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Singer, Waves & Link Well to Merge into One Company

Singer Pakistan Limited and Cool Industries Limited – the makers of Waves brand of home appliances – and Link Well Limtied have agreed to merge their operations and business through share swap ratio. The manufacturers of home appliances will be merged to form one company under the brand name of Waves Singer Pakistan Limited. In this regard, the board of directors approved the draft of the scheme. The merger scheme is subject to the approval of the stakeholders, creditors, regulator, shareholders and Sindh High Court. According to the stock filing, Cool Industries Private (Ltd) shall be merged in Singer Pakistan Limited. According to the deal, 93.975 million shares of Singer are to be issued to the shareholders of Cool Industrie...

November 28, 2017 at 4:01 pm | News Desk

Synchronized Global Upswing Underpins Higher Asian Bond Yields

MANILA, PHILIPPINES (24 November 2017) — Bond yields in emerging East Asian markets rose between 1 September and end-October as the global economy entered its most robust period of synchronized growth since the Global Financial Crisis, according to a new report from the Asian Development Bank (ADB). In the latest quarterly issue of the Asia Bond Monitor, ADB cites strong macroeconomic fundamentals and tightening liquidity as the main sources for rising yields across most emerging East Asian bond markets, but noted that further monetary tightening by advanced-economy central banks will require vigilance by the region’s financial market regulators. “Emerging East Asia currently enjoys strong growth and relative financial stabilit...

November 24, 2017 at 11:29 am | News Desk

100 Pakistanis own properties in Dubai, FIA tells NA body

ISLAMABAD: The Federal Investiga­tion Agency (FIA) on Thursday presented a list of 100 Pakistanis who own properties in Dubai to a sub-committee of the National Assembly Standing Committee on Finance, but no government agency has been able to ascertain whether they had complied with regulatory requirements or obtained the assets through illegal means. The sub-committee discussed reasons for the failure of government functionaries to gather details of purchase of properties worth $8 billion by Pakistanis over the last four years in Dubai. The sub-committee is headed by Dr Shezra Mansab Ali, and its members include Pakistan Tehreek-i-Insaf’s Asad Umar, and Pakistan Muslim League-Nawaz’s Isphanyar M. Bhandara, who does not attend meetin...

November 24, 2017 at 10:43 am | News Desk

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

USAID Hands Over Mobile Bus Libraries to CA&DD

Islamabad: November 16, 2017: To mark International Education Week, the United States Agency for International Development (USAID) handed over two mobile libraries to the Capital Administration and Development Division (CA&DD) at a ceremony in a local school today. After the transfer agreement was signed, USAID’s Office Director for Education Dr. Christopher Steel formally presented the bus keys to Minister of State for CA&DD Dr. Tariq Fazal Chaudhry.  “With these mobile libraries, we can make sure that good books are reaching children who want to read and helping them become good readers,” said Dr. Steel.  “I am happy that through today’s commitment, we are continuing this tradition of supporting Pakistan in its effo...

November 16, 2017 at 4:03 pm | News Desk

Dr Asim’s name to be struck off ECL

ISLAMABAD (November 16, 2017) The Supreme Court on Thursday ordered the Interior Ministry to strike PPP leader Dr Asim Hussain's name off the Exit Control List (ECL), allowing him to travel abroad for medical treatment. Justice Masheer Alam and Justice Qazi Faez Isa heard the case regarding the removal of Dr Asim's name from the no-fly list. The PPP leader had travelled abroad for medical treatment earlier this year, but had returned within the time period stipulated by the court, his lawyer Sardar Latif Khosa had said during the last hearing of the case. However, as he appeared healthy, his name was put on the ECL again upon his return to Pakistan. Dr Asim's lawyer earlier told the court that his client's flight had initially b...

November 16, 2017 at 12:12 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

Zimbabwe crisis: Army seizes broadcaster but denies coup

Zimbabwe's military has read out a statement after taking over the national broadcaster, ZBC, saying it has taken action to "target criminals". However, it said this was not "a military takeover of government" and President Robert Mugabe was safe. Heavy gunfire and artillery were heard in northern suburbs of the capital, Harare, early on Wednesday. Zimbabwe's envoy to South Africa, Isaac Moyo, earlier dismissed talk of a coup, saying the government was "intact". The statement read out by Maj Gen Sibusiso Moyo came hours after soldiers overran the headquarters of ZBC. He said: "We wish to assure the nation that his excellency the president... and his family are safe and sound and their security is guaranteed." The statement ad...

November 15, 2017 at 11:40 am | News Desk

‘RAW running $500 million cell to sabotage CPEC,’ says Pakistani General

The Chairman Joint Chiefs of Staff Committee, Gen Zubair Mahmood Hayat, on Tuesday alleged that India’s Research and Analysis Wing (RAW) had established a cell in 2015 dedicated to sabotaging China-Pakistan Economic Corridor (CPEC) projects in Pakistan. While addressing a seminar in Islamabad, Gen Hayat revealed that: "RAW established a new cell with a special allocation of over $500 million in 2015 to sabotage CPEC projects [in Pakistan]." "India's indirect interference in Pakistan is manifested in sponsoring Tehreek-i-Taliban-Pakistan, Baloch and other sub-nationalist outfits and many other terrorist groups," he added. "India has set up a Balochistan operational cell under RAW to devise a radical force for subversion and terror...

November 14, 2017 at 5:07 pm | News Desk

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