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business delegation leaves for iran to explore trade opportunities ISLAMABAD: A 14-member delegation of businessmen from Khyber Pakhtunkhwa, led by Vice President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Zubair Ali left for Iran to promote trade between the two countries. According to FPCCI press statement issued here Friday, the delegation is scheduled to visit Pars province of Iran to bring businessmen closer to each other. During its visit to Paris province, the delegation is scheduled to meet government functionaries, industrialists, businessmen and office bearers of Sheraz Chamber. The delegation is also scheduled to visit various industrial sites of the province, it said adding that agreements would also be inked for the promotion of trade and investment. Talking to mediapersons before leaving for Iran, the FPCCI Vice President said that Pakistan and Iran were enjoying cordial relations and the objective of the visit is to bring further closer the businessmen of the two countries. He said that KPK has huge natural resources, thus offering vast opportunities for investment. He said that the delegation comprised of businessmen from all the sectors of economy, so it would be in better position to explore potential in various fields of trade and economy. APP
SC issues notices to aG, power secy over dues to iPPs ISLAMABAD: The Supreme Court Friday issued notices to the Attorney General of Pakistan (AGP) and the Secretary Water and Power to present their stance over non-payment of dues to certain independent power producers (IPPs). The two-member bench headed by Justice Tasadduq Hussain Jilani heard a petition moved by Khawaja Muhammad Asif, a leader of Pakistan Muslim League-N (PML-N). Khalid Anwer, counsel for the IPPs, apprised the court that there was no shortage of electricity in the country and the problems emerged due to nonpayment of dues to the companies. The counsel requested the court to issue directives for payment of dues as the apex court’s earlier order in this regard had not been complied with. The court issued notices to the AGP and the Secretary Water and Power, and adjourned the case till February 19. APP
PSo receives Rs 10.5b for furnace oil ISLAMABAD: Ministry of Finance has released Rs 10.5 billion to Pakistan State Oil (PSO), a private TV channel reported. Reports said that the PSO has now increased the furnace oil supply from 8,000 tons to 13,000 tons, adding that the supply would be made to only those companies that pay on time. It may be noted here that PSO is to pay a total of Rs56 billion to international fuel suppliers from February 19 to 28, 2013. Last week, the PSO had urged the federal government to release Rs15 billion so that it could save itself from defaulting on its LC payments and square with its creditors. Various departments including ministry of water and power are indebted of Rs150 billion to PSO collectively. ONLINE
Measures to combat grey telephony by FIA has helped save Rs 763 million of national exchequer. – Interior Minister Rehman Malik
Riaz aimS to build woRld’S tallESt buildinG in KaRaChi Bahria town and aBu dhaBi Group to inveSt $45 Billion in pakiStan
Project encompasses Sports city, Educational and Medical City, International City and Media City. It also includes the construction of miniatures of Seven Wonders of the World
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EAlTOR Malik Riaz plans to build the world’s tallest building in Karachi in collaboration with the Abu Dhabi Group. According to a press statement by Bahria Town, an agreement to this effect was signed between the former chairman and now consultant of the Bahria Town group and Sheikh Nahyan bin Mubarak Al Nahyan, chairman Abu Dhabi group, Union National Bank and United Bank limited. Under the agreement $45 billion would be invested in Pakistan for various construction projects. Out of the total investment, $10 billion would be invested in Islamabad and lahore whereas the remaining sum would be invested in Sindh. These projects also include the construction of tallest building of the world (taller than BurjKhalifa,
Dubai) in Karachi. Moreover, the project encompasses Sports city, Educational and Medical City, International City and Media City. The project also includes the construction of miniatures of Seven Wonders of the World. These projects will employ more than 2.5 million people and will boost more than 55 industries like cement, bricks, iron, steel and glass. Moreover these projects are expected to represent all the social classes of the society and middle-class and lower-middle class will have equal representation. The
agreement will have a revolutionary impact on not only the Pakistani economy but also the tourism of the country and will be a milestone in reviving the lights of Karachi. Speaking on the occasion, Sheikh Nahyan said that Bahria Town was a credible, respected and authentic name in the real estate sector across the world. “I am genuinely happy that in this historic project of Pakistan we are working with the visionary Malik Riaz, this guarantees that not only the project will be delivered beyond our expec-
Government to give 10-year tax exemption to investors in SEZs Saleem mandviwalla SayS new inveStment policy ready ISLAMABAD INP
Special Economic Zones (SEZs) would be declared soon aimed at promoting local industry as well as attracting the foreign investments for the economic prosperity of the country. This was stated by the Minister of State for Finance and Economic Affairs, and Chairman Board of Investment (BOI), Saleem H. Mandviwalla while addressing the business community at Islamabad Chamber of Commerce and Industry (ICCI). He said that the rules of the SEZs would be submitted before the cabinet meeting for approval under which tax exemptions on the import of machinery and 10 years income tax will also be provided. Industrial zone identified by the ICCI and Chakwal Chamber could also be declared as SEZs for the promotion of local industry and export oriented
