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profit.com.pk
Thursday, 02 February, 2012
Pakistan finally secures preferential trade deal with EU g
75 Pakistani products to enjoy duty free access to European markets for the next 2 years g Textile exports expected to increase significantly as a result of this landmark trade deal LAHORE
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ALI HAIDER RIZVI
hE Council for Trade in Goods of the World Trade Organisation at its meeting in Geneva on Wednesday unanimously approved a Pakistan-specific EU trade package (Autonomous Trade Preferences) which would allow tariff-free export of 75 Pakistani products to European Union markets over the next two years. The long awaited trade deal between Pakistan and the European Union has faced delays over objections raised by India and Bangladesh among other countries. A foreign office statement said the package will enter into force after it is formally approved by the WTO General Council in March this year. In recognition of Pakistan’s sacrifices against extremism and Al-Qaeda, taking into account the economic losses suffered due to terrorism and devastating floods in 2010 the EU leadership decided to give Pakistan specific tariff concessions in the form of autonomous trade preferences under which 75 Pakistani products would benefit from duty free access to the European Markets. These Trade Concessions however required a WTO waiver. The EU applied for the WTO waiver in January 2011. The waiver request enjoyed the support of 150 of the 152 members of WTO. India out rightly opposed it and Bangladesh expressed certain reservations demanding compensation. “This is wonderful news for Pakistan and will augur well for the country. The approval of the Pak-EU trade deal demonstrates the growing Pak-EU relations and is evidence of EU support for the economy. This trade facility will have a long term positive impact on trade between Pakistan and the EU,” Pakistan’s ambassador to Belgium, Luxembourg and the European Union, Jalil Abbas Jillani said while exclusively talking to Profit. This trade deal would help boost exports by $300 million. The foreign office and the government had been working towards creasing out differences to secure the EU preferential trade deal. In an earlier exclusive report by Pakistan Today, sources pointed out that “the issue of the removal of Indian objection from the EU unilateral trade concession was first taken up by Prime Minister Yousaf Raza Gilani at Mohali, in his meeting with the Indian
Prime Minister Manmohan Singh during the ICC World Cup Semi Final.” In the last meeting of the WTO committee for trade in goods, Bangladesh had objected to the deal however upon investigation in an exclusive report filed earlier, sources pointed out that it was a ‘miscommunication’ and the trade package would certainly go through in February. Official sources in the Ministry of Commerce while talking to Profit have revealed that on the 14th of this month, the matter would be discussed at the General Council of the WTO that will approve the package. After that, the matter will be discussed involving a trialogue of the EU Commission, the EU council and the EU parliament to discuss the implementation process. Jillani explained that the European Union member states following an internal debate gave their collective approval for this trade package last year. It was only after the approval that a European commission was authorised to apply to the WTO for a waiver. In the WTO, all 27 EU member states speak with one voice represented by a single EU ambassador he said. In reply to whether these concessions were being sought in a permanent capacity or if there was a timeline for these concessions, Ambassador Jillani said that these concessions would only be temporary and are intended for a 2-3 year period as a bridging mechanism till 2014. This is due to the fact that in 2014 a new GSP scheme would come into effect where Pakistan would be well placed to benefit from duty free treatment under GSP Plus for a much larger number of products. While talking about how the recession in Europe would affect Pakistan’s exports to Europe after the duty free access for 75 products, Ambassador Jilani said there is little likelihood of such an impact. This is because the maximum impact of European austerity would naturally be on the consumption and import of luxury and higher end products. Since the imports from Pakistan do not fall in this category therefore Pakistan’s exports to the EU are not expected to be adversely affected. “Pakistan is thankful to all WTO member countries for their support. The government of Pakistan particularly appreciates the European Union and its member states for their commitment to help Pakistan revive and stabilise its economy through trade,” the foreign office said in a statement.
