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Business Recorder
3 days ago
- Business
- Business Recorder
Miftah says Pakistan's current system hinders progress, calls for reforms
KARACHI: Former federal finance minister Dr Miftah Ismail called for bold reforms to benefit people and businesses, warning that Pakistan's current system is holding back progress. He highlighted high inflation, rising unemployment, heavy taxation, and costly energy as major obstacles to growth and public welfare, urging immediate action to restore stability and competitiveness. Dr. Ismail was the Chief Guest and Keynote Speaker at the Institute of Cost and Management Accountants of Pakistan (ICMA) Thought Leadership Lecture Series, held at the ICMA Head Office in Karachi. The session also featured the launch of 'Pakistan's Cement Sector: Growth, Performance and Company-to-Company Analysis 2018–2024', authored by Muhammad Bashir Khan, FCMA, who also presented a brief overview of the book. In his address, Dr. Ismail outlined Pakistan's economic challenges. He noted that per capita GDP lags behind regional peers, fiscal deficits are widening, and public welfare is eroding. He stressed that while the effective tax rate approaches 40%, Pakistan lacks comparable welfare services. Energy costs further disadvantage domestic industry, as electricity production is nearly 20% cheaper in Bangladesh. He also highlighted weaknesses in law and order, pointing out that bureaucratic delays and costs in filing FIRs erode trust in the justice system. The education crisis, he said, is Pakistan's most alarming challenge: nearly 40% of children aged 5–16—about 400,000 in Punjab and 1.7 million in Sindh—are out of school, while literacy rates in KP are declining. He warned that while other countries prepare students for STEM and AI-driven education, Pakistan struggles to provide even basic literacy and numeracy. Inadequate healthcare infrastructure further undermines productivity and long-term growth. Calling for reforms, Miftah emphasized a comprehensive overhaul of Pakistan's current system. He suggested revising the NFC Award, strengthening local governance, considering new provinces, eliminating distortionary taxes such as the Workers' Welfare Fund, rationalizing energy tariffs, encouraging selective privatization, expanding property taxation, and mobilizing domestic resources. He also stressed investment in public transport, renewable energy, and underutilized sectors such as the aqua economy, while prioritizing education and skills development. Copyright Business Recorder, 2025
Associated Press
03-06-2025
- Business
- Associated Press
Lobe Sciences Appoints Mr. Yong Yao as Chief Financial Officer to Support Strategic Growth
VANCOUVER, BC / ACCESS Newswire / June 3, 2025 / Lobe Sciences Ltd. (CSE:LOBE)(OTCQB:LOBEF) ('Lobe' or the 'Company'), a growth-stage biopharmaceutical company focused on advancing innovative treatments for rare disease, is pleased to announce the appointment of Mr. Yong Yao, MBA, CGMA, FCMA as Chief Financial Officer & Executive Vice President, effective June 1, 2025. Mr. Yao brings over 25 years of leadership experience spanning corporate finance, biomedical innovation, and business transformation. He has held CFO and executive roles at several public and private companies in North America, including Mountain Valley MD Holdings Inc, Hanalytics BioMind, and Xinyuan Real Estate Corp. Mr. Yao also served in senior management roles at Scotiabank, Morgan Stanley, and Bank of America Merrill Lynch, where he led initiatives across finance, operations, compliance, and risk. He has also served as CFO of ASEA Group and currently sits on the board of PSIG Group as an Independent Director and Chair of the Audit Committee. Mr. Yao's dual background in biotechnology and financial strategy, coupled with deep expertise in operations, budgeting, and capital markets, positions him well to support Lobe's next phase of growth. He is also a co-founder of SelecIn Biomedical Inc., where he led the development of first-in-class small molecule therapies and secured early-stage funding. The appointment marks a strategic shift for Lobe as the Company transitions from part-time financial support to full-time professional leadership, bringing capabilities aligned with its regulatory obligations and capital market objectives. This move reflects Lobe's evolving operational needs and its commitment to strengthening financial oversight, enhancing disclosure standards, and supporting the next phase of clinical and corporate development. 'We are excited to welcome Mr. Yao to the executive team at a pivotal time,' said Dr. Frederick D. Sancilio, CEO of Lobe. 'His track record across biotech and financial sectors will bring valuable depth to our finance function and help strengthen our foundation as we grow.' Mr. Yao holds an MBA from McGill University, a Bachelor of Science in Biology from Nankai University, and is designated as a Fellow Chartered Management Accountant and Chartered Global Management Accountant. NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS NEWS RELEASE. About Lobe Sciences, Ltd. (CSE: LOBE), (OTCQB: LOBEF), (FWB: LOBE.F) - Lobe Sciences is a biopharmaceutical company dedicated to advancing innovative technologies for the development of urgently needed treatments for orphan and rare diseases. The company commercializes Altemia® MF, a medical food formulated to address deficiencies commonly associated with sickle cell disease. Additionally, Lobe Sciences is developing S100, an orphan drug candidate aimed at treating sickle cell disease. Through Cynaptec, Lobe maintains an interest in the development of Conjugated Psilocin™, targeting neurology and psychiatric conditions. The company also retains Alera Pharma, Inc. as a wholly owned subsidiary, which may be utilized for future initiatives unrelated to Conjugated Psilocin™. About Cynaptec Pharmaceuticals, Inc. - Cynaptec is a biopharmaceutical company dedicated to developing innovative therapies for neurological and psychiatric disorders. Cynaptec's initial development program is focused on the use of its proprietary Conjugated PsilocinTM compound for treatment of the significant unmet medical needs of patients with Chronic Cluster Headache, with an additional preliminary proof-of-concept to assess potential utility for substance use disorders. About Conjugated PsilocinTM- Conjugated PsilocinTM is a novel, patented, oral, stable analog of psilocin, the active metabolite of the prodrug psilocybin, designed to enhance bioavailability and therapeutic efficacy, which has been identified as having therapeutic potential in a variety of neurological conditions. Whereas conventional psilocin is an unstable compound that has been challenging for the industry to develop as a standalone pharmaceutical, Conjugated Psilocin's™ stability and bioavailability profile, and associated safety and efficacy signals, suggest the potential for prescription drug development in a variety of neurological and psychiatric indications. About Altemia® Medical Food - Altemia Medical Food is a specially formulated emulsified blend of long-chain polyunsaturated fatty acids designed for oral administration in patients with Sickle Cell Disease. As a medical food, Altemia must be prescribed under the care of a physician to ensure appropriate dietary management. Its formulation includes natural emulsifying agents such as egg yolk and Vitamin E, which aid in restoring red blood cell membrane fatty acids. Clinical studies have demonstrated that Altemia Medical Food can help address the fatty acid imbalance frequently observed in Sickle Cell Disease, potentially improving patient health outcomes. With limited treatment options available to hematologists for managing this condition, Altemia provides a promising new approach to supporting individuals affected by this debilitating disease. For further information: Dr. Fred D. Sancilio, CEO Lobe Sciences Ltd. Investor and Media [email protected] Phone: +1 (949) 505-5623 Cautionary Statement Regarding 'Forward-Looking' Information This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including, without limitation: the Company's intention to raise funds for clinical trials, the innovativeness of Conjugated PsilocinTM. the anticipated focus and timing or efficiency of the Company's research and development activities; the potential for the Company's products to meet unmet medical needs, the anticipated use of proceeds from the offering, the intended development plans for Cynaptec, the intention of Lobe Sciences to provide certain services to Cynaptec, the potential exercise of the option and intended use of proceeds therefrom and the potential ability to raise funds for clinical development are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as 'intends' or 'anticipates', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'should' or 'would' or occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including, among other things, that: the Company's planned activities will be able to create shareholder value and address serious unmet medical needs; the Company will continue to pursue its planned research and development activities, and that the Company will be able to raise funds among others. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important risks that may cause actual results to vary, include, without limitation, the risk that: the Company's planned activities will be unable to create shareholder value or address the targeted unmet medical needs; the Company is unable to obtain the desired results from its current research and development activities; and the Company is unable to raise funds or to do so on the timelines anticipated. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. SOURCE: Lobe Sciences Ltd. press release
