PRO 17-04-2012_Layout 1 4/17/2012 12:46 AM Page 1
Pharmaceutical industry could do with some anti-depressants Page 02
profit.com.pk
Tuesday, 17 April, 2012
cOmmEnT
THE BIGGER THE BITTER
Big five all set to face the music If you’re a big bank, increased deposit rates are going to give you a 10pc walloping g Pundits say SBP’s manoeuvre has its origin in lofty banking spreads, rising profits g Pool old big-5 own 56pc of the total banking share... Gulp g
KARACHI
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ISMAIL DILAWAR
he bigger banks are bracing for a financial impact the analysts estimate at 6 to 10 percent on their earning per share as the central bank scaled up the minimum deposit rate to six percent from the previous five percent. “The minimum profit rate would be 6.0 percent p.a on all Pak Rupee saving deposits with effect from May 01, 2012,” SBP notified the commercial banks last Friday. The notified rate of profit would be applicable on all existing and new saving deposits including term deposits, the regulator clarified. According to economic observers, the upward revision of the deposit rate came as the State Bank moved against lofty banking spreads and rising banking sector profits, primarily being driven through investments in the risk-free government securities. Given the prevailing recessionary climate and resultant increase in the
banks’ bad debts which have soared beyond Rs 600 billion, the banks have adopted a risk-averse behavior towards private lending that create economic activity thus ensuring growth. The analysts believe that SBP’s move was despite the fact that the regulator had already allowed individual depositors and investors to invest in the government papers through an IPS account which would shun banks’ intervention and therefore their incremental spreads. Though against market economy and sector efficiency, the central bank, while increasing minimum rate of deposits, made it clear to banks to provide some level of respite to depositors while pinpointing concerns with respect to the banking in Pakistan as being limited to only funding fiscal deficit of the government instead of taking risk, finding investment avenues through building partnerships with the private sector etc. “Looking at the secondary market rates, mainly KIBOR, treasury bills and Pakistan Investment Bonds
(10-year), one can easily deduce the fact that high risk-free rates (T-bills yields parallel to risky KIBOR rates) themselves induce banks to go for investments in the government papers instead of lending to the private sector in first place,” said Khurram Schehzad, head of research at InvestCap. The analyst said the ePS impact on the bigger banks ranges 6 to 10 percent since smaller banks had already been running with higher cost of deposits i.e. in 7-9 percent range in order to fetch higher deposits. The impact of mandatory increase in the deposit rates stood remote for them while big-5 banks, having average cost of funds around 5.2 percent, due to high CASA mix, would have an estimated impact on their annualized earnings with 1 percent increase in deposit rates, provided no pass-on through KIBOR or higher bids for Tbills/PIBs in the upcoming auctions. As far as the numbers go, total deposits of the scheduled banks stood at Rs5.92 trillion as of Mar-12 (Rs5.87
trillion in CY11) while savings accounts hold a 38 percent share in the total deposit mix i.e. Rs 2.25 trillion as of March-12. In the total savings account size, big-5 banks hold 56 percent share while the rest of the industry stands with 44 percent. In this regard, since big-5 banks stand with the lowest cost of funds, a 1 percent mandatory increase in the deposit rates is expected to lead to a 6 percent to 10 percent impact on the big-5 banks’ CY12e earnings (annualized). “As the secondary market yields have lately been on the rise on account of rising liquidity crunch in the money market with central bank funding the gap increasingly through OMOs with T-bills and PIBs auctions ahead, we believe spreads have already improved a bit while big-5 banks still have enough muscles to pass on the partial increase in deposit rates through re-rating of lending rates on a quarterly or semiannual basis,” said Khurram.
