News Brief

SECP directs PSX to elect board of directors

ISLAMABAD(Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP) has directed the Pakistan Stock Exchange Limited (PSX) to fix the number of directors and hold election of shareholder directors in accordance with requirements of the Companies Act, 2017. The SECP direction has been issued to ensure good governance and for the true representation of shareholders on the PSX board. The law requires that the board of a securities exchange shall comprise of a CEO, independent directors and shareholder directors. The number of independent directors on the board shall not be less than the shareholder directors. In accordance with the SECP’s direction, the newly elected shareholder directors along with the existing independent directors shall nominate new independent directors. The protection of minority investors remains the SECP’s priority area. As a result of the SECP’s decision, the representation of minority shareholders comprising the general public will also come into effect. The process has to be completed by February 28, 2018.

WB country director discusses issues of bilateral interests with MoS for Finance

ISLAMABAD/LAHORE (INP): The World Bank Country Director, Patchamuthu Illangovan along with members of his team called on Minister of State for Finance, Rana Muhammad Afzal Khan here on Friday and discussed with him matters of bilateral interests. The WB’s Country Director congratulated Rana Muhammad Afzal Khan on assuming his new responsibilities and wished him well in his tenure. The MoS for Finance said that World Bank has been a great development partner of Pakistan. He appreciated the contribution of the World Bank for development and progress of the country and hoped this partnership would further grow in future. Minister Rana Afzal and Mr. Illangovan on the occasion also had a brief discussion about ongoing projects. Meanwhile, Punjab Provincial Development Working Party (PDWP) has approved development scheme of local government sector with an estimated cost of Rs. 4705.000 million.

Chairman P&D Muhammad Jahanzeb Khan presided over the 41st meeting of PDWP of current fiscal year 2017-18 during which the scheme was approved. The meeting was also attended by Secretary P&D Iftikhar Ali Sahoo, all members of the Planning & Development Board, provincial secretaries concerned, Assistant Chief P&D Coordination-II Hafiz Muhammad Iqbal and other senior representatives of the relevant provincial departments. The approved development scheme is: Khadem-e-Punjab Saaf Dehaat Programme at the cost of Rs4705.000 million. Annual exports may jump by four billion dollars: PBIF

ISLAMABAD (INP): President PBIF, Mian Zahid Hussain on Friday said devaluation and other steps may result in an increase of four billion dollars in the total exports. However, the entire imports for the ongoing fiscal year may jump by eight billion dollars resulting in a wide deficit and more problems for the economic managers, he said. Mian Zahid Hussain said that policy of getting loans to repay old loans and preferring borrowing over exports has not only damaged economy but also the sovereignty, therefore, the policy should be reviewed. The former minister said that last year’s exports stood at twenty billion dollars while imports were at fifty-two billion dollars. The veteran business leader said that Pakistan’s total exports were around twenty billion dollars for the last fiscal while Bangladesh fetched twenty-eight billion dollars on the account of garments only. The government should stop getting costly loans and bring down the price of energy for the export sector otherwise Pakistani products would be soon wiped off from the international market, he warned. ICCI calls for early promulgation of new rent law in Islamabad

ISLAMABAD (INP): Acting president, Islamabad Chamber of Commerce & Industry (ICCI) Nisar Ahmed Mirza has called upon the government to take urgent measures for early passage and promulgation of a new rent control law in Islamabad to meet the long-standing demands of traders.  The acting president ICCI said due to delay in the enactment of amended bill of rent law, the traders of almost all the local markets have now started protest movement as they were feeling very disappointed over the inaction of the government to promulgate a new rent law in the federal capital. Nisar Ahmad Mirza was talking to a delegation of local traders that called on him to discuss the problems being faced by the trading community due to absence of a rent law in Islamabad. The delegation members said that with the consultation of all stakeholders, an amended bill of rent control act for Islamabad was prepared that was presented long time ago in the National Assembly.

However, no action has been taken so far to pass the said bill into law and delay in its enactment was giving rise to rent disputes, they said adding that this situation was creating lot of frustrations in the trading community as they were feeling insecure about their business future.

They stressed that government should pass the bill into law without wasting further time so that traders could do business with a sense of security and peace of mind.

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