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BUSINESS Friday, 1 March, 2013
Punjab sugar mills produce two million metric tons of sugar till February
LAHORE: Punjab Cane Commissioner Ahmer Malik has said that over two million metric tons of sugar (2,096,064) has been produced by Sugar Mills in Punjab during the current season and a total of 1,872,522 metric ton sugar was available in stocks. The Cane Commissioner said that sugar mills purchased 21,239,399 metric tons of sugarcane from the sugarcane growers by February 26, during the current season. The total cost of sugarcane is Rs.90.17 billion and sugar mills have made payment of over Rs.77.179 billion which is 86 percent of total amount. He said the outstanding amount of Rs.12.99 billion with the sugar mills will be paid to the farmers by March 15. INP
Iran-Pakistan gas line to be completed in 22 months ISLAMABAD: A senior Iranian gas industry official stated that Construction of the Pakistani section of the IranPakistan (IP) peace pipeline gas pipeline which would carry natural gas from Iran to Pakistan would be completed in 22 months, Javad Owji, Managing Director of the National Iranian Gas Company (NIGC) stated that the IP peace pipeline is expected to be constructed in 22 months on Pakistani soil with Iran’s help, adding that Pakistan covers 780 kilometres of the 1,881-kilometer pipeline. On 20 February, an IranianPakistani consortium started the construction of the Pakistani section of the pipeline which stretches from the border between the two countries to Nawabshah in Pakistan. The cost of the pipeline is projected at around USD 1.5 billion which would enable the export of 21.5 million cubic meters of Iran's natural gas to Pakistan on a daily basis. APP
Exporters laud EU decision of lifting ban on Pak fish export
ISLAMABAD: Fish exporters have expressed satisfaction over the decision of European Union (EU) to lift the ban on export of Pakistani fish and related products. EU banned Pakistan’s fish exports and related products in April 2007 because of poor hygienic conditions. Talking to a private TV channel, Secretary Commerce Munir Qureshi said that Pakistan’s two fish companies have been allowed to export fish products to European countries. He said exports would be started from March 12, 2013. APP
Govt is making efforts to control smuggling of luxury vehicles. — Finance Minister Saleem Mandviwalla
Sweden offers ‘Greentech solutions to energystarved Pakistan KARACHI
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IsMAIL DILAWAr
number of energy-generating companies from the public and private sector of Sweden are willing to offer ‘Greentech’ solutions to an energystarved Pakistan. Whilst talking to reporters at a seminar on ‘The Case for Swedish Greentech in Pakistan’, the Swedish Ambassador to Pakistan, Lars-Hjalmar Wide said he was overwhelmed by the great interest shown by participants in different Swedish energy-related technologies” The Swedish envoy stated that the next s t e p
would be the arrival of Swedish businessmen in Pakistan to look for ways and means to jointly work with the local stakeholders in the energy sector. The Swedish Ambassador said the main purpose of the seminar was to promote business-to-business cooperation between the two countries. “Around 300 million Euros could be generated by energy oriented bilateral trade between Sweden and Pakistan”, he added. The Ambassador added that the European Union (EU) was working on a five-year engagement plan for Pakistan to help the country on issues of ranging from trade relations to joint counter terrorism efforts. The Swedish envoy added that the UN’s 27nation regional block
would send electoral observers to Pakistan to monitor transparency in the forthcoming general election, due in May. Honorary Consul General of Sweden Bashir Ali Mohammad dubbed the Pak-Swedish potential joint ventures extremely helpful for Pakistan’s energy needs. He added that Sweden had the required expertise as well as finances to help Pakistan with the ongoing energy crisis. “The ball is in our court now, whether or not we avail this opportunity”, Mohammad said. He said that Karachi provided natural potential for energy production using ‘Greentech’ technologies as it had a vast meat industry. In her address, Charlotte Kalin of Chamber Trade Sweden (CTS) spoke about the new role of chambers of commerce and industries to make trade and development sustainable between the two countries. She underlined various opportunities for promoting bilateral trade between the two countries and how CTS could facilitate Pakistani firms to find partners, customers and new markets in Sweden and Scandinavia.
