CCP opens second phase review

of proposed acquisition

ISLAMABAD (Staff Reporter): The CCP in concluding the first phase review of the pre-merger application dated 19 September, 2014 for the proposed acquisition by GlaxoSmithKline Plc., (“GSK”) of the vaccines business (excluding Influenza business except in China) from Novartis AG (“Novartis”), had ordered to open a second phase review on November 13, 2014. Both GSK and Novartis operate in the same relevant product market of meningococcal vaccines through their subsidiaries in Pakistan, where the preliminary examination of the pre-merger application revealed that GSK holds a dominant position, and with the proposed acquisition, GSK will strengthen its dominant position.

CCP has opened a second phase review of the proposed acquisition under Section 31(1)(d)(ii) of the Competition Act, 2010 in order to determine whether or not the said acquisition is likely to substantially lessen competition by creating or strengthening a dominant position in the relevant product market in Pakistan.


PARC develops white maize varieties to boost production

ISLAMABAD (inp): Pakistan Agricultural Research Council (PARC) has developed white maize varieties. Scientists design pathway to take the maize germplasm to the clients to boost up production of maize in the country on large scale. PARC with the help of National Rural Support Programme (NRSP) was able to reach farmers in the country. This was stated by Dr Iftikhar Ahmad, Chairman PARC in his opening remarks on the occasion of a two-day National Maize Workshop: Annual Progress Review under Agricultural Innovation Programme (AIP) for Pakistan here at local hotel in Islamabad.

The workshop was organised by International Maize and Wheat Improvement Center (CIMMYT) in partnership with Pakistan Agricultural Research Council (PARC). The programme was financially supported by USAID. Dr Iftikhar Ahmad said PARC can help Maize and Millets Research Institute (MMRI) Yousafwala to sell their maize hybrids to the clients. He said PARC-PATCO is ready to working with private companies to promote various crops in the country. Dr Shahid Masood, Member (Plant Sciences) PARC in his welcome address said AIP is a unique program in Pakistan and we have good production of maize in the country.  He said maize is the 3rd most important crop in Pakistan.


RCCI for taking businessmen

into confidence on policy-making

rawalpindi (Staff Reporter): A delegation of Rawalpindi Chamber of Commerce and Industry (RCCI) called on Director Excise and Taxation Jaam Siraj Ahmed at his office here on Thursday. The delegation, led by RCCI President Syed Asad Mashadi, met with Director Excise and Taxation on later’s invitation.  According to spokesman of RCCI, after the record tax collection of Rs 1 billion in the province Director Excise and Taxation Jaam Siraj Ahmed invited the business community at his office under the leadership of President RCCI Syed Asad Mashadi and presented appreciation certificates for cooperating in tax collection.

Senior Vice President Mian Humayun Parvez, Vice President Saboor Malik, executive members, Sheikh Saddique, Ch. Iqbal, Sharjil Mir, Tahir Taj Bhatti, Fiaz Qureshi, Haroon Shah and others representatives of trade associations were also present on the occasion.

Jaam Siraj said that Excise and Taxation office Rawalpindi initiating new tradition and setting new example by acknowledging the services of business community. He said that door of his office were open for the business community and all issues would be resolved with mutual consent.

He further said that trust level between the tax collector and tax payers was being establish which is good for the national economy.

Director said that last date of filing property tax is November 28, 2014. He urged the business community to submit the said tax before the said date as charges will be imposed after due date. While elaborating he said that Rawalpindi Excise office could not extend the date or remove charges that’s why businessmen should pay this within due date. He said that any ambiguity in notices or incorrect notices issues would be resolved immediately.

Speaking on the occasion President RCCI Syed Asad Mashadi said that recent record tax collection showed that business community wants to pay taxes but government should waived off over taxing or extra taxing. He demanded of the government that this amount must be spent on city development. He said that government must take business community into confidence in policy making process. He thanked Director Excise for his encouraging gestures and ensured his full cooperation in future.



LSE campus outreach programme

lahore (Staff Reporter): The first and second session of Financial Literacy initiative under Campus Outreach Program is held for the students of Lahore College for Women University, Lahore, in collaboration with South Asian Federation of Exchange (SAFE). At the event Corporate Communications Department-LSE gave a detailed presentation covering all spheres of capital and financial markets. The students were briefly informed about the regulatory framework, market indicators, investment products, financial services & opportunities accessible to investors in Pakistan. Ms. Gitee Bhatti-Officer Corporate Communications quoted practical examples about various investment avenues.

She also spoke on various operational matters of the Exchanges including listings, trading, corporate governance, sensitivity of Stock Market and investor protection. While addressing to the students, she requested the students to adopt saving behavior in their life style in order to become the Chief Financial Officer of their own life.


Czech envoy visits KCCI

karachi (Staff Reporter):  The Ambassador of Czech Republic in Pakistan Miroslav Krenek has said that although Pakistan and Czech Republic have been enjoying cordial trade and economic relations for many decades but the present trade volume does not depict the true trade potential between the two countries. During his visit to KCCI, he said that existing trade volume stood at $145 million, of which Pakistan exports $105m worth goods to Czech Republic whereas the Czech Republic exports products worth $40m to Pakistan. He said in order to enhance business relations and improve Pakistan’s trade with Czech Republic, the business community of KCCI should frequently organise visits of business delegations to Czech Republic.

Referring to KCCI’s suggestion of signing an MoU with their counterpart trade associations in Czech Republic, the Ambassador opined that instead of signing MoUs, the Karachi Chamber should regularly organise visits of trade delegations as such visits can improve the existing low trade volume between the two countries.

He said that trade delegations’ visits to Czech Republic would open up new avenues for enhanced trade relations as Pakistani business community will surely get opportunities to directly meet their Czech counterparts, further explore this important market of European Union and discuss the possibilities of undertaking joint ventures in various sectors of the economy.

Highlighting trade ties in defense and energy sectors of the two countries, the Ambassador informed that his country has been supplying defense-related equipment to Pakistan Air Force whereas a project was also undertaken to upgrade Pakistan Ordinance Factory. Moreover, the business community of Czech Republic has also invested in energy projects in Sindh. These projects will help in dealing with the energy crisis faced by Pakistan while bilateral cooperation in the field of trade and investment will also improve, he added.

Speaking on the occasion, President KCCI, Iftikhar Ahmed Vohra appreciated Czech Republic’s invaluable and unstinting support to Pakistan for its graduation to the Generalized Scheme of Preferences (GSP) Plus Status.

He was of the view that both countries have greater potential of cooperation in the fields of electronics, technologies and energy which should be explored for the mutual benefits.

As Czech Republic was an export-oriented country having an edge in manufacturing of mechanical, industrial and technological goods, Pakistan can look for importing such items from the country, President KCCI opined, adding that the production of technologically sophisticated goods, such as communication devices, electronic products and a wide range of private and public vehicles are also the strength of Czech Republic where the two countries can collaborate.

Iftikhar Vohra was optimistic that Pakistan and Czech Republic’s trade and economic cooperation in various fields can be further strengthened to its true potential by improving investment and business relations between two countries.

Senior Vice President KCCI Mohammad Ibrahim Kasumbi, Vice President KCCI Agha Shahab Ahmed Khan, Former President KCCI, Majyd Aziz and KCCI Managing Committee members also attended the meeting.