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profit.com.pk
Tuesday, 10 April, 2012
CommEnT
KA-CHInG
‘national Integrated Budget’, euphemism for wishful thinking Bankers for federal, provincial govts working in tandem g KCCI gets worked up over energy debate, wants a security plan g Facilitate exporters or buy yourself a begging bowl: Dr Ishrat g
KARACHI
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ISMAIL DILAWAR
S the country is fast nearing to have a new federal budget reportedly next month in May, the former central bankers propose the federal and provincial governments to formulate a “national Integrated Budget” for Fiscal Year 2012-13. Further, the traders and industrialists Monday expressed strong reservations over the Energy Conference being held in Lahore saying they were not taken onboard by the organizers. Terming increasing the country’s existing 9 percent Taxto-GDP ratio as a must for a lasting solution to the government current socioeconomic problems, Dr Ishrat Hussain, former Governor State Bank of Pakistan, said a “budgetary framework” may be agreed upon at the pre-budget Council of Common Interest meeting due next month. Also, the seminar was addressed by Mian Abrar Ahmed,
President Karachi Chamber of Commerce and Industry (KCCI) who presented salient features of the budget proposals the KCCI had forwarded to the concerned. The KCCI chief also urged the need for an “energy security plan” for at least next 20 years that, Ahmed said, the country was lacking for last 64 years. Dr Ishrat, sitting director Institute of Business Administration, stated this at “Pre-Budget Seminar 2012” organized here at KPC by the Karachi Press Club and Karachi Union of Journalist Monday. The economist said if the centre and provinces did not prepare a national budget the country’s fiscal deficit would keep widening. “The money rests with the provinces while the expenditure side is to be taken care of by the federal government… the (fiscal) gap will keep increasing,” he warned. Urging the provinces to transfer additional funds of Rs 200 billion devolved to them by the center under the nFC Award to
the local governments on district and UC level, the economist said two parallel economies, private and public, were creating socio-economic imbalances running in the country’s urban and rural areas. The accomplished banker stressed the government to tax the country’s untaxed rural and urban segments, including agriculturists, beneficiaries of remittances, middlemen, clinics, beauty salons, tutors, doctors etc. “This creates the basic imbalance and no economic disease will ever rid us unless we tax the untaxed,” the former SBP government told the seminar. The urban-based salaried and business class, he said, was the worst hit by this imbalance. While the income was transferring to rural from the urban areas the tax contribution by the former was zero in the troubled economy. Dr Ishrat also urged the need for savings by the masses the 13-14 percent rate of which he said was much lower in Pakistan than 60 and 25 percent in China
BUDGET BASH
KCCI exercises its little grey cells over FY 2012-2013 budget KARACHI
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STAFF REPORT
ARACHI Chamber of Commerce and Industry (KCCI) the largest chamber in the country representing over 50,000 businesses and industries has recommended the national Budget for the year 2012-2013. The proposal which, what the chamber claims, are aimed at reversing the economic downslide and stimulate growth through a package of relief and incentives for the private sector. In a country where the rate of population growth is around 2.0 percent and each year 3.6 Million more babies are added to the population, the Growth rate of GDP should at least be 4.5 percent just to break even or achieve Zero Growth. Looking at budget deficits in the last few years, it is improbable that the targets could be achieved with prevailing economic and fiscal policies. Innovative approach is badly needed. Can the government of Pakistan create 3 to 4 Million new jobs every year? Can we absorb the number of graduates we produce each year into the economy and provide them jobs? The answer is nO. According to the proposal the only hope for salvaging this country from total economic collapse is the Private Sector. It is imperative to inject a new spirit of dynamism in the entrepreneurs to expand existing businesses as