Around 300 million Euros could bE gEnErAtEd by EnErgy oriEntEd bilAtErAl trAdE bEtwEEn swEdEn And PAkistAn
Js company issues rs 1 billion PPtFcs at karachi bourse KARACHI stAff rePort
The Karachi Stock Exchange (KSE) has listed the Privately Placed Term Finance Certificates (PPTFCs) worth Rs 1 billion of Jahangir Siddiqui and Co. The listing has been made under Regulation No. 3(11) and Schedule III of the Regulations Governing Over-TheCounter (OTC) Market of the Exchange, relating to listing of debt securities issued to Qualified Institutional Buyers, (QIBs) through Private Placement. The National Clearing Company of Pakistan Limited through issued a letter on February 21 assigning the Security symbol/company code "JSTFC6" to the said PPTPCs. The Technology Trade has been appointed as the registrar. The said PPTFCs would be listed on the Exchange with effect from the 4th of next month and trading of the same would commence from March 5 as required under Clause No. 4(iv) of Schedule 111 of the Regulations.
The PPTFCs (JSTFC6) would be tradable on Bond Automated Trading System (BATS) through the "Request For Quotes" (RFQ) and shall be settled through NCCPL on T+1 settlement basis on Trade to Trade basis. The eligible investors, who qualify the criteria of Qualified Institutional Buyers (QIBs) as defined under Regulation No. 2(n) of the Regulations Governing Over-The-Counter (OTC) Market, are allowed to trade in the PPTFCs. The minimum amount per transaction by a single QIB shall not be less than Rs 1 million. However, the requirement of QIBs in the sale/purchase of the said PPTFCs would be checked and maintained at broker level, as the Trading System (RATS), at present, is not capable to control this condition automatically. The JS Global Capital has been appointed as the marketmaker of the issue, who would quote bid/offer spread for the PPTFCs on daily basis and would intimate the KSE of any trade in the instrument, which would be available through website of the Exchange.
Enormous opportunity available for Pak-Brazil cooperation in poultry sector ISLAMABAD APP
Ricardo Santin, Market Director of Brazilian Poultry association stated on Thursday that Pakistan and Brazil could join hands to improve poultry production. Whilst addressing a seminar on the Brazilian Poultry Industry at the Brazilian embassy, he said that Brazil was the 3rd largest producer and exporter of chicken in the world with a 20% global market share following the US and China. Santin stated that Brazil’s perfect conditions for Poultry production and development, makes processes in Brazil fully integrated and constantly up to date with poultry production systems to improve the quality and standard of chicken. He said Pakistan's poultry industry could benefit from the progress and development of Brazilian Poultry Industry. He said about 70 percent production of chicken in Brazil was consumed domestically whilst 30 percent was exported to over 140countries including Saudi Arabia, China and the European Union. He said 99 percent of the export was Hilal chicken and sent to various Muslim countries. Earlier, the Brazilian Ambassador to Pakistan Alfredo Leon said efforts were being made to improve Pak-Brazilian bilateral trade which was currently US$400 million.
PTEA opposes imposition of 2% Sales Tax on textile sector FAISALABAD INP
Pakistan Textile Exporters Association (PTEA) on Thursday expressed concern over the proposed imposition of 2% nonadjustable/non-refundable Sales Tax on each stage of textile sector abolishing the sales tax zero rating regime. In a statement, Chairman Asghar Ali and Vice Chairman Muhammad Asif PETA termed it as the last nail in the coffin of the textile sector. “Such unrealistic decisions would adversely affect textile exports of the country at a time when industrial sector was already in hot waters due to the energy crisis”, they added. “The changes in the tax regime would add fire to fuel, endangering survival of trade and industry in the country where huge amounts of sales tax refunds were already stuck up with FBR”, they said. “In the prevailing economic conditions, rising cost of production was the core issue for textile exporters and this move of the sales tax zero rating regime on exports would have a negative impact on national economy and exports of the country”, they added.
