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SECP starts 448 show cause proceedings ISLAMABAD: The Enforcement Department of the Securities and Exchange Commission of Pakistan (SECP) has initiated 448 show cause proceedings related to various matters, including violation of takeover laws and non- compliance with legal obligations against companies.According to a statement of the SECP issued here on Thursday, in the recent surge in regulatory alarms and stronger push to pursue individuals for wrongdoings is the result of the implementation of SECP's vision of enforcing corporate securities' laws, accountability of holding companies and their auditors, and creating a compliant corporate culture.Through enforcement actions the SECP has reassured the investors that as an independent and robust regulator, it will provide a level-playing field to investors, and perpetrators will be taken to task.The enforcement actions covered the full spectrum of the 1984, Companies Ordinance and other statutes.Moreover, the Enforcement Department scrutinized various applications of companies, and accorded approvals and relaxation from certain provisions of laws ...

SECP seeks comments to amend Credit Rating Companies Rules ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has revised the existing Credit Rating Companies Rules, 1995, for better governance of the credit rating agencies (CRAs).The draft rules have been notified in the official gazette vide SRO. No 642(I) 2014 to elicit public comments.The rules are also available on the SECP's official website ( for review and comments by the public, says a statement issued by the commission here Thursday.The CRAs play an important ...

PML-N accommodates Rashid, Sherpao, Ejazul Haq in electoral reforms committee ISLAMABAD: The Pakistan Muslim League (N) Chief Coordinator Muhammad Siddiq-ul-Farooq said that PML-N accommodated Sheikh Rashid, Aftab Ahmed Sherpao and Muhammad Ejazul Haq in the Parliamentary Committee on Electoral Reforms despite having majority to keep 15 of its members.The PML-N government showed goodwill gesture by voluntarily reducing its representation on the committee to 12 to accommodate three more opposition legislators, he said while talking to APP on Thursday.Siddiq-ul-Farooq said Pakistan Muslim League-Nawaz (PML-N) despite having ...

FBR for dispute resolution committee to resolve tax issues ISLAMABAD: The Federal Board of Revenue (FBR) Thursday said that it would not take any measures that might create harassment in the business community, urging businessmen to cooperate with tax department for improving the tax revenue of the country."Communication gap between FBR and the taxpayers is the main hurdle in improving tax revenue and a Dispute Resolution and Advisory Committee comprising representative of FBR and ICCI should be formed to resolve tax issues amicably," Syed ...

Shipping activity at Port Qasim KARACHI: Three ships C.V CMA CGM Corneillo, C.V Posen and M.T Theresa Mars carrying containers and palm oil were berthed at Qasim International Container Terminal and Liquid Cargo Terminal respectively at Port Qasim on Wednesday.Meanwhile four more ships with containers and furnace oil also arrived at outer anchorage of Port Qasim during last 24 hours.Berth occupancy was observed at the port at 64% on Wednesday where ten ships namely C.V CMA CGM Corneille, C.V Posen, ...

President, PM grieved over death of Pakistani origin teen pilot ISLAMABAD: President Mamnoon Hussain and Prime Minister Muhammad Nawaz Sharif have expressed deep grief and shock over the death of Haris Suleman, a young pilot of Pakistani origin and his father Babar Suleman whose aircraft crashed near the coast of United States.The President and the Prime Minister also expressed condolences to the bereaved family and prayed for the blessings of departed souls.The 17-year-old Haris had recently got his private pilot's licence and was attempting a ...

IESCO issues power suspension programme ISLAMABAD: The Islamabad Electric Supply Company (IESCO) on Thursday issued a power suspension schedule for July 25 for various areas of its region due to necessary maintenance and development work.According to the schedule, the power supply of following feeders would remain suspended as under:July 25 (Friday) From 06-00am to 09-00am, From Satellite Town Grid Station Rawalpindi Sadiqabad feeder, Dk. Babu Irfan, Sadiqabad, Muslim Town and Afandi Colony.Copyright APP (Associated Press of Pakistan), 2014


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln