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Thursday, 13 September, 2012
ALLURING INVESTORS, ARE WE? Pakistan’s strong economic indicators, attractive for foreign investment in power, oil sectors TIANJIN
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RIME Minister Raja Pervez Ashraf on Wednesday, mentioning Pakistan’s strong economic indicators, said the country was an attractive zone for foreign investment, particularly in power, oil and gas exploration and infrastructure development sectors. The Prime Minister expressed these views while leading a discussion of the Business Interaction Group on Pakistan at the Meijiang Convention Centre the venue of ongoing World Economic Forum’s Annual Meeting of New Champions. Dilating upon Pakistan’s macro-economic stability and liberal investment policy, the Prime Minister said country’s economic consistency, openness and predictability in policies were vital factors in providing foreign businessmen an enabling environment for their investment. He said his government was com-
PTCL going great guns Shows impressive growth, posting revenue of Rs 60 billion for FY 2011-12 ISLAMABAD Staff RepoRt
Country’s leading integrated telecommunication services provider, Pakistan Telecommunications Company Limited (PTCL), has posted net profit of Rs. 7.24 billion in FY 2011-12. The company also showed a steady growth of 9% in revenue. The annual accounts were announced at the company’s Board of Directors meeting. “The positive growth of PTCL’s revenue streams points to our dynamic corporate identity and strong customer base,” said PTCL CEO & President, Walid Irshaid, following the company’s Board of Directors meeting. “Our dynamic corporate leadership and talented human capital has cascaded into PTCL’s impressive financial strides and rising shareholder value”, said Mr. Irshaid. According to the PTCL BoD announcement, PTCL’s group revenue stood at Rs.110.8 billion during the period under review, showing a growth of 8% over 102.6 billion. The telecom giant has yet again proved that it is the leader of the telecommunication sector of Pakistan by posting impressive profits despite a sluggish economy. The company’s market share in the broadband, wireless and specialized telecom solutions segments has increased in the current fiscal year through introduction of state-of-the-art products and unmatched affordable services. PTCL achieved country’s first One Million Broadband customer’s mark in May 2012. PTCL’s capable workforce continued to bring laurels for the company by winning the prestigious international “ESRI Award” for innovation in GIS technology. PTCL is continuing its digital revolution, bringing underserved areas into the national telecom loop by launching telecommunications services in Azad Kashmir making it the 18th Telecom region of PTCL. “PTCL believes in bringing a unique customer experience by offering sophisticated products and improved service delivery” said Mr. Irshaid, while reflecting on the extraordinary achievements of PTCL. “We will continue our role of a socially responsible telecom leader by introducing ever more flexible and innovative telecommunications solutions to the masses”, he said.
mitted to facilitation of business, reforms and deregulation in pursuance of its economic philosophy. He mentioned Pakistan’s strategic location next to three important regions - South, Central and West Asia, that provided a shortest access to the energy-rich and fast developing Central and Western Asia. He said for the economic world, the country could prove a bridge, linking to multiple corridors of cooperation in energy, trade, investment, transportation and tourism. Prime Minister Ashraf said due to macro-economic stability, the country’s economy was expected to grow by over four percent this year. He said country’s banking sector had withstood the global financial crisis of 2008 with the help of its exports that grew by 30 percent in 2011. On liberal investment policy, he said all sectors of economy were open to Foreign Direct Investment (FDI). In addition, there was no restriction on equity as foreigners were permitted hundred percent foreign equity, statutory protection, and high rates of return accrued to investment. He said there were institutional safeguards provided in the system like Compet-
itive Commission, the Security and Exchange Commission and Central Bank. He said Pakistan had a non-discriminatory investment policy for all countries. The Prime Minister said Pakistan was a country of 180 million with a growing middle class and an increasing demand for goods and services. He mentioned that abundant and unexploited natural resources including coal, oil, gas, water and irrigation systems and minerals had great potential of exploration. He said investment in power sector could be made in the areas of solar, wind, renewable energy, solar tubewells, hydro and thermal power generation. He said opportunities also existed in modernization and refurbishment of ports and railways. He informed the Business Group that a Korean company had shown interest in constructing a 300 mega watt solar power plant in Balochistan. To a question, the Prime Minister said Pakistan was working to have good relations with India including trade ties. He mentioned the recent visit of Indian External Affairs Minister S.M Krishna to Pakistan and the discussions carried out on easing the visa regime and cooperation in agriculture sector.
