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Jan 092018
 
Company registration: 44 percent growth witnessed in first half of current Financial Year

Islamabad, January 09, 2018 (PPI-OT):In the first half of current financial year, the Securities and Exchange Commission of Pakistan (SECP) registered 4,954 new companies, raising the total number of companies to 83,879. As compared to the corresponding month of last financial year, it represents a growth of 44 percent. The massive increase in number of new companies is the result of the SECP’s various reform measures, i.e. simplification of incorporation procedure, reduction in fee, assistance in incorporation by facilitation wings at CROs etc. Around 82 percent of companies were registered as private limited companies, while around 16 percent were registered as single-member companies. Two percent of the companies were registered as public unlisted, non-profit associations, trade organizations and foreign companies. The trading sector took the lead with the incorporation of 783 companies, services with 729, construction with 625, information technology with 599, tourism with 274, food and beverages with 164, engineering with 155, education with 148, corporate agricultural farming with 126, real estate development with 106, transport with 100, pharmaceutical with 86, textile with 77, communication with 76, fuel and energy with 75, auto and allied and healthcare with 71 each, cable and electric goods with 58, broadcasting and telecasting with 57, chemical with 55, power generation with 47, paper and board with 46, mining and quarrying with 45, steel and allied with 38, cement with 9 and 334 companies were registered in other sectors. Moreover, 35 foreign companies were also registered by the CROs in Karachi, Lahore and Islamabad. [Read More…]

Jan 092018
 
Pakistan Readymade Garments Manufacturers and Exporters Association welcomes Prime MinisterPledge to abolish yarn import duties

Lahore, January 09, 2018 (PPI-OT):The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has welcomed the commitment of Prime Minister Shahid Khaqan Abbasi to abolish all duties on cotton yarn import to encourage value addition, hoping the decision will be implemented at the earliest to provide level-playing to the value-added textile sector. “The Prime Minister, in a recent meeting with PRGMEA, has assured us to pass directives to the Textile Division of Commerce Ministry to move a summary to the ECC for the removal of all duties and taxes on import of cotton yarn,” said PRGMEA chief coordinator Ijaz Khokhar in a statement issued here on Tuesday. He said “we are hopeful that the premier will fulfill his promise of addressing all issues of apparel sector on priority basis.” He said that the PRGMEA had requested the PM during his visit to the Sialkot Chamber of Commerce and Industry to abolish all duties on cotton yarn import to reduce cost of doing business and bridge the gap between production and consumption. During the meeting the Premier was also urged to restore role of industrial associations in disbursement of duty drawback under revised PM Package to ensure transparency. “In the wake of productive and contributory services, the role of Associations must remain there in the DDT Order 2017-18. We demand the required clause may be added to the notification No. 1(42-A)TID/17-TR-II wherein the clause mentioning Association’s role was omitted.” He said that trade associations have always played positive and active role [Read More…]

Jan 092018
 
Company registration: 44 percent growth witnessed in first half of current Financial Year

Islamabad, January 09, 2018 (PPI-OT):In the first half of current financial year, the Securities and Exchange Commission of Pakistan (SECP) registered 4,954 new companies, raising the total number of companies to 83,879. As compared to the corresponding month of last financial year, it represents a growth of 44 percent. The massive increase in number of new companies is the result of the SECP’s various reform measures, i.e. simplification of incorporation procedure, reduction in fee, assistance in incorporation by facilitation wings at CROs etc. Around 82 percent of companies were registered as private limited companies, while around 16 percent were registered as single-member companies. Two percent of the companies were registered as public unlisted, non-profit associations, trade organizations and foreign companies. The trading sector took the lead with the incorporation of 783 companies, services with 729, construction with 625, information technology with 599, tourism with 274, food and beverages with 164, engineering with 155, education with 148, corporate agricultural farming with 126, real estate development with 106, transport with 100, pharmaceutical with 86, textile with 77, communication with 76, fuel and energy with 75, auto and allied and healthcare with 71 each, cable and electric goods with 58, broadcasting and telecasting with 57, chemical with 55, power generation with 47, paper and board with 46, mining and quarrying with 45, steel and allied with 38, cement with 9 and 334 companies were registered in other sectors. Moreover, 35 foreign companies were also registered by the CROs in Karachi, Lahore and Islamabad. [Read More…]

