Day: June 21, 2022

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Following 3AC insolvency crisis, OKX launches Custody Trading Sub-Account to “solve trust issue”

  • OKX’s newest account mode delivers the investor control, transparency, and risk management that is needed to minimize institutional investor losses in a volatile market environment.
  • The Custody Trading Sub-Account offering involves OKX stepping in to make sure an investor’s assigned money manager is fulfilling their fiduciary duties.

VICTORIA, Seychelles, June 21, 2022 (GLOBE NEWSWIRE) — OKX, the world-leading cryptocurrency platform, today announced the launch of its Custody Trading Sub-Account product for customers looking to benefit from trading team strategies and institutional and high-net-worth investors.

Custody Trading Sub-Account involves OKX acting as a trusted third party between the investor and their money manager or trading team. The product mitigates the risks investors face by granting them greater control over their investments and delivering multi-layered risk management. It also provides greater transparency by enabling investors to monitor leverage and margin usage in real-time and access and share OKX-verified trading records.

Haider Rafique, Global Chief Marketing Officer, OKX, said: “The recent conspicuous near-insolvencies have taught us that many investors who entrust their funds to market makers or hedge funds don’t have control, or even visibility, over how their money manager is trading. These firms provide questionable risk management and transparency and, in some cases, this has even allegedly led to investor funds being used to answer margin calls. We are launching OKX Custody Trading Sub-Account to provide much-needed control and transparency and help everyone in the industry.”

When it comes to control, investors are able to configure a range of account trading access rights, while third parties and trading teams are not permitted to move investor funds directly. Comprehensive risk management protocols additionally prevent assets from being collateralized twice and enable investors to access features such as warning level, trade-freeze level, and kill switch. Finally, smart contract auditing from OKX means that due diligence is undertaken by a trusted third party.

Lennix Lai, Financial Markets Director, OKX, said: “After lessons were learned during the recent debacle involving some mismanaged firms, we believe it’s fundamentally important that the crypto industry has an independent, trusted third party to play the role of custodian for these types of investments. This custodian would provide both clearing and appropriate risk management. We need to find a way to segregate clients’ tokens from managers’ in-house wallets while making sure the managers fulfil their fiduciary duties to both their clients and the relevant communities. We also need to ensure that there is transparency for investors and communities as far as how their funds are being staked, traded, or utilized as collateral.”

OKX Custody Trading Sub-Account allows the money manager or trading team to access a broad range of products in both the CeFi and DeFi spaces in order to fulfil their obligations to investors. During the custody period, the trading team is also equipped to protect their proprietary strategic trading and position information.

With this launch, OKX builds on the risk management record that saw it protect more than 500 million UST in user funds prior to May’s LUNA/UST crash. OKX will continue to incorporate comprehensive risk management strategies to ensure users can invest both safely and responsibly.

Find out more about the OKX Custody Trading Sub-Account here.

For further information, please contact:

Jack.sutherland@okx.com

About OKX

OKX is a leading crypto trading app, and a Web3 ecosystem. Trusted by more than 20 million global customers in over 180 international markets, OKX is known for being the fastest and most reliable crypto trading app of choice for investors and professional traders globally.

Since 2017, OKX has served a global community of people who share a common interest in participating in a new financial system that is designed to be a level playing field for everyone. We strive to educate people on the potential of crypto markets and how to invest and trade responsibly. Beyond the OKX trading app, OKX Wallet is our latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.

To learn more about OKX, download our app or visit: okx.com

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Zahid Industries: World Defense Show

Zahid Industries Participated at the World Defense Show in Riyadh

The World Defense Show was held in Riyadh from 6 – 9 March

RIYADH, Saudi Arabia, June 21, 2022 (GLOBE NEWSWIRE) — Zahid Industries, a Zahid Group company, recently participated at the World Defense Show in Riyadh from 6 – 9 March 2022.

The General Manger of Zahid Industries, Mr. Alaa Akra, stated that the localization of defense industries will have a direct positive impact on the GDP of KSA due to the transfer of knowledge and technology from International companies to local companies that will contribute to the development of the entire industrial sector to align with the best industry standards and comply with International quality standards.

Mr. Akra also thanked the General Authority of Military Industries for their exceptional efforts in managing the offset programs between international companies and local manufacturers.