MCB, ENGRO PROPEL KSE 0.51 PCT HIGHER KARACHI stAff rePort
Hectic buying activities in MCB Bank and Engro Corporation helped equities at Pakistan's Karachi Stock Exchange (KSE) to gain almost 100 points on Thursday amid hopes of decline in headline inflation numbers as well as expectations of improved gas supply to the Engro's fertilizer plants. The benchmark KSE 100-Index gained 0.51 percent or 92.76 points to close at 18,173.67 levels on Thursday as against 18,080.91 levels recorded on Wednesday as investors also bought exposure in telecom, oil and cement sectors where Telecard Limited, Fauji Cement, Dera Ghazi Khan Cement, and Byco Petroleum remained in the limelight. The KSE All Share Index increased by 0.6 percent or 76.37 points to end at 12,768.64 levels on Thursday as against 12,692.27 levels reported on Wednesday, the KSE 30-Index swelled by 0.28 percent or 41.02 points to conclude at 14,874.17 levels on Thursday as against Wednesday's closing
levels of 14,833.15, while on the other hand the KMI 30-Index bucked the trend and inched down by 0.08 percent or 25.96 points to finish trading activities at 31,362.24 levels on Thursday when compared with Wednesday's 31,388.2 levels. The Karachi Stock Exchange began trading proceedings on a bullish note on Thursday morning where during the initial trade the main index traveled northwards and soon crossed the psychological 18,200 levels before hitting an all-time intraday highest level of 18,217.83. However, the key index faced strong resistance at above 18,200 levels which brought it down and after moving in a narrow range during the second half it closed the day with clipped gains above 18,100 levels. Market volumes jumped by 48.775 million shares to 318.312 million shares on Thursday as against trading of 269.537 million shares recorded on Wednesday as investors continued the buying spree that has elevated the local bourse to unseen levels. Market capitalization improved by
19.906 billion rupees (203. 123 million U.S. dollars) to 4.514 trillion rupees (46.06 billion U.S. dollars) on Thursday when compared with market capitalization worth 4.494 trillion rupees (45.86 billion U.S. dollars) posted the other day. T h e Karachi Stock
Exchange's trading value augmented by 2.252 billion rupees (22.983 million U.S. dollars) to 9.530 billion rupees (97.245 million U.S. dollars) on Thursday when compared with Wednesday's trading values of 7.277 billion rupees (74.262 million U.S. dollars). As per the figures released by the National Clearing Company of Pakistan Limited (NCCPL), the foreign investors resorted to take an exit from the top Pakistani bourse as they net sold shares worth 51.293 million rupees (0.523 million U.S. dollars) on Wednesday. During the month of February, the offshorers did net buying of 2.272 billion rupees (23.193 million U.S. dollars) till Feb. 27, 2013. In broader market, a total of 369 companies changed hands during the course of trading on Thursday where prices of 192 issues declined in the red zone, 155 finished in green territory, whereas values of 22 other scrips stayed unchanged at previous day' s levels.
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Koreans have been offered to invest in Pakistan’s power sector: — Water and Power Minister Ahmad Mukhtar
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BUSINESS B Friday, 1 March, 2013
Water availability in reservoirs would be satisfactory during cotton sowing ISLAMABAD,
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oNLINe
HE Federal Committee on Cotton was informed on Thursday by the representative of Indus river system authority (IRSA) that availability of water in reservoirs would be satisfactory during the cotton sowing and growing season. Federal Committee on Cotton met in the Ministry of Textile Industry, Islamabad, under the chairmanship of Secretary ministry of Textile Industry Dr. Waqar Masood Khan. During the meeting, all participants deliberated at length on the issues at hand A detailed presentation was given by the Meteorological Department which highlighted that normal and slightly above normal rainfall and temperature range in the cotton belt of Sindh and Punjab province was ex-
pected in the coming cotton season. Officials of the ministry stated that high temperature in northern areas during mid-summer would result in snow melting and appropriate level of irrigation was expected in canals for Kharif crops. Seed Certification and Registration department informed the committee that in the current scenario, certified cotton seed availability would be less than 10% of the total requirement. It was decided that a meeting of all stakeholders would be held in the coming week to deliberate upon improving the situation of availability of certified seed to the farmers. To avoid speculation on the basis of production data released by domestic and international stakeholders, it was decided by the Committee that the cotton production assessment would be carried out by the provinces in the month of October instead of November.
