Author: Mrs. Anjum Shahnawaz

  • President upholds major penalty for NAB senior official

    President upholds major penalty for NAB senior official

    ISLAMABAD: Dr. Arif Alvi, the President of Pakistan, has upheld the major penalty of dismissal from service to a senior official of National Accountability Bureau (NAB).

    President Dr Arif Alvi while rejecting the appeal of ex-Assistant Director NAB, Muhammad Umair has asked the NAB to prosecute him to the maximum extent of the law on account of him being guilty of grave “inefficiency and misconduct”, and stealing 15 original deeds of property in reference no. 15/2019 (State v/s Sharjeel Inam Memon & Others).

    The President upheld the maximum service punishment in law of “major penalty” of “dismissal from service”, which he considers definitely not enough considering the crime involved, a press release issued by the President’s Media Wing here on Monday said. Muhamamd Umair, ex-Assistant Director (AD), had submitted an appeal to the President of Pakistan against the orders of Chairman National Accountability Bureau (NAB) imposing a major penalty of “Removal from Service”.

    Rejecting the appeal, the President stated that it was a case of blatant corruption, and was tantamount to throwing mud in the eyes of the people of Pakistan who had been betrayed. He said that Pakistan had suffered a great deal because of corrupt looters and plunderers, adding that so-called accidental fires destroy entire floors to remove every bit of evidence.

    The President added that documents were stolen even in foreign countries where corruption of Pakistani politicians was being investigated.

    According to the details, NAB had taken possession of 15 original deeds of property from the Secretary of Sharjeel Memon, Izhar Hussain, at the time of his arrest from his house in April 2019.

    Subsequently, the documents were kept in a steel Almirah in NAB which had been specifically provided to ex-Assistant Director, who was made the sole custodian of these documents.

    On 18th August 2020, the Defense Counsel claimed before the court that NAB did not possess the original documents, in response to which Umair promised to bring them to court the following day.

    On 19th August, the appellant told the court that he had lost the record in his office.

    This lapse resulted in the instant relief and granting of post-arrest bails to the accused persons.

    According to the fact-finding report, all the record was present but only the most important 15 original documents were removed cleverly from the file and were recovered only after pressure was brought upon the NAB official.

    NAB had recommended an immediate suspension of Umair, along with initiation of disciplinary proceedings under NAB Employees Terms and Conditions of Service (TCS) 2000 and proceeding under section 31(a) of National Accountability Ordinance, 1999. He was placed under suspension for three months with effect from 03-09-2020.

    In the light of the report of the Fact-Finding Inquiry Committee, it was decided to proceed against the officer under clause 11.05(2) of NAB’s TCS-2002 and issued him the show cause notice. After the fulfillment of legal requirements, Chairman NAB, on the recommendations of the Authorized Officer, awarded a major penalty of “Removal from Service” on Muhammad Umair under clause 11.03(1) (b) (iii) of NAB Employees Services Rules (TCS 2002).

    Subsequently, the ex-Assistant Director submitted an appeal to the President of Pakistan on 28-07-2021. While rejecting the appeal of Umair, President Dr Arif Alvi stated that the incident was shocking and documents were missing not as an accident but by deliberate action of a very corrupt official of NAB.

    He expressed surprise over the timing of the theft, adding that the theft was clever and the file was not lost.

    He observed that theft could not have been done by any outsider but only by someone who was totally aware of the entire case.

    The President said that it was very painful case for him and the criminal action caused huge damage of billions of rupees to Pakistan, besides betraying our trust and exchanging it for corrupt money.

    “I, therefore, reject the appeal and urge NAB to prosecute the individual to the best of its abilities”, the President noted.

  • PQGTL inks deal to promote Takaful products online

    PQGTL inks deal to promote Takaful products online

    KARACHI: Pak-Qatar General Takaful (PQGTL) has signed an agreement with Cometinsure (Online aggregator) to promote Takaful products online.

    Muhammad Raza (Head of Operations, PQGTL) and Muhammad Sufyan Bedi (Operations Manager, Cometinusre) signed the agreement along with senior officials of both companies.

    Muhammad Raza while speaking at the signing ceremony stated, “We are extremely delighted to join hands with Cometinsure as customers will benefit from searching Takaful products online and our reach will also increase to spread awareness about Takaful products. These kind of partnerships are very fruitful for offering convenience to customers.”

    Sufyan while expressing his views said, “We are very excited to partner with Pak-Qatar General Takaful in our urge to digitalize Insurance/Takaful distribution channel. This partnership will surely bring benefits to all the customers of Cometinsure and Pak-Qatar General Takaful by bringing ease of purchasing adequate Takaful coverage and swift claim processing.”

    Cometinsure being the most successful and fastest-growing insurance aggregator is taking some huge steps to satisfy their customers by providing suitable and befitting quotes in no time.

