Day: March 15, 2023

Posted on

ICCI for focusing on Lithuania to promote exports with EU market

Islamabad, March 15, 2023 (PPI-OT): Faad Waheed, Senior Vice President, Islamabad Chamber of Commerce and Industry said that Lithuania is an important economy of the European Union and Pakistan should focus on it to promote trade and exports with the EU market. He said that Lithuania’s annual imports are over USD 30 billion and Pakistan has a good opportunity to export many products to Lithuania including pharmaceutical products, electrical equipment, plastics and articles.

He said this while talking to H.E. Ricardas Degutis, Ambassador of Lithuania, based in Turkiye, during his visit to Islamabad Chamber of Commerce and Industry. Ms. Vaida Stankeviciene Deputy Head of Mission and Masud Khan Honorary Consul General of Lithuania in Pakistan also accompanied him at the occasion.

Faad Waheed said that Pakistan and Lithuania have good potential to cooperate with each other in agriculture, science and technology, information technology, industrial sector and other fields to share expertise with each other and achieve mutually beneficial outcomes.

He said that many sectors of Pakistan’s economy offer great prospects for foreign investment including oil and gas, mines and minerals, energy, automobile and stressed that Lithuanian investors should explore investment and JVs in Pakistan. He said that Lithuania should open its embassy in Pakistan that would help boost trade and economic relations between the two countries.

Speaking at the occasion, H.E. Ricardas Degutis, Ambassador of Lithuania said that the bilateral trade between Lithuania and Pakistan is quite low which can be improved by promoting business linkages between the private sectors of both countries.

He said that Lithuania is exporting many products including machinery, furniture, bedding and mattresses, mineral fuels and oils, electrical machinery, vehicles and miscellaneous chemical products and many of them can be exported to Pakistan.

He said that Lithuania is now investing more in Life Sciences which offers a good opportunity for collaboration with Pakistan. He said that Lithuania is planning to organize a Life Sciences Conference in September this year and invited Pakistan professionals to attend it.

Engr. Muhammad Azhar ul Islam Zafar, Vice President ICCI emphasized the regular exchange of trade delegations to explore new areas of mutual cooperation between Pakistan and Lithuania. Masud Khan Honorary Consul General of Lithuania in Pakistan, Ch. Javed Iqbal, Hamayun Kabir, Ch. Muhammad Ali, Ms. Munizeh Majid, Rizwan Chheenah and others also spoke at the occasion and shared useful ideas for enhancing trade and economic relations between Pakistan and Lithuania.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk

The post ICCI for focusing on Lithuania to promote exports with EU market appeared first on Business News Pakistan.

The post ICCI for focusing on Lithuania to promote exports with EU market appeared first on AsiaNet-Pakistan.

Posted on

Syed Naveed Qamar, Federal Minister for Commerce, and Khawaja Muhammad Asif, Federal Minister for Defence visited Sialkot Chamber of Commerce and Industry

Sialkot, March 15, 2023 (PPI-OT): On the occasion, the Honourable Commerce Minister acknowledged the role of the industrial city of Sialkot in the economic sustainability of the country over the years. He said that the business community of Sialkot had taken many revolutionary initiatives including the establishment of a private-sector airport and airline.

Syed Naveed Qamar, during his address to the community, said that the model of Sialkot should be replicated across Pakistan and termed it as the only solution toward prosperity. He said that the Government should always play the role of the facilitator to the business community and assured his all-out support to the export sector of Sialkot in the provision of an enabling environment to achieve export-led economic growth.

He also directed the Trade Development Authority of Pakistan for enhanced linkages with the Sialkot Chamber of Commerce and amp; Industry and expedited the processing of the proposals of the Chamber. Khawaja Muhammad Asif, Federal Minister for Defence shared that Government was cognizant of the prevailing economic crisis and its effects on the business community.

He shared with the members of the Sialkot Chamber that the Government, under the patronage of Mian Muhammad Shahbaz Sharif the Prime Minister of Pakistan, was striving to bring Pakistan out of the woods and the situation would start getting better from June 2023 onwards. Mr. Abdul Ghafoor Malik, President Sialkot Chamber of Commerce and amp; Industry, thanked both the Honourable Ministers for sparing time to visit the bustling city of Sialkot and for their patient hearing of the issues of the business community.