well as to undertake new ventures. For that the cost of borrowing from banks has to come down significantly. KCCI BUDGET PROPOSALS 2012-13: To meet these challenges, KCCI’s budget recommendations this year are aimed at reversing the negative trends in various sectors of the economy. In the last few years, Government’s focus has remained on rural economy. As a result Urban economy which encompasses large scale industries, SME’s, Trading Houses, wholesalers, retailers and a vast service sector have badly suffered. now is the time to shift focus to urban economy and take necessary measures to provide stimulus to Industry and Trade. It is necessary to restore confidence of the private sector by taking these decisive steps: 1. Curtail domestic borrowing from private sector banks as well as State Bank. Government borrowing has crowded out the private sector for credit, resulting in very high interest rates and restricted availability of credit to private sector. 2. In any country where the economy is facing a recession, the interest rates are brought down to stimulate growth, whereas in Pakistan it is the opposite. In the last two years interest rates in Europe and the United States have been brought down close to Zero to save the economies from collapse. 3. Rates of GST and InCOME TAX be brought down to a maximum of 9 percent and 25 percent respectively to provide relief to trade and in-
and India, respectively. Illustrating economic growth in Malaysia and Indonesia, the banker said Pakistan would have to address the problems of exporters and further incentivize them that would enable them to bring in more foreign exchange. “We would carry the begging bowl unless we facilitate our exporters,” he maintained adding the Islamabad, like Bangladesh, should go for valueaddition and engineering goods demand for which was growing. Earlier, Mian Abrar Ahmed, President KCCI, said he had shared with those concerned his side’s strong reservations over the energy conference in Lahore as the KCCI was not consulted by anyone. Dwelling on budget proposals, the industrialist said the country was witnessing the “flight of industries” to Dubai and African countries due to lingering problems ranging from a poor law and order to energy crises in the country. The speakers were presented mementos by the office bearers of KUJ and KPC.
dustry. 4. Customs duty and taxes on capital goods such as machinery and basic raw materials be brought to Zero rate. 5. High rates of Customs Duty, Sales Tax and WithHolding Tax on import of Raw Materials, Intermediate and finished goods must be brought down to curb smuggling and illegal imports under the guise of Afghan Transit Trade. 6. ATT is a bleeding wound for Pakistan’s economy. The flow of goods through ATT has to be more regulated and controlled. A separate proposal regarding the ATT has been included in the recommendations. 7. Prices of fuel, electricity and gas should be kept in check and reduced wherever possible so as to reduce cost of production. 8. GST System of Revenue generation suffers from major flaws which results in hardships to the tax payers. Online computerized system of filing tax returns will take time to evolve and streamline. 9. Sales Tax Act’1990 and Income Tax Ordinance 2005 should be comprehensively amended to repeal the draconian laws governing the tax policy and curtail the unbridled discretionary powers to the officers of Inland Revenue. 10. To achieve revenue targets and offset the deficit, loopholes and avenues for evasion must be closed. Exemptions to be withdrawn DTRE scheme be replaced with Export Promotion Scheme which has been explained in the proposals. 11. Today the biggest drains on resources are PIA, Railway and Steel Mills. Government should take the difficult and unpopular decisions to off-load these three institutions to the private sector or foreign investors in order to save Billions of rupees lost through these unviable and loss-making ventures. 12. Restore Law and Order in the largest city of Pakistan which contributes 65 percent of tax revenue. Karachi has become a battleground for all kinds of political and ethnic forces from all over Pakistan.