And now South Africa
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heRe is definitely a pattern in Islamabad’s initiative to reach out in search of new trade and investment markets. Russia, India, Australia and now South Africa. We seem to have developed a special liking for emerging economies, and it helps if they are commodity plays. The latest move – to reach out to South Africa – builds on earlier momentum. not only does it (potentially) tap a vibrant emerging market, it also makes inroads to the entire continent. As it turns out, South Africa is truly the gateway to greater Africa, both in diplomatic terms (its position and influence in continental bodies) and in logistical matters (it borders or leads to most important countries). Then South Africa is also a commodity heavyweight. even if markets are jittery now, its gold muscle brought rare advantages right through the long recent months when international finance went through one of its most bitter bouts with risk aversion. More importantly, its post ’94 trajectory notes remarkable and continuous improvement in manufacturing and industry, hence its stable production base and healthy earning. Good advances all in all. Yet, as we always point out, such adventures lack necessary punch so long as our own production base (read value added exports) is not up to the mark. Despite breakthroughs, our exports are miniscule, and our investment potential lacking by global standards. So, while the impressive outreach continues, it is just as important, if not more so, to make sure we have sellable items to take to diverse markets driven by value addition. And in most countries this effort is taking us closer to, we find this lesson well learnt and implemented.
EURO YIKES
Spain, Italy waist-deep into eurozone quagmire REUTERS
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ROME/MADRID
PAIn and faced growing market pressure on Monday, stoking fears of a new phase in the euro zone debt crisis as Madrid’s budget problems threatened to drag in other southern european economies. Yields on Spanish 10-year bonds have climbed over 6.1 percent, nearing levels that caused general market panic when Italy was in the same position late last year. Italian 10-year yields stood at almost 5.6 percent, while the yield on safe-haven German Bunds was just over 1.6 percent, the lowest since the height of the financial turmoil in 2008. “We are back in full crisis mode,” said Rabobank strategist Lyn Graham-Taylor. Spain, the euro zone’s fourth-largest economy, is at the centre of the crisis as concerns grow about some of its banks and the impact of the austerity policies of Prime Minister Mariano Rajoy’s conservative government on a struggling economy. As the psychological boost from huge injections of cheap cash by the european Central Bank earlier this year has faded and the sustainability of Spanish public finances is questioned, the has been thrust back on to the agenda of International Monetary Fund meetings this week. Madrid said it would have to impose further cuts on regional governments, some of which have failed to pay contractors’ bills for months, and acknowledged that the economy had tipped back into its second recession since 2009. “It is looking more and more likely that Spain is going to have some form of a bailout. Assuming there is not an (eCB) intervention you would not see a cap on Spanish yields, they would just keep
increasing,” Graham-Taylor said. The eCB has intervened only sporadically since flooding the market with funds in February and appears reluctant to resume bond purchases. Governing Council Member Klaas Knot said on Friday he hoped the bank never has to use the program again. In an interview with the daily el Mundo, economy Minister Luis de Guindos said first quarter growth figures, due on April 30, would show a similar pattern to the last quarter of 2011, when the economy contracted 0.3 percent, but would not be worse. “If you had asked me two months ago, I would have expected the first quarter of 2012 to be much worse than the last
quarter of 2011. But that is not going to be the case,” he said. In Rome, new Italian growth forecasts, which had been expected on Monday were delayed until Wednesday, but a similarly bleak picture is expected when they are announced. On Monday, economy Ministry Undersecretary Gianfranco Polillo said Rome was set to lower the forecast for 2012 output, which predicts a 0.4 percent contraction for the euro zone’s third biggest economy. But he said the new forecast would probably come in better than the european Commission’s forecast of a 1.3 percent contraction. DANGEROUS: The market tensions
have caused growing political friction between the two countries and Italian Prime Minister Mario Monti was forced to phone Rajoy last week to try to soothe his anger at a series of comments from Italy blaming the turmoil on Madrid. Monti received some encouragement on Monday from ratings agency Fitch, which called the government’s fiscal plans “credible” even if prospects of it fulfilling a pledge of a balanced budget by 2013 were receding. The Italian cabinet had been due to meet later on Monday to cut its growth forecasts for 2012 but approval of the latest government macroeconomic projections was put off until Wednesday
as budget experts worked to meet requests for additional information from the european Union. Officials said the lower forecast should not affect the pledge of a balanced budget in 2013 made by former Premier Silvio Berlusconi and taken on by Monti’s technocrat government. “I can say today that we expect to achieve the targets as announced. There may be variations but they won’t change the overall framework,” european Affairs Minister enzo Moavero Milanesi said. APPROVAL RATING FALLS: The fresh market crisis, following months of relative calm at the start of the year, has added to the problems facing Monti after a honeymoon phase in which he was hailed for rescuing Italy from the scandal-filled Berlusconi years. A poll on Monday from the SWP polling institute showed Monti’s approval ratings at 47 percent, still way above any of the political parties but well down on the 59 percent he enjoyed just over a month ago. Difficult reforms of labor market rules to make it easier for companies to dismiss staff have roused opposition from trade unions and the left while failing to gain full support from business leaders and the centre-right. A renewed outbreak of political squabbling, ahead of local elections on May 6, has underlined the challenge facing Monti and the broader leadership of the european Union as they seek to convince markets that a solution to the crisis is possible. “The mistake that a lot of politicians and ordinary citizens are making unfortunately is to expect all our problems to be solved and the recession to be over tomorrow,” former Foreign Minister Franco Frattini, now a senior figure in the centre-right PDL party, told Reuters. “It’s just not possible.”
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Tuesday, 17 April, 2012
02
news SEcTIOn 42, cOmPAnIES ORDInAncE 1984
SEcP grants licenses to 10 non-profit associations
THE ABc OF PHARmAcEUTIcAL STRUGGLES
ISLAMABAD STAFF REPORT
Pharmaceutical industry could T do with some anti-depressants American Business council urges govt to allocate quota g Pharmaceutical companies has no stock for over 800 drugs g
LAHORE
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STAFF REPORT
MeRICAn Business Council (ABC) has pointed out that the pharmaceutical companies are facing an out-ofstock situation for over 800 psychotropic drugs due to delay in quota allocation and if the matter is not resolved with urgency it will have a potential negative impact on US investments as well as on the lives of many Pakistani patients. The ABC, the largest single-country business chamber representing over 65 US companies operating in Pakistan, in its letter to the federal government said that the issue of quota allocation is also seriously effecting the operations of its three member companies namely Pfizer Pakistan, Abbot Laboratories and Johnson and Johnson. The ABC said that pharmaceutical companies are facing an out-of-stock situation for over 800 drugs such as anxiolytics, psychotic, cold and cough, syrups, anti-anxiety, anti-depression and epileptic medicines. experts believe that vacuum created by the absence of these drugs cannot be filled by alternative options keeping millions of patients from their treatment. “There is an urgent need to release quota allocations for the raw materials of these products to avoid serious implications”, they added.
The developing country like Pakistan, where one per cent of the population suffers from severe and 10 per cent from mild mental disorders and the social issues of depression and anxiety are manifold. The prevalence of depression in the general population in Pakistan has been reported to be from 10-25 per cent in males and 25-66 per cent n females and the total population suffering is 60 per cent depression, 14.5 per cent schizophrenia, 29 per cent psychosomatic disorders. If not treated properly, the tragic result of anxiety disorder can lead to suicides. The healthcare professional dealing with psychological issues agree that non-availability of psychotropic drugs may have consequences beyond control and may have an impact on suicide rates and cause other severe complications. This can significantly impact the fabric of society. The unavailability of high quality, safe and efficacious drugs will pave way for counterfeiters, black marketers and spurious drugs to flood the local market. This will endanger the lives of many patients putting at risk their health and treatments. A recent tragic example is of the Pakistan Institute of Cardiology (PIC) incident which claimed the lives of more than a hundred patients. This happened due to low safety profile medicines. The ABC said that the shortage will also give rise to serious economic implications for the country in terms of
lower tax collection and negative foreign direct investment (FDI). The international community is monitoring the current situation very closely to evaluate the policies and protection extended by the government to foreign investors. In absence of any action by the authorities it is forecasted that the multiplier effect will further have a negative impact on the economy of Pakistan. The situation may lead to shut down of operation which will have a direct and indirect impact on employment in the pharma industry, a significant loss in exports, tax loss for the government, introduction of new life saving drugs will be compromised and impact future investment plans by the pharma industry. “Our member companies in the business of manufacturing and supplying pharmaceutical products to the market are highly compliant and have proven the safety and efficacy of their medicines. These companies follow a highly stringent global process from procurement of raw materials to the final production and release to the market, ensuring that the patients get only the best treatments. They highly value patient’s life and security and the trust that healthcare professionals place on us”, ABC said. The American Business Council requested to release the quota allocations on an urgent basis to ensure a steady supply of medicines in the best interest of the patients.
