PRO 13-03-2012_Layout 1 3/13/2012 12:53 AM Page 1
Higher trades instigate bull run, index up 29pts Page 03
profit.com.pk
Tuesday, 13 March, 2012
Money laundering, terrorist financing:
SBP asks banks, DFIs to review accounts of NGOs, NPOs, charities KARACHI
T
ISMAIL DILAWAR
he central bank on Monday asked the banks and development finance institutions (DFIs) to review their existing accounts maintained by the non-governmental, non-profit and charitable organizations by the end of this financial year. The State Bank advised the banks and DFIs to conduct enhanced due diligence to avoid risks arising out of money laundering and terrorist financing activities that, the regulator said, were fast changing. “All existing relationships of NGOs/NPOs should be reviewed by June 30, 2012 to ensure that these organizations, their authorized signatories, members of their governing body and the beneficial owners are not linked with any proscribed entities and per-
sons, whether under the same name or a different name,” said an SBP circular issued Monday. In case of any positive match, the circular said, the banks and DFIs should consider filing Suspicious Transaction Report (STR) or take other legal action. It has been made binding upon the junior staff in the banks and DFIs to seek approval of their senior management while establishing relationship with the NGOs, NPOs and any charitable organization. This, it said, would help the banks and DFIs ensure that these accounts were used for legitimate purposes and the transactions were commensurate with the stated objectives and purposes. The SBP said that the accounts should be opened in the name of relevant NGO and NPO as per title given in its constituent documents. “The individuals who are authorized to operate these accounts and members
of their governing body should also be subject to comprehensive Customer Due Diligence,” the circular added. The banks and DFIs should ensure that these persons were not affiliated with any proscribed entity, whether under the same name or a different name, it warned. In case of advertisements through newspapers or any other medium, especially when bank account number was mentioned for donations, the banks and DFIs would ensure that the title of the account is the same as that of the entity soliciting donations. “In case of any difference, immediate caution should be marked on such accounts and the matter should be considered for filing STR.” Also, the regulator warned the banks against allowing the personal accounts to be used for charity purposes as well as the collection of donations.
The central bank said for opening an account the NGO, NPOs and charities would have to submit certified copies of registration documents, by-laws, rules and regulations, resolution of the Governing Body/executive Committee, attested photocopies of valid CNICs of the authorized person(s) and members of governing body/executive committee (if it is the ultimate governing body), any other documents as deemed necessary including its annual accounts/financial statements or disclosures in any form which may help to ascertain the detail of its activities, sources and usage of funds to assess the risk profile of the prospective customer. Attaching great significance on the continuous training of banks’ staff especially relating to AML/CFT, the SBP said to contact its relevant department for acquiring or/and developing relevant training programs and tests.
PBC demands filing of tax returns be made mandatory ISLAMABAD AMER SIAL
The advocacy forum of country’s top 38 business groups, Pakistan Business Council (PBC) has called for taxing all incomes and has proposed that filing of tax returns should be made mandatory for persons having a credit card, personal loan, member of private club or a professional body, have traveled abroad in the last financial year and owns a urban property of more than 240 square yards. This demand is made in PBC budget proposals sent to the government for consideration for the federal budget of fiscal year 2012-13. It stresses revitalizing of manufacturing sector not through rebates, refunds or write offs but through enabling environment for consolidation, investment and competitiveness. PBC stresses that all incomes irrespective of the
source must be taxed as currently agriculturists, real estate developers and builders are exempt from income tax. It will enable fairer distribution of tax burden. It proposes that the real estate developers should be taxed on per square foot basis for built up property and on per square yard basis on land developed for sale. This will enable the government to rapidly enhance the low taxpayers’ base of 1 million in a population of 170 million. It finds that it could be accomplished easily as all the information is readily available and will lead to greater documentation of economy and more revenue collection. It recommends across the board implementation of value added tax and where documentation is currently not possible in the wholesale and retail chain, the model of zero rated export sectors should be followed. Pakistan needs to take a more proactive ap-
proach in ensuring that the provisions for monitoring of misuse of Afghanistan Pakistan Transit Trade Agreement including provision of bank guarantees equivalent to levies are collected from Afghan imports. This will reduce pressure on domestic manufacturers and increase revenues. It also demands strengthening of National Tariff Commission to counter massive under invoicing and dumping of imported products. It recommends reducing rate of corporate income tax 42 per cent, which is highest in the region and needs to be rationalized to attract foreign direct investment, by reducing it on two per cent per annum to bring it at 25 per cent level in five years time. The tax rate of 25 per cent on non-corporate sector is becoming a big incentive for converting limited companies into partnerships and proprietorships.
