Briefs

Ahmad named SBP deputy governor

By our correspondent

KARACHI: The federal government has appointed Jameel Ahmad, presently working as executive director of the State Bank of Pakistan, as the central bank deputy governor for a period of three years with effect from April 11, 2017, a statement issued on Tuesday said.

Ahmad’s illustrious career as an accomplished central banker spans over 26 years, working at senior positions at the State Bank of Pakistan and the Saudi Arabian Monetary Agency (SAMA). Prior to his appointment as deputy governor, he was serving as the executive director, Banking Supervision Group and Financial Stability.

He has also served as group head of the Operations, Banking Policy & Regulations, Development Finance, and Financial Resource Management. Ahmad is a member of the SBP’s Monetary Policy Committee and various other management committees of the bank. He also represents the SBP on two international committees, including Financial Stability Board (FSB)’s Correspondent Banking Coordination Group and the Basel Committee on Banking Supervision (BCBS)’s Task Force on Prudential Treatment of Assets.

Ahmad did his MBA from the University of Punjab and is a Fellow Member of the Institute of Cost & Management Accountants of Pakistan (FCMA), an Associate Member of the Institute of Bankers Pakistan and a Fellow Member of the Institute of Corporate Secretaries of Pakistan (FCIS).

FBR raids condemned

By our correspondent

KARACHI: Saleem Mandviwalla, Chairman of senate committee on finance and revenue on Tuesday condemned the raids on the business premises by the Federal Revenue Board’s (FBR) team.

Senator Mandviwalla, in a statement, criticised the FBR for issuing ‘undue’ notices to the business community, creating unrest among them. He summoned all the business community and officials of the finance ministry to discuss and resolve the issue. He said the issue will also be taken up at the upcoming meeting of the finance committee.

“Business community is complaining and protesting on the FBR raids, saying tax officials are threatening to make arrest and also confiscating record of these (manufacturing) units,” he added.  The senate committee’s chairman said there are complaints that the FBR officials are using ‘arm-twisting tactics’ against businessmen under the garb of section 38B and 40B of Sales Tax Act, 1990, which grant them special powers to raid the business premises.

Mandviwalla said the measures are promoting a trust deficit between the government and the business community. “The laws have kept a large number of potential taxpayers out of the tax regime,” he added. 

Askari Bank, Pak Oman sign deal

By our correspondent

KARACHI: Askari Bank Limited has entered into a share purchase agreement with Pak Oman Asset Management Company for the sale of its wholly-owned subsidiary Askari Investment Management Limited, a bourse filing said on Tuesday.

Earlier in January, the board of directors of Askari Bank had decided to sell 33.5 million shares of Askari Investment Management, constituting 100 percent of the issued and paid-up capital of the asset management company to Pak Oman Asset Management for an aggregate amount of Rs551 million.

The transaction is; however, subject to requisite regulatory approvals and completion of other closing formalities, it added.

Askari Investment Management is a wholly-owned subsidiary of Askari Bank and manages an amount of Rs6.757 billion through seven funds. Pak Oman Asset Management is managing a sum of Rs1.805 billion through four different funds.

Emirates Airways awarded

News Desk

KARACHI/DUBAI: Emirates has been recognised as the Best Airline in the world in the inaugural TripAdvisor Travelers’ Choice Awards for airlines, a statement said on Tuesday.

In addition, the airline was the biggest winner with four other awards, including Best Major Airline - Middle East and Africa, Best Economy Class, Best First Class and World’s Best Airlines - Top 10, it added.

This is the first year TripAdvisor has introduced a category for airlines in its signature Travelers’ Choice Awards. The awards highlight the world’s top carriers based on the quantity and quality of reviews and ratings for airlines worldwide gathered over a 12-month period, it added.

German investor morale surges

BERLIN: The mood among German investors brightened significantly in April, buoyed by a robust performance across Europe´s largest economy in the first quarter that they expect to continue, a survey showed on Tuesday.

Mannheim-based ZEW said its monthly survey showed its economic sentiment index surged to 19.5 - the highest level since August 2015 - from 12.8 points in the prior month. This compared to the Reuters consensus forecast for a rise to 14.0.A separate gauge measuring investors´ assessment of the economy´s current conditions rose to 80.1 points from 77.3 in March.