PRO 16-02-2012_Layout 1 2/16/2012 12:51 AM Page 1
Launch of crackdown against restaurants Page 2
profit.com.pk
Thursday, 16 February, 2012
KSE nEARIng cloSuRE
‘If Rs300m operational loss not addressed’ g
Brokerage industry ‘almost destroyed’ due to declining volumes KARACHI
P
ISMAIL DILAWAR
INNINg hope on the materialisation of politico-judicially embattled government’s recent tax-related reforms at the Karachi Stock exchange (KSe), the KSe management foresees an imminent closure of the country’s largest stocks market if swift and effective remedial measures were not taken to address an annual operational loss of Rs300 million the exchange was facing for last two years. Also, KSe Wednesday said declining volumes had “almost destroyed” the brokerage houses at the KSe whose net yearly profit had dipped to negative Rs1.3 billion in 2011 from Rs2.2 billion in 2008. “We are operating on our reserves funds. If this continued the Stock exchange would shut down,” KSe Managing Director Nadeem Naqvi told a briefing on “Karachi Stock exchange: Issues and Prospects” here at KSe Wednesday. Dwelling on past five years’ financial performance of KSe, the MD said the exchange’s operating revenues had reduced to a nominal Rs303 million from Rs668 million in 2007. KSe’s net profit shrank to Rs50 million from 2008’s Rs772 million. The operational side was gloomier as, he said, the exchange was facing an operational loss of Rs295 million and Rs314 million during last two years, 2010 and 2011. Chairman Muneer Kamal, however, later explained that the MD did not mean a closure saying the front regulator had some reliable investment revenues too to be counted on. About the brokerage industry, Naqvi, citing a sample of 50 active brokerage houses, said due to declining volumes the annual brokerage commission had contracted to Rs1.7 billion in 2011 from Rs6.1 billion be-
fore 2008 crisis., while their total income came down to Rs3.2 billion from Rs8.4 billion. he said the net yearly profit of the brokers had dipped from Rs2.2 billion to negative Rs1.3 billion. “The brokerage industry is almost destroyed,” said the MD. Talking of negative implications of 2008 crisis, Naqvi said the crash, which the chairman KSe clarified was in fact a “national economic crisis”, cost the exchequer over Rs4 billion collectable from stocks market on account of various taxes that Naqvi said had shrunk to “Nil”. On the positive
side, the KSe has finalised work on the electronic Traded Funds (eTF), a basket of stocks that trades like an index and enables the investors to hedge against investment risks. eTF is due on the capital market within a month time while the KSe has so far spent $5 million to upgrade its technology platform to international standards. he said the exchange has envisaged to broadening the investor base to 0.5 million by December 2014 from the existing 250,000 through employing a comprehensive time-bound action plan to generate investor aware-
ness by joint efforts of the apex and front regulators. Comparing equity shares with other asset classes like gold, Defence Saving Certificates, PIBs, T-bills and other deposits, Naqvi said KSe along with gold was the asset class which had protected the investors against the double digit inflation Asset class comparative. The launch of IPO initiative by the three exchanges under the umbrella of South Asia Federal of exchanges, cooption of investment banks, DFIs, detailed review of listing regulations and launching a dedicated SMe exchange were some of the initiatives his side was working on to increase the number of listed companies. he said the listed companies, through issuing right shares, had raised equity capital worth Rs316 billion during 2002-2011 from the stock market, which also contributed over Rs122 billion in the national kitty between 2003 and 2007 on account of privatisation through the stock exchanges. For example, he said, Dg Khan Cement, engro Chemical and NIB Bank were the private entities which had, respectively, raised Rs5.4 billion in last six years, Rs11 billion in four years and Rs34.0 billion in last six years. “The KSe collected taxes worth Rs17 billion between FY05 and FY11,” he added. About investors’ protection, the managing director said the risk-averse investors were being empowered through strengthening the technology-driven regulatory regime where a trader would receive an instant email or SMS alert from Central Depositary Company (CDC) and NCCPL whenever a broker moved any of his/her share in the Universal Identification Number (UIN). Dwelling on structural issues that were hampering the market growth, he said included anomalies relating to corporate tax structure, lack of liquidity due to absence of banks from capital market, poorly designed imposed CgT, absence of market makers, lack of incentives for debt market, investmentrelated problems facing the Non-Resident Pakistanis and lack of a systemic, institutionalised effort to expose Pakistan’s capital market to global investors and the Pakistanis living abroad.
