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Canadian National Richard Morin is the new (and first ever foreign) MD of Pakistan Stock Exchange!

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KARACHI: Following acquisition of 40% equity stake in the PSX by Chinese consortium and listing of 20% PSX shares on stock exchange, joining of the first foreign CEO in the bourse’s history has been announced here today.

According to details, the appointment has been made by PSX setting aside the concerns of stock brokers and board members.

Richard Morin, whose appointment had been approved as MD of PSX by SECP will be paid an amount of Rs. 30,00,000/month in addition to residence allowance and international travel expenses.

Pundits at the helm of affairs question why the right to nominate MD, CFO and CRO had been given to the Chinese shareholders and how a foreigner unaware of the Pakistani stock market culture could operate as PSX chief.

Cynics go haywire wondering is this the reemergence of East India Company!

Richard Morin (BA Economics- University of Montreal, MBA McGill University) brings with him three decades of experience (of a number of emerging markets & Canadian market);

– Contributed to various segments of markets;

– As VP of Canada’s National Bank Securities, he managed client assets of $5 billion.

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Business

VW, Ford confirm alliance

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DETROIT: Volkswagen and Ford announced today that the automakers had agreed to an alliance to jointly develop commercial vans and pickups starting in 2022 in a bid to reduce costs.
The announcement came after more than six months of talks between the car giants which has also included discussions around autonomous and electrification technologies. The companies said they had agreed to “investigate collaboration on autonomous vehicles, mobility services, and electric vehicles and have started to explore those opportunities.”
The deal reached between the American and German automakers to develop commercial vans and medium-sized pickups as early as 2022 does not involve cross-ownership, according to a joint statement.

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Asia

Tokyo’s Nikkei index closes up one percent

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Tokyo stocks gain on bargain-hunting

TOKYO: Tokyo’s benchmark Nikkei index jumped nearly one percent today as investors welcomed a weak yen and a broader rally in Asian shares.
The Nikkei 225 index rose 0.96 percent, or 195.59 points, to close at 20,555.29 while the broader Topix index was up 0.85 percent, or 12.99 points, at 1,542.72.
Tokyo shares opened lower after a public holiday the previous day with the market weighed by fears over a slowdown in the global economy following disappointing Chinese trade data.
Figures released on Monday showed drops in China’s exports and imports, fuelling fears of a global slowdown and sending world stocks slumping.
But shares entered positive territory by noon as the yen gradually declined against the dollar, boosting investor sentiment.
The dollar bought 108.69 yen in afternoon trade against 108.17 yen in New York on Monday afternoon.
Investors were also encouraged by gains in Chinese and other Asian shares, brokers said.
“Investors continued buying back shares which fell sharply recently,” said Daiwa Securities senior technical analyst Hikaru Sato.
“There still is room for buying as the market is recovering from the recent plunge,” Sato told the Media.
In individual stocks trade, Hitachi added 7.08 percent to 3,583 yen after soaring 8.63 percent on Friday as risk-averse investors welcomed a report in the Nikkei business daily that the company had decided to freeze its plan to build a nuclear power plant in Britain.
Olympus, which jumped nearly 10 percent on Friday following the appointment of a new CEO, added 17.47 percent to 4,705 yen.
IT investor SoftBank Group gained 0.14 percent to 7,709 yen, and Nissan edged down 0.19 percent to 903.7 yen.

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Business

KATI for spreading awareness about e-Commerce

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KARACHI: President of Korangi Association of Trade and Industry (KATI) Danish Khan said that there is a need of time to spread awareness among business community regarding e-Commerce.
He was addressing a seminar on “Digital Transformation for Supply Chain (Manufacturers, Wholesalers, Distributors & Retailers) at KATI, a statement said on Monday.
On this occasion leader of MQM-Pakistan Faisal Subzwari represented Federal Minister for Information Technology and Telecommunication Dr.  Khalid Maqbool Siddiqui.
Senior Vice President Faraz-ur-Rehman, Vice President Maheen Salman, Chairman Information Technology Standing Committee Salman Aslam and other members of KATI attended the seminar.
Ease of doing business advisor to IT Minister Dr. Shahab Imam, SESSI Commissioner Kashif Gulzar, CEO Jazzba Nadeem Hashmi, on e-commerce Platform for manufacturers & Wholesale, highlighted the importance of Business to Business marketing services.
President KATI Muhammad Danish Khan briefed about the role of Korangi Industrial Area in the economy of Pakistan and shared that the future of Pakistan is in e-commerce.
It was agreed that KATI will organize a similar seminar which would help members of KATI to find their business potential in the ever-growing sector of e-commerce.

 

 

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