Job promoters can reduce unemployment in country

ISLAMABAD (NNI): Pakistan Overseas Employment Promoters Association (POEPA) Chairman Ch. Muhammad Afzal said on Thursday that POEPA could send a large number of unemployed people abroad for earning a decent living. In a statement issued here, he said, “Organisations such as POEPA should be provided facilities so that they can send manpower abroad to reduce unemployment in the country and help it earn hefty foreign exchange.” Afzal said that just demands of overseas employment promoters should be accepted so that they could serve the country with a peace of mind. He demanded that those going abroad should be given relaxations so that the trend of finding jobs overseas could pick up.

He also demanded that the promoters should not be ignored or harassed, as it damaged working environment. The PEOPA chairman also called for empowering concerned ministry and other departments to streamline the working environment.

“National Database and Registration Authority (NADRA) should ensure timely issuance of National Identity Cards to the overseas Pakistanis, and practice of collecting urgent fee should be abolished in the national interest,” he asserted.

Afzal called for taking notice of delays in the processing of CNICs of those going overseas.

He said that all the important vacancies lying vacant in the Ministry of Overseas Pakistanis should be filled immediately, licencing and visa issues of job promoters should be resolved by the government, and merit should be followed in the posting of community welfare and labour attaches. NNI

SECP issues guidelines for estimation of IBNRs

ISLAMABAD (NNI): The SECP has issued the guidelines for the non-life insurance companies on methodology for estimation of incurred but not reported (IBNR) claims reserve, applicable with effect from July 1, 2016. The IBNR claims refer to those claims which have been incurred during the period covered by the insurance policy, but have not been reported to the insurance company during the accounting year, hence, making it difficult for the insurance company to adequately provide for such losses. The guidelines prescribe a standard method for the estimation of IBNR claims reserve and will bring about standardisation and uniformity across the non-life insurance sector in respect of such estimation.

The guidelines are aimed at ensuring the adequacy of the reserves by prescribing standard methodology so as to protect the insurance company from the adverse financial impact in case of unanticipated IBNR losses.

So far, insurance companies have been using different methods to estimate the IBNR claims reserve, which have been found to be largely inadequate, as revealed by the findings of an industry-wide survey conducted by the SECP.

The guidelines also provide for use of alternative method other than the prescribed method, in case where the insurance company believes that the alternative method better predicts the peculiarities of the particular risk, based on the industries past experience and future outlook.

The alternative method can also be used in case where sufficient data is not available for use of prescribed method. The guidelines are issued under the Section 34(3) of the Insurance Ordinance, 2000 and are legally enforceable. NNI

CPEC to benefit 250 industries of country

KARACHI (NNI): Managing Director of Fazal Steel Mills Karim Aziz has said that China-Pakistan Economic Corridor will benefit around 250 industries of the country. Talking to state-run media on Thursday, he said that since the project would also reduce unemployment, so it should not be politicised. He said the project would 100 percent benefit the steel industry, adding, “Fresh investments were required to promote the steel industry in Pakistan.” “The project will promote bilateral, social, trade and cultural relations between Pakistan and China”, he added. "CPEC would benefit all provinces of the country and Pakistan would emerge as economic hub in the region," said Aziz.


Orix Leasing, Access Group sign agreement

KARACHI (PR): ORIX Leasing Pakistan Limited (OLP) has announced sale of its e-business related assets including POS Network and Terminals to e-Access (Pvt) Limited, a part of the Access Group. OLP is exiting this business segment as part of the company’s strategic objective of concentrating on its core business of lease financing. Access Group has been providing cutting-edge technical support to OLP since inception of its POS Network in 2002. The acquisition aims to combine Access Group’s technical expertise with the nationwide presence of the POS Network to meet the growing needs of its existing and potential customers.

The acquisition features a smooth and seamless transition for all clients, as there will be no changes in the operational structure of the business.

Seminar on energy conservation

LAHORE (Staff Reporter): Sui Northern Gas Pipelines Limited (SNGPL) and University of Engineering & Technology (UET), Lahore jointly organized 2nd seminar on energy conservation. The seminar was held by Health, Safety & Environment Department, SNGPL and Department of Chemical Engineering, UET Lahore. Managing Director SNGPL, Amjad Latif and Vice Chancellor, UET Prof Dr Fazal Ahmed Khalid were chief guests on the occasion. MD SNGPL said that SNGPL makes every effort for competent utilization of gas to different sectors. He also said that on part of conservation of energy, a memorandum of understanding (MoU) was signed between SNGPL and the UET Peshawar, UET Lahore and Punjab University for sponsoring a chair at respective department.

General Manager Sui Northern Health Safety & Environment Department Farrukh Majeed Bala, Dean of Chemical Engineering, UET, Dr Nadeem Feroze, Chairmen Department of Chemical Engineering, Lahore Prof Dr Hassan Javed Naqvi, Shafiuddin from UET Peshawar and Mudassar Azam from Punjab University along with other discussants also spoke on the occasion. Seminar was attended by professionals, academicians and students along with many people from different walks of life. SNGPL, in collaboration with academia, has focused on energy conservation and initiated many research programs for effective utilization of gas in domestic and industrial sector. This 2nd national seminar on energy conservation is part of this series.