2016 December : AsiaNet-Pakistan

Archive for December, 2016

Water and Power Development Authority delivers 33658 million units of hydel electricity to National Grid in 2016

December 31, 2016 | Legal & Politics

Lahore, December 31, 2016 (PPI-OT): The hydel power stations owned and operated by the Pakistan Water and Power Development Authority (WAPDA) delivered 33658 million units of low-cost environment friendly hydel […]

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Multan Chamber of Commerce and Industry felicitates United Business Group on its landslide victory in Federation of Pakistan Chambers of Commerce and Industry elections-2016-17

December 31, 2016 | Chambers of Commerce

Multan, December 31, 2016 (PPI-OT): The business community of Southern Punjab has felicitated the United Business Group (UBG) on its landslide victory in FPCCI elections-2016-17 describing it an acknowledgement of […]

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No refugee can get State Subject rights in IOK: Mirwaiz

December 31, 2016 | General

Srinagar, December 31, 2016 (PPI-OT): In occupied Kashmir, the Chairman of Hurriyet forum, Mirwaiz Umar Farooq has said that no refugee can get State Subject rights as it is an […]

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Gilani, others condemn Masarrat Aalam’s re-arrest

December 31, 2016 | General

Srinagar, December 31, 2016 (PPI-OT): In occupied Kashmir, the All Parties Hurriyet Conference (APHC) Chairman, Syed Ali Gilani, and other resistance leaders have condemned the re-arrest of senior Hurriyet leader […]

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Pakistan Plays Down Defense-Related US Sanctions

December 31, 2016 | Business

ISLAMABAD, PAKISTAN � Pakistan says that the United States did not share evidence of wrongdoing before placing recent sanctions against certain defense-related Pakistani entities, but that it has pledged to work with Washington to address all concerns.

A December 15 notification by the Department of Commerce named the entities and added them to the Export Administration Regulations list, saying “these government, parastatal and private entities in Pakistan are determined to be involved in activities that are contrary to the national security and/or foreign policy of the United States.”

The facilities in question are thought to be associated with Pakistan’s missile development program, though officials in Islamabad have not acknowledged it. The U.S. government has not revealed details of violations these entities are alleged to have committed.

Pakistan Foreign Ministry spokesman Nafees Zakaria told VOA on Saturday that the government was aware of the sanctions.

“This means that for any transfers of technology to these entities, U.S. exporters will need a license,” he said, adding that Pakistani authorities were examining the case to ascertain the facts behind the listing.

Ready for discussions

Zakaria called the timing of the sanctions “intriguing.” He told VOA that Pakistan was ready to work with the U.S. at the level of experts to devise mutually agreed-upon procedures for end-use guarantees.

“This will help in assuring nondiversion of high-technology exports from the U.S. without hampering our legitimate imports for socioeconomic development activities,” the Pakistani spokesman said.

Pakistan officials insist their missile and nuclear programs are “completely indigenous,” and that U.S. sanctions will have “little bearing” on them.

“It means nothing for us,” said a senior official associated with the projects. He requested not to be named because he was not authorized to speak to reporters.

The officials described the sanctions as a politically motivated move aimed at creating problems for the incoming Donald Trump administration’s relations with Pakistan.

Islamabad has developed and equipped its armed forces with a variety of short-, medium- and long-range missiles, capable of carrying both conventional and nuclear warheads.

The program has raised concerns in Washington about the safety of Pakistan’s nuclear arsenal, though Islamabad dismisses such issues as misplaced.

Source: Voice of America

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Pakistan Military Chief Tells Afghan Leaders He’ll Work for Peace

December 31, 2016 | General Business News

ISLAMABAD, PAKISTAN � Pakistan’s new military chief spoke to Afghan leaders Saturday and promised to work for regional peace as mutual mistrust and suspicion continued to plague bilateral ties in the outgoing year.

General Qamar Javed Bajwa telephoned Afghan President Ashraf Ghani, Chief Executive Abdullah Abdullah and Bajwa’s Afghan counterpart, General Qadam Shah Shaheem, according to the Pakistan army’s media wing.

It said that Bajwa “conveyed best wishes for 2017 and pledged to work for peace in the region,” adding that peace in both countries was in the “greater interest of the region.”

The Afghan leadership invited the Pakistan army chief for a visit to Afghanistan, the statement said, but did not mention any dates or other details for the proposed visit.

The Kabul government alleges that covert support the Taliban receives from Pakistan’s military and its spy agency has enabled the insurgent group to prolong and expand its activities in Afghanistan.

Islamabad denies the charges, calling them an attempt to deflect attention from political controversies plaguing the Afghan national unity government and “deteriorating security situation” in the neighboring country.

In a separate statement Saturday, the army also released latest casualty tolls for its countermilitancy operations in volatile northwestern tribal areas on the Afghan border and elsewhere in Pakistan.

The military-led Zarb-e-Azb offensive has killed more than 3,500 terrorists since it was launched in June 2014, while around 600 soldiers have also died and more than 2,000 have been wounded, according to the statement.

Afghan officials say that militants fleeing the offensive have crossed to their side of the porous border, adding to the security challenges facing conflict-torn Afghanistan.