Global growth and Pakistani linkages A dark cloud continues to hang over the global economy. The hope that sustained emerging market growth would complete the process of bottoming out of the prolonged downturned fizzled out with visible signs of stress in Asia’s largest economies. Then when American q-o-q growth and employment numbers ignited fresh risk appetite in capital markets, beginning to swing the market’s pendulum back from fear to greed, fresh evidence emerged that renewed signs of life were unstable at best, and a sustainable recovery is still quite far. Add to that high oil prices over nonsensical geopolitical tension in the gulf, and continued sovereign debt trauma across Europe, and chances of the global economy falling into double-dip recession are not exactly remote. Pakistan’s position is perhaps uniquely distressing, especially in the south-east Asian setting. Its low productivity and unimpressive export base implies limited penetration in the international trade market, hence there is little to gain from smooth credit market flows such as the one that preceded the severe recession of ’08. Yet it is just as exposed to international liquidity freeze as the most insulated economies, both directly and indirectly, as market ability to fund our exports, and desire to indulge our borrowing excesses, diminish. The pressure is compounded by homegrown problems, like corruption and insecurity, ruling out foreign participation even in our better performing sectors. It bodes ill for the country that even stellar stock market performance cannot attract foreign investment. Interestingly, one thing the government has not been behind the curve in is reorientation of trade markets as economic and political linkages are redefined in the post-recession environment. And that’s the first bit of good news to come from the commerce ministry since the previous government’s ambitious trade outreach in the face of growing international isolation. By leveraging our unique geopolitical location, we can gain a lot from enhanced intra-regional trade. But we will still have to expand exports. And we’ll still have to check unnecessary leakages.
How about reducing corporate tax, asks SECP ISLAMABAD AMER SIAL
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n its budget proposals, the Securities and Exchange Commission of Pakistan (SECP) has suggested to the government to opt for the taxation model where taxes on corporate entities were low as compared to the Association of Persons (AOPs) to give a push to corporatization in the country. The budget proposals of the corporate sector regulator forwarded to the Ministry of Finance and Federal Bureau of Revenue suggests that Pakistan should follow the taxation model adopted in many countries where the taxes on corporate entities were low and the same on Association of Persons (AOPs) were high. It notes that the high taxes on the corporate sector were discouraging the documentation of the economy as the small and medium sized investors prefer to operate undocumented businesses and opt for cash based economy. A vast majority of businesses in documented economies are companies whereas it is the other way around in Pakistan, SECP said, by being in non corporate business is always easy to operate without any oversight or regulation and pay low taxes too. The corporate taxes are high up to 35 percent in Pakistan compared to 25 percent for non corporate sector. SECP proposal has highlighted that due to high rate on the company structure and a large number of businesses prefer to stay undocumented and cash based. SECP has highlighted that in the Asia Pacific region the average rate of corporate taxation is 22.7 percent, while the rates increasing globalization of economic activity and inte-
grated world markets has increased tax competition among various countries due to capital flow towards low taxation places. Highlighting its importance the SECP has said that the corporate sector contributes almost 70 percent federal direct tax revenue collection, and the tax collections from the corporate sector have increased at a fast pace during the past few years. This is despite the gradual and steady reduction of corporate tax rates, mainly in banking and private sector companies, overall collections have improved substantially and the corporate share in gross income taxes has jumped from 60 percent in 2004-05 to 70 percent in 200910. SECP has also said that the existing tax regime for small companies discourage corporate progression from small company to normal company. There is a basic anomaly in the system and the growth of small company is restricted due to high taxation in the normal taxation regime. It highlighted that the present taxation regime has incentives on corporatisation and the tax rate for small companies is 25 per cent. The definition of a small company means that its paid-up capital plus undistributed reserves do not exceed Rs25 million, number of employees not exceeding 250 during the year and the annual turnover not exceeding Rs250 million and it should not be formed by splitting up or reconstitution of business already in existence. However, the taxation regime in the country does not allow smooth graduation for the small company to normal company. If a company increases, its employees above 250, then in principle entire net income of the company is immediately taxed 35 percent, the proposal said.
