Mian Zahid Hussain calls for taking Steps to avoid threats to economy.
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday urged the government to take remedial action to prevent the economy from imminent threats.
In a statement he said that the foreign exchange reserves of the country was depleting rapidly due to repayment of $200 million as debt servicing every week. He said due to consistent payment the liquid reserves of the country had come down below $17 billion.
He said that although the international credit rating agency Moody’s had maintained the country at B three but it had pointed out threats to Pakistan’s economy, which should be point of concerns for the leaders and especially for the finance minister.
Mian Zahid Hussain said that the rating agency pointed out official reserves below the imports of 2 Ω months. He appealed the present government to address the issues of business community and provide relief to those sectors, which were ignored in the budget. He also urged the present government to take these steps before completion of tenure.
The veteran business leader appealed the finance minister to provide more relief to textile sector, which is the most important sector of the economy. He also urged the finance minister to release refunds of this sector in order to ensure sufficient liquidity.
He said that the sector needed Rs25 billion against stuck up refunds as oxygen. Mian Zahid Hussain said that the country was facing looming threats of FATF decision yet the government had not evolved any policy.
He also said that many countries did not want Pakistan on path of progress. Therefore, the government should set economic direction before interim set up and general elections, he added.
MP Bhandara Memorial Polo Cup 2018 won by Kalabagh Asean
Sports need to be promote more in Pakistan: Isphanyar M. Bhandara
Sports need to be promoted more in Pakistan so youngsters can be kept away from terrorism, drug addiction and other negative activities while multi national and national companies should play their role in the establishment of a healthy society, Mr Isphanyar M. Bhandara, Member National Assembly and Chief Executive Murree Brewery Co expressed these views while talking to journalists after the prize distribution ceremony of the final match of the M. P. Bhandara Memorial Polo Cup.
The team of Kalabagh Asean won M. P. Bhandara Memorial Polo Cup by 5 goals and scored a total of 8 goals against the team of Security 2000. A total of six teams participated in the tournament, which concluded last week.
Mr. Roumen, the Ambassador of Bulgaria to Pakistan was the Chief Guest of the final ceremony of the tournament and also Ms. Sumera Malik was present to support the Kalabagh Asean whereas, former Justice Ali Nawaz Chauhan especially participated in the ceremony and mentioned that Murree Brewery’s historical Polo Tournament was started in 1904.
JS Bank partners with seed ventures for entrepreneurial growth
JS Bank has joined hands with Social, Entrepreneurship and Equity Development (SEED), for extension of loans under the Prime Minister Youth Business Loan (PMYBL) program.
Through this partnership, JS Bank, one of the nation’s fastest growing financial institutions will work with SEED, an enterprise development organization striving to overcome social challenges, to extend financing opportunities for entrepreneurs. Individuals between the ages of 21 and 45 years will be able to apply for loans of up to PKR 2 Million at a mark-up rate of 6%.
This collaboration will pair loan extension by JS Bank with the provision of knowledge and best practices by SEED, to help advance and develop entrepreneurship in different economic and social stratums. By working with various stakeholders of the entrepreneurial eco-system, the two organizations aim to help these businesses accelerate and optimize their potential and develop the required skillset for sustainable growth.
Reflecting upon this partnership, Basir Shamsie, Deputy CEO – JS Bank stated, “Our alliance with SEED reflects our commitment of working towards the betterment of free enterprise and the nation as a whole. I am very confident that this collaboration will play a major role in overcoming the barriers faced by young entrepreneurs.”
Faraz Khan, CEO and Co-founder – SEED expressed his optimism about the future of this partnership and commented “Our association with JS Bank will create new opportunities for entrepreneurs in Pakistan. Such partnerships will help entrepreneurs bring social and economic change and help us bring best incubation and acceleration practices to Pakistan.”
Through this alliance, JS Bank is promoting economic growth and creating opportunities for sustainable development across Pakistan.
Royal Danish Embassy recognizes Mahvash and Jahangir Siddiqui Foundation for charitable efforts across Pakistan
The Mahvash & Jahangir Siddiqui Foundation (MJSF), a not-for-profit organization working in the fields of education, healthcare, disaster relief and sustainable social development has been recognized for its charitable efforts by the Royal Danish Embassy. To mark the occasion, a shield was presented to Ali Charanya, Chief Operating Officer (COO) – MJSF by H.E. Rolf Michael Holmboe – Danish Ambassador to Pakistan.
Founded in 2003, the foundation is a major donor to philanthropic causes in Pakistan. MJSF has partnered with international organizations including the United Nations, World Wildlife Fund, UN Habitat for Humanity, Oxfam, World Food Authority, Disaster Management Authority etc. Focused on long-term sustainable projects, the organization has established the JS Academy for the Hearing Impaired, a center for Autism and is inaugurating a state of the art hospital at Sehwan Sharif, Sindh.
