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profit.com.pk
Grazie signore! g
Italian ambassador talks up Pak-EU bond ISLAMABAD STAFF REPORT
Strengthening the economic and trade links between Europe and Pakistan is the key for prosperous future relation. This was stated by Italian ambassador to Pakistan Vincenzo Prati while delivering a lecturer on “Issue of growth in the relation between Europe and Pakistan”. He said EU should come forward and help Pakistan for its steady growth “While thinking about the future we cannot ignore the past as we have a rich history of ties between Mediterranean and this Part of the world” he added. The event was organized by Taxila Institute of Asian Civilization, (TIAC) Quaid-i-Azam University and Embassy of Italy with an aim to acknowledge the efforts and contribution of Italian archaeologists in the Promotion of Cultural Heritage of Pakistan. The Department of Archaeology and Museums, Government of Pakistan, and the Italian Archaeological Mission of IsIAO has a successful story of fifty years of cooperation in the field of archaeology. This consists of visits of the experts of archaeology and museum, exchange of publications and reports and scholarship programmes. t was Professor Giuseppe Tucci who was attracted by the valley of Swat back in 1950s as he frequently confronted the mention of Swat in the holy literature of Tibet. QAU Vice Chancellor, Prof. Dr. Masoom Yasinzai said that since 1955 a number of archaeologists, anthropologists and geo-physicists of the Italian Archaeological Mission handsomely contributed to the reconstruction of the history and culture of the area.
Friday, 8 June, 2012
AFGHAN TRANSIT TRADE AGREEMENT
Smuggling in the name of… g
Opposition for check on smuggling in ATTA garb ISLAMABAD
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ONLINE
PPOSITIOn in the Senate, Thursday, pressed the government to check smuggling of goods back inside Pakistan after being imported in the name of Afghan Transit Trade Agreement (ATTA). While, lawmakers from treasury benches sought more incentives for agricultural sector as well as for overseas Pakistani community for making precious contribution of $ 13 billions to the national economy. While taking part in the debate on fiscal budget for the year 2012-13 on the fourth consecutive day in the proceeding of the Upper House of the Parliament, PML-n Senator nisar Muhammad said that items being imported in the name of ATTA were being smuggled back in Pakistan causing loss of millions of rupees to the national economy. He suggested that import of items which was permitted under ATTA should also be allowed to Pakistan to generate more revenue for the national exchequer. He also declared corruption as the worst menace hitting Pakistani economy badly saying that Rs 2726 had been wasted in corruption in last three years and it was 18% of the national economy. nisar also blamed Members of the Parliament from treasury benches for making piles of money through corruption saying that volumes of their assets had increased by many times in last four years. He also questioned the transparent mechanism for recruitment of 1, 30,000 youth as internship which was announced in the federal budget. While making reference towards outstanding electricity bill of Rs 1, 670, 000,0 a minister, he said that the minister had been allowed to pay hefty amount installments of Rs 3300 per month and recovery would be completed in 1944 years. He also alleged the government for selling Dargai Hydle Power Generation Plant to
a blue eyed personality at cheaper rate of Rs 432, 000, 00. He pointed out that prices of edible items had soured up by 320% in last four years and it was all due to flawed fiscal policies of the government. Syed Muzafar Hussain Shah.- PML-F while speaking on budget, said that agricultural sector which was savior of national economy had badly been ignored in the fiscal budget that was why per acre yield of agricultural products in Pakistan was the lowest in Asia and South Asia. He proposed that the State Bank of Pakistan (SBP) should be directed to increase
credit volume for agriculturists as well as prices of farming tools; fertilizers, tube wells, tractors and others should be regulated or subsidized. “Members of the Parliament should also be included in SBP’s Committee on Credit for farmers” he proposed saying that tillers should also be allowed to grow BT Cotton which was banned in the country despite the reason that more than 95% farmers in Sindh and Punjab used to grow that same brand. He asked the Finance Minister to write off interest on agricultural loans as well as suspension of recovery for one year from
farmers of calamity hit areas in Sindh. Almost six districts in Sindh were declared calamity hit areas due to devastations of floods in 2010-11. He further observed that issue of unemployment of youth could be resolved by promoting agro related industry at local level. Shah suggested early resolution of outstanding circular debt issue to resolve the energy crisis because power tariff had gone higher due to increased prices of furnace oil. Government should also focus on solar and wind energy as both the resources were abundant in Sindh especially in coastal areas.