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Tuesday, 10 April, 2012
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TAXInG TALES
SUPER Cm
Why would sectarian violence LCCI butters up Punjab Cm change your tax target? ahead of energy conference LAHORe
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STAFF REPORT
AHORE Chamber of Commerce & Industry Monday appreciated the Chief Minister Punjab Mian Mohammad Shahbaz Sharif for advocating Punjab energy case very properly and very wisely. In a statement issued here, the LCCI President Irfan Qaiser Sheikh said that the Chief Minister Punjab has taken a wise decision by hosting second energy conference in the province where the Prime Minister and all the Chief Ministers gave their point of view on as to how the energy shortage could be bridged. Irfan Qaiser Sheikh hoped that the energy conference would help enable the government to find out a lasting solution to the prevailing energy crisis across Pakistan in near
FBR to collect Rs 686b in last quarter g Tax collection not revised despite violence in national industrial hub g Figures reveal last quarter posts improved tax recovery g
ISLAMABAD
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AMER SIAL
HE Federal Board of Revenue (FBR) is faced with a daunting task of collecting Rs 686 billion during the last quarter of the current fiscal year as it has managed collection of Rs 1266 billion till March 31, 2012. According to the provisional tax collection figures, FBR has managed collection of 24.1 percent more revenue during the July-March period as compared to collection of Rs 1020 billion during the corresponding period last fiscal year. Overall the tax collection during March has registered an increase of 8.2 percent as provisional tax collection during the month was Rs 155.9 billion as compared to Rs 144.1 billion collected in the same month last fiscal year. An official source said that the tax collection of Rs 686 billion was a huge challenge for the tax machinery but he added
that during the last quarter the tax recovery usually improves as compared to first three quarters. He said that if the law and order situation in the country remained stable during the last quarter FBR was likely to achieve the target. Despite losses from rains in August in Sindh, persistent energy shortages and continuous sectarian killings in the country’s main industrial hub of Karachi, the government has not revised the tax collection target for the current fiscal year. FBR has been saying that it would achieve the tax collection target as numerous new measures adopted to enhance tax collection during the last fiscal year would bear fruit. Even though the government had given strict orders to FBR to enhance tax filing but it was advised that the tax payers should not be harassed and make them fall in line by strict adherence to rules and procedures. Keeping a constant watch on the field formations performance also
helped to get higher tax recovery than the last fiscal. According to the provisional data, during the July-March period the domestic taxes collection is up 25.1 percent with Rs 1118 billion collection as compared to Rs 893.3 billion same period last fiscal. The collection of direct taxes in first nine months was up 24.1 percent to Rs 473.6 billion as compared to Rs 381.6 billion during the corresponding period last fiscal. During the first three quarters of current fiscal year the collection of sales tax was up 33.3 percent to Rs 563.3 billion as compared to Rs 422.6 billion same period last fiscal. The collection of federal excise duty declined by 9 percent to Rs 81. 04 billion in first nine months of the current fiscal as compared to Rs 89.08 billion same period last fiscal. Custom collection increased by 16.8 percent to Rs 148.02 billion during first nine months as compared to collection of Rs 126.7 billion same period last fiscal.
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HESE are exciting times in Pakistan. Change is in the air and the excitement is evident especially in the youth who want to do away with the old and usher in a new order of semblance for the Pakistani nation. With Sharmeen Obaid Chinoy making the country proud with an Oscar for her documentary ‘Saving Face’, she echoed the same message in her acceptance speech. Change in Pakistan is inevitable. It is what the country needs in order to move forward and we owe this to the generations that are to inherit this land. The digital world and the Internet have paved the way for bringing this change. People now have access to content that they will like to see for themselves, share it with their friends or create content that they would like to broadcast. The rapid
take-up of smartphones is accelerating this. now people have mobile phones with the capability to record HD pictures & video’s and share them with the world with the click of a few buttons. Computers and laptops are being replaced with tablets and the world is moving to being wireless - freedom from all that holds you in one place. These rapidly shifting trends have transformed consumers and businesses alike in the last few years. Businesses especially have realized that customers are now extremely demanding and they need to be present on all mediums where their customers are. Declining trends of printed newspapers has shown that this trend will come to Pakistan as well. Businesses now need automated systems in order to ensure that all requests are immediately catered to. But being customer-centric really means that all brand touch-points, especially the people that represent the
the world that in any country the difference in cost of doing business is almost double in the second largest industrial city as compared to the first one. He elaborated the point saying that in Karachi which is the largest industrial city, the cost of doing business is almost half when it is compared with Lahore, that is the second largest industrial City, what to talk of competing with the regional countries like India, Sri Lanka and the rest of the world. The LCCI president hoped that the findings of the energy conference would be implemented at the earliest in letter and spirit so that the economic activity could get much-needed boost. Irfan Qaiser Sheikh also lauded the Prime Minister Yousaf Raza Gillani and the Chief Ministers of the other provinces for making the energy conference meaningful.