ALL ABOARD
he Securities and exchange Commission of Pakistan (SeCP) has granted licences to ten nonprofit associations under Section 42 of the Companies Ordinance, 1984 during the January March period. According to the details, out of ten licences, three associations each were granted licences in the social services and healthcare sector, two each in art and education sector. In social services sector, Wishes Foundation intends to develop the rural areas, while CnFA Pakistan Center for enterprise and Development has been established to work for
economic development of the under-privileged classes of the society and Institute of Development and economic Alternatives has been formed to promote and manage policy research and advocacy for the socio-economic development. In the healthcare sector, Federal Liver Transplant endowment Fund having Capital Administration and Development Division (CADD), Cabinet Secretariat, as its promoter has been formed to promote liver transplant facilities and to provide financial support to needy patients for liver transplant at the Pakistan Institute of Medical Sciences (PIMS) Islamabad. The Asian Society of
neurological Surgeons has been set up to promote science and practice in the field of neurological surgery and care. Pashuma health Foundation has been formed to aid and run thalassemia hospitals, and other centers connected with the care of the human body, both in urban and rural areas of Pakistan. In the arts sector, an association namely Institute for Preservation of Art and Culture has been established to conduct research and training in the field of Art and Culture and to support, and encourage projects concerned or dealing with the preservation and reuse of architectural structures and sites in Pakistan.
mILK mATTERS
Giving milk price determination a rethought g
ccP issues policy note for reforming determination of fresh milk prices ISLAMABAD STAFF REPORT
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he Competition Commission of Pakistan (CCP) on Monday issued a policy note to the federal government, all provincial governments, and the administration of the Islamabad Capital Territory (ICT), recommending that the present practice of price determination of fresh milk be reformed to address competition concerns. The policy note recommends that any members of associations, associations themselves or any stakeholders from the marketplace must not be invited to and must not participate in any formal or informal meeting in which the price of fresh milk is decided. It further recommends that the price of fresh milk must be based on careful and independent analysis undertaken by respective government officers working as the members of the price review committee. By
engaging in negotiations with milk sellers associations and milk retailers association, the government itself becomes a party to a prohibited practice. Also, such agreements under the auspices of the government promote practices that are a violation of the Competition Act, 2010. Therefore, CCP believes that the government at any level must not provide any patronage to anticompetitive practices that may encourage collusive behaviour. CCP took cognizance of various news items reporting that the local authorities set the price of fresh milk after consulting dairy farmers’ associations. It gathered relevant information, and found that the officers involved in the price control work, survey markets to ascertain milk prices. Afterwards, negotiations between members of the price control committee, the government’s price control staff and the respective stakeholders including associations take place and a price is agreed upon.
mOAnInG mInnIE
Taking private sector on board would Agriculture Research Board moans about create jobs, generate power: LCCI everything you can think of… and more LAHORE
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STAFF REPORT
he Lahore Chamber of Commerce and Industry has said that the government should take the Private sector on board if it is really interested in jobs creation and power generation. In a statement issued here Monday, the LCCI President Irfan Qiser Sheikh indicated that the lack of skilled human resource, energy deficit, high cost of doing business, government policy of heavy borrowing and non availability of cheaper money to the businessmen had badly affected the industrialization process in the country. The LCCI President said that job creation is only possible through expansion in economic activities that has come to a grinding halt due to gas and energy shortages. Irfan Qaiser Sheikh said that the government would have to strengthen the private sector to achieve its economic goals and continuous supply of cheaper energy and a cut in interest rate are prerequisite to it. The LCCI President said that the business community was unable to understand the logic behind highest ever interest rates while same could be curtailed by bringing down the banking spread. While in the supply of electricity could be ensured to the industry by controlling electricity pilferage. Irfan Qaiser Sheikh said Lahore is the second largest industrial city of the country after Karachi but the energy situation in the
part is very bad that is leading to industrial closures and massive lay-offs what to talk of provision of jobs to new graduates. Irfan Qaiser Sheikh said that the country’s reliance on costly thermal power is jacking up the cost of production and import bill. The country needs an urgent shift in its energy-mix in favor of hydle power and local fuels. he said that the 175 billion tons of Thar coal reserves with a price tag of $ 13 trillion in the international market, are enough to provide 100,000 MW of electricity for 100 years. Uninterrupted and affordable power supplies can turn Pakistan into an economic powerhouse. The LCCI President also hoped that the government would earmark funds for the early completion of Iran-Pakistan gas pipeline and LnG terminals to keep the industrial wheel running especially in Punjab that has borne the brunt of recent suspension of gas supplies to industry in the country. Rising risk perception about investing into Pakistan is hitting hard the Foreign Direct Investment (FDI) that fell sharply in recent months and needs to be tackled through a comprehensive policy approach by involving Chambers of Commerce in the country. Irfan Qaiser Sheikh said that all the developed countries accord special importance to economic issues and the challenges. But in Pakistan the situation is the other way round and the economy is on the bottom of government’s to-do list.
