Daily Archives: June 19, 2018

Board of directors meeting of Chashma Sugar Mills Limited

Karachi, Chashma Sugar Mills Limitedinformed Pakistan Stock Exchange that board of directors meeting of the company will be held on June 26, 2018 at Islamabad. The agenda of the meeting will to consider the Quarterly Accounts for the period ended March 31, 2018.

Further, the company has declared the closed period from June 20, 2018 to June 26, 2018.

Chashma Sugar Mills Limited is a company incorporated in Pakistan on May 5, 1988 as a public limited company. The foundations of the company are laid under the Companies Ordinance, 1984. The commercial production of the company started from October 01, 1992. The company is engaged principally in the manufacture and sale of white sugar. The company is a subsidiary of The Premier Sugar Mills and Distillery Company Limited. The stocks of the company are quoted on the Karachi, Lahore and Islamabad stock exchanges of Pakistan. The head office of the company is located in Islamabad.

The symbol “CHAS” is being used by the stock exchange for the shares of Chashma Sugar Mills Limited.

Board of directors meeting of Pakistan National Shipping Corporation

Karachi, Pakistan National Shipping Corporationinformed Pakistan Stock Exchange that board of directors meeting of the company will be held on June 27, 2018 at Karachi to consider for approval the Revenue and capital budget of the Corporation for the year 2018-19.

Further, the company has declared the closed period from June 19, 2018 to June 27, 2018.

Pakistan National Shipping Corporation is a company established in Pakistan. It was established under the provisions of the Pakistan National Shipping Corporation Ordinance, 1979 and is principally engaged in the business of shipping, including charter of vessels, transportation of cargo and other related services and providing commercial, technical, administrative, financial and other services to third parties in relation to the business of shipping. It is also engaged in renting out its properties to tenants under lease arrangements. The stocks of the corporation are quoted on the Karachi and Lahore Stock Exchanges of Pakistan. The registered office of the corporation is situated at Karachi.

The symbol “PNSC” is being used by the stock exchange for the shares of Pakistan National Shipping Corporation.

Muffasar Malik concerned over continuous devaluation of rupee

Karachi, June 19, 2018 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) Muffasar Atta Malik, while expressing deep concerns over continuous devaluation of rupee against dollar, said that dollar has risen sharply to all time high of Rs122 which has to be controlled otherwise, it will have a devastating impact on the already beleaguered economy.

In a statement issued, President KCCI said that the Government recently devalued Pakistani rupee for the third time in six months and rupee continues to fall against dollar, stoking concerns that the country may have to go to the IMF for a bailout.

“We fear that the rupee may fall further in the coming months keeping in view Pakistan’s dwindling foreign exchange reserves”, he said, adding that such abrupt devaluations in the past brought about economic distress, which lasted for several years. Hence, there is no justification in repeating those actions again that have failed miserably in the past. Currency devaluation for a country like Pakistan will have negative economic implications in the long run, he opined.

Muffasar Malik further elaborated that although the exporters will be happy to see rising value of dollar and the country’s economic indicators will also display some improvement in exports but this increase can only be attributed to dollar value as the export volume remains the same, in fact, our exports have descended sharply to many destinations around the world because of rising cost of doing business. “It must be kept in mind that the rising dollar would lead to costlier imports and the exporters will also bear the brunt due to rise in cost of imported raw materials, plunging the economy into further deep crisis”, he cautioned.

He said that despite so many measures taken to discourage the imports including the imposition of Regulatory Duty on many items, Pakistan’s imports remain inelastic and a weaker rupee will not help. Mostly, they consist of raw materials (petroleum, chemicals and metals), intermediate goods or machinery. Any devaluation would increase their cost thus making Pakistani exporters less competitive.

Muffasar Malik said that it has taken almost 10 years to rebuild investor confidence to an extent as foreign investors are gradually making a comeback. If the currency is devalued, it would send a negative signal to potential investors. President KCCI further warned that the depreciation will terribly affect the lives of the masses as it will increase prices of all essential items and result in high inflation.

He was of the opinion that petroleum products have major share in import bill of the country. As oil prices in the international market are increasing, import cost will also escalate, he feared, adding that strategies have to be defined on war footing to ensure that the economy stays afloat.