oICCI’s fascinating stats collection 79pc of foreign investors critical of government’s inability to implement policies g oICCI’s proposes documentation of business, economic activities in next budget g FBR baffled by investors’ low investment projection of $ 3b for next 4-5 years g overseas chamber backs idea of CnIC production by unregistered trade partners g
KARACHI STAFF REPORT
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majority, 79 percent, of the foreign investors operating in Pakistan is critical of the present democratically-elected government for its failure to implement its policies. This was observed by President OICCI Humayun Bashir while briefing Chairman Federal Board of Revenue Mumtaz Haider Rizvi, Member Inland Revenue Shahid Hussain Asad and other FBR officials on the OICCI’s budget proposals for 2012-2013. Bashir informed the meeting that foreign investors working in Pakistan perceived the government’s policies favorably, but 79 percent were critical of the policy implementation. This is an improvement over the 2009 survey, when over 86 percent of respondent were dissatisfied with policy implementation in the country. FBR Chairman
The year of discovery NAeeM ZAMINDAR
future as the delay to the energy and gas crisis was hitting the entire trade and industry. The LCCI President said that there should be a rationale formula for the distribution of the energy in the country. “If there is any shortage in the country, it should be distributed equally amongst the provinces.” He said that there has been a competition within the country as Karachi being the largest industrial city has no electricity and gas load shedding whereas in Lahore that is a second largest industrial city, there is an electricity load shedding of 12 hours a day for the industry while it has been deprived of 80 days gas in the last 95 days. Therefore, an equitable electricity distribution formula needs to be devised accordingly. Irfan Qaiser Sheikh said that this is perhaps the only example in
brand are in harmony with the core philosophy of the organization. The need of the hour is to carry this momentum forward and bring the majority of the country to rediscover the progressive Pakistan it once was, connect back to our roots and lead the way towards a brighter, more connected Pakistan. I am proud to state that as an organization we believe in creating shared value for everyone and enabling Pakistan’s digital needs. Being leaders of technology solutions in Pakistan, our aim has been to accelerate the proliferation of technology as these fulfill the fundamental needs for information, communication, entertainment and education for businesses and consumers. For some, this has already happened and they perceive the Internet as basic a utility as water, gas or electricity. This is the very spirit that Wateen is
Mumtaz Haider Rizvi wondered the relatively low level of proposed investment of $ 3 billion in the next four to five years by the OICCI members. The OICCI president agreed that considering the country’s potential it should be five times more, but socio-political environment and governance issues were posing a big challenge. Explaining the key elements of the tax proposals, the OICCI chief said the OICCI members realized their moral duty towards the country and fully paying their taxes amounting to over Rs 300 billion by just 100 of the 189 members in 2011. “OICCI’s budget proposals are balanced and aim at broadening the tax base, providing incentive to the honest tax payers and above all enhancing the documentation of the economy. The proposals also recommend certain structural and procedural changes to improve the overall taxation framework in the country,” he said.
trying to capture in it’s latest campaigns for the youth - Freedom Rallies and Wateen Scouts. Freedom Rallies were initiated in semi-urban towns where Internet penetration is extremely low. Specially designed WiMAX enabled booths were taken to the main areas of these towns and people were asked to share and record their messages for bringing a change in Pakistan. It is inspiring to see the response that we received. People who had never used a computer before stopped to record their messages and yearned for change. managed to get over 2 terabytes of content from these locations in 2 weeks, unfortunately most of it got destroyed in the fire which engulfed Wateen’s Head Office. With our Scout campaign directed towards the social media, especially the students of Karachi, Lahore and Islamabad. Bringing this message of change to the students is nadeem Chauhan, a renowned motivational speaker and trainer who engages the students in discussions on the ills of our society and what role they can specifically play in improving this scenario.
