Javed Malik attends world forum in Dubai

Dubai, October 28, 2014 (PPI-OT): Pakistan’s Ambassador at Large and Prime Minister’s Special Envoy, Javed Malik will be participating in World Islamic Economic Forum [WIFE] which is taking place in Dubai on 28th- 30th October and will be inaugurated by the Prime Minister of UAE, Sheikh Mohammed Bin Rashid Al Maktoum, Several heads of government, Ministers and senior officials are attending the international conference in which delegates from 100 countries will take part including leading economies in the world.

Ambassador Javed Malik said that, The International Conference is a great platform that brings together global leaders from government as well as the private sectors which include some of the leading authorities.

Being an important country and an integral part of the Islamic World, Pakistan has a great role in such a forum and we look forward to meeting and interacting with global leaders from around the world.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +92-51-9252323 and +92-51-9252324
Fax: +92-51-9252325 and +92-51-9252326
Email: piopid@gmail.com

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Telenor Pakistan 3G footprint in 45 cities with more than 1.3 million 3G customers

Islamabad, October 28, 2014 (PPI-OT): In line with its ambition to bring ‘Internet for All’, Telenor Pakistan will be expanding its 3G footprint to 45 cities by end of October 2014. During the fifth phase of commercial roll out, 3G services were launched in Lodhran, Khanewal, Malakand, Rahim Yar Khan, Murree and Nathia Gali whereas Lower Dir, Mansehra, Sukkur, Larkana, Ghotki and Bhakkar will be equipped with 3G service by the end of this month.

Free trial of 3G services will be offered to Telenor Pakistan’s customers in these areas for two weeks. The subscribers will be notified about the end of free 3G trial service via SMS and Telenor Pakistan’s official website. Under the free 3G trial offer, customers can enjoy 50 MBs of free data every day. Data services on 2G will be charged as usual.

Expressing his delight, Irfan Wahab Khan, Chief Marketing Officer, Telenor Pakistan said, “Telenor Pakistan is the largest and fastest growing 3G network in Pakistan with 1.3 million customers actively using 3G services in urban, semi urban and rural areas across the country.

We have a twofold strategy to aggressively roll out 3G sites in the country: one is to increase the number of 3G sites within a city thus expanding the in-city coverage and other is to increase the number of 3G cities across the country. We strongly believe that internet is a facility for the many, not for the selected few. Bringing 3G to 45 cities by the end of this month is yet another testament of our commitment to the ambition of bringing ‘Internet for All.’

Through enabling mobile internet growth, we are striving to expand the overall internet ecosystem in the country and the empowerment it brings to the people.” Telenor Pakistan is focused on providing 3G services to cater to a wider audience covering smart phone, tablets as well as data enabled feature phone users.

These services are providing high quality video and audio streaming and high definition games. Moreover Telenor App Store, launched in July 2014, is providing access to global content such as Gameloft, EA games, Disney etc. featuring 90% of free to download games. Telenor App Store is also powered with mobile payments company Fortumo’s direct carrier billing feature wherein Telenor Pakistan’s customers can make purchases with their mobile phone balance.

For more information, contact:
Saad Warraich
Corporate Communications Department
Telenor Pakistan
13-K, Moaiz Centre, F-7 Markaz,
Islamabad, Pakistan
Tel: +92-51-111-345-700
Fax: +92-51-2651923
Email: press.center@telenor.com.pk
Website: www.telenor.com.pk

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JCR-VIS Reaffirms Entity Ratings of Security Papers Limited

Karachi, October 28, 2014 (PPI-OT): JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Security Papers Ltd. (SPL) at ‘AAA/A-1+’ (Triple A/A-One Plus). Outlook on the medium to long term rating is ‘Stable’. The previous rating action was announced on July 25, 2013.

The assigned ratings incorporate SPL’s positioning as a strategically significant entity in its role as the sole bank note paper manufacturer in the country. The primary buyer of SPL’s products, Pakistan Security Printing Corporation (Pvt.) Ltd (PSPC), is also its single largest shareholder, having a 40% stake in the company. According to a memorandum of understanding between the two companies, PSPC will only purchase bank note paper from SPL, effectively eliminating off-take risk for SPL’s major output.

