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Zardari to visit Russia on 20th to attend Int'l Economic Forum Page 02
profit.com.pk
Tuesday, 19 June, 2012
Pakistan’s current account deficit increases to $3.77b g
Poor dollar inflows continue to haunt economic managers KARACHI
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ISMAIL DILAWAR
S poor dollar inflows continue to haunt the economic managers, the country’s current account deficit swelled to $ 3.77 billion or 1.7 percent of the Gross Domestic Product (GDP) during the first 11 months of outgoing fY12. the economic observers foresee Islamabad opting for a fresh bailout package of International Monetary fund (IMf) as the country’s external account continues to stay in the red zone partly because of marginal foreign aid and investment, huge debt servicing, a negative trade balance and the resultant heavy export payments. According to central bank, during July-May fY12 Pakistan’s current account gap surged to $ 3.77 billion against a negligible deficit of $ 79 million the country faced in the corresponding period of fY11. With the Pak rupee currently staggering at its lowest level of rs 96 against the greenback, this manageable deficit, as the economic mangers claim, is primarily attributable to a massive 44 percent increase in the trade deficit. the State Bank reported that the review period saw the trade balance widening by $ 4.258 billion to $ 13.880 billion against $ 9.622 billion of last year. While the volume of exports remained almost the same at $ 22.643 billion against fY11’s $ 22.696 billion, the imports would cost the country $ 36.523 billion compared to last year’s $ 32.318 billion. foreign disbursements of loan and financial aid remained poor and stood at $ 1.699 billion against
$ 1.745 billion the country had received in July-May fY11. the disbursements made were of long term nature of which $ 1.619 billion came under the head of project loans and $ 80 million as a program loans. In same months last year, the program loans in Pakistan had attracted $ 958 million. the foreign investment stands to be another sad story as the SBP data show that during the period under review foreign investment in the country nosedived by 62.5 percent or over $ 1.113 billion to an alarming level of $ 678.9 million against $ 1.810 billion the troubled country had received in fY11. the foreign Portfolio Investment at the country’s equity market contracted by 109.5 percent or $ 402.8 million to $ 35 million against 367.9 million of last fiscal year. While the foreign Direct Investment shrank to $ 756.4 million compared to $ 1.463 billion of fY11, marking a sharp decrease of 48.3 percent. the repayment of external loans, which have accumulated to $ 62 billion, is another major drain on the cash-strapped country’s depleting dollar reserves. According to central bank, during the current fiscal year, up to May 18, the dollar-hungry country had repaid around $ 2.53 billion to external debtors including the IMf. Of the total, $ 809 million were paid in two different installments to the fund under the 2008’s $ 11.3 billion but half-paid Stand-By Arrangement (SBA).
However, despite a massive pressure on the country currency and the economy, the economic mangers are taking some comfort from the fact that Pakistan’s foreign exchange reserves were being supported by some multilateral inflows and a record increase in worker remittances. While the multilateral inflows, received by the country last month, amounted to $94 million, the remittances sent back home by Pakistanis working abroad are peaking to a historic level. the State Bank figures show that during JulyMayfY12 the country received $ 12.069 billion against $ 10.096 billion of last year. the government expects the remittances to cross the record $ 13 billion by the end of June 30, 2012. the economic observers believe that during fY12
the current account deficit would set in the range of $ 4 billion to $ 4.5 billion. In percentage terms these estimates account for 1.6 to 1.8 percent of the GDP. the financing of such a huge deficit, the analysts believe, would remain a major challenge for the resource-constrained government, especially while the foreign investment was meager. An under-pressure external account coupled with domestic reasons like an increased demand for the greenback from Hajj pilgrims etc, would keep the Pak rupee under pressure, viewed the analysts. However, they see some respite coming from a possible dip in international oil prices and materialization of the Coalition Support fund as Washington and Islamabad are still committed to remain engaged on the table. “re-entry into IMf program to avert external account crisis,” is the option widely being foreseen by the analysts in the current scenario.-
