8 Feb 18

6
Thursday, February 8, 2018
Biz
ECNEC approves scaling up of
GLOF-II worth Rs 3946.481 mn
I S L A M A B A D :
Executive Committee of the
National Economic Council
(ECNEC) Wednesday
approved the project of
scaling up of Glacial Lake
Outburst Flood (GLOF-II
Risk Reduction in Northern
Pakistan at a cost of Rs.
3946.481 million.
Prime Minister Shahid
Khaqan Abbasi Wednesday
chaired a meeting of
Executive Committee of the
National Economic Council
(ECNEC) here at Prime
Minister’s Office.
Enhancing Public
Private Partnership in
Punjab project at a cost of
Rs. 23,478.84 million was
approved by ECNEC. The
program will provide direct
financial support towards
Viability Gap Fund, Project
Development Fund and
capacity building besides
providing adequate financial
resources to government
departments for project
identification, transaction
execution and development
of sustainable PPP
projects.
ISLAMABAD: Securities and
Exchange Commission of Pakistan
(SECP) and Board of Investment
worked in close collaboration to introduce
reforms to make business incorporation
easier in the context of
Starting a Business indicator of World
Bank Doing Business Report.
Considering the world’s best practices
for company registration, the single
online procedure has been a sought
after reform area. SECP, in this regard
has combined procedure for company
name reservation and company incorporation
on February 06, 2018. This
helps the new start-ups to register
companies in a single step through e-
Services rendered by SECP. The much
needed legal back-up was already in
place and now implemented i.e. S.R.O
NH&MP's top officials brief PM on performance , projects
ISLAMABAD: Prime Minister Shahid Khaqan Abbasi Chairs Meeting of Executive
Committee of the National Economic Council (ECNEC) at PM Office.
The meeting approved
establishment of Combined
Effluent Treatment Plants
(CETP) for Industrial Areas
of Karachi including laying
of Interceptors Sewers at an
estimated cost of Rs.
11,799.00 million. It was
decided that the Federal
Government’s share would
be funded through PSDP.
Greater Karachi
Sewerage Plan (S-III) at a
cost of Rs. 36,117.459 million
was also approved by
the ECNEC. The meeting
emphasized upon the need
for effective monitoring of
the project implementation
so as to ensure interrupted
and smooth implementation
of the project.
The meeting approved
extension in completion
date for National
Electronics Complex of
Pakistan (Phase-I)
NESCOM Islamabad.
Moreover, Prime
Minister Shahid Khaqan
Abbasi chaired a briefing
on National Highways and
Motorways Police
(NH&MP) at Prime
Minister Office.
Minister of State for
Communications Junaid
Anwaar Ch. and senior
government officials were
SECP brings business friendly reforms
Wall Street gains as volatility eases
NEW YORK: U.S.
stocks overturned early
losses to trade higher on
Wednesday as some buyers
returned to a market
still shaking from a record
fall for the Dow Jones
Industrial Average earlier
this week.
Gains in industrial and
consumer discretionary
stocks led advances on the
S&P and the Dow.
Boeing (BA.N) rose 2.7
percent, providing the
biggest boost to the Dow,
while Amazon’s
(AMZN.O) 1 percent rise
helped lift the S&P 500.
At 10:53 a.m. ET (1553
GMT), the Dow Jones
Industrial Average .DJI
was up 249.57 points, or 1
percent, at 25,162.34. The
S&P 500 .SPX rose 19.7
points, or 0.73 percent, at
2,714.84 and the Nasdaq
Composite .IXIC was up
26.64 points, or 0.37 percent,
at 7,142.52.
The pivotal gauge of
S&P 500 volatility, the
VIX .VIX, opened at a relatively
elevated 31 points
and slipped to 21.24. The
VIX on Tuesday hit a more
than two-and-a-half year
high above 50, after trading,
on average, below 20
for months.
“We are concerned
there’ll be more volatility.
I’d characterize what
we’ve seen over the last
year as abnormal,” said
Sameer Samana, global
equity and technical strategist
at Wells Fargo
Investment Institute in St.
Louis.
704 (I)/2017 dated July 26, 2017
The time to register a company is
now four hours in one go where
requirements are submission of name
availability with three options and
incorporation application with model
memorandum of association and articles
of association. The beginning of
the financial year 2018 has brought a
fresh air of reforms as SECP has introduced
two other reforms regarding
ease of Starting a Business. One the
merger of procedure to notify the
appointment of CEO with company
incorporation procedure. Two, SECP
has further reduced fee involved in
company registration due to merger of
several statutory forms into a single
form. The current name reservation
and company registration fee for single
member company with a paid up
capital up to Rs. 100,000 is Rs.1,550
under online mode and Rs. 3,000
under offline mode. Previously it was
Rs.2,300 under online mode and
Rs.4,500 under offline mode. Both
reforms have their legal back up to
insure the protection that an incumbent
business requires.
