FPCCI and SBP form a committee to resolve LC issue

The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and the State Bank of Pakistan (SBP) have announced a joint committee for the resolution of the huge backlog of letters of credit (LCs).

According to a press release, the committee will comprise FPCCI nominees and SBP officials. Mr Sheikh announced that the committee would be co-chaired by Suleman Chawla, SVP FPCCI, from the apex body, and advised the entire business, industry and trade community to bring their cases to the committee. He added that a collective voice should be raised in the broader national interest.

BOI’s 8th e-kachehry

Secretary Board of Investment (BOI) Asad Rehman Gilani chaired BOI’s 8th e-kachehry here in Islamabad on January 12, 2023, says a press release. The secretary briefed the participants about BOI’s role in facilitating and attracting local and foreign investment in the country and addressed their queries during the session.

He highlighted the steps made after the new government took control, especially, the signing of the memorandum of understanding between BOI Pakistan and Japan External Trade Organisation for enhancing cooperation between Pakistan and Japan, initiation of talks with 48 partner countries for signing of bilateral investment treaties to promote foreign direct investment in the country, and reform implementation under the Pakistan Modernisation & Regulatory Reforms.

HabibMetro Islamic Banking Summit held

The Islamic banking brand of HabibMetro Bank organised the first HabibMetro Sirat Islamic banking summit which was attended by various stakeholders including the State Bank of Pakistan, Pakistan Stock Exchange and Security and Exchange Comission officials as well as CEOs and Shariah Board Members of various banks, Shariah scholars, and businessmen, as per a press release. The summit was held in honour of the visit of Sirat’s Shariah Board Chairman Tan Sri Dr Daud Bakar, a globally renowned Malaysian Shariah scholar and award-winning author. Dr Bakar is the Founder & Group Chairman of Amanie Group and is a Shariah Board Member of various foreign banks.

Aurum One project on GT road

According to a press release, DHA-Paragon Developers JV has launched the grand residential and shopping mall ‘Aurum One’ project on GT Road. The inauguration ceremony of the project was held at DHA Islamabad in which DHAI, Paragon officials, real estate dealers and a large number of people participated. A music concert was also organised on this occasion in which the participants enjoyed the songs, ghazals and qawwalis of renowned singer Rahat Fateh Ali Khan.

Telenor’s new media agency

Telenor has appointed Mindshare as its media agency, for both traditional and digital, following a competitive pitch, according to a press release. Mindshare Pakistan, part of GroupM, is the largest media buying house in Pakistan and is continuously thriving on data, digital and technology along with its conventional portfolio of business. The agency also secured gold wins for Campaign Asia’s Media and Digital Media Agency of the Year recently.

Lucky Core sells Morinaga’s shares

Lucky Core Industries Limited (formerly ICI Pakistan Limited) is pleased to announce that it has successfully concluded the sale of 21,763,125 ordinary shares (constituting approximately 26.5pc of the issued and paid up capital) of NutriCo Morinaga (Private) Limited (NutriCo Morinaga) to Morinaga Milk Industry Co., Ltd. Japan (Morinaga Milk).

Bank AL Habib’s golf tournament

Bank AL Habib’s 12th Rashid D Habib Memorial National Professional Golf Tournament 2023 tee’d off on Thursday, January 19, at the Karachi Golf Club, according to a press release. The final round was played on Sunday, January 22. More than a hundred top golfers competed in the professional category for the coveted four-day national trophy of the annual golf season.

Published in Dawn, The Business and Finance Weekly, January 23rd, 2023