India says trade talks with Pakistan hit speed-breaker ‘Political issues’ said to have impacted movement of negotiations and initiatives
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NEWS DESK
fter showing a promising beginning, talks between India and Pakistan on confidencebuilding measures (CBMs) to give a momentum to the trade have hit a roadblock as larger “political issues” have impacted the movement of negotiations and initiatives, according to a report in the Hindu on Monday. the slowdown in the momentum comes after the negotiators on both sides showed promise of taking ‘big steps’ to give a major fillip to trade on both sides, notwithstanding the differences on various other political
and boundary issues. “things have suddenly slowed down from the Pakistan side on the trade issues. Pakistan negotiators are on the same page as their Indian counterparts but it seems trade is being linked to progress on bigger issues such as Siachen and Sir Creek talks. It is unfortunate but true,” a senior official in the Commerce and Industry Ministry said here. the case in point is the lastminute decision of the Pakistan side not to sign the liberal visa regime agreement in Islamabad last month after everything had been tied up for such an event. “Pakistan is yet to re-
vert back to us for Commerce Secretary-level talks despite repeated reminders. there has been little progress from their side on expanding the list of items to be traded through the land route despite promises to do it in May itself. the experts’ groups on electricity and petroleum are yet to meet, leading to re-scheduling of meetings twice in the last two months. Some tariff barriers need to be tuned in line with the SAftA (South Asian free trade Area) agreement. It is a disappointing situation,” the official said. Officials said India had removed all restrictions on imports from Pak-
istan but the same was not being done on the other side of the border. “We need to finish negotiations and finalise the expanded list of items to be traded through the land route immediately. then, we have to prune the negative list according to the SAftA agreement requirement to give a new turn to bilateral trade. We are still waiting for a response from the Pakistan side,” the Commerce Ministry official said. experts’ groups of India and Pakistan on electricity and petroleum were expected to meeting early this month to work out the modalities for exporting power, petrol, diesel and
petrochemicals to Pakistan. However, the meetings are still to happen. the progress on opening up of new land routes for trade in rajasthan and Punjab has also been disappointing. Both sides have also agreed that software body National Association of Software and Service Companies (Nasscom) would co-ordinate with Pakistan Software export Development Board to facilitate a road show for Pakistani It companies in Bangalore, Hyderabad and other Indian It hubs for extending co-operation in this sector. However, progress on this front has also been also slow and painful.
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Tuesday, 19 June, 2012
news
Citizens urge curtailing sale of smuggled tobacco products ISLAMABAD APP
Citizens on Monday stressed the need for curtailing sale of smuggled and duty-non-paid tobacco products in the country. According to them, this illicit trade not only causes annual loss of more than rs 10 billion to the national exchequer, but also undermines public health agenda as these tobacco products fail to comply with the regulations. Most of these packs do not even carry the Urdu health warning while the regulations prohibiting consumer promotions are also being blatantly violated, they added. they asked the authorities concerned for efficacious implementation of tobacco control laws and to make proper strategies in preventing sale of tobacco to minors. expressing dismay over flagrant disregard of antitobacco laws, citizens said that effective on-ground implementation of the regulations will only serve the purpose of tobacco control. they said that sincere efforts are needed to prevent the spread of tobacco use as smoking at indoor public places, tobacco product advertising and promotion, printing of pictorial health warnings on packets and availability of duty-evaded and attractive looking smuggled brands in the market are still widespread. It is pertinent to mention here that in line with the spirit of framework Convention on tobacco Control (fCtC), the government has enacted various tobacco control measures through the Prohibition of Smoking and Protection of Non-Smokers Health Ordinance 2002. the said law contains provisions restricting smoking at public places, restricting advertising and promotion of tobacco products and prohibiting sale of cigarettes to minors.
