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PEPA seals Monal Restaurant for illegal activities

ISLAMABAD: Pakistan Environment Protection Agency (PEPA) and Commissioner Office, Islamabad on Tuesday sealed off the popular Monal Restaurant located in Marghalla Hills for illegal tree cutting for its expansive construction activities.

The Climate Change Ministry Media focal person, Muhammad Saleem, told media that it was brought to the notice of the Prime Minister’s Advisor Malik Amin Aslam that illegal construction activities for expansion of the Monal restaurant were gonging on for a few days and initiated by management of the restaurant, which led to a significant loss of tree cover and land degradation in its vicinity.

“Taking serious notice of the illegal construction activities and tre cutting, the advisor Malik Amin Aslam on Tuesday directed the Pakistan Environmental Protection Agency Islamabad (Pak-EPA Islamabad) to take legal action against the culprits,” he told media.

Later, Pak-EPA Islamabad and the Chief Commissioner Islamabad office moved together and sealed off the Monal restaurant and lodged FIR against the culprits at the Islamabad Secretariat Police Station, the media focal person Muhammad Saleem said further.

He told media that few pictures of tree cutting and land leveling appeared in social media widely.

The same was shared with the Chief Commissioner, ICT by the Pakistan Environmental Protection Agency (Pak-EPA) and Ministry of Climate Change (MoCC) to take immediate action. Resultantly, the District Administration conducted the raid on 18-05-2020 evening and it was observed that images of destruction activities appeared in social media were authentic and genuine in nature.

During the raid, two persons namely Muhammad Sagheer and Muhmmmad Naeem were arrested on the spot and FIR NO 224/20 has also been lodged in Police Station Kohsar, F/7, Islamabad, the media focal person added.

He said furrher rthat simultaneously, a case was fixed in the larger Bench of the Honorable Supreme Court of Pakistan regarding the stone crusher and protection of the MHNP, the instant matter has also been discussed by the Honorable Court and order is being issued including immediate stoppage of the all construction activities in the MHNP extended in Punjab and Khyberpakhtunkhaw including all types of hotels, rental residential construction.

However, order copy is awaited. It is pertinent to mention that Pak-EPA also took action about these restaurants in MHNP as all have been constructed without any environmental approval and causing damages to eco-system and increasing load pollution in the vicinity. He informed that the prime minister’s advisor Malik Amoin Aslam along with the climate change ministry’s high officials will visit the damaged site tomorrow on Wednesday and take stock of the damage caused to the land and trees.

The ministry’s media focal person also added that tree plantation activities will also be carried out by him in support with the local forest officials at the damaged site for its rehabilitation. It is pertinent to mention that Pak-EPA also took action about these restaurants in MHNP as all have been constructed without any environmental approval and causing damages to eco-system and increasing load pollution in the vicinity, according to the climate change ministry official.

Margalla Hills National Park (MHNP) falls under the jurisdiction of Islamabad Capital Territory (ICT) and also extended into Khyberpakhtunkhaw and Punjab as per notification of April, 1978. Few parts of the said MHNP are also located in Shakarparian and Rawal Lake area within ICT.

The MHNP has been declared as protected National Park and no major construction activity causing damage to the environment, ecosystem and flora & fauna of MHNP is allowed.

In the year 2005, a restaurant named Monal was allowed construction by the Capital Development Authority (CDA). Later on, few other restaurants including Lamontana, Gloria Jeans, Whispering Pines (located in KPK) and some other recreational activities spots were constructed in the MHNP in KPK area as well.

May 19, 2020
Equity market gains 354 points on improved trading on energy sector

KARACHI: The equity market gained 354 points on Tuesday as trading activities seen in energy sectors after improved prices in international crude oil.

The benchmark KSE-100 index closed at 34,185 points as against 33,804 points showing an increase of 354 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today and went up by 546 points during the session. Increasing international crude prices helped E&P, OMCs and Refinery sectors contribute to the growth in index. Besides, Pharmaceuticals posted price gains on the back of prospects of working towards cure for Corona virus, whereby FEROZ, SEARL, ICI made significant strides during past several sessions.

Profit booking, however, was observed in FEROZ. Banking sector also showed some signs of recovery, however, price gains remained muted. Cement sector saw continued attrition during past sessions and today saw rather aggressiveness, post realization of interest rate cut.