APTMA dubs textile criticism ‘baseless’ LAHORE STAFF REPORT
Chairman of All Pakistan textile Mills Association (APTMA) Mohsin Aziz has termed Pakistan Cotton Ginners Association (PCGA) criticism against Ministry of Textile Industry and APTMA uncalled-for, saying the PCGA was levelling false and baseless allegations rather putting its own house in order. he said the PCGA was maligning prestigious institutions and associations for petty personal gains, which is unacceptable. Mohsin said that the unscrupulous speculators tried all means to sell low grade, rain affected/damaged cotton to TCP to cause losses to exchequer. APTMA and textile ministry thwarted their designs, leading to blame game. Regarding APTMA’s opposition to the TCP intervention to free market mechanism and procure one million bales, Chairman APTMA said APTMA opposed the move as per its policy of free market mechanism and it would not aloe anyone to intervene it. According to him, the role played by the government in discouraging the unscrupulous elements, particularly the hoarders and opportunists, is highly commendable. he said India had tried to intervene in free market mechanism, which the international community discouraged and India withdrew it accordingly. Meanwhile, Central Vice Chairman APTMA Seth Muhammad Akbar, who had attended meetings of Punjab Seed Council for approval of cotton varieties including BT-121 and Fh-114, said the PCGA criticism to this effect was baseless. he said all varieties were approved on the basis of recommended parameters and specifications of the varieties. According to him, the PCGA criticism is on the basis of false impressions drew out of the proceedings of the Council meeting. They should correct their information before criticising a transparent procedure adopted in approval of seeds by the Punjab Seed Corporation, he added.
PRO 13-03-2012_Layout 1 3/13/2012 12:53 AM Page 2
02
Tuesday, 13 March, 2012
news
KCCI, KCDR sign MOU KARACHI
K
STAFF REPORT
ARAChI Chamber of Commerce and industry (KCCI) and Karachi Center of Despite Resolution (KCDR) singed MoU to urged the government to do legislation and declare mediation mandatory before proceeding to courts, here on Monday. A Memorandum of Association between Karachi Chamber of Commerce and Industry (KCCI) and Karachi Centre for Dispute Resolution (KCDR) was renewed and signed at KCCI on this occasion. President KCCI, Mian Abrar Ahmed stated that to facilitate the members and the business and industrial community of Karachi, KCCI joined hands with KCDR to provide them an opportunity to resolve their disputes with their counterparts in Karachi, Pakistan and abroad. he said that mediation is mandatory in the western countries before proceeding to courts and had gaining popularity. At present in Pakistan mediation is a voluntary option to resolve the disputes and the Government should declared it mandatory through legislation. Investment and economic growth is often hampered by business and commercial disputes, which
nomic uplift of Pakistan and urged President KCDR Justice (Retd) Saiduzzaman Siddiqui to devise a mechanism to work closely with the important organization of friendly and regional countries as the business community is facing tremendous problems and impediments to resolve their business disputes with their international counterparts. exchanging views on the KCCI-KCDR MoU signing ceremony, Justice (Retd) Saiduzzaman Siddiqui, President& Chairman, Board of Governors of KCDR and former Chief Justice of Pakistan appreciated the efforts of stakeholders and partner organization like KCCI in promoting the use of mediation for resolution of disputes. he informed that apart from mediation & training services, KCDR was also offering its services in field of Arbitration. he disclosed that about million of cases were pending with different courts in Pakistan and to reduce the pendency of cases in the country, mediation would help the existing courts as done in the developed countries. The National Judicial Policy was supportive of the use of ADR and mediation for resolution of disputes. It was expected that with support of stakeholders, ADR and mediation could lead to resolu-