Pakistan’s ambassador to Belgium, Luxembourg and the European Union Jalil Abbas Jilani with President of the European Council
Bearing fruits of diplomatic efforts TDAP, ATMA laud deal ISLAMABAD AMER SIAL
In a major break through, Pakistan managed to get a unanimous approval from the World Trade Organization on a unilateral European Union (EU) trade package which will allow tariff-free export of 75 Pakistani products to 27 member block’s markets over the next two years. An official statement issued by Commerce Minister said the package will enter into force after it is formally approved by the WTO General Council in March this year. The products include certain textile products, leather goods and ethanol. Pakistan has thanked all WTO member countries for their support. The government particularly appreciates the EU and its member states for their commitment to help Pakistan revive and stabilise its economy through trade. A meeting of the Council for Trade in Goods of WTO on Wednesday in Geneva unanimously approved a
Pakistan-specific EU trade package. The EU trade concessions are aimed at helping Pakistan to deal with economic losses caused by the unprecedented floods in Pakistan in 2010. The package will help increase Pakistan exports to EU countries and generate thousands of jobs in the country. Pakistan has made immense diplomatic efforts for EU concessions and passage of WTO waiver. President and Prime Minister during the Pakistan-EU summits held in 2010 and 2011 in Brussels underlined the need for the country’s enhanced market access to EU as part of government’s strategy of “trade not aid”. Prime Minister wrote to his counterpart in Bangladesh seeking their support for WTO waiver. Commerce Minister wrote to his counterparts in several countries making a case for Pakistan by elaborating how the proposed concessions will not adversely impact their vital interests in the EU.
KARACHI GHULAM ABBAS
Terming the deal a major breakthrough for the country’s exports, Tariq Puri, Chief Executive of Trade Development Authority of Pakistan (TDAP) said government’s strategy for seeking trade not aid succeeded on Wednesday. “This is the first achievement and important achievement of the government to diversify and expand trade through getting market access to European Union”, he said. After the achievement, TDAP would support exporters of the 75 items through creating market awareness. The authority, he claimed, would highlight the importance of EU market and facilitate exporters. The objecting countries, mainly India and Bangladesh, were also convinced by the government during the last two years, since the draft proposal was forwarded to WTO in 2010. According to sources, the
antagonistic countries had also dropped their objections after EU had amended the scheme to use tariff rate quotas (TRQs) on 20 products, sources said. Availing the facility, sources said, the country would not only be able expand its exports but also save the exports of textile items from further drop. The duty waiver would affect Pakistan’s export products, including textiles, leather and others. Welcoming the move, Mohsin Aziz, Chairman All Pakistan Textile Mills Association (APTMA) said the 64 textile items would benefit. The market access and duty relaxation would definitely help expand exports this year, which were feared to drop drastically owing to the massive energy crisis. APTMA, he said, had written multiple letters and reminders to the concerned authorities to speed up efforts for convincing the objecting countries for the package approval at WTO.
NA panel demands immediate withdrawal of new prices ISLAMABAD
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AMER SIAL
OvERnMEnT received a strong rebuke from the national Assembly Standing Committee on Petroleum on Wednesday which unanimously passed a resolution condemning the massive hike in petroleum products and demanded its immediate withdrawal as it could create law and order situation in the country. The committee also took the management of state owned Oil and Gas Development Company Limited (OGDCL) to task on corrupt practices and ordered its top mandarins to leave the meeting as they attempted to conceal facts by invoking confidentiality on audit paras. Chairman Sardar Talib hassan nakai chaired the meeting which expressed serious apprehension on the blatant increase in
POL prices and observed that the government’s apathetic action has made the lives of people miserable. The committee feared that if the government did not immediately withdraw the hike, it will jeopardise the economy and create law and order situation in the country. Addressing a press conference after the meeting, nakai said they will also raise the issue on the floor of the house. he said the government has not bothered to take committee into confidence on the increase in POL prices as it tried to create a misimpression that the committee was on board. he said they never recommended any increase in POL prices as the people were already under stress due to inflation. nakai regretted that he had twice written letters to the Prime Minister seeking time to inform him about the sorry state of affairs in the state owned oil and gas sector but the premier had even not
