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Business & Economy

SECP notifies Listed Companies (Code of Corporate Governance) Regulations, 2017

ISLAMBAD, November 22: Listed Companies (Code of Corporate Governance) Regulations, 2017, have been approved for notification by the Securi­ties and Exchange Comm­ission of Pakistan (SECP). They replace the Code of Corporate Governance, 2012 (CCG 2012) issued under the PSX listing regulation and are seen as a stride towards aligning corporate governance practices in Pakistan with best international standards. They shall come into effect for period beginning on January 1, 2018. The regulations are aimed at strengthening governance structures, bringing consistency in the corporate practices and promoting transparency through enhanced disclosure requirements. Furthermore, the role and responsibilities of directors have been made more clea...

November 22, 2017 at 4:20 pm | News Desk

SECP orders inquiry into leakage of trading information

ISLAMBAD, November 21: The Securities and Exchange Commission of Pakistan (SECP) has ordered an investigation into the leakage of trading information of Pakistan Stock Exchange (PSX). While taking a serious notice of various complaints received, the SECP constituted a team with a mandate to immediately start the investigation proceeding to identify and curb the sources of such unlawful practices and take necessary corrective and punitive actions. In order to achieve this objective, the Commission will engage the services of professionals/experts as deemed necessary and ensure fair and early disposal of this investigation. The SECP believes that sanctity of trading information holds paramount importance for growing confidence of invest...

November 22, 2017 at 12:10 pm | News Desk

Oil prices slide after IEA casts doubt over demand outlook

SINGAPORE (Reuters) - Oil prices fell more than 1 percent on Wednesday, continuing Tuesday’s slide after the International Energy Agency cast doubts over the past few months’ narrative of tightening fuel markets. Brent crude futures LCOc1 were at $61.33 per barrel at 0515 GMT, down 88 cents, or 1.4 percent from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55 per barrel, down 70 cents, or 1.3 percent. The price falls mean that crude prices are now down by around 5 percent since hitting 2015 highs last week, ending a 40-percent rally between June and early November. “Crude prices dropped dramatically after the IEA forecast a gloomy outlook for the near future ... The drop was arguably exacerbated b...

November 15, 2017 at 12:20 pm | News Desk

Court issues non-bailable arrest warrants for Pakistan’s finance minister

An accountability court in Islamabad on Tuesday issued non-bailable arrest warrants against Finance Minister Ishaq Dar in response to his prolonged absence from court. The court had been in session for the proceedings of a corruption reference against Dar, who is accused of amassing assets of an approximate value of Rs831.7 million; disproportionate to his known sources of income. The court also dismissed once again Dar's petition for exemption from accountability hearings. The hearing had been delayed as NAB’s investigating officer was unable to reach the accountability court on time. The NAB prosecutor had told the court that the officer was travelling from Lahore to Islamabad for the hearing and had gotten delayed due to smog....

November 14, 2017 at 4:55 pm | News Desk

Bank Alfalah Partners with Mastercard for Masterpass QR Rollout

In a move aimed at further driving the cashless ecosystem in Pakistan, Mastercard, a leading technology company in the global payments industry, has collaborated with Bank Alfalah Limited, the country’s premier banking institution, to enable its Masterpass QR service on the bank’s dedicated mobile banking app ‘Alfa’. As Pakistan’s first interoperable digital payment service, Masterpass QR is a quick response (QR) mobile solution that allows consumers to make simple and secure digital payments across devices and channels. The cost-effective solution, which first went live in Pakistan in August 2016, makes it easy for users to pay for purchases made in-store and for a wide variety of goods and services. With the integration of...

November 10, 2017 at 11:24 am | News Desk

IMF, BoJ member say Japan needs to keep stimulus running

TOKYO/MIYAZAKI: The IMF urged Japan to maintain its massive monetary stimulus to boost consumer prices, a view echoed by a central bank board member, reinforcing expectations policy will remain accommodative. International Monetary Fund Managing Director Christine Lagarde said Bank of Japan Governor Haruhiko Kuroda was doing the right thing by committing to keep the money spigot wide open until inflation hit his 2 percent target. “One of the strengths of central bankers is to be very clear in their communication and determined in their resolve, which clearly Governor Kuroda has demonstrated,” Lagarde told Reuters on Wednesday. The BOJ has faced mounting criticism that its huge asset purchases are distorting markets and pushing ...

November 9, 2017 at 4:18 pm | News Desk

SECP amends third, fourth and fifth schedules of Companies Act 

ISLAMABAD, November 9: The Securities and Exchange Commission of Pakistan (SECP) has approved amendments to the third, fourth and fifth schedules of the Companies Act, 2017. Pursuant to promulgation of the 2017 Act on May 30, 2017, disclosure requirements of fourth and fifth schedules became applicable to various classes of companies for preparation of financial statements, in addition to the applicable financial reporting frameworks prescribed for each class under the third schedule. Stakeholders have since been highlighting concerns over practical difficulties in complying with some of the additional disclosure requirements of the respective schedules. One such requirement was to disclose information of related parties, irrespective of...

November 9, 2017 at 3:29 pm | News Desk

World Bank lending to rich countries slammed

WASHINGTON: World Bank lending to countries like China that are rich enough to finance their own development hurts poor countries that need help, a senior US Treasury official said Wednesday. David Malpass, Treasury’s Undersecretary for International Affairs, cited China as a prime example of the practice, as the World Bank’s biggest borrower with $2.4 billion in loans this year. The Trump administration will push the World Bank to move countries towards graduation, as their economies grow and they are able to access private sources of financing, he told a House subcommittee. “Many graduation-eligible countries, even those with strong market access, have continued to demand (World Bank) financing,” he said in prepared testi...