take long time to settle in courts due to huge case backlogging in the existing judicial system, he articulated. Mian Abrar appreciated the services rendered to the business community by the KCDR under the President ship of Justice (R) Saiduzzaman Siddiqui. he opined that the mediation for trade disputes through KCDR would not only settle the disputes in cost effective manner without delay but it would alongside develop better relationship and mental satisfaction among the parties. KCCI President also appreciated the role and initiative of IFC/World Bank Group in institutionalizing mediation for the business community, especially the Small and Medium enterprises (SMe’s). he highlighted that the KCCI members and business community may approach directly KCDR or through KCCI’s helpdesk to resolve their business dispute vis-à-vis financial & loan disputes with banks & financial association, grievances with utilities companies etc. he hoped that KCCI-KCDR would bring sigh of relief to the members of KCCI and the business and industrial community for resolving their disputes immediately on reasonable cost. he also focused on increasing regional trade for the socio-eco-
LCCI announces Shopping Festival LAHORE: Lahore Chamber of Commerce and Industry has announced to hold Lahore Shopping Festival 2012 (LSF-2012) from April 23 to April 29 that would not only help revive the economy but would also highlight the soft image of the country. This was stated by LCCI President Irfan Qaiser Sheikh while addressing a press conference here at the Lahore Chamber of Commerce and Industry on Monday. Convener LCCI Standing Committee on Lahore Shopping Festival Sheikh Mohammad Arshad and former Senior Vice President Sohail Lashari also spoke on the occasion. executive Committee Members Yousaf Shah, Kh Khawar Rasheed and Ilyas Majeed Sheikh also attended the press conference. Briefing the media on the week-long LSF, starting from April 23, the LCCI President said that the event has been designed in a way that it would send a very positive signal to the foreign investors as a large number of foreign embassies were also taking part in this mega show. he disclosed that the Lahore Shopping Festival encompasses a range of business and cultural activities that would be kicked off with a Qira’at competition. STAFF REPORT
tion of disputes in timely manner and with less cost, he added. he expressed that over 1500 cases have been referred in over three years, which illustrates KCDR’s significance as a dispute resolution centre. Dr. Zafar Ahmad Khan Sherwani, Director Karachi Centre for Dispute Resolution (KCDR), highlighted IFC Pakistan’s role in institutionalizing ADR/Mediation in Karachi, the successful setting up of KCDR in 2007. he emphasised various benefits of mediation such as inexpensive costs, speedy resolution time as well as a win-win solution were brought forward. he also gave a presentation highlighting the benefits of alternate routes to resolving disputes in particular mediation and how entrepreneurs and the business community could profit from it. he informed that mediation process was client-centred and success ratio of mediation cases was 70per cent wherein the legal rights of the parties remain intact. Majyd Aziz, former President KCCI, Member BOG-KCDR, Younus Muhammad Bashir, Sr Vice President KCCI, Zia Ahmed Khan, Vice President, Managing Committee Members KCCI and members of Board of Governors KCDR, representatives of IFC, mediators affiliated with KCDR and members of KCCI also participated in the seminar.