OH SO MANY CARS!
So who’s behind this wheel? g
110,059 cars produced this year; 9.1 percent growth registered ISLAMABAD APP
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AkISTAn has produced 110,059 cars during first three quarters of current fiscal year as compared to 100,870 units during the same period last year, showing 9.1 per cent growth. The automobile industry seems to be less buoyant in comparison with the corresponding period of last year as its four sectors showed mixed trends of growth during the period. Pakistan Automotive Manufacturing Association (PAMA)'s data said on Thursday that buses, cars, Light Commercial Vehicles (LCVs) and two/three wheelers managed to grow by 23 per cent, 9.1 per cent, 5.7 per cent and 3.1 per cent respectively as compared to 24.7 per cent, 16.4 per cent, 20.5 per cent and 12.6 per cent respectively during the same period last year. It said a larger decline was witnessed in tractor production which was recorded at 48 per cent as compared to negative growth of 2.2 per
cent. During the start of the current fiscal year, production of tractors declined substantially by almost 70 per cent after the imposition of the 16 per cent General Sale Tax (GST) in April 2011. However, following government's announcement to cut GST from 16 per cent to 5 per cent, the production figures started to recover. The data said production of LCVs was registered with 14,971 units dur-
ing this year while it was 14,159 last year, 371 jeeps were produced this year and 662 jeeps last year, 439 buses were produced this year and 357 last year, 1893 trucks were produced during first nine
months of this year and 2031 units during same period last year, tractors 26,840 this year and 51,664 last year while 620741 two or three wheelers were manufactures this and 602,268 last year. The total installed capacity of all man-
ufacturers include cars 240,000 units, LCVs 43,900 units, Jeeps 5,000 units, buses 5,000 units, trucks 28,500 units, tractors 65,000 units, two or three wheelers 18,00,000 units. It said the two other components of automotive industry such as jeeps and trucks also showed dismal performance by registering negative growth of 44 per cent and 6.8 per cent respectively. When contacted an official source said potential demand for vehicles in economy is helping to grow the industry but it is highly dependent on long term policy commitments. He said term of current Auto-industry Development Programme would expire on June 30, 2012 but government's commitment with the industry would reflect in a new programme which may bring new hope and opportunities for growth. It may be added that the forthcoming opening up of trade with India would bring new opportunities as well as challenges for the auto-industry and thus transformation is inevitable.