Zardari to visit Russia on 20th to attend Int’l Economic Forum ISLAMABAD
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APP
reSIDeNt Asif Ali Zardari will pay a three-day official visit to russia from June 2022 to participate in the Saint Petersburg International economic forum (SPIef). President Zardari will join other world leaders in the russian historic city of St. Petersburg that annually gathers leading decision-makers from across the globe to identify key economic challenges and engage them in finding solutions. With this year's theme `effective
Leadership', the President will highlight the issues affecting the global economy and the increasing role of emerging economic powers in shaping regional and global agendas. President Zardari will also take part in the panel discussion titled `Leadership that works' and will stress to minimize the global financial crisis and find ways to strengthen energy security, regulate financial markets, and introducing large-scale reforms. He will also present Pakistan's point of view on the global economic model for the 21st century that can withstand geopolitical challenges
ICCI protests against unscheduled power outages ISLAMABAD OnLIne
Acting President, ICCI, Asad farid has expressed deep concern over colossal production losses of billions of rupees per day due to ongoing more than 14- hours-long electricity load shedding in the federal Capital. He said that the chamber was being forced by all the trade and industrial associations to give a call for indefinite strike as the electricity outage have crippled their businesses, and the situation had turned deplorable to the extent that neither industrial units were operative nor were traders doing any business because of the electricity shortage. ICCI Acting President also an-
nounced the intention of ICCI to stage a peaceful rally on June 20, starting from Blue Area to Parliament House against unscheduled and prolonged electricity outage, while he has invited all the traders, industrialists, trade bodies, labors and general messes to join hands with Islamabad Chamber against electricity load shedding. He lambasted the prevailing power shortage, with negative impacts on the production process as well and export of value added industries which was considered to be a major foreign exchange earner of Pakistan has also recorded a steep fall due to electricity load shedding. He urged the Government to take all possible steps for consistent supply of electricity to industries.,
shortage of which had been one of the major factors causing Pakistan's economy to under-perform amongst -its regional peers. He said the ICCI has repeatedly warned the Government about the massive lay-offs and industrial closures if it fails to immediately stop power outages but Government is not wiling to understand the ground realities. tariq Sadiq, Chairman founder Group, Munawar Mughal, Mian Akram farid, Khalid Javed former Presidents ICCI and others also showed concerned over a deteriorating electricity situation and strongly emphasized upon the Government to give immediate attention to run the existing power units by removing faults.
Fahim stresses intensive trade with South Korea ISLAMABAD Online
Commerce Minister Makhdoom Amin fahim met with Choongjoo Choi Ambassador of South Korea and Counselor Park Jung Ho held here today to discuss various dimensions of upcoming minister’s visit to South Korea from 25-29th June, 2012. the minister informed Korean ambassador that their visit would present new incentives, attractive policies and new encouragements for the Korea to enhance the trade and investments. He also stressed that current trade volume; especially exports from Pak-
leaders and foreign dignitaries on the sidelines of the forum. He will also interact with the presidents and CeOs of the leading international business companies to seek investment in Pakistan, particularly in energy sector. the SPIef will debate important topics including global energy outlook, the eurasian economic integration, international global energy award, banking in the 21st century and investment in human capital.
and meet the interests of all countries. the President during his stay will hold talks with his russian counterpart Vladimir Putin besides meeting several world
istan to Korea were very low, which should be enhanced further. “We are diversifying our export product base and concentrating on quality, design and presentation with special focus on value addition” added the Senior Commerce Minster. the overall aim of the Korean ambassador visit was to enhance the trade volume between the two countries and to encourage Korean investment in Pakistan, having the key feature of the current visit is the signing of MOU between federation of Chamber of Commerce and Industry (fPCCI) of Pakistan and Korean Chamber of Commerce and Industry (KCCI).
PCSIR holds trade show 2012 KARACHI OnLIne
Pakistan Council of Scientific & Industrial research (PCSIr) on Monday arranged ‘trade show 2012’ at a local hotel. federal Minister for Science & technology Mir Changzeb Khan Jamali was the chief guest, Chairman of PCSIr Dr. Shoukat Pervaiz, DG Dr. tanzeel Haider Usmani and Head of the Centre Abdul Wahab Khan were also presence at this occasion. the main feature of the exhibition in the inauguration of biomedical equipment which has developed by PCSIr. these basic equipment has been importing in country which is costly not only for the hospitals but also for a common man. PCSIr’s experienced scientists and technicians worked hard to develop them to facilitate the hospitals. In the welcome speech by the Director General Dr. tanzeel Haider Usmani said that “Karachi Laboratories Complex is the premier laboratories of PCSIr, these laboratories have presently a strength of around 550, including 41 Ph.D’s and 124 M.Sc/M.S. and Be/MBBS degree holders. Our laboratories are nationally and internationally accreditated to ISO-17025, and most of our exports/Imports get prior certified by our accreditated laboratories. thus these laboratories are contributing to the economy by saving huge amount of foreign exchange of the country”. He also said that “It is my privilege to announce today the launching of Prototypes of 07 electro Medical equipment, successfully developed through this Project by our Honorable Minister. four equipments have satisfactorily tested in Hospitals and now ready for local marketing, to substitute their costly imports, being one of the cherished goal of PCSIr. I hope that the local industry and provincial Ministry of Health will support and encourage this humble effort of PCSIr to reduce our dependence on imported technology”.
