Karachi and Pakistan because of the peaceful conditions and positive investment climate here. </div>
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He said that today international media including Economist and Finance Times are describing Pakistan as the fast emerging economic nation more because of much peaceful conditions today when present government responded stubbornly and cleared our territories of terrorists and subversive elements because of sacrifices of the armed forces and the nation. </div>
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He recalled when the country faced acute power crisis just 5 years back and within four years of this regime, there is a turn around and Pakistan is rising and brought back on the world's economic map. He said in four years the government added 11000 MW of electricity to the national grid and constructed a record number of highways and motorways.</div>
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He informed that at present the government is constructing 1600 KM of motorways and will have 2200 KM of motorways by 2019 as against 1400 KM in India. </div>
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"Time has come now to focus on the prosperity of our people and future economic boom", the Minister stated adding that now it is for our entrepreneurs to take advantage of infrastructure developed and they have the potential for this. </div>
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He pointed out that with the steps being taken by this government Pakistan will be among the top 20 world economies by 2025 and top 10 by 2030 provided the country maintained the continuity of economic development with political stability.</div>
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Ahsan Iqbal while referring to the development of automotive industry assured of his government's all out support and cooperation for the industry and hoped that all the business groups of Pakistan will make fast advancement to achieve the desired objectives.<br /><br />“The government through the Automotive Policy is fully committed to extending full support to the local automotive industry of Pakistan. The policy has already attracted significant investment of over US$ 800 million,” he observed while congratulating Dewan Yousuf and his team for their relentless efforts to revive their automotive assembly plant.<br /><br />Earlier in his speech, Dewan Mohammed Yusuf Farooqui, Chairman Yusuf Dewan Motor Company said that reproduction of Shehzo was made made possible by the acquisition of Brownfield status from the Ministry of Industries and Production, a landmark achievement.<br /><br /><div class="separator" style="clear: both; text-align: center;">
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He said our collaborators the JVA and Kolao Group will help us keep our promise of delivering only the best quality vehicles to our trusted customers as we stay committed to contributing our best to our motherland’s socio-economic development.<br /><br />He described th day as the most special day of his life and Dewan Group.<br /><br />Speaking on the occasion, Oh Sei Young, Chairman, Kolao Group, and the joint venture partner in Daehan-Dewan Motor Company, expressed the confidence that the Daehan Shehzore pickup will achieve the desired results.<br /><br />He assured that the Kolao Group will consistently provide total support to the JVA in achieving the mutual objective of regaining market leadership in its segment.<br /><br /><div class="separator" style="clear: both; text-align: center;">
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“The government through the Automotive Policy is fully committed to extending full support to the local automotive industry of Pakistan.<br /><br />The policy has already attracted significant investment of over US$ 800 million,” he observed while congratulating Dewan Yousuf and his team for their relentless efforts to revive their automotive assembly plant.<br /><br />It may be recalled that Yousuf Dewan Companies, one of Pakistan’s most prominent business houses, had entered into a joint venture with the Kolao Group of South Korea in April 2016.<br /><br />The new joint venture, Daehan-Dewan Motor Company, unveiled Daehan Shehzore, setting up its automobile assembly plant in Sujawal.<br /><br />The launching ceremony at the Mohatta Palace was nothing short of spectacular. The cultural programme, featuring performances by the local as well as the South Korean artists, followed by the musical concert provided glamour to the evening at the most historical of venues.</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-18399652552387217482016-12-02T16:02:00.001+05:002016-12-02T16:02:16.770+05:00Karachi Railways Division makes steep revenue gains<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>By Abdul Qadir Qureshi</b><br /><i>(Pakistan News & Features Services)</i><br /><br /><div style="text-align: justify;">
The Pakistan Railways has made great strides in its revenue earnings with Karachi railway division alone having achieved amazing targets with total revenue earnings rising from Rs 4172.468 million in 2011-12 to Rs 15,615.820 million in 2015-16.</div>
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<span style="font-size: 14.85px; line-height: 20.79px;">The statistics showed that railways’ revenue earnings stood at Rs 2326.312 million in 1988-89 and soared to Rs 4726.668 million in 2012-13 but shot up to Rs 15,615.820 million in just 2 years 2014-16. </span></div>
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"The earnings of the division stood at Rs 12,158 million in 2014-15 as against the target of Rs 9304.276 million and went up to Rs 15,615.820 million as against the target of Rs 12,732 million in 2015-16,”Engr Nisar Memon, the Divisional Superintendent Railways Karachi Division, informed in an interview. </div>
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Giving head wise earning position, he revealed that from July 2016 to October 2016, the railway's passenger earnings touched a record Rs 2126.150 million as against the target of 1978.068 million and on the goods side it stood at Rs 3161.55 million as against the target of Rs 2941.462 million. </div>
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According to him, the passenger earnings of Karachi Division stood at Rs 575.817 million in 1988-89 which entered into four figure when for the first time railway earned Rs 1064.570 million in 1995-96 and shot up to Rs 3102.947 million in 2012-13 after the present regime came into power registering a steep rise to Rs 4081.624 million in 2014-15 and a record Rs 5779.633 in 2015-16.</div>
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On the freight side, Nisar Memon stated that the earnings stood at Rs 1,610 .906 million in 1988-89 which soared to Rs 6391.714 million in 2013-14 and rose to a record Rs 9151.506 million in 2015-16 thus carrying the total earnings from both passenger and freight sides to Rs 15,615.820 million. </div>
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He observed that these targets were achieved primarily because of the leadership provided by the Federal Railways Minister, Khawaja Saad Rafique who has made tremendous efforts to eradicate corruption from the organization which in the past badly devoured its resources. </div>