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news
KSE wakes up late and smells the coffee g
Says finance bill missed out ‘important’ budget proposals KARACHI STAFF REPORT
The Directors of the karachi Stock Exchange (kSE) have decided to approach the federal ministry of finance to incorporate some of its “important” budget proposals in the new Finance Bill like the compulsory distribution of dividend by the profit making listed companies. The decision was taken in an emergent Board meeting held Wednesday to discuss the implications of the Finance Bill, 2013 on the bourse. They appreciated the efforts put in by the Ministry of Finance and praised the Federal Budget announced by the Minister for Finance on June 01. They also were highly appreciative of the acceptance of some of the proposals submitted by the Exchange. The kSE directors noted that various components of the new federal budget would have healthy impact on the capital market. However, the directors were of the view that some of the important proposals presented by the Exchange which as to date are not part of the Finance Bill needed to be reconsidered by the federal government in the best interest of investors and stakeholders of the capital market and in particular with respect to the recently promulgated Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2009. The directors decided to approach the Ministry of Finance for its reconsideration and acceptance of the proposals submitted by the kSE which are given below. 1. Compulsory distribution of dividend by the profit making listed companies in order to improve both market liquidity and enable small investors to share in listed companies earnings. This will have additional revenue generation for the government also. 2. Reduced rate of tax for listed companies so that the vast swathe of undocumented businesses come under documentation and become part of a better governance structure. 3. Capital Gains on Corporatization and Demutualization which was accepted in the past but due to an oversight an anomaly continues to exist and needs to be rectified in respect of exemption of (i) Capital Gains on Corporatization and Demutualization, (ii) difference amount on to issuance of shares due to Corporatization and Demutualization and (iii) gain on subsequent sale of shares to the strategic investors and to the public. 4. Appropriate method for calculation of Capital Gains for non-Residents so that Pakistan can benefit from non-Resident Pakistanis investments much like India and China have benefitted from their respective diasporas. 5. Reduction in powers for amending assessment in order to avoid economic uncertainty and to establish and enhance investor confidence.
Our govt sure does know what women want g g
Plan to make women mobile with mopeds and scooters Govt pushing manufacturers to introduce 2 wheelers for women ISLAMABAD
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AMER SIAL
EALISInG at last that the young women face a lot of hardships in performing their daily chores due to the absence of a reliable public transport service in the major urban areas, the government is pushing motorcycle manufactures to introduce mopeds and scooters for females. An official source said the government’s push has yielded some positive results as a Chinese assembler has doled out 50 scooters to reintroduce their use among women. While a major Japanese assembler is planning to launch an advertisement campaign to attract women to think about having their own scooter for going to college, university or to the grocery store. Use of two wheelers among urban Pakistani women was a norm after independence but within a few years it significantly declined. nobody is sure about the reasons but the culture of eve teasing and lax attitude of police are attributed as the major reasons for the demise of enjoyable ride for the women. The source said that were initially focused to recreate its acceptability among the women and society and once it was accomplished the law enforcement agencies will be asked to play their desired role. Initial studies carried out by a few assemblers show a sizeable demand for two wheelers among females, he said adding that the planned advertisement campaign will lead an important role in its to acceptability by the society. However, he noted that the police will have to play a vital part by keep-
ing a strict vigil on the eve teasers. Having mopeds or scooters will take off as a craze in the urban women, as the low powered two wheelers provides economical and relatively safe transport with minimal licensing requirements, he said adding that in most of the countries, the legal driving age for a moped is lower than for regular motorcycles and cars. In almost all the mega cities of the country, the standard public transport service remains dismal. The commuters face a lot of hardships while
travelling within the city in highly rickety buses and vans. Women are the worst suffers as they have a few allotted seats. For a majority of urban middle class, two wheelers mainly motorcycles are their conveyance. Scooters have nearly vanished from the Pakistani market
mainly due to the low petrol consuming 70cc motorcycles. The demand for two wheelers has steadily risen in Pakistan. The industry has achieved economies of scales with around 100 assemblers and over 500 vendors for two and three wheelers (rickshaws). Currently the local two and three wheelers range of products includes 70cc, 100cc, 125cc and 150cc. According to the estimates of the Ministry of Industry, the expected production of two and three wheelers will reach 1.7 million this fiscal year which is expected to rise to 3 million by fiscal year 2016-17. Motorcycle industry in Pakistan has remained heavily protected since 1964, resulting in stagnation of technology. To encourage technological up-gradation and competitiveness of the industry, the government is considering reducing tariff rates on completely knocked down (CkD) as well as for locally and non-locally made parts. Lower rate on CkD and simultaneously higher rate for completely built units (CBU) import is not only in line with the trend followed by successful regional economies, but would also attract new investments, technology transfer and providing even playing field to existing assemblers and vendors in view of MFn status to India. A higher rate for CBU import would encourage local assembly over imports, thereby attracting investments and simultaneously safeguarding foreign exchange reserves The government is also considering reducing the duty on higher range of bikes of 200 to 250 cc plus, quad bikes, all terrain vehicles (ATVs), electric motorcycles, mopeds and sports bikes which are not being manufactured in the country.