MFN status may spur tea imports from India g
g
Drought in major tea exporting countries increases Pakistan’s dependence on India Pak Tea Association led delegation to visit India in April 2012 KARACHI
T
GHULAM ABBAS
he Most Favoured Nation (MFN) status granted to India is going to increase Pakistan’s dependen on the neighbouring country for import of black tea. The highly consumed black tea which is imported mostly from African countries especially Kenya, the world’s biggest exporter of the black variety of leaves, would be available for Pakistan at more competitive rates if the same was allowed to be imported from India through normalised bilateral trade. The MFN status will not only facilitate the Indian product to enter Pakistani markets with little freight cost, but also avoid the middlemen and indirect exports besides other hindrances, an official of Tea Development Board Of India recently told Profit. “The consumers of tea in Pakistan can buy a cheaper product once it enters into your country through the Wagah border, while reducing huge logistics costs,” the official added. “Not only because of the freight cost, the Indian product is also the best choice for Pakistani importers in view of the draught in African countries especially Kenya production of which has been reduced drastically because of the climatic change,” he said adding that the entrance of Indian tea has already been increased in Pakistan through a third country. In reply to a query, he said though there was a Preferential Trade Agreement between Pakistan and Kenya, the price of Indian product would be much cheaper because of the less freight cost.
According to sources, Pakistan, which buys more than 17 per cent of Kenya’s black tea, has imported at least 21.8 million kilograms of tea worth $27.2 million last year from India, compared to 8.3 million kilograms worth $15.5 million in 2010. however, the huge quantity of the product was being unofficially shipped or smuggled into Pakistan through third countries like Dubai and Afghanistan. The drop in Kenyan production was also helping Indian products to have more share in the Pakistani market. The Indian official further informed that a high level trade delegation from Pakistan Tea Association (PTA) was also scheduled to visit India in April 2012 to make a long-term business deal in the tea sector. The Indian side, he claimed, was also trying to take Pakistani market as an alternative of the Iranian one after the payment issue dominated in the trade with Iran. Though India exports less quantity of tea as compared to other exporters of the product to Pakistan including Kenya, Sri Lanka, Vietnam and China, due to the domestic consumption of over 80 per cent of total production, the exports, however, could be increased if the borders of the neighbouring country were opened for trade. he claimed that Indian tea was qualitatively competitive in international markets. The much debated MFN status to India, sources ir claimed would also help to reduce the quantity of ag h S smuggling tea via Afghan border as the r u ab development may facilitate to lower the import duty yB b on tea. Pakistan currently charges 10 per cent import c i h p duty, alongside a 15 per cent sales tax and an additional 10 gra per cent value-added tax and another two per cent income tax nI fo on imported tea. however, the smugglers charge between 15-20 per cent overall duty on their consignments.
