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FBR chairman claims that exports would hike; Once government gets on the manufacturers’ bike Page 02 profit.com.pk
Wednesday, 13 June, 2012
Ello, govna! Top o’ the mornin’ to ye. Shall we discuss trade over tea? g
Zardari says Pak-UK trade should reach £2.5b by 2015 g UK Secretary of State says ‘Oh Blimey!’
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Telecom sector traces its apogee Registers Rs 363b record revenue this year g
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Revenues of telecom sector have reached all time high this year with Rs. 363 billion, showing 5.4 per cent increase as compared to previous year. As per data, in line with tele-density, the cellular sector also has the highest share in telecom revenues as during 2011, cellular revenues increased by 11 %. The rise in total telecom revenues is mainly attributed to increase in revenue of mobile services only since the rest of services except Wireless Local Loop (WLL) have reported decrease in their total revenue. During first two quarters of this year Rs. 197,686 million worth of revenue has been generated by telecom sector. The sector has also contributed Rs. 58.1 billion to national kitty during the period. It is an important contributor, depositing over Rs. 100 billion on average each year to national exchequer. When contacted an official source on Tuesday said the telecom sector made its highest ever contribution in 2011 as almost Rs 117 billion were deposited by companies, showing 7 % growth during 2011. Regarding investment, the official said the telecom sector invested US$ 495,8 million during the period with cellular mobile sector being the major contributor. In addition Universal Service Fund (USF) invested Rs. 3.5 billion during the period. He said during the period telecom sector also attracted over US$ 79 million Foreign Direct Investment FDI which is about 5 % of the total FDI in Pakistan in 2011. Analysis of investment and FDI clearly reveals that the telecom sector of Pakistan needs an influx of new investment in the near future to boost the figures. The auction of 3G licenses is expected, that will bring more FDI into the country. An improved economic condition of the country will further encourage investors to bring capital into Pakistan.
ReSIDeNT Asif Ai Zardari has said that Pakistan and UK need to make sustained efforts to raise the bilateral trade to £2.5 billion by 2015. This he said during his meeting with William Jefferson Hague, UK Secretary of State for Foreign and Commonwealth Affairs, who called on him along with his delegation here at Aiwan-e-Sadr Tuesday. The UK delegation included UK’s High Commissioner Adam Thomson, Director South Asia and Afghanistan Neil Crompton, Political Counselor Susan Hyland, Head of DFID Pakistan George Turkington and other high ranking British officials. Foreign Minister Hina Rabbani Khar, Advisor to prime minister on Interior Rehman Malik, Secretary General. Salman Faruqui, Spokesperson Senator Farhatullah Babar, Senator Sughra Imam, Acting Foreign Secretary Fouzia Sana, Secretary economic Affairs Division Dr. Waqar Masood and Additional Secretary Foreign Affairs Asif Durrani assisted the President Zardari from Pakistan side. During the meeting the matters pertaining to bilateral relations, UK’s assistance to Pakistan, trade, war against terror and the regional situation was discussed. President expressed satisfaction over the progress made so far under the umbrella of enhanced Strategic Dialogue by saying that it was a manifestation of both countries to enhance ties with each other. He said that Pakistan offered great opportunities to the British investor to invest in various areas. He said we need to encourage exchange of businessmen from the two countries to further strengthen our economic interactions. The President also thanked the British Government for its support and
advocating Autonomous Trade Preference for Pakistan in the eU in wake of 2010 floods. He expressed the hope that UK would continue supporting early completion of eU’s internal process. He said that we greatly appreciate UK’s advocacy of Pakistan’s case for greater market access. It is important that Pakistan is included in GSP+ scheme by 2014, the President said. On UK’s development assistance of £1.4 billion spanning over four years (2011-2015) in the education and the health sectors, the President expressed the hope that enhancement of funds for education will go a long way in addressing the challenge of militancy and extremism. He welcomed increase in size and scope of DFID program in Pakistan
especially in the less developed regions like Balochistan. Discussing regional situation, the President reiterated Pakistan’s principled stance of lending all support to an Afghan-led and Afghan-owned solution of the problems in Afghanistan. He said that we support an all inclusive reconciliation process in the neighboring country. The President said that a strong, peaceful and stable Afghanistan was not only in the interests of Afghans but also for Pakistan. The President also underscored the need for the international community to address the issue of narcotics on priority as drug trade was the major source of funding for the militants and extremists. He said that the SCO Summit in
Beijing last week he had offered to host an international conference of SCO countries on narcotics. The President also congratulated the people and the Government of UK on Her Majesty’s Diamond Jubilee, the 60th anniversary of accession to the throne. British Foreign Secretary thanked the President for meeting and assured that UK would continue to stand besides the people of Pakistan in their fight against militancy and their efforts to promote democracy and democratic culture in the country. He said that UK considers Pakistan as a strong friend and a partner and would continue to provide every possible assistance to the people of Pakistan.
