Brief

Textile convention in July

ISLAMABAD: The All Pakistan Textile Mills Association (Aptma) will organise textile convention along with all textile associations of the country in the second week of July.

In the convention, all the textile industries will hold consultations and consensus for future plan of action for the growth of the industry in country, Anis-ul-Haq, secretary general of Aptma told APP on Friday. He emphasised on competitive business environment to compete with the regional competitors for enhancing the country's exports.

"We want to compete with the regional competitors, including India, Bangladesh, Sri Lanka and Vietnam to enhance exports to achieve the target of economic stability and growth," he said.  Haq said that Pakistan required export-led growth for economic stability in the country. Textile industry contributed 60 percent in total exports of the country, which is the backbone of the economy, he added. He hailed Rs180 billion "export enhancement package" and said the package would give huge relief to the textile sector for enhancing the exports.

IFMP reappoints CEO for 3 years

By our correspondent

KARACHI: Muhammad Ali Khan, the existing chief executive officer (CEO) of Institute of Financial Markets of Pakistan (IFMP), has been reappointed for another term of three years, a statement said on Friday. 

“The board of directors of the IFMP took a decision to this effect after seeking competitive authority approval,” a spokesman for the institute said. “Khan has earned the second term as the head of the IFMP primarily due to his sheer dedication, impeccable professionalism, and untiring efforts to make the institute an outstanding organisation.” 

The IFMP official added that Khan, who boasts a long as well as decorated career in the industry, has played an instrumental role in the financial markets of Pakistan in various capacities. 

“Khan’s appointment by competitive authority shows a continuation of the government’s business-friendly policies aimed at investor protection through institutional capacity building activities,” the spokesman said.

Demise of LCCI ex-official condoled

By our correspondent 

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) has expressed deep grief sorrow over demise of the LCCI former President Sheikh Muhammad Arshad, a statement said on Friday.   “The demise of the former president is a big blow to the business community and the vacuum created by his untimely death will never be filled up,” the LCCI said in a joint condolence message. 

Abdul Basit, president LCCI, Amjad Ali Jawa, acting president, Muhammad Nasir Hameed Khan, vice president, and executive committee members recorded their messages of condolence at the office of the chamber.  “As vice president, senior vice president and president of the LCCI, Sheikh Muhammad Arshad rendered matchless services for the cause of business community,” the statement added. 

The LCCI office-bearers added they are praying for the eternal peace of the departed. “May Allah Almighty bless the bereaved family with the power to bear this irreparable loss with fortitude,” the said

Geely seals Proton deal

KUALA LUMPUR:The parent of Malaysia´s Proton said Friday that Chinese auto giant Geely will inject $40 million and an SUV product into the lossmaking carmaker, as it looks to access a Southeast Asian market dominated by Japanese automakers.

DRB-HICOM group managing director Syed Faisal Albar said Geely will invest 170.3 million ringgit ($39.7 million) cash and its SUV Boyue platform worth 290 million ringgit for the 49.9 percent stake in Proton it agreed to buy in May.

Geely will also pay Proton 51 million pounds ($65 million) for a 51 percent stake in British sports-car maker Lotus, he said.

"With Zhejiang Geely Holding Group on board, Proton can now eye the huge Southeast Asian passenger car market with renewed confidence," he said at the signing ceremony of the deal, which was attended by Malaysian Prime Minister Najib Razak and Zhejiang Geely Holding Group chairman Li Shufu.

Najib hailed the merger, saying it will end "handouts from the government" for troubled Proton. Proton was formed in 1983 as part of an ambitious national industrialisation plan, but has suffered from a reputation for unimaginative models.

ICBC checks loans of big acquirers

BEIJING: Industrial and Commercial Bank of China (ICBC) said on Friday its checks of loans to companies that made overseas acquisitions is routine, following reports that the regulator had ordered lenders to assess credit extended to a handful of highly acquisitive firms.

In a statement, ICBC also said it was not "dumping" bonds issued by companies whose loans it was assessing, an apparent response to market rumours on Thursday. Reuters and other media outlets reported on Thursday that China´s banking regulator had ordered a group of lenders to assess their exposure to offshore acquisitions by a handful of dealmakers that had been on an overseas buying spree.

The firms include HNA Group, Dalian Wanda Group Co, Anbang Insurance Group, Fosun International Ltd and Zhejiang Luosen, which was behind the purchase of A.C. Milan football club earlier this year, a source told Reuters.

Wanda-issued bonds traded on the Shanghai Stock Exchange dropped 1.8 percent on Thursday, and shares in Wanda Film Holding Co fell 10 percent on Thursday, before they were suspended on the Shenzhen bourse.