BankIslami profit crosses Rs608mn KARACHI: BankIslami Pakistan Limited delivered strong results by posting profit before tax of Rs608.5 million for the year 2011 as against Rs44.50 million in 2010. The Bank also recorded an increase of 32.4 per cent in Deposits which crossed Rs50 billion. Asset base was noted at Rs58.8 billion denoting an increase of 30.6 per cent. In the last three years the Bank has grown by more than 300 per cent making it one of the fastest growing banks in Pakistan. BankIslami is the second largest Islamic Bank in the country with 102 branches in 49 cities which is the 16th
largest network in the country. These impressive results were reported without any network expansion. Speaking on the occasion the CeO of the Bank, Mr hasan A Bilgrami noted that the Bank is all set to commence the second wave of network expansion with a target to cross 200 branch mark in next three years. BankIslami is eying to increase its market share in the rapidly growing Islamic banking market with a target to cross Rs100 billion in next two years. BankIslami is a joint venture between Dubai Bank, JS Group and Randeree family of the UK. STAFF REPORT
Pak-India trade to increase to $6b in short run ISLAMABAD STAFF REPORT
The bilateral trade between Pakistan and India will rise to $6 billion in the short run as the informal trade between the two countries will be turning through the normal channels. Former Director IMF and currently Senior Fellow at Peterson Institute for International economics, Washington DC Dr Mohsin S Khan said this at a seminar on expanding India-Pakistan trade organized by Pakistan Institute of Development economics (PIDe) on Monday. While giving a presentation on trade potential between two neighbouring states, he said that it was the first time that both countries decided to separate trade issues from other contentious issues like Kashmir and Indus Water Treaty, which he termed a positive development. The opening up of bilateral trade is major breakthrough that will bring enhanced opportunities for economic growth, he said adding that there were enormous potential to expand trade which can rise to $6 billion in the short run. In the medium term, the studies show that the trade between the two countries could increase by as much as twenty times. he was of the opinion that the normalisation of trade relations would not mean that other bilateral issues would be placed on the backburner. “Instead, strong bilateral trade ties will build confidence to help resolve other pressing issues”. India is a fast growing economy that will occupy an increasingly important position in the region as well as in the world economy and in this context expanding bilateral trade links with India will be advantageous for Pakistan.
JS Bank set to thrive in highly competitive phase of banking industry MAAz BIn JunAID The last few years have been characterised by qualms and trepidation for the banking industry worldwide. With the eurozone debt crisis looming on the global forefront in 2011, our local banking industry too has been treading dangerous waters amidst growing militant concerns, sluggish GDP growth, worsening law and order situation, fuel and energy crises, growing fiscal and current deficits and uncertainty of monetary policy. In CY10, inflationary pressure of about 15.5 per cent YoY was compounded by heavy government borrowings mainly due to fiscal expansion. This was followed by the decision of the government to increase the discount rate thrice. Rising NPLs and increases in provisioning expenses were especially detrimental to small banks which do not have the capacity to sustain profitability amidst such growing concerns. As of December 31, 2010, the combined NPLs of all banks and DFIs stood at Rs548 billion as compared to Rs446 billion as at December 31, 2009, an increase of 22.8 per cent. The rise in NPLs has been significant since 2007, mainly attributed to the economic recession in 2008 and heavy flooding that afflicted the country in 2010. The 2010 trends were reversed with fiscal pressure easing out considerably and the government’s successive cutting of the discount rate by 200 bps. Interest income, on the back of increased investment in government securities, was the primary driver of profitability growth for banks. The State Bank opined in December 2011 that this was unsustainable, as opposed to interest income through advances. Successive DR cuts were undertaken in an attempt to boost private sector credit; this does not seem to be a workable solution. Small banks continue
to be wary of lending to the private sector and still invest large sums in government securities. In 1hCY11, profit concentration for banks improved drastically. Moreover, the 95 per cent banking profits’ share held by the Big Five in December 2010 dropped to 78 per cent by June 2011. Asset utilization ratios for the top five banks remained stable at 6.6 per cent in 1hCY11 due to the infection in loan portfolios that continuously plague the banking industry. Surprisingly, medium and small banks are the ones who reported above average AU of 8.9 per cent. This was due to lending to weak borrowers at high rates, hence aggressively utilizing their narrow deposit base. It is thus that the situation of the banking sector in Pakistan remains precarious. even then, small banks have performed at par with relatively larger banks in certain areas. In the face of a challenging business environment, small banks maintained low ADR ratios in 2011. While Silk Bank maintained an ADR ratio of 73 per cent, others like KASB, JS Bank and Summit had even lower ADRs in 2011 (refer to Figure 3). This is indicative of a conservative strategy adopted by smaller banks in order to avoid large exposures. While increasing their number of branches on a yearly basis, small tier banks have done considerably well in keeping their admin expenses per branch low. Mid-tier banks like Askari, NIB and Summit, averaged PKR 15-20 million in 9MCY11. JS Bank, on the other hand, had the lowest admin expense per branch of Rs11.5 million in the nine month period ending September 2011. In the peer group under consideration, SAMBA Bank has the highest admin expense per branch of Rs37.8 million followed by Silk Bank with Rs32.4 million In terms of Net
