CDC board reconstituted

KARACHI: The Board of Directors of Central Depository Company of Pakistan Limited (CDC) has been reconstituted, a press release said.

The newly-reconstituted board comprises of four independent directors included Moin M Fudda,

Syed Masoud Ali Naqvi, Syed Majid Ali and Aqeel Ahmed Nasir.

Mr Fudda has been elected chairman of the board.

Six directors representing shareholding institutions include Dr. Aamir Matin, Abid Ali Habib, Farid Malik, Muhammad Tariq Rafi, Shahnawaz Mahmood, Shehzad Chamdia and CDC CEO Aftab Ahmed Diwan.

PTCL injects Rs1bn in U Bank

KARACHI: Pakistan Telecommunication Company Limited (PTCL) has injected an additional equity of Rs1 billion in U Microfinance Bank Ltd. (U Bank), which is a wholly owned subsidiary of PTCL, a press release said.

On the occasion, CEO PTCL and Chairman U Bank, Dr Daniel Ritz said, “Given that the bank has shown consistent robust growth over the last few years, PTCL decided to further support U Bank through strategic capital investment.”

Currently, U Bank serves more than 625,000 customers, where 30 per cent of the served customers are women. By the end of 2017, U Bank’s deposit portfolio grew from Rs8.1bn to Rs11.97bn, while the loan portfolio grew from Rs5.5bn to Rs10.64bn. Most significantly, the number of employees increased from to 939 to 1,253, where 9pc of the total work force comprises of women.

Johnson & Johnson loses $10.7bn

NEW YORK: Johnson & Johnson posted a rare quarterly loss, a whopping $10.71 billion, due to a $13.6bn charge related to the recent US tax overhaul.

The $13.6bn charge is for a tax payment on years of accumulated foreign earnings, now being brought back to the US, that amount to more than $66bn, Chief Financial Officer Dominic Caruso said in an interview. About $18bn of that was held in cash and was taxed at 15 per cent, while the remainder was taxed at a low 8pc rate.

Published in Dawn, January 24th, 2018