The OICCI strongly supported the idea of CnIC production by unregistered buyers, manufacturers, importers and exporters as per the SRO 191(1)/2012. OICCI highlighted major concerns of its members especially in the area of smooth implementation of law and sought the FBR chairman’s support in resolving pending issues on tax refunds, the high rate of WHT on imports, doing away with minimum tax and fixed tax regimes, specially on oil and large chemical companies, sought clarity on tax credits on new investments and recommended uniform tax rate for all businesses and recommended setting up of a strong Research and Analysis wing within FBR for benchmarking various aspects of taxation structure in Pakistan. FBR chairman Mumtaz Haider Rizvi assured the OICCI members that the Board would closely look into all the Chamber’s proposals and decide on appropriate action.
This is a complete shift in the way organizations market themselves in the past and a sign of how strategies will evolve from being functional to about making a tangible difference in society. In the coming years, the power of the Internet and social media will bring in new opportunities for the people of the country. Some have already started new businesses working from home using these mediums and this just the tip of the iceberg. With a population of over 175 million, Pakistan currently has 1.6 million broadband users which is bound to increase. This will also affect businesses, as a new generation of Pakistani’s who are more savvy and connected to the modern world take their place in the modern economy. To quote Rev. Jesse Jackson on how one can make a difference “If my mind can conceive it and my heart can believe it, then surely I can achieve it”. It is this can-do attitude which will lead us into an era of openness and enlightenment. This change in mindset is what is required to lead the country out of it’s current despondency. The Internet will help in leading this change.
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Tuesday, 10 April, 2012
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news
Bulls, bears don’t quite manage to settle dispute g
KSE index sheds 11points on institutional profit-taking in blue-chip scrips
Major Gainers Company
Open
High
Low
Close
Change
UniLever Pak LtdXD Nestle PakXD Colgate Palmolive Sanofi-Aventis Sitara Chemical
5572.80 4421.30 775.00 167.59 110.37
5851.44 4625.00 810.00 175.96 115.00
5615.00 4370.01 750.00 167.59 110.50
5844.49 4509.00 800.26 175.96 114.42
271.69 70 87.70 122 25.26 185 8.37 2,824 4.05 7,538
Turnover
Major Losers Attock PetroleumXD Lucky Cement EFU General InsXD Pak Oilfields Millat Tractors
461.84 127.57 90.91 374.21 494.23
465.90 129.80 93.50 374.99 496.90
455.00 123.05 86.51 370.50 489.00
456.03 123.56 87.48 371.00 491.75
4.35 6.89 6.25 4.75 4.97
3.98 6.05 5.95 4.00 4.66
4.05 6.19 6.07 4.53 4.70
-5.81 35,607 -4.01 3,021,358 -3.43 15,612 -3.21 207,198 -2.48 13,050
Volume Leaders WorldCall Telecom Dewan Cement Fauji Cement K.E.S.C. Summit Bank Ltd
3.96 6.70 5.87 3.96 4.63
0.09 30,864,497 -0.51 21,066,159 0.20 19,681,018 0.57 19,304,081 0.07 17,300,251
Interbank Rates KARACHI STAFF REPORT
M
OnDAY, first trading day of the week, saw the Karachi stock market shedding 10.85 point amid what the analysts said institutional profittaking in blue-chip stocks. The KSE 100-share index closed at 13,864.68 points against 13,875.53 points of Friday last week. “(The) stocks closed lower amid institutional profit-taking in
blue-chip stocks ahead of major earning announcements due this week,” said Ahsan Mehanti, director at Arif Habib Investments. The index crossed the intraday high of 14,025.95 points before falling to the intraday low of 13,836.21 points. Mehanti said uncertainty over announcements on revised CGT regime, limited expectations for reduction in SBP key policy rate due to be announced this week and fall in global stocks and
commodities affected the sentiments. “Speculations in cement stocks after rise in local and export prices and expectations for stronger earnings outlook in blue chip stocks supported the market to close above its days low,” viewed the analyst. The trading volumes at the ready-counter were recorded at 348.244 million shares compared to the previous 433.01 million shares. The trading value decreased to Rs 5.412 billion against Rs 7.439 billion on Friday.