Interest Margin, the peer group has performed well with the exception of KASB Bank which had a negative NII of (9.14 per cent) for the period ended September 30, 2011. Others like Askari, Faysal and Soneri have been able to restrict their margins above 30 per cent whereas Summit and Silk are under 30 per cent. The winners among the lot with the highest margins are Samba and JSBL achieving a whopping 42.8 per cent and 41 per cent respectively. Overall margins in the peer group have either been at the same level or slightly below the previous year only with the exception of JSBL and Silk Bank which managed to increase their margins from 33 per cent to 41 per cent and 11 per cent to 24 per cent respectively. The major challenge for small tier banks is to maintain a low cost of deposit in order to ensure sustainability. During 2010, small and mid-tier banks vied hard to lower their cost of deposits which remained in the range of 6-10 per cent. Banks like KASB, Summit and Silk were on the higher end of the spectrum with 9.84 per cent, 8.62 per cent, and 8.44 per cent respectively. JS Bank has outperformed its peers by maintaining the lowest cost of deposits (Dec 10: 6.72 per cent) while consistently increasing the deposit base (Dec 11: PKR 26 bn; Sept 11: PKR 33 bn) which is considered to be the forte of only top tier banks in the industry. The declining cost of deposits coupled with the increasing deposit and advances base is the result of the enhanced geographic presence of JS Bank across the nation. The bank is presently (as on the date of publication) operating with 145 branches across 80 cities and towns in all major metropolitan, suburban and underserved areas across Pakistan. In 9MCY11, the deposit base of all commercial banks jumped by 6 percent.
JSBL stayed the most aggressive in deposit accumulation, with around 26 percent growth in deposits during 9MCY11. The aggressive growth in deposits coupled with high CASA ratio of 59 percent signifies JS Bank’s efforts in generating low cost deposits. Among the peers, Askari Bank enjoys the highest CASA ratio of 70 per cent while Summit has the lowest. Overall, JS Bank has done well compared to not only other small banks but also some banks that fall into the mid-tier for a relatively new bank. JS Bank has positioned itself as a conservative bank by focusing on good quality / low risk credit which is evident from its conservative ADR (Sep 2011: 31 per cent,Dec 10:53 per cent) and high CAR (Dec 10: 17.65 per cent). The bank enjoyed the lowest ADR and highest CAR amongst its peer group as at December 2010. Similarly, ADR figures as at Sept 30, 2011 for JS Bank also showed that it had the lowest ADR amongst small banks. high ADRs that are characteristic of large and mid-tier banks imply high returns, although at higher risk. Conservative ADRs of small banks, however, show that they are particularly risk averse. In 1hCY11, capital adequacy was no longer a concern for large and small banks alike due to higher profits and raised minimal capital requirements. This was an indication that the banking sector as a whole was more resilient to various risks that are typical of the industry. CAR for banks was 14.1 per cent in June 2011, as a result of more earning and enhancement in paid-up capital, subsequently improving Tier 1 capital. As of December 31, 2010, JS Bank’s CAR was 17.64 per cent (refer to figure 4). This is the highest amongst its peer group. Inevitably, a high CAR ratio provides a buffer against NPLs and ensures that a
bank is able to protect depositors. Results for the first half of 2011 also revealed that banks, lured by the prospect of high yields in risk-free government securities, had broadened their portfolios with fixed income investments. Purchased from the 11 primary dealers in the secondary market, these undoubtedly had a substantial impact on bank earnings. In 2010, JS Bank secured the number one primary dealership position in 2010, with hBL and NBP at second and third respectively. Despite being a relatively new entrant in the banking industry and its small size, JS efficiently acted as a market maker for Government of Pakistan Securities (Treasury Bills, Government Bonds) utilizing its strength in warehousing and distribution of Government Securities in the Secondary Market. While large banks manage to stay strong despite macroeconomic concerns, small banks have to stay on their toes in the face of fierce competition from midtier banks as well. This is perpetuated by the possibility of takeovers of small banks by mid-tier banks. however, given that small banks are more nimble, they may be able to curb rising NPLs in future as compared to mid-tier and large banks. As the year 2012 approaches, it is yet to be seen how small banks perform in the face of a possible upward revion of discount rates if the government’s decides to rejoin the IMF programme. Going forward, JS Bank is focused on creating a competitive advantage in the financial services industry by its emphasis on earning sustainable income through low cost deposits and basic low risk lending, and by utilizing efficient operational processes and technology. JS Bank thus seems well positioned to take advantage of a highly competitive yet consolidating phase of the banking industry in Pakistan.
