Category Archives: General Business News

Meezan Bank becomes the First Bank to Install ATM at Karachi Chamber Of Commerce and Industry

Karachi, August 06, 2018 (PPI-OT): Meezan Bank, Pakistan’s first and largest Islamic bank has recently inaugurated its state-of-the-art, off-site ATM at Karachi Chamber of Commerce and Industry (KCCI), the largest Chamber of Pakistan. Mr. Saleem Mandviwala – Deputy Chairman, Senate of Pakistan attended the inauguration ceremony as the Guest of Honour. Also present at the occasion were Mr. Siraj Qasim Teli – Chairman Hilton Pharmaceutical Ltd., Mr. Kamran Zafar – Regional Manager Karachi West, Meezan Bank as well as other notable dignitaries from Karachi’s business fraternity.

This is the first ATM to be installed at KCCI that will enable users an instant access to cash, money transfer and bill payment services. Speaking on the occasion, Mr. Kamran Zafar thanked KCCI for bestowing Meezan Bank with the trust and opportunity of installing an ATM within its premises. He further added, “Meezan Bank’s ATM services combine ease, security and technology to meet the financial needs of customers. With over 600 machines installed nation-wide, we strive to make everyday life easier. We are confident that this recent initiative has further strengthened our mission by serving the small banking needs of KCCI employees as well as ATM users of other offices nearby.”

For more information, contact:
Meezan Bank Limited
Meezan House, C-25 Estate Avenue,
SITE, Karachi, Pakistan
Tel: +92-21-38103500
Fax: +92-21-36406049

KCCI concerned over sheer blackmailing by shipping lines, agents and Terminal Operators

Karachi, August 06, 2018 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) Muffasar Atta Malik, while expressing deep concern over sheer blackmailing by shipping lines, their agents in connivance with Terminal Operators, stated that the Karachi Chamber has been constantly receiving a lot of complaints against many Shipping Lines, their Agents and Terminal Operators involved in taking unjustified demurrage and detention charges from importers under various heads.

In a statement issued, Muffasar Malik pointed out that these shipping lines with the help of some black sheep are robbing businessmen to the tune of billions of rupees per year which is really worrisome. He urged the government to take strict notice of the highhandedness of shipping lines, their agents and terminal operators responsible for fearlessly looting the business community.

He said that importers are usually trapped by offering low rates by the agents of numerous shipping companies at the initial stage but when the shipment task is given to the shipping lines, they don’t release the goods and demand exorbitant Terminal Handling Charges (THC), Demurrage and Detention Charges along with many hidden and unexplained charges.

Referring to relevant laws, President KCCI pointed out that shipping companies cannot charge any demurrage and detention where specifically it is not agreed and also specifically not mentioned on the B/L (Bill of lading) but this law is grossly being violated by shipping lines and their agents.

He said that according to Customs Act, 1969, the port cannot charge any demurrage or detention charges if Customs gives a certificate to importer titled ‘Delay and Detention Certificate’. But despite this certificate, Terminal Operators illegally hold goods of importers and charges heavy amounts as demurrage. President KCCI pointed out that importers are suffering heavy losses each day because of delay in release of imported goods, besides losing their reputation and also their valuable customers on many occasions.

In order to put an end to the highhandedness of shipping lines, agents and terminal operators, he stressed the need to establish an independent regulatory body which could promptly respond to the grievances of the business community. He added that the body should be directed to monitor the overall activities and excessive charges of Shipping lines, agents and terminal operators.

He said that the Karachi Chamber will keep on raising a strong voice at all available platforms until the desperately needed regulatory body comes to existence. “KCCI will strive hard to highlight the grievances being faced by ship users and take up their issues with the Ministry of Maritime Affairs in order to get them resolved as per aspirations of the business community”, 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,
Phone: +92-21-99218001-09
Fax: +92-21-99218040

DFID team calls upon Chairperson Sindh Board of Investment to discuss development in Sindh

Karachi, August 03, 2018 (PPI-OT): A five-member team of DFID led by Lindy Cameron Director General, Country Programmes, DFID, Joanna Reid, Head of DFID Pakistan, and Elin Burns, UK Deputy High Commissioner, called upon Chairperson, Sindh Board of Investment, Naheed Memon to discuss Doing Business, Prosperity Fund and collaboration with the United Kingdom’s Government for development in Sindh.

On the occasion SBI Chairperson acknowledged the technical and financial support of World Bank Group and Department for International Development (DFID) for making Doing Business reform project a reality. She said that the Government of Sindh gives top priority to reforms to attract foreign and local investments as Sindh provides immense opportunities in energy, minerals, agriculture, hotel and tourism industry.

Briefing the members on Doing Business Naheed Memon said that the first 100 Day Sprint of Doing Business reforms was completed where reforms were introduced at different departments such as Sindh Environmental Protection Agency (SEPA), Karachi Water and Sewerage Board (KWSB), Sindh Building Control Authority (SBCA), Board of Revenue and Energy Department. She said that the Government has mobilized all its resources for its success. She further said that the second Sprint is currently being implemented and it’s near completion. She said that the next step is to verify these reforms to see whether citizens are benefiting from them.

She pointed out that these reforms were aimed at procedural level and reduced steps for making business ease and introducing technology and innovations. As a part of her Vision for Ease of Doing Business in Sindh, the Chairperson informed the delegation that 10 facilitation centers are being planned in Karachi alone. “We also want to establish offices of Sindh Board of Investments in Hyderabad and Sukkur”, Naheed Memon added. She said that SBI wants to encourage women entrepreneurs, so they can benefit from wide range of investment opportunities in Sindh.