Mr. Barig Siraj, Vice President of Zahid Group, commented: “This participation is in line with the Kingdom’s Vision 2030 and the direction of His Royal Highness, Crown Prince Mohammed Bin Salman, to localize 50% of the defense military industries. We are pleased with the signing of a 12-year localization contract between Zahid Industries and Raytheon Technologies, as well as Zahid Industries becoming a globally approved supplier of General Dynamics Land Systems. This is only the beginning of building cooperation for future strategic partnerships for the defense industries, and we are proud to be a part of this success.”

Zahid Group have developed strategies on how to participate in this sector through Zahid Industries, a company that has now been licensed by the General Authority of Military Industries. The Group invested in special tools and dedicated facilities, attracted global expertise to train and empower Saudi cadres to become the future leaders in this sector and to become an integral part of protecting the homeland.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea657fd1-d62a-4eb1-a36c-13664486a1e7

contact info: 
Mrouj Barefah 
MBarefah@zahid.com
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In-House Meeting with Farrukh Iqbal Khan Director General 

Islamabad, June 21, 2022 (PPI-OT):The Centre for Afghanistan Middle East and Africa (CAMEA) at the Institute of Strategic Studies Islamabad (ISSI) hosted an in-house meeting with Mr. Farrukh Iqbal Khan Director General (OIC and ED) and Mr. Jawad Ali Chatha, Director (OIC), MOFA.

During the meeting, Ambassador Aizaz Ahmad Chaudhry gave a detailed overview of the functions and working of the Institute. There was an exchange of views regarding the potential role of OIC and areas of mutual interest were discussed.

For more information, contact:
Institute of Strategic Studies Islamabad (ISSI)
Sector F-5/2, Islamabad – 44000, Pakistan
Tel: +92-51-9202481
Fax: +92-51-9204658
E-mail: strategy@issi.org.pk
Website: http://issi.org.pk/

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AKU-SONAM’s simulation programme earns international endorsement 

Karachi, June 21, 2022 (PPI-OT):​The Aga Khan University’s School of Nursing and Midwifery, AKU-SONAM, has been awarded the Core Four Healthcare Simulation Standards endorsement by the International Nursing Association of Clinical Simulation and Learning, INACSL, as part of its inaugural endorsement programme for nursing schools and simulation centres worldwide.

The school is amongst a total of nine nursing institutions globally to have received this prestigious endorsement, which was received by Dean Dr Rozina Karmaliani, representing AKU at the INACSL Conference 2022 held in Milwaukee, Wisconsin, USA, on June 17, 2022.

Clinical healthcare simulation is an integral part of the nursing curriculum for undergraduate and graduate students at AKU-SONAM, enabling the use of various patient-care scenarios to practice clinical skills, decision-making and precision on simulators until students are ready for real-life patients.

“This endorsement by INACSL comes as an important recognition and celebration of the School’s commitment to excellence in clinical education, and efforts in maintaining an internationally-benchmarked curriculum pertaining to INACSL’s Core Four simulation standards: preparation and briefing, facilitation, debriefing, and professional integrity,” said Dr Karmaliani.

The team working behind the scenes of this milestone was led by assistant dean, clinical practice, Dr Rubina Barolia, committee lead, Zohra Kurji and co-leads Shirin Rahim and Sadia Abbas Ali, working with eight other faculty members of the School. At the ceremony, Ms Kurji was also the recipient of the Frontline Simulation Champion Award of Excellence 2022, the first nurse from the South Asian region to receive this recognition for her work in the field. The endorsement is valid for three years with renewal reliant on the School’s continued efforts to improve the simulation programme while keeping abreast with changing global healthcare trends.

For more information, contact:
Media Executive
Department of Public Affairs
Aga Khan University (AKU)
Stadium Road, Karachi
Tel: +92-21-34930051
Fax: +92-21-34934294, +92-21-34932095
Cell: +92-301-8258028
Email: rasool.sarang@aku.edu, public.affairs@aku.edu​
Website: www.aku.edu

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ICAP working group is reviewing the international sustainability reporting standards 

Karachi, June 21, 2022 (PPI-OT):The Institute of Chartered Accountants of Pakistan (ICAP), under the Accounting Standards Board, has formed a working group to review the draft sustainability reporting standards published by the International Sustainability Standards Board (ISSB).

The IFRS Foundation established the ISSB at the 2021 United Nations Climate Change Conference (COP26) with the vision to develop comprehensive global high-quality IFRS Sustainability Disclosure Standards. ISSB has issued drafts of two IFRS Sustainability Disclosure Standards for stakeholder consultations and feedback. The draft standards include IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and IFRS S2, Climate-related Disclosures.

