Day: November 8, 2021

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MADISON REALTY CAPITAL AND NEWBOND HOLDINGS LAUNCH HOSPITALITY LENDING PLATFORM WITH INVESTING CAPACITY OF $500M

Strategic Partnership to Originate and Purchase Hospitality Loans Across All Major US Markets as Madison Newbond

NEW YORK, Nov. 08, 2021 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, and Newbond Holdings (Newbond), a vertically integrated real estate investment and operating platform founded by Neil Luthra and Vann Avedisian, today announced the launch of Madison Newbond, an institutional lending platform that will provide first mortgages, mezzanine loans and preferred equity to hotel owners and developers nationwide.  The partnership launched with approximately $500 million of initial lending capacity and will add scale in line with the opportunity.

Madison Newbond will build on Madison Realty Capital’s institutional lending platform and deep relationships as well as Newbond’s hospitality industry expertise and strong operational knowledge. The partnership will offer unique financing programs to new and existing borrowers across the hospitality spectrum from limited-service hotels to ultra-luxury resorts and will target opportunities including transitional lending and ground up developments across major metropolitan markets.

“The hospitality industry has experienced significant disruption throughout the pandemic and there is a clear need for creative and flexible lending solutions for hotel owners as they continue to recover from the changes to their business plans,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “We are enthusiastic about joining forces with Newbond to expand our product offering tailored to meet the evolving needs of hospitality real estate owners and operators.”

“We are excited to launch this partnership with Madison Realty Capital, a firm with a world-class lending platform, and a team that we are deeply familiar with, to provide a wide range of lending options to the hospitality market,” said Neil Luthra, Founding Partner at Newbond. “Madison’s substantial resources coupled with Newbond’s extensive hotel underwriting capabilities will best position the platform to identify and capitalize on exciting opportunities in the hospitality space.”

Madison Realty Capital and the principals of Newbond have significant experience lending and investing in the hospitality sector.  The principals of Newbond have completed over $15 billion of debt and equity investments.  Notable recent Madison Realty Capital transactions include a $105 million loan to Fort Partners for the acquisition and modernization of the Four Seasons Hotel Miami and a $210 million loan to Fort Partners for the construction of the Four Seasons Hotel and Private Residences Fort Lauderdale.

For any financing inquiries or to request additional information about the Madison Newbond platform, please contact Andrew Fichte, a partner at Newbond, at afichte@newbond.com and Josh Zegen, at josh@madisonrealtycapital.com.

About Madison Realty Capital 

Madison Realty Capital is a vertically integrated real estate private equity firm that manages approximately $6.7 billion in total assets on behalf of an institutional global investor base. Since 2004, Madison Realty Capital has completed more than $16 billion in transactions in the U.S. providing reputable borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has over 60 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.

About Newbond Holdings 

Newbond Holdings, founded by Neil Luthra and Vann Avedisian in 2021, is a real estate investment and operating platform focused on debt and equity investments across multiple real estate product types with a hospitality focus as well as investments in related operating businesses and technology platforms.  The partners at Newbond have completed over $15 billion of debt and equity transactions.  As a vertically integrated operating and investment platform, Newbond is uniquely positioned to create significant value beyond the typical investment process through creative structuring, operations and the development of single and multiple asset brands.

Attachments

For Madison Realty Capital: Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
madisonrealty@gasthalter.com

For Newbond: Eric Waters
Great Ink Communications, Ltd.
212-741-2977
Eric.Waters@greatink.com

Tom Nolan
Great Ink Communications, Ltd.
212-741-2977
Tom@greatink.com
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‫۲۰۲۱ گرینڈ چیلنجز کیےسالانہ اجلاس میں بل اینڈ میلنڈا گیٹس فاؤنڈیشن نے کم اور متوسط آمدنی والے ممالک میں جدید اختراعی سائنس میں معاونت اور کوویڈ بحران کے خاتمے میں مدد کے لئے اقدامات کا اعلان کیا ہے