The market capital slightly shrank to Rs 3.564 trillion from Rs 3.565 trillion. Of the total 374 traded scrips, 177 gained, 138 lost and 59 finished as unchanged. WorldCall Telecom appeared as a volume leader by having its traded shares counted at 30.86 million with the opening and closing rates standing, respectively, at Rs 3.96 and Rs 4.05. The trading volume on the future market also dipped to 11.37 millions shares against 23.252 million shares of the previous session.
US Dollar UK Pound Japanese Yen Euro
90.6102 143.8619 1.1140 118.4638
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
90.70 118.00 143.33 1.1072 90.15 11.55 24.66 24.14 92.62
91.30 119.01 144.53 1.1164 91.41 11.71 24.84 24.33 94.84
CORPORATE CORNER BoK Raast Islamic Banking starts operations in Shah Alam market
Chartered has mobilised USD8.43 billion of finance for the clean technology sector globally, meeting its 2007 Clinton Global Initiative promise to support the sector last year. PRESS RELEASE
nishat Linen to open flagship store in The Centaurus mall
LAHORE: 9th April 2012: Mr. Bilal Mustafa, Managing Director Bank of Khyber (BOK) said BOK is committed to cater the Banking requirements of Islamic Banking as well as conventional in a befitting manner in order to encourage the economic developmental activities in the country through its expanding network of branches. He was speaking at the formal inauguration of BOK Raast Islamic Banking branch at Shah Alam Market- Lahore this afternoon in a simple but graceful ceremony. The inaugural ceremony was also attended by notables of the area & business community. The formal inauguration ceremony of BOK Raast Islamic Banking branch was also attended by BOK’s Group Head Islamic Banking Mr. Kamran Masood, Head Islamic Banking Business Development Mr. Sohail Khan, Head Business Development Mr. Lal nawaz Khattak, Head Marketing Syed Ali nawaz Gilani, Rana Ehsan ul Haq, Mr. Fakhar Zaman, Ms. Ayasha Amir, while Hafiz Muhammad Mubbashir Warraich Manager coordinate the inauguration ceremony. PRESS RELEASE
ISLAMABAD: nishat Linen, a leading name in home fashion & apparel retail chain, ventured into an agreement with PakGulf Construction Pvt Ltd developers of The Centaurus. The signing ceremony took place at Centaurus’ Sales and Marketing Suite, here in Islamabad for the grand opening of nishat Linen’s flagship store in The Centaurus Mall. During the ceremony, the GM HR & Administration of nishat Mills Ltd, Mr. Muhammad Akram Malik presented nishat Linen’s vision that is to become the most coveted brand name in its category at The Centaurus Mall that will offer a wide array of home linen and fashion wear. He said, “nishat Linen prides itself on being the brand of preference for discerning customers. From bed linen to kitchen coordinates, upholstery to apparel, nishat Linen has become a household name as a creator of stunning, high-quality designs at reasonable prices.” PRESS RELEASE
Standard Chartered launches its 2011 Sustainability Review
ICm result announcement
KARACHI: Standard Chartered launches its sixth annual Sustainability Review, setting out how it has delivered on its strategy to provide a strong return for shareholders, while creating social and economic value in the communities where it operates. Standard Chartered contributed to the real economy by increasing its lending to customers and clients by more than 75 per cent since June 2007. This included a 60 per cent increase in credit to small and medium-sized enterprises (SMEs), crucial drivers of growth and employment across the Bank’s markets in Asia, Africa and the Middle East. Standard Chartered also provided thousands of more people with the opportunity to buy their own homes, increasing mortgage lending by 40 per cent to USD 69.5 billion across its footprint. The Bank continues to support the development of clean technology. Standard