IFRS S1 requires companies to provide material information about all the significant sustainability-related risks and opportunities necessary to assess enterprise value. These proposals respond to calls from primary users (investors, lenders, and other creditors) of general purpose financial reporting for more consistent, complete, comparable, and verifiable sustainability-related financial information to help them assess an entity’s enterprise value.

IFRS S2 contains requirements for disclosures of material information about significant climate-related risks and opportunities. These disclosures will provide information about how climate-related matters and the associated risks and opportunities affect the company’s financial position and financial performance and the time horizon and amounts involved will help stakeholders in assessing the enterprise value. The disclosures will also provide information about the company’s strategy and business model.

The sustainability reporting will be connected with the financial statements and corporate reporting as it will be part of the company’s annual general-purpose reporting. The draft standards do not specify the effective date, and it will be for the local jurisdictions to set the adoption date of the standards. ICAP working group is currently reviewing draft IFRS S1 and IFRS S2 with the objectives to collate the views of Pakistan stakeholders and highlight their concerns and advocate Pakistan’s interests before ISSB.

For more information, contact:
Media Coordinator,
Institute of Chartered Accountants of Pakistan (ICAP)
Chartered Accountants Avenue, Clifton
Karachi-75600, Pakistan
Tel: +92-21-111-000-422
Fax: +92-21-99251626
Cell: +92-300-2128185
Website: https://www.icap.org.pk/

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Talent Hunt Youth Sports League Wrestling 2022 concluded at UVAS 

Lahore, June 21, 2022 (PPI-OT):The University of Veterinary and Animal Sciences (UVAS) Lahore in collaboration with the Higher Education Commission (HEC) Islamabad under Prime Minister Youth Programme organized concluding ceremony of five days Talent Hunt Youth Sports League Wrestling 2022 and All Pakistan HEC Inter-varsity Baseball Championship here in Sports Complex of City Campus Lahore.

Member Provincial Assembly Rana Mashood Ahmad Khan presided over prize distribution ceremony while UVAS Vice-Chancellor Prof Dr Nasim Ahmad, Vice-Chancellor University of Sargodha Prof Dr Muhammad Saleem Mazhar, Director General Sports Higher Education Commission (HEC) Islamabad Mr Javed Ali Memon, Chairman Sports Board (UVAS) Prof Dr Rana Muhammad Ayyub, Director Sports UVAS Rana Amjad Iqbal, Senior Vice-President Pakistan Wrestling Federation Mr Arshad Sattar, Director Sports from University of Sargodha Mr Ahmad Khan Haral and over 70 players from five region of Punjab were also present.

While addressing the audience, Rana Mashood Ahmad Khan said that wrestling has exclusive importance in the sports activities of Punjab and Government of Pakistan providing facilities for the promotion of sports in the country. He mentioned development of education is the top priority of Government of Pakistan. He lauded HEC for providing opportunities to youth through such Talent Hunt Youth Sports League Wrestling. He also acknowledged the role of UVAS sports board to arranged Talent Hunt Youth Sports League Wrestling in a befitting manner.

Speaking on the occasion, Prof Dr Nasim Ahmad said that I am very glad to see the enthusiasm of young players in this Talent Hunt Youth Sports League and I hope that in future these players will show their performance in international competition and enlighten the name of Pakistani. Prof Dr Muhammad Saleem Mazhar said that it is the responsibility of Pakistani Government to provide education and research facilities as well as sports grounds to our young generation. Javed Ali Memon said that HEC selected young players from the remote areas of Pakistan and trained them for wrestling competitions.

In wrestling competitions, Gujranwala team won 1st position, Rawalpindi team got 2nd and Team of Lahore stood on 3rd position. In Baseball competitions, University of Central Punjab won 1st position while Islamia University Bahawalpur got 2nd position. Later, Rana Mashood Ahmad Khan along with other dignitaries distributed trophies among the winner of wrestling and baseball teams and congratulated them on their brilliant success.

For more information, contact:
Public Relations Officer
University of Veterinary and Animal Sciences (UVAS)
Syed Abdul Qadir Jillani (Out Fall) Road,
Lahore – Pakistan
Tel: +92-42-99211374, +92-42-99211449
Email: webmaster@uvas.edu.pk
Website: www.uvas.edu.pk