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Friday, 17 August, 2012
Trade down Under Pak-Australia to enhance trade ties:Bukhari ISLAMABAD
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ONLINE
CTING Senate President Syed Nayyar Hussain Bokhari said that Pakistan and Australia should enhance cooperation for increasing trade volume between the two countries. While talking to Australia High Commissioner Peter Heyward on Thursday, Bokhari appreciated Australia’s generous assistance during flood and earthquake in the past years. He said that the regular bilateral interactions at the highest level as well as Parliamentary exchanges and people to people contacts between our two countries is essential for imparting ever new impetus for adding greater substance to our relations in diverse fields. The Acting President said that we are looking forward to upcoming visit (30th August onwards) of Australian parliamentary delegation and hopefully it will give a boost to our inter-Parliamentary relations through generating better understanding via exchange of ideas. The Acting President said that there exists great potential of cooperation between two coun-
Oil extends gains in Asian trade SINGAPORE AFP
Oil prices rose in Asian trade Thursday, extending a rally driven by strong energy demand in the United States. New York’s main contract, West Texas Intermediate for September, was up 10 cents to $94.43 a barrel in the morning, and Brent North Sea crude for September jumped 30 cents to $116.55. Prices climbed sharply in New York after the US Energy Information Administration (EIA) said crude inventories plunged 3.7 million barrels in the week to August 10, far heaver than the market had expected. Falling inventories indicate strong r demand in the world’s biggest economy. “Oil prices soared as US stockpiles fell sharply and demand hit its highest level in nine months,” said Justin Harper, an analyst with IG Markets Singapore said. Phillip Futures said “fears of supply disruptions as Middle East tensions festered, as well as hope for further stimulus from major central banks to support the weakening global economy, added lift to oil futures”. The EIA added that gasoline or petrol inventories slid 2.4 million barrels. Analysts had pencilled in a drop of 1.7 million. However, distillates — which include diesel and heating fuel — increased 700,000 barrels, compared with estimates for a 500,000-barrel decline.
PPMA dissatisfied with DRAP’s performance KARACHI ONLINE
Pakistan Pharmaceutical Manufacturers’ Association (PPMA) showed its distress on behalf of its members on the poor state of affairs of Drugs Regulatory Agency of Pakistan (DRAP). In a statement, the spokesman of PPMA said that the seriousness of the situation can be gauged by the fact that the DRAP has been ineffective right from the date it came into existence through an ordinance. “Not only the major works, but also the routine ones are not being carried out. Even the minutes of the last meeting of the Drugs Registration Board held on 15th June, 2012 have not been issued. There are over 14,000 pending registration applications, and at this retarded rate will take years to clear. PPMA Members have invested tens of millions of rupees not only as registration fee but also on setting-up of new manufacturing sections”, he added.
tries in various fields. He told the High Commissioner that Pakistan wants trade concessions in order to grow its trade and economy with EU and Australia as well. Pakistan can export textile goods, mangoes, citrus fruits, rice and other agricultural produce to Australia. He added. The Acting President invited investment of Australian companies in different sectors like energy, agriculture mechanization and technological assistance. Talking about the energy needs of the country the Acting President said that huge scope exists in hydel, wind and solar power generation projects in Pakistan. He lauded Australia’s enhanced cooperation and assistance in the fields of education (AusAID), agriculture and vocational training. Referring to the commonalities between the two countries the Acting President said that we inherited common heritage and system after independence from British rule, both countries are member of commonwealth, English language is spoken for communication between the people of both countries, sports like cricket and hockey are another important link as they are liked and played in both the countries. Reciprocating, the Australian High Commis-
sioner thanked the Acting President for inviting the upcoming Australian parliamentary delegation for visiting Pakistan and meet parliamentarians from Pakistan. It will provide an opportunity for exchanging views on issues of mutual interest and learning from each other’s experiences. The enhanced parliamentary linkages guarantee enhanced cooperation, he added. The High Commissioner also extended invitation for Pakistan’s Parliamentary delegation to visit Australia. Talking about enhancing trade volume between the two countries, he told the Acting President that bilateral trade commission between the two countries held important discussions in Canberra recently to explore new avenues of cooperation in this regard. He apprised the Acting President that Australia is gradually reducing tariffs on Pakistani goods in order to help Pakistani products to have greater access to Australian market. He said that Australia is interested to import textile goods and mangoes from Pakistan which will also act as cultural symbol of the country. He told the Acting President that both the countries can resort to more commercial partnerships and ventures in near future in various fields.
