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Don’t pay any attention to ETPB’s decision in false, baseless reference: KCCI

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KARACHI: Karachi Chamber of Commerce & Industry (KCC&I) has informed the tenants that the decision in a false and bogus case about the ownership of KCC&I’s Building given against it by Chairman Evacuee Property Trust Board (ETPB) was not final.

President KCCI&I Muffasar Malik held that ETPB could not compel for compliance of the Chairman’s decision until and unless specific directions are passed to KCC&I by the competent court of law.

He pointed out that KCC&I had  challenged the maintainability of Evacuee Reference before Hon’ble High Court of Sindh at Karachi through Constitution Petition No.D-2464/2017 and the Hon’ble High Court directed for disposal of Evacuee Reference in accordance with law, therefore, the unjust decision by the Chairman shall be brought before Hon’ble High Court of Sindh through CP No.D-2464/2017.

Malik categorically stated that a false and baseless Reference was filed by ETPB before its Chairman in connivance with the illegal occupants of KCC&I Building, who are members of PML (N) and the Chairman’s decision is outcome of the favor extended by a member of PML (N) to other member of PML (N).

The KCCI president said that in addition to CP No.2464/2017, KCC&I will defend its right by filing appeal against the ETPB Chairman’s decision before the next appropriate forum and will utilize all available means to get the unjust and biased decision of ETPB Chairman struck down even if we have to go to the Hon’ble Supreme Court of Pakistan for seeking justice.

He mentioned that since the initial stage of the Evacuee Reference, KCC&I was anticipating unjust decision therefore KCC&I Office Bearers continued issuing press statements from time to time in order to highlight the biased approach and misuse of powers by Chairman ETPB against KCC&I and in favor of members of PML (N).

President KCCI explicitly said that the tenants should not pay any attention to ETPB’s biased decision in the said false and baseless reference.

The building belongs to KCCI members & the members of Managing Committee & Office Bearers, elected representatives of Businessmen Group/ Business & Industrial Community, are custodians of this property and will fight for it till the last resort which may take years: President KCCI Muffasar Malik.

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Tokyo shares rise after Wall Street rally

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TOKYO: Stocks here ended higher today with investor sentiment boosted by robust corporate earnings that triggered a rally on Wall Street and lifted shares in Asia.
The benchmark Nikkei 225 index rose 1.29 percent or 291.88 points to 22,841.12 while the broader Topix index added 1.54 percent or 25.96 points at 1,713.87. Market sentiment brightened across Asia, after US and European shares extended gains on a wide range of factors including solid US business earnings, an apparent fading of tensions between Italy and the EU over Rome’s spending, and hopes that Brexit talks may see some progress. Tokyo players also embraced the dollar’s renewed strength.
The US unit kept its ground at 112.25 yen in Tokyo after reaching 112.26 in New York, higher than 111.95 yen seen at the start of the week. “Investors cheered gains of US shares on the back of robust corporate earnings, as well as the relative stability of US bond yields,” Okasan Online Securities said in a note. “The Nikkei index began the day with buy orders leading the way. The dollar hovered just above the 112-yen mark. The yen’s downswing also brightened the sentiment,” the brokerage said. Strong gains of US tech issues drove up Tokyo-based IT shares. IT investor SoftBank Group added 2.13 percent to 9,790 yen, partly on news that Uber was aiming at a valuation above $100 billion for its share offering. Softbank has a 15-percent stake in the ridesharing service.
Softbank stock had taken a hammering in recent days due to the firm’s links to Saudi Arabia, which is under intense international scrutiny after a journalist disappeared from its consulate in Istanbul. Sony jumped 2.23 percent to 6,498 yen. Panasonic rose 1.26 percent to 1,250.5 yen. Toyota gained 1.38 percent at 6,612 yen while Sumitomo Mitsui Financial Group added 1.84 percent to 4,481 yen. FujiFilm, which rose 1.66 percent to 4,890 yen, announced that a US court lifted an injunction that had stopped the firm’s merger talks with US printer maker Xerox. The Japanese firm plans to continue the discussion.

 

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Business

ECC approves uninterrupted gas supply to export oriented industry

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ECC approves uninterrupted gas supply

ISLAMABAD: Economic Coordination Committee at its meeting here today approved the mechanism for supply of uninterrupted gas to zero-rated export-oriented industry.

The meeting chaired by Finance Minister Asad Umar approved the supply of RLNG to the export industry for three months from December this year to February next month.

According to the mechanism, the export sectors will be provided mix energy including RLNG from March to November.

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Business

German business delegation due on 22nd Oct.

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KARACHI: A thirty-member business delegation from Germany -representing important sectors like energy, engineering, security technology, financial services, and construction- will be on a two-day visit to Karachi, from 22ns October.
This delegation was the result of joint efforts by Bavarian Ministry of Economic Affairs, Energy and Technology; Pakistan Embassy in Berlin with support of Dr. Poetis, who is Honorary Consul General of Pakistan in Munich; the Embassy of Germany in Pakistan and the German Consulate in Karachi, President GPCCI, Qazi Sajid Ali told APP here today.
On the first day, German-Pakistan Chamber of Commerce and Industry has arranged a conference on the trade and investment opportunities in Germany and Pakistan. Sindh Chief Minister Syed Murad Ali Shah is expected to inaugurate this programme.
Then, the delegation would visit Karachi Chamber of Commerce and Industry, Trade Development Authority of Pakistan, Sindh Board of Investment, Pakistan Business Council’s secretariat and the Governor House.
Qazi said that after a long period of time, a business delegation from Germany was coming to Karachi for business discussion with Pakistani counterparts and would finalize the projects of mutual interest for the bilateral business growth. Some of the German businessmen are also interested in the joint ventures. The visit would encourage German investment here and exports of Pakistani goods to Germany.

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