DAILY BRIEF NEWS UPDATE: 11.11.2011

Judicial appointments: Parliamentary panel rejects nomination for SC justice 

ISLAMABAD: 

The parliamentary committee (PC) on judges’ appointments approved the National Judicial Commission’s (NJC) recommendations on Thursday, with the exception of Justice (retd) Athar Saeed’s nomination as a Supreme Court (SC) justice.
The NJC had recommended the elevation of four judges to the apex court last month. Senator Nayyar Bokhari, who was chairing the committee, when asked to comment on the decision said: “Deliberations on his (Saeed’s) nomination as a SC justice remain inconclusive. Due to the sensitivity of the issue I cannot reveal the committee’s concerns.” Justice Saeed retired as a judge of the Sindh High Court in September. The PC seconded NJC’s recommendations for appointment of three judges to the SC: Justice Ijaz Afzal Khan, Justice Chaudhry Ijaz and Justice Syed Gulzar Ahmed.
The NJC, headed by Chief Justice Iftikhar Muhammad Chaudhry, had forwarded its recommendations to the PC for appointments to the superior judiciary. The PC has accepted the nominations of two chief justices of the high courts, Justice Sheikh Azmat Saeed as Chief Justice of the Lahore High Court and Justice Dost Muhammad as Chief Justice of the Peshawar High Court. The panel has also endorsed the regularisation of two additional judges, Justice Anwar Kasi and Justice Riaz Ahmed Khan and appointment of three additional judges to the Islamabad High Court (IHC). Their names are Shaukat Siddiqui, Azam Afridi and Noorul Haq Qadri.
The full court must comprise seven judges, according to the IHC Act 2010. Apart from the chief justice, six judges have to be appointed from each of the provinces, Islamabad Capital Territory and the Federally Administered Tribal Areas. The IHC will now have six judges including Chief Justice Iqbal Hameedur Rehman, Justice Riaz Ahmed Khan from Khyber-Pakhtunkhwa and Justice Muhammad Anwar Kasi from Balochistan.
The parliamentary panel has forwarded its recommendations to the prime minister who will refer them to the president for final approval. The PC has endorsed the NJC’s recommendations in light of the 18th amendment.
MNA Asma Arbab Alamgir missed Thursday’s meeting due to personal engagements. MNAs Sardar Mehtab Abbassi, Aftab Shaaban Merani, Khwaja Asif and Senators Chaudhary Shujaat Hussain, Ishaq Dar and Deputy Attorney General KK Agha attended the meeting.

Pilgrims suffer delayed arrivals

KARACHI: Pakistan International Airline (PIA) Hajj flights have again been hit by drawn-out delays to the extreme inconvenience of homecoming pilgrims.

The first Hajj return flight from Jeddah touched down at the Islamabad airport after a delay of three long hours. Pilgrims told Geo News that ill-arranged transportation on 'Moalims' part delayed the flight.

Similarly another Peshawar-bound Hajj flight has also reached its destination five and a half hours later than originally scheduled. The cause of delay was none other than unavailability of a PIA plane that was to fly pilgrims back home, Geo News learnt.

The story of PIA flight that landed in Karachi was no different from the other ones.

On the other hand PIA's pilgrim flight on its way to Lahore is going to be late by two hours.

Hujjaj coming out of the airport also told Geo News that a luggage mix-up at Jeddah airport was one of the delaying factors.

An aviation expert on condition of anonymity said that airlines in commercial aviation adjust schedules to accommodate delays in order to minimize hardships to commercial passengers, but unfortunately, this is not the case with pilgrims.

Pakistani pilgrims’ pains are yet far from over as the ones waiting for their flights back home still have to put up with the torments of all kinds like staying long hours at Jeddah airport --thanks to national flag carrier.

To boot, the kith & kin of the returning pilgrims, thronging the airport to receive their loved ones have to suffer the same.

