PRO 14-06-2012_Layout 1 6/14/2012 2:00 AM Page 1
The budget was overambitious; oh and they realise it already Page 02
profit.com.pk
Thursday, 14 June, 2012
PreSideNt iS a SmOOth taLKer
Zardari maSterS trade gibberiSh g
Our president successfully woos danish contingent by claiming how access to eU market would miraculously solve everything. take a bow mr President, take a bow… ISLAMABAD
P
ONLINE
RESIDENT Asif Ali Zardari has said greater trade access in the EU markets would enable Pakistan to support its economy and continue it struggle against the militants in an effective manner. He expressed these views while talking to Danish Foreign Minister Villy Søvndal who called on President Asif Ali Zardari at Aiwan-e-Sadr Wednesday. He was accompanied by Ambassador Mr. Uffe Wolffhechel, Mr. Lars Gert Lose, Ms. Sandra Jensen Landi, Mr. Lars Bredal and Ms. Birgitte Hansen Rojle. Foreign Minister Hina Rabbani Khar, Defence Minister Syed Naveed Qamar, Senator Sughra Imam, Special Secretary to the President Maj (R) Haroon Rashid, Acting Foreign Secretary Ms. Fouzia Sana, Additional Secretary Foreign Affairs Mr. Asif Durrani and other high ranking officials were also present during the meeting from Pakside. Bilateral relations, enhancing trade and economic interaction, war against militants and overall regional situation was discussed during the meeting. President Zardari while welcoming the Danish Foreign Minister to Pakistan felicitated Denmark on assuming the rotating Presidency of the European Council for the 7th time. He said that Pakistan wishes to build a broad-based substantive and long-term equation with Denmark. The President said that we greatly appreciate Danish support to the democracy in Pakistan. He said that the people of Pakistan value Danish assistance especially at the times of natural disasters in the country. He said that there was need to further promote mu-
tual interactions at all the levels to strengthen the existing friendly relationship. The President said that the two countries needed to work together in translating their friendly equation to boost trade and economic interaction. The existing bilateral trade volume does not commensurate with the available potential, the President remarked. The President while emphasizing upon the need to institu-
tionalize the economic interaction proposed that a Joint Working Group on Economic cooperation may be established to promote trade and economic activities. The President said that the success of various Danish companies running profitable business ventures in Pakistan should serve to encourage other investors to make their investments in Pakistan and get benefit of the investment friendly opportunities available
in the country. He said that energy generation and transmission, infrastructure development, agriculture, food processing and industrial manufacturing were some of the important areas where the Danish businessmen could invest and get benefits. We would like to benefit from the Danish expertise in the field of electricity generation through wind energy, the President said. He also thanked the Danish gov-
ernment for its support to Pakistan in getting Autonomous Trade Package and inclusion of Pakistan in the GSP plus scheme. He expressed the hope that the Autonomous Trade Package would be finalized and implemented soon. The President said that greater trade access in the EU markets would enable Pakistan to support its economy and continue it struggle against the militants in an effective manner. On Pakistan-EU relations, the President said that Pakistan attaches great importance to its partnership with the European Union. He said that the recent Parliamentary review of our Foreign Policy also underscored the need for strengthening relationship with EU and enhancing it in all the spheres. He said that Summit process between Pakistan and EU was important for consolidating strategic relationship into an institutionalized long-term partnership. He said that we look forward to visit of the Presidents of the Council and the Commission for the third Pak-EU Summit in 2013. Discussing war against militants and the regional situation, the President highlighted huge sacrifices made by Pakistan in the fight against militants and said that Pakistan has an abiding interest in a peaceful, stable and prosperous Afghanistan. He said that we would continue to support every effort being made for the peace and stability in the neighboring country. Foreign Minister Villy Søvndal thanked that President for the meeting and assured Danish Government continued support to the people of Pakistan in strengthening of democracy and stabilizing their economy. He also appreciated the huge sacrifices made by the people in the war against the militants and securing this region from the menace of militancy.
