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Thursday, January 31, 2013

Increase in salaries and allowances of top judges.

President Zardari has approved 20 percent increase in the salaries and judicial allowances of superior court’s judges. This approval was given on the advice of prime minister.
According to the presidential order the monthly salary of chief justice has been increased from Rs. 448221 to Rs. 537865. Previously cumulative monthly salary and allowances of Chief Justice was Rs. 724321 apart from other perks and privileges.
According to the details produced in senate previous year, Chief Justice also gets a chauffeur-driven car with 600 liters petrol monthly, free medical treatment for his family, rent free accommodation which is maintained by the Government and provisions to electricity, gas and water.
Salary of the other judges of the apex court has been increased from Rs. 423414 to Rs. 508097.
Increase in the judicial allowance of the apex court’s judges has also been ordered. The judicial allowance of the judges of the apex courts has been increased from 196219 to rupees 235463.
The chief justice of all high courts will receive 498509 rupees which was previously 425426 rupees. The salaries of other judges of the high courts will be increased from 399447 to 479336 along with judicial allowance increased to rupees 188370 rupees.

Wednesday, January 30, 2013

Acquisition by Abu Dhabi Group

Abu Dhabi group has reacquired 100 percent stakes in Warid Telecom. The group has expanded its operation by buying Singapore telecommunication limited’s share. Earlier According to SingTel, Warid would be sold for a loss of approximately186 million us dollars. SingTel acquired 30 percent shares in warid, in 2007, at the price of 758 million us dollars. 
Warid started its operation, in Pakistan, in 2005. Bashir Tahir led the team for bidding and acquiring license for operating telecom network.
By acquiring 30 percent shares in phone operator the group has become the sole owner of the telecom company. The group has the owner of being single largest foreign investor in Pakistan. Abu Dhabi group already has diverse and huge investments in different sectors of Pakistan’s economy. The group has heavy stakes in banking, agriculture, energy, real estate, hospitality and health care. Investments by the group include Bank Alfalah, Warid telecom, Wateen telecom, Alfalah Securities (Pvt.) ltd, Alfalah GHP investment management limited, United Bank Limited, and Al Razi healthcare.
The group is led by Sheikh Nahayan Mabarak al Nayhan, member of the royal family of Emirate.