LAHORE: The Institute of Capital Markets is pleased to announce the results of ICM Stock Brokers Certification Examination and ICM Mutual Fund Distributors Certification Examination held on 26th of February 2012. Institute of Capital Markets (ICM), Pakistan’s first securities market institute, has been established to meet the emerging needs of financial markets through creation of a permanent platform to develop skilled professional with certified knowledge and who have been sensitized to the ethical values. The Institute conducts certification examinations for different segments of the capital markets so as to develop professionals, who are familiar with international best practices and are simultaneously skilled to deal not only with the instruments that are currently traded in Pakistan but also to trade in new products as the market develops. ICM will also provide a forum for research and development, exchange of ideas and
eventually other services respect to issues relating to on financial markets. PRESS RELEASE
Punjab Food Department, BoP sign wheat procurement agreement
LAHORE: Punjab Food Department and the Bank of Punjab (BoP) formally signed an agreement for financing of Rs92.642 billion for the provincial Wheat Procurement Campaign 2012-13. As many as 16 banks participated in the BoP-led consortium here on Monday. The BoP-led consortium raised Rs92.641 billion to finance the Punjab government’s wheat procurement drive, setting new record both the amount of financing and number of participating banks. Speaking on the occasion, BoP President naeemuddin Khan apprised the participants about the consistent vision of the provincial government for food security under the dynamic leadership of Punjab chief minister. He mentioned that the BoP’s pivotal role in leading promotional intervention to ensure smooth supply of agriculture produce at a price that benefit farmers, ever since being appointed the Punjab government’s arranger bank. STAFF REPORT
Indus motor Company enhances 3S network in the country BAHAwALPUR: To enhance its footprint to rural areas, Indus Motor Company has provided the reliable state-of-the-art Toyota 3S Dealership to another important area in the country. IMC will now reach out to the rural customers to give them an opportunity of using world class after sales service and genuine auto spare parts through 3S dealership showroom in Bahawalpur. “This is an important initiative IMC has taken to provide the rural customers with genuine, properly taxed, and with warranty spare parts through this 3S dealership showroom,” said Chief Executive IMC Parvez Ghias. He further said, “In order to cater to the needs of our growing customers, we are expanding our 3S dealership network and are privileged to have the most modern service network in the country”. STAFF REPORT
KARACHI: Matthew Talbot, Senior Vice President of mCommnerce, Sybase 365 receiving the shield from Faisal Rahim, CEO, Total Communication at the 5th International Mobile Commerce Conference. PRESS RELEASE
SmEDA organises capacity building programme LAHORE: A 50-member delegation of south Punjab’s women entrepreneurs, after participating in the women lifestyle exhibition at Islamabad, arrived at Lahore today. According to the Small and Medium Enterprises Development Authority (SMEDA), this participation was arranged by SMEDA under its special program for capacity building of the south-Punjab women entrepreneurs. The delegation reaching Lahore attended a meeting at Lahore Chamber of Commerce and Industry followed by a visit to Women Business Incubation Center of SMEDA. The delegation also took a round of Defense Y block market to witness the modern ways of fashion marketing. Later, a dinner reception was hosted by SMEDA in honor of this delegation. STAFF REPORT
LAHORE: Pakistan Telecommunication Company Limited’s (PTCL) Lahore team won the first round of “PTCL Inter-Regional Cricket Tournament 2012” held in WAPDA Cricket Ground, Lahore. The LTR(S) won the tournament by beating Faisalabad Telecom Region (FTR) in a nail-biting contest. PTCL SEVP, Jamal Abdalla Salim Hussain Al Suwaidi; EVP Contact Centers & SATM Etisalat, Junaid Azim; and ATM Technical Mahmoud Al Marzouqi were the chief guests on the occasion. In a colorful prize distribution ceremony, Mr. Al Suwaidi gave the Champions’ Trophy to LTR. PRESS RELEASE