trade in that area, he added. The minister said that approval of SEZs bill by the parliament was a land mark achievement of the democratic government which was prepared after taking the all stakeholder on board and receiving the inputs from the relevant authorities. Under the SEZs bill, all the investors are being provided safeguard on their investment besides it will also help the next governments for continuation of economic policies for economic development in the country, he maintained. Mandviwalla further informed that new investment policy has been finalized and it would also be presented before the federal cabinet in its next meeting for approval. He said that the draft of the policy was prepared by consulting the relevant stakeholders and taking the input from the trade bodies to promote trade and commerce in the country. The term of minimum limits of investment has also been abolished to encourage small and medium level investors for alleviating poverty from the country by creating more job opportunities in the private sector, he added. Speaking on the occasion, Mr. Zafar Bakhtawari, President Islamabad Cham-
The term of minimum limits of investment has also been abolished to encourage small and medium level investors ber of Commerce and Industry lauded the dynamic role of Saleem H. Mandviwalla as Chairman BOI for promoting domestic and foreign investment to enhance Pakistan’s international competitiveness and exploring the new markets for Pakistani products. He urged the Government for promoting the economic diplomacy instead of political diplomacy for developing economic relations with the rest of the world as well as stressed upon introducing business friendly policies for economic development.
tations but also before time. We will Inshallah be welcoming first residents in next 3-4 years,” he said. Malik Riaz said that it was a matter of great pride for him that Sheikh Nahyan had selected Bahria Town for making the dream come true for a modern and developed nation with this historical project. A distinguished feature of this project is the utilization of seawater to produce electricity. The projects will have their own grid stations. Moreover, a separate modern water treatment plant will be established to convert seawater into drinking water.
Sixth Power Generation Conference, Energy Expo on 26th KARACHI: The 6th International Power Generation Conference and Exhibition (POWERGEN PAK 2013) will be held on Feb 26, with a theme “Emerging EnergyMix for Sustainable Power Generation” at a hotel here. According to organisers here Friday, Minister for Science and Technology Changez Jamali will be the chief guest and preside the inaugural session. Chairman Sindh Board of Investment, Zubair Motiwala, Secretary Thar Coal Energy, Ejaz A. Khan, President KCCI, Haroon Agar, MD Thar Coal (underground coal gasification plant), Dr. Shabbir Ahmed, Director Siemens Pakistan, Irfan Ahmed, Country Head IUCN, Mehmood Akhtar Cheema, Registrar NEPRA, Safeer H. Shah, former MD PSO, Kalim Siddiqui, CEO Alternate Energy Development Board, Arif Allauddin, former VC Hamdard University Prof. Nasim A. Khan and other experts would deliver their speeches on the power crises, problems and solutions, future strategies, research and development, technological development and advancement, plan of action, energy efficiency, conservation and management, impact on economic growth and development in the country. A special session on coal energy and renewable energy will also be held on the occasion. APP
FPCCI urges NAB to halt action on notices to 1024 PSM dealers KARACHI NNI
Haji Fazal Kadir Khan Sherani, President, Federation of Pakistan Chambers of Commerce & Industry and its Vice President Sheikh Shakeel Ahmed Dhingra have urged the Chairman of National Accountability Bureau NAB), Admiral Fasih Bukhari to stop harassment and keep the recovery notices, issued to 1024 traders/consumer dealers of Pakistan Steel Mills (PSM), in abeyance and in the meantime hold a meeting with the representatives of Pakistan Steel Re-Rolling Mills Association to resolve the issue amicably. They argued, “These notices are based on the false assumptions as the record available with the dealers clearly proves that all the purchases have been made as per the listed prices of PSM products and the dealers have no control over the prices of the PSM products. However, they lamented that the NAB
is punishing them without any solid evidence and serving them with notices”. FPCCI Chief Haji Fazal Kadir Khan Sherani added that it was not logically possible for 1024 consumer dealers and traders to act in connivance with the officials of PSM to secure wrongful
gains on account of purchases of PSM products. He disclosed that the real culprits have absconded from the country and now the PSM is trying to rope in innocent parties that made purchases as per their routine at the prices offered by PSM. The President of FPCCI castigated for issuance
of the recovery notices on the basis of faulty forensic reports, which had already been rejected by FIA, PSM and the Ministry of Industries & Production. He informed that the traders and consumer dealers served with recovery notices had also been issued clearance certificates by PSM. Sheikh Shakeel Ahmed Dhingra, Vice President informed that the allegations leveled against PSM traders and consumer dealers are totally incorrect and falsified by the fact that they got less supply during the alleged period as compared to the periods before, because had there been any collusion, these people would have been allocated more material by the PSM. Moreover, he continued that the responsibility of corruption and mismanagement fall entirely on the shoulders of PSM management, however, it seemed that the traders and consumer dealers are being made scapegoat.