Can we have those problems, please? PSO is a bit of a snob g
india to grow 6.9pc despite problems in 2012-13: World bank NEW DELHI ONLINE
The Indian economy will grow by 6.9 per cent in this financial year (2012-13) notwithstanding problems like policy uncertainties, fiscal deficit and inflation, the World Bank projected, while cautioning that developing nations will have to face tougher times, Indian media reported on Wednesday. "India will see growth (measured at factor cost) increasing to 6.9, 7.2 and 7.4 per cent in fiscal years 2012-13, 2013-14 and 2014-15, respectively," the World Bank said in the report titled 'Global Economic Prospects'. Referring to developments in 2011, the multi-lateral lending agency said that growth in India was particularly weak due to monetary policy, stalled reforms and electricity shortages. These factors, along with fiscal and inflation concerns, cut into investment activity, it added. India's economic growth rate in 2011-12 slipped to a nine-year low of 6.5 per cent. The economy had expanded by 8.4 per cent in the preceding two years. For the current fiscal, the government has pegged growth at 7.6 per cent. "Growth in South Asia slowed to 7.1 per cent in 2011, from 8.6 per cent in 2010, as headwinds from the Euro Area crisis caused a steep deceleration in exports
and a reversal of portfolio inflows," the report said. Meanwhile, the global economy is expected to expand 2.5 per cent this year. According to the World Bank, developing nations should prepare for a long period of volatility in the global economy by re-emphasising on medium term development strategies. "Developing country growth will slow to a relatively weak 5.3 per cent in 2012, before strengthening somewhat to 5.9 per cent in 2013 and six per cent in 2014," it said. "Growth in high-income countries will also be weak, 1.4, 1.9 and 2.3 per cent for 2012, 2013 and 2014, respectively - with GDP in the Euro Area declining 0.3 per cent in 2012. Overall, global GDP is projected to rise 2.5, 3 and 3.31 per cent for the same period," the report noted. However, the World Bank pointed out that if the situation in Europe deteriorates sharply, no developing region would be spared. Andrew Burns, lead author of the report, said that where possible, developing countries need to move to reduce vulnerabilities by lowering short-term debt levels, cutting budget deficits and returning to a more neutral monetary policy stance. "Doing so will provide them with more leeway to loosen policy, should global conditions take a sharp turn for the worse," Burns added.
PSO wants ministers to give in writing to provide fuel on credit to power sector. The only thing missing was an exaggerated flick of the hair, unnecessary rolling of the eyes with a “whateverrrr” exclamation ISLAMABAD AMER SIAL
The state owned Pakistan State Oil (PSO) has intimated to the government that from now onwards it would be supplying furnace oil on credit to the power producers only on the written orders of the either of the ministers for petroleum, water and power or finance, an official source said. The development took place after the PSO board directed the management to stop supplying fuel to the independent power producers (IPPs) on the verbal instructions of the ministers. PSO’s outstanding amount has risen to Rs 270 billion. The state owned company used to provide fuel to the power sector on the verbal directions of any of the three ministers. Non timely clearance of the dues created a financial crisis for the company. The board instructed the management to follow only the written orders of the ministers, as only then they could pursue the recovery. After the decision of the board, PSO from Tuesday cut the daily fuel supply of 5,000 tons to Hub Power Company (HUBCO) to half with the warning that if the total bill amount was not cleared on daily basis then the supplies will be stopped, the source said. The outstanding amount of HUBCO alone have amounted to over Rs 100 billion. The government, he said, has yet not given any reply but the Petroleum Ministry has supported the move of PSO. The company has been in dire straits due to the non payment of fuel oil arrears by the Pakistan Electric
Power Company (PEPCO). The PSO board has advised the extreme step as without implementing the pay on cash basis, the crisis could not be resolved. PSO has also decided that it will be supplying fuel to power producers only on advance payment. All the power sector entities have been informed of the decision. This step was taken to avoid default as other than PSO no entity of the power sector was aware of the gravity of the situation. The company has made a very timely move as it was aware that the government could not pressurize it any more. The demand will force the government to direct the inefficient DISCO to improve their recovery campaign. They have an outstanding recovery of Rs 375 billion out of which Rs 215 billion is against the government departments. To improve the financial flow, Power Ministry has stressed numerous times at source deduction of outstanding provincial and federal government dues. Ministry of Finance is totally against the demand saying that after devolution was not possible without the consent of provinces. Ministry of Water and Power recently received a strong rebuke from the Ministry of Finance which advised it to make its own efforts for the payment of Rs 18.5 billion to eight independent power producers (IPPs), which had invoked sovereign guarantees. The total liabilities of IPPs have increased over Rs 238 billion. The government has promised IPPs in May this year that at least Rs 18.5 billion will be paid immediately to clear their due loan installments. However, despite the promise no amount was released.