Asian markets rise ahead of US Fed meeting HONG KONG afp
Asian markets rose and the dollar remained subdued against the yen Wednesday ahead of a US Federal Reserve meeting most economists expect will deliver fresh stimulus to kickstart the economy. Comments from China’s prime minister hinting at new monetary easing also provided a fillip, while traders are confident of a positive verdict in Germany as judges are due to rule on whether Berlin can legally take part in the eurozone’s bailout fund. Tokyo surged 1.46 percent by the break, with much better than-expected July economic data helping to lift sentiment, while Hong Kong jumped 0.94 percent, Sydney advanced 0.80 percent, Shanghai climbed 0.16 percent and Seoul added 1.39 percent. The US Fed will later begin its two-day policy meeting, after which there is a wide expectation it will unveil new measures to spur growth, with most analysts tipping a third round of bond-buying, or quantitative easing. On Wall Street the Dow was up 0.52 percent and the S&P 500 rose 0.31 percent while the tech-rich Nasdaq was flat. Adding to buying incentives were data showing the US trade deficit was virtually unchanged in July from June, an unexpected reading although the figures showed imports and exports dropped due to a global slowdown. “Market sentiment is very positive,” said Brett McGonegal, chief executive officer at Reorient Financial Markets in Hong Kong. “Once people get into the buying mood it is not a oneday event, we could have an overall buying appetite that could absorb a shock,” he told Dow Jones Newswires. But with the likelihood of more dollars flooding the market
the currency retreated in New York from recent highs against the yen and stayed weak in Tokyo. In early Asian trade it bought 77.91 yen, against 77.73 yen in New York late Tuesday. In Asia on Tuesday the greenback was buying around 78.20 yen. However, also weighing on the unit was a warning from Moody’s that it would downgrade the United States’ AAA credit rating if lawmakers did not get the country’s debt situation in order. Late Tuesday Chinese Premier Wen Jiabao said the world’s number two economy “was showing signs of stabilising” and would likely meet the 7.5 percent growth the government set for the year. “We will, according to economic trends, make full use of the advantage of having relatively big space for fiscal and monetary policy (moves),” he said. Wen later emphasised that despite a slowdown in government revenues, the government has about a one trillion yuan ($158 billion) surplus on its balance sheet and around 100 billion yuan in what he called “stability and adjustment funds”. The government “will not hesitate to use” such money, he following a speech to the World Economic Forum in the eastern city of Tianjin. The comments suggested Beijing was ready to announce new measures to boost spending in China — a key driver of regional growth — such as lowering the amount of money banks must keep on reserve, or even cutting interest rates. In Germany later Wednesday eight judges of the country’s Constitutional Court will rule on the legality of the European Stability Mechanism (ESM) set up to help under pressure nations. While the court has a history of ruling in favour of steps towards greater European integration, a negative decision could blow the entire euro project apart, owing to Germany’s key role in financing future rescues.
Traders unite! ‘Business community contacts can play vital role in boosting trade, in SAARC region’
ISLAMABAD oNLINe
Leader of the House Senator Jahangir Badar has said that enhancing people to people contacts particularly business community can play vital role in boosting trade and business in the SAARC region. Jahangir Badar expressed these views while talking to a delegation of SAARC chamber of commerce and industry and their business leaders who called Leader of the house and Leader of the Opposition in Senate, Senator Ishaq Dar at Parliament House here on Wednesday. Both Pakistani political leaders assured them that SAARC business leaders and SAARC countries would be extended mutual respect and cooperation especially for business activities. The Leader of the House said that it is need of the time keeping in view the global changes that atmosphere of peace and harmony in the mutual interest to be created for eradication of poverty, unemployment, terrorism from the SAARC region and to organize South Asian world for the coming generations of the highest populated region in the world. The business leaders of the SAARC countries have invited both Leader of the House and Leader of the Opposition in Senate to visit SAARC countries one after the other and increase the interactions in this regard to make SAARC region a hub of trade and development activities for ultimate progress, prosperity and uplift of the people of the region.
