National Bank of Pakistan win award

Karachi : CFA Association of Pakistan has declared NBP the winner for the “Transaction of the Year-2012” for Sell-Side Advisory forthe sale of shares of Agritech Limited by AzgardNine Limited (ANL). The CFA Association of Pakistan’s panel of independent judges, based their decision on the innovativeness of structure, suitability to customer’s requirements, transaction size, width of distribution and the transaction’s impact on Pakistan’s financial markets and determined NBPasa winner.

SECP facilitates companies on the election of directors

ISLAMABAD, October 7: The election of directors of the companies is held in general meetings, on completion of the term of office of directors after every three years as laid down in Sections 178 and 180 of the 1984 Companies Ordinance.

ETIHAD AIRWAYS TO LAUNCH FLIGHTS TO LOS ANGELES

Karachi: October 8, 2013 – Etihad Airways, the national airline of the United Arab Emirates (UAE), today announced the launch of direct flights to Los Angeles, California.

The expansion of its US operation will see the airline commence non-stop daily flights between its Abu Dhabi home-base (AUH) and Los Angeles (LAX) from June 1, 2014, subject to regulatory approvals. The Californian city will be Etihad Airways’ fourth US destination, joining Chicago, New York and Washington D.C, and will see the airline provide 28 return flights each week between the UAE and US. The announcement was made by James Hogan, Etihad Airways’ President and Chief Executive Officer in Los Angeles today, Monday, October 7.

Pakistan renowned bank HBL struck a deal with 2 big FMCG companies to provide credit line to their dealers. This deal will help HBL to improve private off take. HBL's Abid Sattar Head of global operations and Munib Shah GM business policy jointly issue a policy in this regard. In this letter staff of HBL informed that the bank in a deal with Nestle Pakistan and Unilever Pakistan for the Dealer Finance scheme. This Scheme was introduced in March 9, 2011 only for the Point of sales. HBL send a 29 page letter with procedures to all branch managers, and relevant officers and departments. Dealer Finance Facility is a controlled overdraft facility which is only to be utilized for financing of purchases by Nestle and Unilever. Over draft shall only be used to make payments of designated accounts of Nestle and Unilever collection accounts operated by HBL. Nestle Pakistan dealer could obtain up to PKR 100 million and Unilever Pakistan dealers allow up PKR 75 million. Opening of these overdraft accounts only allowed after fulfilling KCY and AMI laws of central bank. An analyst says this will improve HBL private credit with secure recovery. This will also improve the sales of both companies.

Pakistan renowned bank HBL struck a deal with 2 big FMCG companies to provide credit line to their dealers. This deal will help HBL to improve private off take.  HBL's Abid Sattar Head of global operations and Munib Shah GM business policy jointly issue a policy in this regard.

Fresh banknotes to be made available before Eid-ul-Azha

The State Bank of Pakistan will issue fresh banknotes of all denominations to general public during the upcoming Eid-ul-Azha season. Issuance of fresh banknotes from SBP BSC counters and designated branches of commercial banks will commence with immediate effect and continue till the last working day before Eid-ul-Azha. Fresh notes of any denomination can be obtained from 16 field offices of the SBP BSC as well as designated branches of the commercial banks across the country against exchange value.