Large scale manufacturing grows 1.02 percent in 10 months ISLAMABAD APP
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eSPIte energy crisis and other related challenges, the country's Large Scale Manufacturing (LSM) witnessed growth of 1.02 percent during the first ten months of the ongoing fiscal year as compared to the growth of the corresponding period of last year. the provisional Quantum Index Numbers (QIM) of Large Scale Manufacturing Industries was recorded at 112.71 points during July-April (201112) against 111.58 points during July-April (201011), according to data of Pakistan Bureau of Statistics (PBS). the Provisional QIM is being computed on the basis of latest production data of 112 items re-
ceived from sources including Oil Companies Advisory Committee (OCAC), Ministry of Industries & Production (MoIP) and Provincial Bureaus of Statistics PBoS). OCAC provides data of 11 items, MoIP of 36 items while PBoS proved data of remaining 65 items. According to the PBS data, the highest growth of 0.98 percent was witnessed in the indices of Ministry of Industries that increased from 111.14 during last year to 112.70 during the ongoing year. Similarly, the indices of PBoS increased from 122.89 points last year to 125.03 points this year, showing an increase of 0.42 percent. However, the indices of OCAC witnessed negative growth of 0.39 percent as it declined from 83.48 points last year to 77.89 points this year, the
data revealed. However, on month-on-month basis, the overall industrial growth decreased by 11.94 percent during April 2012 when compared to growth of 112.64 points during March 2012. Similarly, on year-on-year basis, the industrial growth decreased by 1.87 percent during April 2012 as compared to 112.64 points of the same month of last year. Meanwhile, the major sectors have showed growth during July-April (2011-12) included food beverages and tobacco, production of which increased by 5.78 percent. Similarly, the pharmaceutical sector witnessed growth of 8.33 percent, non-metallic mineral products 2.42 percent, paper and board 20.85 percent while the textile industry grew by 0.65 percent dur-
ing the period under review. the other LSM industries that witnessed positive growth in production included, wood products, production of which increased by 2.94 percent, automobiles by 0.38 percent whereas the fertilizer production increased by 1.37 percent. On the other hand, the LSM industries that witnessed negative growth included iron and steel, production of which decreased by 27.24 percent during the period where as the production of coke and petroleum products also declined by 7.85 percent. Similarly, the production of electronics decreased by 7.17 percent, chemicals by 3.68 percent, rubber products by 24.06 percents while the production of engineering products decreased by 11.71 percent.
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Tuesday, 19 June, 2012
news ‘Stress test’ highlights transport fears LONDON AGenCIeS
London businesses that tested alternative working arrangements last month in preparation for this summer's Olympic Games suffered problems with technology and travel arrangements, a survey showed. A "stress test" in which more than 100 companies asked staff to experiment with remote working or changes to their journeys failed to dispel concerns about how smoothly the capital will function during the Games, which run from July 27 to August 12. Nearly 80 percent of the companies that took part said they were confident they could cope with the impact of the Games, business services group Deloitte said. However, it noted that companies conscientious enough to join the test were likely to be among the best prepared. "that some companies experienced difficulties indicates the need for companies to be thorough in their planning and testing, and not take these changes for granted," said Mark Naysmith, Games readiness director at Deloitte. "Questions do still remain for the wider business community about whether they are ready or not." the government wants to use the Olympics to help to showcase British business and is hoping the Games can help to pull the country out of recession. It does not want the capital to be gridlocked during the Games and for activity to fall away.