“It is a well-known fact that if petroleum prices, which are already too high, rise further, it would lead to hike in prices of all the products, including fuel-based thermal power generation plants” Malik added. “When elections are around the corner and there is so much instability, the country cannot afford to make life more difficult for the poor and the middle class”, he said.

He advised that the Federal Government to take measures to stop further devaluation of rupee against dollar before its too late and a situation emerges when we have no other option but to seek support from the IMF. Steps have to be taken to create an enabling business environment which is the only way forward to pull the economy out of crisis, he added.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

Appointment of businessmen as ministers welcomed

Karachi, June 19, 2018 (PPI-OT): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday welcomed the induction of five prominent businessmen as ministers in the caretaker setup terming it a positive move. Those who have become ministers include Sardar Tanveer Ilyas, Faisal Mushtaq, Fazal Elahi, Naveed Jan Baloch, and Mian Anjum Nisar who are respected businessmen that enjoy the confidence of the business community.

The decision will infuse confidence in the business community reeling under problems and bring it closer to the government which is good for the economy, said President of the FPCCI Ghazanfar Bilour. In a joint statement issued here today, Ghazanfar Bilour, FPCCI VPs Mazhar Ali Nasir, Atif Ikram, Karim Aziz Malik, and Ch. Jaweed Iqbal, leaders of UBG SM Muneer, Iftikhar Malik, and Zubair Tufail, and Chairman Coordination FPCCI Malik Sohail hoped that the newly-appointed ministers will serve with full dedication.

Business people can make great politicians and a majority of them have proved that they can make a difference as most of them are motivated by a genuine will to do good, they said. Ghazanfar Bilour said that those who want to give, and not take, means that they are likely to be the better politicians. They are not careerist and not desperate to make money by stealing from the public purse.

Many businessmen who become politicians can bring fresh energy into the system as they represent an ecosystem that is driven by the urgency to produce results, he added. The president of the Apex chamber said that businessmen know how to harness human capability and their businesses thrive when leaders have an eye for talent and can create conditions that are conducive for creativity and productivity. Pakistan is a great country with a powerful combination of all the ingredient to become an economic power and all it needs is someone to harness its energy and guide it to greatness.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

Karandaaz supporting Digitization of National Bank of Pakistan

Islamabad, June 19, 2018 (PPI-OT): Karandaaz Pakistan and National Bank of Pakistan (NBP) have partnered to launch a nationwide initiative for the promotion of digital financial inclusion by implementing a robust Application Programming Interface (API) on Apigee. Apigee is a leading API platform owned by Google. The implementation of Apigee is provided by Abacus Consulting that is the sole provider of Apigee services in Pakistan.

This development will help the largest government owned bank to digitize its transactions end to end primarily Government to Person (G2P) and Person to Government (P2G) transactions. The platform will also enable NBP to collaborate with its various existing and potential partners such as government entities, micro-financial services (MFS) players, telecom companies, financial networks, and FinTechs.

Saeed Ahmad, CEO and President, National Bank of Pakistan said, “NBP as a national institution believes that its primary responsibility is not only to derive the market towards the financial eco-system but also act as a catalyst in enabling other players to embrace the digital age. Launch of Open API Platform by NBP is a strategic milestone in this direction and sharing its digital assets with strategic partners and fintechs, NBP will accelerate the pace of digitizing the economy and transfer the benefits of the same to the masses.”

CEO Karandaaz, Ali Sarfraz, while discussing the development said, “This partnership between Karandaaz and NBP will play a profound role in catalyzing the process of financial inclusion in Pakistan by bringing technology to the table. We are confident that with this technology, NBP will be a front-runner in this drive to change the way the banks interact with their clientele in the country. Karandaaz is excited to be part of this initiative that will affect the lives of over 200 million Pakistanis.”

Rehan Akhtar, Director Karandaaz Digital said, “By the disbursement of payments to the account-holders through digital channels such as mobile wallets and over-the-counter (OTCs), banks can reduce costs and expand delivery of financial products and services to the masses. Developments such as this at NBP will certainly enable the country to develop an agile, digitally-empowered financial ecosystem.”