GO GREEN, or well, just go ADB study says Asia’s booming cities must go green or risk disaster ISLAMABAD APP
Asia must act now to pave the way for green, resource-friendly cities or face a bleak and environmentally degraded future, said a new Asian Development Bank (ADB) report. In a special chapter of its flagship annual statistical publication, ‘Key Indicators for Asia and the Pacific 2012,’ ADB examined the challenges and opportunities associated with the region’s breakneck urban boom. It also details measures needed to turn cities into environmentally sustainable, inclusive growth centers. Since the 1980s, Asia has been urbanizing at a faster rate than anywhere else, with the region already home to almost half of all the world’s city dwellers, it said. The report added that in just over a decade, it will have 21 of 37 mega-cities worldwide, and over the next 30 years another 1.1 billion people are expected to join Asia’s already swollen urban ranks. This breakneck expansion has been accompanied by a sharp rise in pollution, slums, and widening economic and social inequalities, which are causing rapid environmental degradation. Particularly disturbing are urban carbon dioxide emissions, which if left unchecked under a business-as-usual scenario, could reach 10.2 metric tons per capita by 2050, a level which would have disastrous consequences for both Asia and the rest of the world. Rising urban populations mean that over 400 million people in Asians cities may be at risk of coastal flooding and roughly 350 million at risk of inland flooding by 2025. Unless managed properly, these trends could lead to widespread environmental degradation and declining standards of living. However, the report notes that there is hope as the growth of cities can have many advantages, including critical masses of people in relatively small areas, making it easier and more cost effective to supply essential services like piped water and sanitation. Rising education levels, factories leaving
cities, the growth of middle classes and declining birth rates typically associated with urbanization also have a broadly beneficial impact on resource use and the environment. Conservation and efficiency improvements will help, it said adding many countries have begun diversifying their energy sources to include renewables and have been investing in energy-efficient buildings and sustainable transport systems. Imposing congestion and emission charges, as in Singapore, and removing inefficient fuel subsidies, as in Indonesia, can make prices more fully reflect social costs. The report said much more is needed, including the development and mainstreaming of new green technologies. For urbanization to be not only green but inclusive, policy makers need to promote climate resilient cities, in order to prevent disasters like the 2011 Bangkok floods, and improve urban slum areas, the report pointed out.
Inquiries galore! CCP plans inquiries against ,telecom, automobile and banking sectors for deceptive market practices
ISLAMABAD APP
The Competition Commission of Pakistan (CCP) plans to initiate inquiries against some of the telecom, automobile and banking sectors for the accusation of deceptive market practices. “This initiative will help promote protection of consumers and encourage fair business practices in the country. “Yes we have received complaints against some of the telecom, automobile and banking sectors for the deceptive market practices and hold inquiries in order to protect consumers and promote fair business competition in the country”, Chairperson Ms.Rahat Kaunain Hassan told journalists at an Iftar cum dinner she hosted for journalists. She said that CCP has received complaints that some banks restive operating for insurance besides some telecom sectors Wi-tribe, Wateen and Qubee internet charging additional Rs.50 from customers and Toyota (Indus motors) for accusation of unfair trading conditions and purchase orders very arbitrary.
Das ist interessant! German keen in renewable energy sector ISLAMABAD APP
Ambassador of Germany to Pakistan, Dr. Cyrill Nunn called on the Water and Power Federal Minister Ch. Ahmed Mukhtar here Thursday and discussed various matter of mutual interest and bilateral cooperation. The Minister briefed him on the current energy situation, steps being taken to overcome the energy crises and future plan of action to produce cheaper electricity from hydel, coal, wind and solar resources. The Minister stated that existing thermal plants of 4200 MW would be converted to import coal from furnace oil to produce cheaper energy and the process would be completed in 16 months. He stated that 250 MW wind projects were also under construction and start generation shortly. The government was utilizing all the resources to bridge the gap between demand and supply, he added. The Ambassador thanked the Minister and said that German companies were already working in the power sector of Pakistan and number of others keen to invest in the Renewable Energy Projects. He said that a conference was being organized in Munich on September 11, on “Renewable Energy in Pakistan”, in which German companies, businessmen and investors from both the countries would participate to explore potential and other related matters of mutual cooperation in this regard. He said that the conference would help to set a road-map to develop Renewable Energy Sector in Pakistan with German cooperation. The Ambassador also informed the Minister that the consulate offices of Germany located in Islamabad and Karachi were being electrified with solar energy as a model and would be completed in next six months. He invited the Minister to grace the occasion. Both also discussed the other matter of mutual cooperation.
