Tag: BUSINESS

September 27, 2021 (MLN): The gold rate was subdued on Monday in the international market as it reached $1750 an ounce on rising US bond yields and a stronger dollar, as investors awaited speeches from the Federal Reserve policymakers for getting clues on the central bank’s rate hike timeline.

While silver was valued at $22.62 per ounce.

On the domestic front, the gold prices inched higher in the bullion market as the 24-karat gold price went up by only Rs50 to settle at Rs113,550 per tola. While 10-gram gold price closed at Rs97,351, up by Rs43, Karachi Sarafa and Jewellers Association reported.

On the contrary, the price of 24-karat silver remained stagnant at Rs1,400. Likewise, the price of 10-gram silver stayed flat at Rs1,200.27.

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September 27, 2021 (MLN): The shareholders of Service Fabric Limited (SERF) in an extraordinary general meeting held on September 25, 2021, have approved the investment of Rs650million in Kilowatt Labs Technologies Limited for the setup of the super capacitor project.

During the meeting, it was also resolved that approval is hereby accorded regarding the purchase of land from Ghani Chemical Industries Limited (GCIL) for setting up of the calcium carbide project in Hattar Economic Zone.

The shareholders also approved the investment of Rs400mn in the share capital of Ghani Chemical Industries Limited.

In addition, it was also resolved that approval is hereby accorded regarding the purchase of land from FIEDMC (Faisalabad Industrial Economic Development Zone), for super Capacitor Project.

The shareholders further resolved that approval is hereby accorded regarding Voting Trust Agreement to be executed between Service Fabrics Limited, Ghani Global Holdings Limited (associated company/GGL), and Digital Custodian Company Limited, under section 208 of the Companies Act, 2017 and supersedes ordinary resolution in this regard passed on May 29, 2021.

Furthermore, the company’s shareholders further resolved Chief Executive Officer and Company Secretary of the Company be and are hereby singly empowered and authorized to take all steps and actions necessary, incidental and ancillary as may be required in this regard and to do all acts, matters, and things as may be necessary or expedient for the purpose of implementation of the above-said Resolutions.

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September 27, 2021 (MLN): Bears once again dominated Pakistan Stock Exchange on Monday, with the benchmark KSE-100 index shedding 255 points during the session to close at 44,817 points.

The market opened with a slightly positive note and remained volatile throughout the trading session.

Higher international commodity prices coupled with an outstanding futures position of Rs12.48bn marked as delivery resulted in aggressive selling pressure from the participants, a closing note by Topline Securities cited.

However, a sharp recovery was witnessed in the last half hour where the index almost wiped off its daily decline to settle at 44,817 level, it added.

On the announcement front, TOMCL informed the exchange that it has secured a high-value contract for a supply of 250 MT frozen boneless deglanded meat worth $1million to Global Developing Food Industries Company, Saudi Arabia.

The Index traded in a range of 899.81 points or 2.00 percent of previous close, showing an intraday high of 45,236.32 and a low of 44,336.51.

Of the 95 traded companies in the KSE100 Index 33 closed up 59 closed down, while 3 remained unchanged. Total volume traded for the index was 162.70 million shares.

Sector wise, the index was let down by Commercial Banks with 100 points, Refinery with 34 points, Paper & Board with 25 points, Inv. Banks / Inv. Cos. / Securities Cos. with 23 points and Pharmaceuticals with 20 points.

The most points taken off the index was by TRG which stripped the index of 51 points followed by HBL with 51 points, MEBL with 29 points, UBL with 18 points and PSO with 16 points.

Sectors propping up the index were Fertilizer with 19 points, Chemical with 11 points, Cable & Electrical Goods with 5 points, Oil & Gas Exploration Companies with 2 points and Textile Spinning with 2 points.

The most points added to the index was by SYS which contributed 49 points followed by FFC with 18 points, MTL with 8 points, KTML with 7 points and EPCL with 7 points.

All Share Volume decreased by 68.14 Million to 301.39 Million Shares. Market Cap decreased by Rs.58.45 Billion.

Total companies traded were 547 compared to 510 from the previous session. Of the scrips traded 143 closed up, 382 closed down while 22 remained unchanged.

Total trades decreased by 20,388 to 101,455.

Value Traded decreased by 0.60 Billion to Rs.11.18 Billion

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September 27, 2021: Chairman, National Accountability Bureau (NAB), Justice (Retd) Javed Iqbal on Mnday said the bureau’s successful anti-corruption strategy has led to the recovery of Rs 538 billion from corrupt elements during the tenure of the incumbent management.

Chairing a meeting to review performance of NAB’s Operations and Prosecution Divisions here at NAB headquarters, he said father of the nation, Quaid-i-Azam Muhammad Ali Jinnah, in his address to the Constituent Assembly of Pakistan, had termed corruption and bribery as the biggest curses for a country.