    A company originated in 2017 has now become a revolutionary platform that distributes the best Insurance/Takaful quotes by allying with the Top Rated Insurance Companies.

  • Index tumbles on concerns over economic contraction

    Index tumbles on concerns over economic contraction

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Monday fell by 648 points owing to rising concerns over hike in electricity prices and contraction in economy.

    The index closed at 43,829 points as against last Friday’s closing of 44,477 points, showing a decline of 648 points.

    Analysts at Arif Habib Limited said that the market tumbled again on concerns over high energy and commodity prices as well as prospects of further electricity tariff hikes that can lead to erosion of purchasing power and an economic contraction.

    Increase in international oil prices failed to have a material impact on the stock prices of E&P stocks. Selling pressure was witnessed across the board, however, Technology, Cement, O&GMCs contributed to downward trend.

    Among scrips, WTL led the table with 41.3 million shares, followed by TELE (13.8 million) and TREET (9.4 million).

    Sectors contributing to the performance include Technology (-202 points), Cement (-121 points), Banks (-56 points), Engineering (-49 points) and O&GMCs (-36 points).

    Volumes increased from 176.1 million shares to 226.6 million shares (+29 per cent DoD). Average traded value also increased by 21 per cent to reach US$ 48.4 million as against US$ 40 million.

    Stocks that contributed significantly to the volumes include WTL, TELE, TREET, HUMNL and TRG, which formed 35 per cent of total volumes.

    Stocks that contributed positively to the index include PPL (+21 points), COLG (+9 points), HUBC (+8 points), ABL (+7 points) and FML (+7 points). Stocks that contributed negatively include TRG (-119 points), SYS (-68 points), LUCK (-26 points), FFC (-25 points) and UNITY (-25 points).

  • SBP softens conditions for renewable energy financing

    SBP softens conditions for renewable energy financing

    KARACHI: The State Bank of Pakistan (SBP) has relaxed financing conditions to promote investment in renewable energy solutions by companies.

    The SBP in a statement on Monday said that it had softened the conditions for renewable energy solution providers under its Refinance Scheme for Renewable Energy.

    Now, all Renewable Energy Investment Entities (RE-IEs) interested in installing renewable energy projects/solutions are allowed to avail refinance under category III of the scheme.

    An RE-IE is a business entity (including vendors and suppliers) whose business is to establish renewable energy projects for onward leasing/renting out/selling on deferred payment basis or selling of electricity generated from these projects to end users.

    It may be recalled that with an aim to help address the challenges of energy shortages and climate change, SBP revised its SBP Financing Scheme for Renewable Energy in July 2019.

    SBP also launched a Shariah complaint version of the scheme in August 2019. The scheme now comprises of three categories. Under Category I, financing is allowed for setting up of renewable energy power projects with capacity ranging from 1 MW to 50 MW for own use or selling of electricity to the national grid or a combination of both.

    Under Category II, financing is allowedto domestic, agriculture, commercial and industrial borrowers for installation of renewable energy based projects/solutions of up-to 1 MW to generate electricity for own use or selling to the grid/distribution company under net metering.

    Under Category III, financing isallowed to vendors/suppliers/energy sale companies for installation of wind and solar systems/solutions of up to 5 MW. Since the inception of the scheme,717 projects having potential of adding 1,082 MW of energy supply through renewable sources have been financed. As of June 30, 2021, total outstanding financing under the Scheme is Rs53billion. While there is substantial take up under Category I & II, solution suppliers under Category III faced problems.

    Accordingly, in light of the feedback received from stakeholders including renewable energy solution suppliers, Alternate Energy Development Board, NEPRA and banks, the requirement of AEDB certification has been relaxed for RE-IEs who do not undertake installations on their own but hire services of installers/vendors for installation of RE projects/solutions.

    However, vendors/ suppliers/engineering procurement & construction (EPC) contractors of these RE-IE will still be required to be certified under AEDB certification regulations. It is expected that this revision in category III will further facilitate in production of clean energy.

  • Business community mourns Abdul Qadeer’s demise

    Business community mourns Abdul Qadeer’s demise

    KARACHI: Pakistan’s business community has mourned the demise of Dr. Abdul Qadeer Khan, who was legendary scientist and father of Pakistan’s nuclear program.

    Mian Nasser Hyatt Maggo, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), in a statement said that the entire business, industry and trade community of Pakistan is mourning the demise of the legendary and celebrated scientist and father of Pakistan’s nuclear programme Dr. Abdul Qadeer Khan.

    FPCCI Chief added that Dr. AQ Khan lived an accomplished life and lived the dream of Pakistan to the fullest. He inspired and motivated three generations of Pakistanis and will continue to inspire and influence the future generations to come.

    Mian Nasser Hyatt Maggo said that the nuclear programme of Pakistan has effectively made the country’s defense invincible from external threats and has provided a secure environment for socio-economic growth of Pakistan.

