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LCCI, Defence Export Promotion Organisation to organise exhibition

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Lahore: The Lahore Chamber of Commerce & Industry has invited Defence Export Promotion Organization (DEPO) to organize an exhibition in Lahore on the patron of IDEAS which would help highlight the potential of Pakistan’s defence production industry.

The idea was given at a meeting between Director General Defence Export Promotion Organization (DEPO) Major General Agha Masood Akram, LCCI Senior Vice President Almas Hyder and Vice President Nasir Saeed here at the Lahore Chamber of Commerce & Industry on Monday.

LCCI Executive Committee Members were also present on the occasion.

Major General Agha Masood Akram said that defence production industry of Pakistan has made momentous technological and innovative advancement and a special focus is being given on the export of defence products.

“Pakistan has not only the ability to fulfill its domestic defence requirements but also cater needs of the world,” he said. “International community is surprised over the achievements made by Pakistan in the defence field,” he added.

He informed the participants that as a national platform, DEPO is providing active support to our defence manufacturing/service sector and the export chain through facilitation, coordination and promotion for sustainable growth of defence exports.

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PSX: Bulls seen rejoicing the New Pakistan!

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PSX

KARACHI: As the political noise was settling down bulls entered the bourse in full force on the last trading day of the week.

Benchmark KSE-100 Index closed in the green (42,446) with an augmentation of 485 points today when Rs. 6.1b worth of 111.8m shares changed hands.

Today’s top five traders of the shares were: Bank of Punjab (39m shares); WorldCall Telecom Ltd. (8.4m shares); Unity Foods Limited (7.4m shares); Engro Polymer & Chemicals Ltd. (6.5m shares); Pak International Airline Corp Ltd. (6.2m shares).

A relevant piece published earlier:

Imran Khan elected 22nd PM of Pakistan

Imran Khan has been elected the 22nd prime minister of Pakistan. He was supported by 176 MNAs while his opponent Shehbaz Sharif bagged only 96 votes. 

In his first (12-minute) address as the PM, Imran Khan said that his first priority would be strict accountability of each and every person who had plundered the country’s wealth. Noting that the money meant for the people had been pocketed by few, he promised the nation that he would bring the looted money back from abroad. He said, as prime minister of Pakistan, he would respond to questions twice a month in the House. He said no dacoit would be let scot-free by means of NRO. Acknowledging that he became the PM with the support of youth, Imran Khan promised that measures would be taken for ameliorating their condition. Asserting that PTI was not involved in any rigging, Khan said that he would assist all those who resort to protest on the roads against ‘rigging’. Imran Khan stressed that (unlike others) he was not supported by any dictator. 

PML-N’s Shehbaz Sharif delivered an over 20-minute speech. While talking to the Parliament amid ruckus orchestrated by PML-N MNAs, he claimed that the 2018 elections were the most controversial elections in the history of the country. He said that the Media all over the world had run pieces about the rigging. Pointing towards the 33 constituencies where rejected votes were more than the difference, he demanded the formation of a Parliamentary Commission to probe the matter and present report in 30 days.  

PPP-P’s Bilawal Bhutto Zardari, in his first speech in the House, termed the Parliament as the mother of all institutions and congratulated Imran Khan calling him the PM of the nation, and not of any party. He hoped that the new PM would bury the politics of hatred. He said it was yet to be seen how the new PM fulfilled the promises to the nation. Bilawal Bhutto Zardari held that Pakistan was alone in the world and asked what choice the country had except going to the IMF. (Published on 17th August 2018).

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Summit Bank to function till merger: Raza Durrani

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KARACHI: Summit Bank Limited will continue functioning normally by doing daily transactions and fulfilling its all liabilities to the depositors, till its merger with Sindh Bank after clearance from the Supreme Court of Pakistan.
Addressing a press conference here on Thursday, President Summit Bank Limited, Ahsan Raza Durrani, President, Sindh Bank, Tariq Ahsan and Director Sindh Bank, Muhammad Bilal Shaikh strongly refuted the rumors circulating on social media about the suspension of operations by Summit Bank Limited.
Summit Bank’s President/CEO Ahsan Raza Durrani informed that annual general meetings of both the banks would be held here on August 31, 2018, where the merger plan and its terms and conditions, and the future policy would be approved.
After this approval, both the banks would submit the plan before the Supreme Court of Pakistan. The apex court has directed the management of these banks to submit details of their merger plan including the reasons behind this decision.
“Hopefully, the Supreme Court of Pakistan will issue green signal and the merger will be completed before the end of September 2018,” remarked Ahsan Raza Durrani and Muhammad Bilal Shaikh.
On August 3, 2018, Board of Directors of both the banks had approved the merger, he said.
He said after the merger Summit Bank would lose its identity and would become a part of Sindh Bank, which is a public sector bank.
On the intervention of the Supreme Court of Pakistan, the shares ratio for the merger has been fixed at 8.37 Summit Bank shares for one share of Sindh Bank. Earlier this ratio was 4.1: 1. After the merger, the equity pool would be around Rs 27 billion–Rs 17 billion from Sindh Bank and Rs 10 billion from Summit Bank.
Summit Bank’s President said his bank had no political affiliation with any political party and was never involved in any money laundering.
To a question from media, he said there would be no effect of money laundering case on the merger plan.
Presidents of both the banks assured that there would be down-sizing of employees of the banks at least for one year after the merger and their benefits would remain intact.
They explained that the major reasons for the merger were: having a broad base of branches network- meeting the required equity level and other legal requirements set by State Bank of Pakistan and at international level.
Sindh Bank’s Director Muhammad Bilal Shaikh said another major reason was that SBP had directed his bank to go for public listing at the earliest.
After the merger, initial public offering (IPO) would be held where around forty percent shares would be floated for the public and the remaining shares would be with Sindh Government.

