Economic agenda to steer country out of crisis

Lahore (Staff Reporter): Institute of Chartered Accountants of Pakistan (ICAP) has organized its annual CFO Conference here in Lahore at local hotel on Thursday. The conference ‘From conformance to Leadership-Evolving Role of CFOs’ was attended by more than 600 professionals from the fraternity of finance and business.

In contemporary business environment, the role of the Chief Financial officer (CFO) has advanced? from the traditional role of providing financial insights and analysis to a stellar role of supporting and shaping strategies and guiding key business initiatives as a Financial Leader.

President ICAP Naeem Akhtar Sheikh in his introductory remarks stated that ICAP’s professionals constitute vital part of the industry and it is incumbent for the institute to cater to their needs and expectations. The CFO Conference over the years has emerged as a resilient platform where professionals in business and industry meet to explore, confront and thrash out solutions to meet the challenges and issues of modern business era.

Kamran. Y Mirza–CEO Pakistan business Council emphasized the role of CFOs as a strategic partner to the CEOs. He added that transformational leadership would result in creating synergy and building strong teams. Further he said that CFOs need to apply vision, determination and above all a steady and methodological pace to reap the benefits across the organization.  To be effective, continuous education is a must.

M. Abdul Aleem – Secretary General (OICCI) highlighted how to create an enabling environment for growth in the Pakistani economy. Our resilient economy has absorbed multi-dimensional shocks over the years. He said the government has to have a national economic agenda to steer the country out of the crisis, for which a robust political will and commitment is needed.

Panel discussion before the lunch was conducted by Susana Chiu, MH, FCPA Immediate past president, Hong Kong Institute of CPAs.  This group discussed “The Role and Expectations of a CFO – Preparing Accountants for Finance Leadership”. She spoke about the continually evolving role of CFO’s in reshaping the finance functions and promoting business innovation within an organization to streamline operations, altering dynamics of the business.

Adnan Afaq – CEO and MD (PACRA), highlightedon the role of credit rating agencies and CFOs Isfandyar Shaheen – Principal. Co-head growth equity, Cyan capital, highlighted the role of CFO in creating value through capital restructuring in the country. He further discussed the cost of financial distress and successfully leveraging capital market to raise funds.



IST inks MoU with RCCI

for industrial research

ISLAMABAD (PR): Institute of Space Technology (IST) and Rawalpindi Chamber of Commerce and Industry (RCCI) signed an MoU to bridge the gap between academia and industry in Pakistan and work jointly in line with the common objectives and goals.

Vice Chancellor IST, Engr. Imran Rahman welcomed the guests and briefed them regarding potentials of IST for undertaking industrial research.

 Director General ORIC IST, Prof. Dr Zaffar Muhammad Khan and Senior Vice President RCCI, Malik Shahid Saleem signed the MoU on behalf of their respective organizations.



Shell earns Rs 1,061m profit

KARACHI (PR): The Board of Directors of Shell Pakistan Limited announced the financial results for the year ended December 31, 2013. The Company posted an after tax profit of Rs 1,061 million against a loss after tax of Rs.1,935 million in the same period last year.The Board of Directors for Shell Pakistan Limited recommended a cash dividend for the year at the rate of Rs 4 per share as well as bonus shares in the proportion of one share for every four shares.



Smeda to receive COMFAR-III from UNIDO

LAHORE (PR): The Investment Promotion Unit (IPU), a joint project of the United Nations Development Organization (UNIDO), the SMEDA and Italy, has equipped SMEDA with UNIDO’s internationally recognized software known as COMFAR III, thus making it the first ever organization in Pakistan to be COMFAR III equipped.

Sardar Ahmad Nawaz Sukhera, CEO SMEDA, received the COMFAR license keys from Mr. Imran Chaudhry, National Project Coordinator, IPU at a graceful ceremony held at SMEDA head office.

 Mr. Dino Fortunato from UNIDO Investment & Technology Promotion Office (ITPO), Italy and the senior officials of SMEDA attended the ceremony.



Tawfiq PBA Secy Gen

KARACHI (PR): Tawfiq Husain has been appointed Secretary General, Pakistan Banks’ Association (PBA). Announcing the appointment, Shazad Dada, Chairman of PBA, said “ We are delighted to have a senior and respected banker like Tawfiq Husain join PBA as we look to further raise PBA’s  stature and profile in the domestic and international banking communities and to make PBA more active in representing the Pakistani banking sector on all relevant forums”.



PepsiCo inks agreement

Karachi (PR):  Mr Jahanzeb Khan, Vice President and General Manager, Pakistan & Afghanistan Business Unit, PepsiCo International and Ali Chaudhry Managing Director Cinestar SMC Pvt Limited signed an exclusive beverage supply agreement for the Cinestar Cinema across Pakistan .

PepsiCo is the market leader in Pakistan with an LRB share of over 50% and has the distinction of being one of the largest PepsiCo market in the world.



21st anniversary of  Bashir Khan Bakhtiar held

LAHORE  (Staff Reporter): The 21st anniversary of the Founder of Workers Movement late Bashir Khan Bakhtiar was held on Thursday at Bakhtiar Hall under the aegis of All Pakistan Wapda Hydro-Electric Union CBA. Workers representatives from across the country attended the sitting.

The Union leaders rejected the incumbent government’s privatization policy that was against the interests of country. They said that instead of relying on IPPs and Rental power, the government should generate hydel energy.