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Diamer Basha dam multi-purpose project is vital for the country’s economy. – WAPDA Chairman Raghib Abbas making Pakistan a safer place for mothers and children Pakistan has some of the worst indicators in the region pertaining to health of mothers and children. The country is set to miss the targets for Millennium Development Goals (MDGs) 4 and 5 related to decreasing maternal mortality by three-fourths and infant mortality by two-thirds till 2015. According to research, multiple issues like gender inequity, illiteracy, early marriage and multiple pregnancies in quick succession, contribute to most of this poor health and mortality. Children born at frequent intervals to such mothers also bear the burden of ill health by having low birth weight, receiving poor nutrition and inadequate attention. About 30% of maternal deaths can be avoided with birth spacing services that focus on healthy timing and adequate interval between pregnancies. In addition, research shows that children born at suitable intervals have better health and survival than those born at shorter intervals. Due to lack of access to appropriate birth spacing services, many Pakistani mothers and children are unable to enjoy good health. The situation is also leading to rising number of unwanted births and termination of pregnancies. In this context, APNA Pakistan (Advocacy for Population and National Advancement - a UNFPA led health and development initiative) is working to highlight the preventable nature of deaths and ill health through improving coverage and access to comprehensive reproductive health and birth spacing services. This will ensure that women can benefit from all aspects of safe motherhood including antenatal care, delivery, post delivery care and birth spacing services. PR
Engro’s Fertilizer business reports loss of Rs 10 billion KARACHI
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HE Board of Directors of Engro Corporation limited today announced the financial results for the year ended December 31, 2012. During the year, Engro faced an existential threat due to government default on its contractual obligations. Blatant discrimination of the government leading to continued gas curtailment to Engro Fertilizer resulted in a cash shortfall of Rs. 10 billion and which impacted the profitability of Engro Corporation. The consolidated revenue of the Company stood at Rs. 125billion compared to 115billion in 2011, while net profit after tax was Rs. 1,333million as compared to a net profit after tax of Rs. 8,060million, a decrease of 83%, in the same period last year. The company announced an EPS of Rs. 2.61for the year ended December 31, 2012 as opposed to the EPS of Rs. 15.77in 2011. The government and SNGPl’s blatant default on its contractual agreement to Engro’s $1.1b EnVenplant, resulted in gas supply of approximately 9 percent of its total allocated amount throughout 2012. The discriminatory policies of the government against Engro have also resulted in massive losses at the government level and led to acute food shortage. Urea sales have registered a decline of 12% to reach 5.2 million tons in the calendar year 2012, which is the steepest annual decline in recent history. Farmers have suffered extra burden of Rs. 53 billion due to higher urea
The consolidated revenue of the company stood at Rs 125 billion compared to Rs 115 billion in 2011, while net profit after tax was Rs 1,333million as compared to net profit after tax of Rs 8,060million in the same period last year prices on the back of continued gas curtailment to fertilizer plants whereas the national exchequer has also suffered since 2.2 million tons urea has been imported at a forex cost of $1.1 Billion and a subsidy of Rs. 57 billion (Jan 2011 -June 2012). The agricultural sector, therefore, represents an alarming situation with the country now moving towards a significant food crisis. According to a recent study total cost of fertilizer input per acreage has witnessed a massive increase of 83% between 2008 and 2012, and has gone up from Rs. 4,450 per acre to Rs. 8,125 per acre for the average farmer.
