Briefs

Briefs

SECP, CCP to brief Senate body today

ISLAMABAD: The two top regulators of the country are scheduled to brief an upper house panel on a number of key regulatory issues and developments today (Thursday), Associated Press of Pakistan reported on Wednesday.

According to details, Competition Commission of Pakistan (CCP) will present the recently formulated “Telecommunication Competition Rules 2017” before Senate Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization.

The watchdog will also fill in the Senate body, which is meeting under chair of Senator Saleem Mandviwalla, on the exclusive rights to the National Insurance Company Limited (NICL) with respect to insurance of public properties.

Furthermore, Securities and Exchange Commission of Pakistan (SECP) will also detail the panel on the issue of selling 40 percent shares to a foreign company without the consent of accountholders.

JCR-VIS upgrades UGIF to ‘A’

By our correspondent

KARACHI: JCR-VIS Credit Rating Co Ltd (JCR-VIS) has upgraded the Fund Stability Rating of UBL Fund Managers (UBL Funds) Collective Investment Scheme UBL Growth and Income Fund (UGIF) to ‘A(f)’ from ‘BBB+(f)’, a handout said on Wednesday. 

According to the rating company's announcement, the UGIF offers investment opportunity in long-term investment instruments that do not have any exposure to the stock market.  It also added that the revision in rating incorporates adoption of a more prudent investment policy with minimum threshold defined for credit risk and weighted average duration of the fund. 

Single-digit sales tax rate urged

By our correspondent

LAHORE: The Pakistan Industrial and Traders Association Front (PIAF) has reiterated its demand to cut down the sales tax rate to a single-digit to take burden off the consumers, besides reducing the cost of production for the industry, a statement said on Wednesday.

PIAF chairman Irfan Iqbal Sheikh said that there should be low rate of sales tax, while the tax net should be broadened to achieve growth rate target. The prevailing rate of sales tax at 17 percent in Pakistan is too high as compared to other regional countries, he said, adding that the high rate is the root cause of tax evasion, corruption, thin tax base and smuggling.

The PIAF office-bearers suggested that all the plant, machinery and capital goods, not manufactured locally, should be allowed to import at zero-rated Customs duty, as it will be ultimately used to increase manufacturing in the country.

ThalNova signs 330MW project deal

By our correspondent

KARACHI: ThalNova Power Thar Private Ltd (TNPTL) has signed the engineering, procurement, construction (EPC) contract with China Machinery and Engineering Corporation (CMEC) to develop 330MW lignite power project in Thar, a statement said on Wedneday.

ThalNova is a joint venture between Thal Limited and Novatex Limited being the main shareholders. Thal Ltd is part of the House of Habib - one of the most respected business houses in Pakistan with investments across banking, auto, retail, building materials and packaging sectors in Pakistan.

Novatex is part of the Gani & Tayub Group, which is a leading player in the polyester, textile and packaging sectors of Pakistan and contributes a major component of the total exports of the country.

General Tyre honoured

By our correspondent

KARACHI: Forbes Magazine has rated General Tyre among Asia’s 200 best companies below 1 Billion Club for 2016, a statement said on Wednesday.

“It gives me great pleasure that Forbes Magazine has rated General Tyre among Asia’s 200 best companies below 1 Billion Club for 2016.” said General Tyre chief executive Hussain Kuli Khan in a statement.

“There are only seven companies from Pakistan in that list. This is indeed a great honour for our company,” he added. The company has been striving for its vision to be the leader in tyre technology by building the company’s image through quality improvement, competitive prices, customers’ satisfaction and meeting social obligations, he said.

General Tyre and Rubber Co of Pakistan Ltd is engaged in the manufacturing of tyres and tubes for automobiles, light trucks, buses, agricultural tractors and motorcycles/rickshaw.