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He remarked that the minister's appreciation of their performance had provided them a boost to their efforts to make Karachi Division the highest revenue earning Division of Pakistan. </div>
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The minister, he said, has directed that the facilities being provided to traveling passengers be further improved and Karachi Railway Division is working on various projects in this regard. </div>
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As a result of the efforts made the trains’ punctuality rate has increased to over 80 percent for Down trains and almost 100 percent for upcountry trains.</div>
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-2890949599106201645.post-23548763799161360472016-12-01T16:08:00.000+05:002016-12-01T16:08:09.035+05:00LUMS students learn about Railways operations<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>By Abdul Qadir Qureshi</b><br /><i>(Pakistan News & Features Services)</i><br /><br /><div style="text-align: justify;">
A six-member group of students of the Lahore University of Management Sciences (LUMS) visited the headquarters of the Pakistan Railways in Lahore to acquaint themselves with the infrastructure, operation and working of the railway system.</div>
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The group consisting of four girls and two boys, called on the Chief Personnel Officer, Shoaib Adil, at his office and had an in depth interaction with him about the railway affairs. </div>
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The CPO briefed the visitors about the railway working in greater details and specially the efforts being made by the Railways Minister, Khawaja Saad Rafique, for the railway's turn around to make it Pakistan's prestigious organization. </div>
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He explained to the students the railway's soaring revenue income, the addition of new locomotives and carriages and the working of different cadres of the railway staff besides other things. </div>
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The LUMS students pitched a volley of searing questions especially about the steps taken for increasing the railway's revenues, the hiring system for the employees, the train operations, the safety and security measures for passengers. </div>
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Shoaib Adil informed that since the present leadership took over, the efficiency of the railway staff has went up manifold which brought amazing changes in the organization leading to achievement of remarkable results. </div>
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He said as of today any hiring is made on total merit and more focus is paid on their training particularly with regard to provision of travelling facilities, safety and security of travelers and related aspects.</div>
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-2890949599106201645.post-13104748860571460572016-09-11T22:25:00.001+05:002016-09-11T22:25:47.506+05:00Alpha opens with a bang as Tesco lands in Karachi<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>By Abdul Qadir Qureshi </b><br /><i>(Pakistan News & Features Services)</i><br /><i><br /></i></div>
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The Alpha opening in the basement of Ocean Mall, Clifton, on September 10 was quite a memorable event. </div>
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It was an evening to remember as Karachi finally had the presence of Tesco, a reputed British multinational grocery and general merchandise retailer. </div>
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As anticipated the launch of Alpha turned out to be a phenomenal success with the large turnout, a clear indication of the project generating immediate attention to the extent of creating waves among the potential customers. </div>
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It’s the fulfillment of yet other cherished dream of Nadeem Hussain, Founder and Coach at Planet N Group of Companies, having earned accolades in the financial services industry of Pakistan through his impossibly gifted talents.</div>
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Living to the reputation of being very passionate about whatever he ventures into, the former Citi Group country chief in Pakistan has now got his Planet N Group off to a flying start with the launch of Alpha and obviously there is a lot more to follow. </div>
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A firm believer of giving back to the society while pursuing his corporate goals, Nadeem Hussain has believed in setting examples, having been a naturally gifted leader, who always has a vision and a strategy to implement and achieve his objectives. </div>
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Now he’s being lauded for bringing Tesco in Karachi, the commercial hub of the country. </div>
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He had signed exclusive rights for Tesco for Pakistan, opening the doors for the third largest retailer in the world measured by profits and the second-largest retailer in the world measured by revenues.</div>
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Historically Tesco was founded in 1919 by Jack Cohen as a group of market stalls. </div>
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The Tesco name had first appeared in 1924, after Cohen purchased a shipment of tea from T E Stockwell and combined those initials with the first two letters of his surname and the first Tesco store opened in 1931 in Burnt Oak, Barnet. </div>
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Originally a UK grocery retailer, Tesco has diversified geographically since the early 1990s and into areas such as the retailing of books, clothing, electronics, furniture, toys, petrol and software; financial services; telecoms and internet services.</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-20325775828539726632016-06-15T13:31:00.000+05:002016-06-15T13:31:01.644+05:00SSUET budget for 2016-17 passed<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>By Abdul Qadir Qureshi</b><br /><i>(Pakistan News & Features Services)</i><br /><br /><div style="text-align: justify;">
The Sir Syed University of Engineering and Technology (SSUET), Karachi, has passed its budget for the financial year 2016-17.</div>
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<span style="font-size: 14.85px; line-height: 20.79px;">The budget, passed in a meeting of Board of Governors, was chaired by Vice-Chancellor Prof Dr Jawaid H. Rizvi, brought in its folds two gladdening news for the university’s employees and staff. </span></div>
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The Board approved the revision of pay scales, an issue which was pending for the last many years, and also announced the launch of health insurance for the employees. </div>
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The approval of these two benefits was the fulfillment of commitment made by Chancellor Jawaid Anwar in his very first speech made after having assumed the office. </div>
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Chancellor Jawaid Anwar had announced to work for upgradation of the university to highest levels under a well conceived planning. </div>
