Loose lips sink ships: SECP warns Geo’s on irresponsible statements about economy

SECP warns Geo’s on irresponsible statements about economy: Loose lips sink ships.

NEW YORK: June 22nd, 2008, Rupee News, by Moin Ansari: A butterfly that flaps its wings in Kashmir may cause a tsunami in Indonesia. A whispered rumor about the economy can create flight of capital to Dubai. An inurned about he stock market can destroy a rising rally and create havoc with the bourse.

Geo TV and some of its ill trained, partisan, biased and emotional reporters have been plying rough shod with the news. Ms. Asma is so biased that she repeatedly argues with people on the street when they say that they blame the current government for the inflation in food and fuel. She repeatedly called the Pakistani economy “burbaad” even when her invited guest told her that such words are very dangerous and should not be used.

Kashif Abbasi a known PPP operative also makes unsubstantiated and off the cuff remarks that have shattered the confidence of the investors in the economy.

KARACHI, June 16: GEO TV has demanded an apology from the Securities and Exchange Commission of Pakistan (SECP) for alleging that a news item on the network was responsible for causing a drop in the Karachi Stock Exchange Index, says a press release.

On June 6, SECP had issued a notice to GEO TV for carrying a news ticker that led to a drop in the KSE-100 index.

The SECP accused the TV network of “acting in an irresponsible manner and deceiving public at large by running a news ticker about the issue of extension in exemption to capital gains tax (CGT)”.
The ticker quoted the Federal Bureau of Revenue chief Abdullah Yusuf as stating that no decision had been taken by the government regarding extension in exemption on CGT and that the matter would be addressed in the coming finance bill.

Leave a Reply

You must be logged in to post a comment.