Pak businessmen could benefit from kyrgyz business opportunities: envoy ISLAMABAD: Mr.Kuban Tokturbaez, Charge D’Affairs, Embassy of Kyrgyzstan in Pakistan stated that Pakistani Entrepreneurs could benefit from Kyrgyzstan’s liberal business laws and use Kyrgyzstan as way to access Russian and European markets. During a meeting with Mr.Zafar Bakhtawari, President Islamabad Chamber of Commerce & Industry (ICCI) on Thursday, he said that Pakistan had a favorable environment for investment and Kyrgyzstan was keen to enhance trade relations with Pakistan. He also informed the meeting about Free Economic Zone in Bishkek and said that there are special customs, tax and currency regulations at the territory of the free economic zone to attract foreign investors. Mr.Kuban said that attractive foreign ventures and foreign direct investment was a priority for the Kyrgyz government and Pakistan and Kyrgyzstan were two brotherly Islamic countries hence trade activities between the two states needed to be promoted. INP
Major Gainers comPAny Rafhan Maize Prod. Sanofi-Aventis Pak Bhanero Tex. National Refin Philip Morris Pak.
oPEn 3750.00 340.00 279.00 204.97 175.00
HigH 3929.95 357.00 292.95 215.21 183.75
low 3929.95 335.00 289.00 205.00 175.00
closE cHAngE 3929.95 179.95 357.00 17.00 292.95 13.95 215.21 10.24 183.61 8.61
turnovEr 20 2,200 6,300 388,000 5,900
10500.00 283.10 440.00 188.00 121.90
10301.06 283.10 440.00 182.00 111.01
10450.00 283.10 440.00 182.19 111.01
-350.00 -14.89 -11.85 -7.81 -5.84
340 100 100 2,700 4,500
7.69 6.32 23.99 122.45 9.05
6.81 4.90 22.95 115.90 8.38
7.41 6.32 23.44 121.19 8.76
0.01 1.00 -0.09 4.29 0.31
56,125,000 42,145,500 29,038,000 17,002,900 14,406,500
Major Losers UniLever Pak Fazal Textile Indus Dyeing SD Pak.Int.Cont.SD Blessed Tex.
10800.00 297.99 451.85 190.00 116.85
Volume Leaders Telecard Limited P.I.A.C.(A) P.T.C.L.A Engro Corporation Azgard Nine
7.40 5.32 23.53 116.90 8.45
Interbank Rates USD GBP JPY EURO
PKR 98.1872 PKR 148.8420 PKR 1.0661 PKR 128.7824
Forex
KARACHI: The outgoing Consul General of the Republic of Korea In Ki Lee hosted a dinner in honour of the chairman, president and board members of the Pakistan -Korea Business & Friendship Council at a local restaurant. Pr
US Dollar Australian Dollar Canadian Dollar UK Pound Sterling Euro Japanese Yen Saudi Riyal UAE Dirham China Yuan
buy
sEll
99.1 102.6 98.3 153.53 132.9 1.055 26.45 27.1 13.5
99.35 105.2 98.7 154.65 133.3 1.11 26.65 27.35 14
CORPORATE CORNER competition. And competitiveness is the overarching point of reference for nations looking for a competitive advantage to attract direct investment.Press reLeAse
Flutter to recognise women of substance on International Women’s Day KARACHI: Aamina Sheikh, Zeb & Haniya, Maheen Hassan on the launch of Always ‘KARO YAQEEN’ on Thursday. stAff Photo
Academia should lead the race towards competitive economy: UMT rector
LAHORE: The third International Conference on Business Management (ICoBM) 2013 organized by the University of Management and Technology (UMT), at its purpose-built campus, got off to an impressive start today with scores of presenters and corporate speakers in attendance. The theme of the conference is “Entrepreneurship, Competitiveness, and Academia”. Dr Hasan Sohaib Murad, Rector UMT and Conference Patron, welcomed all delegates, scholars, academicians and corporate speakers to the 3rd ICoBM 2013. Elaborating the theme of the conference, Dr Hasan said that this is the third in a series of conferences that UMT has been organizing under triple helix themes geared towards development. These themes help explore the connection for economic development and enable discourse on developing strategies and solutions for common problems. Starting from business development, we are now looking at arriving at solutions through research. Dr Hasan said that business, society and academia have to join hands to reach out to form solutions that lead to integrated development of society. The theme of the conference, ‘Entrepreneurship, Competitiveness and Academia’, Dr Hasan added, covers everything. Economic productivity and competitiveness go hand in hand. Productivity covers factors that influence
LAHORE: Flutter, a product by telecom giant ZONG especially designed to cater women of Pakistan, will be celebrating its first Women’s Day by inviting the spirited women of Pakistan to share their inspirational stories with the telecom company. Flutter has announced to honour and recognize those women who have tried to bring about a positive change individually, within communities, and in their professions without losing their feminine side. Women wishing to participate in the activity will just have to dial 0311-8881999 from any network to share their stories with Flutter. In recognition of their efforts, women with the most inspirational stories will win an appearance on a famous LIVE Morning show on March 08, 2013. Through this platform they will be able to share their stories with the entire nation, thus inspiring countless other women to follow their footsteps. Not only this, a lucky draw will also be conducted among all participants for gold earrings, whereas all women taking part in the International Women’s Day activity will be able to enjoy Flutter Lounge Services* absolutely free for one week. Press reLeAse