Speaking at the occasion, the Ambassador of Denmark, H.E. Rolf Holmboe stated, “MJSF is a shining example of true corporate social responsibility. I am very pleased that a major business conglomerate such as JS has undertaken such a major philanthropic venture. JS Group has set a high benchmark and I hope that other large corporates will do the same and engage in making their country a better place for all”.
After receiving the award, Ali Charanya, COO – MJSF said, “It is an honor for MJSF to be appreciated by the Royal Danish Embassy. We are grateful to the Ambassador for reviewing our efforts and commending us for the same. We are committed to serving the underprivileged across Pakistan and will continue to live up to our pledge to promote economic development, enhance the dignity and quality of life of individuals, families and communities, eliminate barriers to opportunity and help those in need.”
This recognition follows the receipt of an award given to Ali Raza Siddiqui, Chief Executive Officer (CEO) of MJSF by Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Culture and Knowledge Development, UAE for his remarkable contribution to philanthropy at an annual award function organized in Dubai.
Dean & Director IBA honored by Sapphire Group
Recently, a lunch was hosted by the Chairman and Founder of the Sapphire Group, Mian Muhammad Abdullah, in honor of the Dean & Director IBA, Dr. Farrukh Iqbal, at a leading private club in Karachi.
The lunch was attended by Karachi’s elite business community, bank presidents and prominent philanthropists. Welcoming the Dean, Mian Abdullah, praised him for successfully leading the IBA, and observed that the leadership of the IBA successfully continues to prepare leaders for tomorrow’s world.
Speaking at the occasion, Dr. Iqbal said that the IBA was grateful for the generous contribution by the corporate sector as well as the philanthropists. This contribution enabled the IBA to improve its infrastructure and services as well as help the talented but needy students. The Dean mentioned that last year the IBA gave Rs. 231 million as financial assistance to its students, and nearly 30% of the student body received financial assistance. He requested the distinguished gathering to continue supporting the cause of higher education and help strengthen IBA’s financial assistance program, especially the financially-disadvantaged students.
Sapphire Group is one of the main benefactors of the IBA with Rs. 100 Million provided as donation towards the refurbishment of the state-of-the-art Library at the IBA Main Campus.
The lunch was attended by the following esteemed guests:
Mr. Shahid Shafiq – Member of the Board of Governors, IBA, Karachi
Mr. Zahid Bashir – Member of the Board of Governors, IBA, Karachi
Mr. S. M. Muneer, Chairman of the Din Group
Mr. Muneer Kamal, former Chairman of the Pakistan Stock Exchange
Ms. Sima Kamil, the President and CEO of United Bank Ltd. (UBL)
Mr. Muhammad Aurangzeb – the President & CEO of Habib Bank Ltd. (HBL)
Mr. Mohsin Nathani – President & CEO, Habib Metro Bank
Mr. Nadeem Abdullah – Director, Sapphire Group
Mr. Mushtaq Chhapra – Chairman, The Citizens Foundation (TCF)
Mian S.M. Saleem of the MIMA Group
Mian Javed Ihsan, the CEO of Ihsan Sons Ltd.
Mian Anwar Tata, Chairman of the Tata Group
Mr. Shahid Tata – CEO, Tata Textile Mills Ltd.
Mr. Maqsood Ismail – CEO, Ismail Industries Limited
Mr. Jawaid Akhtar, Director of Indigo Textiles
Mr. Iqbal Alimohamed – CEO, Gul Ahmed Energy Ltd.
Mr. Dilawar Agha, CEO of Abbas Dyeing
Mr. Nadeem Maqbool – CEO, Suraj Cotton Mills Limited
Capt. (R) Nisar Ahmed Chughtai – PIA
Mian Naseem Shafi, Shafi Tanneries
Mr. Nadeem Karamat, former CEO of Pak-Iran Investment
Mr. Anwar Haji Karim of Al-Karam Textile
Sh. Masood Ahmed
Mr. Imran Ahmed, Director of Indus Dyeing Ltd.
Mr. Javed Iqbal
Mr. Nadeem Yahya
Dr. Huma Baqai – Associate Dean, IBA Karachi
Ms. Malahat Awan – Head Alumni Affairs & Corporate Relations, IBA Karachi
EU agrees new capital rules, large banks secure easier terms
European Union finance ministers reached an agreement on Friday on reforming bank capital rules, a major step towards boosting the bloc’s financial stability and a stepping stone towards a deal on a backstop for its bank-rescue fund in June.