REMITTANCES GROW ‘Pakistani diaspora remittances grew by 2.36 % in two months’ ISLAMABAD app
The overseas Pakistani workers remitted an amount of $2,463.69 million in the first two months (July - August) of the current fiscal year showing a growth of 2.36 percent received in the same period of last fiscal year. “This shows a growth of 2.36 percent or $56.91 million as compared to $2,406.78 million received during the same period of last fiscal year”, a statement issued by the State Bank of Pakistan (SBP) said. The statement of the Central Bank said that the inflow of remittances in July and August in 2012 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $657.78 million, $505.80 million, $446.61 million, $334.06 million, $274.09 million and $63.57 million respectively as compared to the inflow of $601.62 million, $552.11 million, $458.45 million, $282.45 million,
$250.76 million and $74.97 million respectively in July-August 2011. It further said that Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first two months of current fiscal year (July-August FY13) amounted to $181.78 million as against $186.42 million received in the first two months of last fis-
cal year (July-August FY12). The monthly average remittances for July-August 2012 period comes out to $1,231.85 million as compared to $1,203.39 million during the corresponding period of the last fiscal year. An amount of $1,258.98 million was remitted by Overseas Pakistanis in August 2012 as against $1,310.47 million in the same month of the last fiscal
year (August 2011). In August 2012, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $308.12 million} $265.26 million, $231.31 million, $185,57 million, $133.73 million and $32.74 million respectively as compared with the inflow of $309, 79 million, $294.46 million, $263.58 million, $163.90 million, $134.31 million and $42.38 million respectively in August, 2011. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the second month of current fiscal year (August FY13) amounted to $102.25 million as against $102.05 million received in the second month of last fiscal year (August FY12). The continued growth in workers’ remittances is the result of the efforts made by Pakistan Remittance Initiative (PRl) in collaboration with other stakeholders to facilitate both Overseas Pakistanis and their families back home.
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Business 02 Apple’s iPhone needs to dazzle as market gets crowded SAN FRANCISCO aGeNCIeS
The new iPhone 5 has to be more than just another smartphone as it carries the weight of Apple Inc’s future on its slim frame. Five years after the first iPhone upended the mobile industry, analysts say Apple is looking increasingly defensive as Samsung Electronics Co Ltd and other rivals have been first to market with phones that sport bigger screens or run on faster wireless networks. Apple will try to close that gap on Wednesday with the unveiling of the newest iPhone, which is widely expected to offer 4G wireless technology for the first time, and a 4inch display, up from the current 3.5 inches. But it remains to be seen if Chief Executive Tim Cook has any surprises up his sleeve, and if he will show off any technological breakthroughs that can put the iPhone 5 head and shoulders above the competition. “They have been in the crosshairs of a lot of companies for a long, long time,” Sterne Agee analyst Shaw Wu said. “They were the upstarts before,” he added. “Now they are more in a defensive role.” Apple shares typically rally ahead of, and sell off after, a major product launch. They have gained 15 percent in the past six weeks to touch an alltime high on Monday. Apple has grappled with competitive pressure since the first iPhone in 2007, though its rivals have changed as former market leaders such as Canada’s Research in Motion or Finland’s Nokia struggle, and as Asian powerhouse Samsung has come to the fore. While no one company has yet been able to match Apple’s seamless integration of hardware and software, Google Inc’s Android has become the most-used mobile operating system in the world, and Samsung has the lead in device sales. Wednesday’s iPhone 5 launch also comes days after Nokia unwrapped its first phone to run the latest Microsoft Windows software, intended to spearhead a new family of devices.