فاؤنڈیشن 10 سالہ نئے پروگرام کے لئے ابتدائی 50 ملین ڈالر کی فراہمی کا وعدہ کرتی ہےاور 14 افریقی سائنسدانوں کو سائنس لیڈرشپ فیلوشپ سے نوازتی ہے

سیئٹل، 8 نومبر2021 /پی آر نیوز وائر/ — آج 17 ویں گرینڈ چیلنجز سالانہ اجلاس میں بل اینڈ میلنڈا گیٹس فاؤنڈیشن نے کم اور متوسط آمدنی والے ممالک میں سائنس اور اختراع کی حمایت کے لئے ابتدائی طور پر 50 ملین ڈالر دینے کا اعلان کیا ہے۔ گرینڈ چیلنجز گلوبل کال ٹو ایکشن ایک 10 سالہ اقدام ہے جو کم اور متوسط آمدنی والے ممالک کے سائنسدانوں کو گرانٹ دے گا اور خواتین پرنسپل محققین کی متوازن نمائندگی کی حمایت کرے گا۔

یہ طویل المدتی اقدام اس بات کو یقینی بنانے کے لئے تیار کیا گیا ہے کہ کم اور متوسط آمدنی والے ممالک کے سائنسدان اور ادارے عالمی آر ڈی ایجنڈے کی تشکیل اور ایسے حل تیار کرنے میں مرکزی کردار ادا کریں جو ان کی کمیونیٹیز کی ضروریات کو بہتر طریقے سے پورا کر سکیں۔ ابتدائی توجہ والے شعبوں میں ڈیٹا سائنس ، جیسے ریاضیاتی ماڈلنگ قومی ملیریا کنٹرول پروگراموں کو مطلع کرنے کے لئے، حاملہ خواتین کے لئے ڈیجیٹل صحت خدمات، اور غفلت زدہ ٹراپیکل بیماریوں کو ختم کرنے کے لئے موجودہ پروگراموں کے ذریعہ شناخت کردہ خلا کو بند کرنے کے لئے اختراعات، شامل ہوں گے۔

بل اینڈ میلنڈا گیٹس فاؤنڈیشن کے سی ای او مارک سوزمَین نے کہا کہ ہمیں ایسے لوگوں کے خیالات اور قیادت کی ضرورت ہے جو صحت کے عالمی چیلنجوں سے نمٹنے کے لئے قریب ترین ہیں۔ گرینڈ چیلنجز گلوبل کال ٹو ایکشن مقامی شراکت داروں کو پائیدار طریقے سے مضبوط بنانے کے ساتھ جدت طرازی اور مساوات کو آگے بڑھانے کے ہمارے عزم کی نمائندگی کرتا ہے۔

۸ سے 11 نومبر تک ہونے والے سالانہ اجلاس میں فاؤنڈیشن، گلوبل ایمیونولوجی اینڈ امیون سیکوئنسنگ فار ایپیڈیمک رسپانس (جی آئی آئی ایس ای آر) پروگرام کا بھی آغاز کرے گی جو اس بات کو یقینی بنانے کے لئے کام کرتا ہے کہ سائنسدانوں میں تیزی سے یہ معلوم کرنے کی صلاحیت ہو کہ آیا ان کی کمیونٹیز میں نئے سارس-کووی-2 متغیرات مدافعتی ردعمل سے بچنے کے آثار ظاہر کرتے ہیں۔ اس سے قومی اور علاقائی اسٹیک ہولڈرز مناسب جواب دے سکیں گے اور ایسی مصنوعات تیار کر سکیں گے جو ان کے جغرافیہ کی مخصوص ضروریات کو پورا کرتی ہیں۔ جی آئی آئی ایس ای آر خود مختار اور جغرافیائی طور پر مختلف مراکز کے ایک غیر مرکوز نیٹ ورک کے طور پر کام کرے گا جو مقامی پیتھوجین سیکوئنسنگ ڈیٹا اور کلینیکل ایپیڈیمولوجی کو مقامی مدافعتی تفہیم اور آلات سے جوڑنے کے قابل ہیں۔ اس پروگرام کے حصے کے طور پر یہ فاؤنڈیشن آٹھ ممالک (جنوبی افریقہ، سینیگال، نائجیریا، گھانا، کینیا، یوگنڈا، برازیل اور بھارت) کی تحقیقاتی ٹیموں کو دو سال کے دوران 7ملین ڈالر فراہم کرے گی تاکہ ان کی موجودہ مدافعتی صلاحیت کو بڑھایا جا سکے۔

