Govt to have advantage of Turkish experience in livestock sectorTurkish delegation seeks potential collaboration in R&D
Staff ReporterLahore—Secretary Livestock and Dairy Development Department Punjab Nasim Sadiq has said that the government wants to take full advantage of Turkish experience of unprecedented success in the livestock sector and intends to explore the possibilities for its replication in Pakistan. He said that disease control, nutrition, breed improvement, human resource, value chain enhancements are the top priorities of Livestock and Dairy Development Department Punjab. He was talking to a Turkish delegation led by Ministry of Food, Agriculture and Livestock Deputy Under-secretary Nihat Pakdil who visited the University of Veterinary and Animal Sciences. They discussed possibility of collaboration in education, research and development in veterinary, livestock and related sectors.
FPCCI President hails IMF economic indicators stability reportIslamabad—Federation of Pakistan Chamber of Commerce and Industries (FPCCI) President Zakaria Usman Tuesday hailed the International Monetary Fund (IMF) satisfaction report on government policies to strengthen macro economic stability and reviving investment and growth. Talking to APP FPCCI President said economic indicators were improving and growth was continuing to gain momentum and inflation is on a downward trajectory. He said the government’s reform program was broadly on track.
NBP approves six months financial statement
Staff ReporterKarachi—Board of Directors of National Bank of Pakistan in their meeting held on Tuesday at the Bank’s Head Office Karachi approved the financial statements of the Bank for the six months period ended June 30, 2014. Pre-tax profit of the bank stood at Rs. 12.3 billion in the first half under review, which is higher by 63% from the corresponding period last year. The bank in H1 2014 recorded after tax profit of Rs.8.1 billion which is a marked improvement compared to H1 2013 after tax profit of Rs. 5.7 billion, an increase of 42%. Earnings per share for June 2014 stood at Rs.3.82 as against Rs. 2.69 (Restated) of last year.
SECP allows UIC to run Takaful operations
Staff ReporterKarachi—The Securities and Exchange Commission of Pakistan (SECP) has allowed United Insurance Company (UIC) to launch Takaful operations, a statement issued here on Tuesday said. The notification issued by SECP in this regard said that UIC has been granted permission to launch window Takaful operations in respect of general Takaful products.
Takaful is a type of insurance system devised to comply with the sharia laws, in which money is pooled and invested. Commenting on the development, Mian Shahid, Chairman of United International Group of which UIC is a member company lauded SECP to permit conventional insurance companies to launch Takaful, which is the Islamic alternative to mainstream insurance products.
Mobilink extends collaboration with Teradata
Staff ReporterIslamabad—Teradata (NYSE: TDC), the analytic data platforms, marketing applications, and services company, and Mobilink, the leading telecommunications provider in Pakistan, on Tuesday announced they are enhancing their nearly decade old partnership by enhancing sophisticated data analytics capabilities in Mobilink’s existing IT infrastructure in order to accelerate the company’s evolution as a customer-focused, data-driven business. Mobilink has been using Teradata Enterprise Data Warehouse technology and services since 2005. With this upgrade, Mobilink will enter a superior phase of advanced analytics to provide customer centric services to their users.
Punjab Govt approves 11 development schemes worth of Rs. 6695.570m
Salim AhmedLahore—The Punjab government on Tuesday approved 11 development schemes of different development Sectors with an estimated cost of Rs. 6695.570 million. These schemes were approved in the 6th meeting of Provincial Development Working Party of current fiscal year 2014-15 presided over by the Punjab Planning and Development Board Chairman, Muhammad Irfan Elahi, says P&D Spokesman. Provincial Secretary P&D Waseem Ajmal Choudhary, members of the Planning & Development Board, Provincial Secretaries concerned and other senior representatives of the relevant Provincial Departments also attended the meeting.
Islamic Finance: Al Baraka announces collaboration with World Bank
Observer ReportKarachi—Al Baraka Banking Group has announced its collaboration with the World Bank to begin a research partnership that would be beneficial to the global Islamic banking industry. The partnership’s first initiative, part of a planned series of research projects, will be a study examining the risk-management challenges facing Islamic banks, with a particular focus on Musharaka and Mudaraba under the profit-and-loss-sharing system. The Group President & Chief Executive, Mr. Adnan Ahmed Yousif, stated: “This collaboration with the World Bank is yet another demonstration of the Group’s commitment to research and knowledge-building in the Islamic financial services industry.”