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Day: August 10, 2019

  • MCC Appraisement West to work on Sunday to clear pending consignments before Eid holidays

    MCC Appraisement West to work on Sunday to clear pending consignments before Eid holidays

    KARACHI: Model Customs Collectorate (MCC) Appraisement – West will observe Sunday, August 11, 2019 as normal working day in order to facilitate trade in clearance of their pending consignments ahead of Eid-ul-Azha.

    Model Customs Collectorate (MCC) Appraisement, West on Saturday issued letter to Karachi International Container Terminal (KICT) to observe Sunday as normal working days for examination at the terminal. The collectorate decided to observe the weekly holiday as normal working day on the issue raised by Karachi Customs Agents Association (KCAA) about huge number of pending containers at the KICT.

    The colletorate pointed out that despite reminders to KICT management there are 200 containers, which are remained not cleared till August 10, 2019 as Eid ul Azha is falling on August 12, 2019 following by four public holidays.

    Slackness in disposal of work on part of terminal is not only effecting cash liquidity position of the traders but increase their clearance time along with causing mental agony to them, it said.

    The collectorate directed the terminal operator to expedite grounding of all pending containers but also match the infrastructure and human resource with the requirement of work at the port.

    Mostly, grounding at port is affected when delivery is being made at night by terminal or containers are being discharged from berthed vessels. This situation is undesirable and the terminal should make maximum arrangements to liquidate the pendency, the collectorate said.

    As interim arrangement customs on its own is going to observe normal working day on Sunday and it directed the terminal to make maximum grounding in order to mitigate the worries of trade and dispose of examination work at the port.

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  • Naqvi to make capital market attractive place for investors: PTBA

    Naqvi to make capital market attractive place for investors: PTBA

    KARACHI: Pakistan Tax Bar Association (PTBA) on Saturday welcomed the appointment of Syed Masoud Ali Naqvi as Chairman Policy Board of the Securities and Exchange Commission of Pakistan (SECP).

    In a statement, the tax bar said that Naqvi would able to guide the SECP effectively on various matters and challenges that the commission was facing as a regulator.

    The tax bar particularly pointed out that Naqvi would able to make the capital market an attractive avenue for local and foreign investors.

  • KCCI managing committee elected unopposed for next two years

    KCCI managing committee elected unopposed for next two years

    KARACHI: All candidates of Businessmen Group (BMG) have been elected unopposed for the Managing Committee of Karachi Chamber of Commerce & Industry for the term 2019-2021.

    According to details, a total of 32 nominations were received by the Election Commission who all belonged to Businessmen Group, a statement said on Saturday

    The nominations papers were scrutinized by the Election Commission, which rejected 10 nomination papers by declaring them invalid whereas 7 candidates withdrew their nomination papers, resulting in unanimous election of the remaining 15 BMG candidates.

    Therefore, all 15 BMGIANs were declared successful in KCCI’s Election 2019-21.

    Siraj Kassam Teli, Chairman Businessmen Group (BMG) and Former President KCCI, on the occasion, expressed gratitude to Almighty Allah and conveyed thanks and compliments to the Business and Industrial community of Karachi for reposing confidence and trust on Businessmen Group.

    Siraj Teli said, “By the grace of Almighty Allah, BMG has been winning all the elections without losing a single seat for the last 22 years and after terribly defeating the opponents in last year’s election with double the votes, BMGIANs have been blessed with an unopposed victory by the Almighty Allah.

    He said that 22 years of success is an acknowledgement of the public service by the Businessmen Group which also testifies that overwhelming majority of Business and Industrial Community endorses the policies of BMG because they understand and believe that BMGians are serving them selflessly for their betterment.

    BMG Chairman hoped that the newly elected BMGians will make all out efforts in espousing the cause of Business and Industrial Community and to further enhance the status of public service which is the motto of BMG.

    The successful BMGians include names of Mohammad Junaid Mundia, Arshad Islam, Agha Shahab Ahmed Khan, Muhammad Altaf Tai, Abdul Samad Shaikh, Atif Jamil ur Rehman, Muhammed Asif, Chaudhry Nasir Abdullah, Ibrahim Mustafa Ahmed Shamsi, Rafiq Muhammad Siddiq, Khurram Ajaz, Ovais Adil, Abdul Rehman Punjwani, Sohail Usman Sheikh and Junaid ur Rehman.

    As the Managing Committee members have been unanimously elected, hence no general election for Managing Committee will be held on September 21, 2019 whereas the election of KCCI’s Office Bearers for 2019-20 is scheduled to be held on Thursday, September 26, 2019 wherein BMG’s candidates Agha Shahab Ahmed Khan for President, Arshad Islam for Senior Vice President and Shahid Ismail for Vice President will be elected unanimously as the Managing Committee comprises of all BMGIANs.

  • Weekly Review: Stock investors to take break for Eid Holidays

    Weekly Review: Stock investors to take break for Eid Holidays

    With the index set to pause for the Eid break next week, stock investors have an opportunity to step back, reflect, and strategize. The recent tumultuous week has left market participants grappling with substantial losses, but analysts at Arif Habib Limited encourage reassessment of the situation, highlighting potential value-buying opportunities amid the downturn.

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