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IccI demands traders’ representation in govt bodies ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) urged the government on Wednesday to give the business community representation to the government’s decision making bodies for formulating business friendly economic policies and to recognize their role. “Businessmen play an important role in the development of national economy by promoting business, creating jobs and paying taxes. therefore, they should be included in the government decisionmaking bodies”, Zafar Bakhtawari President ICCI said while talking to Iftikhar Ali Malik, Vice President of SAARC Chamber of Commerce who visited ICCI here. Bakhtawari said that ICCI also urged the Government to give representation to the businessmen in the boards of directors of Capital Development Authority (CDA) and other government institutions which would ultimately create an environment of trust between the business community and Government. The ICCI President said that the economy of Pakistan was facing multiple challenges and the government should address these challenges on priority for creating better business environment in the country. He said that facilitating the growth of private enterprises would create multiple benefits for the economy as it will improve productivity, trade, exports, employment and revenue generation for the country. Speaking on the occasion, Iftikhar Ali Malik discussed the matters of mutual interest with ICCI President and stressed on developing strong networking among the Chambers and business associations of the country for effective advocacy on common issues. APP
UK to continue support for grant of gsP Plus to Pakistan FAISALABAD: Alison McEwen, Head of Bilateral Team for Pakistan British Foreign and Commonwealth Office (FCO), said the United Kingdom (UK) will continue its support for grant of Generalized System of Preferences (GSP) Plus to Pakistan from European Union. Addressing a meeting at the Faisalabad Chamber of Commerce and Industry (FCCI) here on Wednesday, she said the UK would continue its support for grant of GSP Plus to Pakistan by EU in 2014. Earlier, President FCCI Mian Zahid Aslam, in his welcome address, said the UK and Pakistan were enjoying people-to-people contacts. He said the UK was a close friend to the government and people, and had always vowed to stronger relationship with Pakistan in building up ties in the trade, health and education sectors. He said due to prolonged energy deficit in Pakistan, the power sector offered great potential for investment from British Companies for joint ventures. APP
Pakistan is an investment-friendly country and international companies are working there smoothly which reflects the normal situation prevailing in the country. – Prime Minister Raja Pervaiz Ashraf
PRI helPs RaIse RemITTances To bolsTeR aIlIng economy ISLAMABAD
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CONOMIC experts have termed the rise in remittances as a strong cushion for the country’s ailing economy, providing a bailout package at a much needed time to bring about stabilization. “Being the one of most important positive indicators, the record increase in remittances is very good for the economy of the country,” Former Finance Minister Dr. Salman Shah said. He said that the boost in remittances would also help ease the pressure of balance of payment of the country. Dr.Salman was of the view that Overseas Pakistanis were the one of the biggest resource to boost economy of the country adding that Overseas Chinese and Indians have made huge investment in their respective countries. “If Pakistani government serves its overseas Pakistanis and take initiatives by providing them incentives then they can play a vital role in boosting Pakistan’s economy through their remittances and investments for the socio economic prosper-
ity of Pakistan”, he remarked. Citing another reason for increase in remittances, he said due to the recovery in various economies including USA, Saudi Arabia where overseas Pakistanis live, the remittances have increased considerably. The Pakistan Remittance Initiative (PRI) launched by the government to facilitate overseas Pakistanis has been bearing fruits as the remittances have touched record high during the seven months of the current fiscal year. The government had launched PRI in April 2009 through the joint cooperation of State Bank of Pakistan, Ministry of Overseas Pakistanis and the Ministry of Finance in order to provide an ownership structure in Pakistan for remittance facilitation. This initiative facilitated
and supported faster, cheaper, convenient and efficient flow of remittances. PRI had taken a number of steps to enhance the flow of remittances through formal channels which include (i) preparation of national strategies on remittances (ii) taking all necessary steps to implement the overall strategy (iii) playing the advisory role for financial sector in terms of preparing a business case, relationship building with overseas correspondents, creating separate efficient remittance payment highways. Experts believe that the continued growth in workers’ remittances is the result of the efforts made by PRI in collaboration with other stakeholders to facilitate both overseas Pakistanis and their families back home.
SNGP may post Rs 1.517b profit for FY12 KARACHI STAFF REPORT
The Sui North Gas Pipeline Limited (SNGP) is expected to have registered an increase of 35%YoY in its profit after tax (PAT) to Rs 1.517 billion, marking the Rs 2.63 earning per share of (EPS) for FY12. The sharp rise in the bottomline during the period is projected mainly due to rise in operating assets by 4%YoY to Rs76.6bn, increase in nonoperating income by 5%YoY to Rs4.2bn and decline in financial charges by 9%YoY to Rs3.5bn,” said Abdul Azeem of InvestCap Research. However, the analyst said, rise of 19% YoY in Unaccounted for Gas (UFG) losses was expected to have restricted the bottomline to grow further in FY12. The company is spending hefty amount to curb the UFG losses. “We expect Rs1.50/share as cash dividend to be announced along with the FY12 results,” he said. On quarterly basis, the company’s profit after tax (PAT) is ex-
pected to increase by 155pc to Rs503mn (EPS Rs0.87) during 4QFY12. With the addition of 2pc in operating assets, the company would be able to improve its EBIT by 15pc. Reduction in UFG losses is expected to be the helping hand improving EBIT during the 4QFY12 as UFG looses declined by a massive 72pc to Rs645mn.
However, minimal 8%QoQ decline in non-operating income is expected during 4QFY12. “This healthy improvement in the company’s results is prominently based on Lahore High court’s decision in FY10 to keep UFG losses limit at 7pc and treated late payment surcharge and interest on gas sales arrears as non operating income,” Abdul Azeem observed.
Trade deficit narrows by 12% as exports increase 7.24%, imports decrease 2.44% ISLAMABAD: In yet another positive development after record growth in remittances, the country’s trade deficit decreased by 12.05 percent during the first seven months of the current fiscal year as exports expanded by 7.24 percent and imports witnessed negative growth of 2.44 percent. The overall exports from the country increased from $13.118 billion in July December 201112 to US$14.068 billion during July-December (2012-13), according to the data of Pakistan Bureau of Statistics (PBS) released here Wednesday. On the other hand, the imports decreased from $26.327 billion last year to $25.685 billion during the current fiscal year, showing negative growth of 2.44 percent, the data revealed. According to the data, the trade deficit during the fist seven months of current fiscal stood at $11.617 billion against the deficit of $13.209 billion last year, showing negative growth of 12.05 percent. Meanwhile, exports during the month of January 2013 witnessed growth of 5.58 percent when compared to the same month of last year. On year-on-year basis, the exports during January 2013 were recorded at $2.023 billion against the exports of $1.916 billion during January 2012 2011. On the other hand, the imports into the country also witnessed increase of 3.12 percent to $3.763 billion in January 2013 against the imports of $3.649 billion during January 2012. The trade deficit during January stood at $1.740 billion against the deficit of $1.733 billion during January 2012, showing slight growth of 0.40 percent. On month on month basis, the exports as well as imports increased by 2.74 percent and 1.48 percent respectively in January 2013 as compared to December 2012 2011. APP
GemS aNd JewelleRY Training and manufacturing Center established ISLAMABAD APP
Pakistan Gems and Jewellery Development Company (PGJDC) has established a state of the art Gems Exchange Center and a Gems and Jewellery Training and Manufacturing Center (GJTMC) in Quetta. Balochistan is a province with great potential with respect to colored gemstone sector and is famous for its colored varieties of quartz. Gem Exchange center provides all indispensable facilities for
gemstone buyers, seller and exporter under one roof so that they can trade, invest and export with maximum confidence. According to official sources, GJTMC impart essential training to the industry and is helping in bridging technological gap prevailing in the industry. Both of these facilities are equipped with state of the art equipment and are successfully serving the industry with vital support, official said. It is equipped with latest Lapidary
It is pertinent to mention here that overseas Pakistani workers remitted a record amount of more than $ 8.206 billion in the first seven months (July January) of the current fiscal year 2012-13 (FY13), up by 10.36 % or $770.41 million when compared with $ 7.436 billion received during the same period of last fiscal year (JulyJanuary 2012). The inflow of remittances in July January, 2013 from Saudi Arabia, UAE, USA, UK, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $2,292.02 million, $1,669.36 million, $1,324.00 million, $1,155.35 million, $941.83 million and $217.89 million respectively as compared with the inflow of $2,008.47 million, $1,644.34 million, $1,328.31 million, $853.47 million, $845.41 million and $215.64 million respectively in July January 2012. According to latest data of State Bank of Pakistan (SBP) remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first seven months of current fiscal year (July January FY13) amounted to $605.89 million as against $540.34 million received in the first seven months of last fiscal year (July January FY12).
Machines, Gemological tools and equipments and carving machines. The prime motive of GJTMC-Quetta is to upgrade the skill and technology of the Gems and Jewellery sector of Balochistan and to provide a platform to the Gems and Jewellery manufacturers and businessmen of the region to avail the manufacturing facilities through state of the art machineries and equipments, resulting in improvement in quality and value addition, leading toward enhancement in exports, official said.
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Benazir Income Support Programme (BISP) will support three million children to receive primary education. – BISP Chairperson Farzana Raja Ubl and Indus motor company join hands
KARACHI: UBL, Indus Motor Company (IMC) and UBL Insurers recently entered into an alliance offering an exclusive financing deal on all Toyota cars. This alliance provides an exciting offer to customers and dealers and includes attractive terms such as low mark up and processing fees, quicker turnaround time, lower insurance rates and immediate delivery on the sale of Toyota cars. The signing ceremony for this alliance was held at the IMC’s Head Office, Port Qasim, Karachi. Mr. Aameer Karachiwalla, Group Executive Retail Bank UBL, Mr. Shariq Abdullah, CEO UBL Insurers, Mr. Ali Asghar Jamali, Director Marketing Division, IMC, Mr. Najeeb Agrawalla, Group Head-Marketing, UBL and Mr. Ali Hasnain, Group Head-Sales, UBL, with their respective teams were present for the signing ceremony. “This is another step by Indus Motors for fulfilling its commitment towards consumer empowerment by providing the best auto financing solution to its valued customers ”, commented Mr. Jamali, Director Marketing Division, IMC, at the occasion, “With UBL and UBL Insurers as partners, we are certain that this financing deal will be widely accepted by customers throughout Pakistan”. Mr. Aameer Karachiwalla, Group Executive Retail Bank said “Toyota is the most widely sold automobile brand in Pakistan and UBL along with our sister-concern UBL Insurers is looking forward to providing premium value to customers all across Pakistan with this alliance”. PR
94% online banks take e-banking transactions to Rs 7.6tn in 2QFy13 KARACHI
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INETY-FOUR percent of banks’ branches in the country are now offering Real-Time Online Branches (RTOB) services, said the central bank in its Payment Systems Review issued Wednesday for second quarter of the current fiscal year. At least 484 more branches were added to the RTOB network during OctoberDecember FY13, it added. Overall 9,896 branches of banks out of 10,523 now offer RTOB services across the country. The value and volume of RTOB transactions also increased by 18.82 percent and 14.29 percent respectively during the quarter compared to the previous quarter, the bank said. The value and volume of overall e-banking transactions in the country increased by 18.02 percent and 11.31 percent to Rs 7.6 trillion and 79.45 million, respectively, compared to the first quarter. The Payment Systems infrastructure in the country maintained an increasing growth trend during the second quarter of FY13 and 245 more Automated Teller Machines (ATMs) were installed by the banks bringing the total number of ATMs in the country to 6,232, the SBP said. It said the ATM transactions, in terms of volume of overall e-banking transactions, had a major share of 61.12 percent with an average
value of Rs 9,779 per transaction. The overall value and volume of ATM transactions increased by 10.33 percent and 10.68 percent, respectively, during the quarter under review compared to the previous quarter. The share of ATM transactions in overall ebanking transactions in value terms was 6.27 percent, the regulator said adding the number of plastic cards in the country also increased by 5.33 percent compared to 20.72 million plastic cards issued during the preceding quarter. The value and volume of transactions through Point of Sale (POS) terminals stood at Rs 22.1 billion and 4.5 million, showing a growth of 6.25 and 5.06 percent, respectively, compared to the first quarter. The central bank pointed out that the recorded value and volume of large-value payments through Real Time Gross Settlement (RTGS) was Rs 42.13 trillion and 1,21,663, respectively, depicting an increase of 9.46 percent in value and 10.35 percent in volume as compared to the first quarter. The major portion for the increased number of overall Pakistan Real Time Interbank Settlement Mechanism (PRISM) transactions during the review period was contributed by Interbank Funds Transfer (IBFT) which increased by 14.06 percent as compared to the last quarter. Similarly, the largest contribution in the value of overall PRISM transactions was due to securities settlement which increased by 14.96 percent, the bank added.
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Thursday, 14 February, 2013
major Gainers COMPANY Bata (Pak) National Foods Siemens Pakistan Indus Motor Co Colgate Palmolive
OPEN 1457.00 293.95 602.85 291.23 1490.00
HIGH 1473.90 308.64 619.00 302.80 1500.00
LOW 1405.10 295.00 600.00 293.00 1500.00
CLOSE CHANGE 1473.90 16.90 308.62 14.67 617.00 14.15 302.38 11.15 1500.00 10.00
TURNOVER 200 15,300 1,700 120,500 200
5280.00 10300.00 318.00 164.00 94.31
4955.00 10200.00 314.01 158.00 93.82
4955.00 10275.00 314.44 159.75 93.82
-75.00 -75.00 -8.56 -5.20 -4.93
120 1,420 1,400 1,600 2,900
20.64 2.85 5.41 25.48 4.93
19.59 2.59 4.52 24.70 4.31
20.10 2.77 5.27 25.46 4.65
0.19 0.16 0.55 1.19 -0.09
44,810,000 16,290,500 15,654,000 13,383,000 12,824,500
major losers Nestle Pakistan Ltd. UniLever Pak Exide (PAK) Pak Gum & Chemical J.D.W.Sugar
5030.00 10350.00 323.00 164.95 98.75
Volume leaders P.T.C.L.A NIB Bank Limited P.I.A.C.(A) Sui North Gas Telecard Limited
19.91 2.61 4.72 24.27 4.74
interbank Rates USD GBP JPY EURO
PKR 98.1088 PKR 153.5108 PKR 1.0511 PKR 132.2114
Forex BUY US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal
99.00 132.23 152.86 1.0437 97.18 12.46 26.75 26.25
SELL 99.25 132.48 153.11 1.0546 98.89 12.72 27.00 26.49
CORPORATE CORNER Indo-Pak fusion exhibition held on Feb 9th
KARACHI: The Consul General of the Russian Federation Andrey V.Demidov hosted a film show reception at the Consulate. Picture shows Acting Governor of Sindh Nisar Ahmed Khuro, Jam Madad Ali, AR Sattar and Nafees Siddique. PR
Week-long exhibition of art books from Pakistan opens in new Delhi NEW DELHI: A week-long exhibition of “Art Books & Periodicals from Pakistan” opened today at the Art Gallery of the India International Centre (IIC) in New Delhi. This is the first such exhibition on the subject to be held in India, and it has been jointly sponsored by the IIC and the Fomma Trust. It comprises more than 70 art publications made available by some of the leading art publishers in Pakistan. Art the conclusion of the Exhibition, the books will stand donated to the Library of the IIC in New Delhi as a reference resource on Pakistan art and artists. In a special message on this occasion, the Chairman of the Fomma Trust, Zulfiqar A Lakhani, warmly welcomed the initiative to hold this exhibition in collaboration with the IIC in New Delhi. PR
Wateen supports inaugural lahore literary Festival LAHORE: Wateen Telecom, Pakistan’s leading converged communications provider, is proud to announce its support for the first ever Lahore Literary Festival (LLF). The inaugural LLF, being held on the 23rd and 24th of February at the Alhamra Arts Complex, aims to revive the Lahore spirit of art and creativity. The annual event promises to be the first step in re-establishing Lahore as the cultural heartbeat of Pakistan and enriching the cultural experience of the city’s residents by creating an institutional platform for fostering and furthering Lahore’s literary traditions. As part of its support for the Festival and Lahore’s revival as Pakistan’s cultural capital, Wateen Telecom will be providing guests and visitors at the event with continuous high-speed wireless broadband. PR
KARACHI: The Indo-Pak Fusion Exhibition was held in Karachi on Feb 9 by leading international designers Sam Seid, Ayesha Hashim khan and Bubble Sabarwal to launch their brand “V Collections” which brings together fashion designers from both Pakistan and India. The colourful event was hosted at the Wah Villa House. This initiative celebrates great talent and craft from both countries and provides opportunities for collaboration in international markets. The designer duo Sam and Bubble have conducted various exhibitions in India, Dubai, Dhaka, Switzerland, and the USA. Considered pioneers of block printing their design philosophy is style is a woman’s soul. IndoPak Fusion is supported by VII Gates Ark Foundation, an Islamabad-based NGO, which has been working for the cause of humanity in areas of empowerment of women and youth, social uplift and sustainable development. PR
