The Pak Banker : 2020-08-20

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FRONT PAGE

JPMorgan appoints former UK finance minister as adviser LONDON US investment bank JPMorgan said it had appointed Britain's former finance minister Sajid Javid as a paid senior adviser. Javid, who remains an MP in the ruling Conservati­ve party after he resigned as Chancellor of the Exchequer in February, will join the bank's advisory council for Europe, the Middle East and Africa. It meets throughout the year "to review business opportunit­ies and challenges", the bank said. Javid worked in banking before entering politics, beginning his career at JPMorgan. "We are delighted to welcome Sajid back... as a senior adviser, and we look forward to drawing upon his in-depth understand­ing of the business and economic environmen­t to help shape our client strategy across Europe," the bank said in a statement. JP Morgan did not disclose how much Javid would be paid for his new role. It added that "any privileged informatio­n that he received from his time in ministeria­l office will not be shared with the firm". Javid, the son of a Pakistani immigrant bus driver, quit as chancellor after Prime Minister Boris Johnson asked him to sack his team of political advisers. FBR issues warning to retailers ISLAMABAD The Federal Board of Revenue (FBR) asked all tier-I retailers to integrate with the point of sale system by August 31, 2020. The board warned retailers that the failure to register will result in a penalty up to Rs1 million. Moreover, retailer's business premises can also be sealed. All retailers are required to register with the FBR, who have a network of chain stores throughout the country, located in air-conditione­d shopping malls or plazas and their cumulative electricit­y bill in the last 12 consecutiv­e months exceeds Rs1.2m. Similarly, businesses engaged in bulk import and supply of consumer goods on wholesale basis to retailers. -AFP Re-profiling of borrowings reduced refinancin­g risk ISLAMABAD The re-profiling of borrowing from SBP helped the government in reducing the refinancin­g risk of its domestic debt portfolio at end June 2019. According to 2 years performanc­e report launched by the government, in June 2019, government re-profiled its borrowing from SBP from short term (6 months) to medium to long term (1 to 10 years). This re-profiling helped the govt in reducing the refinancin­g risk of its domestic debt portfolio at end June 2019, the report added. Zero borrowing from SBP was adopted during ongoing fiscal year, it said adding that in fact, there was a net retirement of Rs286b in the outstandin­g debt obtained from SBP in previous years. The govt introduced Pakistan Banao Certificat­es to allow overseas Pakistanis to contribute towards their country's developmen­t. The Rs 40,000 denominati­on prize bonds were withdrawn from circulatio­n in order to improve the documentat­ion of the economy. -APP -APP

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