The accord came after 18 months of heated debate among the 28 EU governments on how to apply new global bank capital rules that overhauled financial regulations after the 2007-2009 global crisis.
It paves the way for another breakthrough on the bloc’s bank rescue fund, which ministers committed on Friday to equip with a backstop, although the final decision will be made only in June.
The two measures are seen as interlinked because the banking capital rules are expected to reduce bank risk, which would allow more sharing of risk among euro zone countries in the form of a common backstop to prop up the sector’s rescue facility, known as Single Resolution Fund.
Under the accord, which must be approved by EU lawmakers, European banks will have to abide by a new set of requirements aimed at keeping their lending in check and ensuring they have stable funding sources.
Under the deal, the euro zone’s agency for troubled banks, the Single Resolution Board, will be given a clearer mandate to set the level of capital buffers that banks should hold against the risk of failure.
The so-called Minimum Requirement for own funds and Eligible Liabilities (MREL), which introduces into EU legislation the global standard known as Total Loss Absorbing Capacity (TLAC), will be set at 8 percent of large banks’ total liabilities and own funds.
The SRB will, however, be able to require higher buffers for banks it deems insufficiently safe, or a lower buffer for better capitalised institutions.
Ministers agreed on a more favourable capital treatment for large banks in countries that belong to the bloc’s banking union, such as France’s BNP Paribas, Netherlands’ ING and Italy’s Unicredit, as their exposure to other countries in the bloc will be treated as a safer domestic exposure.
The new rules would also require large foreign banks to set up intermediate parent undertakings (IPUs) that would bring their EU operations under a single holding company. The move effectively mirrors US rules and is seen as crucial to protecting the bloc’s financial stability against risks posed by major banks.
Germany and France fully backed the deal, others accepted it with some reservations. Italy and Greece, which abstained, said the deal on capital rules should be matched by an agreement on sharing banking risk by June.
Italy’s position, although in line with past statements, was partly dictated by the fact that it has yet to form a government after inconclusive elections in March.
In a minor concession to reluctant states, ministers reiterated their intent to reach an agreement on a state-funded backstop for the euro zone’s bank-funded Single Resolution Fund.
The fund is currently equipped with 17 billion euros ($19.9 billion), but that is not considered enough to cope with a larger banking crisis.
The backstop is expected to be provided by the euro zone’s state-backed bailout fund, the European Stability Mechanism.
Another measure of risk sharing, a common insurance of covered bank deposits, is still far from being agreed, despite being a pillar of the banking union, the EU’s flagship project to strengthen its banking sector after years of crisis.–Agencies
Dewan Cement in sweet spot to gain cement share of Bhasha Dam
Dewan Cement Limited (DCL), a renowned cement manufacturer of the country, eyes on the rising cement demand in Pakistan in general and the construction of Diamer-Bhasha Dam approved by the federal government in particular.
The construction of Diamer-Bhasha Dam with an estimated cost of Rs 474 billion would boost approximately cement demand of five-million ton per annum in Pakistan. Taking benefit of being nearest cement manufacturing plant in Kamilpur Hattar Industrial Estate, district of Khyber Pakhtunkhwa of Bhasha Dam, the company shall get the biggest share or produce cement according to their required specifications of Dam.
DCL, capacity is around 2.94 million ton of cement in Northern and Southern parts of the country, is on track to get share from five-million tons per annum of Bhasha Dam.
The multi-billion-rupee project of the government would likely to generate demand of 20-25 million tons of cement for next four to five years.
The Prime Minister of Pakistan had given final go-ahead for the construction of Diamer-Bhasha Dam at an estimated cost of Rs 474 billion aimed at increasing the country’s depleting water storage capacity. The Dam will have a 6.4 million acres feet live storage capacity and an installed power capacity of 4,500 megawatt.
Dewan Cement Ltd is an ISO 9001:2008 certified cement manufacturing company, and a trusted name in the production of high quality cement. DCL has a capacity to generate more than 2.94 million ton per annum from two separate manufacturing units, comprising of Karachi Plant in the South and Hattar factory in the North.
The Company exports cement to countries across the globe, such as India, Sri Lanka, the United Arab Emirates, Qatar, Kuwait, Iraq, Yemen, Sudan, Djibouti, Tanzania, Kenya, Madagascar, Mozambique, Seychelles, Comoros Island and Lesotho.
According to a new research, the demand of the quality cement in India, Vietnam and Bangladesh is going to rise and Pakistani cement manufacturers including DCL will get the benefit of increase in their exports to these countries through land routes. Meanwhile, Dewan Cement is also looking to enhance their exports to East Africa in general and Uganda and Tanzania in particular.
There is likely to be higher potential for export of Pakistani clinker to China as China has curtailed cement production due to environmental concerns.