epaper profit 28th January, 2012

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Pakistan’s textile exports to US face decline Page 02

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Saturday, 28 January, 2012

3G license winners to pay full fee upfront ISLAMABAD STAFF REPORT

HILE assuring that strict transparency will be maintained in the upcoming spectrum auction for the technology neutral 3G licenses, Pakistan Telecommunication authority (PTa) has clarified that winning bidders will have to pay entire license fee before the launch of services. a statement issued by PTa said that allegations that government would not get the amount of license fee upfront are

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factually incorrect. Spectrum auction for 2G cellular services in 2004 had an arrangement of 50 per cent upfront and the remaining 50 per cent in instalments over 10 years. In the current auction process for 3G/4G/LTE services in 1900/2100 MHz spectrum the entire amount will be have to be paid upfront. The winning bidder will need to pay 100 per cent upfront license amount to the government exchequer before the launch of service.

It said transparency for current auction remains the foremost priority. PTa will be striving hard to attract reputed investors in the situation where the adverse security envi-

ronment and slow economic growth is already an impediment to lure reputed investors. all details about auction process are available in the Information Memorandum (IM) posted on PTa website, having information on the current regulatory practices and well defined and transparent procedures of international standards being followed by the regulator for telecom license auctions. about reselling of defunct Instaphone cellular mobile license in 800 MHz spectrum, PTa clarified that the original license issued was for 15 years. Upcoming auction will be for the remaining eight year period of the defunct license and accord-

India to be granted MFN with limited negative trade list Indian regulators committed to resolve NTBs issue g Consumers to benefit most by trade liberalisation g CCC pact to be signed with India to resolve custom issues g Custom duty to be reduced from 8 per cent to 5 per cent g

KARACHI

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GHULAM ABBAS

ndIa would be granted Most Favored nation (MFn) status with a very limited negative list of trade. The list is being prepared in order to safeguard certain industries and sectors. Consumers in Pakistan and India would be the biggest beneficiaries of the current move of trade liberalisation, Tariq Puri, Chief Executive of Trade development authority of Pakistan (TdaP) said while addressing a media briefing after an interactive session with the visiting Indian regulators to explain trade regime here on Friday.

The event was attended by representatives of Pakistani business community from all relevant trade associations and Federation of Chambers of Commerce and Industry (FPCCI) and Karachi Chamber of Commerce and Industry (KCCI) including Mian abrar, President KCCI; Ikhtiar Baig, Chairman Pak denim; Bashir Jan Muhammad of Gul ahmed Textiles; Khalil Sattar of K&n, Waheed ahmed of PFVa among others.

Indian regulators; Mr Rajiv Raizada, additional director, Export Inspection Council and Mr Rajeev Kumar Sharma, deputy director Technical of Food Safety and Standards authority of India (FSSaI), gave an overview of the Indian import regime and procedures and explained at length food safety, standards and inspection requirements. The meeting in Karachi was the second session of the interaction between Pakistani businessmen and Indian regulators in order to understand and remove non-Tariff Barriers at the Indian side. The first meeting was held in Lahore between members of Lahore Chambers of Commerce and Industry and Indian delegation.

To resolve nTBs like custom related issues, Puri informed that a “Comprehensive custom cooperation agreement” is also being signed between the

two countries during the forthcoming visit of Indian Commerce Minister to Pakistan which is scheduled for February 13, 2012. Indian regulators, he said, have also briefed custom rules and details about VaT, HS codes and others for smooth and speedy clearance of imported goods at ports. a liaison committee is also being formed to resolve custom related issues on both sides.

Indian side, he claimed, has also shown its commitment to ensure transparent system of custom duty and improve the flow of goods. The meeting has also discussed the importance of multiple visa regimes and banking facility for exporters and importers in both countries. He said central banks of India and Pakistan which were working on the issue would open their branches in both countries.

Puri informed that besides other initiatives, the average custom duty which is currently around eight per cent would be reduced to five per cent to encourage bilateral trade. Indian side has also recalled the existing zero rated duty structure for businessmen under the umbrella of SaFTa. He also explained the recent progress being made towards trade normalisation, like; a comprehensive custom agreement is being finalised and which will also have the mechanism for expeditious clearance of cargo; sharing of trade laws; customs valuation; setting up of joint boarder liaison committee.

Moreover, an agreement is being finalised to harmonise standards.