Jan 092018
 
National Accountability Bureau’s campaign on “SAY NO TO CORRUPTION” remained successful

Islamabad, January 09, 2018 (PPI-OT):Honourable Justice Mr. Javed Iqbal has said that NAB’s Awareness and Prevention campaign on” SAY NO TO CORRUPTION” remained very successful in 2017 which will continue in 2018 in order to aware people about the ill effects of corruption beside Zero Tolerance Policy of NAB against Corruption. The Chairman NAB said that NAB is mandated to carry out Awareness and Prevention functions against corruption in pursuance of Section 33C of National Accountability Ordinance (NAO). Under NAB’s Awareness and Prevention effective campaign across the country, NAB has been engaging different Governmental, Non-Governmental Organizations, media, Civil Society and other segments of society in order to aware people about the ill effects of corruption. He said as per the positive feedback received from various segments of society, NAB’s Awareness campaign on “SAY NO TO CORRUPTION” had been effectively highlighted in print, electronic and social media throughout the country which has appreciated by all segments of society. He said that the present management of NAB has taken various measures including effective Awareness and Prevention Campaign to aware people about the ill effects of corruption. The detail is as under:- a. Due to NAB’s efforts, on all ATM machines of all scheduled Banks carry NAB’s message “Say No to Corruption” across the country in order to aware people about the ill effects of corruption. b. NAB and Higher Education Commission (HEC) have signed Memorandum of Understanding (MoU) for creating awareness amongst the students of various Universities and Colleges. Due to this [Read More…]

Jan 092018
 
German Ambassador to Pakistan meets Chief of the Army Staff

Rawalpindi, January 09, 2018 (PPI-OT):Mr. Martin Kobler, German Ambassador to Pakistan met Chief of the Army Staff (COAS) General Qamar Javed Bajwa at GHQ today. During the meeting, matters of mutual interest including regional peace and stability were discussed. Ambassador acknowledged Pakistan Army’s contributions towards regional peace and stability. For more information, contact: Inter Services Public Relations (ISPR) Hilal Road, Rawalpindi, Pakistan Tel: +92-51-9271605 Fax: +92-51-9271601 Email: ispr@ispr.gov.pk Website: www.ispr.gov.pk Click for detailed story

Jan 092018
 
Terrorism, poverty, illiteracy and unemployment are the global challenges: Sardar Ayaz Sadiq

Islamabad, January 09, 2018 (PPI-OT):Speaker National Assembly of Pakistan, Sardar Ayaz Sadiq has said that terrorism, extremism, poverty, illiteracy and unemployment are the global challenges and these can be overcome through in exchange of knowledge, expertise and experiences. According to a message received from Victoria, Republic of Seychelles, he expressed these views while addressing the inaugural ceremony of the Speakers and Presiding Officers of the Commonwealth Countries (CSPOC). The Conference was inaugurated by the President of Seychelles Mr. Danny Faire. Speakers and Presiding Officers of 44 Commonwealth Countries were attended the conference. Speaker National Assembly Sardar Ayaz Sadiq already unanimously elected as the Representative from Asia to the 54 Member Commonwealth’s Standing Committee for a two-year term till 2018. His election was conducted at the 23rd Conference of the Speakers and Presiding Officers of the Commonwealth Countries (CSPOC) held in the Malaysian city of Kota Kinabalu. While chairing the session on “Parliamentary Diplomacy”, the Speaker said that Parliament reflects the will of the people and its voice must be heard while deciding about matters relating to a country’s security and international image. He said that Speakers were the elected voices of the real representatives of the people and hence had a crucial role to play, not only in the conventional proceedings of their respective chambers but also in issues affecting their respective countries. He noted that over the years, the parliaments’ role all over the globe had diversified as more and more Members of the Parliaments were tipped as international [Read More…]