    FPCCI will hold Fateha Khawani in all its office countrywide for the departed soul and to commemorate Dr. AQ Khan’s unparalleled contributions to country’s defense, academia and philanthropic landscape.

  • Rupee falls by 21 paisas against dollar

    Rupee falls by 21 paisas against dollar

    KARACHI: The Pak Rupee (PKR) depreciated by 21 paisas against the dollar on Monday, closing at Rs170.74 in the interbank foreign exchange market. This decline followed Friday’s closing rate of Rs170.53, reflecting a surge in dollar demand for external payments.

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  • KSE-100 index companies post record profitability

    KSE-100 index companies post record profitability

    KARACHI: KSE-100 index companies recorded record profitability in FY21, growing by 60 per cent YoY to Rs884 billion mainly led by macro recovery post COVID-19 lockdowns in FY20.

    This profitability was significantly higher than last 5-Year and 10-Year CAGRs of 8 per cent and 11 per cent, respectively, analysts at Toplines Securities.

    The profitability of KSE-100 index was also better than that recorded in pre COVID-19 era of FY19, when profitability of KSE-100 stood at Rs624 billion, which means that profitability in FY21 is up 41 per cent in two-years. This boost in profitability was augmented by pent up demand and expansionary policy adopted by the State Bank of Pakistan (SBP) and the government.

    To recall, SBP had reduced the Policy Rate by 625 basis points to 7 per cent in the first half of the fiscal year 2019/2020 and had maintained the Policy Rate of 7 per cent through FY21.

    SBP also introduced relief schemes for corporates like Temporary Economic Refinance Facility (TERF), loan restructuring schemes and SBP Rozgar scheme. These schemes helped corporates get concessional financing, get loan repayment extensions and concessional financing for payment of employee salaries. This coupled with government pro-growth budget also aided profitability growth.

    This is also evident from the fact that Finance Cost of KSE-100 index companies was down 37 per cent YoY to Rs87 billion in FY21. Net Sales of KSE-100 companies were up by 7 per cent YoY to Rs7 trillion whereas Gross Profits improved by 23 per cent YoY to Rs1.9 trillion. Consequently, Gross Margins improved to 27 per cent vs. 23 per cent in FY20.

    In fourth quarter of FY21, profitability of KSE-100 index was up 85 per cent YoY and 6 per cent QoQ to Rs246 billion. Net sales of KSE-100 companies improved by 38 per cent YoY and 11 per cent QoQ.

    For our analysis, we have taken 93 companies out of the total 100 companies (that have announced their results) which represent 98 per cent of KSE-100 market capitalization. We believe that adding remaining companies would not materially impact profitability growth trend.

  • Exchange rates in PKR vs foreign currencies on Oct 11

    Exchange rates in PKR vs foreign currencies on Oct 11

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on October 11, 2021 (The rates are updated at 12:20 PM):

    CurrencyBuyingSelling
    Australian Dollar123.00124.50
    Bahrain Dinar386.75388.50
    Canadian Dollar135.00137.00
    China Yuan23.7523.90
    Danish Krone23.4523.75
    Euro195.00197.00
    Hong Kong Dollar16.6516.90
    Indian Rupee2.032.10
    Japanese Yen1.411.44
    Kuwaiti Dinar481.60484.10
    Malaysian Ringgit36.4536.80
    New Zealand Dollar96.3597.05
    Norwegians Krone17.5017.75
    Omani Riyal392.70394.70
    Qatari Riyal39.8040.40
    Saudi Riyal45.4046.00
    Singapore Dollar123.50125.00
    Swedish Korona18.3018.55
    Swiss Franc159.80160.70
    Thai Bhat4.804.90
    U.A.E Dirham47.2047.80
    UK Pound Sterling231.80234.30
    US Dollar170.40171.40

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Sales tax on petrol slashed to 6.84%

    Sales tax on petrol slashed to 6.84%

    In a move aimed at providing relief to consumers, the federal government has announced a reduction in the sales tax rates on the supply of petrol and high-speed diesel (HSD).

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  • Stock exchange sheds 109 points in range bound trading

    Stock exchange sheds 109 points in range bound trading

    KARACHI: The stock exchange fell by 109 points on Friday amid range bound trading activities during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,477 points as compared with previous ending 44,586 points.

    Analysts at Topline Securities said that range bound activity was observed at the bourse today, as the index traded between its intraday high of 84 points and intraday low of 248 points to finally close at 44,477 points.

    Major contribution to the index came from SYS, HBL, COLG, BAHL and MCB, as they cumulatively contributed 108 points to the index, whereas LUCK, HUBC, FFC, CHCC and TRG lost value to weigh down on the index by 90 points.

    Traded volume and value for the day stood at 176 million shares and Rs.6.84 billion respectively. WTL was today`s volume leader with 18.5 million shares.