PRO 13-03-2012_Layout 1 3/13/2012 12:53 AM Page 3
Tuesday, 13 March, 2012
news
Higher trades instigate bull run, index up 29pts
T
STAFF REPORT
he trading volumes at Karachi stocks market remained higher on Monday as the post major announcements led by second and third-tier stocks on strong valuations. “Pakistan stocks closed higher amid higher trades post major announcements at KSe led by second and third-tier stocks on strong valuations,” viewed Ashen Mehanti of Arif habib Securities. The KSe 100-share index gained 29.80 points to close at 13,382.54 points against 13,352.74 points of the previous day with the intraday high and low hitting 13,553.11 points and 13,352.74 points, respectively. “Renewed foreign interest, higher global stocks and commodities after developments in Greece crucial debt swap, retail and institutional support ahead of reformed CGT regime implementation from April1, resumption of gas supplies in fertilizer sector, easing
Standard Chartered’s quest for social welfare LAHORE
S
KARACHI:
circular debt concerns in power sector played a catalyst role in bullish sentiments at KSe despite concerns for rising current account deficit,” said Mehanti. The total traded shares climbed to the six-year high of 576.823 million shares compared to Friday’s 552.793 million shares. The
trading value climbed to Rs7.914 billion from Rs7.11 billion of the previous session. The market capital remained slightly up and was recorded at Rs3.476 trillion against Friday’s Rs3.472 trillion. In total 389 scrips were traded of which 179 gained, 134 lost while 76 remained unchanged.
The turnover in future contracts rose to 15.744 million shares against the previous 15.15.108 millions shares. The NIB Bank Limited was the volume leader as its traded shares were accounted at 58.663 million each priced at Rs2.85 in the opening and Rs3.03 in the closing.
03
STAFF REPORT
tAndARd Chartered Bank (SCB) has invested over Rs264 million in social welfare and community development projects under its Community Investment programme since 2000. According to the recent Sustainability Review 2011, the bank has invested Rs149 million on health, Rs40 million on education and Rs75 million on disaster response. the bank’s official estimates suggest that the SCB has improved the lives of some 11.5 million people by providing them quality healthcare services and some 3,000 students have been provided scholarships; while over 100,000 people had been provided basic facilities under the disaster response programme of the Standard Chartered Bank. Sustainability Review Report shows that on the one hand, the professional team of the SCB is doing a marvellous job on financial front, while on the other hand, these employees have donated over 5,000 days for community development related activities. they have planted over 15,000 trees, helped 7,000 people, cleaned 60,000 square feet of area, removed garbage of 70 tons and screened 300 children for eye impairments. the report indicated that through the bank’s efforts contract blindness had been reduced by 20 per cent in Pakistan.