NOT EVERYTHING HAS TO GLITTER FOR IT TO BE GOLD
Would you buy a one-rupee coin for Rs 600? Rumours of gold mixture hike denominational value of currency units up to Rs 600 across Pakistan g One, two-rupee coins being traded at Rs150-600 g Central bank says organised rackets involved in business g In spite of SBP’s warning cheating continues from Karachi to Khyber Pakhtunkhwa g
KARACHI ISMAIL DILAWAR
One and two-rupee red coins are regularly being traded across the country, at a price as high as Rs 600 from their denominational face value, on the basis of rumours that the currency units contain precious gold. The central bank can do nothing except observing the situation with a sheer helplessness and indeed surprise. According to SBP Chief Spokesman Syed Wasimuddin, an organised racket of cheats is fleecing the illiterate masses on the basis of “misleading” media reports. The rumours seem to have done damage that is far deeper than what the State Bank perceives it to be, as the profit-conscious general public, specially those liv-
ing in the rural areas, seems to have fallen prey to, what the central bank described as “highly mischievous” reports. “Friends special request: If anyone has the 1 Re, coins (red one not the silver one) please save it and contact me I will have it exchanged as some one has requested me. Thanks,” reads an SMS this reporter received from a contact based in Peshawar, the provincial capital of Khyber Pakhtunkhwa. In a telephonic conversation from Kunda village of District Sawabi, Usman Ali, a customer service manager at a private telecommunication firm, told Profit that the one-rupee coins were being traded in his village at a rate ranging from Rs 150 to Rs 600. Further, Hayat Khan, a tobacco trader in Nawagai village of Buner Dis-
trict, KPK, is quoted to have so far sold out the coins worth Rs 6000. No different is the situation in this relatively well-educated metropolis where certain shopkeepers are purchasing the gold-mixed coins, as they perceive, at a price up to Rs 150. “Some shopkeepers in Jackson are purchasing the red coins. The rates range from Rs 100 to Rs 150,” Zarwali Khan informed Profit from Keamari neighborhood. “They say there is gold mixed in it,” said the illiterate laborer who this reporter found hard to be alerted to the rumors. The central bank points finger at a section of regional press that, the regulator claims, had spread rumors about the mixture of gold in the currency coins.
“The State Bank of Pakistan (SBP) categorically denies the reports/rumors appearing in a section of the regional press/media regarding the mixing of gold in aluminum/copper coins of Rs. 1/- and Rs.2/-,“ said SBP Chief Spokesman Syed Wasimuddin in a clarification issued last Wednesday, June 6. The chief spokesman described the reports as “baseless rumors, highly misleading and mischievous”. The exchange value of one and tworupee coins would remain the same as per their face value, said the spokesman. “An organized racket is behind all these rumors to befool the illiterate masses,” Wasimuddin told Profit. Lamenting that some leading newspapers had not published the central bank’s clarification on the public interest
matter, the SBP spokesman called upon the masses not to buy or sell their coins on any price which is above their face value. Laughing out the impression that there was some gold mixed in the coins, Wasimuddin categorically clarified the rumors that the cenetral bank was about to stop issuing the coins and would retain the ones in circulation at Rs 1000. “The State Bank would not pay any amount that is more than the face value of a coin or unit of currency,” he said. However, the central bank’s statements so far have fallen on the deaf ears in the largely illiterate country where some, self-assumingly, smart people are always there to be exploited at the hands of cheats.