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The board also gave go ahead for purchase of additional lab equipment and carrying out various development schemes. </div>
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Funds were also approved for award of scholarships, Faculty development/new campus, financial incentives to Faculty for carrying out research projects. </div>
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Allocation has also been made for the SSUET’s Research Innovative and Commercialization Centre, which has now been made fully functional under Dr Rabia Inam.</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-46491511925544789622015-07-06T17:02:00.000+05:002015-07-06T17:02:14.400+05:00US think-tank develops report on Pakistan economy<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>By Abdul Qadir Qureshi</b><br />
<i>(Pakistan News & Features Services)</i><br />
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The Heritage Foundation, a US think tank, has developed a detailed document on the economical conditions of Pakistan and what actions the government of Pakistan must immediately take to revive the economy.</div>
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The document has been authored by Huma Sattar, a visiting Pakistani scholar, and James Roberts, senior analyst at the Heritage Foundation, with the title of the special report being ‘Pakistan’s economic disarray and how to fix it’ whose launching event was held on July 1 at the Lehrman Auditorium in Washington DC. </div>
<div style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.8500003814697px; line-height: 20.7900009155273px; text-align: justify;">
<br /></div>
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Huma Sattar remarked on the ocassion that corruption, poor rule of law, regulatory inefficiencies among the myriad of problems that ail the Pakistani economy today have hindered sustainable growth and will continue to do so until the government implements structural reforms to overhaul the tax system and deregulate sectors such as the power sector. </div>
<div style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14.8500003814697px; line-height: 20.7900009155273px; text-align: justify;">
<br /></div>
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A large number of experts academia media people and others attended the event and talked about the report. </div>
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Marc Schleifer, Director of Eurasia and South Asia, Center for International Private Enterprise Michael Kugelman, Senior Program Associate for South and Southeast Asia, Woodrow Wilson Center Mark Karns Multi-Sector, Advisor to the Office of Afghanistan and Pakistan Affairs of USAID, were other experts to have shared views in the panel discussion. Lisa Curtis conducted the programme.</div>
</div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-2890949599106201645.post-19893897544017331552014-04-22T17:10:00.000+05:002014-04-22T17:10:55.316+05:00SECP initiates 86 show-cause proceedings against compamies<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-hPPqPYS0wls/U1Zbz5sKXWI/AAAAAAAABWU/mwX3iexAuLU/s1600/secp2.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://1.bp.blogspot.com/-hPPqPYS0wls/U1Zbz5sKXWI/AAAAAAAABWU/mwX3iexAuLU/s1600/secp2.jpg" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
The SECP’s Enforcement
Department— while enforcing compliance of corporate and allied laws— initiated
86 show-cause proceedings and concluded 54 proceedings against chief
executives, directors and auditors of companies in February and March.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
While facilitating companies to
strengthen their capital base, the department allowed three listed companies to
issue shares by way of otherwise than right at a discount and at par.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In order to strengthen the existing regime of
Corporate Social Responsibility (CSR) reporting, the SECP has joined hands with
the ICAP for the external assurances of the CSR reports. CSR reports assist organizations in
understanding and communicating their vision of combining a company’s
profitability with social responsibility and environmental care. Both the SECP
and the ICAP have reaffirmed their commitment to developing a framework for
external assurance in accordance with prominent international assurance
standards, and within a mutually agreed time frame. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In March 2014, the department
organized a joint SECP-ICAP meeting. The issues regarding adoption of the IFRS
for SMEs, conversion of ICAP’s Financial Reporting Guidelines into standards
for NGOs, accounting issues relating to mutual funds, reforms
in practice management regime, and revision of the format of the auditor’s
report were discussed in detail. Joint SECP-ICAP committees were formed for
further action. Furthermore, a strategy was developed to harmonize the
corporate governance regime in <st1:country-region w:st="on">Pakistan</st1:country-region>.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal">
The department accorded approvals and relaxation from
certain provisions of laws and rules. The approvals pertained to appointment of
cost auditors under the 1998 Companies (Audit of Cost Accounts) Rules, filing
of consolidated financial statements, changing the venue of annual general
meeting (AGM), printing of computerized national identity card (CNIC) number on
dividend warrants, and registering as a group. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
In addition, 72 investor
complaints pertaining to non-issuance of shares, non-verification of transfer
deeds and non-payment of dividends were resolved. </div>
</div>
Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-2890949599106201645.post-77298931954164332692014-04-10T18:28:00.000+05:002014-04-10T18:28:10.118+05:00SECP takes action against KASB Securities, DJM Securities<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-_Gam2X7qzCc/U0abxpzIEpI/AAAAAAAABV8/UpsidFAjpa4/s1600/kasb_logo.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://4.bp.blogspot.com/-_Gam2X7qzCc/U0abxpzIEpI/AAAAAAAABV8/UpsidFAjpa4/s1600/kasb_logo.JPG" height="45" width="400" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
The development of transparent and efficient securities
market is one of the prime objectives of the Securities and Exchange Commission
of <st1:country-region w:st="on">Pakistan</st1:country-region>
(SECP). Accordingly, Securities Market Division of the SECP took enforcement
actions and penalized the market participants for non-compliance with the
regulatory framework during the month of March.<span style="font-family: Calibri; font-size: 10.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-jnFLatEtYuQ/U0acHDfnHOI/AAAAAAAABWE/bFMDjLE0BFQ/s1600/djm_sec.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-jnFLatEtYuQ/U0acHDfnHOI/AAAAAAAABWE/bFMDjLE0BFQ/s1600/djm_sec.jpg" height="82" width="320" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
Subsequent to the onsite
inspections, enforcement actions were taken against three brokerage houses of
the Karachi Stock Exchange Limited. A penalty of Rs500,000 was imposed on KASB
Securities Limited primarily for<span class="apple-converted-space"> </span>failure
to maintain segregation of clients’ assets by the brokerage house. Moreover, a<span class="apple-converted-space"> </span>penalty of Rs100,000 was imposed on<span class="apple-converted-space"> </span>DJM Securities (Private)