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Foreign CNG companies having second thoughts on their investments KARACHI STAFF REPORT
Some foreign companies operating in the CnG sector are considering wrapping up their businesses in Pakistan due to inconsistent policies of the government. This was said by Malik khuda Bukhsh, President of CnG stations owners association. 'Banning CnG conversions and promoting LPG as an alternative to CnG are the reasons why they are considering this ultimate option,' he added. He further said that inconsistent government policies are major concerns that have created fear among the foreign investors not to carry on with their investments anymore. 'They are to relocate their businesses elsewhere in the region, and since in the last few years no foreign investment came in the country and two major investors in the power sector namely Xenel International and International Power have withdrawn their investments in Hub Power Company causing an outflow of $130 million from the country, another blow from CnG sector is in sight,' said Malik. While pointing out that companies including Landi Renzo, BRC, Tesla and some others had made an investment of millions of dollars in the CnG sector in Pakistan, he said that they have been directly hit by the abrupt government decision of imposing ban on import of CnG kits and that too without any consultation with them. He informed that the government had been promoting CnG as an alternative fuel during the last decade and now when the investment of billions of rupees in the sector is booming, the government has suddenly changed its policy.
IFC inks investment deal with PBIT to build $185mn terminal at Port Qasim KARACHI STAFF REPORT
The International Finance Corporation (IFC) and the Pakistan International Bulk Terminal Limited (PIBT) Thursday signed an investment agreement to construct the country’s first fully-automated multipurpose non-food dry bulk cargo terminal at Port Qasim at a huge cost of $ 185 million. As per agreement, of the total investment the IFC would contribute $ 19 million in the form of equity share and $ 26.5 million in debt. The deal was inked here at the Pakistan International Container Terminal (PICT) by Chairman and Managing Di-
rector of Marine Group of Companies Capt. Haleem A. Siddiqui and Aasim A. Siddiqui and Dimitris Tsitsiragos, IFC Vice President for Europe, Middle East and north Africa in the presence of dignitaries from the shipping and corporate sector. According to Dimitris, to the IFC Pakistan was a priority country where the Corporation’s average annual investment ranged from $ 500 to $ 600 million. “Pakistan is an important country for IFC where we last year ramped up our investment to $ 1.2 billion,” the IFC official said. He said having a huge potential for growth Pakistan however was lacking the participation of private sector especially
in infrastructure development. He said the Corporation was financing various energy and agriculture-related projects in Pakistan where about 10 percent of its annual $ 500 million investment would be utilized for agriculture sector development. “This one is IFC’s largest equity operation in a port project world over,” to generate economic activity in the region as well as Pakistan, said Dimitris. Chairman Marine Group of Companies Capt. Haleem A. Siddiqui thanked and told the gathering that the IFC’s was the first ever private sector investment agreement in Pakistan saying his was the only group investing in infrastructure de-
LCCI hauls coals over power predicament g
Let’s wrap up and get the hell out of here!
‘Coal gasification a solution to power crisis’ LAHORE STAFF REPORT
Coal gasification offers one of the most versatile and clean ways to convert coal into electricity, hydrogen and other valuable energy products,” said experts while speaking at Workshop jointly organised by the Lahore Chamber of Commerce and Industry (LCCI) and Small and Medium Enterprises Development Authority (SMEDA) on coal gasification and its benefits to the industry on Thursday.
