Month: March 2019

  • Eatery owners knowingly ignore hygiene requirements: Sindh Food Authority

    Eatery owners knowingly ignore hygiene requirements: Sindh Food Authority

    KARACHI: Eatery owners are well aware about their shortcomings yet they ignore hygiene requirements and compromise with public health, Abrar Ahmed Sheikh, Director Operations, Sindh Food Authority (SFA) said on Tuesday.

    Talking at Karachi Chamber of Commerce and Industry (KCCI), the director urged the owners of all eateries, restaurants, bakeries and other food-related businesses to improve the hygienic conditions in their business premises and provide safe & healthy food to the public otherwise strict action will continue to take place and no compromise will be made over the quality and hygienic conditions.

    Abrar Sheikh said: “It is impossible that the eatery owners are not aware of the shortcomings. They know what exactly is going wrong and they simply cannot deny it yet they ignore it, do not take remedial measures and continue to play with lives of the masses by providing unhygienic and hazardous food which cannot be tolerated.”

    President KCCI Junaid Esmail Makda, Senior Vice President Khurram Shahzad, Vice President Asif Sheikh Javaid, Former President AQ Khalil, Former Vice President Agha Shahab Ahmed Khan, Chairman All Pakistan Restaurants Association Shaukat Ali Omerson, Managing Committee members and a large number of businessmen associated with food-related businesses also attended the meeting.

    Director Operations SFA further stated that SFA works under a transparent mechanism in which the working parameters for food technologists and food safety officers have been defined in such a manner that leave absolutely no room for any kind of under the table deal therefore, all businessmen associated with food businesses should stop thinking about bribing the officers and must rectify their shortcomings, improve the hygienic conditions and provide healthy food to the masses otherwise they will be taken to task by the Authority.

    He explained that SFA never seals any business premises immediately after identifying hygiene and food quality related shortcomings as the authority initially issues an improvement notice and also raises awareness about the hygiene and food quality requirements, which is followed by a warning notice and penalty if the eatery owners fail to improve.

    Subsequently, if the eatery owners continue to avoid taking corrective steps even after the imposition of penalty and warning notice, it leaves no other option for SFA but to seal the business premises under Section 45 of CrPC that results in temporary suspension of commercial activities until all the SFA requirements are complied.

    Referring to President KCCI’s remarks, Director SFA said, “We also want to promote the ease of doing business but no compromise will made over the food quality and hygienic conditions. It is high time to change which has become inevitable now.

    “We firmly believe in consultation rather than taking decisions in isolation, which is the basic reason why SFA carries out awareness drives prior to issuing any warning notice or imposing penalty.”

    He further informed that work was in progress at SFA for setting up a world-class state-of-the-art laboratory where the facility to carry out all forms of tests and verifications will be available which will be acceptable globally.

    Vegetables being cultivated by using the sewage water cannot be tolerated which was a very serious issue therefore, the SFA has decided to initiate a massive drive in which all such productions will be completely bulldozed and strategies will be devised to make that no sewage water is used in future for cultivation of vegetables, he added.

    He stressed that both institutions will have to work collectively to create a healthier society. “We need KCCI’s support otherwise we cannot move forward”, he added.

    Speaking on the occasion, President KCCI Junaid Esmail Makda stated that the Karachi Chamber has been successfully playing the role of bridge between the business community and SFA therefore, any grievance being faced by businessmen be brought to Chamber’s notice so that the issue could be amicably resolved.

    “The authorities at Sindh Food Authority must also work closely with KCCI and carry out all its operation in consultation with KCCI in order to create an enabling business environment”, he added.

    He was of the opinion that prior to taken any action, SFA must hold frequent awareness sessions and make people aware of the required hygienic conditions and food quality as it takes many years to build a brand name which is destroyed within minutes as it has been observed that all the activities being carried out by SFA were being widely broadcasted in the media.

    He also underscored the need to adopt uniform policies by all the food authorities across Pakistan as it has been observed that these policies vary in Sindh, Punjab and KPK, creating a confusing situation for businessmen.

    Referring to SFA operation largely confined to Karachi only, he said that the department should expand its operations to other cities of Sindh as well where hundreds of people were suffering terribly due to unhygienic and low-quality food stuff.

  • Equity market gains 200 points on improved sentiments

    Equity market gains 200 points on improved sentiments

    KARACHI: The equity market gained 200 points on Tuesday after improved trading sentiments.

    The KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,329 points as against 38,129 points showing an increase of 200 points.

    Analysts at Arif Habib Limited said that the market sentiment improved after a long time and the index closed positive.

