PTBA distributes meat on

Eidul Azha

Lahore (Staff Reporter): PakTurk Businessmen Association (PTBA) Arranged meat distribution with the generous support of its members and philanthropists on the event of Eid-ul-Azha 2015. 100 cows were sacrificed in a hygienic and state of the art slaughter house. Fresh packed meat bags ware distributed in Lahore, Okara, Shergarh, Shakargarh, Sharqpur, Renala Khurd, Faisalabad, Kasur, Multan, Muzfargar cities surrounding areas and villages omongst needy, poor and deserving people. Thus they ware able to cook meat at least once in a year. On the very first day of Eid-Ul-Azha fresh and hygienic meat was also provided with our own hands in orphan house and hospitals for orphan children and patients.

PTBA managed  to sacrificed 10  cows in the flood affected areas of layyah district of Punjab province. Affected received meat at their door steps in 3 different villages of remote areas along river Jehlum, sindh ,chienab with the collaboration of local Govt district administration. Eid gifts chocolates   and sweets were given to flood affected families children. A visit of orphan house in Lahore was arranged by the administration of PTBA.

Tourism can turn Pakistan into economic hub

LAHORE (Staff Reporter): Tourism industry of Pakistan has the potential to turn Pakistan into a hub of economic activities as total contribution of travel & tourism industry in the global economy is more than $7.58 trillion. It is a good sign that Punjab government in general and TDCP is taking all possible steps for the promotion of tourism industry in Punjab. These views were expressed by the president of the Lahore Chamber of Commerce & Industry Ijaz A. Mumtaz after visiting TDCP resort Kallar Kahar. Ijaz A. Mumtaz said that Public Sector Enterprises should learn lesson from this Tourism Development Corporation of Pakistan which is effectively contributing to the economy of Punjab.

He particularly lauded the efforts of Managing Director of TDCP Ahmer Malik for adopting viable and workable policies to make this department a best performer. He said that Chief Minister Punjab Mian Shahbaz Sharif also deserve appreciation for giving the reigns of the department in able hands.

Chakwal chamber office

bearers take oath

CHAKWAL (Staff Reporter): The newly-elected body of Chakwal Chamber of Commerce and Industry took oath on Tuesday at Community Center Chakwal and the oath was administrated by chairman United Business Group Iftikhar Ali Malik. The office bearers of president Khawaja Arif Yousaf senior vice president Ch. Mohammad Yaseen, vice president Amir Najeeb Bhutta while the member executive committee are Haji Noor Sulta, Haji Abdul Razzaque, Irfan Hussain and Malik Hafeez Anjum. Outgoing president Qazi Mohammad Akbar and Patron-in-Chief Zafar Bakhtawari were also present on this occasion. Mine owner Haroon Cheema, Raja Mohammad Arif, Malik Ghulam Murtaza, Haji Nazeer Sultan and others.

Khuram Kamran, Shehzad Sadat, Abdul Qadoos Naqshbndi, Ch. Waseem Zafar, Haji Ahmad Khan and others were present on this occasion. President Khawaja Arif Yousaf was firmed that the policy of outgoing president Qazi Mohammad Akbar would be extended and the promotion of industry and business activities would be promoted. Qazi Mohammad Akbar was of the view that Chakwal Chamber has a bright take off and its industrial recognition has been made throughout the country and chamber within four years of its existence had made a promising start.

SECP revises public sector

companies guidelines

ISLAMABAD (Staff Reporter): The SECP has revised the Public Sector Companies (Corporate Governance Compliance) Guidelines, 2013. The format of the review report on statement of compliance from the auditors to the members, specified vide Schedule III thereof, has been revised in the light of recommendations received from the Institute of CAP. The revised format contains explanation of responsibility of the auditor as well as the management of public sector companies. Moreover, the review report has been revised to provide for issuance of a modified report in cases where the managements of public sector companies have either not accepted or disclosed the fact of non-compliance with the provisions of the relevant framework.

In view of the fact that there are certain public sector companies whose shares are listed on stock exchanges, and which are subject to the requirements of both the Code of Corporate Governance, 2012 as well as the Public Sector Companies (Corporate Governance) Rules, 2013, separate review report has also been specified for such companies.

Meanwhile, in other development, the SECP has strongly dismissed and discounted reports that due to reference of certain cases to NAB, the stock market has experienced some fluctuations.

In a statement issued today, the SECP clarified that NAB has been approached to take punitive action exclusively against those brokers who embezzled shareholders’ assets and have fled the country. The SECP says that no other case against brokerage houses have been referred to NAB for any regulatory violations.

For the purpose, the Chairman SECP recently again met the NAB Chairman to pursue these particular cases of misappropriation. The joint task force comprising senior level officers of SECP and NAB is also expeditiously working on these cases.

The SECP Chairman has reiterated his determination to always safeguard the interest of small investors and curtail tendencies to commit fraud.

World oil prices volatile

Asian trade

SINGAPORE (AFP): Oil prices were volatile in Asian trade Monday as equities tumbled over concerns the slowing Chinese economy could weigh on global economic growth. US benchmark West Texas Intermediate for November was up seven cents to $44.50 and Brent crude for November added four cents to $47.38 in late-morning trade, but prices were swinging in positive and negative territory. “We think the prices of key commodities, such as oil and copper, are close to finding a floor, but sluggish demand growth and battles among producers for market share will keep prices under pressure for some time to come,” Barclays bank said in a market commentary.

Analysts said the bearishness in equities was spilling over into the oil market, with resources firms leading a sell off in Asian stock markets Tuesday.

Demand has been hit hard by a slowdown in China, the world’s top energy consuming nation, while other Asian countries have also seen their economic growth shaved.

On Monday, profits at China’s major industrial companies fell almost nine percent in August from a year ago, the biggest decline since 2011, in the latest sign of weakness in the world’s second biggest economy.

Last week, data showed that Chinese factory activity shrank at its fastest pace in six and a half years in September.

“We think Asia faces a protracted ‘growth’ crisis, not a financial crisis,”US banking giant Citigroup said.

As demand falters, the oil market is being rattled by the prospects of Iran exporting more crude if it complies with the terms of a deal signed in July to curb the country’s nuclear programme.

International inspection of Iran’s nuclear facilities is underway and compliance would lead to a lifting of crippling economic sanctions which have restricted its crude exports.

Analysts say Iran can ramp up exports within months after the sanctions are lifted, adding more oil to the oversupplied market.