Panama
Leaks case: Sharif family decides to replace lawyer:
Children
of Prime Minister Nawaz Sharif have decided to replace their lawyer and
ex-Attorney General Salman Aslam Butt with Akram Sheikh. According to
details, the PM's children submitted a request at the Supreme Court in which it
was stated that the services of Akram Sheikh would now be required in the
Panama Leaks case. On the other hand, PTI also submitted its documents
pertaining to the Sharif family assets and tax returns at the court today. The
documents submitted by PTI in court today consisted of 686 pages. The documents
contained details of the bank accounts of Sharif family as well as evidence of
their loans being written off.
Interbank,
open market gap widens to Rs2 per $:
The
dollar touched Rs107 in the open market on Monday, widening the gap between
interbank and open-market rates to Rs2 per dollar. “We are forced to sell the
dollar at less than Rs104.85. This is the untold official rate that the banks
have to use despite the rising exchange rate in the open market,” said Atif
Ahmed, a currency dealer in the interbank market. The Exchange Companies
Association of Pakistan (ECAP) reported Rs106.80 as the highest price of the
dollar in the open market, although the going rate was Rs107 in different parts
of the city. The dollar price varies in different city areas as well as across
the country. ECAP officials said the price may differ, but main currency dealers
— known as ‘A’ category exchange companies — sell the greenback at the rate
quoted in their daily message to the media.
ADB
to approve $700m loan for four projects:
The
Executive Board of Asian Development Bank (ADB) will approve four projects for
Pakistan with a total loan of about $700 million next week. Sharing details
with journalists on Monday, ADB Country Director Werner Liepach said these
projects cover clean energy, disaster risk management, canal extension and
public-private partnership investment. The four projects together cover half of
the ADB’s project loans for Pakistan in 2016. The ‘Access to Clean Energy
Investment Programme’ will receive an ADB loan of $325m with the outcome of
access to sustainable and more reliable electricity services increased
particularly for vulnerable communities in Khyber Pakhtunkhwa and Punjab.
Court
stops gas utility from collecting high UFG:
Textile
millers have won a stay order from court against imposition of a high rate of
unaccounted-for-gas (UFG) a loss caused by theft and leakages on gas
consumption, which will hurt earnings of Sui Northern Gas Pipelines Limited
(SNGPL). In spite of Oil and Gas Regulatory Authority (Ogra)’s insistence on
recovering all the cost related to re-gasified liquefied natural gas (RLNG)
from consumers of that fuel, SNGPL has spread the return on assets on other
consumers as well. The regulator had allowed the ring-fencing of UFG on only
the transmission network. The court
gave the stay against the high 10.5% UFG that SNGPL was collecting from the
textile mills receiving RLNG and the gas utility was allowed imposition of only
4.5% UFG on such consumers on its distribution network.
Audi
AG expresses intent to assemble vehicles in Pakistan:
Pakistan
is definitely on the international investors’ radar and the auto industry that
has for long been dominated by Japanese players is poised for a face-lift. In
the latest development, German carmaker Audi AG has expressed its
interest in setting up an assembly plant in Pakistan and, through its authorised
importer in the country, submitted a letter of intent to the Board of
Investment (BoI) for consideration.
Ali
Khan, head of automotive at Premier Systems Private Limited, which is the
authorised importer for Audi AG in Pakistan, confirmed the development. “Audi
AG has expressed the interest via its authorised importer in Pakistan to set up
an assembly plant in Pakistan,” Ali told The Express Tribune, adding that land
for the plant has been purchased in Korangi, near one of Pakistan’s biggest industrial
estates, and would mean a fresh investment of over $30 million.
India's
belligerence on LoC at its worst; seven troops martyred:
Seven
Pakistan Army soldiers were martyred due to unprovoked firing by Indian troops
at the Line of Control (LoC) on Sunday night. According to ISPR, the soldiers
were martyred as the Indian troops indulged in crossfire violations at the LoC
in Bhimber sector late Sunday night; however, Pakistani troops responded to the
Indian unprovoked firing and effectively targeted the Indian posts. In a tweet,
General Asim Bajwa, the ISPR Spokesperson, stated that the Army Chief was given
a briefing on the situation at the LoC. "[Army] will continue to respond
effectively [and] leave no stone unturned to defend the motherland," the
Spokesperson quoted the Army Chief as having said during the briefing. He
further said that rich tribute was also paid to valour and sacrifices of the
sliders.
Foreign
companies incorporated: Companies Ordinance empowers SECP to seek details of
owners:
The
newly-promulgated Companies Ordinance, 2016 has empowered the Securities and
Exchange Commission of Pakistan (SECP) to seek details of beneficial owners of
foreign companies incorporated in Pakistan. It is learnt that a new section 452
(Companies' Global Registrar of Beneficial Ownership) has been incorporated in
the Companies Ordinance, 2016. According to the new section in the Companies
Ordinance, every substantial shareholder or officer of a company incorporated,
having ten percent or more shares in a foreign company or body corporate, shall
report to the company regarding his beneficial ownership or any other
percentage or interest as may be notified by the Commission, on a specified
from within thirty days of holding such a position or interest.
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