LAHORE
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STAFF REPORT
OnSTRAInTS in agriculture research and innovation, lack of coordinated planning, monitoring and evaluation, inappropriate investment in research projects, focus on routine research rather than problem solving approach and little commercialisation of research output are among the major hurdles in agriculture development in the country. These observations were made by the Punjab Agricultural Research Board (PARB) Chief executive Dr Mubarik Ali. he was addressing the members of the Farmer Associates Pakistan (FAP) at FAP executive Committee meeting here on Monday. The meeting was held under the chairmanship of FAP Director Sultan hameed. PARB Chief executive Dr Mubarik Ali highlighted that the role of research and innovation in instigating sustainable growth in the agriculture sector and economic uplifting of rural communities in the Punjab province. Quoting a World Bank research, he said that innovation system in the province had contributed about half of the overall three per cent growth in the agriculture sector since 1971, whereas in monetary terms, its contribution
stood billions of dollars. he said that lack in agriculture research and innovation had badly affected the agriculture growth during recent decade, which resulted in increased production – and marketing-costs and turned the sector uncompetitive in international markets. he pointed out that the PARB was created to overcome some of these constraints, but unless private sector like FAP, politicians and government take keen interest in boosting the solution-based research and innovation system in the province, the agriculture sector will continue growing at 2-3 per cent instead of its potential of 6-8% annual growth. he told FAP that farmers, being the main beneficiaries of the solution-based innovations, should demonstrate their concerns on its plight and demand appropriate investment to resolve its constraints. While explaining the achievements of PARB, Dr. Mubarik Ali informed that within a span of just 2 and a half year, 53 solution-based research projects in crops and livestock sectors have been operationalized costing less than Rs. 200 million a year. Unless these projects reaches to 200 and annual investment on solution-based research reaches to Rs. one billion along with Rs. 2 billion a year subsidy to promote
these innovations to the stakeholders, the high growth targets in the agriculture sector cannot be achieved. Without such investment, farmers will continue achieving low yields, their incomes will remain abysmale and Pakistan will continue loosing competitiveness in international markets. Discussing the crop wise projects in details he informed that 8 projects on wheat , 6 on cotton, 4 on rice, 3 on sugarcane, 4 on vegetable, 7 on fruits, 11 on livestock and 6 miscellaneous projects are in operation under PARB, which attempts to resolve major issues like CLCV in cotton, BLB in rice, stem rust in wheat, drought, salinity, frost, & cold tolerance in various crops, and specify Standard Operating Procedures (SOP) for disease free and economically-viable seedling in potato, olive and date palm. Few projects have completed their research phase and research products from these are now being commercialized. These include SOP for direct seeding, Controlled atmosphere technology for mango, pepper, and apple for long distance haulage, indigenous skin-coating material, indigebous material for protecting wheat in storage, drought tolerant wheat, protecting wheat from aphid, etc.