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Wednesday, 13 June, 2012
news
Wall Street rebounds; Spanish yields come off highs Stocks bounced back in midday trade on Tuesday as investors snapped up beaten down shares in energy and industrial sectors while Spanish bond yields came off their highs, giving relief to the market NEW YORK
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AGENCIES
He S&P 500 is down 6.3 percent for the month on concerns about the ongoing financial crisis in europe and signs of slowdown in the U.S. economy. even after a $125 billion aid package to Spain that was announced over the weekend, the S&P fell more than 1 percent on Monday, as questions remained about the terms of the bank-rescue deal and the impact it could have on Spanish debt levels. Trading was volatile. Wall Street dipped earlier as yields on Spain’s 10-year bond hit a euro-era high, pointing to continued stress in the nation’s debt markets shortly after an announced european Union bailout. “Into their close, both Spanish and Italian bonds are bouncing off their (price) lows. The daily egg shells we walk on this week over Spain will of course be followed by Sunday’s election in Greece and what, if anything, the FOMC will announce next week,” said Peter Boockvar, equity strategist at Miller Tabak & Co in New York. The weekend elections in Greece are
viewed as a major headwind that could result in the country leaving the euro zone. Nicholas Colas, chief market strategist at the Convergex Group in New York, predicted swings in equities around the close of european markets, “since that’s where all our catalysts are coming from.
“It is nice to see us holding above 1,300 (on the S&P), which is an important number psychologically, but it is very possible that we see another disappointing sell-off like yesterday,” he added. The Dow Jones industrial average .DJI was up 111.52 points, or 0.90 per-
cent, at 12,522.75. The Standard & Poor’s 500 Index .SPX was up 10.07 points, or 0.77 percent, at 1,319.00. The Nasdaq Composite Index .IXIC was up 24.87 points, or 0.89 percent, at 2,834.60. Volatility around the close of european markets is expected to persist until more clarity is received on Greece’s government makeup and the stability of Spain’s banking system. energy .GSPe and material .GSPM shares, both of which are heavily tethered to sentiment about europe, were the top gainers. energy stocks were up 1.4 percent and materials stocks were up 1.2 percent. Among the most active, Valero energy Corp (VLO.N) rose 4.9 percent to $22.95 while Halliburton Inc (HAL.N) was up 2.1 percent to $28.07. U.S. Steel Corp (X.N) rose 2.9 percent to $18.40. Michael Kors Holdings Ltd (KORS.N) rose 5.2 percent to $40.16 after posting stronger fourth-quarter profit growth and giving a strong full-year outlook. May U.S. import prices fell 1 percent from April, as expected, according to Labor Department data. export prices fell 0.4 percent, compared with the expectation for a drop of 1 percent.