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Thursday, 14 June, 2012
news
Ogra has always been a little touchy about LPg g
Ogra screams bloody murder over LPg installations and categorically informs Petroleum ministry that any such move would be instigated over their dead body. Okay, they might not have said the dead body bit, but they were really really mad… ISLAMABAD ONLINE
The Oil and Gas Regulatory Authority (OGRA) has opposed the plan to install LPG stations in the country and proposed the Ministry Of Petroleum And Natural Resources to ensure availability of LPG first before initializing its import. Well informed sources in the Oil and Gas Regulatory Authority (OGRA) told online that ministry of petroleum and natural resources has initiated the plan to promote LPG in the country and decided to import 0.01 million LPG kits and cylinders while Oil and Gas Regulatory Authority has showed its reservations over the issue. Ministry has decided to import LPG cylinders from turkey and in this regard negotiations between the two countries are in progress. Sources told that OGRA has asked the ministry of petroleum and natural resources to ensure the availability of LPG in the system as LPG is not in large volume to meet the demands of the gas and in future country may face shortage of LPG as likely these days of CNG. Sources further told that OGRA has proposed the government to ensure availability of thirty to forty thousand tons LPG in the pipelines every time. Presence of such quantity of LPG would facilitate to meet the requirements in the country. Officials added that Asia is already the largest LPG consuming market on the basis of the market size and its potential and LPG demand of the area is expected to increase from 55million tons in 2000 upto 85million tons by the end of this year. Especially, the modernization of energy demand environment is expected to cause a big increase of LPG demand in household and commercial part. The government has already taken steps to reverse its CNG policy in an effort to bring CNG prices at par with POL prices and to replace it with LPG," said the official adding that a ban had already been imposed on the import of CNG kits and cylinders which was badly damaging investment.
aNd aS he WaS ambitiOUS… i FiNaNCed him
the budget was overambitious; oh and they realise it already g
banks to finance as fiscal deficit in FY13 may soar up to 6pc KARACHI
T
STAFF REPORT
HE landmark 5th budget of the PPP-led government has all the hallmark of an election year budget, providing tax relief to individuals, companies, increase government employee salaries, pension and enhancing the development expenditure. Given the expansionary theme of the budget, the country’s financial managers have set an ambitious fiscal deficit target of Rs1.1tn (4.7% of GDP), a difficult task in any year, said the analysts at Topline Research. “The government is likely to overshoot its deficit target with threats imminent on revenue as well as expenditure sides,” said Nauman Khan. The analyst said the fiscal deficit was expected to stand in a tune of 5.5%-6% of GDP in FY13, assuming no arrear subsidies. Further, the challenge of financing the deficit would still persist in FY13. Given weak global economic outlook, uncertain Pak-US relationship and higher debt payments, reduced support from external account is expected. The onus once again laying on domestic sources that could keep inflation outlook at elevated levels and interest rate downward sticky. The government has set an ambitious tax revenue growth target of 24% over revised estimates (FBR revenue growth target of 22%) as against nominal GDP growth of 14% (9.5% inflation target and 4.3% real GDP growth). With broader tax relief to individuals/companies, the impetus to tax collection primarily resides with tax authorities drive to document the economy. Discouragement of Presumptive tax regime (PTR) is a critical
Wall Street flat in volatile trade; JPmorgan shares up g
Stocks were little changed on Wednesday after tepid economic data and amid persistent uncertainties over europe's financial path ahead of the weekend elections in greece NEW YORK AGENCIES
step, in this regard, but political consideration would remain a key roadblock in this regard. Our initial estimate suggests that tax revenue fall short by approx. Rs75-100bn or 0.4% of GDP. In addition, gov’t expects non tax revenue to grow by 43% from revised estimates. Though, the estimates of major contributor i.e. SBP profits seems reasonable but areas of concerns emerge in PTA profit (includes auction of 3G license) and defense services (includes receipts from CSF). Heightened political noise in the election year would be hindrance in the former, latter fate lies within Pak-US relationship. On the positive front, the gov’t has increased GIDS (Gas infrastructure Dev. Cess) from Rs8bn to Rs30bn that indicates towards gov’t willingness to tap new revenue generation avenues. The gov't envisioned expenditure growth of a mere 3%. Within subsidy the gov’t has earmarked Rs170bn for tariff differential as against revised estimated of Rs457bn in FY12. Given 2025% gap still persist between tariff and cost, and stalled energy sector re-
forms, we estimate tariff differential to overshoot the desired target to over Rs250bn. The remedy could come from decline in the international oil prices that could reduce cost of electricity generation. Further, unlike previous years, curtailing the development expenditure to accommodate cost overruns in other expenditure seems less likely this year. This given development expenditure as a potent tool for political traction. Though, mounting deficit would be a problem but major challenge in FY13 comes from financing it. The reliance would once again be on domestic sources similar to FY12. The budget reveals that Rs1.1tn deficit estimated in FY12 (excluding electricity arrears) would be 92% financed through domestic sources that has constraint the liquidity position of banking channel. Furthermore, similar scenario in FY13 and heightened chance of gov't dependency on the central bank borrowing could keep long term inflation outlook at elevated levels and thus, interest rates downward sticky.