Mudassir H. Khan, SEVP / Group Chief – Payment Services and Digital Banking Group, National Bank of Pakistan said, “With the launch of Open API Gateway, NBP has achieved another strategic milestone towards the digitization. Being the only bank with strategic partnership with all major Mobile Money Players in Pakistan, primarily NBP will digitize the government transactions through internal and external channels and secondly, NBP will speed up the market disruption by introducing transactions for millennials like digital account opening, digital credit, digital channel for inward remittances etc.”

The portal is accessible to the public through the link: https://developer.nbp.com.pk/

Karandaaz Pakistan, is promoting financial inclusion for individuals by employing technology enabled digital solutions and access to finance for micro, small and medium businesses through a commercially directed investment platform. The company has financial and institutional support from the Bill and Melinda Gates Foundation and the United Kingdom’s Department for International Development (DFID).

National Bank of Pakistan is a leading bank of the country playing its role as catalyst for economic growth while serving the nation through diversified product offering, promoting innovation, and superior service quality. The bank is striving to constantly improve its universal banking capabilities, introduce multiple delivery channels and invest in people and processes to generate sustainable higher returns for its stakeholders.

For more information, contact:
Vice President / Divisional Head (A)
National Bank of Pakistan (NBP)
Corporate Communication and Brand Management Division
Head Office, NBP Building, I.I. Chundrigar Road,
Karachi, Pakistan
Tel: +92-21-99220773
Cell: +92-300-8202184
Fax: +92-21-99212734
Email: ibne.hassan@nbp.com.pk

Muffasar Malik concerned over continuous devaluation of rupee

Karachi, June 19, 2018 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) Muffasar Atta Malik, while expressing deep concerns over continuous devaluation of rupee against dollar, said that dollar has risen sharply to all time high of Rs122 which has to be controlled otherwise, it will have a devastating impact on the already beleaguered economy.

In a statement issued, President KCCI said that the Government recently devalued Pakistani rupee for the third time in six months and rupee continues to fall against dollar, stoking concerns that the country may have to go to the IMF for a bailout.

“We fear that the rupee may fall further in the coming months keeping in view Pakistan’s dwindling foreign exchange reserves”, he said, adding that such abrupt devaluations in the past brought about economic distress, which lasted for several years. Hence, there is no justification in repeating those actions again that have failed miserably in the past. Currency devaluation for a country like Pakistan will have negative economic implications in the long run, he opined.

Muffasar Malik further elaborated that although the exporters will be happy to see rising value of dollar and the country’s economic indicators will also display some improvement in exports but this increase can only be attributed to dollar value as the export volume remains the same, in fact, our exports have descended sharply to many destinations around the world because of rising cost of doing business. “It must be kept in mind that the rising dollar would lead to costlier imports and the exporters will also bear the brunt due to rise in cost of imported raw materials, plunging the economy into further deep crisis”, he cautioned.

He said that despite so many measures taken to discourage the imports including the imposition of Regulatory Duty on many items, Pakistan’s imports remain inelastic and a weaker rupee will not help. Mostly, they consist of raw materials (petroleum, chemicals and metals), intermediate goods or machinery. Any devaluation would increase their cost thus making Pakistani exporters less competitive.

Muffasar Malik said that it has taken almost 10 years to rebuild investor confidence to an extent as foreign investors are gradually making a comeback. If the currency is devalued, it would send a negative signal to potential investors. President KCCI further warned that the depreciation will terribly affect the lives of the masses as it will increase prices of all essential items and result in high inflation.

He was of the opinion that petroleum products have major share in import bill of the country. As oil prices in the international market are increasing, import cost will also escalate, he feared, adding that strategies have to be defined on war footing to ensure that the economy stays afloat.

“It is a well-known fact that if petroleum prices, which are already too high, rise further, it would lead to hike in prices of all the products, including fuel-based thermal power generation plants” Malik added. “When elections are around the corner and there is so much instability, the country cannot afford to make life more difficult for the poor and the middle class”, he said.

He advised that the Federal Government to take measures to stop further devaluation of rupee against dollar before its too late and a situation emerges when we have no other option but to seek support from the IMF. Steps have to be taken to create an enabling business environment which is the only way forward to pull the economy out of crisis, he added.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk