`Karachi’s Business Community Expresses Grave Concern Deteriorating Law and Order’

#AceFinanceNews – KARACHI – May 31  – The business community has expressed grave concern over the deteriorating law and order situation in the city and alleged that the Law Enforcement Agencies (LEAs) are not doing enough to restore peace.

Businessmen Group leader Siraj Kassam Teli and Karachi Chamber of Commerce and Industry (KCCI) president Abdullah Zaki expressed sheer discontent over various measures adopted by the LEAs to deal with rising lawlessness in Karachi.

The strategies adopted by the Federal and Sindh governments to restore peace in Karachi have failed to yield positive results, they said.

“Businessmen and industrialists provide jobs to millions of people besides contributing 67 per cent revenue from Karachi but sadly they are not taken on board with regards to the law and order situation and are not even invited in the review meetings of the Karachi operation,” the businessmen said.

Published in Dawn, May 30th, 2014

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` FBI Investigating Possible Insider Trading Involving Billionaire Investor ‘

#AceFinanceNews – WASHINGTON – May 31  – The FBI is investigating possible insider trading involving billionaire investor Carl Icahn, golfer Phil Mickelson and Las Vegas gambler William Walters, reports say.

The inquiry is reportedly examining whether Mr Mickelson and Mr Walters may have traded shares illegally, based on information provided by Mr Icahn.

Mr Mickelson’s lawyers say he is not the target of an investigation. Mr Icahn denies giving out insider information.

Mr Walters has not yet commented.

The FBI, along with the Securities and Exchange Commission and federal prosecutors in Manhattan, are said to be looking into trading in two different stocks.

The investigation, which began three years ago, is focusing on trades in cleaning products company Clorox.Mr Icahn, a billionaire investor and prominent activist, was mounting a takeover bid for Clorox around the time that Mr Mickelson and Mr Walters placed their trades, the New York Times reports.

“We do not know of any investigation,” Mr Icahn, 78, told Reuters news agency, saying he was proud of his 50-year “unblemished record”.

Investigators are also reportedly looking into trades that Mr Mickelson, a three-time Masters champion, and Mr Walters made relating to Dean Foods, the Wall Street Journal reports (pay wall).

The New York Times quotes sources saying federal authorities are looking into trades placed in August 2012 just before the company announced quarterly results.

Those trades appeared to have no connection to Mr Icahn, the newspaper added.

The FBI and other federal agencies have not commented publicly on the allegations.

None of the men have been directly accused of any wrongdoing.

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