Philip Morris collaborates with Parallax

LAHORE (Staff Reporter): Philip Morris International Inc (NYSE: PM) has taken another step towards a smoke-free future through a strategic collaboration with Parallax, a Canada-based start-up.  The agreement focuses on advancing the development and commercialisation of an effective nicotine-delivery system that leverages the most advanced technologies in pulmonary medicine. The co-founders of Parallax, Drs Noe Zamel and Arthur Slutsky, are Canadian leaders in pulmonary research and medicine, with global reputations and more than 750 peer-reviewed publications between them. For years, they have been firm believers in tobacco harm reduction: the policy of providing safer alternatives to people who smoke as a complement to measures meant to encourage quitting and discourage people from starting to smoke. Since its founding, Parallax has assembled a world-class team of experts in formulation, device design, pharmaceutical quality manufacturing, product research and consumer insights.

Prof Manuel Peitsch, PMI’s chief scientific officer, stated, “Science and technology will be essential to a future where all men and women who smoke switch to better alternatives. Our collaboration with Parallax, founded by world-renowned experts in pulmonary research and technology, is another step forward and will give us access to innovative technologies and expertise.”

PBIFEF holds protest meeting

LAHORE (Staff Reporter): A meeting of the Pakistan Banks Insurance and Financial Employees Federation (PBIFEF) was held at its office in State Life Cooperative Building Lahore. The federal officeholders announced the schedule for their protest rallies. The unions officeholders and employees will lay siege to the Supreme Court’s Lahore Registry, Punjab Chief Minister’s House and the head office of the Bank of Punjab for early solution to their problems. The meeting was presided over by its president M Farooq. It was attended by the office-bearers of all the unions of State Bank of Pakistan, IFU Insurance, State Life Insurance, Atlas Insurance and Pakistan Stock Exchange. Addressing the participants, Secretary General of Federation Sajid Ali Abbasi highlighted the problems being faced by the CBA of the Bank of Punjab. He stressed a need for meeting with the Punjab chief minister for early resolution of their problems. The federation also gave a call to hold protests for early solution to their problems.

AGP attends ICAP ASB meeting

KARACHI (PR): The ICAP had the honour of Javaid Jahangir, the AGP, and his delegation attending the Accounting Standards Board (ASB) meeting the other day. The meeting was attended by Riaz A Rehman Chamdia, president, Farrukh Rehman, chairman ASB, and Jaffar Hussain, vice president of ICAP, and the other ASB members which included representatives of SECP, PSX, practice and industry, and the Advisory Group and Task force members. Javaid Jahangir was given a warm welcome on his first official visit to ICAP. He was briefed about the purpose of formation of multi-stakeholder ASB, the profile of its members and key initiatives undertaken by the board in last one year.  The ASB members, ASB chairman and president ICAP thanked AGP for coming over to Karachi and participating in the board’s meeting. President ICAP emphasised the important role of the ICAP and AGP in country’s auditing and accounting landscape and the need for further collaboration and use of each other’s experiences and human resources for the betterment of public sector accounting practices and standards.

PEW lauds extension in amnesty scheme

ISLAMABAD (INP): The Pakistan Economy Watch (PEW) on Monday lauded the decision of the caretaker government to extend the deadline of the tax amnesty scheme as it will attract much-needed funds. The move has improved the confidence of the business community and polished the image of the present government, it said. Extension in the scheme launched by the former government proves that the current administration is unbiased and impartial while it also exposes the feeble condition of the exchequer, said Dr Murtaza Mughal, president PEW. The former government continued to claim an economic turnaround but left exchequer empty, he added. Dr Murtaza Mughal said that former rulers borrowed over 45 billion dollars while a sizable amount was wasted due to mismanagement and nepotism. The former government failed to manage economy otherwise the country would not have been on the verge of bankruptcy, he said, adding that SBP is short of forex reserves enough to manage two months of imports.

We are still spending one billion dollars a month while the gap between income and expenses has reached an alarming level of 25 billion dollars necessitating an IMF package.

He said that dollar was worth Rs60 during the dictatorship but the two democracies have pushed it to Rs125 while the fall continues.

Erosion in the exchange rate has pushed the necessities out of the reach of common man, he said.