CORPORATE CORNER
ISLAMABAD: Emaar delivers on its promise again – Mr Khurram Noor – Emaar Pakistan (Right) at the villa handing over ceremony with Mr Pirzada Nadeem Ahmed Ansari (Centre) at Mirador Villa Canyon Views, Islamabad PRESS RELEASE
Qatar Airways announces five new international routes BERLIn: Qatar Airways today announced further expansion of its rapidly-growing international network with five new passenger routes, more cargo services and capacity increases to a number of destinations served direct from the airline’s Doha hub. Iraq, Tanzania, Serbia and Myanmar are featured in the passenger route expansion programme over a six-month period starting in May. New freighter services will be introduced to Korea, Pakistan, South Africa and Oman, while frequency of passenger flights will be stepped up to destinations in europe, Middle east, Africa and Asia Pacific. Qatar Airways Chief executive Officer Akbar Al Baker unveiled the expansion programme on the opening day of ITB Berlin, the world’s largest travel show taking place in the German capital this week. Two destinations in Iraq – the northern city of erbil and capital Baghdad – will be introduced to the carrier’s Middle east network in May and June respectively. Qatar Airways will induct a second Tanzanian point to its African map with the launch of flights to Kilimanjaro. The Serbian capital Belgrade becomes the newest addition to the carrier’s european portfolio in September and the airline returns to Myanmar, serving the capital city Yangon from October after a four-year absence.
Ufone GSM sign up with CIMA as training partner KARACHI: 10th March 2012: Ufone became the first telecommunication company in Pakistan to join the globally acclaimed CIMA Training partner programme an initiative of CIMA, The Chartered Institute of Management Accountants UK. CIMA country manager in Pakistan, Javaria hassan explaining the programme said “CIMA Train-
ing is a quality assurance scheme, designed to ensure that the training of CIMA students is delivered everywhere to a consistently high standard. CIMA Training accreditation demonstrates how serious employers are about training and will support them in recruiting and retaining the most talented and ambitious finance trainees. It helps employers to offer their trainees a career, not just a job. It offers the best choice for employers wanting to develop finance staff into strategic business managers. Resources are available to ensure that trainees will develop and grow professionally to support business as it moves forward. In today’s challenging business environment, well qualified staff is an important asset, whatever the size of business.”
Gregory Bryant appointed Intel Asia-Pacific Vice President, GM KARACHI: Intel announced today that Gregory Bryant was appointed vice president and general manager of Intel Asia-Pacific. Bryant is responsible for all sales, marketing and enabling of Intel products in the Asia-Pacific region, including Pakistan, India and Afghanistan. Bryant joined Intel in 1992. Prior to his current role, Bryant served as vice president and director of the global Lenovo account, managing all aspects of Intel’s relationship with Lenovo, including sales, marketing and technical enablement. he also served as vice president and general manager of the Digital Office Platform Division, where he led the inception, launch and subsequent expansion of Intel vPro technology across desktop and mobile PCs. Become Crorepati with ‘Warid SMS Crore Ka’ LAhORe Warid Telecom announced the launch of ‘SMS Crore Ka’. It is an exciting 86 days SMS Trivia Quiz Campaign based on answering simple questions. The amazing prizes include a daily prize of Rs100,000, a weekly prize of Rs500,000, free fuel for one year for 10 winners, free airtime of 1000 On-net minutes for 300 winners and a Grand Prize of Rs1 Crore for the lucky winner. The campaign started on 12th March 2012 and shall end on 5th June 2012. Warid users can participate by sending a blank SMS or by writing ‘W’ in an SMS and sending it to 3000. Rs 9.99+t/SMS apply. Users can win free wallpapers through every SMS sent to 3000 which can be downloaded through WAP portal .
Another first by Ufone: Low priced BlackBerry plans ISLAMABAd: For the first time in Pakistan, Ufone has launched two extremely low priced and affordable BlackBerry package plans. Owing to the increasing number of young BlackBerry users, Ufone has devised a ‘Blackberry Social Service’ plan to meet their everyday communication needs.
At just Rs350 per month the BlackBerry Social Service enables the user to create and use one BlackBerry email address (e.g. ) and offers unlimited access to the BlackBerry Messenger (BBM) service. The user will also have unlimited access to browse the BlackBerry Internet Browsing Service (BIBS), including data usage on Umail. Furthermore the user will be able to access social networking sites such as Facebook, Twitter and MySpace as well.