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DAILY BRIEF NEWS UPDATE: 10.11.2011

SECP to streamline provident fund investment

KARACHI, Nov 9: The workers provident fund is essentially the employee money, deducted at source at 10 per cent of the basic pay.
Put together over years of all employees and including an equal contribution by the employer, the aggregate amount runs into tens of millions of rupees. But the figure attracts scarce stakeholders’ attention as the sum is lost among the ‘administrative expenses’ in the ‘notes to the accounts’ in the financial statements of a corporate entity.
Companies are required to seek a separate audit of the provident fund accounts by the outside auditors so as to determine the calculation, the distribution and the compliance with rules for sanctioning sums as loan from such accounts in time of employee genuine needs. But the problem lies in the investment of the hefty amount that accumulates with the company over the years.
Left to the company, most corporates have little inclination to worry over the profit or return that the money earns.
The lifelong savings of employees in the form of provident fund, vested with companies, is known to have been unwisely invested in weaker banks and financial institutions.
Several incidents have occurred where such weaker institutions crumbled and all of the money was lost.
Granted that the board that decides on the utility of such funds comprise equal number of employer and employee representatives. But the latter are in most parts workers who have neither the knowledge over the subject, nor the grit or gumption to face up to the employer representatives’ decisions.
It is thus that increasing number of companies have begun to misuse the employee money. Investment in subsidiaries which sometimes pay no return or are heavily debt-laden has assumed some popularity.
Under the circumstances, it is a good augury that the Securities and Exchange Commission of Pakistan has decided to take notice.
In a recent meeting, the commission discussed amendments in utilisation of provident fund. It was proposed that the disclosures of provident fund investments be made mandatory in the directors’ report. Also, under the proposed
amendments only 10 per cent of the provident fund would be allowed to be invested in the associations/subsidiaries, etc.
The regulation to limit the provident fund investments is expected to be approved in the next commission meeting.
Knowledgeable stakeholders say that it should be made mandatory on corporates to take as much interest in investment of provident fund in the high yield- safe investments, as it does for the company’s own surplus cash.
In the same apex regulator deliberations, the number of board of directors meeting to be held overseas was capped. It was a long time demand of investors to discipline the board and put curb on their wastage of shareholders money.
The habit had caught on fast during recent years with board of directors departing to hold meetings at destinations, which had little or no relation with concerned company’s business or their stakeholders.
The SECP now places restrictions on listed companies (incorporated in Pakistan) with more than 50 per cent foreign shareholding to be able to hold a maximum of four board meetings outside the country, companies with over 40 per cent foreign shareholding three meetings and companies with foreign shareholdings between 30-40 per cent a maximum of two board meetings abroad.
While those listed companies which have less than 30 per cent or negligible foreign holding could conduct only one board meetings outside the country.
What the shareholders’ would gain by the new regulation would be the directors’ loss of an attractive perk. The team of principal corporate officials, who enjoyed trips to the heavenly islands and exotic historical cities: the Bahamas, Paris, Venice
and Istanbul, would understandably sulk.
One such official of a big corporate, who was the part of entourage that mixed work with pleasure, expressed unhappiness over the cap on board meetings outside the country, saying that it amounted to “over regulation”, which was counter-
productive.
A senior retired banker said he saw no objection in holding of meetings outside the country as long as the company showed the total cost incurred on such events separately in the company’s financial statements.
In the absence of such a disclosure, the cost of leisure trips of directors and senior company officials to the companies could be mind-boggling. One of the SECP commissioners present in the meeting, was quoted to have said: “I have been informed
about a Pakistani company which spent Rs600 million at one board meeting held in Venice Italy.”
It was received with disbelief by many shareholders. Some wondered if the figure was accurate or an extra zero had incorrectly crept into the figure!

 