LCCI Senior Vice President kashif Younis Meher was the chief guest while SMEDA General Manager Alamghir Chaudhry, Engineer S A khalid, Engineer Zahid Malik, Engineer khalid Umer and Mohammad Shakeel were prominent among the speakers. In his opening remarks, the LCCI Senior Vice President kashif Younis Meher said that there is no second opinion about it that the technology is the key to success and only those countries would be able to make their presence felt at International level who would adopt modern tech-
nologies. He said that as the coal gasification is the future therefore Pakistani research institutes should focus on giving awareness to Pakistani entrepreneurs about this technology in vogue in the developed world. The LCCI senior Vice President said that it was very unfortunate that Pakistani research institutes have failed to play their role properly this is one of reasons of economic meltdown being faced by the country. The LCCI Senior Vice President said that Pakistan is currently experiencing its worst ever energy crisis.
velopment of the country. Siddiqui said after completion in 2015 the terminal would handle all cargoes which would provide fuel to the local industries. Earlier, thanking the IFC and Jahangir Siddiqui Group for providing “seed capital” for the PBIT and PICT, MD Marine Group of Companies Aasim A. Siddiqui said the proposed facility would be constructed on Built-Operate-Transfer basis having an annual 12 million cargo handling capacity. Others who spoke included the chairmen of karachi Port Trust Aslam Hayat and Port Qasim Authority Vice Admiral (Retd) Muhammad Shafi and director JS Group Ali Siddiqui.
The impact of these crises is getting so critical that our industry is getting on the verge of complete closure. The irony of the fact is that three decades ago, electricity was generated from hydel and non hydel resources with a proportion of 70:30. ”now the situation has totally reversed. It means that the country is relying too much on gas, oil and other sources to generate electricity. It has resulted in costlier electricity which has wiped out competitive edge in international market and also pushed us to that stage where our future has become skeptical.” keeping in view the shortage of natural gas and high prices of oil, we are bound to explore alternative ways of producing energy. Though some experts suggest going for solar and wind energy but the installation cost of such projects are way too high, which makes it unviable in our case.
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Figures still have FBR’s number g
We’re moving towards single digit sales tax: FBR chairman KARACHI ONLINE
Chairman Federal Board of Revenue Mumtaz Haider Rizvi has said that FBR has taken cognizance of disparity in rates of sales tax and is moving towards introducing single digit sales tax. The Chairman FBR was addressing Post Budget Seminar organized by Southern Regional Committee (SRC) of Institute of Chartered Accountants of Pakistan (ICAP) at DHA Golf & Country Club, karachi. Mumtaz Rizvi said that FBR is eying towards a mammoth revenue target fixed by the Government and is hopeful to achieve target of Rs. 1952 Billion fixed for the current fiscal year. However, he emphasized that with 7th nFC Award, major subjects have been transferred to the Provinces which are also getting significant funds as compared to the past. He stressed the need that Local Governments, Union Councils, etc. should assist the Federal Government in reaching out to the untaxed sectors of the economy like wholesalers, middlemen and retailers. The top tax manager of the country also appreciated ICAP’s efforts for organizing the seminar and discussing the tax measures proposed in Finance Bill 2012 and underscored the importance of holding identical brain storming sessions on economy and taxation. In his keynote address, Asad Umar, Former President, Engro Corporation Limited identified difficult access to capital, energy crisis & institutional decay as the major threats to the economy which Pakistan faces today. However, he was optimistic that strong consumer base, wealth of natural resources coupled with Pakistan’s geo-strategic location are our strengths which should be capitalized by the Government so that trickledown effect of the economic progress may be enjoyed by the masses.
Major Gainers
HONEY: SBP POLICY ANNOUNCEMENT
Bears keep KSE firmly in their claws g
In what was a pessimistic day on many fronts, KSE took a 28-point tumble KARACHI
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STAFF REPORT
HE day saw the benchmark 100share index decreasing by 28.43 points to 13,717.30 points against 13,745.73 points of Wednesday Ahsan Mehanti, Director at Arif Habib Investments Limited., said that stocks closed lower amid thin trades in the post budget profit-taking at kSE as investor remained cautious ahead of SBP policy announcement due tomorrow. Total numbers of Shares of 351 companies were traded on Wednesday, and at the end of the day total 78 stocks closed higher, total 200 declined while 73 remained unchanged. The overall value of shares traded during the day was Rs 2.759 billion. The trading volumes at the ready-counter were recorded higher at 110.652 million shares against 77.899 million shares of the previous session. The trading value decreased to Rs 2.759 billion compared to Rs 3.397 billion of the previous session. The intraday high and low, respectively, stood at 13,837.59 and 13, 646.50 points. Market capitalisation declined to 3.507 trillion from 3.517 trillion. Limited foreign interest amid uncertain global stocks and commodities, concerns
over fall in rupee dollar parity amid macroeconomic instability and uncertainty over Pak-US relations on nATO supply issue played the catalyst’s role in bearish sentiments, viewed Mehanti. kSE All share-index ended the day at 9,657.59 points, down 28.28 points or 0.29 percent, kSE 30-index stopped the day at 11,871.14 points, down 14.33 points or 0.12 percent while the kMI 30-index slumped by 48.15 points or 0.20 percent to end the day at 23, 749.23. He added that the uncertainty in global stocks and commodities on Europe debt crises kept foreign interest on lower side. Jahangir Siddiqui Company was volume leader of the day, with 15.697 million shares, followed by DGk Cement, Azgard nine, Bankislami Pakistan, Engro Corporation and Fauji Cement with turnover of Rs 7.487 million, Rs 5.254 million, Rs 4.747 million, Rs 4.506 million and Rs 3.773 million shares respectively. UniLever Food and Rafhan Maize XD that went up Rs 111.68 and Rs 100.50 respectively, led the highest price gainers while, nestle Pakistan XD and Indus Motor Company, that plummeted by Rs 20.32 and Rs 7.90 respectively, led the losers.
Company
Open
High
Low
Close
Change
Turnover
Unilever Food Rafhan MaizeXD Wyeth Pak Limited Colgate Palmolive Clover Pakistan
2760.82 2730.00 801.01 935.17 88.67
2875.00 2866.50 820.00 949.01 93.10
2681.00 2650.00 810.00 949.00 90.00
2872.50 2830.50 816.55 949.01 93.10
111.68 100.50 15.54 13.84 4.43
12 200 51 181 2,570
Major Losers Nestle Pakistan Ltd. Indus Motor Company Tri-Pack Films Sanofi-Aventis Pak Service Industries
4067.75 277.67 213.95 197.41 172.01
4100.00 279.49 213.99 197.00 174.00
4040.00 266.00 205.15 192.13 167.00
4047.43 269.77 207.53 192.13 167.04
-20.32 -7.90 -6.42 -5.28 -4.97
24 17,144 9,980 1,167 2,214
Volume Leaders Jah.Sidd. Co. D.G.K.Cement Azgard Nine Bankislami Pakistan Engro Corporation
13.90 41.08 6.32 9.77 111.34
13.63 41.85 6.40 10.49 113.50
12.90 40.51 5.35 9.41 108.95
13.03 41.10 5.62 10.24 110.26
-0.87 0.02 -0.70 0.47 -1.08
15,697,707 7,487,874 5,254,698 4,747,342 4,506,543
Interbank Rates US Dollar Uk Pound Japanese Yen Euro
94.1393 145.8217 1.1847 118.3519
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
94.40 117.74 145.82 1.1726 91.22 11.98 25.57 25.06 92.75
95.00 119.13 147.51 1.1861 92.78 12.18 25.84 25.31 95.28
CORPORATE CORNER EVO brings fabulous new mega downloads packages ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) has introduced fabulous new “Mega Volume Downloads” prepaid packages for its premier brand EVO, bringing an elevated connectivity experience to its customers. EVO Wireless Broadband truly has something for everyone, from daily usage Daypass package starting as low as Rs.100/day and going up to Rs.2000 with EVO Max’s Unlimited downloads for a month. EVO’s new GO 5GB & Lite 10GB packages offer customers the biggest volume boost ever, giving five times the volume at the most economic prices and the lowest ever additional usage charges of just 10Paisa/Mb. Whether casual Internet surfing, live streaming or an HD movie download, EVO prepaid packages are designed to suit customers’ lifestyle and diverse recharge options to give them absolute freedom of connectivity. EVO 3G customers can avail the new packages by calling 1236 or visiting the nearest PTCL OSS center. “PTCL continues it legacy of providing most innovative and affordable telecommunication packages to its customers,” said PTCL Senior Executive Vice President Commercial, naveed Saeed. “The new EVO Mega Volume Downloads packages will enhance our customer segmentation and reinforce PTCL’s image as the only integrated telecommunication customer-centric service provider.” “PTCL’s top priority is to facilitate our customers to the maximum,” said Executive Vice President Wireless Business, Omar khalid. “The launch of our new EVO packages will go a long way in ensuring PTCL’s competitive edge in the Broadband market.”