Source: Voice of America

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Pakistan Stock Exchange Limited Market Position on 30-12-2016

December 30, 2016 | General Business News

Karachi, December 30, 2016 (PPI-OT):

DAILY STOCK MARKET REPORT

Market Position Printed On DEC-30-2016

COMPANIES KSE …

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Financial results of Yousaf Weaving Mills Limited for quarter ended September 30, 2016

December 30, 2016 | General

Karachi, Yousaf Weaving Mills Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on December 30, 2016. The agenda of the meeting was discussion of profit and loss account for quarter ended September 30, 2016 which portrayed a loss of Rs. 27,753,525 with loss per share 0.69 basic and diluted respectively. Further, nil payment of cash dividend, bonus shares and right shares was agreed. Yousaf Weaving Mills Limited is a company incorporated in Pakistan as a public limited company on January 17, 1988. The foundations of the company are laid under the Companies Ordinance, 1984. The principal activity of the company is engaging in the business of textile weaving, spinning and sale of processed fabrics, home textile and dairy products. The shares of the company are quoted on Karachi and Lahore Stock Exchanges of Pakistan. The registered office of the company is situated at Chakwal. The symbol “YOUW” is being used by the stock exchange for the shares of Yousaf Weaving Mills Limited.

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Financial results of Chakwal Spinning Mills Limited for quarter ended September 30, 2016

December 30, 2016 | General

Karachi, Chakwal Spinning Mills Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on December 30, 2016. The agenda of the meeting was discussion of profit and loss account for quarter ended September 30, 2016 which portrayed a loss of Rs. 68,799 with loss per share 1.72 basic and diluted respectively. Further, nil payment of cash dividend, bonus shares and right shares was agreed. Chakwal group has around 160,000 spindles, which are operationally organized into 6 spinning units; the entire machinery is from world-renowned manufactures. Chakwal Spinning consists of 34,552 Spindles. The flag ship company of Chakwal Group is Kohinoor Spinning comprising of 80,000 spindles, distributed into three separate units which are tailor made to make specialized yarns. The unit has its own in house doubling and is capable of producing 75 tons of cotton and blended yarn per day. The symbol “CWSM” is being used by the stock exchanges for the shares of Chakwal Spinning Mills Limited.

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Subscription of Right shares of East West Life Assurance Company Limited

December 30, 2016 | General

Karachi, East West Life Assurance Company Limited informed Pakistan Stock Exchange that their right share subscription is under subscribed on the last payment date. Now the company arranges payment of under subscribed right shares as per term and condition of the underwriting agreement the Company. Further, the Company also furnished auditor certificate thereof confirming receipt of full amount in cash of right issue. East West Life Assurance Company Limited is a company established in the year 1992 at Quetta under the name of The Metropolitan Life Assurance Company of Pakistan Limited. The foundations of the company are laid under the Companies Ordinance, 1984. The name of the company was changed to East West Life Assurance Company Limited in 2008. The sponsors of the company were already engaged in general insurance business under the name of East West Insurance Company Limited. The company commenced underwriting life insurance business and made progress in the field of life and health insurance businesses. The company has nearly 20 offices nationwide and is a member of the Insurance Association of Pakistan. The stocks of the company are quoted on the Karachi Stock Exchange of Pakistan. The registered office of the company is located in Karachi. The symbol “EWLA” is being used by the stock exchanges for the shares of East West Life Assurance Company Limited.

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Resolution adopted of Bank Al-Habib Limited

December 30, 2016 | General

Karachi, Bank Al-Habib Limited informed Pakistan Stock Exchange that the resolutions adopted by the shareholders in the extraordinary general meeting held on December 27, 2016 at Multan. Bank Al-Habib Limited is a banking company incorporated in Pakistan on October 15, 1991 as a public limited company under the Companies Ordinance, 1984. It is a scheduled bank principally engaged in the business of commercial banking. The registered office of the company is located in Multan and the principle place of business is located in Karachi. The shares of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan. The bank has a network of 320 branches, 96 sub-branches and 3 representative offices. The branch network of the bank includes a wholesale branch in the Kingdom of Bahrain, a branch in Karachi Export Processing Zone and 17 Islamic Banking Branches. The bank has also invested in 66.67% shares of Al-Habib Capital Markets Private Limited. The symbol “BAHL” is being used by the stock exchanges for the shares of Bank Al-Habib Limited.

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Meeting in progress of Sindh Abadgar’s Sugar Mills Limited

December 30, 2016 | General

Karachi, Sindh Abadgar’s Sugar Mills Limited informed Pakistan Stock Exchange that board of directors meeting of the company is scheduled on December 30, 2016 hence it will be in progress. Sindh Abadgar’s Sugar Mills Limited is a company incorporated in Pakistan. The provisions and directives of the Companies Ordinance, 1984 prevail within the organization. The company is engaged in the business of manufacturing sugar. The registered office of the company is located in Karachi. The operations of the company are ISO certified. The factory of the company is located in Tando Mohammad Khan, Sindh. The symbol “SASML” is being used by the stock exchange for the shares of Sindh Abadgar’s Sugar Mills Limited.

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