bothered to reply to the chairman of the committee of the national Assembly. Earlier chairing the meeting, nakai asked the OGDCL management why they have claimed that the internal inquiry reports sought on seven audit paras for three fiscal years of 2003-04, 2004-05, and 2007-08 were confidential and could not be provided to the members. Acting MD OGDCL Basharat Mirza replied that they did not prepare sets of the confidential reports but if the members insist would be provided during the meeting. however, Barjees Tahir of PML-n said there was no issue of confidentiality as these were audit irregularities. he said OGDCL management should either provide the documents or there was no use of holding the meeting if they were not ready to answer. Seconding him Shahnaz Sheikh of PML-Q said that the committee should protest on this kind of non serious attitude
of the officials. Details were sought on unnecessary purchase of chemical worth Rs 55.1 million and loss of Rs 5.6 million on account of its sale below cost price, loss of Rs 10.1 million due to negligence of Enar Petrotech Services in execution of the Kunnar LPG project, irregular hiring of a consultant in violation of board’s decision on Rs 280,000, appointment of 22 officers without observing codal formalities which caused loss of Rs 65.1 million, loss due to procurement of defective man portable drill 30 meter worth Rs 49.6 million, irregular appointment of executive director human resource Rs 16.8 million, irregular appointment of part-time consultant and payment of remuneration of Rs 4.8 million. Castigating the non professional approach of mandarins, Donya Aziz of PML-Q said the committee has power of court and demanded action against the
acting MD OGDCL for having made a irresponsible statement. nakai said the non serious attitude of top officials was totally unacceptable and action had to be taken against them to establish supremacy of parliament. Barjees Tahir demanded that who so ever had drafted the note that due to confidentiality details could not be shared, action should be taken against him. he demanded that the acting MD OGDCL should be asked to leave the meeting as he was willfully attempting to conceal facts from the committee. Intervening Additional Secretary Ministry of Petroleum naeem Malik said that there was no issue of confidentiality in the inquiry reports and assured the committee that the ministry will hold an inquiry to ascertain who was responsible for hiding facts. The committee directed him to hold inquiry and action within three days against the responsible.
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Thursday, 02 February, 2012
news Commercial Counselor bullish about Pak-US ties LAHORE STAFF REPORT
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ISLAMABAD
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AMER SIAL
ETROLEUM Minister Dr Asim hussain on Wednesday told the US envoy Cameron Munter that Pakistan needs urgent steps to meet its rising energy requirements and for this purpose all options would be availed. An official source said that the US Ambassador had called upon the minister to get a latest update on the oil and gas sector developments in Pakistan to brief its state department. Pakistan has been under increasing US pressure to disassociate itself from the proposed gas pipeline from
Traders, industrialists protest POL, CNG price hike KARACHI STAFF REPORT
Trade and industry has rejected the increase in prices of POL and new tax imposed on CnG by the government opening another floodgate of price spiral. The Patron In-Chief Korangi Association of Trade and Industry (KATI), S M Muneer, Chairman Ehteshamuddin, vice Chairmen, hasham A Razzak ,Tariq Malik and former Chairman, Mian Zahid hussain while strongly protesting over the government decision to arbitrarily raise petroleum prices and imposition of surcharge on CnG up to 10 per cent. They said that present government has already broken the backbone of the industry and the general public by increasing POL and gas prices besides raising electricity tariff frequently instead of lowering its lavish spending on non-developmental expenditures. The industry representatives further said that Prime Minister has recently made it clear that government has nothing to do with the price fluctuation of POL and it was OGRA which makes decisions as per price fluctuation internationally but the OGRA has clarified that its role was only to recommend in price change and the government decides to increase petroleum or gas prices. They said that government is making a mockery of the people of Pakistan and cruelly imposing taxes and levies on them which are unbearable. They demanded of the government to immediately reverse its decision to increase POL prices and surcharge on CnG and try to find out avenues of revenue generation.
