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Foreign Investors: SECP increases shareholding limit

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KARACHI: The Securities and Exchange Commission of Pakistan (SECP) Saturday announced increasing the limit applicable on foreign persons or institutions for acquiring or holding of Pakistan  Stock Exchange (PSX) shares.
As per announcement, the limit of the shareholding of PSX shares by foreign persons or institutions has been increased to 20% of the total issued share capital of PSX.
Earlier, the limit of shareholding was 10% for foreign persons which has now been increased to 20%. The SECP has advised PSX and Central Depository Company (CDC) to take required measures for the implementation of the announcement.

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Canada unveils air passenger bill of rights

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OTTAWA: Airline passengers in Canada will soon be eligible for significant compensation for delayed flights or lost baggage under regulations announced Friday by Transportation Minister Marc Garneau.
The measures follow a rising number of complaints about being stuck on the tarmac for hours, musical instruments being broken in transit and lost baggage.
“Our goal was to provide a world-leading approach to air passenger rights that would be predictable and fair for passengers while ensuring our air carriers remain strong and competitive,” Garneau said.
“These new regulations achieve that balance and will give air travelers the rights and treatment they pay for and deserve.”
Starting July 15, airlines will be required to disembark passengers after three hours on the tarmac if there is no prospect of taking off soon.
They would also need to compensate passengers bumped from overbooked flights up to Can$2,400 (US$1,800) and up to Can$2,100 for lost luggage.
As of December 15, additional measures will require airlines to pay passengers up to Can$1,000 for flight delays and cancellations, provide food, drink and accommodations, and rebook them on new flights — using competing airlines if necessary.
They would also have to seat children near a parent at no extra charge and develop new standards for transporting musical instruments.
The latter was in response to travelling musicians complaining on social media about broken guitars and other instruments during flights.
The rules apply to flights to, from and within Canada.
According to Canada’s government statistics agency, there are an average of 5.5 million take-offs and landings at Canada’s 91 airports each year.
Due to its vast geography, air transportation is crucial for connecting parts of the country. A flight from easternmost to westernmost Canada takes about eight hours.

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Vice President’s upcoming visit to further deepen friendship, advance CPEC development: China

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China supports Pakistan's crackdown on culprits involved in fraudulent cross-border marriages

BEIJING: Chinese Vice President Wang Qishan’s upcoming visit to Pakistan will further deepen high-level exchanges, friendship and mutual trust between China and Pakistan and advance development of the China-Pakistan Economic Corridor (CPEC) besides bilateral cooperation across the board, a Chinese foreign ministry’s spokesperson said on Friday.
“We believe the vice president’s visit will further deepen high-level exchanges, friendship and mutual trust between China and Pakistan and advance the CPEC development and our cooperation across the board,” Lu Kang said while responding to a question of APP regarding the significance of the visit during his daily press briefing held here.
He said the visit would inject a new impetus in a closer community of shared future in a new era for two countries.
The spokesperson said the Chinese vice president would be visiting Pakistan from May 26 to 28 at the invitation of Prime Minister Imran Khan.
“Wang Qishan will be meeting with President Arif Alvi and hold talks with Prime Minister Imran Khan and exchange views on deepening bilateral relations and international and regional issues of mutual interests,” he added.
Lu Kang remarked that China and Pakistan were all-weather strategic cooperative partners and iron friends, adding, “We firmly support each other on issues concerning each other’s foreign interests.”

 

 

 

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Pakistan, China to enhance exchanges in view of changing int’l scenario

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ISLAMABAD: Pakistan and China have agreed to enhance high-level exchanges and strengthen pragmatic cooperation for more progress in bilateral relations in the wake of changing international scenario.

This was stated by Chinese foreign ministry spokesperson, Lu Kang, in Beijing on Thursday, while responding to a question regarding a meeting between Foreign Minister Shah Mahmood Qureshi and his Chinese counterpart Wang Yi in Bishkek.

The spokesperson said both the foreign ministers discussed international cooperation on some important issues like counter-terrorism.

He said they also discussed other issues including the Afghan situation and reached a consensus on it.

Meanwhile, according to a Chinese foreign ministry’s statement issued in Beijing, China appreciates Pakistan’s long-term efforts to combat the menace of terrorism.

A day earlier, while talking to Wang Yi on the sidelines of Shanghai Cooperation Organization (SCO) meeting, FM Qureshi said that friendship with China is cornerstone of Pakistan’s foreign policy.

“China is our close friend and a strong partner,” he added, while commending Chinese support to Pakistan on important matters and its role in regional peace and stability.

 

 

 

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