During his address, the President Chamber invited the attention of the Ministers towards the issues and proposals including but not limited to expediting the project of the Sialkot Industrial Zone, an extension of LTLD and DDT Schemes, withdrawal of EPD Circular Letter No. 01 of 2023, rebate on manicure pedicure/beauty instruments, and the abolition of 5% WHT on export companies for sector other than Surgical Instruments.

Khawaja Muhammad Asif, Federal Minister for Defence, and Syed Naveed Qamar, Federal Minister for Commerce acknowledged the proposals and shared that the matters would be resolved at the earliest and a meeting would also be arranged with the Honourable Senator Mr. Ishaq Dar for the resolution of issues pertaining to Ministry of Finance and the FBR. The Defence Minister announced that the issue of EPD Circular Letter No. 01 of 2023 would be resolved on a permanent basis by March 24, 2023, as assured to the house by Federal Minister.

For more information, contact:
Sialkot Chamber of Commerce and Industry (SCCI)
Shahrah-e-Aiwan-e-Sanat-o-Tijarat, Sialkot – 51310, Pakistan
Phone: +92-52-4261881-3
Fax: +92-52-4268835, +92-52-4267919
E-mail: sialkot@scci.com.pk
Website: http://www.scci.com.pk

The post Syed Naveed Qamar, Federal Minister for Commerce, and Khawaja Muhammad Asif, Federal Minister for Defence visited Sialkot Chamber of Commerce and Industry appeared first on Business News Pakistan.

The post Syed Naveed Qamar, Federal Minister for Commerce, and Khawaja Muhammad Asif, Federal Minister for Defence visited Sialkot Chamber of Commerce and Industry appeared first on AsiaNet-Pakistan.

Posted on

Alibaba.com Highlights Value of Export E-commerce at Textile Asia International Trade Fair

China, March 15, 2023 (PPI-OT): Alibaba.com, a leading platform for global business-to-business (B2B) trade, has concluded its participation as Gold Sponsor in the 24th edition of South Asia’s leading textile trade show, Textile Asia International Trade Fair. Held at the Karachi Expo Centre from 10-12 March, the event brought together textile industry experts and businesses from around the world in Pakistan to explore the latest trends, challenges and opportunities in the textile sector.

Over three days, the trade fair attracted the attendance of more than 35,000 visitors and over 450 exhibitors. The Alibaba.com booth at the event attracted more than 500 visitors, who interacted with experts from Alibaba.com on-site to learn about the role of B2B e-commerce in transforming the way traditional businesses conduct global trade, as well as the opportunities and tools provided by Alibaba.com to support their export development. Visitors also took part in interactive activities to win prizes, including coupons for free e-commerce training from Alibaba.com.

Alibaba.com to support export development

Engr. Sami Abdullah Al Khanjari, Consul General, Sultanate of Oman also graced the Alibaba.com booth on the last day of the event. “We appreciate Alibaba.com’s effort in facilitating Pakistani textile companies’ global export journey through e-commerce. It shall open new business pathways for Pakistan,” he said.

“The textile industry has been the backbone of Pakistan’s export sector and we are dedicated to helping Pakistani textile companies grow to the next level by exploring online opportunities. To this end, we are greatly honoured to be able to meet hundreds of local industry players at the Textile Asia International Trade Fair to highlight the value of B2B e-commerce to them,” said Mr. Rocky Lu, Head of Alibaba.com Pakistan.

Alibaba.com’s participation at the 24th Textile Asia International Trade Fair was a demonstration of its commitment to supporting the growth and development of the local textile industry. In the 12 months ended March 31, 2022, more than 40 million buyers from over 190 countries sourced business opportunities or completed transactions on Alibaba.com.

For more information, contact:
Corporate Campus,
Alibaba Group Holding Limited
969 West Wen Yi Road,
Yu Hang District, Hangzhou 311121, China
Tel: +86-571-8502-2088
Fax: +86-571-8526-9066
Website: www.alibabagroup.com

The post Alibaba.com Highlights Value of Export E-commerce at Textile Asia International Trade Fair appeared first on Business News Pakistan.

The post Alibaba.com Highlights Value of Export E-commerce at Textile Asia International Trade Fair appeared first on AsiaNet-Pakistan.