The end result is less procedures,
lesser time in company registration
and reduction in cost of starting a business.
SECP has taken up a huge challenge
to implement the reforms on creating
an enabling business environment
at federal level. Board of
Investment and SECP are committed
to implement reforms for a well-documented
economy and a formal growing
business sector.
also present during the
meeting. Inspector General
NH&MP Dr. Syed Kaleem
Imam briefed the Prime
Minister on the overall
working and performance
of NH&MP. It was
informed that NH&MP,
since its creation, has
earned recognition at
national as well as international
level for its effectiveness
and being a corruption
free department. The
Federal government nominated
NH&MP as the best
organization for UN Public
Service Award in 2009.
Briefing the meeting on
the performance of the
Motorway Police, it was
informed that management
of traffic volume of 0.65
million vehicles per day on
national highways and
Motorways, reduction in
accidents by 44%, deaths
by 21%, injuries by 25%
and efficient response
through Emergency
Helpline 130 are some of
the significant achievements
of NH&MP from
2016 to 2017.
Finance Ministry
decides to prepare
new package for
federal employees
ISLAMABAD: The
Ministry of Finance on
Wednesday decided to constitute
a committee to prepare
a new package for the
federal government
employees which will be
finalized before the
announcement of the budget
for the next year.
It was decided during a
meeting of a delegation of
Federation of Federal
Government Employees
(Pakistan) here Wednesday
with the Minister of State
for Finance Rana
Muhammad Afzal Khan
Govt suggest ministries to here at Ministry of Finance.
commence project with
The delegation was led by
Chaudhry Mukhtar and
25pc allocation in hand comprised federal government
ISLAMABAD: All the
employees from dif-
ministries are advised that ferent ministries and
they should start execution of departments.
the development projects The Minister gave
until and unless they have 25
percent allocation in hand .
On Wednesday Ministry
of Planning and Development
instructions for convening
the meeting of all the officials
concerned and initiate
preparations for a quality
informed
Committee
Development
on
and
Standing
Planning,
Reform
salary package for Federal
Government employees in
the forthcoming budget. He
that this step is taken to ensure
timely completion of development
projects and to check
the escalation of their cost.
Giving detailed briefing to the
Committee on the budgetary
said that the government
was prepared to provide
maximum facilitation to
the employees that was
possible keeping in view
available resources.
proposal of PSDP of Ministry The Minister had
of Planning, Development detailed discussion with the
and Reform, officials of delegation on the 14-point
Ministry said that in all 34 agenda and said their proposals
development projects of
would be accorded
Ministry have been finalised due consideration. He
which will be completed at a
cost of Rs. 32 .40 billion.
assured them of his full
support in the matter.
Seminar on REX System by European Union
for Issuance of Certificate of Origin
KARACHI: A new system
for issuance of
Certificate of Origin (COO)
by beneficiary countries has
been introduced by Europe
Union (EU) to cover exports
under the EU-GSP preferential
tariff facility. Registered
Exporters (REX) system
will enable Pakistan’s
exporters to issue the COO
by themselves for 28 EU
member states and also for
Switzerland and Norway
after their registration into
EU’s REX database. To educate
the exporters about this
new system, Trade
Development Authority of
Pakistan (TDAP) continues
to organize seminars on
REX System by European
Union for Issuance of
Certificate of origin. On 6th
February, 2018, TDAP
organized a Seminar on
REX system in Hyderabad
Chamber of Small Traders
and Small Industry, which
was attended by the representatives
of all regional
chambers, trade associations,
exporters and potential
producers. Mr. Kamal
Shahryar, Consultant, TDAP
gave an elaborate presentation
covering introduction of
REX, eligibility for registration,
method to become a
registered exporter, REX in
Pakistan _ progress and benefits
and scope of TDAP’s
operations for REX and
Rules of Origin (ROO).He
informed that 36 countries
including Pakistan were
required to completely
switch to the REX System
by the end of December,
2017. Only six countries
have successfully switched
to REX system. Pakistan is
one and has, so far, registered
4300 exporters into
REX database.
Mr. Kaleemullah
Memon, deputy director,
GSP Section, TDAP told
that REX system is very
simple. Mr. Ashiq Hussain
Khoso, deputy director,
TDAP, Hyderabad, emphasized
up on the regional
exporters to immediately get
registered under REX system;
if need be, TDAP will
further help the exporters in
registration process.