PRO 16-02-2012_Layout 1 2/16/2012 12:51 AM Page 2
02
Thursday, 16 February, 2012
news
FBR TAx BASE cAmPAIgn
Tax evading restaurants under scrutiny LAHORE
F
IMRAN ADNAN
eDeRAL Board of Revenue (FBR) has launched a crackdown against restaurants involved in tax evasion under its broadening of tax base campaign. FBR’s Lahore Regional Tax Office (RTO) has deputed special teams at billing counters of various restaurants in the provincial capital to monitor their sales, Profit learnt on Wednesday. FBR sources disclose Lahore RTO has constituted 10 monitoring teams, comprising of field inspectors who would monitor restaurant sales in posh localities, including MM Alam road, gulberg, Mall Road, Defence housing Authority, etc. These officials have been directed to prepare a daily sales summary, which would be compared with sales records provided by the restaurant managements with their tax returns. Sources indicate FBR has compiled a list of hundreds of restaurants operating in the provincial metropolis that are not registered with the tax department. In addition, FBR has also identified a large number of restaurants that are registered with tax department, but paying little or no tax by manipulating sales figures. Lahore RTO Chief Commissioner Raana Ahmad revealed there was a great discrepancy between sales figures provided by restaurant managements and the data collected by FBR
officials. Citing an example, she pointed out one restaurant was claiming that its annual sales were around Rs5 million, which means Rs15,000 daily at 300 days, while gST was applicable on the restaurants with daily sale of Rs16,666. however, when FBR physically monitored the sale of this restaurant, it earned Rs95,000 and Rs124,000 on this Monday and Tuesday, respectively. “If the average sale is calculated at Rs100,000 per day, this restaurant is doing business of Rs30 million per
annum,” she estimated and added that FBR had identified so many such cases and would continue its monitoring drive till these people started paying their due tax honestly. he disclosed FBR had gotten access to third party data sources, including NADRA, excise and taxation and immigration department, and had maintained a databank for data cross matching. he said Lahore RTO had served notices to some 22,741 taxpayers who despite of National Tax Numbers (NTN), were not filing tax returns during the last five weeks. The exercise proved successful, as over 1,000 people had contacted back to the tax department, she concluded.
KARACHI he Karachi Stock exchange (KSe) has formed an index committee to weigh the merits and demerits of making the benchmark 100-share index a “free-float”, said KSe Managing Director Nadeem Naqvi on Wednesday. Also, Nadeem Naqvi said the exchange has increased the volume of compensation to Rs75 million to be paid from the exchange’s Investors Protection Fund (IPF) to the affectees of brokerage defaults in wake of the market crises of 2008. “The index committee would send its proposals to the KSe board in its next meeting to make the index a free float,” Naqvi told a journalist while giving a presentation to the media on “Karachi Stock exchange: Issues and Prospects”, here at KSe on Wednesday. MD was questioned about the take on the impression that KSe 100-share index was not a true benchmark for the stock market, where the heavyweights, like OgDC had a great role in influencing the index. he said Pakistan was not the only country to have a stocks market with heavyweights like OgDC and Nestle Pakistan; emerging markets like Singapore also have the same problem.
T
After acceptance of the index committee’s proposals, he said, the weight of OgDC and Nestle would be brought down to seven per cent of the index. About the compensation matter, he said the affectees of 2008 crisis would be compensated to the extent of Rs75 per broker and those affected by the default of Capital 1 would receive their compensation checks. To a query, the managing director said the number of total claims was 3,621 that amounted to Rs2.6 billion in which the compensation was being paid on an average 33paisa for per rupee loss basis.