November 9, 2017 at 3:23 pm | News Desk

Cost of Brexit: The impact on business and the economy so far

Brexit negotiations have yet to begin but already the prospect of the UK splitting from the rest of the European Union has roiled the world of business, sending shockwaves through a slew of sectors. Thousands of jobs look set to move and while it’s impossible to attach a price tag to Brexit, industry bodies, consultants, economists and accountants have already published dozens of reports on the possible impact of new tariffs and a restriction on the movement of people. Here’s an overview of what we know. The broader economy  The most dramatic and salient economic impact of the Brexit decision came on the night of the decision itself. The pound suffered its biggest one-day fall against the dollar on record as currency trade...

April 22, 2017 at 4:19 pm | News Desk

Habib Bank eyes opportunities connected with CPEC in Xinjiang

BEIJING: Habib Bank, one of the largest private banks in Pakistan which opened its branch in Urumqi, is eyeing opportunities connected with the China-Pakistan Economic Corridor (CPEC), a key component of the Belt and Road Initiative. Xinjiang is the starting point of the CPEC, which links the region with the Gwadar port in Pakistan. The CPEC is estimated to draw infrastructure investment of $45 billion. “We have always been very active on the frontlines of the CPEC,” a top bank official said on Tuesday. Bank of Beijing has also established its branch last week in Urumqi, the capital of Xinjiang. According to experts, domestic and foreign financial institutions have been pouring into Northwest China’s Xinjiang Uyghur Aut...

April 22, 2017 at 3:53 pm | News Desk

Trade associations see stability

KARACHI: The leaders of major trade associations heaved a sigh of relief at the Supreme Court’s verdict. They said it cleared the clouds of uncertainty that was causing an adverse impact on business activities for the past few weeks. Talking to media, most businessmen sounded happy over the outcome. A leader articulated the community’s sentiment and said it was ‘like a big storm passing away without causing devastation’. Zubair Tufail, president Federation of Pakistan Chambers of Commerce and Industry (FPCCI) advised political parties to accept the SC verdict with an open heart and try to work for the stability of the country. He appealed not to adopt a path of agitation till the investigations under the JIT were complet...

April 21, 2017 at 11:35 am | News Desk

KSE-100 surges 1,800 points after Panamagate case verdict

The benchmark KSE-100 index has reacted positively to the Panama case verdict, with the index surging more than 1,869 points in the moments following the verdict. Volumes surged as 126 million shares worth Rs12.46 billion were traded. However, the benchmark index could not maintain the full momentum and adjusted to a gain of approximately 1,000 points in the hour after the verdict was announced. The Panama Papers scandal had taken a toll on the stock exchange in recent weeks, with the market mostly hovering between 47,000 and 49,000 points. Yesterday’s trading session had seen the greatest single day volatility when the benchmark index made an enormous swing of 1,668 points between the intra-day high and low.

April 20, 2017 at 3:03 pm | News Desk

Pakistan’s economy to grow 5.2% in 2017: World Bank

ISLAMABAD – With growth prospects continuing to improve and inflation remaining contained, the Pakistani economy would continue to grow at 5.2 percent in 2017, the World Bank (WB) predicted in its recent report. In its report, the Bank said that China-Pakistan Economic Corridor has supported construction activity, which is expected to stimulate industrial sector growth. It said that these projects should help accelerate growth in the domestic construction industry and increase electricity generation, adding that sustainable and inclusive growth and poverty reduction will require greater private sector investment and longer-term development of infrastructure. “In Pakistan, economic activity expanded by 4.7 percent in 2016 and i...

April 18, 2017 at 4:21 pm | News Desk

Turkish giant Arcelik, to focus on Pakistan

LONDON: Arcelik, the home appliances arm of Turkey's biggest industrial conglomerate Koc Holding, is working on acquisitions to speed up its international expansion, particularly in Asia, its chief executive said on Monday. The company, which sells washing machines, dryers and refrigerators under labels including Beko and Grundig, wants more such "white goods" brands, but could also look at small appliances such as coffee makers and food processors. "(M&A) is important because we have global ambitions," CEO Hakan Bulgurlu told Reuters in an interview in London. He forecast "significant demand growth" in southeast Asia and the Indian subcontinent, including Indonesia, Vietnam and the Philippines, as well as Bangladesh, Pakistan ...

March 21, 2017 at 12:26 pm | News Desk

China prepares to counter US trade penalties

BEIJING: China’s government has been seeking advice from its think-tanks and policy advisers on how to counter potential trade penalties from US President Donald Trump, getting ready for the worst, even as they hope for business-like negotiations. The policy advisers believe the Trump administration is most likely to impose higher tariffs on targeted sectors where China has a big surplus with the United States, such as steel and furniture, or on state-owned firms. China could respond with actions such as finding alternative suppliers of agriculture products or machinery and manufactured goods, while cutting its exports of consumer staples such as mobile phones or laptops, they said. Other options include imposing tax or other res...

March 21, 2017 at 12:17 pm | News Desk

Pakistan re-opens Afghan border after 32 days

The activities at the Pak-Afghan border resumed today after Prime Minister Nawaz Sharif on Monday ordered immediate re-opening of the crossing as a ‘goodwill gesture’. The crossings -- Torkham at the famed Khyber Pass, and Chaman in Balochistan province -- were closed last month after a wave of militant violence killed 130 people across Pakistan and claimed by the terrorists based in Afghanistan. The prime minister ordered border reopening as it was hurting the common men and affecting the trade activities. According to the statement issued by the PM House, the premier hoped that the reasons for its closure would be addressed by the government of Afghanistan. “Despite the fact that those involved in terrorist activities in Pa...

March 21, 2017 at 12:11 pm | News Desk

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