But shares of JPMorgan Chase & Co (JPM.N) jumped as the bank's chief executive, Jamie Dimon, defended the intent of the portfolio behind JPMorgan's recent multibillion-dollar trading loss, telling lawmakers it was a genuine hedge that would make the firm a lot of money if a credit crisis hit. Weighing on the market, retail sales, excluding autos, fell in May to their worst level in two years, the latest data to point to sluggish growth. The S&P Retail Index .RLX lost 0.65 percent. Markets have been volatile this week, with the S&P 500 moving more than 1 percent in each of the past two trading days, largely dictated by the events in the euro zone. Greece elections are scheduled for Sunday, and the outcome could mean the country embarks on a potentially destabilizing exit from the euro zone. European shares .FTEU3 were down 0.24 percent. Investors have pushed Spain's 10-year borrowing costs to their highest level since the launch of the euro in 1999, adding to uncertainty over the plan to bail out the country's struggling banks. "We don't know what the result of the bailout will be, nor the outcome of the elections, and that uncertainty is really preventing us from rallying or from selling off," said Randy Frederick, director of trading and derivatives for Charles Schwab in Austin, Texas. "It has become very difficult to know how the market will react to anything."
Voila! The missing link… g
govt links economic growth with recovery in industrial sector ISLAMABAD ONLINE
The government has linked the economic growth with recovery in the large-scale manufacturing sector in financial year 2012-13 which can capitalize upon its existing idle capacity, say an official. However, the agriculture sector also needs to sustain the existing growth momentum and prospective candidate to steer the growth are wheat and rice in the major crops and many minor crops like fruits and chilly. According to an official, the macroeconomic and political instability combined with natural disasters are impeding economic recovery. The economy offers room
for optimism especially when lot of idle capacity is lying in the economy which means only small injection of investment could reinvigorate growth momentum. The growth outlook depends on industrial revival which in turn hinges upon energy sector reforms. The affordable and uninterrupted energy supply can kick-start much needed momentum in the economy. In fiscal year 2012-13 acceleration in the growth is envisaged through improvement in productivity and competitiveness. Public investment though conditional cash grants will be directed towards improvement of skills and entrepreneurship through Entrepreneur and Youth Development Fund. Official further said that cities will be
better managed through inclusive zoning and Urban Challenge Fund to create space for private investment and construction, foster domestic commerce, regional clusters and generate jobs. Markets will be reformed through strengthening legal and regulatory framework to foster competition. Connectivity to people and place will be improved starting from reforming railways supported by PSDP through cash contingent grant. On the front of governance and delivery of public service, the capacity of civil service will be enhanced through robust training and leadership & performance enhancement skills, performance based remuneration and carried advancement. Result Based Management
(RBM) will be introduced gradually in public institutions where funds are to be allocated on the basis of performance and results. It is pertinent to mention here that the growth of Gross Domestic Product (GDP) for 2012-13 is targeted at 4.3 per cent with contributions from agriculture, manufacturing and services of 4.0 per cent, 4.1 per cent and 4.6 per cent, respectively. Nominal GDP is targeted to grow by 15.3 per cent and GNP per capita is projected at Rs.136, 885. The growth is subject to risks like deterioration in energy availability, extreme weather fluctuations, and fiscal profligacy. The underlying assumption for inflation is 9.5% per cent which is consistent to fiscal prudence and tightening.