Meaty numbers Export of meat increases 13.9 percent ISLAMABAD: The export of the meat (beef, mutton and camel meat) has increased from US $108.54 million (2010-11) to US $123.61 million in 2011-12, showing an increase of 13.9 percent. An official Ministry of National Food Security and Research told APP here on Thursday that the future plan for the livestock sector is to persuade the policies to achieve 5 percent or more growth in meat and 8 percent or more in milk production through shifting from subsistence livestock farming to marketoriented and commercial farming. He said the focus will be to encourage and promote high yielding animal’s production and their crossbreeding through artificial insemination services. APP
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Business 02 Asian markets mostly rise, yen boosts Tokyo HONG KONG AGENCIES
Asian markets mostly climbed on Thursday, with Tokyo leading advances as the yen weakened against the dollar owing to dimming expectations of fresh monetary easing by the US Federal Reserve. With few catalysts to drive action during the holiday season trade was light, although shares were kept buoyant by lingering hopes for a restart of sovereign bond-buying by the European Central Bank and new stimulus in China. Tokyo rose 1.36 percent by the break, Hong Kong added 0.34 percent and Sydney gained 0.66 percent, while Seoul was flat and Shanghai slipped 0.10 percent. Exporters on Japan’s Nikkei were the main beneficiaries of the weakening yen, which eased to a four-week low against the dollar. The dollar bought 79.16 yen in early Asian trade, up from 78.87 yen in New York late Wednesday. “The current dollar/yen level is a big support for local shares, since large manufacturers forecast the dollar to average 78.95 yen this fiscal year,” Masayuki Doshida, Rakuten Securities senior market analyst in Japan, told Dow Jones Newswires. A weaker yen makes exporters’ goods less expensive overseas. Car makers Honda and Mazda advanced 1.7 percent and 3.3 percent respectively, while electronics giant Panasonic was 4.1 percent higher and Nippon Steel was up 3.1 percent. Also on forex markets the euro bought $1.2293 and 97.32 yen compared with $1.2285 and 96.91 yen in New York. Wall Street provided very little direction for Asian traders. In the United States new data showed inflation was flat and that national industrial production grew 0.6 percent month on month in July, mainly driven by the auto sector. Manufacturing in the New York area posted a surprise drop however. The National Association of Homebuilders’ activity index rose by two points to 37 — still low, but the highest level since early 2007, indicating greater optimism among companies that build housing.
LCCI needs a referee IFC establishes mediation center at LCCI LAHORE ONLINE
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A H O R E Chamber of Commerce and Industry (LCCI) Thursday became the first chamber in the SAARC region having an International Mediation Centre by the name of LCCI Dispute Resolution Centre in collaboration with International Finance Corporation (IFC), a member of World Bank Group. /The LCCI Dispute Resolution Centre, first of its kind in the private sector, was jointly inaugurated by the LCCI President Irfan Qaiser Sheikh and Mr Magdi M Amin, IFC Manager Investment Climate Advisory for Middle East and North Africa. Saima Zuberi and Isfandyar Ali Khan of IFC were also present. LCCI Vice President Saeeda Nazar, former Presidents Mian Mohammad Ashraf, Iftikhar Ali Malik, Anjum Nisar, former Senior Vice President Sohail Lashari, former Vice President Shafqat Saeed Piracha and Executive Committee member Fahimur Rehman Saigol also spoke on the occasion. Speaking on the occasion, the LCCI President Irfan Qaiser Sheikh said that the LCCI Dispute Resolution Centre has been established to facilitate the businessmen for the settlement of their cases through mediation as litigation is not only lengthy