CORPORATE CORNER
HUAWEI inaugurates its Largest
Experience Store in Pakistan
Staff Report
KARACHI: HUAWEI has inaugurated its first-ever Experience Store in
Pakistan. Nestled in the vibrant city of Karachi, the store is HUAWEI’s biggest and
most-advanced sales + service center in the country. Mr. Blueking, General
Manager, HUAWEI Consumer Business Group inaugurated the centre along with
Paul Chen, Service Director, Huawei and Kirk Guojianxong, Marketing
Manager, Huawei Pakistan and others esteemed guests.
Paul Chen told that the outlet offers tremendous convenience for people who
would love to indulge in the amazing HUAWEI experience adding that It houses
state-of-the-art facilities where people can try out HUAWEI smart phones before
purchasing them, while also availing after-sales services. A courteous team of brand
ambassadors awaits to guide people about HUAWEI’s remarkable products and
thrilling accessories.
The HUAWEI Experience Store is located at Amma Tower in Sadder which is the
heart of Karachi’s mobile shopping.
While talking to Media Mr Blueking, General Manager, HUAWEI Consumer
Business Group said that “We welcome people from all over the country at the
biggest HUAWEI Experience Store” adding that the opening of this outlet serves as
a testimony to the growing love of people for HUAWEI, a company that offers the
very best experience in smart phone technology. The experience store is an exciting
avenue for people to check out our cutting-edge devices and revel in the HUAWEI
shopping experience.
KARACHI: On inauguration of Experience Store in Pakistan, Paul Chen, Service
Director, Huawei Pakistan and Kirk Guojianxong, Marketing Manager, Huawei
Pakistan are cutting the ribbon along with esteemed guests.
Telenor Microfinance Bank partnersup
with IGI General Insurance
KARACHI: Telenor Microfinance Bank has partnered with IGI General
Insurance to provide protection packages to vehicle drivers in case of any on-road
accident. The agreement was signed by Shahid Mustafa, President & CEO - Telenor
Microfinance Bank and TahirMasaud, CEO - IGI General Insurance on Monday, in
the presence of representatives from both organizations.
This coverage will be offered to motorists using ‘AUXO’, a state of the art tracking
car tracking system which provides real time insights on factors such as speed,
location etc. Part of Telenor Pakistan’s Internet of Things (IoT) portfolio, Auxo uses
an internet enabled SIM to communicate updates from the car to smartphones or
web portals for management purposes.
Sharing his thoughts on the agreement, Shahid Mustafa, President & CEO-Telenor
Microfinance Bank said “Our overarching goal is to provide convenient and cost-effective
financial solutions to the people of Pakistan. By collaborating with industry players, we are
adding value to our customer’s lives, enhancing their ability to manage their financial future.
Byco commissions Catalytic Reformer at ORC-2
Byco’s reformer will increase motor gasoline production five-fold
from 300 tons to 1,500 tons/day Byco’supgrade underscores the
firm’s commitment towards innovation
KARACHI: Pakistan’s leading energy company, Byco Petroleum
Pakistan Limited, has commissioned a catalytic reformer at its larger
oil refinery, ORC-2. The reformer has successfully commenced
its operations.This will enable the Company to convert 24,000 barrels per day of
Heavy Naphtha into Motor-Gasoline, as per rated capacity.At the combined current
level of crude processing at both of Byco’s Oil Refining Complexes (ORC I & II),
i.e. 75,000 barrels per day, the cumulative motor gasoline production has increased
5 –fold from 300 tons to 1,500tons per day.
Mr. Mansoor Shafique Qureshi, Vice President of Operations at Byco remarked at
the Inauguration Ceremony held at Byco’s premises, “Byco has invested much time,
effort and resources to the commissioning of the catalytic reformer, which will give us
the additional strategic advantage of producing significantly more high quality motor
gasoline. Byco believes in continuous improvement of its capabilities and our customers
will appreciate our commitment to bringing them the best quality products.”
Zong 4G’s new vision for a healthier environment
Karachi: In an attempt to contribute for healthier environment,
Zong 4G, Pakistan’s No.1 4G network and a socially responsible corporate
entity has recently made all its offices including CMPak
Headquarters a smoking free zone.
Beginning from January 2018, the smoking of cigarettes and other lighted products
is no longer allowed in the office premises. The decision to go smoke free was prompted
from the Zong 4G’s commitment to environment sustainability. The smoking free
workplace has been welcomed by the employees as sheer commitment for the societal
and environmental wellbeing.
Smoking is injurious not only to health but also to environment. It releases toxic air
pollutants in the atmosphere, the cigarette butts litter the environment and eventually
the toxins seep into soil and waterways. Despite the mounting evidence of association
between air pollution and ill health, little attention has been paid to it.