The cess imposition mystery KARACHI ZAIN ALI
The imposition of Cess of Rs.100 per MMBTU on the industries (including Captive Power) in the Finance Bill 2012, as per the amendment of Act XXI of 2011 in the Gas Infrastructure Development Cess Act 2011 for the second schedule is indeed a hard hitting step by the Government, rendering the Textile Industries cost of doing business even higher, belying claims that there would be incentive for the Textile In-
dustry in this Budget and appears to be one more nail in its coffin, were the feelings of Chairmen of all the Value Added Textile Associations, here on Wednesday at a press conference. Rana Muhammad Mushtaq Khan, Chairman, Value Added Textile Forum & Central Chairman, Pakistan Hosiery Manufacturers & Exporters Association stated that the utilities are never a tool for revenue generation. Utilities are essential commodities and lifeline for citizens in general and industry in particular. Value Added
Textile Exports of Pakistan have gone down by 9.8% whereas exports of our competitors India have gone up by 23.87%, Bangladesh by 7.86%, China by 2.05%. The growth in our exports has declined considerably in comparison to our neighboring competing countries – Bangladesh, India and China. Given below is a comparison of the same: From this it is crystal clear that any increase in cost of manufacturing would further lead to decline in the exports of Pakistan which would result in decline in
foreign exchange earnings; more unemployment; worsening law and order situation and chaos. M. Jawed Bilwani, Chairman, Pakistan Apparel Forum said that the Textile Industry, more especially the Value Added Textile Industries are striving to earn sorely needed foreign exchange at such crucial times faced by the Government and as such the Government should make sure that adequate gas at competitive price is made available to the Value Added Textile Industry instead of such frequent increase in Gas
prices. If the increased cost is added to the cost of manufacturing, ultimately cost of garment increases because the Gas tariff in Pakistan is 183% higher than Bangladesh and now after imposition of Cess of Rs.100 per MMBTU it will become 216% higher than Bangladesh and consequently the end result would be that Bangladesh will be quite competitive and we will be out of competition in the world market. Bangladesh would greatly benefit with increase in their exports to such an extent that would be disastrous for Pakistan.
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Thursday, 14 June, 2012
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news
and they didn’t spare Lahore either LAHORE APP
Bearish trend prevailed in Lahore Stock Exchange on Wednesday as it shed 11.03 points, following the LSE25 index opened with 3388.76 and closed at 3377.73 points. The market's overall situation also did not correspond to an upward trend as it remained at 2.503 million shares to close against previous turnover of 2.689 million shares, showing a downward slide of 185,901 shares. While, out of the total 95 active scrips only 14 moved up, 59 remained equal and 22 shed values. Fauji Fertilizer Bin Qasim, Sitara Chemical Industries and Nishat Mills Limited were Major Gainer of the day by recording increase in their per share value by Re 0.75, Re 0.49 and Re 0.38, respectively. Engro Corposration Limited, Adamjee Insurance Company and Muslim Commercial Bank Limited lost their per share value by Rs 5.37, Rs 2.92 and Rs 2.04, respectively. The Volume Leader of the day included The Bank of Punjab Limited with 522,917 share, Lafarge Pakistan Cement with 501,600 shares and Soneri Bank Limited with 300,000 shares.
iCCi lashes out at power outages ISLAMABAD ONLINE
Expressing deep concern over prolonged electricity load shedding, the Islamabad Chamber of Commerce and Industry (ICCI) urged the Government to seriously resolve the power crisis that are hitting all sectors of economy including trade and industry. There is dire need to initiate various power projects to bridge supply and demand gap as it is high time to develop all available energy generating resources including hydel, thermal and wind to end the energy crisis, Asad Farid, Acting President ICCI made these remarks during a meeting held at Chamber House. He was commenting over the recently released economic survey of FY2011-12 that indicated the estimated cost of power crisis to the economy which was around Rs.380 billion per annum. He was concerned over a deteriorating electricity situation and strongly emphasized upon the Government to give immediate attention to run the existing units by removing faults and providing gas to power producing units. ICCI President was of the view that high power tariff, a burden on businesses and consumers, could be reduced by utilizing the available water resources more efficiently as the water is the most viable and cheapest way to produce electricity. Asad Farid said that the power shortage has been one of the major factors that have caused Pakistan's economy to under perform its regional peers. He indicated that sudden electricity supply cuts have negatively impact the production process as well and export of value added industries which was considered to be a major foreign exchange earner of Pakistan has also recorded a steep fall due to electricity load shedding. He urged the Government to take all possible steps for consistent supply of electricity to industries. He said the ICCI has repeatedly warned the Government about the massive layoffs and industrial closures if it fails to immediately stop power outages but Government is not wiling to understand the ground realities.