Qatar Airways signs over 3,700 hotels worldwide into airline’s privilege club loyalty programme BERLIn: Qatar Airways’ Privilege Club has signed agreements with several leading hotel companies, giving members of the loyalty programme the chance to earn Qmiles at more than 3,700 properties worldwide. Marriott International, Fairmont hotels & Resorts, Jumeirah hotels & Resorts, Raffles hotels & Resorts and Swissôtel hotels & Resorts have all signed up with the Doha-based carrier’s frequent flyer programme enabling members to earn Qmiles when they stay at participating properties. The deals collectively give Privilege Club members a huge new range of hotels to choose from during their business or leisure trips across the Middle east, europe, Asia Pacific and the Americas. The news comes after last month’s official opening of Oryx Galleria – a new Doha-based boutique – designed exclusively for Privilege Club, one of the world’s most generous loyalty programmes, where members can redeem their Qmiles for a variety of luxury products. Qatar Airways Chief executive Officer Akbar Al Baker announced the mega hotel partnerships during ITB Berlin, the world’s largest travel show taking place in the German capital.
with genuine Samsung warranties. It displays; Samsung 3D Smart TV’s, LeD and LCD TV’s, Monitors, Plasma Display Panels, IT products, Cameras, Mobile phones, and home Appliances. For the first two weeks after the inauguration, product installation services will be provided free-ofcharge to the purchasers.
Mobilink Jazz brings an exciting Ali Zafar concert in Lahore Lahore: 13 March, 2012 - Mobilink, Pakistan’s market-leader in cellular services and a part of Orascom Telecom holding, organized a vibrant musical concert for the customers of its popular brand – Jazz. The musical event featured Pakistan’s popular and talented, young singer - Ali Zafar. A fascinating live performance was heavily attended by more than 3,000 people at the Royal Palm Country Club in Lahore, where they thoroughly enjoyed the music of their favorite artists; Ali Zafar, Roxen and Saein Zahoor. The Director Marketing (Jazz), Mr Moeid Javeed, said; “Mobilink has always played an active role in bringing exciting events for the Pakistani youth, while ensuring a secured environment for healthy entertainment. Promotion of riveting activities in sports and entertainment has become a hallmark of the Jazz brand”.
Brighto Paints Mir Colour Studio opening
Samsung inaugurates concept shop in Gujranwala
LAHORE: Brighto Paints Mir Color Studio & Tinting Machine was opened on 9th March 2012 at Aziz Shaheed Road, Sialkot Cantt., with the name of ‘Mir Color studio’. Free advisory services and all product range are available at the shop. The shop was inaugurated by national cricket celebrity Inzam-ul-haq in the presence of Khawaja ejaz Ahmed Sikka, Chairman Brighto Paints, Khawaja Khurram Shahzad Sikka, Director Productions & Operations along with Mr Khawaja Zain ejaz Sikka Director All Colour.
LAHORE: Samsung electronics, a market leader and award-winning innovator in consumer electronics, and telecommunications, is expanding its network of ‘Samsung Concept Shops’ in numerous cities across Pakistan. A special inauguration ceremony was held on 12th March, 2012, at the new Concept Shop established on the GT road-Gujranwala. Samsung’s head of TV/AV division, Mr hae Duck Lee attended the ceremony as the Chief Guest and addressed the gathering. Mr Lee said; “The Samsung Concept Shop is a model of the Samsung Retail Brand, from where all retailers can learn and emulate for a consistent branding approach. Samsung is committed to provide the Pakistani consumers with the best retail consumer experience.” Samsung Concept Shop is a One-Stop solution for exploring and purchasing all Samsung products
LAHORE: Renowned poet Amjad Islam Amjad receiving memento from S Masood Hashmi, President MAP at the 25year celebrations of Marketing Association of Pakistan, Lahore Chapter. Also seen here Mr Khaliq Ur Rehman – Vice President, MAP-Lahore Chapter PRESS RELEASE