Limited because of irregularities identified in the calculation of
net capital balance. Furthermore, a warning letter was issued to Time
Securities (Private) Limited in the same context.<span style="font-family: Calibri; font-size: 10.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In addition, 12 orders were passed for late filing of returns
of beneficial ownership, while directors/beneficial owners of 9 listed
companies were penalized under Section 224 (4) of the Companies Ordinance 1984.<span style="font-family: Calibri; font-size: 10.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
During the month, 3 complaints pertaining to listed companies
were also resolved. <span style="font-family: Calibri; font-size: 10.0pt;"><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-23645078802113643422014-02-12T20:24:00.000+05:002014-02-12T20:24:18.902+05:00Criminal proceedings against YS Securities initiated <div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-ErHRn8fqEkY/UvuRYLWgqaI/AAAAAAAABVY/0nVKbJKbN4s/s1600/NAB+1.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://4.bp.blogspot.com/-ErHRn8fqEkY/UvuRYLWgqaI/AAAAAAAABVY/0nVKbJKbN4s/s1600/NAB+1.JPG" height="240" width="320" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
The Securities and Exchange Commission of Pakistan has filed
a criminal complaint in the court of an additional sessions judge, Lahore,
against Farooq Younas Khan, director/chief executive, Muhammad Junaid Ahmed,
director, and Muhammad Zulsham Younas Khan Sherwani, former director, of the YS
Securities and Services (Private) Limited, a former member of the Lahore Stock
Exchange.<span style="font-size: 11.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The complaint has been filed under Section 28 of the 1997
Central Depositories Act and Section 32(5) of the 1997 Securities and Exchange
Commission of Pakistan Act, 1997. After examining documentary evidence and
recording of the witness statement, the court has summoned the accused for
February 22, 2014. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The SECP received numerous complaints against the YS
regarding non-payment of funds, non-transfer of shares and closure of its
offices without any notice to the LSE. Taking cognizance of the matter, the
SECP directed the LSE to take appropriate action against the accused. The
governing board of directors of the LSE suspended trading rights of the YS on
April 9, 2012, with immediate effect. Subsequently, the board terminated its
membership with effect from April 23, 2012. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In exercise of the powers under Section 21 of the Securities
and Exchange Ordinance, 1969, read with Section 29 of the SECP Act, the SECP
ordered an enquiry against the YS on May 11, 2012, and assigned officers to
look into the matter. Moreover, SECP forwarded the names of the accused to the
relevant authorities to be placed on exist control list. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The enquiry report established the fact that the accused did
not conduct trading in the clients’ accounts despite receipt of the payments
from them. The accused provided false statements to its clients and dishonestly
showed their respective shares as “available”, however as per the CDC’s record,
the said shares were not available in investors’ accounts. </div>
<div class="MsoNormal" style="text-align: justify;">
The accused also moved shares from clients’ CDC-sub-accounts
to benami accounts without their authorization, and subsequently
misappropriated them in violation of Section 24 of the 1997 CD Act.
Furthermore, the accused failed to provide the record and appear before the
enquiry team, despite repeated notices issued by the enquiry team under Section
21 of the ordinance and under Section 32 of the SECP Act. As per the enquiry
report, 984 complaints/claims of Rs342, 706,769 were filed against the YS with
the LSE and the SECP. </div>
<br />
<div class="MsoNormal" style="text-align: justify;">
Apart from the above, the SECP has also forwarded case to
the NAB for action against the accused, and is also providing full assistance
to the NAB in this regard. </div>
</div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-2890949599106201645.post-72565284896899526412013-12-27T16:13:00.000+05:002013-12-27T16:13:32.189+05:00Karachi Stocks closes slightly up<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-_Z0VVrxtZ7c/Ur1gzZZauxI/AAAAAAAABUw/kn6uCIRzk2A/s1600/kse+new.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="250" src="http://4.bp.blogspot.com/-_Z0VVrxtZ7c/Ur1gzZZauxI/AAAAAAAABUw/kn6uCIRzk2A/s400/kse+new.jpg" width="400" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
With year-end right around the corner, participation
remained dull at the bourse. The benchmark index rose by mere 3 points to close
at 25370.03 level compared to 25366.69 points of the previous day.<br style="content: '';" />
Equity dealer at Topline Securities Asad Siddiqui
said positive momentum continued in the cement sector and specially in FCCL,
out of 17 listed stocks in the sector 12 closed in the green zone while one
remained unchanged. </div>
<div class="MsoNormal" style="text-align: justify;">
On the other hand, profit-taking was seen in oil and gas
sector while some pressure was seen in fertilizer stocks barring Engro, which
closed with gains of 3pc. FCCL, PTC and PAEL made up for the top 3 volume
leaders with trade of 16.7m, 10.2m and 9.7m shares, respectively. KSE-Allshare
index shed by 30.02 points or 0.16 percent to end the day at 18690.70 points,
KSE-30 share index off by 8.19 points or 0.04 percent to close the day at
18941.99 points while KMI-30 share index misplaced 69.59 points or 0.16 percent
to end the day at 42739.21 points.<br style="content: '';" /> </div>
<div class="MsoNormal" style="text-align: justify;">
The day turnover of market climbed to 191.970 million
shares from 146.610 million shares due to low participation volume settled at
Rs 6.331 billion compared to Rs 5.507 billion of a day earlier. Capitalisation
of the market stabled at Rs 6.071 trillion after opening at Rs 6.089 trillion. <br style="content: '';" />
Analysts said bullish global stocks and renewed
institutional interest in cement and textile stocks on strong earnings outlook
on EU grant of GSP Plus status and rising local cement prices played a catalyst
role in positive close at KSE. Concerns for rising trade deficit, rising
government borrowings and limited foreign interest impacted the sentiments.<br style="content: '';" />
During the session out of 401 companies 241 closed
in positive and 138 in negative while the value of 22 stocks remained intact. </div>
<div class="MsoNormal" style="text-align: justify;">
Unilever Foods led the downhill trend decreased by Rs 500 to Rs 9500 followed
by Nestle Pak off by Rs 399.99 to Rs 7900.01. Siemens Pakistan and
Sanofi-Aventis toped the gainers list up by Rs 37.47 to Rs 1444 and Rs 31.56 to
Rs 662.82. With the turnover of 16.664 million shares Fauji Cement led
the active list off by Re 0.08 to Rs 15.30. PTCLA was on the seconds position
with 10.211 million shares shed by Re 0.43 to Rs 30.87. It was followed by Pak
Elektron Ltd with 9.689 million shares as it closed at Rs 20.15 after opening
at Rs 19.80, Maple Leaf Cement with 9.535 million shares decreased by Re 0.40