MWP SPEAKS, ANONYMOUSLY OF COURSE
End to power outages? Yeah, not for another 5 years… g
‘Flow of funds required to reduce load shedding’ ISLAMABAD AMER SIAL
Just by doing three simple things, the newly inducted Minister for Water and Power Chaudhary Ahmad Mukhtar can significantly reduce the load shedding, if he succeeds in maintaining the financial flow from the Ministry of Finance, keeping a strict check on the recovery of distribution companies and expediting the under implementation power projects. A senior official involved in mitigation of the load shedding effort at the Ministry of Water and Power (MWP) told Pakistan Today on the condition of anonymity that there was no chance of ending the load shedding in the next three to five year period. It could be best managed in the short term by maintaining the financial flow for
power generation. As the conditions have not improved, there is no chance that subsidy will decrease this year. The government should provide funds to get full generation for restoring the economic activity; he said. The government has set a subsidy for the power sector at Rs 185 billion for the next fiscal as compared to Rs 300 billion provided this fiscal year. This remains the major task before the new minister to convince the Finance Ministry to provide Rs 300 billion in subsidy for the next fiscal year for smooth power supply. If this amount is timely provided then there would be maximum generation and no street protests, he said adding that it would allow surpassing the GDP growth rate target next fiscal. To improve the financial flow, MWP
has stressed numerous times at source deduction of outstanding provincial and federal government dues, which have increased over Rs 215 billion. “It is a grey area which requires greatest attention of the minister”, he added. About the poor recovery of DISCOs, he proposed that the minister should set up a dedicated team to monitor on daily basis the recovery and line losses of DISCOs. The recovery from private sector has risen to Rs 166 billion. During the last year DISCOs have not managed to achieve any recovery target and nor have they succeeded in reducing line losses. every month they gave conflicting statistics which could not be countered checked by the ministry, due to lack of staff. The most worrying aspect for the incumbent government is that it has not
managed to add any megawatt during its tenure even though many projects were initiated. On the thermal front, 425 MW Nandipur Power Project has remained struck; the progress Tarbela extension project and on 969 MW Neelam Jhelum Power Project remains slow, PPIB has failed to kick start 1100 MW Kohala Hydropower project, conversion of Thar coal into energy still remains a pipe dream, and interest in the wind power projects seems to have gone away with the wind. If Chaudhary Mukhtar keeps monitoring the pace of development on these projects on weekly basis, there are bright chances that most of these projects will come on line during the next few years. The cumulative impact of all these projects is around 6,000 MW and will have changing the expensive fuel mix.
FBR chairman claims that exports would hike Once government gets on the manufacturers’ bike g
FBR extols govt’s support for motorcycle manufacturers KARACHI STAFF REPORT
The government would support the manufacturers through prudent policies and encourage them to enhance the capacity and transfers of technology which will not only benefit local consumers but also increase exports of “Made in Pakistan” motorcycles; this was stated by Chairman Federal Board of Revenue (FBR) Mumtaz Haider Rizvi. While inaugurating the Atlas Honda motorcycle’s production capacity enhancement to 0.75 million bikes a year along with Mr. Kenji Kawaguchi, President Honda R&D Southeast Asia, he said that he was looking forward to Atlas Honda’s next landmark of achieving production and sales targets of 1 million motorcycles a year, as it would be a direct support to achieve FBR’s revenue collection targets. He asked the visiting officials of Honda Japan to take another leap forward and plan for producing 2 million motor-
cycles not only for local market but to tap the regional markets as well. He said that Pakistan is the country of 180 million people which could be considered amongst the biggest markets of motorcycles while it has immaculate and talented workforce besides a thriving economy which is a most suitable recipe for planning further investments. The chairman FBR after inaugurating Atlas Honda’s plant enhancement capacity that has been increased from 600,000 units to 750,000 units a year with the investment of $35m visited different production facilities of Atlas Honda plant and took keen interest in locally prod u c e d motorcycle engines and other parts. ‘This unit is not only to save valuable
foreign exchange by deleting 94% of the motorcycle parts but also to earn foreign exchange through exports,’ said the FBR Chairman. He said that FBR regards Atlas Honda as one of the role models among the Pakistani tax paying organizations. Mr. Kenji Kawaguchi, President Honda R&D Southeast Asia Co., Ltd., who had flown all the way from Thailand to be present at this historic occasion for Atlas Honda, assured that consistent policies from the Govt and continuous support from FBR will encourage Honda Japan to increase its role in Pakistani motorcycle market’s development. He said: ‘I am expecting from Honda to introduce several new and improved models in the coming years in order to
serve better the Pakistani customers.’ Speaking on the occasion, Chief executive Atlas Honda Saquib Shirazi announced that the company will now be undertaking a feasibility study for an expansion project to increase annual production of motorcycles to 1 million units, which is estimated to cost around an additional $50m. ‘The enabling environment provided by the Government was instrumental in the phenomenal growth of this sector even during the periods of economic recession. Atlas Honda was the market leader in the year 2000 and is still enjoying the same position with eight times increase in the production of units,’ he added. The chief executive further said that AHL believes in fair competition, and this is the reason the prices of motorcycles are stable. ‘Besides having 94% localization of our brands, our exports have doubled this year to around 20000 units, while we are hopeful to achieve our export target of 100000 units in next three to five years, he added.