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Saturday, 16 February, 2013
Major Gainers COMPANY Sanofi-aventis pak national Foods pak Services indus motor co Sunrays textile
OPEN 334.57 324.05 173.42 306.17 156.50
HIGH 351.25 340.25 182.09 320.00 164.30
LOW 340.00 328.45 180.00 306.17 164.30
CLOSE 351.25 334.38 182.09 314.08 164.30
CHANGE 16.68 10.33 8.67 7.91 7.80
TURNOVER 700 25,600 4,900 135,300 500
10300.00 519.50 320.00 184.60 192.49
10200.00 519.40 320.00 184.58 176.00
10300.00 519.50 320.00 184.59 177.00
-80.00 -27.23 -12.00 -9.66 -6.50
380 400 200 200 105,000
22.15 5.67 4.07 3.85 97.40
21.24 5.22 3.70 3.46 93.55
21.95 5.49 3.84 3.55 94.44
0.85 -0.11 -0.14 -0.20 -0.84
28,759,500 19,622,500 15,058,500 13,975,000 11,913,300
Major Losers unilever pak indus dyeing Spot mithchellsFruit XdXB philip morris pak. packages ltd.
10380.00 546.73 332.00 194.25 183.50
Volume Leaders p.t.c.l.a 21.10 telecard limited 5.60 wateen telecom ltd 3.98 worldcall telecom 3.75 engro corporation 95.28
Interbank Rates uSd GBp Jpy euro
pkr 98.0721 pkr 152.2275 pkr 1.0614 pkr 130.6909
Forex BUY uS dollar euro Great Britain pound Japanese yen canadian dollar hong kong dollar uae dirham Saudi riyal
99.00 131.30 152.61 1.0439 97.10 12.49 26.80 26.30
SELL 99.25 131.53 152.85 1.0547 98.81 12.74 27.05 26.54
CORPORATE CORNER bells ring in lahore’s primary Grassroots initiatives to schools for ‘little things reduce maternal and Renew nature’ campaign child mortality
ISLAMABAD: Punjab Governor Makhdoom Ahmed Mehmood with Pak-Gulf Chairman Sardar Tanvir Ilyas visits The Centaurus Mall. PR
KARACHI: Standing (L-R) Mr Adeel Zahid, Manager Cards Operations-PSO, Mr Arif Nasib General Manager Marketing Services-PSO, Mr Rustom H. Mavalwala, DGM Cards-PSO, Mr Asrar Alvi (ORIX). Sitting (L-R): Mr Naeem Y. Mir CEO&MD-PSO and Mr Teizoon Kisat, CEOORIX, at an agreement signing ceremony between PSO and Orix. PR
LAHORE: World’s leading food processing and packing solutions company, Tetra Pak, is reaching out to primary school students all over Lahore through their campaign ‘Little Things Renew Nature’, which aims to educate them on the importance of using natural resources economically and the benefits of recycling. Throughout the campaign, Tetra Pak aims to reach over 100 schools and more than 30,000 students. This was unveiled in a launch ceremony held at the Royal Palm Golf & Country Club in Lahore, which was attended by the media and environmentalists. Dr. Ejaz Ahmad, Senior Director – WWF Pakistan also graced the occasion as the Chief Guest and shared his views on the importance of environmental awareness. While speaking at the occasion, Kashif Bhatti, Marketing Director – Tetra Pak Pakistan shared, “As world’s leading food processing and packing company, Tetra Pak gives priority to its social responsibility activities in education, food safety and environmental issues. PR
aCCa islamabad celebrates achievement
KARACHI: Al Meezan Investments and Standard Chartered Bank (Pakistan) Limited signed an agreement to distribute Meezan Tahaffuz Pension Fund (MTPF), the largest VPS in Pakistan. Seen in the photograph are Mr Mohsin Nathani, Chief Executive, Standard Chartered Pakistan, Mr Naseer Hasan, Head of Consumer Banking, Standard Chartered Pakistan, Mr Mohammad Shoaib, Chief Executive Al Meezan Investment Management Limited, Mr Muhammad Asad, Senior Executive Vice President, Chief Investment Officer, Al Meezan Investment Management Limited and other representatives from both the organisations. PR
ISLAMABAD: ACCA Islamabad organised a students’ appreciation event title ‘Celebrating Achievement’ in Islamabad on 11 February 2013. The event honoured the nine high achievers of December 2011 and June 2012 sessions. Dr Javaid Leghari, Chairperson, Higher Education Commission (HEC) presented the certificates to the achievers in presence of fellow students, teachers and ACCA fraternity. Speaking on the occasion, Mr Leghari said, “The concept of getting educated is changing dynamically. Seeing the trend, students should focus on opting for a qualification that gives them global mobility, they should focus on continuous development and adopt a professional qualification. ACCA offers all three.” He also congratulated the place winners for securing these national positions. Ms Noor Aftab, head of ACCA Islamabad thanked the parents, teachers and tuition providers for their efforts in shaping these high achievers. She also emphasised on the employment opportunities that exists for ACCA students in the corporate, public and public practices. PR
ISLAMABAD: Pakistan’s Demographic and Health Survey (2006-2007) states that 61 percent of Pakistani women give birth at home. For every 100,000 live births, approximately 319 rural women and 58 newborns die each year. The Rural Support Programmes Network (RSPN) works with the poor, using participatory approaches for development. In areas of rural Pakistan, not yet covered by Lady Health Workers, the RSPN and one of its partner organizations, the Thardeep Rural Development Programme, have implemented a community-based mechanism to reduce pregnancy-related health concerns and promote contraceptive use. Community Resource Persons (CRPs) serve as local health workers, educating married couples and their families on the importance of birth spacing and maternal and child health. They motivate women to go to the hospital for antenatal care, deliveries, and postnatal care and for the uptake of birth spacing methods. PR
oGdCl starts production from Sinjhoro ISLAMABAD: The Sinjhoro Gas Field of OGDCL has started production of 12 MMCFD gas to SSGCL and 1,100 BBLS of condensate. Sinjhoro field is located in District Sanghar Sindh, about 65 KM northeast of Hyderabad City. The Project is a Joint Venture of OGDCL, OPL and GHPL having shares of 62.5%, 15% and 22.5% respectively. OGDCL has completed gas gathering facilities in shortest possible time. Almost all of the project work is done in-house by engineers. OGDCL has shifted unutilized Dhodak Plant including LPG Plant and made procurement of other necessary materials on fast track basis. Dr Asim Hussain, Advisor to Prime Minister on Petroleum & Natural Resources will inaugurate the project to provide supply of gas to SSGCL, as the projects have started under instructions of the Advisor who took special interest for its early completion and emphasized for early production of hydrocarbons. Dr. Asim Hussain appreciated the Management of OGDCL for undertaking the project, utilizing only in-house professionals and resources. PR
ztbl chief inaugurates treasury dept at Karachi KARACHI: The President Zarai Taraqiati Bank Ltd. (ZTBL) Mr. Ihsan Ul Haq Khan formally inaugurated Treasury Department of ZTBL at Karachi which was established with the approval of the Board of Directors of ZTBL in May 2012. On this auspicious occasion, the President congratulated and highly appreciated the efforts of the Treasury team for establishing and running successful treasury operations of the Bank in short span of time. He further stated that its mile stone which has been achieved in a very professional manner in ZTBL’s history. The President also inaugurated RTGS system for Treasury operations and stated that this will pave the way for smooth and problem free operations of the newly established treasury department and will also bring over all operational efficiency to ZTBL. PR
toyota opens new 3S dealership in dGK DERA GHAZI KHAN: Indus Motor Company has announced the opening of its state-of-the-art Toyota 3S (Sales, Service and Spare Parts) Dealership in Dera Ghazi Khan, a fast emerging business and commercial hub in Southern Punjab which is populated by a consumer segment with a growing disposable income. Toyota and Daihatsu vehicles in Dera Ghazi Khan and surrounding areas will now be backed by modern computerized auto servicing and diagnostic equipment provided at the new Toyota 3S Dealership. Chief Executive Officer IMC, Mr Parvez Ghias said on the occasion, “It is our special privilege to serve our customers in this area. We are well aware of the fact that Dera Ghazi Khan has come of age as a progressing commercial centre and we aim to meet the needs of our customers in this important market by offering them our 3S network - the most advanced in the country. PR
acer iconia w700 review Acer’s Iconia W700 is the first Windows 8 tablet to grace PC Pro’s labs. The real surprise is the price: for just Rs76,999, the Iconia W700 packs in an 11.6in Full HD touch screen, a Core i3 processor and somehow finds room in the budget for a case, a docking station and a Bluetooth keyboard. The Acer Iconia W700 is something different. It’s a tablet with a laptop-class processor and a docking station that lets you use the system like a desktop. PR