process but costly as well. The LCCI President said that the Lahore Chamber of Commerce and Industry would be contacting all the chambers and sector-specific organizations to inform them about the establishment of this international standard facility. The LCCI President thanked the IFC for providing an unrelenting support for the establishment of first of its kind Mediation Center in the private sector. “This is a landmark project not just in Pakistan but also in the region. It’s a giant leap forward in terms of building a world-class platform at the Lahore Chamber for efficiently resolving business disputes.” “We have opened this facility for resolving business disputes through mediation for collective benefit of LCCI members and the business community at large. “We also plan to communicate with the regional and international business community through their relevant government officials, leading chambers, sector associations, banks, multilateral development institutions and diplomatic missions informing them of the availability of a world-class mediation center at Lahore Chambers for resolving business disputes.” Irfan Qaiser Sheikh said that LCCI Dispute Resolution Centre was only the beginning of systematic efforts needed for making consistent improvement in investment climate in the country. The LCCI former Presidents Mian Mohammad
Ashraf, Iftikhar Ali Malik and Mian Anjum Nisar said that the establishment of an international standard mediation centre would not only improve investment climate in the country but it would also send a very positive signal abroad. They said that a large number of foreign investors could not put their money in Pakistan only because of absence of an institutionalized mediation mechanism. They said that such a mediation mechanism was need of the hour and is a big success of the private sector. The LCCI former Senior Vice President Sohail Lashari and former Vice President Shafqat Saeed Piracha congratulated the Lahore Chamber of Commerce and Industry for taking a giant leap and termed the establishment of Mediation centre is another feather in LCCI cap. They however stressed need for knowledge sharing about best dispute resolution practices. The LCCI Vice President Saeeda Nazar appreciated the IFC for selecting the Lahore Chamber of Commerce for establishment of this international standard alternative dispute resolution facility. She hoped that the business community would active use the dispute resolution centre for settling their contractual violation. In the end, the LCCI President Irfan Qaiser Sheikh and Mr Magdi Amin also signed a contract agreement after amendment for the establishment of the Mediation Centre.
Major Gainers COMPANY UniLever PakSPOT Rafhan MaizeXD Unilever Food Colgate Palmolive Siemens Pakistan
OPEN 8650.00 3800.00 2887.50 1425.00 845.00
HIGH 8890.00 3990.00 3000.00 1496.25 884.99
LOW 8650.00 3800.00 2887.50 1495.00 884.99
CLOSE CHANGE 8850.05 200.05 3980.00 180.00 3000.00 112.50 1496.25 71.25 884.99 39.99
TURNOVER 1,660 5,000 40 350 50
412.00 197.00 196.00 126.10 494.75
411.99 191.00 188.50 119.11 490.00
411.99 191.27 191.45 121.76 490.42
-21.68 -5.82 -5.05 -3.19 -3.10
200 19,000 6,800 51,000 4,000
5.46 6.74 6.09 45.29 57.17
5.03 6.47 5.66 43.93 55.70
5.27 6.50 5.73 44.05 55.97
0.26 -0.09 -0.27 -0.48 -0.31
22,562,000 10,004,500 6,305,000 4,657,500 3,773,500
Major Losers Indus Dyeing Abbott Laboratories Tri-Pack Films Shell Pakistan Ltd. Attock Petroleum
433.67 197.09 196.50 124.95 493.52
Volume Leaders Lafarge Pakistan 5.01 Fauji Cement 6.59 K.E.S.C. 6.00 National Bank Pak 44.53 Nishat Mills Limited 56.28
Interbank Rates US Dollar UK Pound Japanese Yen Euro
94.4144 148.1646 1.1921 115.8559
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
BUY
SELL
93.60 114.06 145.98 1.1702 93.78 11.89 25.38 24.76 97.17
94.40 115.74 148.08 1.1870 95.64 12.12 25.72 25.17 100.03
Euro stronger in Asia despite Greece worries TOKYO: The euro inched up against other currencies in Asian trade Thursday although concern over Greece’s financial rehabilitation kept the embattled currency under pressure. The euro fetched $1.2297 and 97.24 yen in Tokyo morning trade, compared with $1.2285 and 96.91 yen in New York late Wednesday. The dollar firmed to 79.13 yen from 78.87 yen a day earlier when US inflation and industrial production data pointed to continued but modest improvement for the world’s biggest economy. Despite the euro’s rise Thursday, concerns about Athens spiked again following a report in the Financial Times that Greece will call for a two-year extension to its tough austerity programme. AFP
CORPORATE CORNER NBP’s entire network goes online
company philosophy of adding emotional details to its products providing new features and new ways to interact with their handset.
