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President seeks Chinese support in Pakistan’s economic development, post-flood reconstruction

GUANGZHOU: President Asif Ali Zardari on Saturday invited the Chinese investors and entrepreneurs to benefit from Pakistan’s geo-strategic location as well as its trade and economic potential for a win-win situation for the two neighbourly nations having time-tested ties. “I invite you to take advantage …

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Tax bill tabled after provinces consensus: PM

LAHORE: Prime Minister Syed Yusuf Raza Gilani said on Saturday that Reformed General Sales Tax (RGST) Bill was tabled in the National Assembly after having consensus of the provinces in the Council of Common Interests (CCI) meeting. He was talking to media after inquiring about …

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Chairperson announce new roadmap for CCP Islamabad Nov13: The Chairperson Competition Commission of Pakistan has announced a new road map for CCP that envisions CCP to emerge as a robust autonomous institution both internally as well as a harbinger of positive and responsible corporate behavior and ethos. Developing internal processes and systems is equally important as acting in fair and transparent manner vis-à-vis enforcement actions. I must say that day to day challenges which have a direct impact on our survival and sustainability consume a lot of our time which could otherwise be far more fruitfully utilized,” she said while talking to the UNS. My priority would remain enforcement as the Competition Commission is a law enforcement agency; enforcement is something that we must do and are expected to do and I will continue to do that without fear and favour and without discrimination as and when any violation is brought to our notice we must proceed in accordance with law.However, various aspects owing to their economic impact need to be prioritized in initiating and exercising our discretionary powers. In this regard, we have determined certain focal areas such as restricting collusive bidding in public procurement contracts, investigating concession agreements expanding the Office of Fair Trading (OFT) to curb deceptive marketing practices, working on how to restrict associations to their mandate and improving the legal framework on which the Commission is based to more effectively implement this new roadmap. Pakistan, because of its large public sector, spends an estimated 25 to 30 percent of its GDP on public procurement. With such an enormous public procurement volume, the importance of restricting an anti-competitive and corrupt practice such as collusive bidding is paramount. Similarly, investigating concession agreements is another area. Concession agreements are typically used in areas such as electricity, water, sanitation, telecommunications, roads, rail roads, ports airports, oil and gas. They are typically granted for a specified, lengthy, period to the firm that offers to provide the service on the best terms while meeting certain criteria, generally involving quality and investment. Since a concession agreement vests a state-sanctioned dominant position, the stages of the granting and implementation of a concession agreement have clear competition law implications in Pakistan, and ensuring that concessions are designed, granted and implemented in compliance with the Competition Act (2010) should, therefore, be a focus of the CCP in the coming year. We have found that in most of the cartels, the associations have played a very important role as facilitator of collusive behaviour. With over hundreds of associations we need to work and create awareness as to how these associations can be restricted to their lawful mandate. Our decisions by the OFT in prohibiting deceptive marketing practices has been really well received but right now, because of capacity as well as resource constraints, we have not been able to establish it as an independent department. We want it to grow as a full-fledged department. The vision that we have and what we want others to understand is that you ‘say what you mean and sell what you show’. I think the consumers will benefit a great deal once we actively start interacting with them on this aspect. We also want to improve the legal framework in particular, with focus on mergers and acquisitions. We want to bring our regulations in line with the best practices that are there in developed regimes.-UNS

Islamabad Nov13: The Chairperson Competition Commission of Pakistan has announced a new road map for CCP that envisions CCP to emerge as a robust autonomous institution both internally as well as a harbinger of positive and responsible corporate behavior and ethos.

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President invites Chinese investors for building Zulfikarabad, infrastructure projects

GUANGZHOU (China), Nov 13: President Asif Ali Zardari Saturday invited Chinese builders and constructors to take advantage of Pakistan’s new investment environment. The President invited them to build Zulfikarabad city in Sindh and other infrastructure projects in different parts of the country devastated by floods …

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0.03 million tons of sugar is available in country :CM Sindh

From Nazir Siyal LARKANA: Chief Minister Sindh Syed Qaim Ali Shah said on Saturday that the government has fixed sugar rates and DCOs empowered to check on district level cell established under the supervision re-checking of illegalities and take necessary actions under the relevant laws.

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0.03 million tons of sugar is available in country: CM Sindh

From Nazir Siyal LARKANA: Chief Minister Sindh Syed Qaim Ali Shah said on Saturday that the government has fixed sugar rates and DCOs empowered to check on district level cell established under the supervision re-checking of illegalities and take necessary actions under the relevant laws. …

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Finally, Myanmar Junta releases Aung San Suu Kyi

Yangon: Myanmar’s democracy leader Aung San Suu Kyi was released from house arrest on Saturday, an official said, as crowds of excited supporters waited outside her home for a glimpse of their idol. The crowd cheered and began to surge forwards as police began removing …

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Taliban insurgents attack Jalalabad Nato base

JALALABAD:Taliban insurgents attacked the main airport and a foreign military base at Jalalabad in Afghanistan’s east on Saturday. Smoke could be seen rising from the airport and explosions were heard. Taliban spokesman Zabihullah Mujahid said 14 suicide bombers were involved in the assault. The Nato-led …

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20 lakh Muslims to perform Hajj this year

MAKKAH MUKARRAMAH: Over 20 lakhs of Muslims will perform Hajj this year including over 17.50 lakhs from other Muslim countries besides 2.50 lakhs Saudi citizens and foreign immigrants in KSA. According to Saudi government’s statistics, the most number – 2 lakhs – pilgrims will come …

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Punjab gets 100,000 tons,Sindh buys 70,000 tons of sugar from TCP

LAHORE: The Punjab,Sindh governments   has claimed that sugar will now be available across province at the rate of Rs. 72 per kilogram. This claim came after Chief Minister Shahbaz Sharif ordered a crackdown on hoarders and profiteers. Meanwhile, Punjab received its first consignment of 100, …

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