LCCI invites president over for awards LAHORE STAFF REPORT
President of Pakistan Asif Ali Zardari will be the Chief Guest at eighth LCCI Achievement Awards 2012 scheduled for second week of July. This was stated by LCCI Acting President Kashif Younis Meher while addressing a Press Conference here at Lahore Chamber of commerce and Industry on Tuesday. The LCCI Achievement Awards Committee Convener and former senior Vice President Sheikh Muhammad Arshad, Central Chairman Pakistan Hardware Merchants Association Sardar Usman Ghani, LCCI executive Committee members Zeeshan Khalil and Sheikh Mohmmad Ayub also spoke on the occasion. The LCCI Acting President said that the very objective of this annual event of the Lahore Chamber is to encourage the fast growing business entrepreneurs. He said that this year the event would be unique in the sense that not only more categories are being introduced but its territorial scope is also being widened. He said that for the selection of businessmen from the other parts of the country the help of their respective chambers would be sought. He said that a new category of “Son of Lahore” is also being included in the Achievement awards while the other categories would be President of Pakistan Trophy, Businessman of the Year, woman entrepreneur of the Year, LCCI Achievement Award and LCCI Appreciation Awards that would be given to an Agriculture Scientist and two former Presidents of the Lahore Chamber of Commerce and Industry.
Spanish, Greek worries hold euro, shares in check LONDON APP/REUTERS
european shares and the euro were little changed on Tuesday as reports of official preparations for a possible Greek exit from the euro zone and rising scepticism over the Spanish bank bailout plan curbed demand for riskier assets. However, investors were closely watching Italian and Spanish government bond yields, which were edging up on worries that the 100 billion euros ($125 billion) lent to Spain to recapitalise its banks might worsen the country’s debt problems. Spain’s 10-year bond yields were up 10 basis points at 6.63 percent, while Italy’s equivalent yields rose 11 basis points to 6.15 percent. “There is a lot of nervousness,” said Ben Hauzenberger, fund manager at Zurich-based Swisscanto Asset Management. “(Spain’s bank bailout) is a step in the right direction, but one can’t rule out that more injections will be needed. Also, people don’t know what the outcome of the elections in Greece would be.”
Textile exports plummet unyieldingly FAISALABAD APP
Textile exports have declined by $1,333 million over the last seven months and the downfall will be $2 billion by the end of the current fiscal year if measures were not taken. These apprehensions were expressed by Chairman Pakistan Textile exporters Association Rana Arif Tauseef in a statement issued here on Tuesday. He said that barring first three months of the current financial year,textile exports had recorded a continuous decline ranging 10% to 19% over the last seven months. Touching on different irritants in the way of textile exports, he said huge amounts of exporters were stuck in the local taxes drawback scheme, custom rebate, sales tax and federal excise duty refund. If the funds of exporters are released, they will be able to expand their export, he added.