    After an initial down side of 89 points at the beginning of session, the market turned positive and investors took positive bets on the outcome of Supreme Court’s decision relating to Nawaz Sharif, which is considered to be a sign of resolving political stalemate at the parliament and focusing on core economic issues by the government.

    Cement, Fertilizer, Autos and E&P sector contributed the most to the upside, especially by the end of session. O&GMCs, especially SSGC, also went up with expectation of financial results to be announced soon as the extension got turned down by SECP.

    Sectors contributing to the performance include E&P (+101 points), Autos (+22 points), Fertilizer (+20 points), Engineering (+14 points) and O&GMCs (+13 points).

    Volumes increased significantly from 56.5 million shares to 86.1 million shares. Average traded value also increased by 33 percent to reach $ 25.2 million as against $ 19 million.

    Stocks that contributed significantly to the volumes include WTL, KEL, OGDC, FCCL and TRG, which formed 38 percent of total volumes.

    Stocks that contributed positively include OGDC (+54 points), PPL (+30 points), MARI (+12 points), SNGP (+11 points), and SEARL (+9 points). Stocks that contributed negatively include FCCL (-8 points), PSO (-7 points), SPWL (-5 points), KTML (-5 points) and HBL (-4 points).

  • Rupee ends with two paisas gain

    Rupee ends with two paisas gain

    KARACHI: The Pak Rupee gained two paisas against dollar on Tuesday amid higher demand for import and corporate payments.

    The rupee ended Rs140.27 to the dollar from previous day’s closing of Rs140.29 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs140.25 and Rs140.30.

    The market recorded day high of Rs140.30 and low of Rs140.26 and closed at Rs140.27.

    The exchange rate in open market however ended with appreciation of local currency against the dollar.

    The buying and selling of dollar was recorded at Rs140.50/Rs141.00 from previous day’s closing of Rs140.80/Rs141.30 in cash ready market.

  • MCC Preventive announces auction of confiscated vehicle on March 28

    MCC Preventive announces auction of confiscated vehicle on March 28

    KARACHI: Model Customs Collectorate (MCC) Preventive, Karachi has announced auction of confiscated vehicle to be held on March 28, 2019 at Anti-Smuggling Organizations (ASO), Ghasbandar, East Wharf, Karachi.

    The following vehicles will be presented for the auction:

    1. Mitsubishi Pajero Jeep ( Used) GS-2000 Model-1994, Reg. GS-2000 / V46 – 4034791.

    2. Used Lexus Car – Reg No. UC – 868 -Model – 2006 – 3450cc, JTHBG 963905034702.

    3. Used Toyota Premio Car VVT – Reg no. AAH – 747 Model – 2007, ZZT240 0140149.

    4. Used Toyota Harrier Jeep Reg no. JAA – 452 – Model – 1998 – 2999 cc, Chassis no. MCU – 10 – 0013510 Engine no. IMZ – FE 6688090.

    5. Used Toyota Hilux Surf – Reg no- CP – 0693/ Model – 1990/ 2958cc, Chassis no. LN – 130 – 0009771.

    6. Used Honda Saloon Accord Car/ Reg no. BFT – 418/ Model 2003/ 1990cc, Chassis no. LC7 – 3006339/ Engine no. 33101802.

    7. Toyota Hiluc Surf SSR – X – 3.0/ Reg no. BD – 8045/ Model KD – KZN130W – GKPQT/ 2962 cc, Chassis no. KZN 130 – 9048116/ Engine no. IKZ – TE.

    8. Used Mercedes Benz ( AG) Fake Reg no. AB – 1001/ 2999cc, Chassis no. WDB1240312B476728.

    9. Used Toyota Mark – II Saloon Car/ Reg no. BBL – 708/ Model – 2000/ 1800HP, Chassis no. JZX110 – 6000922/ Engine no. 1JZ – 075 – 075010.

    10. Used Toyota Hilux Surf/ Reg no. BD – 1688/ Model – 1994 ( As per seat belt), Chassis no. LN – 130 – 0123784.

    11. Used Toyota AXIO – X Car – White colour – Reg no. BFE – 068 – 1496 cc – Model – 2007, Chassis no. NZE – 141 – 6028039/ Engine no. INZ – CO360547.

    12. Toyota Primo Car Used – Reg no. AAM – 095 – Model – 2005 – 1794 cc, Chassis no. ZZT – 240 – 5039822/ Engine no. IZZFE – 12557.

    13. Used Honda Civic Saloon Car – White Colour Reg no. AAM – 988 (Quetta) – Model – 2007, Chassis no. FD – 31001100/ Engine no. MF – 5100586 – 1800cc.