ان سائنسدانوں کی مزید مدد کے لئے جو وبائی امراض کے خاتمے اور صحت کی فوری عالمی ترجیحات سے نمٹنے کے لئے درکار اختراعات تیار کر رہے ہیں، فاؤنڈیشن اجلاس کے دوسرے دن (9 نومبر) کو کیلسٹوس جوما سائنس لیڈرشپ فیلوشپ پروگرام کے پہلے گروپ کا اعلان کرے گی۔ افریقی قیادت میں سائنس میں دنیا کے سب سے بڑے وژنریز میں سے مرحوم کیلسٹوس جوما کے نام پر یہ فیلوشپ گزشتہ سال کے سالانہ اجلاس میں افریقہ میں سائنسی رہنماؤں کی اگلی نسل کی مدد کے لئے شروع کی گئی تھی۔ افتتاحی گروپ میں آٹھ افریقی ممالک کے 14 لوگ شامل ہیں جن میں آٹھ خواتین اور چھ مرد شامل ہیں جو کمپیوٹیشنل ڈرگ کی دریافت سے لے کر مالیکیولرایپیڈیمولوجی تک کے منصوبوں کی قیادت کر رہے ہیں۔ منصوبے میں شامل ہر ساتھی کو پانچ سال کے دوران 10 لاکھ ڈالر تک ملیں گے۔

گرینڈ چیلنجز سالانہ اجلاس دنیا بھر کے محققین کے لئے اپنے کام کو شیئر  کرنے، اس شعبے میں جدید ترین پیش رفت کے بارے میں جاننے اور دیگر محققین اور تنظیموں کے ساتھ تعاون کے لئے ایک عالمی فورم ہے ۔ چونکہ کوویڈ-19 کی وبا دنیا بھر میں عدم مساوات میں اضافہ کر رہی ہے، اس سال کے اجلاس میں ہر جگہ وبا کے خاتمے اور جامع بحالی کو فروغ دینے کے لئے سائنسی اشتراک کو مستحکم کرنے پر توجہ مرکوز کی جائے گی۔

۲۰۲۱ کی مکمل ورچوئل اجلاس کی میزبانی گلوبل گرینڈ چیلنجز پارٹنرز نے کی ہے اور گرینڈ چیلنجز کینیڈا، ریاستہائے متحدہ بین الاقوامی ترقی کے ادارے (یو ایس ایڈ)، ویلکم، بل اینڈ میلنڈا گیٹس میڈیکل ریسرچ انسٹی ٹیوٹ (گیٹس ایم آر آئی) اور بل اینڈ میلنڈا گیٹس فاؤنڈیشن نے مشترکہ تعاون کیا ہے۔ رواں سال اجلاس کے مقررین میں شامل ہیں:

  • انتھونی فوسی، ڈائریکٹر، نیشنل انسٹی ٹیوٹ آف الرجی اینڈ انفیکشنڈ ڈیزیز
  • جیسن ایس میک لیلین، پروفیسر اورکیمسٹری میں رابرٹ اے ویلچ چیئر، آسٹن میں یونیورسٹی آف ٹیکساس
  • متشیدیسو موئٹی، ریجنل ڈائریکٹر برائے افریقہ، عالمی ادارہ صحت
  • جان نکینگاسونگ، ڈائریکٹر، افریقہ سینٹرز برائے بیماریوں سے کنٹرول اور احتیاط
  • میلانی ساویل، ویکسین ریسرچ اینڈ ڈویلپمنٹ کی ڈائریکٹر، اتحاد برائے وبا سے مقابلے کے لئے  اختراعات کی تیاری

