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Monthly Archives: May 2017

CP Kelco Seeks Strategic Buyer for Carrageenan Plant in Cebu, Philippines

ATLANTA, May 31, 2017 (GLOBE NEWSWIRE) — CP Kelco currently produces carrageenan products at manufacturing plants in Lille Skensved, Denmark, and Sibonga, Cebu, Philippines. Based on CP Kelco’s strategy and business objectives, a decision has been made to seek a strategic buyer for the Cebu site. CP Kelco is not exiting the carrageenan business. Utilizing our […]

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A Decade of Excellence Shapes AETOS’ Future

HANGZHOU, China, May 31, 2017/PRNewswire/ — AETOS has excelled and grown through enhancing its clients trading experience. It now takes the next step by introducing the new Global Chinese Support Centre. 2017 is the 10th anniversary of AETOS Capital Group (AETOS). During this decade the company has rapidly grown through enhancing its clients trading experience. Nowhere […]

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Firpo urges authorities to take strictest action against K-Electric

Karachi, May 31, 2017 (PPI-OT):President of the Karachi Chamber of Commerce and Industry (KCCI) Shamim Ahmed Firpo, while expressing deep concern over frequent power failures and prolong load shedding being suffered by the citizens of Karachi since commencement of Ramadan-ul-Mubarak, urged the authorities at federal and provincial levels to take strictest action against K-Electric which has failed miserably to provide any relief to the perturbed citizens of Karachi.

In a statement issued, Shamim Firpo added, “We don’t see any resolve on part of K-Electric towards improving its power distribution network and it was also a matter of concern that the Ministry of Water and Power appears helpless in dealing with the load shedding issue which is being suffered not just by Karachi but also by many other cities across Pakistan.”

Referring to K-Electric’s tall claims pertaining to no load shedding in any part of Karachi during Sehri and Iftar timings, President KCCI said that Karachiites continue to suffer badly not only during Sehri/ Iftar timings but the electricity supply is suspends abruptly in any area of the city any time, which clearly indicates the sheer inefficiencies of K-Electric.

It is a matter of grave concern that K-Electric, which has become a profit-making organization, was earning profits of up to billions of rupees each year but not investing substantial funds on improving its infrastructure. In fact, the utility service provider resorted to numerous cost-cutting measures, particularly switching from cooper to aluminium wires which was the basic reason for so many cable faults occurring simultaneously all over the city, he noted, adding that as a result, the citizens of Karachi are plunged into darkness for hours whereas the management of K-Electric is trying its level best to somehow get away from the situation by giving lame excuses.

President KCCI said that frequent load shedding or power failures at some of the busiest and densely populated areas have resulted in intensifying the hardships for the people and their families who are compelled to spend their days and nights without electricity and water which is highly unfair and unacceptable particularly at a time when most of the people are fasting because of Ramazan-ul-Mubarak during the peak summer season.

“Many businessmen and shopkeepers, who are aggressively preparing themselves for the forthcoming bullish shopping season before Eid-ul-Fitr, are also too concerned over the situation and have been approaching Karachi Chamber to seek assistance”, Shamim Firpo said, adding that power supply to industrial areas also remains suspended for around 10 to 12 hours, causing severe financial and production losses.

He was of the opinion that apart from different parts of the province, protests have also erupted in many areas of Karachi and Hyderabad over load-shedding and frequent power failures that added to pubic woes during the holy month of Ramazan amidst an ever-rising temperature. If the power supply situation remains the same, it may result in creating a more serious law and order situation in Karachi therefore, the decision makers in Islamabad and also in Sindh Government must realize the gravity of situation and strictly order K-Electric to immediately take steps to ensure uninterrupted power supply in every nook and corner of Karachi, he added.

He said that it was not necessary to take remedial measures only when people start losing their lives which had actually happened in June 2015 when dozens of people were killed in Karachi and Sindh because of lethal heatstroke. K-Electric should act responsibly this time as any negligence on part of K-Electric may once again result in loss of many precious lives, he added.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

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State Bank of Pakistan issues Enterprise Technology Governance and Risk Management Framework for Financial Institutions

Karachi, May 31, 2017 (PPI-OT):The State Bank of Pakistan has issued Enterprise Technology Governance and Risk Management Framework for Financial Institutions (FIs). The Framework has been developed after extensive consultation with both internal and external stakeholders. Earlier on March 14, 2017, the draft of the framework was published for public consultation.

The framework is based on principles of international standards and best practices for technology governance and risk management including cyber security. It aims to provide enabling regulatory environment for managing risks associated with the use of technology. The instructions aims to enhance the proactive environment in FIs to various aspects of the information technology, security, operations, audit and related domains and to create overall safe and secure technology operations in FIs that will benefit and enhance the confidence of all the stakeholders.

The framework will apply to all FIs which includes commercial banks (public and private sector banks), Islamic banks, Development Finance Institutions (DFIs), and Microfinance Banks (MFBs). The framework is not “one-size-fits-all” and implementation of the same shall be risk-based and commensurate with size, nature and types of products and services and complexity of IT operations of the individual FIs.

While implementing this framework, FIs are expected to exercise sound judgment to determine the applicable provisions relevant to their technology risk profile. Senior management of the FI(s) will monitor the implementation of this framework on an ongoing basis and the Board of Directors will review the implementation process on quarterly basis.

SBP has further advised the FIs to follow a phased approach towards implementation of the framework starting with a gap analysis between their current status and this framework, development/update of the policy framework, on-the-ground implementation and follow up review and feedback. Accordingly, the FI(s) have been required to upgrade their systems, controls and procedures by June 30, 2018.

For more information, contact:
Chief Spokesman
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: syed.wasimuddin@sbp.org.pk
Website: www.sbp.org.pk

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Pakistan condemns terror attack in Kabul

Islamabad, May 31, 2017 (PPI-OT):Pakistan strongly condemns the terrorist attack in Kabul this morning that has caused loss of precious human lives and injuries to many. The blast has caused damage to the residences of some Pakistani diplomats and staf...

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