Iran, which both the countries have agreed to complete by December 2014. however, the Petroleum Minister has been consistently denying that there was no US pressure on the IP gas pipeline. Pakistan has maintained the stance that the US sanctions on Iran and the IP gas pipeline projects were two separate issues. As the US pressure is on the rise against importing gas from Iran, Pakistan has sought help in exploiting of the shale gas reserves through the investment of US companies. nearly all major international oil and gas exploration companies were operating in the country except US giants. The source said the US envoy was
given a detail presentation of the oil and gas sector, including the measures to address the shortages and new petroleum exploration and production policy. Comments of US were also invited on the new policy as their input help attract US companies investment. Pakistan is seeking US investment especially in the shale gas exploration. An official statement said the minister informed the US envoy that the government was working on various solutions to provide relief to consumers. he said the ministry was always open to tangible options both for long term and short term projects. he said that the government was brining new petroleum exploration
and production policy, in which attractive investment options have been incorporated. he expressed the hope that US oil and gas companies would invest under the new policy. he said the misconceptions need to be clarified and communication between the two governments should be a regular feature. US Ambassador said United States wants to help Pakistan in resolving energy crisis. Secretary Petroleum Muhammad Ejaz Chaudhry apprised the ambassador about on-going projects. he appreciated the help extended by US in the energy sector and emphasized that transfer of technology between the two countries is imperative.
SECP introduces anti-money laundering, counter-financing of terrorism regime ISLAMABAD
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STAFF REPORT
ECURITIES and Exchange Commission of Pakistan (SECP) has introduced a regulatory framework for implementation of antimoney laundering (AML) and counter-financing terrorism (CFT) regime in the capital market of the country. It places ample focus on effective customer due diligence, know your customer policies and seeks to remove deficiencies in the current system for ensuring adherence to the best international practices in the brokerage business. SECP has already introduced similar legal framework for the mutual fund industry and insurance sector. Over the recent years, there has been an increasing focus by the international
community towards formulation of a financial system that efficiently counters risks of money laundering and terrorist financing. The Financial Action Task Force (FATF) being an inter-governmental body is entrusted with the responsibility of developing and promoting policies to combat money laundering and terrorist financing. The 40+9 recommendations of the task force form the basis for effective AML/CFT framework across jurisdictions and are used as a yardstick to evaluate compliance of countries with the AML regime. The recent amendments approved by SECP to the General Regulations of the Karachi Stock Exchange make it mandatory for brokers to comply with the AML/CFT guidelines issued by the regulator. The guidelines are based on the FATF recommendations and cater for significant areas
such as customer identification, customer profiling, ongoing due diligence, risk assessment, enhanced due diligence for high risk customers, requirements relating to politically exposed persons and staff training/screening etc. The guidelines require brokers to ensure identification of actual beneficial owner of an account, conduct risk assessment, monitor transactions executed and detect any unusual activity that does not correspond to the profile and expected trading pattern of the customer. The introduction of this framework will not only assist in improving Pakistan’s outlook through increased compliance with the AML and CFT standards set internationally but will also complement the objective of creating a general culture of documentation in our economy operations to promote transparency and disclosure.
S Commercial Counselor Brian McCleary said Wednesday that he was very bullish about future of Pak-US bilateral relations. Addressing the Executive Committee Members of American Business Forum (ABF), he expressed strong hope for a healthy bilateral relation of Pakistan and US. “The future of Pakistan and US bilateral relations lies in commerce and trade and I am here to promote it,” he asserted. Earlier, Acting President ABF Ibrahim Qureshi welcomed the US envoy and briefed him about the ABF, its objectives and future plans. Mrs Ayesha hamid, honourary Secretary ABF besides other ABF EC members including Younis Kamran, Afsar Mahmood and Sohail Yousaf were also present on the occasion. The US envoy said Pakistan has developed viable commercial centres including Karachi, Lahore and Islamabad with huge labour force and traditionally sound entrepreneurs. According to him, both terrorism and security issues are yet hampering the economic growth here but Pakistan would be a potential destination for energy, technology, health, education, travel and tourism with more structural economic reforms and best entrepreneur practices ahead. he said Pakistan is the sixth largest population of world with growing number of consumers, workforce and entrepreneurs. he assured of full facilitation through his office in trade expansion, exchange of trade delegations and business opportunities. he said a technology conference is also due in the month of May.