LAHORE: Managing Director LSe Mr Aftab Ahmad Chaudhry initiated the first step towards national Financial Literacy Programme for youth awareness. As part of the programme (first nation wide campus outreach program of its kind) the briefing session was held at LSe auditorium, Lahore Stock exchange (LSe). The participants of the briefing session included vice chancellors, directors and principals of major educational institutions of Lahore region. Mr Aftab Ahmed highlighted the primary goal of financial literacy programme which is to provide young investors with skills to learn, save and invest their money in an appropriate manner. Since Pakistan is characterised by having very low rates of savings and investments, low penetration of financial products and services, therefore, a campaign for the financial literacy is deemed as the need of the hour, he underscored. he also said young people are often confronted with complicated financial decisions in today’s demanding financial environment and financial mistakes early in life can have opportunity costs. In order to cope with these problems, they need better financial education and access to critical resources to make smart decisions. Financial Literacy Programme aims at enabling the youngsters to efficiently manage their finances and cope with the tough financial decisions. he also highlighted that the stock exchange might consider the suggestion of training of trainers/ faculty members of educational institutions, so as to improve the methods of teaching to remove the gap between theory and practical implementation in real life. STAFF REPORT
Punjab govt fixes sugar production target
KSE reviewing to make oil sales kick off 2012 100-share benchmark on a weak note – down 11pc YoY in Jan 2012 a free-float ISMAIL DILAWAR
lSE’s first step towards financial literacy of youth
KARACHI STAFF REPORT
IL consumption in the country stood at 1.46mn tons in Jan 2012 versus 1.64mn tonnes in Jan 2011, a decline of 11per cent YoY. The major reason for the decline in consumption was the fall in sale of Furnace Oil (FO), which is down 15per cent YoY amid the circular debt. Moreover, Jet fuel sale is also down
O
by 54per cent YoY owing to the Pakistan government halting supplies to NATO forces in Afghanistan and withdrawing duty exemptions on oil exports to Afghanistan. however, Motor gasoline demand witnessed an increase of 25 per cent YoY because of enhanced CNg load shedding in the country, despite a substantial increase of 23per cent YoY in product price. Cumulatively in 7MFY12, oil demand reached 11.3mn tons vs. 11.4mn tons in the corresponding period last year, a fall of 0.1per cent YoY. Pakistan State Oil’s overall sales are down eight per cent YoY in Jan 2012. While high Speed Diesel (hSD) volumes increased by one per cent YoY, FO sales went down by 16 per cent YoY. MOgAS sales witnessed a robust growth of 31per cent YoY. In 7MFY12, PSO sales reached 7.3mn tons (down 0.2per cent) with a market share of 64.2per cent. Attock Petroleum’s sales remained flat at 127k tons versus the decline in the overall industry. MOgAS and hSD sales went up by 20 per cent YoY and 35 per centYoY, respectively while FO sales declined by 13 per cent YoY. In 7MFY12, APL witnessed an impressive growth of 27 per cent YoY to 932k tonnes, with a market share of 8.2 per cent.
LAHORE: Punjab government has fixed sugar production target of 2.7 million tonnes for the current year. Provincial Food Secretary Irfan Ali has disclosed that some 20 million tonnes of sugarcane has already been crushed that has produced around 1.8 million tonnes of sugar till February 10. In a press statement issued here on Wednesday, Punjab food secretary said it had been estimated that the province would produce some 30 million tonnes of sugarcane. he pointed out a total of 44 sugar mills are operating in the province that had the capacity to crush 0.330 million tonnes of sugarcane daily. he added all sugar mills would remain operational at their full capacity till March 31. Also, all sugar mills were bound by law to clear sugarcane payments of farmers within 15 days. So far, sugar mills had made 83 per cent payments to farmers against sugarcane procurement. Speaking about the sugarcane cess, Irfan Ali said Punjab government was getting Rs5 per 100 kg of sugarcane for farmers and sugar mills on account of Sugarcane Cess Development Fund. he pointed out Rs770 and Rs11.2 billion were collected under this account in fiscal year 2009-10 and 2010-11, respectively. Whereas, Rs900 million had been collected in this account during the current year till end of January. This amount was used for sugarcane research and road infrastructure. STAFF REPORT
