The two 'takeover artists' have managed to become the directors on the Board of
Adamjee Insurance Company. This attempt is expected to have long lasting effects on the
policies of public limited companies. The episode also demands amendment in Companies
Ordinance to safeguard the interest of sponsors of blue chip companies having a large
The Sales Tax Collectorate, Hyderabad withdraws cases of sales
tax evasion inadvertantly detected against 10 sugar mills in Sindh.
The Sugar mills were identified as Matiari Sugar Mills, Khairpur Sugar Mills,
Mehran Sugar Mills, Mirpurkhas Sugar mills, Mirza Sugar Mills, Pangario Sugar Mills,
Sakrand Sugar Mills, Sanghar Sugar Mills, Shahmurad Sugar Mills and Sindh Abadgar's Sugar
The backlog of 6.2 million houses offers great business
opportunities to construction industry in Pakistan. In order to bridge the gap, the
government has given status of industry to the construction sector.The mark-up rate on
house building loans is likely to be reduced to 6-8 per cent under Prime Minister's
housing scheme. House Building Finance Corporation(HBFC), is providing house financing at
the rate of about 14 per cent. The commercial banks are also likely to join business of
Motorcycle industry in Pakistan remains to be most zealously
protected industry. In spite of drastic reduction in import tariff from 105 per cent to 10
per cent in the Budget, an unparallel regulatory duty of 95 per cent has been imposed.
Even the manufacturers have started to feel that discouraging imports are tacitly hurting
the industry which it claims to protect.
The increase in customs duty from Rs 500 to Rs 1,500 per tonne
on import of ships for scrap will not only discourage ship breaking but will also
adversely affect the steel rerolling and remelting mills. Meanwhile Pakistan has gone down
to third position from being the top ship breaking area in the world.