Briefs....

Faysal Bank appoints acting CEO

By our correspondent

KARACHI: The chairman and board members of Faysal Bank Limited (FBL) on Tuesday announced the appointment of Yousaf Hussain as acting chief executive of the bank with immediate effect.  In a statement, Farooq Rahmatullah Khan, chairman of the board of directors, FBL, said, “The board has also inducted three independent directors namely Fuad Azim Hashmi, Mian Mohammad Younus, and Ali Munir.”  He also said the newly constituted board now comprised of one-third independent directors with a rich blend of diverse local and international management and financial expertise. “We are confident that Faysal Bank will embark on the next phase of its ambitious journey under the guidance of these esteemed members of the board,” he added.

British Deputy High Commissioner

inaugurates Reckitt Benckiser’s New Office

Karachi: Reckitt Benckiser (RB), one of the fastest growing health and hygiene companies inaugurated its new head office in Dolmen City’s recent addition, Corporate Office Block. Belinda Lewis, British Deputy High Commissioner of Karachi, did the honours of inaugurating the new office with all RB employees present. She further stated “It’s great to see a British company like Reckitt Benckiser going from strength to strength in Pakistan. It really speaks to the potential in this exciting emerging market.”  “The inauguration is a testament of our commitment to Pakistan – we completed 65 years of being in Pakistan this year - and the successful growth we have experienced” exclaimed Shahzeb Mahmood, CEO of RB Pakistan. “With our business expanding, growing team and the tremendous opportunities ahead, we decided it was time for us to take another step forward in our Pakistan story. Here is to having many more years of success ahead!”***

Jazz acquires 4G licence

By our correspondent

KARACHI: Veon, Global Telecom Holding (GTH) and Jazz, announced on Tuesday the successful acquisition of the 4G licence in Pakistan, a statement said.  The company will acquire 10MHz paired spectrum in the 1800MHz band, making Jazz the only operator to offer its customers access technology from 2G / 3G / 4G and LTE.  Jon Eddy, Veon’s head of emerging markets said, “Investment in the auction shows Veon and GTH’s commitment to Pakistan.”

Point of View

Junichi Ishikawa

While the ebb in French political risk and prospects of a ECB policy shift have helped the euro, the biggest support factor still remains the recent weakening of the dollar in the wake of Russiagate

—Senior FX strategist at IG Securities in Tokyo

Rupee unchanged

By our correspondent

The rupee continued to trade in a narrow-band against the dollar in the interbank market on Tuesday. The rupee closed at 104.86/88 to the greenback, unchanged from the previous day’s closing. The rupee also witnessed little variation in its value versus the dollar in the open market. It quoted at 105.90 for buying and sold at 106.10 as compared to previous levels of 105.85 and 106.15.