LCCI grieved over demise of former president

Lahore (Staff Reporter): The Guard Group Chief Executive Iftikhar Ali Malik and Lahore Chamber of Commerce & Industry on Wednesday expressed deep grief and sorrow over the demise of former LCCI President, Honorary Consul General of Turkey and Chairman Founders Group Mian Tajammal Hussain. In a condolence message, the LCCI President Engineer Sohail Lashari, Senior Vice President Mian Tariq Misbah and Vice President Kashif Anwar said that Mian Tajammal Hussain was not only a renowned businessman but has had rendered unforgettable services.

 for the Lahore Chamber of Commerce.

 and Industry and for cause of business community.

They said that the demise of Mian Tajammal Hussain was an irreparable loss and prayed to the Almighty Allah to keep the departed soul in peace and let the family bear this irreparable loss with fortitude.

Lafarge director Asia visits Pakistan

Lahore (Staff Reporter): Lafarge’s Senior Medical Director Asia, Qiang Wang visited Lafarge Pakistan to observe the Group Health Strategy Awareness steps being followed in the country. He visited the Lafarge Cement plant in Chakwal and commended Lafarge’s local team on upholding the organization’s number one priority of Health. During his two day program he visited different hospitals in Islamabad and Chakwal. “This is my first visit to Pakistan and it is a real pleasure to be able to visit one of the reference cement plants of the Lafarge Group.

The team has succeeded in achieving good Health practices given by the Group and making industrial operations healthy for employees and environment. The Medical Camp facility by Lafarge for the villagers is commendable and integral to our company’s values.” said Qiang Wang.

Akber Sheikh elected new ABAD chief

Lahore (Staff Reporter): Engineer Akber Sheikh has been elected as the Chairman of Association of Builders and Developers (ABAD) North, for the year 2013 14. Engr. Akber Sheikh is a senior Engineer with over 45 years of experience in various sectors of construction industry. He has previously served as Chairman of Constructors Association of Pakistan (CAP) and is presently serving on the Governing Body of Pakistan Engineering Council.  In his inaugural remarks Akber Sheikh said that with the focus on development by the present government.

, ABAD can play an important role in achieving the targets.

 He specially recalled the Prime Minister’s housing programme.

Akber Sheikh stated that construction and real estate sector, with 12% share in GDP, is the largest sector of Pakistan’s economy after agriculture and is major contributor to taxation. This sector is largest in terms of employment created also.

LHC discharges contempt notice issued to Fesco

Lahore (Staff Reporter): The Lahore High Court has discharged contempt of court notice issued to Faisalabad Electricity Supply Company (Fesco) Chief when he submitted an unconditional apology on Wednesday. The court had issued contempt of court notice to Rana Abdul Jabbar, Fesco Chief, for disconnecting electricity supply to a cement factory in violation of court orders.  Appearing before the court, counsel for Jabbar submitted that his client was on course in Lahore and had no knowledge about the court orders which created misunderstanding.

The Fesco chief submitted unconditional apology and requested the court to drop the contempt of court proceedings.

The court accepted his plea and discharged the contempt notice.

LHC disposes of pleas against substandard cylinders

Lahore (Staff Reporter): The LHC on Wednesday disposed of pleas against usage of substandard cylinders in public transports when it was told that the cylinders were being installed in the vehicles in view of the guidelines of OGRA. As hearing started, an office bearer of transport owners association appeared before the court and informed it that the CNG cylinders were being installed in the vehicles as per OGRA guidelines. The cylinders were being installed at the backsides of the vehicles instead of their roofs due to which the blast incidents would minimise.

 He requested the court to issue directions to the police and other departments not to harass the transporters after such precautionary measures. A law officer of the OGRA also endorsed the steps adopted by the transporters themselves. After recording the statements, Chief Justice Umar Ata Bandial disposed of the petitions and also directed the respondents not to harass the transporters.  The court was hearing petitions in which it was submitted that without going into unnecessary details, the ministry of petroleum had allowed the use of Gasoline in commercial vehicles without any planning and policy.

 He contended that there had been no standards provided for use of Gasoline equipments in vehicles and no criteria had been provided for checking of use of sub-standard Gas cylinders in these commercial vehicles.  In consequence thereof, a number of brutal incidents had been observed during last few months, a glare example of which was an incident of Gujrat on Saturday the 25th of May 2013 which had taken lives of 17 innocent school going children.

He said in this incident, like many others, the main cause given was the use of sub-standard Gas cylinders/use of petrol in cans, in mini van.

The petitioners had requested the court to restrain the use of Gasoline in commercial vehicles and issue directions to the authorities concerned to take action against usage of substandard cylinders in the vehicles.

SECP to join hands with Turkey for insurance supervision

Islamabad (Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP) and its Turkish counterpart, under the secretariat of Treasury of Turkey, have agreed to have mutual cooperation, exchange of information and experience sharing in the area of insurance regulation and supervision.  The memorandum of understanding (MoU) to this effect was signed by Pakistan’s Finance Minister Mohammad Ishaq Dar, and the Turkish finance minister Mehmet Simsek. The MoU forms the formal basis for coordination between regulatory authorities of the two countries.

It provides for exchange of information regarding the insurance sector to enhance the transparency, understanding and operational coordination between the insurance regulators of two countries. The two sides agreed on keeping the confidentiality of the information shared and assistance extended.

The MoU also provides for extending technical assistance and carrying out joint training programs on the subjects of mutual interest for both organizations.

It is expected to improve the cooperation and coordination between the insurance regulators of two countries and achieve the mutual objective of development of insurance industry amid increasing international activity and integration of global financial markets.