to Rs 26.68 and DGK Cement with 8.248 million shares grew by Re 0.34 to Rs
85.23. (<a href="http://www.nation.com.pk/business/27-Dec-2013/kse-closes-marginally-up">Nation</a>)</div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-40775251771140726722013-12-07T16:28:00.000+05:002013-12-07T16:28:34.091+05:00Karachi Stocks 100 index tests 25,000 pts in intraday, closes 70 pts up<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-G5T8IO5V3tk/UqMGU6rZGkI/AAAAAAAABTs/dX0mbHgNIl4/s1600/KarachiStockExchange01.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="http://4.bp.blogspot.com/-G5T8IO5V3tk/UqMGU6rZGkI/AAAAAAAABTs/dX0mbHgNIl4/s400/KarachiStockExchange01.jpg" width="400" /></a></div>
<div style="text-align: justify;">
<span style="background-color: white;">The </span><st1:city w:st="on">Karachi</st1:city><span style="background-color: white;">
stock market on the last trading day of the week Friday made an intraday high
of 25,000 points for the first time in the history of </span><st1:country-region w:st="on"><st1:place w:st="on">Pakistan</st1:place></st1:country-region><span style="background-color: white;"> and
closed below the said level with a rise of 70 points.</span></div>
<div style="text-align: justify;">
<br /></div>
<span style="background: white;"><div style="text-align: justify;">
Analysts
cited hopes for improved Indo-Pak bilateral relations and interest of
international investors in setting up power plants in <st1:country-region w:st="on"><st1:place w:st="on">Pakistan</st1:place></st1:country-region> as the
main reasons for the positive trend.</div>
</span>
<div style="text-align: justify;">
<br /></div>
<span style="background: white;"><div style="text-align: justify;">
The
Karachi Stock Exchange (KSE) 100-share index gained 69.86 points or 0.28
percent to close at 24,870.55 points as compared to previous session’s
24,800.69 points. The KSE 30-share index rose 10.48 points to close at
18,624.99 points as against 18,614.514 points.<span class="apple-converted-space"><span style="background-position: initial initial; background-repeat: initial initial; font-family: Verdana; font-size: 8pt;"> </span></span></div>
</span>
<div style="text-align: justify;">
<br /></div>
<span style="background: white;"><div style="text-align: justify;">
“After
testing the psychological level of 25,000 points the index was seen scaling
back to close at 24,870 points,” said Habib Metropolitan Financial Services’
Muhammad Sultan. “During the second session the index pared gains posted
earlier in the day, largely driven by profit-taking by risk averse investors.”<span class="apple-converted-space"><span style="background-position: initial initial; background-repeat: initial initial; font-family: Verdana; font-size: 8pt;"> </span></span></div>
</span>
<div style="text-align: justify;">
<br /></div>
<span style="background: white;"><div style="text-align: justify;">
The
analyst believed positive sentiments will drive the market upwards; however
negative headwinds emanating from pressure on foreign exchange reserves and a
depreciating currency can be inimical triggers to watch out for. The 100-share
index might test 25,000 points and can possibly cross that barrier.</div>
</span>
<div style="text-align: justify;">
<br /></div>
<span style="background: white;"><div style="text-align: justify;">
The
market turnover went up 27.94 percent and traded 241.17 million shares as
against 188.49 million shares of the previous session. The overall market
capitalisation gained 0.18 percent and traded Rs 6.013 trillion as compared to
Rs 6.002 trillion. Gainers outnumbered losers 180 to 153, while 26 stocks were
unchanged.</div>
</span>
<div style="text-align: justify;">
<br /></div>
<span style="background: white;"><div style="text-align: justify;">
“With
no sign of weakness observed despite the technically overbought state, the
100-share index marched past another milestone of 25,000 points and concluded
today’s session at an all time high of 24,871 points,” said JS Rsearch analyst
Wasi M Khan. “Investors are actively participating in the market as witnessed
by higher trading volumes, which indicates that the bullish tread is still
intact. This is despite of today’s news flow that the government is unlikely to
meet FY14 fiscal deficit target due to its inability to achieve revenue target
and expected slippages in subsidy and interest payments.”<span class="apple-converted-space"><span style="background-position: initial initial; background-repeat: initial initial; font-family: Verdana; font-size: 8pt;"> </span></span></div>
</span>
<div style="text-align: justify;">
<br /></div>
<span style="background: white;"><div style="text-align: justify;">
The
exploration and production, banking and cement sectors remained in the
limelight. Main movers were OGDCL which established a new high around Rs 285
and POL which breached the Rs 500 level (Rs 502 high). He advised investors to
book profits at higher levels as he expects a correction on technical basis.</div>
</span>
<div style="text-align: justify;">
<br /></div>
<span style="background: white;"><div style="text-align: justify;">
The
KMI 30-share index shed 89.71 points to close at 41,535.13 points as compared
to 41,624.84 points. The KSE all-share index gained 33.18 points to close at
18,448.49 points after opening at 18,415.31 points.</div>
</span>
<div style="text-align: justify;">
<br /></div>
<span style="background: white;"><div style="text-align: justify;">
“During
the session market crossed the psychological level of 25,000 points,” said
Topline Sec Senior Manager Research Asad I Siddiqui. “Market participation was
on the higher side with volumes increasing to Rs 11.1 billion, up 17 percent.”<span class="apple-converted-space"><span style="background-position: initial initial; background-repeat: initial initial; font-family: Verdana; font-size: 8pt;"> </span></span></div>
</span>
<div style="text-align: justify;">
<br /></div>
<span style="background: white;"><div style="text-align: justify;">
Bank
Al-Falah was the volume leader in the market with 35.59 million shares as it
closed at Rs 25.82 from its opening at Rs 25.31, gaining 51 paisas. NBP traded
21.27 million shares and closed at Rs 55.90 as compared to its opening at Rs
54.43, rising 47 paisas. PTCLA traded 15.40 million shares as it closed at Rs
30.33 as compared to its opening at Rs 30.34, shedding one paisa. Fauji Cement
traded 15.13 million shares as it closed at Rs 13.87 after opening at Rs 14.02,
falling 15 paisas. (<a href="http://dailytimes.com.pk/default.asp?page=2013\12\07\story_7-12-2013_pg5_14">DailyTimes</a>)</div>
</span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-2880600306985687422013-10-11T22:12:00.000+05:002013-10-11T22:12:06.565+05:00SECP facilitates companies on the election of directors<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-ben_kFEniHs/UlgxT0EU7FI/AAAAAAAABQw/h0putt_fwvg/s1600/secp-logo1_270.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://2.bp.blogspot.com/-ben_kFEniHs/UlgxT0EU7FI/AAAAAAAABQw/h0putt_fwvg/s1600/secp-logo1_270.jpg" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
The election of directors of the companies is held in
general meetings, on completion of the term of office of directors after every
three years as laid down in Sections 178 and 180 of the 1984 Companies
Ordinance.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The SECP has received many queries from the companies that