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Wednesday, 13 June, 2012
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news Bears arrive in Lahore as LSE loses 62.63 points LAHORE APP
Bearish trend prevailed in Lahore Stock exchange on Tuesday as it shed 62.63 points, following the LSe-25 index opened with 3452.95 and closed at 3390.32 points. The market’s overall situation, however, corresponded to an upward trend as it remained at 2.689 million shares to close against the previous turnover of 1.632 million shares, showing a upward move of 1.056 million shares. While, out of the total 95 active scrips only 3 moved up, 49 remained equal and 43 shed values. Maple Leaf Cement Factory, Dewan Salman Fibre Limited and Summit Bank Limited were major gainers of the day by recording increase in their per share value by Re 0.05, Re 0.04 and Re 0.02 respectively. Lucky Cement Limited, Pakistan Petroleum Limited and Oil and Gas Development Corporation Limited (OGDCL) lost their per share value by Rs 5.42, Rs 3.35 and Rs 2.80 respectively. The volume leader of the day included Lafarge Pakistan Cement with 716,644 shares, NIB Bank Limited with 639,865 shares and The Bank of Punjab Limited with 390,830 share.
SECP strengthens mutual fund governance ISLAMABAD APP
The Security and exchange Commission of Pakistan has issued detailed requirements and procedures for convening meeting of the unit holders of open end and closed end mutual funds in order to strengthen mutual fund governance. The step was taken in pursuance of the concept of unit holders’ meeting introduced by the (SeCP) through amendment to the regulatory framework for mutual funds industry, said SeCP statement issued here. In terms of the procedure introduced, an Asset Management Company (AMC) managing the mutual fund is responsible for conducting and chairing the meeting. The AMC is required to publish notice of the meeting through newspaper at least seven days prior to the date of such meeting. The trustee of the mutual fund is required to attend every meeting of unit holders and is responsible to ensure that all regulatory requirements are complied with. Unit holders of a mutual fund have been given the right to either cast their vote on a resolution by physical presence in the meeting, through proxy or by post. Introduction of the detailed procedure for convening the unit holders meeting is expected to strengthen the unit holders’ right to vote on important matters concerning mutual funds and is considered an important step forward for a more conducive regulatory framework to fuel growth of the mutual funds industry.
CORPORATE CORNER IBA, Karachi inks MoU with University of Maryland KARACHI: Following the thrust of its strategic direction, IBA, Karachi has entered into a joint relationship with Robert H. Smith School of Business, University of Maryland, USA. Dr. Ishrat Husain, Dean & Director, IBA Karachi and Dr. G. Anand Anandalingam, Dean, Robert H. Smith School of Business inked a MOU on Monday June 04, ‘12 in Maryland. Both institutes agreed upon strengthening the quality and scope of executive education programs available in Pakistan. The understanding includes Train the Trainer for IBA Faculty members in executive education, Video Conferences, Customized and Open enrollment Programs offered in Pakistan and the facilitation of Pakistani executives travelling to Smith School for executive education. The agreement also includes promotion of an educational environment where faculty exchange is possible leveraging the strengths and resources of programs at both the institutions. Deep concerns were expressed at the occasion regarding growing challenges in leading global organizations. Smith has developed thought leadership in executive education to address these challenges effectively that have been successful with executives in countries like USA, China, India and europe.