gujranwala chamber to educate businessmen GUJRANWALA: Training workshop was held here at the Chamber of Commerce to educate the businessmen to look for new horizons in european Union. Khalid Aslam pride of performance nominated expert and collaborator of Dr Samar Mubarakmund in coal project gave a lecture explaining ways and means to explore the european Union market. he said that Pakistan has great potential and could gain a huge share in european market which consists of 27 countries. he maintained that Pakistani traders and businessmen should export their products to the european market as Pakistani products could generate huge demand there as the fortunately manufacturing cost of the Pakistani products despite the poor economic conditions is low than the other countries thus by meeting the international standards we could earn huge profits. he further said that unfortunately our businessmen are exploited on the name of various quality checks by sending samples abroad to ensure their exports but Confirmatory Marking for european Union (Ce) which is obligatory for the export to the european Union is very cheap thus open new horizons for the business sector. he maintained that most of the big business concerns are ISO certified which almost comparable to the Ce and we just need to educate them so that we could get sell Pakistani products there in european market. STAFF REPORT
Wheat quota of gujranwala div abolished LAHORE: Secretary Food Punjab Irfan Ali has said the wheat quota of gujranwala division has been abolished and now anyone can purchase wheat directly from the department at the rate of Rs1,000 per maund. Irfan Ali said Punjab government had abolished wheat export policy in January, but now this policy has been extended under which exporters can make agreements with the food department under LC by February 28 at the fixed rate for different schemes and lift the purchased wheat by April 1st. STAFF REPORT
PRO 16-02-2012_Layout 1 2/16/2012 12:51 AM Page 3
Thursday, 16 February, 2012
03
news
Turkey eyes venture with Pak steel industry LAHORE: A Turkish Steel Industry Assessment Mission will visit Pakistan in early March this year to have first hand knowledge about the available business and investment opportunities. This was stated by Kerim Dilber, the head of two-member Turkish delegation that called on LCCI Senior Vice President Kashif Younis Meher here at the Lahore Chamber of Commerce and Industry on Wednesday. LCCI former executive Committee Members Javaid Iqbal Mughal, Mian Zahid Javaid and Turkish delegate Ms emine Aksu also spoke on the occasion. Mr Kerim Dilber said that the during their stay in Pakistan, the members of the Assessment Mission would hold meetings with Steel Industry personnel for initiating Joint Ventures in Pakistan. he said that a second Turkish delegation also from the Steel Industry would also visit Pakistan as soon as the first delegation completes its findings. giving a briefing about Turkish Steel Sector, Kerim Dilber said that Turkey has become the 10th biggest producer globally and 2nd largest steel producer in europe. In fact, Turkey was the third fastest growing steel producer in the world between the period 2001 and 2010 after China and India. Steel production in Turkey has increased significantly since 2001, growing from 15 million tons in 2001 to 29.1 million tonnes in 2010. growth of the industry in Turkey has been driven in part by strong domestic consumption. Within the five years period between 2005 – 2010 per capita crude steel consumption in Turkey has increased to 340 kg, and is expected to continue to grow in the medium and long term. In addition to the strong domestic demand and dynamic steel consuming industries, Turkey’s well placed geographical position also supports exports and thus production. STAFF REPORT
Bulls gather momentum as KSE gains 49 points KARACH
Company Rafhan Product Wyeth Pak Limited Colgate Palmolive Unilever Pak Foods Bata (Pak) Ltd.
Open 2600.00 705.00 710.00 1722.11 727.72
High 2730.00 740.25 745.50 1750.00 750.00
Low 2640.00 703.00 725.00 1749.00 739.99
Close 2712.90 740.25 745.25 1749.33 746.42
Change 112.90 35.25 35.25 27.22 18.70
Turnover 16 525 239 15 60
5550.00 350.99 95.88 66.50 121.50
5400.00 350.00 95.88 61.72 118.51
5425.00 350.00 95.88 62.21 119.24
-164.20 -6.10 -5.04 -2.75 -2.00
546 100 2,191 96,513 59,766
8.45 5.55 6.55 23.68 30.76
9.27 6.15 7.08 22.76 29.45
0.75 0.42 0.57 23.47 30.75
Major Losers UniLever Pak Ltd. Indus Dyeing Abbott Laboratories Pak Refinery Habib Bank Ltd