TdaP, he said, would also hire consultants to explore trade opportunities in the neighbouring country and their finds would be discussed with the stakeholders in a series of seminars to be held thoughout Pakistan. They will study the potential of various Pakistani products for Indian market and they will also examine tariff structure vis-àvis of other competitors. In reply to a query he said that all agricultural products, as suggested by representatives, would be opened for trade.

ingly the base price is set at $155 million, which is based on the winning bid price of $291 million for GSM spectrum in 2004.

Clarifying concerns on the base price, it said many factors were considered including expected service revenues, subscriber growth, economic growth, per capita income and population of the country. Government has also determined the base price using GdP growth, previous 2G auction price, local political situation and experience of regional countries.

Base price serves as the minimum price to start the bidding process. Final bidding price will be determined through a transparent

multiple round open outcry method where the highest bid will be the final price. determining the base price is the best practice around the world for auction of spectrum in different countries like UK, India, Egypt and Taiwan who all set base price before auction.

Base price of $210 million for 3G/4G spectrum has been misconceived as final price of the license and perceived lower than 2G licenses prices of 2004. at the time of 2G auction the base price was merely $61 million.

Technology neutrality of the licenses has also been criticised. It needs to be clarified that government is auctioning the spectrum of 1900 MHz/2100 MHz which can be utilised for 3G/4G or any expected future advanced technology. It is clarified that already issued licenses in Pakistan are technology neutral.

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news

US FINANCIAL CRISIS

Pakistan’s textile exports face decline KARACHI STAFF REPORT

aKISTan’S textile and apparel exports to the United States are expected to face a decline of 18 per cent in 2011, owing mainly to the financial crisis in the US market and increase in price of raw materials. according to a study conducted by Pakistan Readymade Garments Manufacturers and Exporters association (PRGMEa) recently, USa, one the largest market for textile products from Pakistan is currently traversing turbulent times due to the financial crisis, but retail figures indicate steady sales for 2011.

Textile and apparel exports to US are expected to increase by three per cent in terms of value but the quantities are expected to go down by 18 per cent in 2011; signifying growth primarily due to price inflation in raw materials cost. apparel exports to US are 49 per cent of its total textile exports, as compared to India’s 58 per cent, Bangladesh 97 per cent, China 73 per cent and Vietnam 93 per cent.

While the products are well diversified, Pakistan’s exports to US seem to be overly reliant on cotton as the principal raw material. according to a study almost 94 per cent of textile exports are cotton based, in contrast to India’s 80 per cent,

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Bangladesh 79 per cent, China’s 48 per cent and Vietnam 57 per cent.

Products made from non-cotton based raw materials such as wool comprise only two per cent of Pakistan’s exports to US, man made fiber based four per cent and silk and vegetable fiber based products comprise only 0.1 per cent. during 2010, Pakistan’s apparel exports to US increased by 14 per cent in value and nine per cent in terms of quantities. While non-apparel exports increased by nine per cent in value and five per cent in quantity in 2010 over the previous year. In comparison, India’s apparel exports to US increased by nine per cent in value and one per cent in quantity. India’s non apparel exports made substantial gains increasing by 29 per cent in value and 25 per cent in quantity. Bangladeshi apparel exports remained strong, growing by 15 per cent in value and 16 per cent in terms of quantity.

Bangladesh also managed to gain a sizeable share in non-apparels.

While China and Vietnam posted solid growth in both categories.

For the year 2011, it is expected that Pakistan’s apparel exports to the US will increase by six per cent in value while non-apparel exports are expected to increase by one per cent.

In terms of quantity, apparel exports will decline by 15 per cent, while nonapparel exports quantities are ex-

KARAcHi: An employee adjusting spools of thread at a textile factory. online pected to decline by 19 per cent. as evident from the above analysis, Pakistan’s textile and garment exports to US are clearly not growing at the desired pace, at least in the major categories. Our regional competitors are steadily increasing their share in the US import market. although, growth in man-made fiber products is commendable; but since the quantum is very small, it will have no visible effect on overall exports.

While, Vietnam and Bangladesh are gaining major shares in apparel

OGDCL rejects corruption allegations ISLAMABAD PRESS RELEASE

PROPOS to the news item titled “another Rs 72 billion oil scam in the making” published in a section of Press on 26th January, 2012. at the outset it may be clarified that the quantum of contract for consultancy services for the three fields is Rs 255 million and not of Rs 72 billion. It may be mentioned that the story is totally baseless, concocted and is in no way near to the truth. OGdC therefore rejects the allegations leveled in the said news items and confirms that the above news is based on imaginary figures/assumptions and lack of information. OGdCL has reasons to believe that the story is motivated and only serves the vested interests of those who intend to create impediments in the development of important projects undertaken by OGdC. This is being done only for personal gains.

The fact is that OGdC has been trying to develop Kunnar Pasakhi deep and Tando allah Yar (KPd-daY) fields since the year 2005 but unfortunately there has been no progress and the tendering process had to be repeatedly annulled. KPd-TaY, when fully developed will produce 284 mmscfd gas and 4800 bbls of oil besides 387 Metric Tons of LPG. Had these projects been timely developed, the gravity of acute energy crises prevalent in the country would have been largely miti-

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gated. after having been unsuccessful at different occasions to award the development contracts on turn-key basis, OGdC decided to set-up the projects by itself. OGdC therefore initiated necessary measures for self execution with the objective of completing the projects without further delay and in a cost effective manner. accordingly the Company, through press tendering process started the process for prequalification of engineering & design consultants. Fifteen companies applied but only viz: Enar Petrotech (Pvt) Ltd., (EnaR) ILF Pakistan (Pvt) Ltd., (ILF), Zishan Engineering (Pvt) Ltd., (Zishan), Combined Engineering & Integrated Solutions (Pvt) Ltd., and Gas Liquids Engineering were prequalified strictly on the basis of eligibility requirements as per laid down pre-qualification criteria.

The process was completely transparent and none of the pre-qualified consultants including EnaR objected to it.

Later, the bids on two envelops basis for the award of contracts for design & Engineering Consultancy for KPd-TaY, nashpa & Mela were then invited from the pre-qualified bidders only.

In response the tender for KPd-TaY only one bidder i.e.

M/s EnaR submitted their bid which was found non compliant to the Terms of Reference (TOR) during the preliminary examination. as only one bid was received and that too technically non-responsive, hence the requirement was re-ten-

dered. In response to this tender two companies viz EnaR and Zishan submitted bids for all the three projects i.e. Mela, nashpa & KPd-TaY development Projects. Zishan submitted the bids of Rs42.5 million, Rs45 million and Rs168 million for Mela, nashpa and KPd-TaY respectively as against Rs75.73 million, Rs93 million and Rs278 million respectively filed by EnaR. Being technically responsive and financially lowest evaluated bidder contracts were therefore awarded to Zishan.

The above facts establish that cumulatively the bids of Zishan were about 57% of the amount quoted by the loosing bidder, EnaR. This difference in no way could have been ignored by the Management. By awarding the contract to the lowest bidder the company ensured savings of Rs192 million.

It may also be clarified that making presentation before the grievance committee on frivolous grounds and mere accusations do not bar OGdCL for proceeding ahead for the implementation of vital projects of national importance. Rule 48(4) of the PPRa Rules 2004 clearly state that mere filing of a complaint cannot be made the basis for halting the procurement process. The allegation regarding the hiring of services of some ex-management officials of EnaR by M/s Zishan is also misleading as these professionals are independent consultants and such there is no bar on them to extend their services to M/s Zishan.

sector, India is steadily gaining in home textile sector. In order to stem this negative tide, Pakistan’s textile and garment exporters need to further diversify their exports to more value-added products, preferably in non-cotton products.

Pakistan also needs to step-up its trade diplomacy in order to do away with unfair tariff regime. a Free Trade agreement (FTa) with USa would be highly beneficial. Currently, USa raises the same tariff revenue from Pakistan’s textile exports as from France’s $37 billion exports.

PIA Lahore sales show 17pc increase LAHORE: Pakistan International airlines (PIa) Lahore region sales have witnessed a growth of 17 per cent in comparison to previous year’s sales figures. This was disclosed in the marketing conference held, here on Friday, to appreciate the performance of top twenty sales agents. In the conference, PIa sales strategy for the next year was also presented on which sales agents assured their full support to take the national flag carrier to greater heights and achieve benefits for stakeholders. It was highlighted in the conference that PIa has reduced refund charges on international routes from Rs13,000 to Rs8,000. PIa has also simultaneously revised and decreased COB (Change of Booking) charges on its international flights from Rs8,000 to Rs4,000. no show charges for passengers traveling to International destinations have been reduced from Rs13,000 to Rs6,000. Similarly all sales for USa, Canada, UK and Europe have been given incentives for further improvement in sales and growth in revenue. Travel agents applauded PIa’s efforts and cooperation and the decrease in refund, no show and COB charges. The meeting was chaired by advisor/consultant Haider Jalal and attended by Maj (R) Khurram Mushtaq General Manager Passenger Sales Tahir niaz, GM Revenue Management naveed, dGM Pakistan dM Lahore asadullah Ghauri, Manager Passenger Sales Corporate M Shafiq and other marketing officials. STAFF REPORT

No major investment in 2011: American Business Council KARACHI: In view of the security and energy issues in the country no major new investment was made in 2011 other then the capital needed for existing facilities. This was stated by american Business Council of Pakistan (aBC) in a statement after its first CEO Roundtable meeting of the year held on January 26, 2012. The meeting was attended by members of aBC, representing a cross section of sectors including healthcare, financial services, information technology, FMCG, food and beverage, pharmaceuticals, oil and gas, and others.

However, the statement says, the year 2012 bodes better for new investment plans for over 60 per cent of the companies present today. Only one company has plans for green-filed investment all the same.

Referring to the key challenges highlighted by the council last year, it said the following issues were raised: 1. Security situation over all was highlighted as the biggest area of concern, plus personal security and travel issues.

2. Taxes and inconsistency of government policies especially regarding pharma and oil and gas.

3. Increases in cost of business, high interest rates, cost of power and utilities (gas), rise in cost of transport and logistics.

4. Billions of dollars are stuck in oil company subsidies.

5. Sudden devolution of the health ministry has negatively impacted pharma companies. STAFF REPORT

Spanish, Italian companies interested in Pakistani meat LAHORE: Spanish and Italian companies have showed their interest to procure meat and its by-products from Punjab agriculture and Meat Company’s (PaMCO) newly set up meat processing plant at Shahpur Kanjran. PaMCO Chief Executive Officer (CEO) dr Hamid Jalil, who headed a Pakistani delegation to International Green Week, Berlin, indicated that Triposona, Spain and Blancasing, Italy had showed their willingness to procure meat and its by-products from Pakistan. He pointed out that the newly set up meat processing plant was fully compliant with international standards, like Global GaP, IFS, BRC, which were mandatory to trade with European countries. He said Pakistani delegation also visited various citrus farms in Valencia, Spain (a famous city of citrus grower) and examined seedless citrus that was considered the most suitable for Pakistani soil. He said PaMCO has made arrangements to import seedless citrus plants and hybrid seeds from Europe for citrus zones in Layyah and Bakkah. It would also acquire technical expertise from EU countries, he added. STAFF REPORT

LCCI for strengthening Pak-Sweden ties LAHORE: Convener of LCCI Standing Committee for Pak-European Union Business Promotion and Chairman auto Parts Manufacturers and Exporters association Tahir Javed Malik has urged the government to make all out efforts to further strengthen Pak-Sweden relations as Swedish influence in European Union could help Pakistan to pave way to enter EU market. While welcoming Prime Minister Syed Yousaf Raza Gillani’s visit to the Sweden and address to the Swedish businessmen, Tahir Javed Malik said that the visit was a good omen for economy and would give a boost Swedish investment to the Pakistan in the time to come. Tahir Javed Malik said major bottleneck in promotion of trade and economic activities between the two countries is the lack of information about business opportunities.

Government needs to undertake activities like exchange of business delegations, organising country exhibitions, participation in fairs and exhibitions, seminars and workshops, etc to ensure a continuous liaison. He said Pakistan has abundant natural resources and skilled cheap manpower but lacks technology. Swedish technology could help Pakistan to overcome energy crisis.

He said Swedish economy is one of the most developed economies of the world. It has highly advanced industries such as machinery, chemicals, watches, textiles and precision instruments. STAFF REPORT

PPMA demands probe in PIC deaths ISLAMABAD: association of pharmaceutical companies, Pakistan Pharmaceutical Manufacturers association (PPMa) on Friday demanded setting up of an inquiry committee to probe more than hundred tragic deaths resulting from the reaction of some medicines in the Punjab Institute of Cardiology (PIC). In a statement issued by PPMa, the association offered full support to investigate the matter, so that such incidents could be avoided in the future by identifying those responsible. The association also asked federal and provincial governments to set up the drug Regulatory authority at the earliest to avoid occurrence of such incidents in the future. Chairman PPMa Muhammad asad demanded that inquiry committee should include doctors, pharmacy and pharmaceutical experts. Committee should consider all aspects including patient’s history, past prescriptions, lab reports and other diseases of the deceased patients. He requested avoiding politicising the issue as several patients, using the medicines were in extreme stress due to media reports. He said according to information, a drug testing laboratory in Lahore has cleared all medicines which were being used in PIC. STAFF REPORT

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news USAID holds dairy sector workshop LAHORE STAFF REPORT

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nITEd States agency for International development (USaId) held a stakeholders workshop under its entrepreneurs project in order to review data and findings collated on dairy sector in Pakistan through an extensive value chain analysis exercise, conducted in southern Punjab and Sindh provinces.

The workshop was organised in collaboration with local partners, Engro Foundation and Hashoo Foundation.

The key findings materialising from the analysis exercise were validated by a diverse group, constituting of input suppliers, producers, processors, female livestock extension workers (FLEWs), milkmen, officials from extension departments and representatives of other donor agencies working in the sector. The group also revisited and started a discourse around the roles of various key actors, together with identifying challenges and opportunities in the dairy sector.

The working sessions culminated in outlining effective measures and strategies to redress the issues and constraints and design innovative approaches to bolster the development process of dairy value chain.

Entrepreneurs dairy Value Chain Project in collaboration with Engro Foundation and Hashoo Foundation aims to support 21,000 dairy farmers (70 per cent of whom shall be women) in Sindh and Punjab with the goal of increasing their incomes by 50 per cent through active participation in value chain development.

Bulls regain momentum at bourse, index rises 76 points

KSE players awaiting CGT enforcement KARACHI

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JAVED MAHMOOD

EdERaL government must immediately implement the decision announced by finance minister dr Hafeez Sheikh relating to the non-disclosure of source of income by June 2014 by stock market investors and traders who were paying capital gain tax. Finance minister made this announcement on Saturday when he visited Karachi Stock Exchange and held parleys with stock market stakeholders to discuss important issues. after the meeting finance minister told media that by June 2014, tax authorities would not have to run after stock market investors to find out their source of income. He also said government has accepted recommendations of SECP relating to capital gain tax.

However, the decision announced by dr Hafeez Sheikh had yet not been enforced in letter and spirit by government, which caused confusion among stock market stakeholders, Saad Bin naseer, CEO Pearl Capital Management, told Profit on Friday.

He said market had reacted very positively and strongly to the announcement made by the finance minister for two consecutive days;

but delay in implementation of the announcement were creating doubts in the minds of the stakeholders.

Saad pointed out that stock market players did not demand abolition of capital gain tax, but suggested that they must not be harassed by the tax authorities. “Stock market brokers, investors and traders were willing and paying CGT and other taxes, but they want protection and a fair environment,” he said. after finance minister’s announcement, Karachi Stock Exchange 100-index gained more than 500 points in two consecutive trading sessions. But the bullish sentiment weakened and now the marketing is fluctuating both ways as investors await implementation of the decision announced by finance minister in Karachi, he said.

Saad said Capital Gains Tax (CGT) has badly undermined the trading sentiment and volume at the stock market since July 2010.

Thousands of traders have disappeared from the stock market amid an all-time low volume, while brokerage houses have carried out right-sizing. What is worth noting is that government had enforced CGT from July 2010 mainly to please International Monetary Fund, but this taxation measure has not only eroded trading at stock market but also deprived

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KARACHI STAFF REPORT

government of billions of rupees worth of revenue as daily turnover of shares plummeted to 20 to 40 million shares against 400 to 450 million shares trading in good days at the market.

Seeing this dual loss to economy and capital market, finance minister ultimately made a commitment with stock market players that their source of income will not be demanded by tax authorities.

Saad naseer said expansion in taxnet is important to enhance tax revenue, bring into tax-net those who were rich and not paying tax, but tax managers should create proper awareness to pre-empt speculations and damage to investment climate and encourage investment at stock market.

He pointed out that another major issue for a majority of the brokers is that out of 40 to 50 million shares daily turnover, about 75 per cent of trading volume is in the hands of the top 10 brokers, while the remaining brokers are fighting to get a share from 25 per cent of the volume. at present 200 brokerage houses are members of Karachi Stock Exchange out of which less than 100 are active, he said, adding for the financial survival of each and every active broker, a minimum of 150 million shares of daily trading is essential, he said.