Jan 092018
 
Pakistan condemns ballistic missile attack on Najran in Saudi Arabia

Islamabad, January 09, 2018 (PPI-OT):The Government of Pakistan condemns the ballistic missile attack by Houthi militia on the city of Najran in Saudi Arabia on 05 January 2018. Pakistan commends the Government of Saudi Arabia for destroying the missile before it caused any civilian casualties. It is however concerned at reports that there was some damage to property. The Government reiterates its full support and solidarity with the leadership, the Government and people of Saudi Arabia against any threats to its territorial integrity and threats against Harmain Sharifain. For more information, contact: Spokesman Ministry of Foreign Affairs Government of Pakistan Tell: +92-51-9205494 Fax: +92-51-9204202 Cell: +92-336-5644459 Website: www.mofa.gov.pk Click for detailed story

Jan 052018
 
Board of directors meeting of Agritech Limited

Karachi, Agritech Limitedinformed Pakistan Stock Exchange that board of directors meeting of the company will be held on January 12, 2018 at Lahore to discuss and approve Budget Bases and Annual Budget for Financial Year 2018. Further, the company has declared the closed period from January 05, 2018 to January 12, 2018. Agritech Limited Pakistan was incorporated in Pakistan on December 15, 1959 as an unlisted Public Limited Company under the Companies Ordinance 1984. It is a wholly owned subsidiary of National Fertilizer Corporation of Pakistan Private Limited, a Government owned Corporation, until July 15, 2006. Later amalgamation of Hazara Phosphate Fertilizers Private Limited, a wholly owned subsidiary of the Company took place dated May 23, 2012. The company stocks are quoted on the Karachi Stock Exchange. The registered head office of the company is located in Lahore. The principal business of the company is the production of Urea and Granulated Single Super Phosphate fertilizer. The products of the company include Tara urea, Tara SSP and DAP. The symbol “AGL” is being used by the stock exchange for the shares of Agritech Limited. Click for detailed story

Jan 052018
 
ICCI shows concerns over 41 percent rise in foreign debt during last 4 years

Islamabad, January 05, 2018 (PPI-OT):The Islamabad Chamber of Commerce and Industry has shown great concerns over the constant rise in foreign debt which has increased by more than 41 percent during the last four years and called upon the government to focus on generating indigenous resources to reduce heavy reliance on foreign debt as the increasing foreign debt would further hike the cost of debt servicing and constrain the economic growth of the country. Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that foreign debt of Pakistan was around $ 60.9 billion in 2013, which has gone up to $ 85 billion by September 2017 showing an increase of over 41% during the last four years. He said the constant rise in foreign debt was the major cause of poverty and under-development in the country as Pakistan was spending about 65 percent of its revenue on debt servicing. He said after debt repayment, the country was left with very insufficient financial resources to spend on defense, health, education, development and private sector credit. He said the further accumulation in foreign debt would weaken economic future of Pakistan as rising debt would consume major portion of future budgets leaving meagre resources for economic development of the country. He said Pakistan’s foreign debt was just around $3 billion by December 1971, but it was unfortunate that over the last 46 years, foreign debt has registered a phenomenal increase of over 2700 percent. It clearly showed that our successive governments [Read More…]

Jan 052018
 
Miftah Ismail felicitates United Business Group, Bilour on success in FPCCI elections

Islamabad, January 05, 2018 (PPI-OT):Adviser to Prime Minister on Finance, Economic Affairs and Revenue, Dr. Miftah Ismail has felicitated Mr. Ghazanfar Bilour over his election as President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) for the year 2018. The Adviser said election of Mr. Ghazanfar Bilour was an acknowledgement of his experience in the sphere of commerce and industry. Miftah Ismail remarked: “I am confident that during your tenure, the FPCCI will proactively work with all the stakeholders and play due role in further improving and promoting the business environment in our country”. In a separate message, the Adviser also extended felicitations to S.M Muneer, Group Leader, United Business Group (UBG) on success of the Group in the elections of FPCCI. In his message, the Adviser wished the elected members a successful term in office. For more information, contact: Principal Information Officer, Press Information Department (PID) Tel: +92-51-9252323, +92-51-9252324 Fax: +92-51-9252325, +92-51-9252326 Email: piopid@gmail.com Website: www.pid.gov.pk Click for detailed story

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