    14. Used Toyota Land Cruiser Jeep – Silver Colour – Reg no. BG – 1131 – Model – 1989 – 3431 cc, Chassis no. BJ 60 – 023765 – Engine no. 38 – 1098887(As per Reg.Book).

    15. Used Toyota Corolla Car – Model – 2015, Reg no. BDE – 852 – Chassis no. NZE170R4016729.

    16. Used Toyota Crown Saloon Car – Model – 2004, Reg no. BHK – 012/ Chassis no. GRS182 – 5014910 – Engine no. 3GR – FSF – 2994cc.

    17. used toyota saloon car XE-Model -1999 – 1500cc chassis No AE-100-5171778-engine No SA-FE-1500cc

    18. Used Toyota Mark-X Car, Reg no BGB-453-Model -2005, Chassis No GRX-121-3000684-Engine No 3GR-FSE0077053-2497cc.

    19. Used Toyota Premio Saloon Car Reg No, AXE-317, Chassis No ZZT 240-0124717- Engine No 1ZZ-2614685.

    20. Used Toyouta Premio Saloon Car, Reg No BFM-306-Model- 2004, Chassis No AZT240-0017447, engine No 1AZ-4802097-1998cc.

    21. Used Toyota Mark-X Car, Reg No BBC-301, Model -2005, Chassis No GRX-120-0042956-Engine No 4GR-FSE-2499cc.

    22. Used Landcruiser Jeep, Reg No E-1132, Model -1997, Chassis No KZJ95-0080245, Engine No IKZ-TE-0547566-2982cc.

    23. Used Toyota Hilux Surf Jeep, Reg No BJ-933, Model -2000, Chassis No RZN-185-9029667-Engine No 3RZ-FE-2122003-2963cc.

    24. Used Toyota Vitz Car, Reg No RFL-1788, MOdel -2004, Chassis No SCP-13-0048794-Engine No 2SZ-FE-1297cc.

    25. Used Toyota Land Cruiser Jeep, Reg No GR-541, Model-2015, chassis No TRJ150-051668, Engine No 2TR-FE.

    26. Used Toyota Crown Royal Saloon (G)Car, Fake Reg No BEZ-998, Model-2005, Chassis No GRS 182-1015624-Engine No 0123426, 2994cc.

  • Income Tax Ordinance 2001: Corporate tax rate to be reduced to 25pc

    Income Tax Ordinance 2001: Corporate tax rate to be reduced to 25pc

    The government of Pakistan has undertaken a strategic initiative to gradually reduce corporate income tax rates, aiming to bring them down to 25% by the tax year 2023 and onwards.

    (more…)
  • Restriction on non-filers for car buying considerably reduces own money

    Restriction on non-filers for car buying considerably reduces own money

    KARACHI: The restriction on non-filers to purchase cars during first half of current fiscal year has reduced the delivery time and also reduce the own money for immediate delivery in the grey market.

    (more…)
  • PNSC adds MoGas Carrier vessel to its fleet

    PNSC adds MoGas Carrier vessel to its fleet

    KARACHI: Pakistan National Shipping Corporation (PNSC) has added MoGas Carrier LR-1 vessel to its fleet on Monday, Federal Minister for Maritime Affairs Syed Ali Haider Zaidi said.

    The ship, which has been named Bolan, will help reduce the dependency on foreign vessels and will help in saving million of dollars in freight chares, he said in a tweet.

    He termed it as another step towards self reliance of the country.

    Zaidi said that the with the addition of latest carrier the PNSC fleet increased to 10, out of which five ships are bulk cargo and four were crude oil.

    He congratulated chairman PNSC for successful acquisition. Zaidi said that another ship would be added to PNSC fleet before end of Summer 2019.

  • Printing details, ingredients on imported goods: KCCI demands reviewing notification implementation date

    Printing details, ingredients on imported goods: KCCI demands reviewing notification implementation date

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has demanded the commerce ministry to review the date of implementation of a notification regarding printing of details and ingredients on the imported goods.

    In a statement on Monday KCCI President Junaid Esmail Makda requested Advisor to PM for Commerce Abdul Razak Dawood to instruct relevant department to inform all concerned about the implementation date of SRO 237(I)/2019 i.e. July 1, 2019 to prevent blockage of clearance of pending consignments and direct the Ministry of Commerce & Textile (Commerce Division) to issue necessary amendment in the SRO stating the effective date as 1st July’2019.