of the partnership launched here today, aims to help tackle youth unemployment by improving the prospects of 6,000 disadvantaged young people in Punjab; strengthening their economic and social resilience against the devastating challenges of chronic poverty, inequality and changing economic circumstances. Speaking at the partnership launch, today, Barclays Pakistan CEO, Mr. Shazad Dada, said, “This partnership between Barclays and UNICEF comes at the right time for the Pakistani youth. Investing in them is key for the future. PR
Ubl Funds launches Pak’s first open-end gold Fund KARACHI: After an array of products and plans to suit everyone, UBL Funds has yet again taken the pioneer position in the financial industry by launching Pakistan’s first open-end Gold Fund, namely UBL Gold Fund. This fund aims to offer its investors the benefit of investing and trading in paper gold without having to worry about security, purity or storage. Keeping the core value of convenience and affordability in mind, UBL Funds has announced account opening with just Rs. 10,000 with subsequent investments of as low as Rs. 1000 per month. Mir Muhammad Ali, CEO UBL Funds said, “As part of our client centric strategy to offer value added products we are excited to offer exposure to this precious metal. Historically investment in gold has given investors good diversification due to low correlation with equities and fixed income. PR
barclays and UnIceF renew partnership for ‘building young Futures’
KARACHI: Barclays and UNICEF have today renewed their highly-successful “Building Young Futures” partnership for a further two years with an additional £450,000 (UK Pound Sterling) investment from Barclays to be utilised in Punjab by UNICEF for imparting a comprehensive vocational and entrepreneurial skills to the most excluded adolescents of Punjab. The second phase
KARACHI: Naeem Y Mir, CEO & MD-PSO and Teizoon Kisat, CEO ORIX, renew the strategic agreement between the two companies for provision of technological support for PSO Fuel Cards-the leading electronic fuel solution in Pakistan. The ceremony was held at PSO House Karachi in the presence of senior officials from both companies. From L to R (Sitting): Sohail Butt (DMD-F&IT,PSO), Jehangir A Shah (DMD-Ops PSO), Naeem Y Mir (CEO & MD, PSO), Teizoon Kisat (CEO,ORIX), Giasuddin Khan (GM e-Business, ORIX) and Imran Qureshi (ORIX). From L to R (Standing): Taban R Kizilbash (PSO), Imran A Shabbir (PSO), Adeel Zahid (PSO), Rustom H Mavalvala (DGM Cards, PSO), Asrar Alvi (ORIX) and Mahreen Moosa (ORIX). PR
Tag heUeR caRReRa1887 aUTomaTIc chRonogRaPh KARACHI: TAG Heuer has expanded the use of its Calibre 1887 movement to another model in the Carrera range- the 2012 Carrera 1887 43mm Chronograph. As the name implies, the watch has a 43mm case diameter, 2mm larger than the existing Carrera 1887 Chronograph.Along with the larger diameter come a range of tweaks to the design, many of which we have seen on other watches in the Carrera range. While the 41mm Carrera 1887 is still very much a sporting TAG Heuer Chronograph, the larger models veers towards the luxury end of the scale. Design Putting aside the obviously larger case, the new watch effectively brings together the design of the Carrera Heritage series with the second version (“V2″) of the Carrera 1887 41mm (above left). PR
etihad airways offers first look in Washington KARACHI: Etihad Airways, the national airline of the United Arab Emirates, today opened the doors to one of its brand new aircraft for the airline’s first-ever ‘on-board showcase’ in Washington, DC. The new B777 aircraft made its maiden voyage from the Boeing Everett factory this week, stopping at Dulles International Airport for the one-day-only event. An exclusive audience from diplomatic, business and government circles was welcomed onboard the aircraft for a review of Etihad Airways’ award-winning guest experience, in advance of the launch of its daily flights to Washington, DC from March 31. A team of more than 25 cabin crew were on hand to escort guests around the beautifully designed aircraft interior, with seats by Sogerma, BE Aerospace and Weber, and bespoke features highlighting collaborations with Poltrona Frau, Ettore Billotta, and Panasonic. PR
LAHORE: Nominee director of Maybank Malaysia on the board of MCB, Dato’ Seri Ismail Shahudin inaugurates “MCB Centre Branch” at Airport Road near Rangers Headquarters. MCB Chairman Mian Muhammad Mansha, Director Sarmad Amin, Malaysian Director Abdul Farid and President Imran Maqbool are also seen in the picture. PR