5589.20 356.10 100.92 64.96 121.24
Volume Leaders Jah.Sidd. Co. Azgard Nine B.O.Punjab Fatima Fert.Co. Arif Habib Co SD
8.52 9.35 5.73 6.20 6.51 7.15 22.70 29.30
29,615,270 14,584,030 10,114,024 0.77 9,529,116 1.45 9,399,535
Interbank Rates
STAFF REPORT
eDNeSDAY witnessed a bullish trend on the Karachi stock market where a positive political outlook seemed somehow restoring the investors’ confidence as the government and opposition joined hands to pass the 20th Amendment in the National Assembly. The day saw the benchmark 100-share index moving up by 49.19 percent to finish at 12,311.04 points against 12,261.85 points of Tuesday. “Stocks closed bullish in the earnings announcement session at KSe on positive political outlook after government and opposition joined hands to push National Assembly for interim setup and restoration of law makers,” viewed
Major Gainers
US Dollar UK Pound Japanese Yen Euro
W
90.7055 142.2172 1.1555 119.4319 Buy
Ahsan Mehanti, a director at Arif habib Investments. The analyst said Trade remained higher amid cautious activity ahead of Supreme Court announcements against PM gilani NRO implementation verdict. The trading volumes at the ready-counter were recorded higher at 172.08 million shares against the previous 148.203 million shares. The trading value also upped to Rs3.0 billion from the previous Rs2.82 billion. The intraday high
SAFTA committee reviews progress to boost regional trade ISLAMABAD: SAFTA Committee of experts (COe) discussed intra regional trade of the member countries and reviewed the progress in implementations of trade liberalisation programme of the member states, in a meeting. The meeting deliberated various dimensions of trade agenda of SAFTA members. The status of issuance of revised sensitive list by the member countries was also discussed. It was emphasised that all member states may issue necessary notification for revised sensitive list in second phase to bring down the number of products in their sensitive list. The meeting reviewed the progress in this regard and all member states updated about their development. The meeting also reviewed the matters relating to trade in services under SAFTA, non tariff measures and para-tariff measures, intra SAARC trade flows and specific matters related to Least Developed Countries (LDC). The meeting reviewed the progress in implementations of trade liberalisation programme of the member states. Delegates from each country briefed the meeting about the latest position in this regard. STAFF REPORT
Entrepreneurs organisation for business interaction LAHORE: Pakistan can overcome its financial woes by strengthening business-to-business interactions that is a prerequisite to expand economic activities and create better entrepreneurs. This was stated by the President entrepreneurs Organisation (eO) global Mr Kevin Langley while talking to LCCI Senior Vice president Kashif Younis Meher here on Tuesday. LCCI Vice President Saeeda Nazar, President eO Lahore Chapter Umair Virk, LCCI executive Committee members Zeeshan Khalil and Shoaib Zahid Malik also spoke on the occasion. Kevin Langley said that the foreign businessmen will be more than willing to put their money in new ventures in any country of the world provided they got enabling business environment and safety of their investment. he said that the energy shortage is not only the issue of Pakistan but it is a global issue and all the governments need to spend more on energy projects as it is one of the major industrial raw materials. The eO President said that Pakistan has all the ingredients to become a global player in economic terms but it has failed to get its due place in the world market only because of its failure to tap its resources. STAFF REPORT
and low stood at 12,340.63 and 12,261.85 points. The market capital increased to Rs3.2 trillion from 3.19 trillion. Of the total 346 traded scrips, 173 gained, 89 lost and 84 remained unchanged. KSe-30 index also set in the green zone gaining 22.11 points to close at 11,489.13 points against 11,467.02 points of the previous session. “Investor support on strong valuations in banks, fertilizer and oil stocks played a catalyst
role in bullish sentiments amid speculations ahead of major earnings announcements due this week,” said Mehanti. Jahangir Siddiqui Company maintained its status of the day’s volume leader and counted its traded shares at 29.615 million with the opening and closing rates, respectively, standing at Rs8.52 and Rs9.27. On the future market, the turnover increased to 5.2 million shares from 4.81 million of the previous day.