BEARS GO ONE WAY, BULLS THE OTHER
COMPANY Siemens Pakistan Shezan Inter. Linde PakistanXD Pak Oilfields Thal Limited
LSE sheds 36 as ISE hikes up 24 points
Bata (Pak) Limited Abbott Lab.XD National Foods Pak Gum & Chemical Mithchells Fruit
LAHORE/ISLAMABAD
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aGeNCIeS
EARISH trend witnessed in the Lahore Stock Exchange on Wednesday as it shed 36.41 points, following the LSE-25 index opened with 4156.01 and closed at 4119.60 points. The market’s overall situation also did not correspond to an upward trend as it remained at 3.651 million shares to close against previous turnover of 3.725 million shares, showing a downward slide of 73,100 shares. While, out of the total 89 active scrips 24 moved up, 45 remained equal and 20 shed values. Pakistan Oil Fields Limited, Hub Power Company Limited and Nishat Mills Limited were Major Gainer of the day by recording increase in their per share value by Rs 5.07, Rs 1.57 and Rs 1.51 respectively. Engro Corporation Limited, Faysal Bank Limited and Cyan Limited (Central) lost their per share value by Rs 1.31, Re 0.80 and Re 0.56 respectively. The Volume Leader of the day included Karachi Electric Supply Company with 487,000 shares, Lafarge Pakistan Cement with 442,000 shares and Pakistan Tele Communication Limited with 374,500 shares. ISE GAINS 24.38 POINTS: Islamabad Stock Exchange (ISE-10) here on Wednesday witnessed bullish trend as the index was up by 2 4 . 3 8 points to close at 3086.98 as compared to the
previous day’s trading. Talking to APP, Stock Analyst M.M Hassan said that the major positions taken by the investors led the bullish rally in the markets. The scrips of cement remained the leading sector which created the positive sentiments, he added. A total volume of shares traded was 40,100, which was up by 147,900 as compared to a day earlier’s closing. Of 129 companies’ shares traded, the price of 74 was increased while the price of 55 decreased. The price of top gainer Simens Pakistan Engineering was increased by Rs.40.00 while the price of top loser Abbottabad Laboratories decreased by Rs.10.38. D.G.Khan Cement, Dewan Salman Fibres and P.T.C.L remained volume leaders on Wednesday, with volume of 20,000, 15,000 and 5,000 shares respectively.
Major Gainers OPEN 900.00 231.67 141.76 416.93 123.97
HIGH 940.00 243.25 148.84 422.99 128.14
LOW 940.00 243.00 148.50 416.77 123.97
CLOSE 940.00 243.25 148.84 421.59 127.71
CHANGE 40.00 11.58 7.08 4.66 3.74
TURNOVER 50 1,200 7,900 592,200 72,500
950.00 213.50 261.25 253.00 358.95
950.00 197.43 251.00 244.45 340.00
950.00 197.44 252.01 244.45 340.01
-50.00 -10.38 -7.55 -5.56 -4.99
100 253,500 229,200 1,500 300
19.45 7.68 3.77 49.85 58.00
18.45 7.11 3.26 48.15 56.00
18.56 7.18 3.62 49.59 57.45
-0.25 -0.32 0.21 1.41 1.46
29,957,500 18,986,500 16,891,500 12,958,500 5,569,500
Major Losers 1000.00 207.82 259.56 250.01 345.00
Volume Leaders P.T.C.L.A 18.81 K.E.S.C. 7.50 Pace (Pak) Ltd. 3.41 Hub Power CoSPOT 48.18 Nishat Mills Limited 55.99
Interbank Rates US Dollar UK Pound Japanese Yen Euro
94.5789 152.4045 1.2136 121.9028
Dollar East BUY US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
94.50 120.76 150.86 1.1997 95.81 11.98 25.58 25.06 97.54
SELL 95.00 122.00 152.37 1.2116 97.28 12.17 25.81 25.26 99.96
Oil down in Asia ahead of Fed meeting SINGAPORE: Oil inched down in Asia Wednesday as traders looked to a Federal Reserve policy meeting starting later in the day for leads, analysts said. New York’s main contract, light sweet crude for delivery in October, shed eight cents to $97.09 a barrel and Brent North Sea crude for October delivery fell six cents to $115.34. “On the commodity front, oil did very little... although that could swiftly change after Thursday’s Fed meeting,” IG Markets said in a report. Market speculation was high that the Fed’s Federal Open Market Committee would announce new economic stimulus at the end of a two-day meeting Thursday. But just how far the committee will go, and what kind of impact it can have, is unclear, analysts said. Traders were also eyeing the US Department of Energy’s weekly US petroleum supplies report due later Wednesday, to gauge demand in the world’s biggest oil-consuming country. In Europe, attention is on a German constitutional court ruling on the European Stability Mechanism, the eurozone financial aid fund, with expectations high that the court will approve its use. afp
CORPORATE CORNER Haier Issues Takeover Notice
LAHORE: Haier Group is a global leader in innovative, award-winning consumer electronics and home appliances. Haier acquired approximately 20 percent stake in Fisher and Paykel Appliances in 2009, establishing cooperation agreements in research and development, sourcing, manufacturing and marketing.
Bank Alfalah to launch first student ISIC co-branded debit card KARACHI: Bank Alfalah recently signed an agreement with Alive Asia for jointly launching the first co-branded International Student Identity Card (ISIC) in Pakistan. The ISIC allows students access to over 41,000 local and international benefits and services from 125,000 locations across 124 countries globally. It is the only internationally recognized student identity card acknowledged and supported by UNESCO, universities, academic institutions and governments worldwide.