Posted on

VIS Reaffirms Entity Ratings of Garibsons (Private) Limited

Karachi, March 15, 2023 (PPI-OT): VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings assigned to Garibsons (Pvt.) Ltd. (GSPL) at ‘A-/A-2’ (Single A Minus/A-Two). The medium to long-term rating of ‘A-’ denotes good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy.

The short-term rating of ‘A-2’ denotes good certainty of timely payments. Liquidity factors and company fundamentals are sound. Risk factors are small. Outlook on the assigned ratings is ‘Stable’. Previous rating action was announced on February23, 2022.

The company purchases paddy directly from farmers when the new crop arrives. First processing is done at the husking plants of the company and subsequently the de-husked rice is re-processed in the company’s mills in line with the buyer’s requirements. Rice is one of the major staple foods in Pakistan and in FY22, rice production has increased by 10.9% and contribution towards GDP is 0.7% (FY21: 0.6%).

The assigned rating takes into account GSPL’s market share of exports into account, which has remained around 10% over the last 4 years and the market share has increased slightly to 10.7% in FY22. Net sales for FY22 were reported considerably higher vis-a-vis FY21. This was due to volumetric increase of rice sales along with higher selling price. GSPL has a broad customer base which comprises over 60 countries worldwide.

The top 10 customer-wise concentration in sales increased during FY22. However, GSPL has exhibited long-term association with these customers. The improvement in gross margins in FY22 and HY23 was mainly attributed to better average selling prices and inventory gains.

In line with improvement in profitability levels in absolute terms, liquidity profile of the company has improved during FY22 with adequate coverage of cash flows in relation to outstanding obligations and sound debt servicing ability. However, there is an increasing trend in cash conversion cycle of the company.

The projected cash cycle also stands high which would require higher working capital with increasing interest rates that may impart pressure on profitability and liquidity. Equity base was reported higher on the back of profit retention. The company has not paid any dividend during the last three financial years. GSPL is supported by directors and family to some extent in liquidity management by providing short term loans.

The ratings remain dependent on the retention of market share, management of capitalization and liquidity indicators at levels commensurate with the assigned ratings and continued financial support by sponsors in retaining capitalization levels.

For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/

The post VIS Reaffirms Entity Ratings of Garibsons (Private) Limited appeared first on Business News Pakistan.

The post VIS Reaffirms Entity Ratings of Garibsons (Private) Limited appeared first on AsiaNet-Pakistan.

Posted on

ACAMS Launches Scholarship Program for Korean Professionals Seeking Anti-Money Laundering Training

CAMS Scholarship recipients will train on strategies to identify, trace, and report criminal activity threatening financial institutions across the globe

WASHINGTON, March 14, 2023 (GLOBE NEWSWIRE) — As part of its efforts to support the fight against financial crime throughout the Asia Pacific region, ACAMS is launching a new scholarship program for South Korean compliance professionals seeking to become Certified Anti-Money Laundering Specialists (CAMS). Under the initiative, ACAMS will award the CAMS Scholarship to 10 Korean compliance practitioners in the anti-financial crime (AFC) space, granting them a one-year membership to the association and a full waiver of all fees for the CAMS exam package.

As part of the program, scholarship winners will train on a broad array of skills and strategies to detect, track, and report illicit financial activity, including global best practices on the effective implementation of anti-money laundering (AML) and counterterrorism financing (CTF) policies and procedures, risk-mitigation controls, and suspicious transaction reporting. Widely recognized as the global standard for AML/CTF credentials, the CAMS program helps to shield financial institutions around the world from criminal exploitation, regulatory fines, and reputational harm.

“This scholarship is a reflection not only of our mission to fight illicit finance around the globe, but also of our commitment to the talented professionals in Korea’s dynamic anti-financial crime sector,” said ACAMS CEO Scott Liles. “As South Korea’s financial markets continues to grow, it’s critical that compliance professionals are prepared to meet evolving regulatory expectations and face emerging criminal threats.”

“For compliance practitioners, CAMS is pathway to becoming part a global community of dedicated men and women around the world who are applying their knowledge and skills to protect the private sector and save lives,” said ACAMS Advisory Board Member Jean Chung who is also Managing Director, Asia Head over Conduct, Financial Crime and Compliance Advisory for Corporate, Commercial and Institutional Banking at Standard Chartered Bank. “This is a credential that will open doors for professional development throughout a recipient’s career.”