Major Gainers
hONeY: SeCUritY SitUatiON iN KaraChi
Karachi bears hammer american bulls g
a glimmer of hope apropos Pak-US tie amelioration threatened to instigate a bull surge, but then bears reminded everyone about the security apprehension in the city. and so the index took a 60-point plunge KARACHI
T
STAFF REPORT
HE day saw the benchmark 100-share index decrease by 60.67 points to 13,368.89 points against 13,429.56 points of Tuesday. Ahsan Mehanti, Director at Arif Habib Investments Limited., said that the Pakistan Stocks closed lower amid thin trade on concerns for security situation in the city. Total numbers of Shares of 322 companies were traded on Wednesday, and at the end of the day total 110 stocks closed higher, total 133 are declined while 79 remained flat. The overall value of shares traded during the day was Rs 3.464 billion. The trading volumes at the ready-counter were recorded higher at 77.658 million shares against 70.704 million shares of the previous session. The trading value increasing to Rs 3.464 billion compared to Rs 2.724 billion of the previous session. The intraday high and low, respectively, stood at 13,531.88 and 13, 341.23 points. Market capitalization declined to 3.415 trillion from 3.428 trillion.
Institutional support was witnessed in early session on hopes for improvement in Pak-US ties after US agrees to send NATO negotiators for agreement to Pakistan, viewed Mehanti. KSE All share-index ended the day at 9,422.33 points, down 38.18 points or 0.40 percent, KSE 30-index stopped the day at 11,499 points, down 58.72 points or 0.51 percent while the KMI 30-index slumped by 63.49 points or 0.27 percent to end the day at 23,157.60. He added that the lower global commodities, limited foreign interest and renewed concerns for allegations on judiciary played a catalyst role in bearish sentiments at KSE. Engro Corporation was volume leader of the day, 10.026 million shares, followed by Bank Al-Falah, P.T.C.L.A, Hub Power Company, Jahangir Siddiqi and Engro Foods Limited with turnover of Rs 6.075 million, Rs 5.933 million, Rs 4.721 million, Rs 4.382 million and Rs 3.959 million shares respectively. The UniLever Pakistan and Philip Morris Pakistan, up Rs 217.50 and Rs 7.89, led highest price gainers while, Indus Dyeing XD and Millat Tractors, down Rs 18.99 and Rs 5.34 respectively, led the losers.
Company
Open
High
Low
Close
Change
Turnover
UniLever Pak Philip Morris Pak. Linde Pakistan Ltd Ferozsons (Lab) Ltd. Pak Gum & Chemical
7162.50 157.91 111.19 78.39 115.19
7480.00 165.80 116.74 82.30 118.50
7249.00 160.00 112.00 78.30 118.49
7380.00 165.80 116.74 82.30 118.50
217.50 7.89 5.55 3.91 3.31
97 10,055 43,033 24,122 249
Major Losers Indus DyeingXD 394.98 Millat Tractors 478.16 Engro Corporation 107.12 Indus Motor Company P.S.O. XD 239.87
380.00 490.00 109.30 270.46 241.50
375.24 468.50 101.77 270.00 234.00
375.99 472.82 102.13 265.00 235.29
101.77 16.25 13.72 40.00 13.61
102.13 16.40 13.84 40.77 13.77
-18.99 -5.34 -4.99 265.70 -4.58
304 15,341 10,026,605 -4.76 6,825 854,895
Volume Leaders Engro Corporation Bank Al-Falah P.T.C.L.A Hub Power Company Jah.Sidd. Co.