اس تقریب میں صحت کی اختراع کے عالمی منظر نامے سے تعلق رکھنے والے درجنوں رہنماؤں کے علاوہ گیٹس فاؤنڈیشن کی قیادت سمیت بل گیٹس (شریک چیئر اور ٹرسٹی)، میلنڈا فرنچ گیٹس (شریک چیئر اور ٹرسٹی)، مارک سوزمَین (چیف ایگزیکٹو آفیسر)؛ اور ٹریور منڈل ( گلوبل ہیلتھ ڈویژن کے صدر) شامل ہونگے۔ سیشنز اجلاس کے فورا بعد  یہاں پر grandchallenges.org/annual-meeting پوسٹ کردیئے جائیں گے۔

گرینڈ چیلنجز کے بارے میں

بل اینڈ میلنڈا گیٹس فاؤنڈیشن جانتی ہے کہ عالمی صحت اور ترقی میں سب سے اہم چیلنجز کو حل کرنے کے لئے دنیا کے زیادہ ہونہار ذہنوں کو ان پر کام کرنے کی ضرورت ہے۔ اقدامات کی گرینڈ چیلنجز فیملی اِن چیلنجز کو حل کرنے کے لئے دنیا بھر سے اختراع کاروں کو شامل کرنا چاہتا ہے۔ گرینڈ چیلنجز اقدامات اختراع کو فروغ دینے، تحقیق کو اس طرف لےجانے جہاں  سب سے زیادہ اس کا اثر ہوگا اور ضرورت مندوں کی خدمت کرنے پر توجہ مرکوز کرنے پر متحد ہیں۔ مزید جاننے.کےلئے برائے مہربانی ملاحظہ کیجیئے : grandchallenges.org

بل اینڈ میلنڈا گیٹس فاؤنڈیشن کے بارے میں

اس یقین کے ساتھ کہ ہر زندگی کی قدر یکساں ہوتی ہے، بل اینڈ میلنڈا گیٹس فاؤنڈیشن تمام لوگوں کو صحت مند اور سود مند زندگی گزارنے میں مدد دینے کے لئے کام کرتی ہے۔ ترقی پذیر ممالک میں یہ لوگوں کی صحت کو بہتر بنانے اور انہیں بھوک اور غربت ومفلسی سے نکالنے  پر توجہ مرکوز کرتے ہیں۔ ریاست ہائے متحدہ میں یہ اس بات کو یقینی بناتے ہیں کہ تمام لوگوں کو خاص طور پر کم وسائل والے افراد کو اسکول اور زندگی میں کامیابی کے لئے درکار مواقع تک رسائی حاصل ہو۔ واشنگٹن کے شہر سیئٹل میں قائم اس فاؤنڈیشن کی قیادت بل گیٹس اور میلنڈا فرنچ گیٹس کی ہدایت پر سی ای او مارک سوزمَین کر رہے ہیں۔

میڈیا   کا  ربط:  media@gatesfoundation.org

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At 2021 Grand Challenges Annual Meeting, Bill & Melinda Gates Foundation Announces Initiatives to Support Cutting-Edge Science in Low- and Middle-Income Countries and Help End the COVID Crisis

The foundation commits initial $50 million towards a new 10-year program and awards science leadership fellowships to 14 African scientists

SEATTLE, Nov. 8, 2021 /PRNewswire/ — Today at the 17th Grand Challenges Annual Meeting, the Bill & Melinda Gates Foundation announced an initial commitment of $50 million to support science and innovation in low- and middle-income countries. The Grand Challenges Global Call to Action is a 10-year initiative that will prioritize grants to scientists from low- and middle-income countries and support a balanced representation of women principal investigators.

This long-term initiative is designed to ensure scientists and institutions in low- and middle-income countries play a central role in shaping the global R&D agenda and developing solutions that can better meet the needs of their communities. Initial focus areas will include data science, such as mathematical modeling to inform national malaria control programs; digital health services for pregnant women; and innovations to close gaps identified by current programs for eliminating neglected tropical diseases.