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Tuesday, 17 April, 2012
03
news FOOD FOR THOUGHT
Institutional profit-taking FRA puts the bite on FBR allows bears to curb bull FRA continues to say no to food, yes to shakeup in finance division surge, KSE down 28 pts
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LAHORE STAFF REPORT
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TRIKe being observed on the call of Federal Revenue Alliance (FRA) employees Union across the country by employees of the Federal Board of Revenue (FBR) entered in to 10th day on Monday and FRA members also observed token hunger strike to make their movement more convincing against the proposal of promotion of senior auditors as Assistant Commissioner (Inland Revenue). Federal Revenue Alliance (FRA) employees Union workers vowed to continue their movement till the acceptance of their demands. A spokesman of the Union claimed that employees of the Lahore Dry Port and employees of all the RTOs joined the union in this movement. FRA employees Union President Mian Abdul Qayyum, Chief Organizer Malik Aamir Riaz, President Lahore Region Syed naeem Abbas Shah and others addressed the workers on this occasion and said that hunger strike of the employees would shake the anti-employees elements sitting in Finance Division. FRA employees Union Presi-
dent Mian Abdul Qayyum speaking on this occasion said that soon those elements would fail who wanted to usurp the rights of the employees. he said that employees would be succeeded in their struggle and today’s hunger strike is a symbol of trust of the employees in FRA leadership. he alleged that FBR employees were being exploited through out the country. he said that strike had paralyzed the revenue collection work through out the country. he said dual policy of the bureaucracy concerned had also exposed and funds of the FBR employees had been freezed and finance division was playing the role of silent spectator on it. Mian Abdul Qayyum and other speakers said that their demands are restoration of freezed 100 per cent special at the earliest, up gradation and promotion of FBR inspectors from grade 14 to 16, withdrawal of notification of promotion of auditors as Unit In Charge/Assistant Commissioners Land Revenue and their promotion according to their own career path. Up-gradation of class-iv employees and approval for giving recruitment to children of FBR employees.
KARACHI STAFF REPORT
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he day saw the benchmark 100-share index decreasing by 28072 points to 13,770.71 points against 13,799.43 points of last week. Ahsan Mehanti, Director at Arif habib Investments Limited., said that the Pakistan Stocks closed lower amid thin trade after institutional profittaking in banking stocks on SBP raise of minimum rate to 6pc on deposits in the policy announcement on April13. Total numbers of Shares of 360 companies were traded on first working day of the week Monday, and at the end of the day total 141stocks closed higher, total 143 are declined while 76 remained flat. The overall value of shares traded during the day was Rs 2.610 billion. The trading volumes at the ready-counter were recorded lower at 261.021 million shares against 380.025 million shares of the previous week. The trading value decreasing to Rs 6.234 billion compared to Rs 8.859 billion of the previous session. The intraday high and low, respectively, stood at 13,822.94 and 13, 571.81 points. Market capitalization declined to
3.531 trillion from 3.537 trillion. The index recovered from days low on investor interest in bluechip fertilizer and oil sector stocks on strong valuations in the quarter end earnings announcement session at KSe, viewed Mehanti. KSe All share-index ended the day at 9,679.91 points, down 15.63 points or 0.91 percent, KSe 30-index stopped the day at 12, 085.60 points, down 20.16 points or 0.17 percent while the KMI 30-index slumped by 216.55 points or 0.91 percent to end the day at 23, 917.37. he added that the Uncertainty in global stocks and commodities on europe debt crises kept foreign interest on lower side. Jahangir Siddiqui Company was volume leader of the day, 28.789 million shares and loose Rs 1.02 to close at Rs 17.79, followed by Fauji Cement, Dewan Cement, D.G.K Cement and Lafarge Pakistan with turnover of Rs 25.499 million, Rs 19.506 million, Rs 16.738 million and 14.376 million shares respectively. The UniLever Pakistan Limited XD and Colgate Palmolive, up Rs 48.76 and Rs 35.60, led highest price gainers while, nestle Pakistan XD and Bata Pakistan XD, down Rs 74.11 and Rs 13.74 respectively, led the losers.
Major Gainers Company
Open
High
Low
Close
Change
UniLever Pak LtdXD Colgate Palmolive Bhanero Tex. Lucky Cement Packages Ltd.SPOT
5824.57 755.00 204.00 120.94 105.02
5997.99 792.00 210.00 126.98 110.27
5652.00 780.00 200.10 121.00 107.01
5873.33 790.60 209.57 126.37 110.25
48.76 17 35.60 67 5.57 209 5.43 3,199,676 5.23 558,640
Major Losers Nestle PakXD Bata (Pak) XD MCB Bank Limited Sanofi-AventisSPOT Ferozsons (Lab) Ltd.
4356.08 634.16 174.90 190.77 76.50
ISLAMABAD: Pakistan Telecommunication Company Ltd (PTCL) has awarded its Peshawar region team with the ‘Region of the Month’ shield in recognition of its outstanding efforts for provision of best customer care and outreach services provided during February 2012. PTCL executive Vice President Customer Care, Kamran Malik (right) presented the award to Regional General Manager Peshawar, Muhammad Khalid (left) at a ceremony held in One-Stop Shop Peshawar . Other PTCL officials were also present on the occasion.
Qatar Airways bringing together some of region’s most prolific leaders
DOHA: Qatar Airways is proud to be the Official Carrier of the 2012 TeDx Summit in Doha this week bringing together some of the Middle east’s most prolific thought leaders and speakers. The week-long event, which starts tomorrow (April 16), takes place in the Qatari capital for the first time. It is being hosted by the Doha Film Institute. Over 700 delegates will meet for workshops, collaborative projects, regional and cross-regional brainstorming, talks, special events
4549.00 665.00 173.90 187.90 74.99
4142.00 615.00 166.16 182.50 72.68
4281.97 620.42 168.73 184.22 72.68
19.10 6.86 6.48 40.34 5.30
17.77 5.85 5.46 37.30 4.55
17.79 6.76 6.27 40.30 5.24
-74.11 89 -13.74 63 -6.17 1,581,944 -6.55 341 -3.82 7,324
Volume Leaders Jah.Sidd. Co. Fauji Cement Dewan Cement D.G.K.Cement Lafarge Pakistan
18.77 6.15 6.46 38.42 4.91
-0.98 28,789,435 0.61 25,499,461 -0.19 19,506,100 1.88 16,738,334 0.33 14,376,036
Interbank Rates US Dollar UK Pound Japanese Yen euro
90.6904 143.5811 1.1238 118.0064
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
CORPORATE CORNER PTcL Peshawar wins ‘Region of the month’ award
Turnover
Buy
Sell
90.80 118.04 143.34 1.1185 89.84 11.55 24.65 24.15 93.03
91.30 119.10 144.59 1.1282 91.13 11.71 24.84 24.33 95.30
PBIT’s ITALIAn JOB and cultural activities during the event, which ends on April 20. The opening night of the summit at the Katara amphitheatre in Doha will feature renowned speakers from the Arab world and beyond.
exchange Congress 2012, titled “Maintaining a Competitive edge” where PMeX COO Amjad Khan spoke on “Preparing your exchange for remote access nodes and Foreign Markets”. STAFF REPORT
Turkish Embassy, coca-cola collaborate for Turkish cultural Festival
President Engro corporation takes early retirement
ISLAMABAD: embassy of the Republic of Turkey, Coca-Cola Beverages Pakistan Limited (CCBPL) and Islamabad Marriott hotel held a two day Turkish Food and Cultural festival at the Five Star International Marriott hotel, on the 15thand 16th April, 2012. The festival was a showcase of Turkish food and culture that included Authentic Turkish food, Music and Folk dance. Chef ertan Karabostan and Ugur Ozanlar were especially flown in from Ankara’s JW Marriott hotel for live cooking of Turkish food.The festival will now head to Karachi. Cultural exchanges between the two brotherly countries will further stretghen our ties, food and music were the two binding forces on display at the Marriott. Turkey and Pakistan have always maintained a close relationship whether it is business, trade or people to people contacts. CocaCola Beverages Pakistan Limited being a Turkish investment is a prime example of this historical relationship. Furthermore Coke as part of its live positively philosophy has sponsored this cultural exchange of food and music to bring the people of the two countries closer. PRESS RELEASE
ISLAMABAD: After more than twenty-seven years with engro, Asad Umar President and CeO of engro Corporation has decided to take early retirement and pursue other interests. Mr. Umar joined exxon Chemical Pakistan Limited in February 1985 as a Business Analyst. his career progressed through various assignments in different divisions of the company and he was appointed CeO of engro Polymer & Chemicals in October 1997. In January 2004 he became the President and CeO of engro Corporation (then known as engro Chemical.) Mr. Umar has not only provided leadership in the organization at various levels, but has also been an active contributor on various boards both inside and outside engro. In his eight years as President and CeO of engro Corporation, Mr. Umar has dramatically transformed a chemical company into a major Pakistani conglomerate. PRESS RELEASE