USAID launches nationwide painting competition ISLAMABAD: Homes and schools are among the largest consumers of electricity in Pakistan, and if children are engaged and involved in nationwide energy conservation, it would result in the reduction of load shedding and uninterrupted electricity to consumers. Energy consumption in everyday life results in environmental degradation and load shedding since energy is produced from fuel, which is culled from coal, oil and natural gas. These non-renewable sources of energy millions of years in the making will eventually dry up if not conserved. Pakistan has been passing through a grave electricity load-shedding from last many years which has resulted not only in frustration among the general public but has also impacted on economy with decrease in employment and investment opportunities. USAID has initiated a nationwide painting competition for school-going children to help begin
a dialog on how energy can be conserved. Aimed at participants between the ages of 8 and 17 years, the competition embraces a variety of themes and styles from watercolors to oil paints and color pencils. Both English and Urdu medium schools are targeted so that maximum number of students may be engaged and involved in energy conservation. Additional information, including the competition’s themes, is available at the Program’s website: www.pdip.pk/painting. The USAID Power Distribution Program is a three year, USAID funded program aimed at working jointly with government owned DISCOs to enhance performance through reducing losses, increase revenues and improve customer services to bring them to the level of utilities in other progressive countries. Through this program, the United States Government provides assistance and support to the Government of Pakistan in its efforts to reform the power sector to end the country’s current energy crisis.
TCP receives 47 bids for purchase of sugar from local mills LAHORE: Trading Corporation of Pakistan (TCP) in response to its tender regarding purchase of 200,000 MT sugar, opened today (07-06-2012), received, in all, 47 bids from local sugar mills and awarded the purchase contract to the lowest responsive bidder, M/s. Sheikhoo Sugar Mills, for a quantity of 10,000 metric ton (MT) at a price of Rs. 50,510/- PMT. 2- The rates quoted by the responsive bidders, for varying quantities, ranged from Rs.50,510/- PMT to Rs.55,000/- PMT. M/s. Sheikhoo Sugar Mills quoted the lowest responsive price of Rs.50,510/-PMT for a quantity of 10,000 MT. Being the lowest and conforming to all tender terms & conditions, the offer was accepted and the mill was awarded the contract, accordingly. However, to complete the purchase of total targeted quantity of sugar, rest of the bidders, who quoted higher rates in the tender have been asked for matching the lowest bid price by tomorrow (08-062012). 3. The tender was floated on 21-05-2012, in pursuance of the directive of ECC of the Cabinet. As per tender terms & conditions, bidders were required to quote bids for a minimum quantity of 5,000 MT and maximum of 10,000 MT, in each case, to ensure widest participation.
and a necessary step to give boost to trade activities in the country.