Inflation back to double digits KARACHI
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STAFF REPORT
hE month of January saw Consumer Price Index (CPI) inflation standing at 10.1 per cent compared to the single-digit 9.75 per cent of the preceding month, December 2011. On Month-onMonth basis, after subdued numbers for the pervious two months, the inflation once again jumped above one per cent to stand at 1.5 per cent. During the 7th month of current fiscal year (7MFY12), average inflation clocked at 10.8 per cent against 14.3 per cent in the corresponding period last year. “Awaiting the complete break-up of the numbers, our initial assessment suggests that the uptick in the number is on account of increase in the food and energy items (higher oil prices and gas prices) related head,” said nauman Khan of Topline Research. With base effect fading away, the inflation was estimated to remain in the double digits for the rest of the year especially after, first, the government’s decision to pass on the impact of higher oil prices to final consumer and its indirect effect on other heads, second, hike of the gas tariff (CnG) and, third, the effects of rupee’s depreciation on commodity prices, the analyst said. “Despite high monthly inflation numbers, we estimate average FY12 inflation would fall below the government and central bank initial assessment of a 12 per cent,” he addeed.
Chairman APTMA welcomes ECC decision LAHORE
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STAFF REPORT
LL Pakistan Textile Mills Association (APTMA) Chairman Mohsin Aziz has welcomed the Economic Coordination Committee (ECC) decision of supporting the free market mechanism and let market forces define the prices of cotton in the country. It may be noted that the Pakistan Cotton Ginners Association (PCGA) had urged the Prime Minister to ask the Trading Corporation of Pakistan (TCP) to intervene the free market mechanism and buy one million bales of cotton lint at Rs6500/bale to bail out farmers. however, APTMA had opposed any such intervention, unbalancing the cotton price mechanism. The ECC was informed that only a
small stock of cotton, that is less than 10 per cent, is lying with the growers and any intervention at this stage would neither be prudent for cotton market not would benefit the growers. Accordingly, the ECC declined to the PCGA request in its latest meeting. Mohsin appreciated the ECC for a prudent decision of discouraging a few opportunists, misguiding the government under the garb of cotton growers. he said the APTMA has never been against the benefit of cotton growers but it does not imply that anyone would be allowed to exploit the government by misstating the facts. he said APTMA took a principled stand, based on facts that no one would be allowed to keep textile industry hostage under the garb of cotton growers. he said only a few hoarders tried to brinkmanship and failed at the end of the day. he said these hoarders had built up cotton stocks during floods
on the presumption that Pakistan would be short of cotton. however, Pakistan remained safe from cotton shortage by the grace of Allah and same quarters started pressurizing the government under the garb of cotton growers. he has appreciated the Textile Minister Makhdoom Shahab-ud-Din for lending a patient hearing and weighing the arguments of APTMA in favour of free market mechanism and deciding the matter on merit. Chairman APTMA has also appreciated the ECC for understanding the APTMA viewpoint on free market mechanism and discouraging the unscrupulous elements. he has further expressed the hope that similar prudency would dominate government circles regarding energy supply to textile industry on priority for more exports, foreign exchange and jobs in the country.
