Appointments in Nespak on merit

lahore (Staff Reporter): After removal of a ban on recruitments, the Nespak MD Amjad A. Khan has issued instructions to the concerned officials to ensure all appointments in the institution on merit. He laid down a clear policy for recruitment of professionals as per demands of projects in hand in Pakistan and abroad. All such recruitments will be merit-based while complying with the due procedures and necessary formalities like advertisements in the leading newspapers, tests, interviews by the multi-divisional boards and thereafter preparation of merit list in accordance with the points secured. The minimum threshold of Cumulative Grade Point Average will be fixed in the advertisements for attracting the best talent available in the country.

 In the same spirit, the MD has stressed upon the staff to work hard for maintaining Nespak status as an institution in the field of Engineering Consultancy. The MD, who is himself a Civil Engineering graduate from renowned University of Sheffield England, is striving hard to take Nespak to new heights.

Foreign diplomats visit ICCI

islamabad (INP): A 30-member delegation of young foreign diplomats visited Islamabad Chamber of Commerce and Industry for an interaction with local business community and exchanged views on exploring new areas of mutual cooperation to promote bilateral trade and investment between Pakistan and their respective home countries. The diplomats were undergoing 23rd Junior Diplomatic Course at Foreign Service Academy of Pakistan and were representing various countries including Afghanistan, Azerbaijan, Brazil, Bulgaria, Comoros, Costa Rica, Ethiopia, Ghana, Guatemala, Hungary, Madagascar, Maldives, Montenegro, Nepal, Netherlands, Nigeria, Sri Lanka, Sudan, Tajikistan, Turkmenistan, Vietnam and Yemen.

Addressing the visiting guests, Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry said that foreign diplomats have crucial role to promote bilateral trade and economic relations between host and home countries. He said foreign diplomats should adopt a proactive approach and conduct market studies to find out export potential of home country products in host country. They should share such information with private sectors in home country so that businessmen could take advantage of potential business and investment opportunities in foreign countries. He briefed them about economic potential of Pakistan and said that Pakistan offered lucrative investment opportunities in various sectors of its economy including infrastructure development, energy, exploration of oil & gas and minerals, agro industry and other areas.

He said they should inform investors in their home countries to explore Pakistan for joint ventures and direct investment in order to gain high returns. He said foreign diplomats have got first-hand knowledge about market potential of Pakistan and when they go back, they should play positive role in promoting a soft image of Pakistan in outside world. Madam Mumtaz Zara Baloch, Director Academy said that Foreign Service Academy of Pakistan was currently running the 23rd Junior Diplomatic Course for foreign diplomats. She said the purpose of taking these young foreign diplomats to various organizations was to introduce Pakistan and its people as well as potential for trade and investment. Muhammad Shakeel Munir, Senior Vice President, ICCI presented vote of thanks and highlighted strong reasons for considering Pakistan a promising country for business and investment.

Case registered against Irfan Puri

karachi (Staff Reporter): Securities and Exchange Commission of Pakistan (SECP) has registered a case against Irfan Puri for defrauding clients of Capital One, his brokerage house that defaulted. According to sources, Irfan Puri was involved in insider trading, over invoicing and taking money out of the country, which is crime according to the SECP laws. Irfan was also doing a business of bringing in special product and having it resample by HDIP. Irfan was arrested in Dubai for $60 million fraud by Interpol. Sources informed that he was doing a business of supplying Irani material to Hascol with fraudulent documents. He is a UK citizen and abandoning UK law by dealing in Iranian oil.

He is using front companies in Pakistan to represent ENOC of Dubai, Glencore of Switzerland, Mercuria of Switzerland, Gulf Petrochem of India/Dubai and Trafigura of Switzerland. SECP has directed all suppliers to not deal with Irfan directly or indirectly.

SECP allows floating new Modaraba

ISLAMABAD (Staff Reporter): The SECP has allowed floating a new Modaraba namely “Awwal Modaraba”, having paid up fund of Rs one billion. Awwal Modaraba Management Limited, a wholly owned subsidiary company of Pak Brunei Investment Company Limited, will manage the modaraba fund. The new modaraba will be a financial services modaraba, mainly engaged in providing financial support through Shari’ah compliant modes. The certificates of Awwal Modaraba will also be listed on the stock exchange. The Religious Board for Modarabas had cleared and certified in writing that the proposed business specified in its prospectus is in line with the injunctions of Islam.

 It is expected that addition of Awwal Modaraba in the non-banking finance sector would contribute in promoting the business in conformity with the Islamic injunctions and provide further opportunities to the general public to invest in Islamic financial institutions in the country.

Oil market trades lower

LONDON (AFP): World oil prices pulled back in volatile trading on Thursday despite a surprisingly upbeat US supply report a day earlier, analysts said. Brent North Sea crude for June delivery hit a four-month high at $63.29 a barrel, but later stood at $63.15 nearing midday, down 17 cents from Wednesday. US benchmark West Texas Intermediate for delivery in May sank 13 cents to $56.26 a barrel. Crude futures had rallied sharply on Wednesday after the US government’s Department of Energy (DoE) said commercial crude inventories rose by 1.29 million barrels in the week to April 10, much lower than the surge expected by analysts.  Rises in US reserves are indicative of slack demand in the world’s top crude consumer.

“Rising oil inventories are usually bearish as it indicates that there is lot of black stuff around,” said PVM analysts in a note to clients.

“It is, however, not the case when US crude oil inventories build by the smallest margin so far this year.

“Throw in that crude oil stocks in the US West Coast jumped by 1.4 million barrels and all of the sudden you have bullish data,” they added.

The DoE also said US oil production fell by 20,000 barrels, or 0.2 percent, to 9.38 million barrels per day, in the week ending April 10.

Analysts said the decline should help ease the global crude oversupply, which led to a collapse in prices of more than 50 percent between June and January.

The Paris-based International Energy Agency (IEA) on Wednesday cut its supply forecast for non-OPEC countries, citing a lower outlook for US and Canadian output and the “worsening conflict” in Yemen.

The agency also bumped up by 90,000 barrels per day its forecast for 2015 petroleum demand. The IEA now expects 2015 consumption of 93.6 million barrels per day, up 1.1 million barrels per day for the year.