Do more in Dubai with Emirates Airline KARACHI: Emirates, one of the world’s fastestgrowing international airlines, along with Dubai Tourism & Commerce Marketing (DTCM) is offering families the chance to ‘Do More in Dubai’ this summer with great offers for families. Available until 30th September, the promotion coincides with Dubai Summer Surprises, when Dubai stores have summer sales. Do More in Dubai covers all a traveller’s needs: flights, transfers, accommodation, shopping, activities and tours – making Dubai a unique destination without breaking the bank. Up to two children under age 12, traveling with an accompanying adult in economy class, are eligible to receive complimentary accommodation (minimum three night stay), meals in participating hotels. Families will have a choice of over 70 hotels and apartments in Dubai, ranging from two- to five-star, with city or beach locations, to meet every family’s need. Furthermore, to take advantage of even more fun in Dubai, at participating hotels, offers can be extended beyond three days and will include free breakfast, lunch and dinner buffets for children, plus room taxes and service charges. not leaving the parents out of the fun, Emirates will increase its baggage allowance by 10kg per adult for up to two adults traveling with children; making space for shopping purchases and family souvenirs of Dubai. Commenting on the Do More in Dubai packages, Badr Abbas, Vice President, Pakistan & Afghanistan said: “At Emirates we realize the importance of family vacations to spend quality time with family and create fond memories for both the children and the parents. This campaign is our way to make family time even more exciting for our Pakistani passengers and we hope these special features along with excess baggage allowance makes planning the trip easy and accessible. Emirates remains committed to its cus-
tomers and hopes to provide more opportunities to facilitate easier and better travel experience.” Emirates partner Dubai Mall will further enhance the exclusive Do More in Dubai packages by including free children’s access to the Dubai Aquarium & Underwater Zoo, Sega Republic and Dubai Ice Rink at the mall, the world’s largest. Additionally, the offer includes entrance deals to some major attractions in Dubai such as the Wild Wadi Water Park; Aquaventure & Lost Chambers at Atlantis, iFLYDubai; Soccer Circus & Cite' des Enfants at Playnation – Mirdif City Centre; and the Dubai Dolphinarium at Creek Golf Club. Do More in Dubai covers Meet & Assist service at the Dubai airport, airport transfers, and a free Dubai City Tour & Dhow Cruise with dinner for up to two children with accompanying paying adults. For visitors to Dubai travelling without children, the Dubai Mall discount voucher book provides one-of-a-kind experiences for those still young at heart such as golfing at the Els Club in Dubailand and Arabian Ranches Golf Club, dinner along the Creek on a Bateau Dubai Dinner Cruise. Do More in Dubai allows travellers of any age to create unique experiences across Dubai – from beach to malls, from the desert to the pinnacle of the world’s tallest building, Emirates customers will be limited only by their imaginations. “Dubai has developed into a destination for all seasons and Emirates has chosen its partners, DTCM, Dubai Mall and the many participating hotels, to showcase the best the city has to offer,” said Richard Vaughan, Emirates Divisional Senior Vice President Commercial Operations Worldwide. “Emirates knows that finding a holiday destination to meet the needs of a diverse group, be it families with children or a group of friends, is challenging and has thus created this offer to make travel a little easier. Emirates is known for its superior service in the air and with Do More in Dubai brings our spirit of hospitality and adventure to our passengers on while on the ground. Emirates invites families with children, as well as those still young at heart, to come and experience everything our hometown has to offer this summer.”
Trade, industry leaders demand cut in mark up LAHORE: Trade and Industry leaders have urged the State Bank of Pakistan to immediately announce cut in interest rate which is a prerequisite to enhance productivity in the industrial sector
KARACHI: A delegation from Bank of China (BOC) visited National Bank of Pakistan (NBP) to discuss various areas of mutual opportunities domestically and internationally. Seen in the picture are the Senior Management of NBP including President, Mr. Qamar Hussain, Executive Vice President of Bank of China, Mr. Yue Yi and other delegates of Bank of China.