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PSQCA tests sugar of uncertified mills Millers get products approved by PSQCA without authority’s certificates g TCP receives over 10 lab test reports from the authority for sugar procurement
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KARACHI
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GHULAM ABBAS
OWERFUL sugar millers in the country who successfully convinced the government to allow export of sugar recently have also got their products approved by Pakistan Standards and Quality Control Authority (PSQCA), without going through license and certification process. PSQCA, the only government institution to approve the standard and quality of at least 78 compulsory items, has bowed down before Pakistan Sugar Mills Association (PSMA) which has not recognised the certifi-
ICCI slams 6pc hike in POL prices ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) strongly criticised the massive raise in petroleum products, saying that it would hit trade and industry besides increasing inflation. Rejecting the unjust increase in the petroleum prices, President ICCI Yassar Sakhi Butt, urged the government to withdraw as it would affect all segments of society. he said it was the second major hike in POL prices in just one month. he said that the current increase would have devastating impact on the industrial sector as cost of raw materials and transportation of goods would increase manifold. he expressed concern on sluggish production activities in the industrial sector due to power load shedding. he stressed that the government must device a proper mechanism to meet the energy demand. STAFF REPORT
cates, posting a question mark over the importance and worth of the authority. Though the samples of refined white sugar has not been referred to PSQCA by PSMA itself, the products of over a dozen mills forwarded by Trading Corporation of Pakistan (TCP) for lab test have been approved by the authority recently despite of the fact that certification and licensing matter was in court as PSMA had obtained a court’s stay. Issues related to PSQCA marking fee, procedure for implementation of standards and specifications of sugar were currently being contested in the court by both parties PSQCA and PSMA. however, official sources at PSQCA claimed that the certification was a different process while the authority was to test the quality and standard of any product forwarded to it. Interestingly, PSQCA in a letter sent to TCP dated novem-
ber 11,2011 has requested the corporation to ensure the that the refined and white sugar is purchased from the valid licencee of the authority and purchased quantity of product must be in compliance to Standard Mark PS:1822:2007 in addition t other quality parameters of PSQCA. According to sources PSQCA earlier was reluctant to test and approve the products of the local sugar mills as a single mill out of 84 producing sugar in the country had not the PSQCA licence. The authority as per government rules was inspecting the quality of imported sugars. however, under the immense pressure of powerful sugar millers some of them enjoying are enjoying important positions in both government and opposition parties, PSQCA was not only making lab test of the locally produced refined and white sugar but also inspecting the polypropylene
bags with an inner polythene lining mandatory for sugar packing under the government rules. According to a recently released statement of TCP, all mills were visited /inspected by its surveyors out of which lab test reports of 10 mills were received from PSQCA. The authority, which has left simply a rubber-stamp organisation was even unable to implement the SRO (1)/2008 which says under the powers conferred by section 14 of PSQCA Act 1996(vI of 1996) the federal government in consultation with the authority is pleased to prohibit, with effect from the January 1, 2009 the manufacture, keeping in stock and the sale of the article specified in column (2) of the schedule below which do not conform to the Pakistan Standard. Under the SRO, almost 20 kitchen items including refined sugar and white sugar were enlisted.
Consolidation continues as index gains 55 points KARACHI STAFF REPORT
OnSOLIDATIOn continued at local bourse with constricted volumes as fertiliser sector drew greater investor participation. Accumulation is likely to persist in near term until the breakout level of 12,200 levels to pave the way for the bulls. Earnings season is almost half way through as it was time for bellwether stocks from Attock group to declare interim results. Despite attractive results and payout, the rally was cut short owing to profit taking. Accumulation in DGKC landed the stock amongst the top ten volume leading stocks whilst the three most traded stocks
C
represented more than 1/3rd of the total turnover. A toned down CPI numbers at 10.1 per cent Y/Y for Jan’12 may persuade the monetary authorities for a last rate cut of FY12 in upcoming MPS, a likely
propellant for breakout, said Salman vidhani, Senior Analyst at hMFS. The KSE 100 index closed at 11930.55 levels with the gain of 55.66 points, while KSE 30 index bagged 48.79 points to close at
11221.73 levels. All Share index closed at 8265.16 levels after gaining 39.19 points. Total 131 scrips advanced 100 declined and 80 remain unchanged out of total 311 scrips traded.