KARACHI: In a short span of 15 months, National bank of Pakistan has converted its entire network of 1283 branches online. NBP is now with highest number of online branches in Pakistan, exceeding any other bank operating in the country.
Illahi Buksh Soomro appointed as Chancellor of IoBM
MCB Privilege Banking Network Expanded KARACHI: As part of MCB Privilege Banking’s commitment to provide superior banking products and services to its affluent customers, the Bank inaugurated two Privilege Centres in Sialkot and Faisalabad.
Turkish Air Lines General Manager Mr Huseyin Cepni standing along with travel agents and colleagues at Aftar Dinner in honor of travel agents at Sheraton Hotel in Karachi.
On the occasion of the Independence Day, Bank Alfalah made special arrangements to erect huge Pakistani flags and light up historic monuments “Dou Talwar” and “Teen Talwar” in green to imitate the spirit of Independence Day.
Bahauudin Zakarya University B.Sc Results 2012 Ufone offered free minutes for MULTAN: According to Bahauudin Zakarya University B.Sc Results 2012, Ayesha Shareef, Iqra Jamshed and Saman Naz of Punjab College bagged 1st, 2nd and 3rd positions respectively. They attributed their success to parents’ blessings, teachers’ efforts and their untiring hard work.
ISLAMABAD: Sharing the joy of Independence Day in the holy month of Ramzan, Ufone gave surprise gift to its entire prepaid subscriber base that has now swollen to over 23 million people.
Majority of global Muslims wish for… KARACHI: As Eid celebrations dawn and Ramadan draws to a close the world over, the majority of Muslims living and working overseas wish for peace and happiness, followed by health and family belongings, over desire for wealth and success, the second phase of a newly released Western Union-sponsored study founded.
QMoblie launches the NOIR A2, Pakistan first smart phone
entire prepaid customer base as a gift of Independence Day
LG QuickMemo™ Allows Users to Share Thoughts ThroughSocial Networks, Text Mes-sages and E-mails
Punjab Oil Mills wins ‘Best Performance Award’ from METRO-Habib
KARACHI: In exercise of the powers of the Governor under section (b) & (c) of the Institute of Business Management (IoBM) Act 1998 Governor Sindh and IoBM Patron Dr.Ishrat-ul-Ibad has appointed Mr. Buksh Soomro, former Rector of Ghulam Ishaq Khan Institute of Technology and Speaker of the National Assembly, as Chancellor of IoBM for a period of three years effective August 13, 2012.
Punjab Assembly Deputy Speaker Rana Mashood along with e4c CEO Mian Shahzaib inaugurating e4u outlet at the Mall Road.
LAHORE: QMoblie, Pakistan’s first mobile phone company today launched its latest device the NOIR A2 Smart phone. The A2 was revealed toe the media and the public in a press conference held at pearl continental in Lahore.
“Lucky Winners of Eid Banao Smart with Head of Mobile Phones, Samsung PakistanAfghanistan Mr. Farid Jan and Mr.Roy
Samsung launches new smart TV for 2012
Wi-tribe’s ‘Islamic Apps’ (left to right) Syed Imad-ud-Din Asad, Elizabeth Badger, Justice (R) Nasira Iqbal, Chad Carr, Dr. Hasan Sohaib Murad, Justice (R) Aamer Raza Khan and Dr. Dil Muhammad Malik at ‘Global Trends in Legal Education’- a conference on Clinical and Experiential Learning hosted by CLP, UMT
LAHORE: LG had been developing mobile phones that encompass the
ISLAMABAD: Pakistan’s 1 rated customer service provider in broadband, wi-tribe introduced Islamic apps on wi-tribe Bazaar this Ramzan. Exclusively created to celebrate the spirit of the season, the Islamic Apps have garnered instant popularity with over 40,000 hits on their first day alone.
LAHORE: Samsung Electronics Company Limited a globally renowned technology leader has announced the launce of its new series of Smart TV for 2012 in Pakistan.
Friday, 17 August, 2012