General

Karachi, KASB Securities Limited informed Pakistan Stock Exchange about resignation of Director of the company with effect from October 24, 2016. KASB Securities Limited was incorporated in Pakistan on October 24, 2000 under the Companies Ordinance, 1984. The company is a subsidiary of KASB Bank Limited which acts as a parent company. The holding includes 77.12% of the shares of the group. The operations of the company were effectively commenced from January 01, 2003. The assets and liabilities of the securities segment of the then Khadim Ali Shah Bukhari and Company Limited under the scheme of arrangement approved by the High Court of Sindh. The shares of the company are listed on the Karachi Stock Exchange of Pakistan. The registered office of the company is located in Karachi. The company has corporate membership of the Karachi Stock Exchange Limited and Pakistan Mercantile Limited. The company is principally engaged in the business of stocks, money market, foreign exchange and commodity broking. The company also invests in a mix of listed and unlisted equity and debt securities, economic research and advisory services. The subsidiary of the company is Structured Venture Limited which was incorporated in Pakistan on June 25, 2010. It is wholly owned by KASB Securities Limited. The symbol “KASBSL” is being used by the stock exchange for the shares of KASB Securities Limited.

Karachi, Jubilee General Insurance Company Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on October 25, 2016. The agenda of the meeting was discussion of profit and loss account for quarter ended September 30, 2016 which portrayed a profit of Rs. 789,327 with earnings per share 5.03 basic and diluted respectively. Further, nil payment of cash dividend, bonus shares and right shares was agreed. Jubilee General Insurance Company Limited was incorporated in 1953. The branch network of the company is located in all the major cities and towns of Pakistan. The relationship of the company is renowned internationally with reinsurers such as Swiss Re, Munich Re, Lloyds, Hannover Re and Mitsui Sumitomo Re. The company is also supported by internationally acclaimed reinsurance brokers including AON Group, Willis, Marsh and UIB. In 2003 the company took control over a foreign country within Pakistan operations of Commercial General Union. It later acquired majority control of CU Life Assurance Company of Pakistan Ltd. The company is listed on the Karachi, Lahore and Islamabad stock exchanges of Pakistan. The head office of the company is located in Karachi. The product range of the company in general insurance includes fire, marine, motor, engineering, health and general accidents. The company is also associated with providing risk coverage and risk management related services. Auto financing, personal loans, mortgages, plastic cards and trade finance, capital investment finance are customized solutions for securing entire operations of the company. Jubilee group health insurance includes services for national and multinational corporations including pharmaceuticals, chemical, textile, cement, hotels, oil and energy, manufacturing, fast moving consumer goods, banking and financial sectors. The symbol “JCICL” is being used by the stock exchange for the shares of Jubilee General Insurance Company Limited.

Karachi, Engro Fertilizers Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on October 25, 2016. The agenda of the meeting was discussion of unconsolidated and consolidated profit and loss account for quarter ended September 30, 2016 which portrayed a profit of Rs. 2,862,650 and Rs. 2,927,878 with earnings/ loss per share 2.10 and 2.15 basic and diluted respectively. Further, 25% payment of cash dividend, bonus shares and right shares was agreed. Furthermore, the share transfer books of the company will remain closed from December 13, 2016 to December 19, 2016 (both days inclusive). Engro Fertilizers Limited is a wholly owned subsidiary of Engro Corporation which incorporated in June 29, 2009 under the Companies ordinance, 1984 in Pakistan. Nitrogenous urea, phosphate & blended fertilizers, and micronutrients are imported, manufactured and sold by the company. Other activities include training and educating the farmers for generating a better yield. The registered office of the company is located in Karachi and the manufacturing facility is located in Daharki. The shares of the company are quoted on Karachi, Lahore and Islamabad Stock Exchanges of Pakistan. The product line of the company includes Nitrogenous urea, phosphate & blended fertilizers, and micronutrients. The products of the company include Engro Urea, Engro DAP, Engro Zorawar, Engro Zarkhez and Zingro. The symbol “EFERT” is being used by the stock exchange for the shares of Engro Fertilizers Limited.

YANGJIANG, China, Oct. 24, 2016 /PRNewswire/ — The “Capital of Knives and Scissors” in southern China, Yangjiang, welcomed over 3,000 guests from more than 40 countries and regions to its annual event to exchange on the development of the market and techniques in the knife industry. Located along the southern coast of China, Yangjiang enjoys fame as the Capital of Knives […]

We have learnt with deep sorrow and grief about a helicopter crash in Russia's Yamal Peninsula in Siberia on 21 October 2016, resulting in the loss of nineteen precious lives and injuries to the others. We extend our heart-felt sympathies and condolenc...

President Mamnoon Hussain has strongly condemned the attack on Police Training Centre in Quetta on Monday. The President expressed his concern over the safety and security of the under training cadets at the Centre and directed that utmost efforts must...

Colombo, October 25, 2016 � Over the past year Sri Lanka made progress in two reform areas that are covered by the Doing Business report, namely Starting a Business and Protecting Minority Investors. The improvements, while important, were not enough to stop a decline in the country's overall rank from 109 in 2016 to 110 in 2017. This is not necessarily an indicator that the country has slipped down in rank, but is more a reflection that other peer economies have undertaken a larger number of reforms in the business environment during the same period.

Simplified processes will reduce the cost of doing business and can help to unleash entrepreneurship, which is needed to boost the economy, said Idah Pswarayi-Riddihough, World Bank Country Director for Sri Lanka and the Maldives. While Sri Lanka has taken positive steps in reforms, much needs to be done to enable the private sector to grow and to provide equal opportunities for all.

A total of 11 reforms, making it easier to do business, were implemented by five of eight economies in South Asia in the past year. This is significantly higher than the region's annual average of nine reforms over the past five years. Pakistan is among the top 10 global improvers. Over the past 12 months, it implemented a total of three reforms and saw its ranking progress from 148 to 144.

India also implemented reforms across multiple areas. In the past five years, Sri Lanka has implemented the highest number of Doing Business reforms in the region, with 12 reforms in total, followed by India with 10.

Doing Business 2017: Equal Opportunity for All captures data revisions compared to previous year. Paying Taxes, Gender dimension and Protection of Minority Investors are new adjustments reflected in country rankings.

The Paying Taxes indicator is expanded this year to include post-filing processes�the processes that occur after a firm complies with its regular tax obligations. In particular, the indicator now measures the time it takes to comply with and obtain a value added tax (VAT) refund and comply with and complete a corporate income tax audit.

For the first time this year, Doing Business adds gender components to three indicators. The starting a business indicator now measures gender-specific procedures such as documents or permissions required to leave the home for work, obtain national identification or own a business. The Registering Property indicator now measures whether unmarried men and women�as well as married men and women�have equal ownership rights to property. The Enforcing Contracts indicator now measures whether a woman's testimony carries the same evidentiary weight in court as a man's.

Three questions in the Protecting Minority Investors indicator are revised to measure whether all members must consent to add a new member, whether a management deadlock breaking mechanism exists, and whether members meet at least once a year in limited companies.

The report cites research that demonstrates that better performance in Doing Business is, on average, associated with lower levels of income inequality, thereby reducing poverty and boosting shared prosperity.

Source: The World Bank