FTSE 100 falls as Greek relief proves short-lived LONDON AGenCIeS
Britain's top shares saw an opening leap swiftly reversed in early trade on Monday as relief at Sunday's Greek election result was countered by a fresh spike in bond yields for Spain and Italy, showing the euro zone debt crisis was far from over. A narrow victory by pro-bailout parties in Greece over radical leftists eased concerns the debt-laden country could leave the euro zone, which would have dealt a savage blow to the region, but with major problems in Spain, and concerns over Italy, severe uncertainties remain. Spanish 10-year government bond yields rose to 7.14 percent, their highest during the euro's lifetime. Greece, Ireland and Portugal were forced to seek international bailouts soon after their 10-year bond yields surpassed 7 percent. Italian 10-year bond yields rose to 6.08 percent. "A new Greek coalition government is unlikely to be able to restore economic growth or deliver effective reform without substantial financial help from the rest of the euro area. Meanwhile, the market focus will shift back to the larger economies of Spain the Italy which are also struggling against a weakening global growth backdrop," said trevor Greetham, Director of Asset Allocation at fidelity Worldwide Investment in a note.
KSE overcomes bear hug to post 88 points gain KARACHI
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STAFF RePORT
N the first working day of the week, the bulls kept dominating the Karachi stock market with the benchmark, KSe 100-share index up by 88.33 points. Ahsan Mehanti, Director at Arif Habib Investments Limited, said that the Pakistan stocks closed higher on institutional support after global stocks and commodities recover. the trading volumes at the readycounter were recorded lower at 79.961 million shares against 109.142 million shares of the previous day. the trading value was decreased to rs 3.052 billion compared to rs 3.792 billion of the last day session. the intraday high and low, respectively, stood at 13,821.21 and 13,665.80 points. He added that the hopes for improvement in Pak-US ties affected the investor sentiments despite concerns for present judicial crises in the country. the market capitalization grew modestly and increased to rs 3.510 trillion from rs 3.490 trillion a day earlier. Of the
total 388 traded scrips, 140 gained, 123 lost and 75 finished as unchanged. the free-float KSe-30 index also gained 110.33 points to close at 11,897.20 points against the previous 11,786.87 points. the KSe all-share index closed with a gained of 56.87 points to 9,687.35 points as against 9,630.48 points. According to the Mehanti "mixed views on future economic and political outlook kept investors activity limited". Jahangir Siddiqui Company was the day’s volume leader counting its traded shares at 10.508 million with the opening and closing rates standing at rs 14.20 and rs 13.40, followed by fauji fertilizers Bin, engro foods Limited, Bank Al-falah and National Bank Pakistan with the turnover of .928 million, 4.915 million, 4.909 million and 4.807 million shares respectively. On the future market, the turnover decreased by over one million shares to 7.127 million against 8.126 million shares of last working day of the week friday. the UniLever food and Indus Dyeing XD, up rs 102.29 and rs 17.99, led highest price gainers while, rafhan Maize Prod and Mitchells fruit, down rs 139.85 and rs 15.14 respectively, led the losers.
Sugar production likely to rise in Pakistan by 5 percent KARACHI AGenCIeS
Sugar production will rise in India, Pakistan, russia and european Union eU member states and its global production likely to rise by about 5% to 172.8 million tonnes (mt) in 2011-12 marketing season, UN food & Agriculture Organization fAO said. Global sugar production stood at 165.1 mt in 2010-11 marketing year (October-September). fAO's current estimate for world sugar production in 2011-12 stands at 173 mt, relatively unchanged from November 2011 forecast, but 4.6% larger than in 2010-11. Downward revisions in output in Brazil, Mexico and United States were largely offset by upward revisions in eU, russia and Pakistan. Developing countries are forecast to harvest 131 mt, 1.2% more than in 2010-11, led by rise in India and Pakistan, and in developed countries anticipated to expand by 17% to 42 mt. Indian sugar production is pegged at 28.1 mt in current season from 26 mt in 201011 marketing season. In Pakistan, fAO said sugar output is expected to rise to 5.2 mt in 2011-12 mar-
keting season from 4.4 mt in the year-ago period. fAO expects global sugar consumption to rise to 167.4 mt in current season on back of low prices and increased availability. Increased supply availability and lower prices are expected to support larger sugar intake than in previous season. In 2009-10 and 2010-11, high domestic sugar prices curtailed demand in virtually all regions. World per capita sugar consumption will remain steady at 23.8 kg in 2011-12. Despite rising sugar consumption, global economic slowdown could hamper demand growth, according to fAO. "Aggregate sugar utilization in developing countries is set to expand by 2.4 mt to 118 mt, or 70.4% of global consumption. In generally more mature markets of developed countries, consumption is to increase by 1.3 mt. "However, a slowdown of global economic growth in 2012 could undermine prospects for demand expansion, as manufacturing and food preparation sectors, which account for bulk of aggregate sugar consumption, are particularly sensitive to income changes," fAO report said.