“We need the ideas and leadership of the people who are closest to the global health challenges we’re working to address,” said Mark Suzman, CEO of the Bill & Melinda Gates Foundation. “The Grand Challenges Global Call to Action represents our commitment to advance innovation and equity while strengthening local partners in a sustainable way.”

At the annual meeting, which takes place November 8-11, the foundation will also launch the Global Immunology and Immune Sequencing for Epidemic Response (GIISER) program, which works to ensure scientists have the capacity to rapidly detect if new SARS-CoV-2 variants in their communities show signs of evading immune response. This will allow national and regional stakeholders to respond appropriately and develop products that meet the specific needs of their geographies. GIISER will operate as a decentralized network of autonomous and geographically distinct hubs that are able to connect local pathogen sequencing data and clinical epidemiology with local immunological understanding and tools. As part of this program, the foundation will provide $7 million over two years to investigative teams in eight countries (South Africa, Senegal, Nigeria, Ghana, Kenya, Uganda, Brazil, and India) to expand their existing immunological capacity.

To further support scientists who are developing the innovations needed to end the pandemic and address urgent global health priorities, the foundation will announce the first cohort of the Calestous Juma Science Leadership Fellowship program on the second day of the meeting (November 9). Named after the late Calestous Juma, one of the world’s foremost visionaries in African-led science, the fellowship was launched at last year’s annual meeting to support the next generation of scientific leaders in Africa. The inaugural cohort includes 14 fellows from eight African countries—eight women and six men— who are leading projects that range from computational drug discovery to molecular epidemiology. Each fellow will receive up to $1 million over five years.

The Grand Challenges Annual Meeting is a global forum for researchers around the world to share their work, learn about cutting-edge advances in the field, and collaborate with other investigators and organizations. As the COVID-19 pandemic continues to drive inequity across the globe, this year’s meeting will focus on strengthening scientific collaborations to end the pandemic everywhere and promoting an inclusive recovery.

The 2021 fully virtual meeting is hosted by Global Grand Challenges partners and co-sponsored by Grand Challenges Canada, the United States Agency for International Development (USAID), Wellcome, the Bill & Melinda Gates Medical Research Institute (Gates MRI), and the Bill & Melinda Gates Foundation. Speakers at this year’s meeting include:

  • Anthony Fauci, Director, National Institute of Allergy and Infectious Diseases
  • Jason S. McLellan, Professor and Robert A. Welch Chair in Chemistry, University of Texas at Austin
  • Matshidiso Moeti, Regional Director for Africa, World Health Organization
  • John Nkengasong, Director, Africa Centres for Disease Control and Prevention
  • Melanie Saville, Director of Vaccine Research and Development, Coalition for Epidemic Preparedness Innovations

The event will feature dozens of leaders from across the global health innovation landscape, as well as Gates Foundation leadership, including Bill Gates (Co-Chair & Trustee); Melinda French Gates (Co-Chair & Trustee); Mark Suzman (Chief Executive Officer); and Trevor Mundel (President, Global Health Division). The sessions will be posted shortly after the meeting at grandchallenges.org/annual-meeting.

About Grand Challenges

The Bill & Melinda Gates Foundation recognizes that solving the most pressing challenges in global health and development requires more of the world’s brightest minds working on them. The Grand Challenges family of initiatives seeks to engage innovators from around the world to solve these challenges. Grand Challenges initiatives are united by their focus on fostering innovation, directing research to where it will have the most impact, and serving those most in need. To learn more, please visit grandchallenges.org.

About the Bill & Melinda Gates Foundation

Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people’s health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people—especially those with the fewest resources—have access to the opportunities they need to succeed in school and life. Based in Seattle, Washington, the foundation is led by CEO Mark Suzman, under the direction of Bill Gates and Melinda French Gates.

Media contact: media@gatesfoundation.org

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PSX Proposes Reduction on Brokerage Commission on ETFs

The management of the Pakistan Stock Exchange (PSX) has proposed a reduction of brokerage commission on Fixed Income Exchange Traded Fund (ETF) from 0.15 percent (3 paisa) to 0.01 percent (1 paisa) of the transactional value.