The ratings also draw strength from the stable financial risk profile of SPL whereby debt leverage is low and ability to service debt obligations is strong. Moreover improvement in production process is evident from a declining trend in production and finishing losses on a timeline basis.

Under the directives of the Board of Directors, SPL is also pursuing phase wise capacity expansion for which up-gradation of plant and addition of new equipment is on-going. Subsequent to the completion of plant up gradation, total installed capacity is expected to be enhanced to 3,000 tons from 2,500 tons currently.

Production of bank note paper continues to be the major revenue source of SPL; however, contribution of other products has increased over time. Moreover, the company’s investment portfolio also provides meaningful contribution to the bottom line. Investment income almost entirely emanates from stable sources.

For more information, contact:
Ms. Sobia Maqbool
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

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The exporters must ensure in time grounding of containers for the inspection of ANF: Zakaria Usman

Karachi, October 28, 2014 (PPI-OT): The exporters must ensure in time grounding of containers for the inspection of ANF and the port terminal authorities should fix a specific space for such containers which are to be inspected by ANF with proper arrangement of tarpaulins for de-stuffing the containers.

This was stated by Zakaria Usman, President FPCCI and ECO CCI in meeting with Brig. Abu Zar, Regional Director, Anti Narcotic Force, Sindh which was also attended by Ismail Suttar, Vice President FPCCI, Javed Saeed Shaikh from PQA, Khurram Aziz Khan from PICT, Zafarullah Jan from KICT, Muhammad Azam Memon from Ministry of Port and Shipping, Muhammad Rizwan, MD DP World and Syed Samar Hasnain, Executive Director, Development Finance Group, State Bank of Pakistan.

Zakaria Usman further informed that this was the second phase of meetings between FPCCI and ANF with the objective to make smooth inspections of the containers by ANF without damaging the goods during the process of de-stuffing and re-stuffing the containers and unpacking and re-packing the goods.

He said that the Federation of Pakistan Chambers of Commerce and Industry specially invited all concerned stakeholders to attend the meeting and find the suitable solution of the problem of the exporters and save them from financial losses on account of damages to the goods and cancellation of export orders and demurrages of the port authorities as the port authorities charge the exporters international rates against such services but in fact the quality of their service is much lower as compared to foreign ports authorities.

Zakaria Usman informed that FPCCI took initiative to resolve the issues of the inspections of goods at all ports and airports and to save the exporters from financial losses. In this regards the first meeting was held in the month of September, 2014 in which it was decided that the authorities of all ports, terminal operators and state bank should also be taken on board to find out the appropriate solution with the consent of all stakeholders.

Syed Samar Hasnain, Executive Director SBP said that SBP is working on the arrangements of use of E Form through electronic transmission so that the chance of misuse of Form “E” can be eliminated. However, SBP is reviewing its legal aspects.

The representative of PQA informed that the cases of complaints of damages to goods during ANF inspection are very negligible because they have hired the services of professional packers. The KICT representatives said that KICT is also looking for hiring the professional packers and urged FPCCI to recommend such professional companies.

Brig. Abu Zar informed that the cargo either is not repacked properly or not re-stuffed in the containers correctly or got dirty during ANF inspection due to handling by un-skilled labour of the port authorities, lack of machineries for re-packing and proper equipments, no cleanliness arrangements in inspection yards and un-professional packers. He recommended that.

The President FPCCI and Regional Director ANF appreciated the efforts of the port authorities for improving their services to the exporter for which they are to be paid by them.

For more information, contact:
M. A. Lodhi
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahrah-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

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Punjab Chambers of Commerce and Industry and Trade Associations call for immediate withdrawal of controversial SRO 608 and extension in tax returns filing date

Lahore, October 28, 2014 (PPI-OT): The Punjab Chambers of Commerce and Industry and Trade Associations through a unanimous resolution called for immediate withdrawal of controversial SRO 608 and extension in tax returns filing date.

The resolution was adopted at a meeting convened by the Lahore Chamber of Commerce and Industry here on Tuesday. The meeting was convened to discuss Tax Reforms.

