May 312016
 
Transaction of 31,500 shares of Clover Pakistan Limited

Karachi, Clover Pakistan Limited informed Pakistan Stock Exchange about transaction of shares of the company. 31,500 shares @ Rs. 44.05 per share were bought/ sold in the market on May 31, 2016 through CDC. Clover Pakistan Limited is a company incorporated in Pakistan in 1986. It is a public limited company the foundations of which are laid under the principals of the Companies Ordinance, 1984. The core business activities of the company include manufacture and sale of food and plastic products and trading in food and consumer durables. During the year ended June 30, 2013 the company signed a distributors agreement with Titan Company Limited India for marketing of the products within the territorial jurisdiction of Pakistan. The stocks of the company are quoted on the Karachi and Lahore Stock Exchange of Pakistan. The registered office of the company is situated at Karachi. The symbol “CLOV” is being used by the stock exchanges for the shares of Clover Pakistan Limited. Click for detailed story

May 312016
 
Financial results of Haseeb Waqas Sugar Mills Limited for period ended March 31, 2016

Karachi, Haseeb Waqas Sugar Mills Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on May 31, 2016. The agenda of the meeting was discussion of profit and loss account for six months period and quarter ended March 31, 2016 which portrayed a loss of Rs. 432,268,633 and Rs. 286,125,215 with loss per share 13.34 and 8.83 basic and diluted respectively. Haseeb Waqas Sugar Mills Limited was incorporated on January 13, 1992 as a Public Limited Company. The foundations of the company are laid under the Companies Ordinance, 1984. The principal activity of the Company is manufacture and sale of refined sugar and its by-products. The mill of the company is situated at Merajabad, Nankana Sahib, District Nankana Sahib. The shares of the company are quoted on Karachi and Lahore Stock Exchanges of Pakistan. The registered office of the company is situated at Lahore. The symbol “HWQS” is being used by the stock exchange for the shares of Haseeb Waqas Sugar Mills Limited. Click for detailed story

May 312016
 
Vodafone Study: 75 Percent Of Global Companies Leverage Flexible Working Policies

53 percent of Singapore companies reported increased profits after implementing flexible working SINGAPORE, June 1, 2016 /PRNewswire/ — Today, Vodafone revealed results of its Flexible: friend or foe? study which found 75 percent of companies worldwide have introduced flexible working policies to enable employees to vary their hours and use the latest technologies to work remotely. The survey of 8,000 business professionals across three continents also revealed that 53 percent of companies in Singapore who have introduced flexible working have seen increased profits since its implementation. The Flexible: friend or foe? study drew on responses from small and medium-sized businesses, public sector organizations and multinational corporations (MNCs) in 10 countries. Respondents stated — to a striking extent — that they believed performance had been enhanced as a result of flexible working: 61 percent of respondents globally said their company’s profits increased; 83 percent reported an improvement in productivity; and 58 percent believed that flexible working policies had a positive impact on their organization’s reputation. The rapid adoption of high-speed mobile data services, fixed-line broadband and cloud services is playing an integral role in this workplace revolution: 61 percent of respondents now use their home broadband service to access work applications and 24 percent use a mobile data connection via their smartphone, tablet or laptop with broadband dongle. More than three-quarters of Singapore companies offer flexible working, though barriers still exist 76 percent of responding organizations in Singapore stated they have implemented flexible working policies, on par with the global average of 75 percent. [Read More…]

May 312016
 
Man who moved LHC against JuD ‘Shariah court’ kidnapped, harassed

LAHORE: A property dealer who had been pursuing litigation in the Lahore High Court against a religious organisation’s self-styled ‘Shariat Court’ was briefly kidnapped, intoxicated and threatened by two unidentified men on his way to the court on Tuesday. “I was heading to the high court on my motorcycle when two bearded men intercepted me near Samanabad’s first roundabout. One of them took control of the bike, while the other sat behind me before heading towards Miani Sahib graveyard,” Khalid Saeed told this scribe in a weak voice, lying on a bed of Services Hospital’s emergency ward, with blood marks on his clothes. A ‘Shariat Court’ established by Jamatud Dawa (JuD) had summoned Mr Saeed on the ‘complaint’ of his former partner in a property business, alleging misappropriation of his investment. Saeed had filed a writ petition in the LHC against the summons issued to him by the JuD ‘court’. The court had heard the petition and directed provincial home secretary to look into the matter and decide it strictly in accordance with law after hearing version of the petitioner. Mr Saeed filed an intra-court appeal against the order that was fixed for hearing before a division bench on Tuesday. However, his counsel Advocate Maqbool Sheikh sought a short adjournment from the bench due to the incident. Mr Saeed said the kidnappers forced him to drink a glass of juice before throwing him near the Ghazi Ilamuddin’s shrine in semi-conscious state. “I could only called a friend for help before [Read More…]