According to the notification, the step is being proposed to promote the acceptability and marketability of fixed-income ETFs as a viable investment option for investors. It is considered important to have a different structure of minimum brokerage commission for both classes of ETFs.

It is important to mention that there are some inherent features of fixed income ETF that distinguish it from equity class ETF.

The upside potential of equity class ETF is significantly higher than that of fixed income ETF as stock may hit the upper cap of the circuit breaker in a trading day but T-Bills/PIBs are least likely to show much volatility, particularly when the interest rates are at a low level, the notification said.

The current impact of brokerage commission of 0.3 percent (on both buy and sell sides combined on an intraday trade will bound the investors to hold the units of fixed income ETF for at least 2 weeks (assuming an annual return of 8 percent) just to reach the breakeven.

The management sought views and comments of the interested parties on the amendments of reduction in brokerage commission from 3 paid to 1 paisa of the transactional value.

 

 

Source: Pro Pakistani

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Govt Might Withdraw Gas Subsidy for Industrial Consumers

The government is considering withdrawing the subsidized gas rates of $6.5 per unit for the industrial sector, reported Dawn News.

According to the report, the government is considering withdrawing the subsidized rates because of the supply shortages and unsustainable average cost of gas. This decision to put a halt to the subsidized rates is a part of the three-phased tariff rationalization plan.

The cabinet has already received a summary of ending subsidized gas supply to the industrial sector, including captive power plants from the Ministry of Energy (Petroleum Division), a government official told Dawn.

The cabinet is set to take a decision regarding the matter on Tuesday.

The report stated that the average prescribed price of local gas is set at about Rs. 645 per unit, whereas the delivered cost of LNG Cargoes has exceeded Rs. 5,000 per unit. During the previous month, the average LNG price was recorded at Rs. 2,730 per unit.

Moreover, domestic gas supply to the export industry and the power plants under the export industry is at Rs. 820-852 per unit. Whereas general industry, ice factories, and CNG sector are supplied gas at Rs. 1,055, Rs. 1,050, and Rs. 1,370 per unit, respectively.

The new rates for the supply of gas will be finalized on Tuesday during the meeting.

Furthermore, it is expected that during the second and the third phase of the plan, the rates for residential consumers will also be increased. Through these phases, the government is trying to place an elaborate weighted average cost of the gas system, which will involve the local and the imported gases.

Currently, the gas shortage is being felt across the country as the gas shortage in the network exceeds 400-500 million cubic feet per day.

 

 

Source: Pro Pakistani

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Shaukat Tarin Says that Tax-to-GDP Ratio Needs to be Doubled

Shaukat Tarin, the Advisor to Prime Minister on Finance and Revenue, said that in order to achieve economic development, the tax-to-GDP ratio needs to be doubled.

During a ceremony in Islamabad, the Advisor mentioned that he has assured the business community that they will be facilitated and they will not be harassed by the Federal Board of Revenue if they are willing to pay more taxes.

He further said that to achieve 6-8 percent of growth, the current GDP-to-tax ratio of 9 percent has to be changed to 20 percent. Tarin informed that the authorities already had all the relevant data such as billing information, bank account statements, and traveling expenses. The government would further use artificial intelligence to estimate people’s income with 88 percent accuracy.

Shaukat Tarin went on to talk about the Kamyab Pakistan programme where he pointed out the inability of the large banks to disburse small loans. He also said that the government had developed a formula to disburse loans through microfinance banks and NGOs.

The advisor stated that under the Kamyab Nojwan program, a total of 4 million families or 30 million people will be provided with a free loan worth Rs. 0.5 million.

Talking about the economy, Tarin told the audience that the government was focused on taking the economy forward, especially with the help of the agriculture sector. He highlighted the importance of financing the agriculture sector and SMEs as they only receive 6-7 percent financing.