CORPORATE CORNER DuPont and ICI sign commercial deal on Corian high-tech surface
KArAchI: DuPont, a leading innovation and market-driven science company has announced signing of a distribution agreement with ICI Pakistan Limited. Under the agreement, ICI Pakistan will market and distribute in Pakistan DuPont™ Corian® solid surface, world-class quality material for interior design and architectural applications. The collaboration will draw synergies from both the companies to build on the local needs with trusted ICI distribution network and innovative solutions from DuPont. PRESS RELEASE
Bahria University holds Spring 2012 Orientation Session Today, Bahria University Islamabad campus is holding its orientation session for its fresh batch of Spring 2012 .The session will be conducted for two days i.e for 2nd and 3rd Feb 2012. During these two days the students will be familiarised with the environment of the university and briefed on the rules and regulations. The students will be acquainted with the workings of the university; its examination process, academic policies, cocurricular activities and the general rules which the students are expected to abide by. The Director Campus along with his heads of Departments will address the students. After the briefing session, they will be taken on a tour of the campus including the library, academic
blocks, gymnasium, cafeterias and other prominent places. PRESS RELEASE
Dubai Islamic Bank opens its first Learning & Development Center
KArAchI: Dubai Islamic Bank Pakistan opened its first Learning & Development Center dedicated to Islamic Banking today at Karachi city. The center was formally inaugurated by the CEO Mr. Junaid Ahmed along with the senior management of the Bank. Mr. Junaid Ahmed stated that with the establishment of this Learning & Development Center and the ongoing initiative to expand our branch network throughout Pakistan, there remains no doubt of Dubai Islamic Bank’s clear intentions and long term commitment to stay in Pakistan. he told the invited press that the Bank’s management and its shareholders had no intentions of divesting any portion of its equity to the local investors. he shunned all such rumors on this subject and said the main shareholder Dubai Islamic Bank UAE is committed towards Pakistan and supports the Banks rapid expansion program for the next five years and beyond. he also said that Pakistan has plenty of room for the growth of the Islamic Banking Industry as there is a major gap between the conventional and Islamic Banking market share. PRESS RELEASE
Cathay Pacific upgrading to a new reservations system KArAchI: Cathay Pacific Airways will change over to a new passenger reservations system the
weekend of 11 and 12 February. The new technology will replace an in-house system introduced in the 1980s. This will ensure Cathay Pacific can continue to meet passengers’ needs in the future. During the transition, it will be necessary for the airline to temporarily suspend certain customer facing technology. This includes Cathay Pacific’s Web site, www.cathaypacific.com, and its mobile sites. The airline’s flight schedule over the weekend, however, will be unaffected by the changeover. Cathay Pacific Chief Operating Officer Ivan Chu said: “Our current system has served us well. however, just as we upgrade the products and services our customers can see and touch, we must also update our technology behind the scenes so that we can support the continued growth of our airline and the expanding expectations of our customers.” The new Altéa reservation and inventory system is provided by Amadeus, the same reservations system used by the majority of oneworld alliance carriers. Cathay Pacific is a founding member of oneworld. PRESS RELEASE
United States working to reduce energy shortages in Pakistan
LAhore: United States is strengthening Pakistan’s energy sector and helping to end the energy crisis. In this effort, Deputy Director USAID Punjab, Gail Spence, launched a human resource management workshop at the Lahore University of ManagementSciences(LUMS) today. The USAID Power Distribution Program (PDIP) organized the trainingfor the nine power sector distribution companies (DISCOs) and the Department of Business Management Studies, LUMS designed the three-day program. The three-year long USAID Power Distribution
Program’s mission is to reduce energy losses, increase revenue, improve customer service, and transform distribution companies to efficient utilities. “Effective organizations around the world make human resource management a priority, use a structured strategic planning process to identify their business priorities, and use innovative hR management techniques to implement key policies and intelligent solutions,” Ms. Gail Spence remarked. PRESS RELEASE
Safeguard and Design for Change exhibit 35 winning stories of change KArAchI: Safeguard and Design for Change (DFC) Pakistan today exhibited 35 winning stories, at the Arts Council of Pakistan in Karachi. These stories were submitted by Pakistani children who acted as change agents and future leaders of the country. The global DFC School Challenge 2011 which was initiated in September is the world’s largest movement for change initiated by children. In Pakistan, DFC partnered with Safeguard to take this program throughout the nation with over 35,000 children being reached in over 7000 schools. Speaking at the occasion, Adeel Ahmed, Brand Manager, Safeguard Pakistan said, "We at Safeguard are thrilled to partner with Design for Change. The main aim of this collaboration is to enhance the creativity of children and bring out their best potential to contribute in nation building. PRESS RELEASE
Honda Atlas Cars (Pakistan) Limited commences its production honda Atlas Cars (Pakistan) Limited is all set to restart production at its plant in Manga Mandi, Lahore, by the end of Feb 2012. The production at honda factory in Pakistan was halted in the aftermath of catastrophic floods that hit Thailand a few months back. honda Atlas Cars (Pakistan) Limited will commence production of honda Civic by the end of this month and the production of honda City will follow shortly. PRESS RELEASE