Major Gainers
HONEY: RETRIEVING NATO NEGOTIATORS
Bears take Uncle Sam’s cue g
KARACHI
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ARACHI stocks were battered after US pulled NATO negotiators from Pakistan leading to uncertainties Pak-US ties. This was asserted by Ahsan Mehanti, Director at Arif Habib Investments Limited. The Karachi Stock exchange (KSe) 100-share index plunged 171.90 points or 1.26 percent to close at 13,429.56 points as compared to 13,601.46 points of the previous session. The KSe 30share index shed 188.43 points to close at 11,558.22 points as compared to 11,746.65 points of the previous session. The market turnover remained positive and traded 70.704 million shares after opening at 60.206 million shares. The overall market capitalisation declined 0.05 percent and traded Rs 3.428 trillion as against Rs 3.471 trillion. Losers outnumbered gainers 75 to 196, while 71 stocks were unchanged. Mehanti added “-Uncertain global stocks and fall in global commodities affected the sentiments despite hopes for ease in macroeconomic issues after China agrees to place $500m with SBP defuse
Open
High
Low
Close
Change
Turnover
Rafhan MaizeXD Siemens Pakistan Philip Morris Pak. Indus Motor Company Pak Telephone
3093.65 660.00 151.87 267.75 5.00
3190.00 693.00 159.46 274.00 7.50
2940.00 630.01 151.00 266.50 5.01
3126.71 675.13 157.91 270.46 7.47
33.06 15.13 6.04 2.71 2.47
272 1,047 4,511 8,540 611
Major Losers
KSE takes a 172-point nosedive amid uncertainties over uncle-nephew bond STAFF REPORT
Company
pressure on current account and depletion of FX reserves.” The KMI 30-share was down by 371.11 points to close at 23,221.09 points from its opening at 23,592.20 points. The KSe all-share index closed with a loss of 371.11 points to 9,460.51 points as against 9,578.99 points. The Lucky Cement was the volume leader in the share market with 5.418 million shares as it closed at Rs 117.37 after opening at Rs 123.02. Jahangir Siddiqui Company Limited traded 5.359 million shares as it closed at Rs 14.08 after opening Rs 14.49. D.G.K Cement traded 5.102 million shares as it closed at Rs 39.43 from its opening at Rs 40.24. P.T.C.L.A traded 4.000 million shares and closed at Rs 13.89 as against its opening at Rs 14.37. Hub Power Company traded 3.560 million shares as it closed at Rs 40.22 as compared to its opening at Rs 40.42. On the future market, the turnover plunged by 8.706 million against 10.772 million shares of the last day. The Rafhan Maize XD and Siemens Pakistan and, up Rs 33.06 and Rs 15.13, led highest price gainers while, UniLever Pakistan and Millat Tractors down Rs 85.16 and Rs 12.04 respectively, led the losers.
UniLever Pak Millat Tractors Nestle Pakistan Ltd. P.S.O. XD Lucky Cement
7247.66 490.20 4063.00 245.77 123.02
7290.00 494.99 4083.00 246.90 123.40
7100.00 475.00 3999.99 239.00 116.87
7162.50 478.16 4054.26 239.87 117.37
-85.16 -12.04 -8.74 -5.90 -5.65
28 77,967 5,271 357,192 5,418,656
Volume Leaders Lucky Cement Jah.Sidd. Co. D.G.K.Cement P.T.C.L.A Hub Power Company
123.02 14.49 40.24 14.37 40.42
123.40 14.48 40.17 14.44 40.45
116.87 13.75 38.80 13.75 39.99
117.37 14.08 39.43 13.89 40.22
-5.65 -0.41 -0.81 -0.48 -0.20
5,418,656 5,359,901 5,102,797 4,000,980 3,560,204
Interbank Rates US Dollar UK Pound Japanese Yen Euro
94.2847 146.1224 1.1851 117.8652
Dollar East Buy US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
95.40 117.92 147.06 1.1854 91.75 12.08 25.79 25.27 93.40
Sell 96.00 119.48 148.98 1.2008 93.46 12.30 26.10 25.56 96.08
Eureka! g
ICCI believes we could trigger the industrial growth if the labour force actually knew what they’re doing ISLAMABAD ONLINE
The supply of perfectly skilled labor to industries could trigger the industrial growth rate without doing heavy capital investment. Islamabad Chamber of Commerce and Industry (ICCI) acting President, Asad Farid stated in an interactive session that was conducted by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) in collaboration of ICCI at Chamber House on Tuesday. Working Groups formed during the session learnt about Technical and
Vocational education and Training (TVeT) reform. The groups also discussed some proposals appropriate for National Qualification Framework in Pakistan. Members of Quetta Chamber of Commerce and Industry were also present on the occasion. Jermy Curtis, expertNQF, GIZ, TVeT Reform Support Program, gave a detailed presentation on the NQF Program for Pakistan its objectives, role and the benefits for employees, employers and Pakistan as a nation. He also briefed the participants on NQF development, curriculum development, and competency stan-
Glamourous inauguration of Bata Shoe Store
dard development. He also told that through NQF development Pakistan’s economic growth will be enhanced. Jermy said that National Skills Strategy (NSS) 2009-2013 aims at providing relevant skills for industrial and economic development, assuring quality of training and improving access, equity and employment of young people. ICCI president while appreciating the efforts of GIZ for developing a National Qualification Framework for technical vocational education training in Pakistan said that the structures and strategies are needed
as socks, shoelaces, in-sole and shoe polish etc. At the inauguration, the guests were given free gift hampers for shopping of over 1500 rupees. During the current expansion programme, Large Format Stores would also be inaugurated in other parts of Pakistan. Bata is committed to provide the Pakistani consumers with the best retail consumer experience.
