SECP takes punitive actions against insurance companies

ISLAMABAD (INP): The SECP have issued four show-cause notices and a warning letter to insurance companies on non-compliance with the insurance ordinance, including that of minimum solvency requirements. Besides, the SECP passed five orders against insurance companies for failing to comply with the Companies Ordinance 1984 and Insurance Ordinance 2000. A warning has also been issued to a company in this regard.  These warnings, show-cause notices and order were issued by the Insurance Division in the month of December 2013. During the month of December, the Insurance Division renewed licences/ certificates of 29 Surveying companies and 47 Authorised Surveying Officers. 

Moreover, during the period 18 complaints filed by the general public against the insurance companies were handled by the office, mostly resolved to the satisfaction of the complainants.

Over 12m cotton bales reach

ginneries across country

MULTAN (APP): Over 12 million bales have reached ginneries across Pakistan by January 1, 2014, registering 9.36 per cent increase compared to corresponding period last year. Seed cotton (phutti) equivalent to 12,670,902 bales reached ginneries during January 1, 2014, says a fortnightly report of Pakistan Cotton Ginners Association (PCGA) issued here on Friday. Arrivals in Punjab were recorded at 8,999,443 bales, as compared to 8,351,797 bales recorded during corresponding period of last year. Punjab registered an overall increase of 7.75 percent in the production. Arrivals in Sindh were recorded at 3,671,459,bales, showing a surge by 13.49 per cent by recording 3,234,933 bales compared to last year.

Exporters have bought 329,090 bales while textile mills purchased 10,618,397 bales, the report adds.

Exactly 1,723,415 bales were still lying with the ginneries as unsold stock so far, it says.

The textile sector has been the biggest buyer of cotton so far as it has purchased 10,618,397 bales as compare to 9,735,806 bales recorded during corresponding period of last year.

Emirates circles globe over 18,000 times in 2013

Lahore (Staff Reporter):  Emirates’ aircraft flew around the world more than 18,000 times in 2013, underlining its position as a global connector of people and places. Figures show the airline’s fleet travelled more than 751 million kilometres throughout the year. Taking the earth’s circumference at the equator as 40,075 kilometres, this translates into the equivalent of 18,753 circumnavigations. A total of 164,635 flights were conducted, carrying over 43 million passengers, who enjoyed the finest dining in the skies and the very best in-flight entertainment. Emirates Flight Catering loaded nearly 46 million meals aboard Emirates’ flights departing Dubai.

A particularly memorable day for the catering team was 20th December 2013 when a staggering 157,308 meals were produced, breaking their previous record of 147,722 on 1st March 2013.

University of Gujrat students visit Lahore Stock Exchange

Lahore (Staff Reporter): A general visit by the students of University of Gujrat has been organized by the Corporate Communications Department of Lahore Stock Exchange where LSE’s officials interacted with the students. Managing Director and Chief Executive Officer of Lahore Stock Exchange Aftab Ahmed Chaudhry was the chief guest. At the event, Corporate Communications Department-LSE gave a detailed presentation covering all spheres of capital and financial markets. The students were briefly informed about the regulatory framework, market indicators, investment products, financial services & opportunities accessible to investors in Pakistan.

 Ms Gitee Bhatti-Officer Corporate Communications quoted practical examples about various investment avenues obtainable in the market and their role in the economic structure of the country. Ms Gitee also spoke on various operational matters of the Exchanges including listings, trading, corporate governance, sensitivity of Stock Market and investor protection. While addressing to the students, Ms. Gitee requested the students to adopt saving behavior in their life style in order to become the Chief Financial Officer of their own life.

BMA Capital announces new head of equities

Lahore (Staff Reporter): BMA Capital Management Limited has announced that Bilal Athar, a leading capital markets expert has joined its management team as an Senior Executive Vice President and Head of Equities to boost BMA’s equities business with institutional, international and retail clients.  Bilal has over 17 years of extensive experience in Pakistan’s equity capital markets. Prior to joining BMA, he has held senior positions heading Equities at JS Global (Head of Business Development), Elixir Securities (Director Equity Sales), Invisor Securities (Head of Brokering), and W.I. Carr (Head of Retail).

Commenting on the news, Moazzam M. Malik, Chairman & CEO of BMA Capital, said that with his impressive track-record gained with major Pakistani institutions and his strong knowledge of the local & regional equity markets, Bilal is probably one of the most senior, experienced and respected professionals of the financial services industry in Pakistan.