"That really is a poison. We must put it down with an iron hand," the NAB chairman said, adding that the NAB was established to eradicate corruption in a holistic and integrated manner as NAB strongly believes in zero tolerance in eradication of corruption-100 percent development."

He said NAB was absolutely committed to rooting out corruption with an iron hand in an atmosphere of renewed energy and dynamism, where fighting against corruption was being taken as national duty.

The meeting was informed by Director General Operations that NAB had received 496,460 complaints since its inception, out of which 487,124 complaints were disposed off.

NAB has authorized 16,093 Complaint Verification (CVs), while 15,378 Complaint Verification were completed. NAB has authorized 10,241 inquiries, out of which 9,275 inquiries had been completed. NAB had authorized 4,654 investigations, out of which 4,358 investigations had been completed by NAB since its inception.

It was informed that it has recovered Rs. 819.793 billion directly and indirectly since its inception, which was a record achievement. It was further informed that NAB had filed 3,754 references in various Learned Accountability Courts, out of which 2,477 references were decided by Learned Accountability Courts.

Currently, 1,274 references having worth Rs. 1,335.019 billion were under trial at various Learned Accountability Courts.

NAB was considered a role model among SAARC countries. Due to the reason, NAB was selected as the first Chairman of SAARC anti Corruption Forum. NAB was the focal Department of Pakistan under United Nations Convention against Corruption (UNCAC).

NAB had introduced a new concept of Combine Investigation Team (CIT) to benefit from the experience and collective wisdom of senior supervisory officers to further improve the standard and quality of inquiries and investigations on the basis of solid evidence as well as statements of witnesses and documentary evidence.

Besides that it had established state of the art Forensic Science LAB with the facilities of Digital Forensics, Questioned Documents and Fingerprint analysis. These initiatives of NAB were lending quality.

NAB Headquarters and Regional Bureau’s were being evaluated on annual and midterm basis at a given criteria which had proved successful to increase NAB performance.

APP

September 27, 2021: Digital marketing holds promise for tourism promotion and that’s what exactly the present government is doing by rolling out an inclusive project -Brand Pakistan- in coming days to transform the country’s image by projecting its breath-taking tourist resorts at international level through online means.

“The competent authority has already given approval for Brand Pakistan and now our focus is on its launch which is expected in coming month,” a senior officer of Pakistan Tourism Development Corporation (PTDC) told APP on Monday.

The Pakistan Tehreek-e-Insaf government, soon after coming into the power, tasked the PTDC with transforming the local tourism industry by developing a brand for local tourism industry at global level.

He said the initiative, which includes Brand Pakistan, exclusive tourism portal, a ten-year road-map for tourism promotion, a five-year action plan and national minimum standards for hospitality sector, was meant to boost tourism activities in the country. All the components of project would be unveiled at its launching ceremony, he added.

Giving details of the project, he said international experts were hired to prepare the project, which was finalized after holding thorough consultation with all stakeholders.

He said the Brand Pakistan had an exclusive tourism portal, which was meant to promote the country’s tourist attractions across the world through virtual galleries, videos and documentaries.

It would provide world-class exposure to Pakistan’s tourist attractions through one click. It consisted of a user-friendly interface to interact with the prospective tourists and give them the necessary and latest information about the country’s tourist attractions, he added.

He said a ten-year road-map to invigorate tourism industry was also part of the project. The ‘National Tourism Strategy’ (NTS) 2020-2030 would ensure maximum utilization of its huge resources for sustained economic growth, poverty alleviation and reduced social inequalities.

He said the strategy was guided by a vision (2020-2030) that envisaged, a mature, sustainable and responsible tourism industry contributing significantly to the economic development of Pakistan and the quality of life of all her people, primarily through job creation, social inclusion and economic growth.The NTS would raise the industry’s competitiveness and ensure maximum utilization of Pakistan’s natural, cultural, historical and geographical assets, he added.

The officer said salient features of the strategy included sustained economic growth, employment creation, pov­erty reduction, safety and security of tourists, roads and efficient transport services, comfortable and hygienic accommodation and restaurants, value shopping, efficient telecommunication services and access to quality health services.

As a part of National Tourism strategy, he said a five-year National Tourism Strategy Action Plan (2020-2025) had also been prepared that would provide a road-map for effective implementation of the strategic efforts to boost tourism.

He said it was a welcoming development that the sector has been bounced back despite the coronavirus pandemic Pakistan. The government kept open the tourism sector during the pandemic by ensuring full implementation of the Standard Operating Procedures (SOPs) issued by the National Command and Operation Center (NCOC) for stemming the virus spread.

About the steps taken by the government to attract foreign tourists, he said the facility of e-visa was introduced for 193 countries, while 50 countries were provided visa-on-arrival service.

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APP