During the ceremony, PM’s Special Assistant for Youth Affairs, Usman Dar, highlighted the key features of the Kamyab Jawan Program, which provided business loans ranging from Rs. 100,000 to Rs. 25 million.

He said that an amount of Rs. 100 billion has been earmarked for providing business loans to youth, out of which loans of Rs. 30 billion have been approved for 22000 youngsters, and the remaining amount would also be approved soon. Furthermore, he mentioned that KJP had created 50,000 jobs and the skills for all programs have a 60-70 percent employability ratio, which shows its success. He thanked ICCI, NAVTTC, and other institutions, including banks, for their cooperation in KJP.

In his welcome address, Muhammad Shakeel Munir, President Islamabad Chamber of Commerce & Industry (ICCI), appreciated the launch of KJP to promote youth and assured that ICCI would fully cooperate to make it successful. He said that the youth was the most precious asset of the country and focusing on youth entrepreneurship would drive Pakistan towards fast economic growth besides reducing the unemployment issue.

He said that the government should address the concerns of traders on tax matters, including installation of POS, digital payments, bank accounts attachments, and sharing of taxpayers’ data by NADRA with FBR. He said that the Advisor to PM on Finance should visit major chambers of commerce starting from ICCI for consultation on budget proposals before finalizing the next budget.

 

 

Source: Pro Pakistani

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FBR Organizes AML/CFT Training Sessions for DNFBPs

The Federal Board of Revenue (FBR), in collaboration with the United Nations Office on Drugs and Crime (UNODC), organized outreach and capacity-building sessions for Designated Non-Financial Businesses and Professions (DNFBPs) to ensure AML/CFT compliance in Karachi.

The representatives from the Financial Monitoring Unit (FMU), National Counter Terrorism Authority (NACTA), and Ministry of Foreign Affairs (MoFA) were the key-note speakers in the training sessions. The participants included real estate agents, jewelers, accountants, and lawyers.

In his opening remarks, Mr. Mohammad Iqbal, DG DNFBPs, stressed the need to combat money laundering in its all forms and manifestations. He apprised the participants of the measures taken by FBR to facilitate the DNFBPs and help build their understanding through various activities, including webinars, guidance documents, and face-to-face training sessions.

DG DNFBPs further emphasized that while the FATF actions on DNFBPs have largely been addressed, FBR, as the AML/CFT regulatory authority, would continue supervising the DNFBPs for implementation of the AML/CFT regime so that the money generated through crimes cannot be concealed in real estate and gold or precious stones. The sessions were warmly appreciated and generously acknowledged by all the participants.

 

 

Source: Pro Pakistani

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Rupee Posts Losses Against All Currencies After Surprises Last Week

The Pakistani Rupee (PKR) has posted losses against the US Dollar (USD) for the second time since last week as the local unit deteriorated by 50 paisas against the greenback in the interbank currency market today.

The local currency maintained its shape against the USD on Friday, a trend that was observed in April 2020, and also managed to stay unhinged against the USD and closed at 170.01 in the interbank market.

As is the case with fiat currency trends, bull runs sometimes require retreating back and forth in order to gain more strength. However, this is the third time that the PKR has retreated within just seven days. Moreover, the effects of the Saudi relief package seem to have gone cold despite the State Bank of Pakistan having recently received a straight-up $3 billion deposit in support payments.

Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, commented on the matter earlier in the day, and said, “Though PKR gained nearly 3%, the tumultuous week ended with PM relief package & with surprise decisions”.

He added, “In a hurry, Petroleum price was hiked 11 days before the scheduled date, followed by a hike in electricity, sugar, ghee & edible oil prices. Yet is waiting for direction”.

The PKR also reversed its gains against other major currencies from last week and posted losses in the interbank currency market today.

It posted losses of 45 paisas against the Canadian Dollar (CAD), 37 paisas against the Pound Sterling (GBP), 52 paisas against the Australian Dollar (AUD), and 78 paisas against the Euro (EUR).

It also posted a blanket loss of 13 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in today’s interbank currency market.

 

 

Source: Pro Pakistani