107.12 16.12 13.89 40.22 14.08
109.30 16.59 14.49 41.00 14.48
-4.99 0.28 -0.05 0.55 -0.31
10,026,605 6,075,283 5,933,645 4,721,555 4,382,813
Interbank Rates US Dollar UK Pound Japanese Yen Euro
94.2847 146.1224 1.1851 117.8652
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
95.50 118.32 147.36 1.1850 91.96 12.12 25.82 25.32 93.87
96.20 119.52 148.82 1.1966 93.38 12.28 26.05 25.51 96.26
CORPORATE CORNER Qatar airways CeO voted on board of industry body iata
emirates airline hosts travel agents Workshop in Quetta QUETTa: Emirates Airline held a Travel Agents Workshop in Quetta with the objective to raise awareness about optimizing the role of travel agents in the aviation sector of Pakistan along with increasing market share and penetration in Baluchistan market. The event, led by the Emirates Sales team, was geared at engaging travel agents in addition to introducing them to Emirates’ newest offerings. Through this event, Emirates intended to acknowledge their partners in Quetta and create greater awareness through one-on-one interaction regarding the function of Emirates as their valued airline partner. Present in the workshop were Emirates representatives Iftikhar Cheema, Sales Manager South Pakistan, Shiraz Kheraj, Senior Sales Executive, and Syed M Shoaib, Pricing Officer. The event was attended by 15 International Air Transport Association (IATA) Agents including Kozak Travel, Speedy Travels and Quetta Travels.
BEIJING: Qatar Airways Chief Executive Officer Akbar Al Baker has been voted onto the Board of Governors of the global aviation industry body, International Air Transport Association (IATA). Al Baker was selected by fellow airline executives attending IATA’s annual World Air Transport Summit in Beijing this week. His is a newly-created position to increase representation for Middle East carriers on the revamped 10-member IATA board. IATA is an international trade body, created over 60 years ago by a group of airlines. Today, the international body represents the interests of over 240 airlines comprising around 85 per cent of total air traffic. Last year at the IATA summit in Singapore, Al Baker was vocal about the structure of IATA, its lack of transparency and questionable auditing processes. He also highlighted the lack of fair and equal representation of airlines from the Middle East on IATA’s Board of Governors. “I have been lobbying IATA to be more transparent and have a structure where it speaks on behalf of all airline members and not just for a few,” said Al Baker, speaking in China’s capital city.
Orient Group of Companies was present at the inauguration ceremony said: “Orient is spreading its network of Orient Centers nationwide so the primary mission is met, which is to be available all over Pakistan, and provide the best customer support services to our valued customers.”
Ureminder: another innovative service by Ufone KarachI: Once again Ufone has lived up to its reputation of facilitating its customers with extreme value propositions by launching UReminder service, one of the most promising VAS in the industry. This service will allow the subscribers to set and manage reminders as and when they need. These reminders can be used for business or personal use and subscribers can chose from pre-defined reminders or set a custom reminder in their own voice.
range rover evoque launched
PtCL participates in broadband-iPtV asia Conference 2012 ISLaMaBaD: Pakistan Telecommunication Company Limited (PTCL) participated in the recently held “ Broadband-IP TV Asia Conference 2012” in Kuala Lumpur, to project its SmartTV and Broadband products and services to the international media and telecom community. PTCL Senior Manager IP Operations, Ather A. Baig represented his Company at the prestigious forum, which was attended by more than 1000 visitors, 150 internationally recognized industry experts & transformational players from over 62 countries of Asia-Pacific region. Besides PTCL, other highprofile participating organizations included Google, News Corporation, Yahoo!, Motorola and NBC Universal.
Orient Centre inaugurated in Karachi
KarachI: The British Deputy High Commissioner and Director for UK Trade and Investment for Pakistan, Francis Campbell along with the CEO of Sigma Motors - Col (R) Syed Zafar Uddin Ahmad, hosted the launch of Ranger Rover “Evoque” at the British Deputy High Commission in Karachi last evening. The launch ceremony was attended by top business professional in Pakistan, representatives of the diplomatic corps and the media.
Warid brings amazing Low Call rates for UK, USa and Canada KarachI: Serving its customers to the fullest, Warid yet again brings a remarkable International calling offer. Now Warid users can make International calls from Pakistan to UK, USA and Canada for just Rs. 0.99+tax/min. Subscribers can avail this amazing offer by sending SMS to 4747 by typing 'ON' and then dial 111 before the desired international number to experience the lowest calling rates coupled with supreme voice quality.
KarachI: Orient group of companies, a market leader and award-winning innovator in consumer electronics is expanding its network of ‘Orient Centers’ in numerous cities across Pakistan. The launch ceremony of the Orient Center - Yousaf Plaza, Karachi was held with great enthusiasm. Mr. Abdul Rehman Talat, Director Marketing of
ISLAMABAD: The Ambassador of Bahrain, His Excellency Mohamed Ebrahim Mohamed Abdulqader with Dr. Irfan Masud, Umer, Shahzad and Sonia on the dinner hosted by Dr.Irfan at his home.