Canals closure for de-silting

ISLAMABAD (APP): Indus River System Authority (IRSA) will start closing down canals for de-silting from December 25 to January 25 under its annual closure plan for Rabi 2015-16 season. Spokesman Khalid Idress told APP here Monday that under plan, the Kotri Canal would remain closed from December 25 to January 10 while Sukkur Canal would remain closed from January 6 to January 20. He said that water situation in the reservoirs is good as compared to last year. He expressed the hope that they would be able to save sufficient water for early Kharif season. Under its water discharge plan, between Dec 25 and Jan 25 the authority would release 10,000 cusecs of water from Tarbela dam and 8,000 cusecs from Mangla dam to meet the people's drinking water requirements.

CDNS collected Rs129b till Dec 14

ISLAMABAD (APP): The CDNS has collected Rs.129 billions as against the proportionate target of Rs.138 billion till December 14 during the current fiscal year (2015-16). An official of the CDNS told APP here on Monday, the estimated target of the national savings for the year 2015-16 has been set for Rs.302 billion. Likewise, he said during the first quarter of current fiscal year, the CDNC collected Rs. 82 billion as against the proportionate target of Rs. 66 billion. The official said the federal government has also started making adjustments in the profit rates on new saving schemes from December 01, 2015. He said the instant revision was made in the backdrop of current market scenario and in accordance with the government's policy.

to provide market based competitive rate of return to the investors of National Savings.

As per notification issued by the federal government, the new rates for Special Savings Certificates, Regular Income Certificates, Defence Savings Certificates and Savings Accounts have been fixed at average 6.60 percent,7.536 percent, 8.68 percent and 4.15 percent respectively.

Smeda to open regional offices

ISLAMABAD (APP): Small and Medium Enterprise Development Authority (SMEDA) will open its regional offices in Gilgit Baltistan, Azad Kashmir and Federally Administrative Tribal Areas (FATA) in order to extend its out reach to under served areas of the country. An official in the Ministry of Industries and Production told APP here on Monday that SMEDA board had also approved the establishment of these regional offices to exploit potential of small and medium enterprises as well as creating self employment opportunities by facilitating the people of these areas. He said that the initiative would help to facilitate people of these areas for establishing their own small and medium business as these areas had huge potential of investment in livestock, dairy development and poultry sectors.

He said that SMEDA had a pivotal role to play for promoting small businesses and enterprises across the country adding that new members were also inducted in the board to further streamline its operations.

He said that during the 15th meeting of Board of SMEDA, it had expressed hope that new member would play their effective role in the best interest of the nation and economic development.

SMEDA authorities, he said were also directed to expend their presence throughout the country, especially in the un-served and under-developed areas of the country to encourage and facilitate the educated youth to start their own businesses.

Self employment was best solution to unemployment problem and SMEDA was playing a vital role toward achieving this goal by enhancing its out reach and operations, he remarked.

The SMEDA Board, he said was also providing pre-feasibilities and facilitation to people on Prime Minister Youth Business Loan Scheme and had provided 85 pre- feasibility on its website that were downloaded by 14 million visitors.

BMA Capital appoints new CEO

LAHORE (Staff Reporter): BMA Capital Management Limited has announced that its board of directors has unanimously chosen Nadir Rahman as the organization’s next chief executive officer. Rahman succeeds Moazzam M. Malik, the company’s co-founder and current chairman and CEO. Malik will continue to serve as the chairman of BMA Capital’s board. “He’s been a successful chief executive in other organizations. Even more important, he’s a great fit with each of the four ‘critical leadership competencies’ we evaluated as part of our selection process: strategic agility, business acumen, integrity, and mission-driven orientation. We’re delighted that he’s accepted the position,” said Moazzam M Malik, Chairman of BMA Capital.

“Nadir is an experienced and outstanding professional.  We are privileged to have a person of his calibre as part of the leadership team at BMA. Going forward, his presence will no doubt strengthen BMA’s position as a dominant financial institution in Pakistan.” said Muddassar Malik, co-founder of BMA Capital and Director, BMA Funds.

NCCPL launches its new website

LAHORE (Staff Reporter): In realization of the growing need of being digitally strong and to cater to demands of various stakeholders, NCCPL has announce the launch of its new corporate website: This new website has enhanced features and outlook, while maintaining a simple and user friendly interface. Talking about NCCPL’s role in the capital market as the sole clearing and settlement company for all capital market trades and transactions in Pakistan, Muhammad Lukman, Chief Executive Officer, NCCPL stated, “This is a significant step forward in our renewed commercial efforts as well as showcasing our commitment to education and training of the investor base as it continues to be a foundation of our company’s growth.”

He further added that, “Our prime objective is to make our website simple, accessible and easy to navigate. The website has been designed to focus on what our customers and other stakeholders need - we believe this simplified interface would definitely provide them with an experience of best digital fashion”.