Representatives of Rawalpindi Chamber of Commerce and Industry, Sialkot Chamber of Commerce and Industry, Gujrat Chamber of Commerce and Industry, Sargodha Chamber of Commerce and Industry, Okara Chamber of Commerce and Industry, Women Chamber of Commerce and Industry, PAAPAM, Pakistan Gloves Manufacturers and Exporters Association, Pakistan Steel Melters Association, Pakistan Cotton Ginners Association, Pakistan Jute Mills Association, Constructors Association of Pakistan, Pakistan Canvas and Tents Manufacturers and Exporters Association, Pakistan Footwear Manufacturers Association attended the meeting.

The meeting was chaired by LCCI President Ijaz A. Mumtaz while Senior Vice President Mian Nauman Kabir and Vice President Syed Mahmood Ghaznavi also spoke on the occasion. The participants also stressed the need for cut in tax rate and expansion in tax net. The online tax return form is very cumbersome and businessmen are unable to decode it.

Speaking on the occasion, the LCCI President Ijaz A. Mumtaz demanded of the FBR to withdraw SRO 608(I)/2014 as in the presence of huge smuggling and massive under invoicing it would not be possible for the govt to get desired economic results. He said that at a time when the economy was passing through very critical times of its recent history because of the shortage of gas and electricity, new taxation measures like SRO 608(I)/2014 are bound to create a wrong impression about the government.

He said that the government would have to weed out the menace of smuggling and under-invoicing before implementing any tax avoidance measures. He said that it was very unfortunate that instead of widening tax base and bringing the untaxed sectors into the tax net, steps are being taken to squeeze the existing tax payers.

He said that the FBR which was established with an objective to facilitate the trade and industry but it has now been turned into a money making machine and the people sitting at the helm are not only unaware of the ground realities but are least concerned about the problems and the day-to-day challenges being faced by the businessmen.

LCCI President also said that at a time when both the trade and industry were looking for a relief package to run their businesses, they are being pushed to the wall by issuing SROs like SRO 608(I)/2014.
He said that business community understands well that a quantum jump in Tax-to-GDP ratio is in dire need but it also believes that this objective could only be achieved through facilitation of existing businesses instead of playing arm-twisting with them.

Ijaz A. Mumtaz said that the FBR should avoid implementing the SRO without the consultation of the business community for being the main stakeholders and if the FBR requires to amend existing policies, it should make the changes through public private dialogue (PPD). The LCCI feels that the Federal Board of Revenue is shifting its burden of monitoring and tracking of the tax system on business community which is unjust and unethical.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-6368854

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EFU Life Assurance Limited – Daily Funds Prices for October 28, 2014

Karachi, October 28, 2014 (PPI-OT):


Name of the Fund Date Bid Price Offer Price
EFU Guaranteed Growth Fund October 28, 2014 750.850 790.370
EFU Managed Growth Fund October 28, 2014 1245.19 1310.73
EFU Pension Growth Fund October 28, 2014 236.500 248.950
EFU Capital Growth Fund October 28, 2014 322.090 339.050
EFU Aitemad Growth Fund October 28, 2014 946.890 996.730

For more information, contact:
EFU Life Assurance Limited
37- K, Block 6, PECHS
Karachi – 75400 Pakistan
Phone: +92-21-111-EFU-111(111-338-111)
Fax: +92-21-34535079
Web: http://www.efulife.com/

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Primus Investment Management Limited – Daily NAV for October 28, 2014

Karachi, October 28, 2014 (PPI-OT):


Name of the Fund Date Offer Redemption
PIML-IF October 28, 2014 104.75 104.75
PDRF October 28, 2014 103.1743 103.1743
PIML-SMAF October 28, 2014 110.09 107.93
PIML-IMMF October 28, 2014 104.1 102.05
PIML-IEF October 28, 2014 104.28 102.23

For more information, contact:
Primus Investment Management Limited
4th Floor, Horizon Vista,
Commercial 10, Block No.4,
Scheme No. 5 Clifton,
Karachi, Pakistan.
Tel Off: +92 21 35290006-9
Fax: +92 21 35290004
Email: info@primusinvestements.com
Web: http:/www.primusinvestments.com/index.aspx

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