Sunday, June 10, 2012, Rajab 19, 1433
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Business & Finance
Kingdom set to modernize fisheryRiyadh—As part of an ambitious plan to ensure food security, the Kingdom has intensified efforts to modernize its fishery sector with an aim to promote the sustainable productivity of local fish stocks. The plan includes the protection of the huge marine environment and review of the Kingdon’s fishery sector on a priority basis besides collaborating with international organizations like the UN Food and Agriculture Organization (FAO).Gas theft another spot on civil societyAmanullah Khan Karachi—After electricity theft through Kundas the commercial users have started stealing natural gas direct from SSGC pipelines causing huge losses to the gas utility.
However SSGC teams are alert on the reports of gas theft and raided at hotels, mineral water plant using illegal gas connections
As part of the Company’s continuing drive against gas theft, SSGC’s Surveillance and Monitoring Department (S&M) conducted raids for illegal usage of gas on two renowned hotels in Nazimabad #2 area, namely Haji Saifullah Khan Bangash and Haji Munawar Khan Bangash hotels, where its proprietors were involved in direct use of gas.
ICCI flays high discount rateStaff Reporter Islamabad—There is a total uncertainty in the country’s economic sector due to high mark-up rates, policy makers should take steps to bring down mark-up rate to increase investment for improving the economy.
Islamabad Chamber of Commerce & Industry (ICCI) has expressed its strong reservation over State Bank of Pakistan’s decision to maintain the same level of policy rate. Such policy restrains investment and trade activities in Pakistan and continually hampering growth of manufacturing in Pakistan, Yassar Sakhi Butt, President ICCI made these remarks in a statement.
ZTBL declares rate of return, different kinds of deposits’ schemeStaff Reporter Islamabad—Zarai Taraqiati Bank Limited (ZTBL) declared the rate of return for nine different types of deposits schemes and that will be effective from May 1, 2012.
A statement issued here by ZTBL said that the nine different kinds of deposits scheme were comprised of PLS Saving Accounts, Business Deposits Accounts, PLS Terms Deposits, Rozana Bachat Account, Mustaqbil Mehfooz deposit (Fixed), Zarai Term Deposite Certificate (Fixed for 3 years), Profit rate of Premature withdrawals of ZTDC, Zarai Munafa Term Deposit Certificate (Fixed), MRFDA-Minfa Revolving Fund Deposit Accounts and MSSDA-Minfa Special saving Deposit Accounts.
Ayaz Niazi qualified, experienced to become NICL ChairmanStaff Reporter Islamabad—Former Chairman of the National Insurance Corporation Limited (NICL) Ayaz Niazi possessed sufficient qualification and experience which was required for the top NICL slot.
Documentary proofs in this regard were submitted in the Supreme Court by Tariq Asad Advocate through a civil miscellaneous application with details about Ayaz Niazi’s qualification and assignments prior to becoming the NICL Chairman.
Niazi possessed both the qualifications as well as experience of direct relevance to the conduct of insurance operations as laid down in S.12 of Insurance Ordinance and he had been appointed in a lawful manner in accordance with prescribed procedure and practice that had been referred to the SECP by the NICL, it was further informed.
LCCI delegation leaves for Turkey, UKSalim Ahmed Lahore—A high-level 37-member LCCI delegation Friday left for 12-day tour to Turkey and United Kingdom to explore new business avenues and enhance two-way trade with these countries.
The delegation headed by LCCI President Irfan Qaiser Sheikh would have joint and one-to-one meetings at various chambers in Turkey and UK besides signing a number of MoUs with various trade and Industry organizations in the two countries.
Opposition rejects Punjab budgetTajammul Gurmani Lahore—The opposition parties in Punjab Assembly (PA) have rejected the provincial budget for the year 2012-13. Leader of Opposition Raja Riaz said it was shameful that PML-N has notified Mian Mujtaba Shuja Rehman as Punjab Finance Minister just one day before the budget. He said it was a bureaucratic and one man show budget. He said they would not play friendly opposition role and they would participate in budget debates and also submitted the cut motions. He said PML-N leadership was not sincere for creation of Bahawalpur and Multan provinces and government has not proposed any funds for new provinces in Punjab. He said government was not sincere for organizing the local bodies’ election.
Quebec sues Big Tobacco for $60bMontreal—The Canadian province of Quebec announced Friday that it is suing tobacco giants for more than $60 billion dollars in a bid to recover health care costs associated with smoking-related illnesses. The lawsuit targets the Canadian tobacco companies and their parent companies abroad and seeks damages related to the cost of treating patients from the 1970s until 2030, Quebec Justice Minister Jean-Marc Fourner said. |
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