Author Archive: Brian Sanchez
Mary Ollivier has been appointed Acting Executive Director
of the New Zealand Law Society, from 16 January.
over from Christine Grice, who has been appointed a High
Mrs Ollivier has been the Law Society’s
General Manager Regulatory since the role was established
following major changes to the regulation of lawyers in
She was admitted as a barrister and solicitor of the
High Court in December 1991 after previously qualifying and
working as a legal executive. Mrs Ollivier worked as a
lawyer with law firms in Auckland and Wellington and
overseas before moving to the Wellington District Law
Society in the mid-1990s as Professional Standards Director
and then Deputy Executive Director. She moved to the New
Zealand Law Society in 2008 to assist with implementation of
the new Lawyers and Conveyancers Act 2006.
has served as Secretary of the Wellington Woman Lawyers
Association and chaired the Professional Partnership
Network. She has also been involved in legal regulatory
matters at an international level and was appointed to the
Joint Australia/New Zealand Standards Committee QR-015 to
update the ISO standard Guidelines for complaints handling
Christine Grice will be sworn in as a
High Court Justice on 1 February in Wellington. She was the
Law Society’s second woman President from 2000 to 2003 and
was appointed Executive Director in
© Scoop Media
Japanese firms raise alarm over investment hurdles
LAHORE: Asad Majeed Khan, Pakistan’s ambassador in Tokyo, has said different government departments were creating hurdles in the way of Japanese investors, which was denting their existing investments and deterring the new ones, The News learnt on Wednesday.
The ambassador shared his reservations with Secretary Foreign Ministry Tehmina Janjua in a letter, whose copy is available with The News.
The concerns are mostly related to Board of Investment (BoI) Karachi office, Federal Board of Revenue (FBR), and Karachi’s law enforcement agencies.
The ambassador quoting his meetings with Japanese businessmen stated that they were keen to further invest in Pakistan but the problems faced by them were affecting their expansion and new investment plans.
The major concerns come from BoI Karachi as, according to the letter, Japanese businesses are mostly concentrated in the coastal city.
“The BoI office in Karachi lacks the authority to resolve problems faced by the Japanese companies and they have to frequently fly between Karachi and Islamabad for resolving even minor issues,” the ambassador said in the letter.
He added that in order to address this problem, Japanese investors have proposed that the BoI’s resident director in Karachi may be empowered to settle the issues up to a certain level.
Ambassador Khan also wrote in the letter that Japanese investors were facing delays in the sanctioning of refunds and other tax benefits, assured to them by the authorities at the time of investment.
“In their view, there seems to exist a disconnect between policymaking and operational sides of the FBR, which needs to be fixed,” the envoy said.
He added, the security situation in Karachi was also of deep concern to them. “Japanese nationals have faced a number of street crimes in Karachi, which is a general concern, but speedy facilitation by the police will be very helpful,” ambassador Khan said.
The ambassador, however, appreciated the government for the successful implementation of its counterterrorism strategy and improvement in the overall law and order situation.
“Japan has made a policy decision to diversify its global investment presence and is exploring investment opportunities in other countries and Pakistan with low cost and young labour force is still an attractive option for Japanese investors,” Khan added.
Taking notice of the ambassador’s concerns, Foreign Secretary Tehmina Janjua instructed the chairman BoI Naeem Zamindar and chairman FBR Tariq Pasha to resolve the issues on urgent basis to pave way for enhancing Japanese investment in Pakistan.
An official at the FBR said that the board had already expedited the refunding process for all the taxpayers without any discrimination.
“Japanese firms in Pakistan, especially auto companies had raised the same issues with former finance minister Ishaq Dar’s through Japanese ambassador in Pakistan,” the official said.
Commenting on the issue, a BoI functionary said that policy decisions were taken only at the board’s head office.
“However, the BoI board of directors, which is chaired by Prime Minister of Pakistan, can empower any resident director in any matter,” he added.
SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Philip Morris International Inc. of Class Action Lawsuit and Upcoming Deadline – PM
Jan 10, 2018 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / January 10, 2018 / Pomerantz LLP announces that a class action lawsuit has been filed against Philip Morris International Inc. (“Philip Morris” or the “Company”)
and certain of its officers. The class action, filed in United States District Court, for the District of New Jersey, is on behalf of a class consisting of investors who purchased or otherwise acquired Philip Morris securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Philip Morris securities between July 26, 2016, and December 20, 2017, both dates inclusive, you have until February 20, 2018 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here to join this class action]
Philip Morris is a Virginia corporation with its principal executive offices located at 120 Park Avenue, New York, New York. Philip Morris, through its subsidiaries, manufactures and sells cigarettes, other tobacco products, and other nicotine containing products.
Philip Morris is currently developing a portfolio of Reduced-Risk Products (“RRP”). RRP does not burn tobacco and produces significantly lower levels of harmful or potentially harmful compounds than found in smoke. Phillip Morris has four RRP platforms in various stages of development and commercialization readiness. Platform 1 uses a precisely controlled heating device that Philip Morris is commercializing under the IQOS brand name, into which a specially designed and proprietary consumable tobacco product (“IQOS Consumables”) is inserted and heated to generate an aerosol
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) there were irregularities in the clinical experiments that underpin Philip Morris’ application to the U.S. Food and Drug Administration (“FDA”) for approval of its iQOS smoking device; and (2) as a result, defendants’ statements about Philip Morris’ business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On December 20, 2017, Reuters published a report stating that “[f]ormer employees and contractors [of Phillip Morris] have detailed irregularities in the clinical experiments that underpin Philip Morris International’s application to the FDA for approval of its iQOS smoking device.”
On this news, shares of Philip Morris fell $3.75 per share or approximately 3.5% from its previous closing price to close at $104.37 per share on December 20, 2017, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
Copyright 2018 ACCESSWIRE
American Airlines is handing out $1,000 bonuses to its employees. So are AT&T, Bank of America and Nationwide Insurance. The same for Comcast, JetBlue Airways and US Bancorp.
Such announcements, coming from dozens of companies, have followed the passage of the Republican tax plan that Donald Trump signed into law last month.
Lab loses hard drive containing personal details of thousands including patient X-rays
The plan slashed the corporate tax rate from 35 percent to 21 percent. The companies say the bonuses they’ve announced are a way to share some of their bounty with their workers.
Yet the bonuses are one-time payouts, not the permanent pay raises that Trump and congressional Republicans have said will eventually result from the corporate tax cuts.
Over time, bonuses are far less valuable to employees than wage increases.
So far, most companies haven’t said whether permanent pay increases are in the works. And economists caution that the corporate income tax cut’s effect on average pay, if any, might not become apparent for several years.
‘As a worker, it’s great to get a one-off bonus, but that doesn’t guarantee anything for the next year,’ said Stephen Stanley, chief economist at Amherst Pierpont. ‘You’d rather have the raise, because next year you’re working off the higher base.’
Eventually, Stanley thinks the lower corporate tax rates will lead to worker pay raises. He expects companies over the next several years to use some of their windfalls to invest in equipment that would make workers more productive and lead to higher wages.
Other economists remain skeptical. They note that the lion’s share of the corporate tax cut will overwhelmingly benefit shareholders and company owners. That sentiment is one reason stock market indexes are setting new highs almost daily.