MauSummery by Huma present their PURE Collection 2013
LAHORE: Following the successful launch of their PURE Print Collections in the previous seasons, this spring/summer, coveted designer textile brand MauSummery by Huma announce the launch of their latest ‘PURE Print Collection’ for 2013, set for the first week of March. In keeping with the brands’ over 15 year strong commitment to bringing high quality fabrics within a versatile design aesthetic,
MauSummery by Huma is set to launch the PURE Print Collection 2013 through a series of exhibitions scheduled to take place in Karachi at the Pearl Continental from 02nd to the 04th of March 2013, in Lahore on the 8th of March and in Gujranwala on the 11th March 2013. Exhibition dates for midMarch in Rawalpindi and Islamabad will further be announced later this month. The MauSummery by Huma PURE Print Collection for 2013 has been inspired by a diversity of cultures, with strong influences from the traditional jewels of India, European architecture, Moroccan treasures and Chinese blossoms. With a price range of PKR 1,580 to PKR 3,500, MauSummery by Huma’s PURE Print Collection comes in 13 distinct designs perhaps best described as delicate, detailed and intricate works of art. MauSummery by Huma PURE Prints come in mix of lawn, jacquard and chiffon. Huma Ahmad, CEO & Head Designer of MauSummery by Huma, has said, “We at MauSummery by Huma always believe in an accessible and design led focus for our collections. With PURE Collection 2013, we continue to uphold these values. Aesthetically, this S/S 2013 designer textile collection represents a fusion of cultures from Moroccon to French, Mughal, Persian to Chinese, to name a few. Further, with our PURE prêt a porter line, our customers can literally walk out of our store and/or exhibitions, wearing their favourite ensemble”.Press reLeAse
Namal College aims to continue providing quality education LAHORE: 2012 marked the first year that Namal College, the institution set up by the Imran Khan inspired Namal Education Foundation, matriculated its first undergraduate class of engineers and computer scientists. The first of its kind educational institution set up in the rural district of Mianwali and catering largely to underserved rural communities from all over Pakistan (including the FATA) has offered a ray of hope to at least 9 of its graduating students. These students have attained employment within 6 months of graduating with their internationally recognized degrees from the University of Bradford. Meanwhile, the majority of the other students graduating have gone onto post graduate studies at other prestigious institutions like the University of Manchester, the University of Lahore and Ghulam Ishaq Khan Institute. Mahgul Malik, a student of BSC in Computer Sciences has said that, “despite my family’s initial reluctance and hesitation, I was always sure in my mind that Namal College would provide me with the necessary exposure to fulfill my dreams of success
and progress; I was right!” For many such underprivileged students belonging to marginalized and troubled areas of Pakistan (like Waziristan, Dera Ismail Khan, Talagang etc) Namal College is a vehicle of hope for transforming their hopes for a brighter future into a reality. Press reLeAse
Emirates SkyCargo Named Global Cargo Airline of the Year
LAHORE: SkyCargo, the freight division of Emirates, one of the world’s fastest growing airlines, has been named Global Cargo Airline of the Year, by The STAT Trade Times, organisers of the Air Cargo Africa 2013 event recently held in Johannesburg, South Africa. The STAT Trade Times, which forms part of the STAT Media Group, is an international multimodal transport publication, and has since 2006 presented awards in various categories to encourage excellence in the air cargo industry. Winners are chosen by the worldwide readers of the publication, who nominate their choice in various categories through online participation over a period of a month, and the winners are determined on the basis of the nominations received. Press reLeAse
ISLAMABAD: Khadija Dar, Manager RMS Green School Program, receives 1st prize from Chairman CDA Syed Tahir Shahbaz on behalf of Roots Millennium Schools at the WWF Nature Carnival 2013 at F-9 Park. Pr