By Abdul Qadir Qureshi (Pakistan News & Features Services) 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.  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. 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. 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 P...

By Abdul Qadir Qureshi (Pakistan News & Features Services) 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. 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.  "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.  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...

By Abdul Qadir Qureshi (Pakistan News & Features Services) 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. 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.  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.  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.  The LUMS students pitched a volley of seari...

By Abdul Qadir Qureshi  (Pakistan News & Features Services) The Alpha opening in the basement of Ocean Mall, Clifton, on September 10 was quite a memorable event.  It was an evening to remember as Karachi finally had the presence of Tesco, a reputed British multinational grocery and general merchandise retailer.  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.  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. 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 s...

By Abdul Qadir Qureshi (Pakistan News & Features Services) The Sir Syed University of Engineering and Technology (SSUET), Karachi, has passed its budget for the financial year 2016-17. 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.  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.  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.  Chancellor Jawaid Anwar had announced to work for upgradation of the university to highest levels under a well conceived planning.  The board also gave go ahead for purchase of additional lab equipment and carrying out various developmen...

By Abdul Qadir Qureshi (Pakistan News & Features Services) 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. 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.  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.  A large number of experts ac...

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. 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.  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 agre...