 

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No Canadians: Air France unions want French CEO

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PARIS: Air France-KLM was tipped to name its first non-French chief executive on Thursday, with Canada’s Ben Smith set to be unveiled despite resistance from the group’s powerful trade unions.
It was “inconceivable that the Air France company, French since 1933, falls into the hands of a foreign executive whose candidacy is being promoted by a competitor,” said a statement from nine out of 10 Air France unions on Thursday morning.
The competitor referred to was Delta Airlines, the US airline which owns 8.8 percent of the capital of Air France-KLM, the parent group formed out of the merger of Air France and KLM of the Netherlands in 2004.
The union statement added that the new boss needed “intimate knowledge… of the French social model”, which often results in confrontations between employees and management.
Widely tipped in the media to be unveiled later on Thursday after a board meeting, the current number two at Air Canada won approval from the French government, which retains a 14.3-percent shareholding.
“I think he’s an excellent candidate,” Economy Minister Bruno Le Maire said when asked about Smith during a press conference in southwest France.
He confirmed that the state’s representative on the board would vote in his favor. One of Smith’s biggest tasks would be negotiating a new pay deal with the French labor groups behind a series of strikes between February and June that forced out former boss Jean-Marc Janaillac.
As the chief operating officer at Air Canada, Smith has experience of sensitive labor negotiations, having led talks with pilots’ and flight attendants’ unions at Air Canada ahead of the launch of low-cost operator Air Canada Rouge.
But his proposed salary, reported to be several times higher than that of Janaillac, could also undermine goodwill towards him among employees, who have suffered years of cutbacks and job losses.
Liberation newspaper reported it could be as high as 3.0 million euros ($3.4 million dollars).
The union representing pilots at KLM, the Dutch arm of the group, has also made fresh pay demands and threatened strikes unless a new deal is offered to its members.
“I’m sure he has an idea of the magnitude of the challenge,” Chris Tarry, an aviation analyst in Britain, told Bloomberg news agency.
“Would I book a long-haul flight on Air France? It’s a question because there’s a risk they’ll be on strike,” he said.

A relevant piece: Air France-KLM named its first non-French chief executive on Thursday, handing the reins to Air Canada’s Ben Smith despite strong resistance from the group’s powerful trade unions.
It was “inconceivable that the Air France company, French since 1933, falls into the hands of a foreign executive whose candidacy is being promoted by a competitor,” said a statement from nine out of 10 Air France unions on Thursday morning.
The competitor referred to was Delta Airlines, the US airline which owns 8.8 percent of the capital of Air France-KLM, the parent group formed out of the merger of Air France and KLM of the Netherlands in 2004.
The union statement added that the new boss needed “intimate knowledge… of the French social model”, which often results in confrontations between employees and management.
The group’s management said Thursday evening that Smith, the current number two at Air Canada who won approval from the French government, would start work with the group by the end of September.
“It’s a chance for Air France-KLM to attract a leader of this stature who has great experience acquired through 19 years with Air Canada, an openness to dialogue and a large capacity to transform,” Economy Minister Bruno Le Maire and Transport Minister Elisabeth Borne said in a joint statement.
The French state retains a 14.3-percent shareholding in Air France-KLM.
One of Smith’s biggest tasks will be negotiating a new pay deal with the French labor groups behind a series of strikes between February and June that forced out former boss Jean-Marc Janaillac.
“I am well aware of the competitive challenges the Air France-KLM Group is currently facing and I am convinced that the airlines’ teams have all the strengths to succeed in the global airline market,” Smith said in a statement after the announcement.
As chief operating officer at Air Canada, Smith has experience of sensitive labor negotiations, having led talks with pilots’ and flight attendants’ unions ahead of the launch of low-cost operator Air Canada Rouge.
But his proposed salary, reported to be several times higher than that of Janaillac, could also undermine goodwill towards him among employees, who have suffered years of cutbacks and job losses.
Liberation newspaper reported it could be as high as 3.0 million euros ($3.4 million dollars).
The union representing pilots at KLM, the Dutch arm of the group, has also made fresh pay demands and threatened strikes unless a new deal is offered to its members.
“I’m sure he has an idea of the magnitude of the challenge,” Chris Tarry, an aviation analyst in Britain, told Bloomberg news agency.
“Would I book a long-haul flight on Air France? It’s a question because there’s a risk they’ll be on strike,” he said.
The Franco-Dutch airline had been searching for a new boss since Janaillac resigned in May, having gambled his job on getting Air France staff to accept a new pay deal after months of strikes.
Smith’s nomination may also be accompanied by a shake-up of the company’s governance, with the splitting of the roles of chairman and chief executive, which were previously held by the same person.
Les Echos business daily, which reported the change, said the new management structure would bring the company into line with American and British practice.
Air France shares have plunged more than 35 percent since the start of the year, although they have stabilized since Janaillac’s departure.
The group this month estimated the cost of the 15 days of French strikes between February and June at 335 million euros.
After years of losses and restructuring, the company has returned to profit, leading to the increased pay demands from unions.
It reported net profits of 109 million euros for the second quarter — down sharply from 593 million for the same period last year, although that figure was boosted by new accounting rules.

 

 

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