NTDCL signs agreement of construction of 500 kV Grid Station with China
LAHORE - Bata Pakistan has launched its new outlet in H-Block, Defence Housing Authority, Lahore. The inauguration was done by Mr. Fernando Garcia, Group Managing Director, Managing Director of Bata Pakistan, Mr. Muhammad Imran Malik, other senior ranked officers and a vast array of guests were also present. The Store was highly decorated from inside, it covers huge ground space and caters to a wide range of shoes including BubbleGummers and B-First for kids, Marie Claire for stylish women, Ambassador for formal gents and Power, Leena, North Star and Weinbrenner for the youth. The Store offers accessories other than shoes such
LAHORE: National Transmission and Despatch Company Limited (NTDCL) has signed an agreement of construction of New Lahore 500 Kv Grid Station as part of joint venture with Chinese companies. Chief engineer eHV-I NTDCL Muhammad Amin Khalid on behalf of NTDCL Management and President of China National electric equipment Corporation (CNeeC) Mr Zhau Ruolin signed the agreement, during a ceremony held at Avari Hotel Lahore, today. Mr Zhau Ruolin, president of CNeeC While singing the agreement ceremony said that his company is known to be one of the professional company which has achieved remarkable success in the various power projects all over the world. CNeeC is also interested in investing Thermal and Hydle projects of Pakistan and takes pleasure to work with NTDCL in various projects of transmission networking which will prove another corner stone in the Pak-China friendship,
to be developed for providing skill development opportunities to the labor force of Pakistan as par with international standards. He was of the view that the supply of perfectly skilled labor to industries could trigger the industrial growth rate without doing heavy capital investment. He said that Pakistan’s vocational training institutes should address skill development needs of workers and develop programs for their skill enhancement in line with international standards because types of skills demanded in the international job market are also changing rapidly.
he added. Mr Zia-ur-Rehman, General Manager Coordination and Monitoring (C&M), while addressing the ceremony said that this vital project worth Rs 4 billion, is the part of NTDCL`s overall power development programme proposed for strengthening of its transmission network to mitigate the ongoing energy crisis and to provide smooth power to the consumers which will help in the socio-economic uplift of the area and will also increase employment opportunities. The project, after the approval by executive Committee of the National economic Council (eCNeC) was later approved by the Board of Directors of NTDCL for its execution through funding of Japan International Corporation Agency (JICA). Dilating upon the other prospects of this projects, the NTDCL spokesman said that the New Lahore 500 kV grid Station is situated in Moza Kanogill, Tehsil Pattoki District Kasur near Bhai Pheru, opposite to existing 220 kV Substation Sarfraz Nagar and covers an area of approximately 1156 Kanals including the facilities for residential area, construction of 500/220 kV Substation and facility for its extension up to 756 kV level. The spokesman further said that bids for the said project was called on the basis of International Competitive Bidding (ICB) and were evaluated by the NeSPAK, the consultant of the project. A Joint venture of Chinese construction companies M/s CNeeC-FNePCC was awarded the contract being lowest responsive bidder with the concurrence of funding agency JICA.