the date of election of directors coincides with the forthcoming Eid-ul-Adha
holidays. The SECP in this regard clarifies that if the date of election of
directors of a company overlaps with the holidays, the company can hold the
election of its directors immediately after the official holidays.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Besides the election of directors, if any other requirement
of the Companies Ordinance, which is time-constrained and its deadline
coincides with the holidays, the companies are advised to comply with the
respective statutory requirement, immediately after the holidays.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The SECP has taken this decision to facilitate companies and
encourage participation of maximum shareholders in the general meeting convened
for election of directors.<o:p></o:p></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-37096520046323284202013-08-31T16:41:00.001+05:002013-08-31T16:41:09.480+05:00BoP’s profit up by 146% in 1H of 2013<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: white; font-family: inherit;">The Bank of Punjab (BoP) has posted 146 percent yearly increase to Rs 1.00 billion profit after tax (PAT) in first half of 2013 as compared to Rs 405.5 million PAT in the same period of last year. The company’s earnings per share (EPS) increased to Rs 1.90 in first half of 2013 as compared to EPS of 77 paisas in the corresponding period of 2012, according to the company’s notice sent to the Karachi Stock Exchange on Friday. The company announced its financial results for half year and second quarter period that ended on June 30, 2013, where the company’s board of directors has not recommended final cash dividend and bonus shares to its shareholders for the half-year period that ended on June 30, 2013. However, on quarterly basis the BoP witnessed a massive increase in profitability by 155 percent to Rs 672.9 million PAT with EPS of Rs 1.90 in second quarter (April to June) of 2013 as compared to Rs 268.1 million PAT with EPS of 51 paisas in the corresponding period of last years. </span></div>
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<span style="background-color: white; font-family: inherit;">The deposits of the bank also jumped by 11 percent in first half 2013 to Rs 295.7 billion while it stood at Rs 266.1 billion in the corresponding half of 2012. Equity of the bank for the first half period that ended on June 30, 2013 stood at Rs 13.3 billion, registering a growth of 7.0 percent over the total equity in the first half 2012 of Rs 12.4 billion. </span></div>
<div style="text-align: justify;">
<span style="background-color: white; font-family: inherit;">The bank’s profit before tax witnessed 66 percent increase in first half of 2013 to Rs 1.5 billion when compared to Rs 602.2 million in the same period last year. However, on quarterly basis it increased by 166 percent to Rs 1.1 billion in second quarter of 2013 if weighed against Rs 389.5 million in the same quarter</span></div>
<span style="font-family: inherit;"><div style="text-align: justify;">
<span style="background-color: white; font-family: inherit;">of 2012. (DT Report)</span></div>
</span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-35498495995321532512013-04-06T14:46:00.000+05:002013-04-06T14:46:34.003+05:00KSE: Bullish sentiments ahead of earning announcements<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: inherit;">Karachi Stocks closed record high led by second and third tier stocks on strong valuations. Sentiments remained bullish ahead of quarter-end earning announcements due next week.</span></div>
<span style="font-family: inherit;"><div style="text-align: justify;">
<span style="font-family: inherit; line-height: 24px;">The Karachi stock market benchmark KSE-100 share index added 22.59 points or 0.12 percent to end the day at 18,636.03 points compared to 18,613.44 points of the previous day. </span></div>
<span style="line-height: 24px;"><div style="text-align: justify;">
<span style="font-family: inherit;">Stock analyst Ahsan Mehanti said consolidation in blue chips stocks continued amid concerns for fall in global commodities. Strong data on urea, DAP and cement sales for Mar ‘13, speculations ahead of upcoming SBP policy announcement and expectations of higher LDI revenues for telecom sector played a catalyst role in higher close at KSE amid concerns for rising circular debt issues in energy sector outcome for CCP levy on fertilizer companies on collusion and increasing urea prices.</span></div>
</span><span style="line-height: 24px;"><div style="text-align: justify;">
<span style="font-family: inherit;">KSE-Allshare index up by 10.56 points or 0.08 percent to end the day at 13,209.70 points, KSE-30 share index increased by 25.38 points or 0.17 percent to close the day at 14,546.19 points while KMI-30 share index shed by 6.78 points or 0.02 percent to finish the day at 32,934.50 points. </span></div>
</span><span style="line-height: 24px;"><div style="text-align: justify;">
<span style="font-family: inherit;">Bourse traded 206.872 million shares on last day of trading week compared to 245.671 million shares of the previous day. The value of trading shares was minimised to Rs 6.594 billion from Rs 8.376 billion while the capitalisation of equity market settled at Rs 4.587 trillion compared to Rs 4.584 trillion of a day earlier. </span></div>
</span><span style="line-height: 24px;"><div style="text-align: justify;">
<span style="font-family: inherit;">During the session, 361 companies participated in the trading where losers outnumbered the gainers 182 to 163 while the value of 16 stocks remained intact. Unilever Food SPOT was the top loser of the day decreased by Rs 157.51 to Rs 4427 followed by Siemens Pakistan down by Rs 9.75 to Rs 595.25. Bata (Pak) XD and Colgate Palmolive were the biggest price gainers of the day up by Rs 72.79 to Rs 1528.74 and Rs 60 to Rs 2000 respectively. </span></div>
</span><span style="line-height: 24px;"><div style="text-align: justify;">
<span style="font-family: inherit;">BankIslami Pakistan was the volume leader of the day with 19.371 million shares higher by Re 0.36 to Rs 6.66. PTCLA was on the second position with 16.100 million shares up by Re 0.63 to Rs 21.23. It was followed by Engro Polymer with 16.013 million shares off by Re 0.05 to Rs 11.58, Maple Leaf Cement with 13.783 million shares misplaced Re0.7 to Rs 18.67 and Telecard Limited with 10.816 million shares extended by Re 0.23 to Rs 6.10.</span></div>
</span><span style="line-height: 24px;"><div style="text-align: justify;">
<span style="font-family: inherit;">In a weekly review Equity dealer at Topline Securities Samar Iqbal said market gained by 3pc as investors confidence returned with nomination paper submission process over, lower than expected CPI and optimism about March quarter earnings.</span></div>
</span><span style="line-height: 24px;"><div style="text-align: justify;">
