SECP invalidates Askari’s appointment

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has directed the Karachi Stock Exchange (KSE) and its board to immediately refrain Haroon Askari from functioning or exercising any powers of the managing director and of a board director as his appointment is in violation of the Regulations 2005, according to a commission letter on Wednesday.

The commission in its letter to the KSE noted that as per the regulations of the Constitution of the Governing of Board of Directors of Karachi Stock Exchange, 2005, as well as the Artifices of Association of the Karachi Stock Exchange, the managing director can only be appointed by the KSE board with the prior approval of the SECP.

Britain, France to sign defence treaties

The treaties come against the backdrop of a defence review by Cameron's coalition government published earlier this month, part of a deep programme of cuts in public spending to tackle a record budget deficit. – AFP Photo

LONDON: Prime Minister David Cameron said Britain and France would sign defence and security cooperation treaties at a summit between the two countries Tuesday.

"Tomorrow, the British and French governments will sign new defence and security cooperation treaties which will be laid before parliament in the usual way," Cameron told the House of Commons in a statement.
He said the agreements would "deliver for our national interest while protecting our national sovereignty".

IMF sees Pakistan GDP expanding at 3pc in 2009-10

ISLAMABAD: The International Monetary Fund (IMF) says the political and security situation in Pakistan remains challenging, economic reform does not command broad support and adverse security developments continue to hurt the confidence of domestic and foreign investors. 
 
As a result, projected economic growth for 2009-10 would be a modest three per cent, IMF says in a programme note on Pakistan issued following the approval of the fourth tranche of $1.2 billion by the Executive Board in Washington on Wednesday.