Briefs

Briefs

CDC conducting awareness seminars

KARACHI: The Central Depository Company (CDC) is conducting nationwide investors' awareness seminars.

The first phase of these sessions will be held in northern parts of the country, including Azad Jammu and Kashmir. The seminars are aimed at enhancing knowledge of investors]’ and business students regarding investors protection roles and responsibilities of the investors and the general operations of CDC and the capital market.

These seminars will be conducted in Gujranwala, Gujrat, Sargodha, Lahore, Peshawar, Rawalpindi, Gilgit and Mirpur. The second phase of these seminars will be conducted in the southern cities of Pakistan later this year.

The main objective of these sessions is to enlighten the attendees with respect to asset protection and measures needed to safeguard their investments. Moreover, the awareness sessions also highlight on the new initiatives taken by CDC for the development of the capital market.

Askari Bank sells AMC

By our correspondent

KARACHI: Askari Bank Limited (AKBL) has decided to offload its 100 percent-owned subsidiary Askari Investment Management Limited to Pak Oman Asset Management.

In a notice to the bourse, AKBL notified that the board of directors of the bank resolved to sell 33.5 million shares (100 percent of the paid-up share capital) of Askari Investment Management Limited to Pak Oman Asset Management for an aggregate amount of Rs551 million.

“It translates into a sale price of Rs16.45/share against the cost of Rs10/share in the bank's book, and is likely to result in a cash flow impact of 44 paisas/share,” Amreen Soorani at JS Global said.

 

JazzCash touches 100mln transactions 

By our correspondent

KARACHI: More than a 100 million financial transactions were performed through its mobile accounts during 2016, which is almost four times higher as compared to 2015, a statement issued by JazzCash said on Thursday.

 “This is a very special moment for all of us. Back in 2013, when we were still in the initial stages of setting up this division, we had an ambition to become the market leader by 2016,” Aniqa Afzal Sandhu, VP Digital and Financial Services Jazz, said while commenting on her company's record high milestone.

“With great team work and trust of our customers, we have achieved this milestone. Now more money transfer transactions are performed through Mobile Accounts than over-the-counter services.”

In addition, with more than 1.5 million monthly active mobile accounts, JazzCash is now the leading mobile financial services provider in the mobile accounts category.

 

UBL fetes opening of new head office

News Desk

KARACHI: The United Bank Limited (UBL) dedicated an eventful evening to its key stakeholders here at a local hotel to celebrate the opening of its new head office, a statement said on Thursday.

 “Today is a momentous day for the UBL franchise and all its stakeholders, who have been associated with it for the last 57 years. This building is a beacon of UBL’s ‘Progressive’ and ‘Innovative’ brand attributes,” Wajahat Husain, President and CEO of UBL said while addressing the participants of the event.  “This modern building complex is a dynamic symbol of the transformation that UBL has undergone in the last 14 years.”  The UBL’s new headquarter was inaugurated on December, 19, 2016.

Sir Mohammed Anwar Pervez, OBE, HPk, Chairman of the Board of Directors of UBL and Bestway Group UK graced the grand the dinner, held at Mohatta Palace, as the chief guest.

Dr. Ishrat Hussain, ex -Governor-SBP, Muneer Kamal, Chairman Pakistan Stock Exchange, Zameer Mohammed Choudrey, CBE, Director UBL, members of the UBL’s Board of Directors, senior bankers, diplomats, and prominent personalities from leading business houses were also present on the occasion.

 

UK new car sales hit record high

LONDON: British new car registrations hit a record 2.69 million units in 2016 despite concerns from some analysts that June´s Brexit vote would dent sales but demand will fall by around 5 percent this year, a car industry body said on Thursday. Full-year sales rose 2.3 percent in 2016 but year-on-year registrations fell in December by 1.1 percent, only the third annual drop in nearly five years, the Society of Motor Manufacturers and Traders said.  Demand from individual consumers has fallen in every month since April with overall growth supported by strong rises in business demand. However, in December fleet demand fell for the first time in nearly a year, suggesting that it will be difficult to match last year´s performance in 2017.  

 

Macy’s, Kohl’s cut profit forecasts

NEW YORK: Department store chains Macy´s Inc and Kohl´s Corp both cut their 2016 profit forecasts on Wednesday, after holiday season sales fell more than expected, pushing down shares in the retail sector in extended trading.

Macy´s shares were down 10.7 percent at $32 and Kohl´s shares plunged 15 percent to $44.11 after hours. Other retailers were also down sharply, with J. C. Penney Co Inc off 5.3 percent and Nordstrom Inc down 5.4 percent.

U.S. department stores have continued to miss out on the spending uptick experienced by many retailers and have suffered heavily from competition by online rivals including Amazon.com Inc.  Department stores have also been hurt by a drop in demand for clothes and accessories like watches and handbags as consumers spent more on big-ticket items such as home renovations and cars.