Sell
US Dollar
90.60
91.10
Euro
117.89
118.92
Great Britain Pound
141.41
142.57
Japanese Yen
1.1479
1.1566
Canadian Dollar
90.17
91.51
Hong Kong Dollar
11.48
11.72
UAE Dirham
24.61
24.77
Saudi Riyal
24.11
24.24
Australian Dollar
96.32
98.64
CORPORATE CORNER Qatar Executive Business Jet debuts at Singapore Airshow
Public Relations, Management & Organizational Communication, and electronic Media: Radio / Television Program Production & News Reporting. The application deadline for admission to the MA Mass Communication program at hashmi Media Institute is Wednesday, February 29, 2012. The programme shall commence on Monday, March 12, 2012. The students will be issued MA degrees by University of Karachi upon successful completion of the two year MA programme at hashmi Media Institute. PRESS RELEASE
Dr najam elected Trustee of WWF International Board SINGAPORE: Qatar Airways’ corporate jet division, Qatar executive, is showcasing its Bombardier global 5,000 business jet at this week’s Singapore Air Show, the largest aerospace event in Asia. With its aircraft participation at the five-day trade show starting today (February 14), Qatar executive reinforces its strategy to tap into up-and-coming markets, presenting its Qatar executive product and service for the first time to the Asian audience. Taking place until February 19 at the Changi exhibition Centre (CeC) close to Singapore Changi Airport, the bi-ennial show hosts over 900 leading aviation industry companies, including industry professionals, global stakeholders and aviation enthusiasts from across 50 countries worldwide. PRESS RELEASE
LAHORE: Vice Chancellor LUMS, Dr Adil Najam has been elected to the WWF International Board of Trustees for a period of three years. he takes over from Tim Flannery, whose tenure ended in December 2011. One of the largest conservation organisations in the world, WWF was established in 1961. The central secretariat for the organisation called WWF International is located in gland, Switzerland and has offices in more than 80 countries around the world. Since its inception 50 years ago, WWF has invested almost $10 billion in more than 13,000 projects worldwide. PRESS RELEASE
Hashmi media Institute (HmI) gets affiliated with university of Karachi
LAHORE: Around 85 Pakistani sports goods exhibitors participated at ISPO Munich last week. Ispo is the world’s largest sports goods and sports-wear exhibition held every year in Munich. This year 2,344 exhibitors from 51 countries exhibited their products at ISPO. Close to 80,000 sports goods and sports-wear buyers from more than 100 countries visited Munich to preview the latest trends. Pakistani exhibitors mostly from Sialkot, attended the show held from January 29 to February 1, 2012. Most exhibitors were encouraged by the large number of visitors which meant more orders: 65 per cent of visitors and 83 per cent of exhibitors came from foreign countries. PRESS RELEASE
KARACHI: The Office of the Affiliation Committee issued a notification for the affiliation of hashmi Media Institute (hMI) for the introduction of M. A. Mass Communication program (under semester system) upon approval of the recommendations of the Affiliation Committee by the Vice-Chancellor, on behalf of the Academic Council / Syndicate, University of Karachi. The Institute will offer specializations in Print Media, Advertising &
Pakistani exporters exhibit sports goods at ISPo munich 2012
Easypaisa secures grant to expand mobile financial services KARACHI: easypaisa -- a joint initiative of Telenor Pakistan and Tameer Micro Finance Bank -- has secured a $6.5 million grant from the Bill & Melinda gates Foundation to increase adoption of its mobile financial services among Pakistan’s poorest households and to strengthen its distribution network in poor and rural communities. On this occasion, Roar Bjaerum, Vice President of Financial Services at Telenor Pakistan, said that accessible mobile financial services can help catalyze Pakistan's socio-economic efforts. PRESS RELEASE
comSATS, HEc distribute certificates LAHORE: Faculty Development Academy (FDA) of COMSATS Institute of Information Technology (CIIT), Islamabad in collaboration with the Learning & Innovation Division and higher education Commission distributed certificates among the nineteen teachers of public sector colleges and universities in Islamabad on successfully completing a one month training workshop on “english for Specific Purpose”. The workshop was conducted from 2nd January to 3rd February 2012 and the overall goal of the training was therefore to help raise the quality of knowledge that the teacher’s trained impart. PRESS RELEASE
ISLAMABAD: Mobilink Sales and Distribution team with business partners at Mega Musical Night held for Jazz business partners in Islamabad. PRESS RELEASE