<span style="font-family: inherit;">Across the board activity was witnessed with volume increasing by 83pc of Rs.7.77 billion. Unilever buyback also brought interest in other food producers like Efoods, National Foods and Nestle Pakistan. Going forward, appointment of interim Finance minister, likely announcement of Monetary policy and result expectations will keep investors interest in market. (Nation)</span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-88365054389904433012013-03-07T00:53:00.002+05:002013-03-07T00:53:53.525+05:00SECP for improving corporate governance standards<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: inherit;">The <span style="color: black;">Securities and Exchange Commission of Pakistan (SECP) conducted an awareness session on</span> the 2012 Code of Corporate Governance at the Islamabad Stock Exchange (ISE). It was held in collaboration with the ISE and was attended by<span style="color: black;">CEOs, CFOs, company secretaries and internal auditors of companies listed at the ISE.</span></span></div>
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<span style="color: black; font-family: inherit;">The session opened with the brief remarks by Mian Ayaz Afzal, Managing Director, ISE, followed by a presentation by the SECP highlighting the revised code and a presentation by the ISE on compliance and enforcement of the code and a question-and-answer session.</span></div>
<div class="ecxMsoNormal" style="background-color: white; color: #444444; font-size: 15px; line-height: 21px; margin-bottom: 1.35em; text-align: justify;">
<span style="color: black; font-family: inherit;">Mr. Imtiaz Haider, Commissioner, Securities Market Division, SECP, highlighted the salient features of the revised code and the need for improving corporate governance standards to promote a vibrant capital market. He also touched on various initiatives to promote governance that the SECP has or is currently working on such as introducing the Code of Corporate Governance for SOEs, e-dividend, e-voting, AGMs through video conferencing, etc.</span></div>
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<span style="color: black; font-family: inherit;">The code was launched and implemented as part of the listing regulations of the stock exchanges in April 2012. It was finalized after extensive stakeholder consultation both by the Pakistan Institute of Corporate Governance Task Force and by the SECP. However, this consultation and coverage was more at a policy level, since the implementation of the code the SECP has been receiving numerous queries–primarily of operational nature.</span></div>
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<span style="color: black; font-family: inherit;">Due to above and the fact that the revised code has made certain previously optional provisions mandatory and also introduced new concepts and requirements, it was felt that awareness sessions should be held at all three stock exchanges targeted towards CEOs, CFOs, company secretaries and internal auditors of the listed companies. Similar sessions were held at Karachi Stock Exchange and Lahore Stock Exchange last year both of which were also very well received.</span></div>
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<span style="color: black; font-family: inherit;">This awareness session is a part of the SECP’s effort to raise corporate governance standards in Pakistan and to protect the interests of minority shareholders. Apart from creating awareness, these sessions would help listed companies to ensure compliance with the provisions which have become effective and at the same time prepare and take measures for timely implementation of the provisions which will become effective at the time of next board election.</span></div>
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<span style="color: black; font-family: inherit;">It is expected that these sessions will not only lead to successful implementation of the code but also improve the growth of corporate sector by promoting governance regime which strengthens the rights of all stakeholders.</span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-41477037756128926412013-02-16T00:52:00.000+05:002013-02-16T00:55:59.019+05:00SECP approves Corporate Social Responsibility Voluntary Guidelines, 2013<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="http://1.bp.blogspot.com/-9IzEem3H0Fg/UR6Rq1mlQkI/AAAAAAAABKQ/dn3xd_z03JU/s1600/csr.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><br /><img border="0" src="http://1.bp.blogspot.com/-9IzEem3H0Fg/UR6Rq1mlQkI/AAAAAAAABKQ/dn3xd_z03JU/s1600/csr.jpg" /></a></div>
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<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Securities and Exchange Commission of Pakistan (SECP) on
Friday approved the Corporate Social Responsibility Voluntary Guidelines, 2013
aimed at encouraging body corporate to align their business strategies with
their social responsibilities.<span style="font-size: 12.5pt;"><o:p></o:p></span></span></div>
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<br /></div>
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<span style="font-family: inherit;">The Corporate Social
Responsibility Voluntary Guidelines is a preliminary step towards introducing
broad parameters for accountability and reporting of CSR activities.<span style="font-size: 12.5pt;"><o:p></o:p></span></span></div>
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<br /></div>
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<span style="font-family: inherit;">These Guidelines are being published as guidance document
for all companies. Under the Guidelines, Board of Directors of registered
entities are encouraged to take ownership for formulation, adoption and
implementation of CSR policy of a company. The Guidelines recommend that CSR
policy be fully endorsed by Board of Directors of Company and that such policy
is embedded in the vision and strategy of the company. CSR governance benchmark
table has been added at the end of Guidelines that shall facilitate companies
to assess their performance and for peer review.<span style="font-size: small;"><o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">Presence of an effective CSR management system is
emphasized in CSR Guidelines. The said systems are expected to provide a road
map for implementation of CSR activities. Also, specific indicators reflecting
effective governance and implementation of CSR policy have been provided in the
Guidelines. The requirements of disclosure and reporting have been extended i.e
the broad areas expected to be covered by CSR reports have been provided in the
Guidelines.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">Furthermore, companies have been encouraged to earmark
specified financial or nonfinancial resources, specific criteria or a
proportion of their profit (preferably 1-2%) for CSR initiatives. The method of
allocation of resources or identified criteria must ideally be predetermined,
duly endorsed by the board and form part of CSR Policy.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">The Guidelines also provides for forming a CSR
consultative committee for purpose of ensuring transparent, specialized
supervision and reporting progress. Recommendatory terms of reference of CSR
committee have been added at the end of Guidelines for facilitation of
Companies. Moreover, keeping in view the best practices, guidelines call for
obtaining independent assurance regarding the CSR project undertaken by
Companies and the report of assurer thereof forming part of CSR report of
company.<o:p></o:p></span></div>
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<span style="font-family: inherit;"><br /></span></div>
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<span style="font-family: inherit;">Commission also approved the constitution of CSR Forum.