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PAKISTAN-DAILY BRIEF NEWS: DAILY BRIEF NEWS UPDATE: 04.11.2011

PAKISTAN-DAILY BRIEF NEWS: DAILY BRIEF NEWS UPDATE: 04.11.2011

DAILY BRIEF NEWS UPDATE: 04.11.2011

US pledges financial aid for Pakistan

WASHINGTON: The Obama administration is pledging robust assistance to Pakistan despite demands on US finances and a sometimes rocky relationship with Islamabad, according to a status report on Afghanistan and Pakistan.
The State Department report outlines US goals in the region more than a decade after the September, 11 terror attacks triggered the war against al-Qaeda and the progress after billions of dollars have been spent and American lives lost.
It also outlines the steps forward, looking ahead to the withdrawal of US combat forces by the end of 2014.
The report was delivered to Congress on Thursday. The Associated Press obtained a copy.
”Though a tremendous amount has been accomplished, we also have no illusions about the task before us,” the report said about Afghanistan.
”We expect that ongoing violence, lack of institutional and human capacity, discrimination against women and vulnerable groups, and Afghanistan’s incredibly low economic baseline will remain difficult challenges.”
The report said the US has reached its ”high water mark” for civilian funding and the government in Kabul must move toward establishing revenue sources.
The report said the US will build a foundation for the Afghans to assume responsibility for their future.
On Pakistan, the department said the relationship with Islamabad ”is not always easy, but it is vital to our national security and regional interests.”
The relationship has been extremely strained the last few months to the point of breaking.
Secretary of State Hillary Rodham Clinton recently traveled to the region to pressure Pakistan to crack down on the Taliban-linked Haqqani network, a major threat to American forces in the region.
Adm. Mike Mullen, the former chairman of the Joint Chiefs of Staff, said Pakistan’s intelligence agency was a ”veritable arm” of the Haqqani.
A low point came in May when US forces found and killed al-Qaeda leader Osama bin Laden deep inside Pakistan.
Still, the administration insisted it will continue to provide civilian aid to Pakistan, which has fallen from 1.5 billion dollars in the 2010 fiscal year to 1.1 billion dollars this year.
The report said next year’s levels are uncertain, but the administration reaffirms its ”commitment to providing robust, multiyear civilian assistant to Pakistan.”
Unclear is how much Congress will push to reduce funds for Pakistan as lawmakers consider spending bills for the State Department and foreign operations.
The report suggested that a low-cost route toward improving stability in the region would be expanding US market access for both Pakistan and Afghanistan.
The department said it was seeking congressional authorization for creating a US-Pakistan Enterprise Fund, similar to funds created in Eastern Europe and with the former Soviet states in the 1990s.

UAE expo in Karachi from 30^th

KARACHI, Nov 3: Tariq Puri, chief executive, Trade Development Authority of Pakistan, has extended full support to United Arab Emirates (UAE) in holding the first-ever UAE`s “Magnificent 7” expo at Karachi Expo Centre from Nov 30 to Dec 2.This transpired during a meeting with Sheikha Lubna bint Khalid Al Qasimi, Minister for Foreign Trade UAE, on the occasion of Rice International Conference and Exhibition currently being held in Dubai where TDAP has set up Pakistan pavilion.

Mr Puri briefed the minister about the TDAP`s proposal for establishment of Pakistan`s display and exhibition centre at Sharjah for which UAE government is supporting the authority.
The UAE minister appreciated the proposal and stated that the establishment of display centre would help boost marketing efforts for Pakistan`s products as it would work as a platform for reaching out a large number of foreign buyers.
According to a message received here on Thursday, Shaikha Lubna proposed that the agreement on Pakistan`s display and exhibition centre could be singed during the upcoming UAE expo in Karachi where both the ministers of trade and commerce would be present.
Tariq Puri informed the UAE minister that the TDAP had set up a pavilion in the Rice Expo and 11 top rice exporters are participating in the event and five other exporters have set up their stalls on their own which is the largest presence of any country in the event.

Business News

Fri, 4 Nov 2011 07:17:00 +0500 

-Crude down in Asia on profit-taking
New York"s main contract, light sweet crude for delivery in December, fell 35 cents to $93...72 per barrel... Brent 

-Senate body OKs Gas Infrastructure Development Cess Act 2011
Chairman Committee Senator Ahmad Ali, however directed the authorities to make it sure that the surcharge would 

-Local stocks leap up by 0...52pc
nvestors accumulating shares in Engro Corp (ENGRO) , on hopes that gas supplies will be restored to fertiliser producers Karachi Stock Exchange (KSE) was back in busine 

-Power tariff hiked by Rs1...70/unit

-Euro, Asian markets fall on Greece euro exit fears
France and Germany on Wednesday told Greece"s embattled prime minister that he must ensure a referendum he called on 

-Crude falls in Asia due to stronger dollar
New York"s main contract, light sweet crude for delivery in December, fell 96 cents to $91...55 per barrel in the 

-Loadshedding for one day only: CNG Association
The Association"s Central Chairman Ghiyas Abdullah Piracha told mediaperson after a meeting with the officials of Ministry of Petroleum 

-Dollar presses rupee down
Dealers said healthy remittances from Pakistanis living abroad had been supporting the rupee in previous trading sessions, but cautioned that a widening current account deficit means the 

-Bearish fertilizers add to KSE losses
The KSE benchmark 100-share index ended 0...14 percent, or 16...63 points, lower at 11,746...09... 

-Pepco disband stalls on workers? demo
Pepco sources told that the notification for the dissolution of Pepco has been stopped... The pre

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