    In a statement issued, President KCCI stated that SRO 237, which has been finalized and implemented without any consultation with the business community and other stakeholders, was not acceptable in its present state and it has to be reviewed in consultation with all stakeholders.

    Referring to a letter sent to PM’s Advisor and the discussions held with Chairman Businessmen Group & Former President KCCI Siraj Kassam Teli about the implementation of SRO 237(I)/ 2019 dated February 19, 2019, President KCCI said that although the PM’s Advisor clarified that the said SRO will be implemented from July 1, 2019 but no notification carrying the exact date of implementation has been issued so far which has created a confusing situation and resulted in blockade of containers at the ports which is totally contrary to government’s resolve towards the ease of doing business.

    He demanded that the losses suffered by importers on account of demurrage and detention due to the confusion must be waived off to provide some relief to perturbed traders who have been constantly approaching KCCI to seek assistance.

    “It is a matter of grave concern that Customs Authorities remain confined to SRO 237 and were not paying any attention to the hardships being faced by traders hence, the Ministry of Commerce must issue the clarification about the implementation date so that SRO 237 is not misused to create problems for traders”, he added.

    He said that since the effective date of 1st July’2019 was not mentioned in the SRO.237, in legal terms date of issue has been interpreted as the effective date, and customs officials at various levels have held the clearance of cargo on pretext of seeking clarification from FBR which led to delays and resulted in raising the costs of demurrage and detention to the importers.

    He was of the opinion that the implementation of said SRO from July 1, 2019 has provided sufficient time period of more than three months to foreign manufacturers of food stuffs to comply with recent amendments in the Import Policy Order 2016.

    According to SRO 237, it has been made mandatory that the ingredients and details of the imported food products (e.g. nutritional facts, usage instructions etc.) shall be printed in Urdu and English languages on consumer packaging while the logo of Halal certification body shall also be printed on the consumer packaging and the labelling shall not be in the form of a sticker, overprinting, stamp or scratched label.

    Moreover, the importers have been further advised that the shipment shall be accompanied by a Halal Certificate issued by Halal Certification Body, accredited with an Accrediting Body which is a member of International Halal Accreditation Forum (IHAF) or Standard Metrology Institute for Islamic Countries.

  • Equity market continues declining trend

    Equity market continues declining trend

    KARACHI: The equity market continued is declining trend on Monday and lost 403 points under selling pressure.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,129 points as against 38,532 points showing a decline of 403 points.

    KSE-100 index continued its downward trend that it picked earlier last week and gave no regard to the initial signs of recovery seen on Friday.

    Unlike past several sessions, the market opened on a downbeat with -12 points and the number kept growing to the downside till session’s end.

    Market saw a total draw down of -479 points and closed -448 points (unadjusted).

    Also, the traded volume registered lowest levels in recent times.

    Major contribution to traded volumes was observed in Power Sector (KEL), followed by Banks (BOP, BAFL).

    Prime Minister’s reference to large oil & gas discovery in Indus Offshore didn’t entice investors to take a large bet on OGDC/PPL and remained content on market price.

    Sectors contributing to the performance include E&P (-98 points), Cement (-64 points), Fertilizer (-63 points), Power (-29 points), Banks (-25 points).

    Volumes declined significantly to 56.4mn shares from 84.6mn shares (-33 percent DoD). Average traded value also declined by 40 percent to reach US$ 19mn as against US$ 31.5mn.

    Stocks that contributed significantly to the volumes include KEL, WTL, BOP, OGDC and BAFL, which formed 32 percent of total volumes.

    Stocks that contributed positively include PMPK (+10 points), MUREB (+5 points), PAKT (+4 points), HMB (+3 points), and MCB (+2 points). Stocks that contributed negatively include OGDC (-35 points), LUCK (-33 points), PPL (-29 points), POL (-24 points) and ENGRO (-21 points).

  • Rupee slides by five paisas against dollar

    Rupee slides by five paisas against dollar

    KARACHI: The Pak Rupee ended down by 5 paisas against the US dollar on Monday despite reports of inflows from China.

     The rupee ended Rs140.29 to the dollar from last Friday’s close of Rs140.24 in interbank foreign exchange market.

     The interbank foreign exchange market was initiated in the range of Rs140.25 and Rs140.30.

     The market recorded day high of Rs140.30 and low of Rs140.28 and closed at Rs140.29.

     Currency experts said that the rupee was under pressure due to ongoing talks of the government with IMF for new loan program.

     The exchange rate in the open market was remained stable.

     The buying and selling of dollar was recorded at Rs140.80/Rs141.30, the same level of last Friday’s in cash ready market.