The initiative is the third of its kind for ACAMS following the launch in 2021 of the CAFCA Scholarship and CCAS Scholarship in 2022. The CCAS Scholarship attracted entries from AFC professionals from over 100 countries around the world.

Applicants can apply for the CAMS Scholarship through 11:59 pm GMT April 28, 2023. Winners will be announced in June.

Find out more about the scholarship’s criteria and application process here:
https://www.acams.org/cams-scholarship

About ACAMS®

ACAMS is a leading international membership organization dedicated to providing opportunities for anti-financial crime (AFC) education, best practices, and peer-to-peer networking to AFC professionals globally. With over 100,000 members across 180 jurisdictions, ACAMS is committed to the mission of ending financial crime through the provision of anti-money laundering/counterterrorism-financing and sanctions knowledge-sharing, thought leadership, risk-mitigation services, ESG initiatives, and platforms for public-private dialogue. The association’s CAMS certification is the gold-standard qualification for AFC professionals, while its CGSS and CCAS certifications are for sanctions professionals and AFC practitioners working in the crypto space, respectively. ACAMS’ 60+ Chapters globally further amplify the association’s mission through training and networking initiatives. Visit acams.org for more information.

Media Contact:
Lashvinder Kaur
lkaur@acams.org
+44 7388 264478

GlobeNewswire Distribution ID 8788561

Posted on

ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Signature Bank Investors With Losses in Excess of $100K to Secure Counsel Before Important Deadline in First Filed Securities Class Action Initiated by the Firm – SBNY, SBNYP

NEW YORK, March 14, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of Signature Bank (NASDAQ: SBNY, SBNYP) between March 2, 2023 and March 12, 2023, both dates inclusive (the “Class Period”). The class includes those who purchased Signature Bank call options and/or sold put options during the Class Period. A class action has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2023.

SO WHAT: If you purchased Signature Bank securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Signature Bank class action, go to https://rosenlegal.com/submit-form/?case_id=12988 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose, among other things, that: (1) Signature Bank did not have the strong fundamentals that it represented itself as having in the days immediately prior to its takeover, or otherwise took action that left it susceptible to a takeover by the New York Department of Financial Services (“DFS”); (2) as a result, it became a target for regulatory action by the DFS, and (3) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Signature Bank class action, go to https://rosenlegal.com/submit-form/?case_id=12988 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————–

Contact Information:

       Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8788118

Posted on

Imran Khan wants to spread anarchy, civil war & unrest in country: Marriyum

Minister for Information and Broadcasting Marriyum Aurangzeb has said that PTI Chairman Imran Khan wants to spread anarchy, civil war and unrest in the country.

In a video statement on Wednesday, she said Imran Khan is hiding from the police in order to escape from the arrest and has made women, children and youth as his shield.

She said Imran Khan is politically dead and now inciting his armed gangs and hooligans against the state institutions.

The Minister said PTI is not a political party but has turned into an armed gang because a political party always upholds rule of law and the constitution.

She categorically stated that the incumbent government did not not want to arrest Imran Khan despite having state powers, but only wanted to get the court’s orders and warrants implemented.

She said Imran Khan, through his toxic approach, is defying the courts and their orders. She also appealed to the courts to take notice of his defying attitude.

Marriyum Aurangzeb said police and other law enforcing agencies are unarmed and only implementing the court’s orders. She said Imran Khan should answer to the courts about his cases.

She said 65 police personnel have so far been injured due to terrorism of PTI hooligans.

The Minister also urged the media to inform about the facts and realities to the masses about Imran Khan.

Source: Radio Pakistan

Posted on

PM, Chairman Pakhtunkhwa Milli Awami Party discuss political situation

Chairman Pakhtunkhwa Milli Awami Party, Mahmood Khan Achakzai called on Prime Minister Muhammad Shehbaz Sharif in Islamabad on Wednesday.

During the meeting, they exchanged views on prevailing political situation of the country.

On the occasion, Mahmood Khan Achakzai lauded the Prime Minister’s vision of making the development of Balochistan a priority and paying special attention towards the relief and rehabilitation of flood affectees of Balochistan.

Source: Radio Pakistan

Proudly powered by WordPress