Tag Archives: commercial

Arsalan used Chief Justice of Pakistan House’s address for deals

Dr Arsalan used CJP House’s address for commercial deals

LAHORE: According to reliable sources, Dr Arsalan Iftikhar Chaudhry was using the official address of Chief Justice House, Islamabad, for commercial purposes.

He was even using this address for his company with the name and style F.E.A. (Pvt) Ltd. Huge amounts, reportedly over Rs 300 million, were deposited in the account of this company owned by Arsalan Iftikhar with the correspondence address of Chief Justice House. It is a matter of concern that how an account could be opened in the name of a private limited company with the address of Chief Justice House.

This is a clear violation of Know Your Customers (KYC) instructions of the State Bank of Pakistan, which are required to be religiously followed by all banks and financial institutions of the country. Legally and morally, it cannot be comprehended as to how the official residence of the Chief Justice of Pakistan can be used for commercial deals.

The huge amounts which reportedly were credited as a matter of routine since 2009 in the accounts of Arsalan Iftikhar also raises the question as to why not a single Suspicious Transaction Report (STR) was ever generated.

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Chinese bank pulls out of Pakistan-Iran pipeline project

Industrial and Commercial Bank of China won’t help finance the natural gas pipeline to Pakistan, apparently because of U.S. sanctions on Iran.

By Paul Richter and Alex Rodriguez, Los Angeles Times

Reporting from Washington and Islamabad, Pakistan—

China’s largest bank has backed out of a deal to finance a proposed Iran-to-Pakistan gas pipeline that is opposed by the United States, a potential sign of the lengthening reach of U.S. economic sanctions on Iran.

Pakistani officials confirmed Wednesday that Industrial and Commercial Bank of China had withdrawn from plans to head a consortium that would finance the $1.6-billion Pakistani portion of the cross-border pipeline, apparently over concern that the bank could be excluded from the U.S. economy.

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Catch me if you can – Pakistan’s army the best business corporation

Pakistan’s answer to the iPad is the PACPAD

By CHRIS BRUMMITT

Catch me if you can … Mohammad Imran holds a locally-made PACPad computer tablet at his electronics store in Rawalpindi, Pakistan.

Inside a high-security air force complex that builds jet fighters and weapons systems, Pakistan’s military is working on the latest addition to its sprawling commercial empire: a homegrown version of the iPad.

It’s a venture that bundles together Pakistani engineering and Chinese hardware, and shines a light on the military’s controversial foothold in the consumer market. Supporters say it will boost the economy as well as a troubled nation’s self-esteem.

It all comes together at an air force base in Kamra in northern Pakistan, where avionics engineers – when they’re not working on defense projects – assemble the PACPAD 1.

“The original is the iPad, the copy is the PACPAD,” said Mohammad Imran, who stocks the product at his small computer and mobile phone shop in a mall in Rawalpindi, a city not far from Kamra and the home of the Pakistani army.

The device runs on Android 2.3, an operating system made by Google and given away for free. At around $US200, it’s less than half the price of Apple or Samsung devices and cheaper than other low-end Chinese tablets on the market, with the bonus of a local, one-year guarantee.

The PAC in the name stands for the Pakistan Aeronautical Complex, where it is made. The PAC also makes an e-reader and small laptop.

Read more: http://www.smh.com.au/digital-life/tablets/pakistans-answer-to-the-ipad-is-the-pacpad-20120220-1tk59.html#ixzz1n7Mx84Bb

‘Israel sells Pakistan military equipment’

The leading Israeli manufacturer of tankers, aircraft refuelers, fire fighting trucks, armored vehicles and special purpose trailers, Hatehof Ltd., reportedly provides Pakistan’s Air Force with military equipment under a clandestine contract.

Nearly a month ago, 11 aircraft refueling trucks departed Hatehof’s plant in the Tzippori industrial zone in Galilee region, situated 6 kilometers (3.7 miles) northwest of Nazareth, for the Port of Ashdod, located about 40 kilometers (24 miles) south of Tel Aviv, in the dead of the night.

The trucks were later boarded on a cargo ship in the Ashdod Port and dispatched to Turkey from where they were transported to Pakistan, according to a recent report aired on Israel’s Channel 2 television network.

The report comes as the Israeli firm has sent several convoys of aircraft refueling trucks to Pakistan in order to equip the Muslim states’ Air Force.

Under an agreement reached between Hatehof Ltd. and BMC — one of the largest commercial vehicle manufacturers in Turkey, truck chassis are sent to Israel to be converted into aircraft refueling trucks for Pakistan’s Air Force.

Courtesy: Press Tv

http://www.presstv.ir/detail/224293.html

Army voices its concerns over Karachi, Sindh

SINDH – KARACHI: The Pakistan Army has reiterted its concern over the ongoing spate of violence in Karachi and called for an end to target killings in the commercial hub of the country.

Talking to a foreign news channel, Military spokesperson Major General Athar Abbas said many innocent people had lost their lives to violence in the city. …

Read more → The Express Tribune

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More details → BBC urdu

Triple explosions shake India’s financial hub Mumbai

Mumbai: Explosions shake India’s financial hub

The BBC’s Rajini Vaidyanathan says the explosions happened in the middle of rush hour. Three near-simultaneous explosions have shaken India’s commercial capital Mumbai (Bombay), police say. Twenty-one people were killed and 113 injured, said Maharashtra state’s Chief Minister, Prithviraj Chavan. He called the explosions, during Mumbai’s busy evening rush-hour, “a co-ordinated attack by terrorists”. One explosion was reported in the Zaveri Bazaar, another in the Opera House business district and a third in Dadar district in the city centre. …

Read more → BBC

India plans Asian tidal power first

By Richard Black, Environment correspondent, BBC News

The Indian state of Gujurat is planning to host Asia’s first commercial-scale tidal power station.

The company Atlantis Resources is to install a 50MW tidal farm in the Gulf of Kutch on India’s west coast, with construction starting early in 2012.

The facility could be expanded to deliver more than 200MW.

The biggest operating tidal station in the world, La Rance in France, generates 240MW, while South Korea is planning several large facilities.

To claim the title of “Asia’s first”, the Indian project will have to outrun developments at Sihwa Lake, a South Korean tidal barrage under construction on the country’s west coast.

Atlantis’s recent feasibility study in Gujurat concluded that the state had good potential for tidal exploitation. …

Read more : BBC