PmEX gets membership of world bodies of futures exchanges KARACHI: Pakistan Mercantile exchange has acquired memberships of Association of Futures Markets (AFM) and World Federation of exchanges (WFe). Both are prominent bodies where exchanges, financial market institutions and other industry participants come together to work for the development and growth of exchangetraded Futures Markets. The AFM is a not-for-profit association formally established in 1998 to promote the development of new derivatives exchanges worldwide from established to the emerging markets. PMeX Managing Director Samir Ahmed received an invite and attended the 15th Annual AFM Conference in Budapest last month. Represented PMeX for formal induction as an Associate Memberm, Ahmed spoke on “The Derivatives Market Outlook for emerging Markets in Asia” alongside representatives from TAIFeX, nYSe euronext and Istanbul Stock exchange. With the inclusion of PMeX, AFM now has 34 members out of 26 countries. PMeX also participated at the World
WAPDA installs 6 desalination plants along manchar lake LAHORE: The Pakistan Water and Power Development Authority (WAPDA) has completed the task of installing six desalination plants along Manchar lake for providing potable water to the populace residing in the areas adjacent to the lake. The honourable Chief Justice of Pakistan, during the hearing of a suo-moto notice, had directed WAPDA and the Sindh Government to install desalination plants along the lake to provide contamination-free, safe drinking water to the fishermen folk of the area. The water treatment plants installed by WAPDA in compliance with the orders of the Supreme Court have cumulative design capacity of 6000 liters per hour. Over 2,000 families of fishermen folk (about 16,000 to 20,000 persons) are being facilitated with quality potable water (total dissolved solids 200 300 particles per million) by treating high saline effluent of Manchar lake (total dissolved solids 5000 - 7000 particles per million). WAPDA has also made arrangements for effective operation and maintenance of the plants. In addition to the six plants mentioned above, is also installing another six plants of the same capacity on behalf of the Sindh Government. These plants, expected to be operational by April 30, will provide safe drinking water to another 16,000 to 20,000 people along Manchar lake. STAFF REPORT
Benvenuto PBIT VC apprises Italian ambassador on investment opportunities in Punjab LAHORE STAFF REPORT
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MBASSADOR of Italy, Vincenzo Prati, called on Vice Chairman of Punjab Board of Investment & Trade (PBIT), Dr. Miftah Ismail, and Chief executive Officer, Dr Sajid Yoosufani accompanied by First Secretary of Italian embassy, Dr. Federico Bianchi. The meeting centered on the investment potential of Punjab and the opportunities it has to offer to the Italian investors. Speaking on the occasion, VC PBIT, Dr. Miftah Ismail, apprised the Ambassador on the investment opportunities in Punjab with special emphasis on sectors crucial to capacity building like mining and infrastructure development, energy, agriculture and livestock. he said that PBIT is fully committed to realize the Chief Minister Punjab’s vision of sustainable development in Punjab. he further added, “PBIT, backed by a strong political will and commitment, will assure one hundred percent support for every business endeavor by Italian firms to invest in Punjab”, Ambassador Vincenzo Prati conveyed a strong expression of interest on behalf of Italian investors to invest in Punjab. he said that the fashion industry of Punjab will play a pivotal role in improving the image of Pakistan in the Western world and there is a lot of potential for collaboration between Pakistani and Italian fashion designers especially through Milan Fashion week. “Punjab is full of opportunities for Italian investors and the presence of Italian companies here is a strong evidence of that”, the Italian Ambassador further added. It was reiterated that the Italian embassy in Islamabad would ensure that much more Italian companies take interest in investing in Punjab, especially in the areas of agricultural value addition, infrastructure development, fashion, textile and telecommunications.