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CDNS digitised savings certificates to modernise institutional process

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CDNS digitised savings certificates to modernise institutional process

The Central Directorate of National Savings (CDNS) has digitized National Savings Certificates (NSCs) for the convenience of consumers and to modernise the institutional process.

The CDNS and Central Depository Company of Pakistan Limited (CDCP) have signed an agreement to start a pilot project for digitisation and dematerialize of NSCs, a senior official of CDNS said.

The senior official said this will increase investment in National Savings and increase consumer confidence. He said that this agreement between National Savings and CDCP is a part of automation and digitisation of the institution.

He said that the Federal Finance Minister, Senator Muhammad Ishaq Dar has specially participated in the signing ceremony and praised the process.

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Replying a question, he said the CDNS realised the target of Rs 765 billion in fresh bonds during the current fiscal year 2022-23 from July 1st to January 30th, 2023.

The CDNS has set a reviewed saving target of Rs 1.3 trillion for the current financial year (2022-23) which will “promote the savings culture in the country”, he said.

In view of the current market trend in the country, the ambitious target had been set to further improve the savings culture, he said.

Responding to another question, he said the CDNS surpassed its annual target in the previous fiscal year and set a historic record of Rs 1,250 billion in savings till June 30, 2022.

For the first time in its history, CDNS crossed Rs 1,000 billion in fresh deposits and achieved the target of Rs 1,250 billion by June 30, 2022.

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He said CDNS had accomplished the target of issuing Rs 1,250 billion in fresh bonds from July 1, 2021 to June 30, 2022. It had set an annual gross receipt target of Rs 980 billion from July 1 to June 30 of the previous financial year 2020-21 to promote savings in the country.

The senior official said the CDNS had set a Rs 250 billion annual collection target from July 1 to June 30 for the year 2020-2021 as compared to Rs 352 billion during the same period for the previous year (2019-20) to enhance savings in the country.

The CDNS had set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year (2018-19), he added.

Replying to another query, he said CDNS had reviewed and set a target of Rs 60 billion in the fiscal year (2022-23) for Islamic investment to introduce the new products in the market.

In the current financial year, CDNS would achieve the investment target of Rs 60 billion, he maintained.

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Star Entertainment says Hard Rock-led group weighs bid, shares surge

Star Entertainment says Hard Rock-led group weighs bid, shares surge

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Star Entertainment says Hard Rock-led group weighs bid, shares surge

Star Entertainment (SGR.AX), opens new tab said on Monday a consortium led by Florida-based Hard Rock Hotels & Casinos is considering a bid for the cash-strapped Australian firm, sending its shares 20% higher.

A potential takeover by entertainment giant Hard Rock would provide a much-needed financial lifeline to Star, which has been plagued by a regulatory inquiry into its flagship Sydney casino operation and an executive exodus.

Star, which had a market value of A$1.29 billion ($863.66 million) as of Monday’s close, said it has been approached by a consortium of investors which includes Hard Rock Hotels & Resorts (Pacific).

The company said it understands Hard Rock Hotels is a local partner of Hard Rock.

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Earlier in the day, Star said it had received “inbound interest from a number of external parties” but flagged none of them had yet resulted in “substantive discussions”.

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Red Lobster seeks bankruptcy protection with $100 mln in financing commitments

Red Lobster seeks bankruptcy protection with $100 mln in financing commitments

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Red Lobster seeks bankruptcy protection with $100 mln in financing commitments

U.S.-based restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court after securing $100 million in financing commitments from its existing lenders, the company said on Sunday.

The company listed its assets and liabilities to be between $1 billion and $10 billion, according to a court filing.

Red Lobster said its restaurants will be open and operate as usual during the bankruptcy proceedings, and plans to reduce its locations as well as pursue a sale of substantially all its assets.

The restaurant chain also said it has entered into a “stalking horse” purchase agreement to sell its business to an entity formed and controlled by its existing term lenders.

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“This restructuring is the best path forward for Red Lobster. It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth,” said Jonathan Tibus, CEO of Red Lobster.

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BMW imported 8,000 vehicles into US with parts from banned Chinese supplier, Senate report says

BMW imported 8,000 vehicles into US with parts from banned Chinese supplier, Senate report says

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BMW imported 8,000 vehicles into US with parts from banned Chinese supplier, Senate report says

German automaker BMW (BMWG.DE), opens new tab imported at least 8,000 Mini Cooper vehicles into the United States with electronic components from a banned Chinese supplier, a U.S. Senate report released on Monday said.

A report by Senate Finance Committee Chairman Ron Wyden’s staff said BMW imported 8,000 Mini Coopers with parts from a Chinese supplier banned under a 2021 law and that BMW continued to import products with the banned parts until at least April.

BMW Group said in an email it had “taken steps to halt the importation of affected products.”

The company will be conducting a service action to replace the specific parts, adding it “has strict standards and policies regarding employment practices, human rights, and working conditions, which all our direct suppliers must follow.”

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Congress in 2021 passed the Uyghur Forced Labor Prevention Act (UFLPA) law to strengthen enforcement of laws to prevent the import of goods from China’s Xinjiang region believed to have been produced with forced labor by members of the country’s Uyghur minority group. China denies the allegations.

“Automakers’ self-policing is clearly not doing the job,” Wyden said, urging the Customs and Border Protection agency to “take a number of specific steps to supercharge enforcement and crack down on companies that fuel the shameful use of forced labor in China.” Customs and Border Protection did not immediately comment.

The report found that Bourns Inc, a California-based auto supplier, had sourced components from Sichuan Jingweida Technology Group (JWD). That Chinese company was added to the UFLPA Entity List in December, which means its products are presumed to be made with forced labor. 

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