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HE result season shopping spree was live and kicking at the local bourse as the KSE-100 index gained 76 points for the day to finish at 11,960 points. Volumes maintained their strength in the week’s last trading session with 75.6m shares traded. after a reporting a full year earnings loss of Rs0.27/share today, market volume leader LOTPTa’s stock took a sharp 9 per cent plunge as the challenging times facing the company became more evident. FFC remained the star performer jumping 4.8 per cent mainly in the second half over market rumours that the company will announce stock dividend with 2011 result coming Monday. EnGRO soon followed and gained 1.6per cent, while FFBL inched lower by 1.1 per cent despite announcing better than expected 2011 result. among E&P companies OGdC edged up 2.7 per cent amid healthy volumes, while PSO also remained sought after with a decent rise of 1.4 per cent over expectations of early resolution of the circular debt. In contrast, the sky was the limit for FFC, as it established the upper circuit with investors anticipating strong earnings and a bonus share issue when its results are announced on January 30, 2012.

Cement stocks retained their momentum from yesterday as analysts release rosy result expectations for sector equities.

Overall, the week ended on a positive note with the necessary corrections along the way and we expect a similar pattern in the upcoming week as the corporate results season gains traction, said ali Hussain at HMFS.

CORPORATE CORNER Airblue launches new destination – Istanbul

Seychelles Minister of Home affairs, Environment, Transport and Energy and James Hogan, President and Chief Executive Officer of Etihad airways. Etihad airways’ investment of USd 20 million will be matched by an equal capital injection from the Government of Seychelles. In addition, Etihad airways will also provide a shareholder’s loan of USd 25 million to meet working capital requirements and support network development. PRESS RELEASE

Kashf Foundation releases progress report on “Kashf Flood Relief Fund” LAHORE: Pakistan’s fastest growing private airline, airblue, is proud to announce an addition to its global airline network with the launch of new flights from Islamabad to Istanbul, Turkey. airblue will operate 3 new flights a week – Tuesday, Thursday, and Sunday – from Islamabad to Istanbul, and Istanbul to Manchester through Sabiha Gokcen airport in Istanbul. Mr. Raheel ahmed, airblue GM Commercial, says, “With the launch of flights to Istanbul, airblue has achieved yet another milestone in its journey as a pioneer in air travel. This new service is a step towards increased links between Pakistan, Turkey, and Europe. We are extremely grateful for the exceptional support and co-operation received from the Turkish Civil aviation and ISG Sabiha Gokcen authorities”. airblue, a private airline with head offices in Islamabad, Pakistan, started its operations in 2004 and is Pakistan's second largest and fastest growing airline. airblue, recognized for its quality and innovative services, operates an all airbus a320 family aircraft fleet with an average age of less than 3 years and provides scheduled air service to 9 domestic and International destinations; Istanbul will be airblue’s 10th destination. PRESS RELEASE

Seychelles govt and Etihad Airways team up in new strategic partnership LAHORE: Etihad airways, the national airline of the United arab Emirates, and the Government of Seychelles have signed a Memorandum of Understanding wherein Etihad will invest to acquire a 40 per cent stake in air Seychelles Ltd as part of a strategic partnership alliance initiative between air Seychelles and Etihad airways. The deal was announced today by Joel Morgan,

LAHORE: Kashf flood relief strategy was based on three phases; food distribution amongst flood affectees, construction of destroyed homes and access to sustainable income sources. Financial education, along with microfinance for small businesses will also be provided to enhance income generation for flood victims in order to ensure sustainable livelihoods. Kashf Foundation, a microfinance institution that provides financial services to entrepreneurs from low income households released its progress report on the “Kashf Flood Relief Fund”. a ceremony was organised by Kashf Foundation to distribute house keys among flood affected women. Chief Operating Officer Kashf Foundation Mr. Kamran azim was the chief guest. PRESS RELEASE

Children to Design a ‘Dream Car’ through Art Contest KARACHI: 6th Toyota dream Car art Contest is being organized by Indus Motor Company across Pakistan with more than 130 schools participating, which will be conducted between January and February 2012. TOYOTa dream Car art Contest is designed to promote art and to create opportunities for children to express their dreams and use their creative imagination through art by drawing a “Future dream Car”. The 5th TOYOTa dream Car art Contest that was held last year drew more than 120,000 entries from over 50 countries around the world. Out of these 30 were selected as the best artworks in their specific categories. Fatima noor from Rawalpindi made it to the top 30 and won a trip to Japan.