The mandate of forum includes gap analysis, raising awareness amongst
businesses regarding CSR issues, CSR reporting and assurance reporting
framework in view of international best practices.<o:p></o:p></span></div>
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<span style="font-family: inherit;"><br /></span></div>
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<span style="font-family: inherit;">Commission is appreciative of the CSR initiatives taken by
companies and is confident that these Guidelines shall facilitate in
strategizing and reporting CSR framework for greater benefit of society and
sustainability of business.<o:p></o:p></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2890949599106201645.post-80284037842451171812013-02-13T18:18:00.000+05:002013-02-13T18:22:42.317+05:00SECP positions itself better to prosecute insider traders<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: inherit;"><br /></span>
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<a href="http://3.bp.blogspot.com/-QDvAC0-XFWo/URuSqT4LVxI/AAAAAAAABKA/EjZdtdQk22w/s1600/shares+trading.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit;"><img border="0" height="266" src="http://3.bp.blogspot.com/-QDvAC0-XFWo/URuSqT4LVxI/AAAAAAAABKA/EjZdtdQk22w/s400/shares+trading.jpg" width="400" /></span></a></div>
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<span style="font-family: inherit;">The Securities and
Exchange Commission of Pakistan has issued a notification under Section 15D of
the 1969 Securities and Exchange Ordinance read with section 40B of the 1997
Securities and Exchange Commission of Pakistan Act to specify the manner and
form for the disclosure of inside information by the listed companies and by
the persons discharging managerial responsibilities in listed companies.<o:p></o:p></span></div>
<div class="ListParagraph" style="line-height: 150%; margin-bottom: 6.0pt; margin-left: 0in; margin-right: 0in; margin-top: 6.0pt; text-align: justify;">
<span style="font-family: inherit;">The notification will result in clearly defining
the roles and responsibilities of the company as well as the person possessing
the information. It also describes the obligation of stock exchanges with
respect to dissemination of information so that no person takes undue advantage
of the inside information. Now the Commission will be in a better position to
prosecute the persons involved in insider trading as the presence of newly
introduced statutory obligation will restrain the persons alleged of insider
trading from citing legal justifications for their illegal acts in the presence
of clear requirements. It is pertinent to mention here that dissemination of
material information by the listed companies through the stock exchanges is
also a requirement of listing regulations. <o:p></o:p></span></div>
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<span style="font-family: inherit;">The said provision of the 1969 ordinance states the
obligations of persons including listed companies, persons who possess inside
information, the persons discharging managerial responsibilities in listed
companies with respect to discloser of information and persons associated with
the persons discharging managerial responsibilities in a listed company. Accordingly, the SECP in line with
international practices and the existing provisions of the law, has approved a
consolidated statutory form to meet the requirements of Section 15D of the
ordinance, whereby, the Commission has specified the mode to disclose the
requisite information to Commission and the public (through the stock
exchanges).<o:p></o:p></span></div>
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<span style="font-family: inherit;"><span style="mso-bidi-font-weight: bold;">Insider trading</span> is the trading in the shares of a listed company
by insiders with access to non-public information about the company.
Information is "inside information" if it is price-sensitive and has
not been publicly disclosed. Generally, trading by corporate insiders such as
officers, key employees, directors, and large shareholders may be legal, if
this trading is done in a way that does not take advantage of non-public
information. The statutory requirements to disclose inside information are
central to the orderly operation and integrity of the stock market and underpin
the maintenance of a fair, transparent and informed market. <o:p></o:p></span></div>
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<span style="font-family: inherit;">The notification has specified the minimum
standards with which listed companies and other aforementioned persons are
required to comply with respect to inside information. It is the obligation of
listed companies that the disclosure should be made in a manner that provides
for equal, timely and effective access by the public to the price-sensitive
information. <o:p></o:p></span></div>
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<span style="font-family: inherit;">The notification issued by the apex regulator
states that all the listed companies as well as the persons specified above
shall immediately file with the Commission and communicate the same
simultaneously to the stock exchange(s) on which these are listed, the details
as to the inside information and ancillary matters in the Form annexed to this
notification upon the occurrence of any one or more of the events which may
affect the price of a listed security. The stock exchanges shall immediately
disseminate the material information and also ensure posting of same on their
website. Furthermore, for the purpose of Section 15D(4), <span style="mso-fareast-font-family: Calibri;">listed companies or
persons acting on their behalf, shall maintain and regularly update the list </span>of persons <span style="mso-fareast-font-family: Calibri;">employed, under contract or otherwise, who
have access to inside information.</span><o:p></o:p></span></div>
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<span style="mso-fareast-font-family: Calibri;"><span style="font-family: inherit;">The notification
has been placed on the SECP’s website for the information of all stakeholders.</span><span style="font-family: Calibri;"><o:p></o:p></span></span></div>
</div>
Unknownnoreply@blogger.com0