SECP takes action against insurance sector

Islamabad (Staff Reporter): The Securities and Exchange Commission of Pakistan has stepped up its enforcement efforts against lapses in accounting and financial reporting, while taking action against irregularities. In the month of January, the Insurance Division of the SECP issued six show cause notices and passed three orders against insurance companies for failing to comply with the 1984 Companies Ordinance and 2000 Insurance Ordinance.  Three warning letters were also issued to the CEOs and directors of various insurance/ Takaful companies. During January, the Insurance Division renewed licenses/ certificates of 14 surveying companies and 40 authorised surveying officers.

Moreover, during the period, 10 complaints filed by the general public against the insurance companies were handled by the office, mostly resolved to the satisfaction of the complainants.

Muhammad Asif Arif, the SECP Insurance Commissioner, has said that the punitive actions are designed to highlight the SECP’s enforcement regime is robust and creative, and that it continues to focus on financial statement and accounting irregularities.

TDAP announces ‘Lifestyle Pakistan’ exhibition in New Delhi

Karachi (Staff Reporter):Trade Development Authority of Pakistan has announced the second edition of “Lifestyle Pakistan” exhibition at Pragati Maidan, New Delhi in April, 2014.  The exhibition will showcase top quality of Pakistan’s textiles including high end designer wear, lawn, home textile, readymade garments, fabric, leather garments and accessories, furniture, jewellery, rice, carpets, spices, marble & granite and services sectors. It is expected that more than 150 exhibitors will show case their products at the event. The exhibition will be leveraged with a Pakistani food court where Pakistani cuisine will be served to public.

On the sidelines of the main exhibition, a series of fashion shows and musical evenings will also be arranged at Pakistan High Commission.

Federation of Indian Chambers of Commerce & Industry (FICCI) is also organising “The India Show” at Lahore Expo Centre in the month of February 2014 and TDAP is also supporting them in successful management of the event.

Ministry of Commerce has also supported the organising of exhibition and is providing all possible support for successful second edition of Lifestyle Exhibition at New Delhi, India.

‘2014 to be challenging year for banking sector’

KARACHI (INP): The Chairman SME Bank and former President of the KCCI Majyd Aziz has said the year 2014 will be challenging one for the banking sector in Pakistan. The year 2014 would again see the banks becoming the proverbial piggy banks for the govt to finance its budgetary deficit and to finance the various populist measures announced by the govt, he said. Majyd Aziz was speaking at the  conference titled “Challenges for Economy and  Banks Beyond 2014” here. President/CEO First Women Bank Ltd Charmaine Hidayatullah was the chairperson of the conference while Nadeem Hussain, President/CEO of the Tameer Microfinance Bank was the Guest of Honour.

Criticising the government, Majyd Aziz sarcastically said that the government should appoint peons and clerks as the heads of the state-run banks instead of appointing highly paid bankers, because the main motto of the government-run banks was to arrange financing for the government to meet deficit and any layman can do this kind of worthless work.

Efforts assured to promote trade culture: FG chief

islamabad (Staff Reporter): Business community is playing an important role in promoting trade and economic activities in the country and in this regard all capabilities would be utilized to promote best interests of this vital sector, which is backbone to the national economy. Abdul Rauf, former President of Islamabad Chamber of Commerce & Industry, said this while addressing a grand ceremony after taking oath as new Chairman Founder Group of ICCI here on Friday.  Large number of traders and industrialists attended the ceremony.  He said the business community has posed great confidence in him and he will work with full dedication to resolve their problems.

He said many issues of businessmen related to the district administration, CDA, FBR, police and other departments are still unresolved and he will Insha Allah play his role to resolve the same on priority.

Shaban Khalid, President, Islamabad Chamber of Commerce & Industry, said that the ICCI under the guidance of Founder Group is acting as a bridge between the private sector and the government and has taken many initiatives to facilitate the growth of private sector.

He hoped that under the guidance of new Chairman Founder Group, ICCI will play more effective role for the betterment of entrepreneurial ecosystem.

Vice President FPCCI Munawar Mughal congratulated Abdul Rauf and hoped that under his leadership, the Founder Group would get further strengthened to serve the cause of business community. He said due to law & order problems, business activities are going through a difficult phase and the government is trying to establish peace through dialogue.

He assured that business community would fully cooperate with the government in its initiatives aimed at establishing peaceful environment in the country, which is essential for growth of trade and industrial activities.

He said efforts would be made to resolve burning issues of businessmen including residential facilities for small traders and promulgation of a balanced rent control act in Islamabad.

Outgoing Chairman Founder Group Tariq Sadiq highlighted the achievements of the Group and expressed the hope that the new chairman will take this important business body to the new heights of glory.

KEPZ registers 32pc growth

KARACHI (PR): Karachi Export Processing Zone has registered substantial growth of 32 per cent in its exports during December 2013 when compared with the preceding month of November 2013. This significant change became possible mainly due to the recent steps taken by the new EPZA Management and the Ministry of Industries & Production which have been making efforts to project Pakistan as a top regional investment destination. Rabiya Javeri Agha, Chairperson EPZA, said “EPZA offers some excellent incentives and facilities to the investors through its one-window operation. We are now focusing to play a more active role in catalyzing exports from EPZA.”

 and in this regard we have recently conducted interactive meetings with the investors to address any issues / problems they are facing. It is heartening to see some productive feedback and results”.