The members of the delegation appreciated the efforts of Government of Sindh and SBI for taking measures and reforms on Ease of Doing Business and pledged to continue its technical and financial assistance to the Government of Sindh. Patricia Seex Group Head, Economic Growth Group, and Waqas-ul-Hassan Senior Private Sector and Financial Adviser were also present at the meeting, whereas Director Projects, SBI, Azeem Uqaili assisted the Chairperson, SBI.

For more information, contact:
Information and Archives Department
Directorate of Press Information
Government of Sindh
95-Sindh Secretariat 4-B, Karachi, Pakistan
Tel: +92-21-99204423, +92-21-99204401

1,076 new companies registered in July 2018

Islamabad, August 03, 2018 (PPI-OT): The SECP registered 1,076 new companies in July. As compared to the corresponding month of last financial year, it represents a growth of 30 percent as compared to corresponding period last year, raising the number of registered companies to 88,701. The massive increase is the result of the SECP’s various reforms measures, i.e. introduction of simplified combined process for name reservation and incorporation, reduction of fee, assistance provided for incorporation by facilitation wings of CROs etc.

Around 73 percent companies were registered as private limited companies, while around 24 percent were registered as single-member companies. Three percent were registered as public unlisted, non-profit associations, foreign companies and limited liability partnership (LLP).

The trading sector took the lead with the incorporation of 197 companies, construction with 135, services with 126, I.T. with 111, tourism with 46, real estate development with 35, education, marketing and development with 33 each, engineering with 32, corporate agricultural farming with 31, food and beverages with 25, broadcasting and telecasting, textile and transport with 18 each, fuel and energy and healthcare with 17 each, pharmaceutical with 15, cable and electric goods and paper and board with 11 each, and 147 companies were registered in other sectors. Moreover, 8 foreign companies were also registered by CROs in Karachi, Islamabad and Lahore.

Foreign investment has been reported in 47 new companies. These companies have foreign investors from Australia, China, Germany, South Korea, the Netherlands, Norway, Singapore, Spain, Thailand, Turkey and the UK. The highest numbers of companies, i.e. 432 were registered in Islamabad, followed by 285 and 175 companies registered in Lahore and Karachi respectively. The CROs in Peshawar, Gilgit-Baltistan, Multan, Faisalabad, Quetta, and Sukkur registered, 68, 49, 33, 21, 8 and 5 companies respectively.

For more information, contact:
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254

State Bank of Pakistan conducts Open Market Operation

Karachi, August 03, 2018 (PPI-OT):
State Bank of Pakistan conducted its Open Market Operation, Reverse Repo Purchase (Injection), in following contracts on August 3, 2018. Quotes received and accepted are as given below:

NO                OMO Tenor                        Range            Number of Quotes Offered
1           07 ­ Days (Injection)              7.61% - 7.53%                  23
(Rs. in Millions)
Rate of Return
Amount               Amount                             Number of
NO           OMO Tenor                                                          Accepted
Offered              Accepted                         Quotes Accepted
(% p.a.)
1            07 ­ Days              1,419,200.00          1,399,900.00           7.54 1/-          22
Total                     1,419,200.00          1,399,900.00
1/- Total amount offered at 7.54% was Rs 230,500.0 mio out of which SBP accepted Rs. 212,700.0 mio on pro-rata Basis.

For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436

PCJCCI delegation to expand trade and investment relations with China

Lahore, August 02, 2018 (PPI-OT): A delegation from Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) is leaving for China on this Saturday, 4th August 2018 with the vision of reviving joint business activities between Pakistan and China. Mr. S.M Naveed, President PCJCCI, will be leading the delegation which includes members of executive committee as well. Mr. S.M. Naveed, President PCJCCI while commenting on the visit in a press statement today said that PCJCCI had taken this initiative for the expansion of trade between Pakistan and China.

Giving the details in this regard, he informed that during its stay in China, the delegation will also hold a meeting with the Ambassador, Commercial Counsellor and other officials at Embassy of Pakistan in Beijing. The main agenda of this meeting, he said, is to introduce our entrepreneurs with the Chinese techniques and technologies being used in the fast growing industry in China. The delegation will visit different industrial units of Tianjin and Chengdu to attain knowledge about contemporary techniques of Chinese industry in steel sector, pre-fabricated houses, textiles, agriculture, surgical instruments and tourism, he added.

Mr. S. M. Naveed was confident that the delegation will create effective impetus for Chinese investment in Pakistan by inviting Chinese business corporations and concerns to avail of the business opportunities available in Pakistan. As a result of the effective pre-visit campaign, a number of business groups from Chinese private sector, apart from the public sector, have evinced interest in meeting the delegation to discuss possibilities of the joint ventures.

President PCJCCI expressed optimistic scope for further expansion of trade and investment relationship with China, as Pakistan is in a position to provide economical labour, reasonable raw material and attractive incentives for a low-cost business in the region. It is a time of change, we must take advantage of the opportunities arising from China Pakistan Economic Corridor to meet the challenges brought about by economic transformation and globalization, he added.

For more information, contact:
Media Manager,
Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)
Mega Tower, 309 – 6th Floor,
Main Boulevard, Gulberg II,
Lahore, Punjab – Pakistan
Tel: +92-42-35777460-02, +92-42-37032203, +92-42-35874353
Fax: +92-42-35777524
Cell: +92-324-4925611