This year again, top 15 entries will be selected as winners at the national dream Car Contest. 5 from each age category, representing children

under 10 years, 10 to 12 years and 13 to 15 years.

These 15 artworks of the national Contest winners will be sent to Toyota Motor Corporation (TMC), Japan for inclusion in the World art Contest that will take place in april 2012 in Japan. PRESS RELEASE

Ufone re-launches its most successful handsets LAHORE: Ufone re-launched two of its most successful handsets, G-1000 and G-3610, at an extremely reasonable price. The need to re-launch these handsets comes with the expansion of coverage in rural and remote areas and the demand of low priced and viable handsets from customers.

G-1000 comes equipped with a torch light and an FM loud speaker, with a 400 maH battery. It also has an impressive 1.18” display and a mini USB interface charging. Ufone is offering two variants of this handset which will be network locked for Ufone network only. The customers can get this handset at a price of Rs 799/- with a Ufone SIM card preloaded with balance of Rs 50/- or the handset can be acquired without a SIM at a price of Rs. 749/-. G-1000 was previously priced at Rs.999/-. G3610 is a remarkable handset with 800 mah battery, FM radio, Flash torch, T-Flast card slot, MP3 Player, 1.8” screen and a Camera. The handset is reasonably priced at Rs.1699/- and comes without a SIM card or any bundled offer. This handset is also network locked for Ufone network only. G-3610 was previously priced at Rs.1999/-.

These handsets are available at all Ufone Service Centres, Franchises and Ushops. PRESS RELEASE

HBFCL and ABAD meet to explore cooperation in housing sector LAHORE: House Building Finance Company Limited – HBFCL (Formerly known as the House Building Finance Corporation Limited), recently arranged a luncheon meeting with members of association of Builders and developers (aBad) at a local hotel. The aim of the meeting was to discuss the increasing housing shortage and to jointly address the challenges being faced by the public and the builders and developers in the country. Hosted by Managing director and CEO of HBFCL, Mr azhar Jaffri, the luncheon was attended by Mr. Mohsin Sheikhani- Chairman aBad, Mr. M. arif Siddik- Vice Chairman aBad, Mr. M. Saleem Kassim Patel- Chairman (SR), Mr.

Muhammad Hanif Memon, Convener HBFCL, and Mr. noman Tabani, Co- Convener HBFCL.

Rs165m allocated for 22 model villages LAHORE: dG Provincial disaster Management authority Punjab Khalid Sher dil addressing the workshop highlighted the objectives of the event and informed that PdMa distributed relief goods among the flood effectees in year 2010 involving an amount of more than Rs700 millions, while Rs165 million have so far been allocated for construction of 22 Model Villages and work is still in progress in this respect.

Under the instructions of Chief Minister Punjab Muhammad Shahbaz Sharif, Watan Cards involving an amount of Rs27.6 million were distributed among flood effectees. He disclosed that relief goods of a huge amount was also sent for the effectees of earthquake in brother country Turkey and relief goods of Rs650 million were distributed among the flood effectees of Sindh. He informed that Provincial disaster Management authority have funds of Rs20 Crores out of which an amount can be provided to any district accordingly in case of some emergency and disaster occur and funds are demanded by the dCO of such district. He expressed these views while presiding the first session of two-day workshop held in a local hotel. Chairman ndMa, Flood Relief Commissioner Punjab, UndP, WFP, UnICEF and representatives of various nGOs also attended the workshop. PRESS RELEASE

NHA employees made to sign oath ISLAMABAD: Chairman national Highway authority Syed Muhammad ali Gardezi has directed that all officer of nHa in field posting will be required to sign an oath (Kasam-nama) where by they will declare that they will not involve in malpractices and would not get any commission, directly or indirectly from the contractors. In the same manner the contractors will produce an oath saying that they will not give any commission, directly or indirectly, to nHa employee. This document is being made pre-requisite for all tender notices and policy decision regarding it has been taken. Syed Muhammad ali Gardezi told this while addressing the GM Coordination Conference held in nHa. The Conference was attended by all Members, General Manger and directors of national Highway authority. PRESS RELEASE