Etihad Airways lends support to fund raiser concert KARACHI: Etihad Airways, the national carrier of the United Arab Emirates, has been named the Official International Airline of the ‘This is My Life’ fund raiser concert to be held in Islamabad on September 15 to coincide with International Aids Day.
GE appoints Sarim Sheikh as President & CEO LAHORE: GE (NYSE: GE) has appointed Sarim Sheikh as President & Chief Executive Officer of GE Pakistan, effective August 2012. He leads the company’s operations across various growth sectors in the country, where GE has had a presence since 1947.
Mobilink initiates corporate sector’s flood relief response
with the Special Communications Organization (SCO) to initiate infrastructure sharing between the two companies.
LAHORE: Mobilink has taken the lead in initiating the corporate sector’s response to the needs of flood affected areas in Southern Punjab. Mobilink has launched a rapid flood-relief campaign to counter the impact of flood related devastation, with a specific focus on the vicinity of DG Khan and Rajanpur, where over 100,000 people have been affected as a result of rain and canal breaches.
HBL - China UnionPay Alliance LAHORE: Habib Bank Limited (HBL), Pakistan’s largest commercial bank, signed an agreement with UnionPay (UP) to issue UP cards in Pakistan and in global markets where HBL has presence. This new partnership was a “major breakthrough in forging the ties between the financial institutions in China and Pakistan” said Pakistan’s ambassador, Mr Masood Khan on this occasion.
ZONG, only network to offer location based charging (R-L) Microsoft NEPA, BG Lead Office Division, Ihsan Anabtawi, Microsoft Pakistan, Marketing and Communications Manager, Asad Jafri, Sultan Hamdan present at the press briefing of Microsoft Office 365.
HAPEE Exhibition in Lahore
KARACHI: ZONG, the digital partner of Pakistani nation, has once again emerged as the industry leader by being the only cellular service provider to offer location based charging (LBC) services 24/7. The telecom giant has heavily invested in its technology during the recent past which has enabled them to provide unparalleled services to their subscribers.
LAHORE: Interwood Mobel (Pvt.) Ltd participated in HAPEE Exhibition for Home Appliances and Electronic Equipment. The highly anticipated event took place in Lahore – Expo Center, Johar Town, from 8th to 10th September 2012. Visitor from all over Pakistan visited Interwood Stall and inquired about its different product categories.
Mobilink, SCO sign MoU LAHORE: 12th September, 2012 – Pakistan Mobile Communications Limited (Mobilink) has signed a Memorandum of Understanding (MoU)
3rd LADIESFUND Entrepreneurship Conference on 15th
MCB Group Head ConsumerBanking Ali Mubashir Kazmi and MCB Business Head Commercial Branch Banking Aamir Ali Rizvi handing over car key to Khurram Ashraf the winner of Visa Debit Cards customers ‘LuckyDraw’
KARACHI: The 3rd LADIESFUND Entrepreneurship Conference (LEC) 2012, featuring success stories of fabulous personalities, career and networking opportunities with a vast circle of over 600 VIPs, women entrepreneurs, male and female students, media, and a grand exhibition is going to be held on Saturday, September 15, 2012 at the Bahria Auditorium. This was announced by the LADIESFUND chief and prominent women entrepreneurship activist, Tara Uzra Dawood in a press conference held at her office on Monday. She said that the exhibition would be the first ever ‘Student Entrepreneurship Exhibition’ in the history of Pakistan. It would include the work of deaf student entrepreneurs from the JS Academy, besides young female students who intend to become an entrepreneur. Talking about the exhibition, Dawood said that the theme of the conference this year would be ‘Jidat Ka Safar’. Panelists for the conference would be Frieha Altaf (Catwalk), Amin Gulgee, Azmay and Samia Shahzada (Shoes), Madiha Sultan Tai & Lal Majid (Lal’s), Dr Saadia Virk Rizvi (South City Hospital), Moonis Rahman () and Rabia Gareeb (CIO Pakistan). She said that their series of conferences had been benefiting a number of people. Because of these conferences, several people get employment, extend their businesses, get investments and technical support to become an entrepreneur after being inspired by the success stories of trailblazer and courageous women, who proved themselves through prolonged and steadfast struggle.
Thursday, 13 September, 2012