May 312016
 
160 ex-army men hired for security of Chinese workers

KARACHI: Around 160 ex-servicemen have been hired as part of the Sindh police’s plan to raise a 2,000-strong commando force for the security of Chinese working in the province on development projects including those related to the China-Pakistan Economic Corridor, it emerged on Tuesday.A senior official told Dawn that the Monday bomb attack targeting a Chinese engineer pushed the authorities to expedite the process to establish the special force.He said that a couple of months back the Sindh apex committee had decided to raise a special force comprising 2,000 ex-army personnel for the security of the Chinese nationals associated with the CPEC-related and other development projects in the province. Since then, two advertisements had been published in the local dailies and 160 men had been recruited.“The process has been expedited and efforts are on to raise the force within the shortest possible time,” Inspector General of Police A. D. Khowaja told Dawn. “There is a reason behind recruitment of ex-servicemen. We immediately need that force to serve the purpose. There is an advantage of hiring armed forces’ soldiers that they don’t need much training. That’s why the first batch of 160 personnel is set to join the force after a very basic police training of only few weeks.”The number of Chinese nationals living in Karachi and other cities of Sindh or those visiting several places of the province has grown to a large extent in the recent months due to the association of their companies with the CPEC.It was in [Read More…]

May 312016
 
Afghans asked not to enter Pakistan without valid documents

LANDI KOTAL: Security guards at the Torkham border on Tuesday made announcements on loudspeakers warning Afghan nationals against travelling to Pakistan without valid documents. Local sources said that the announcements were repeatedly made throughout the day in order to apprise the visiting Afghans at the border that the last date for allowing Afghans without legal documents had expired and no one would be given any relaxation from June 1 onwards. The local administration on its part had pasted pamphlets at prominent locations near the border with similar caution.The announcements made on loudspeakers said that border guards and immigration staff would thoroughly check travel documents and Rahdari passes of every Afghan national crossing over to Pakistan and those without these documents would not be allowed to cross the border. Published in Dawn, June 1st, 2016 Click for detailed story

May 312016
 
No change in petroleum product prices for June

ISLAMABAD: The government has decided to keep prices of all petroleum products unchanged for June, in order to ensure price stability during Ramazan, Finance Minister Ishaq Dar said. “In line with Prime Minister Nawaz Sharif’s policy of providing maximum relief to the people, it has been decided that prices of petroleum products will not be increased on June 1,” Mr Dar said. The government would absorb the full impact of its decision to keep the prices unchanged, he said. In particular, Mr Dar said, the federal government’s decision not to increase the price of high speed diesel (HSD), which was proposed to be enhanced by Rs6.69 per litre, would help the provincial governments to ensure price stability during Ramazan on this account. Therefore, the price of petrol would remain unchanged at Rs64.27 per litre, that of HSD at Rs72.52, light diesel oil at Rs37.97, high octane blending component at Rs72.68 and kerosene oil at Rs43.25 per litre. The Oil and Gas Regulatory Authority (Ogra) had worked out an increase of 14.6 per cent in the price of JP-1, taking it to Rs44.53 per litre. The price of JP-4 was proposed to be increased by 9pc to Rs38.84 per litre, while that of JP-8 to Rs42.07 after an increase of 12.6pc. Meanwhile, the government may double petroleum levy on all petroleum products with effect from July 1 under the next year’s budget to enhance its recoveries to Rs270 billion from Rs135bn. A government official said the petroleum and finance ministries had [Read More…]

May 312016
 
Work to start on 3rd unit of Karachi nuclear plant soon

FUQING (China): Construction work is expected to start within weeks on the third unit at the Karachi nuclear power plant using a reactor developed by the China National Nuclear Corporation (CNNC), according to a spokesman for the company. A report published on the website of China Daily said the K3 plant would be built by using Hualong One, the CNNC’s third-generation nuclear reactor design. It quoted CNNC spokesman Pan Jianming as saying it would be the second nuclear power project in Pakistan to be based on the Hualong One technology, after construction started at the K2 plant in August last year. “Hualong One was developed based on very mature technologies and the project is going on very smoothly. It will help ease power shortages in the Karachi region after completion,” Mr Pan told a forum in Fuqing, Fujian province, where the Hualong One pilot project is based. Mr Pan said that CNNC had been accelerating its efforts to sell the technology to other overseas buyers. Although still in early stages, an understanding had been reached with the Algerian energy authorities for the development of a nuclear research centre, the spokesman said. The two parties would consider using the Hualong One technology, and also discuss the possibility of developing renewable-energy projects. Any final agreement is expected to include technical and training services, in a country that has yet to develop a nuclear power station. The CNNC signed a framework deal last week with Sudan to build a 600-megawatt atomic reactor, its [Read More…]

May 312016
 
Assistant Secretary of State Charles Rivkin Travels to Atlanta

Assistant Secretary of State for Economic and Business Affairs Charles H. Rivkin will travel to Atlanta, Georgia, June 2-3, where he will meet with business leaders to discuss how President Obama’s trade agenda will provide new opportunities for businesses, workers, and farmers.Assistant Secretary Rivkin will deliver remarks at an event hosted by the World Affairs Council of Atlanta on how expanding high-standard trade and investment through trade agreements supports economic growth by opening markets to American-made goods and services. He will also meet with a group of small and medium-sized enterprise (SME) owners; 88 percent of all Atlanta-based exporters are SMEs with fewer than 500 employees. The Assistant Secretary will also visit a 3D printing manufacturer and the cargo operations at Atlanta Hartsfield-Jackson International Airport.Source: U.S. State Department. Click for detailed story