O&GMCs posted highest trading volume among sectors with 40 million shares, followed by Technology (35.3 million) and Cement (32.8 million). Among scrips, HASCOL led the volumes with 31.6 million shares, followed by TRG (16 million) and MLCF (12.7 million).

Sectors contributing to the performance include E&P (+106 points), Pharma (+52 points), O&GMCs (+40 points), Misc (39 points), Banks (+24 points) and Cement (-15 points).

Volumes declined from 261.9 million shares to 247.8 million shares (-6 percent DoD). Average traded value, on the contrary, increased significantly from US$ 45.4 million to US$ 65.2 million (+44 percent DoD).

Stocks that contributed significantly to the volumes include HASCOL, TRG, MLCF, PAEL and KEL, which formed 33 percent of total volumes.

Stocks that contributed positively to the index include OGDC (+60 points), PPL (+37 points), PSEL (+31 points), SNGP (+26 points) and DAWH (+22 points). Stocks that contributed negatively include ENGRO (-13 points), MEBL (-9 points), PIOC (-9 points), CHCC (-8 points), and AICL (-7 points).

May 19, 2020
Rupee depreciates by 37 paisas on higher import demand

KARACHI: The Pak Rupee further depreciated by 37 paisas against dollar on Tuesday owing to higher demand for import and corporate payments.

The rupee closed at Rs160.74 to the dollar from previous day’s closing of Rs160.37 in interbank foreign exchange market.

The local unit lost 27 paisas against dollar a day earlier.

Currency dealers said that the local unit was under pressure because market due to higher demand for import and corporate payments.

Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

However, the experts said that the local currency recovered on the back of improved economic indicators.

May 19, 2020
Car manufacturers resume operation as lockdown eases

KARACHI: Automobile industry has resumed manufacturing and administrative operations after the government eased lockdown.

Honda Atlas and Indus Motors on Tuesday informed Pakistan Stock Exchange (PSX) about resumption of their manufacturing operations.

The Indus Motors Company in its letter said:

“With reference to our earlier disclosure of material information dated 27 March 2020, relating to the temporary suspension of plant operations of the Company due to outbreak of the COVID-19 in the country.

“The management of the Company according to relaxation/approval given by the Sindh Government has decided to resume plant operations and its offices with adequate measures aimed at preventing the pandemic’s spread.”

Similarly, Honda Atlas Cars (Pakistan) Limited in its letter said:

“In view of the relaxation allowed to automobile Industry from the current situation of lockdown due to COVID-19, by the Authorities, Honda Atlas Cars (Pakistan) Limited has resumed its operations from May 19, 2020 with all precautionary measures aimed at preventing pandemics spread.”

May 19, 2020
FBR extends date for sales tax payment, return filing

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday extended the last date for federal excise / sales tax payment and filing monthly return for the month of April 2020.

A notification issued by the FBR stated that the date for federal excise duty / sales tax payment has been extended up to May 29, 2020, which was due on May 15, 2020.

Whereas the date for filing sales tax return for the month of April has been extended to May 30, 2020, which was due on May 18, 2020.

May 19, 2020
PBC Advocates Abolishing Anti-Dumping Duty on Raw Material Used for Exports

KARACHI: Pakistan Business Council (PBC) has advocated abolishing anti-dumping duty on imported raw material that are used for export oriented units (EOU).
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May 19, 2020
SECP issues guidelines for license renewal amid COVID-19

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has issued guidelines for license renewal in order to facilitate companies considering difficulties due to COVID-19.

The SECP issued Circular No. 19/2020 for extension in time for renewal of licenses due to COVID-19.

The regulator said that the COVID-19 (coronavirus) had affected many businesses around the globe and had been declared as pandemic.

In order to facilitate the shareholders/directors/employees during this ongoing pandemic, the SECP issued the guidelines regarding renewal of their licenses, issued in pursuance of section 42 of the Company Law.

The SECP said that the companies whose license were due for renewal before the month of February 2020, and had not applied for renewal, their license shall be revoked in accordance with the provision of Section 42(5) of the Companies Act, 2017.

The SECP further said that the companies whose license had been expired in the months of February, March, April and May 2020 but had not applied for its renewal would continue to carry on their business and their license would not be revoked till June 30, 2020. However, upon receipt of their applications, license shall be renewed from the date of expiry of their existing license.

The regulator further said that the companies, which had applied for renewal of their license either before or after February 01, 2020 and certain deficiencies were also communicated to them, were required to respond to the quarries latest by May 30, 2020, failing which their license would be revoked.

“Companies, which do not find any difficulty in complying with the requirements of the renewal of their license, may apply in a routine manner,” the SECP said.

May 19, 2020
Hafeez Shaikh directs FBR to collect data for effective budget making

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh on Monday directed the Federal Board of Revenue (FBR) to collect data for effective budget making for year 2020/2021.

Dr. Hafeez Shaikh chaired a meeting at the Finance Division through video link with Dr. Ikram-ul-Haq to discuss proposals on improving the tax structure of the country with the help of effective data gathering and reconciliation mechanism.

He directed FBR to collect data through multiple sources that may be best used for effective budget making exercise.

Chairman FBR, Secretary Finance and ex-secretary Finance Dr. Waqar Massoud Khan were also present during the meeting.

The adviser appreciated the work done by Dr. Ikramul- Haq for gathering data across the country from selected markets and from different chambers of commerce and Industry.

Dr. Ikram shared with the adviser the important inferences from data gathering exercise and suggested certain techniques for data reconciliation that could improve tax collection in a more effective manner.

The adviser said that the basic purpose of this exercise is to consult experts to seek suggestions and insights so that the fundamental problems of the tax collection system in the country could be effectively addressed.

He said that as we are preparing the next budget, we should be more vigilant, practical and analyze the opportunities and challenges offered by the current environment.

The Government is ready to listen to all stakeholders to prepare a budget which is according to the need of the prevailing economic circumstances and innovative in providing solutions to the structural problems of the economy.

He asked the Expert to firm up his proposals in concise and doable manner and share the draft as early as possible with the ministry so that these proposals could be well incorporated in the upcoming budget.

May 19, 2020
PIA declares Rs56 billion after tax annual loss

KARACHI: The national flag carrier, Pakistan International Airline, has declared after tax loss of Rs56 billion for the year 2019, according to financial results submitted to Pakistan Stock Exchange (PSX) on Monday.

The national flag carrier managed to reduce the annual loss by Rs10.66 billion from last year’s loss of Rs66.66 billion.

The net revenue of the airline increased by around 40 percent to Rs164.64 billion in 2019 as compared with Rs118 billion in the preceding year.

The cost of services including, cost of fuel, increased to Rs152 billion in 2019 as compared with Rs132.79 billion in the preceding year.

The airline manage to post gross profit of Rs12.65 billion for the year 2019 as compared with around Rs15 billion loss in the previous year.

The distribution costs of the airline increased to Rs7.33 billion from Rs6.3 billion. Administrative expenses of the airline also increased to Rs11.3 billion from Rs10.47 billion.

The airline incurred losses to the tune of Rs11.69 billion due to depreciation of rupee. The exchange loss was Rs15 billion in the last year.

May 18, 2020
Share market falls by 203 points on profit taking

KARACHI: The share market fell by 203 points on Monday as investors preferred profit booking, analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,805 points as against 34,008 points showing a decline of 203 points (-0.6 percent DoD).

Analysts at Arif Habib Limited said that post rate cut last week, market posted some gains today, showing an upside of 385 points earlier in the session, however, profit booking caused Index to slide posting a decline of 238 points during the session and closing -203 points.

Banking sector primarily caused the plunge resulting in across the board price loss.

Cement sector also couldn’t escape the selling pressure, although rate cut meant to benefit the leveraged cement players.

Technology sector topped the chart with 56.2 million shares, followed by Cement (35.2 million) and Investment Banks (31.4 million). Among Scrips, TRG realized 22.5 million shares, followed by KEL (17.5 million) and WTL (17.3 million).

Sectors contributing to the performance include E&P (+54 points), Food (+19 points), Banks (-117 points), Cement (-58 points), Misc. (-42 points), Fertilizer (-39 points) and O&GMCs (-14 points).

Volumes increased from 213.3 million shares to 262.0 million shares (+23 percent DoD). Average traded value also increased by 17 percent to reach US$ 45.4 million as against US$ 38.8 million.

Stocks that contributed significantly to the volumes include TRG, KEL, WTL, MLCF and FCSC, which formed 34 percent of total volumes.

Stocks that contributed positively to the index include OGDC (+28 points), NESTLE (+25 points), TRG (+18 points), PPL (+18 points) and ICI (+13 points). Stocks that contributed negatively include PSEL (-34 points), MCB (-33 points), BAHL (-25 points), LUCK (-23 points), and FFC (-23 points).

May 18, 2020