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Eurobonds are ‘totally wrong method,’ Swedish PM says STOCKHOLM AFP
Swedish Prime Minister fredrik reinfeldt repeated on Monday his opposition to so-called eurobonds, insisting it was the wrong way to go in fighting the crisis crippling the eurozone. Introducing eurobonds to average-out the cost of borrowing for the crisis-hit countries is the "totally wrong method," reinfeldt was quoted by the Dagens Industri financial daily as saying. eurobonds "send wrong signals in both directions," said the Swedish premier, whose country is not a member of the eurozone. He lamented, according to Dagens Industri, that such a measure would push up borrowing rates for countries with well-managed economies while countries in need of reforming their economies would see rates artificially lowered, paving the way for over-consumption. Instead of artificially boosting the struggling economies, reinfeldt insisted that the answer lay in "more national reforms to increase competitiveness (and in) getting the national states to work by getting rid of corruption." the topic of eurobonds has split the 17-nation bloc and was the main sticking point at an informal eU summit last month. france, the european Commission and several other member states believe that eurobonds could represent the best way to exit the crisis crippling the eurozone. Germany had been steadfastly against introducing such bonds, believing both that it would end up picking up the tab and that it would reduce the pressure on debt-wracked countries to tackle their deficit problems. reacting to the outcome of elections in Greece on Sunday, where the euro-friendly conservative New Democracy party won a narrow victory, reinfeldt meanwhile said the result was positive in the sense that there now "at least is a possibility" that a Greek government could be created. this in turn would improve the possibility of Greece being able to remain in the eurozone, he said, according to Dagens Industri. "However, he stressed, "it is absolutely not possible to say the danger is over." "Many negotiations remain," he said, adding that it would be a step in the right direction if Greece could get everyone, "also the richest, to start paying taxes."
G20 to press Europe for lasting fix for debt crisis LOS CABOS AGenCIeS
World leaders, relieved that pro-bailout parties won a narrow election victory in Greece, will pile pressure on europe at the G20 summit on Monday to outline a lasting strategy to save the euro currency and end financial turmoil. Group of 20 leaders from major industrialized and developing economies, representing more than 80 percent of world output, start a two-day meeting in this Pacific resort to prioritize growth and job creation as the path to bolstering a world economy that is running out of steam. escalating violence in Syria and the near-collapse of a United Nations-brokered peace plan also will be in focus when US President Barack Obama meets with russian President Vladimir Putin on the sidelines of the summit on Monday. the two super powers are clashing over arming Syria and U.N. sanctions. But europe's progress toward lasting solutions for its debt crisis will be the focal point when G20 leaders hold their opening session on the global economy. While the Greek vote has eased immediate uncertainty over a possible euro zone breakup, the relief in financial markets could quickly evaporate. G20 countries want to hear whether europe is moving toward adopting a firm roadmap with a timetable for achieving the huge leap of financial, fiscal and political union in order to strengthen the resiliency of monetary union -- a path that eU leaders as yet have been unready to take ahead of their summit at the end of June.
CORPORATE CORNER ACCA urges integrating material sustainability information into corporate reports Corporate reporting needs to be brought into the 21st century by integrating material sustainability information into corporate reports, asserts ACCA today ahead of the United Nations Conference on Sustainable Development, which will take place in rio, Brazil this month. to influence policy makers and create debate prior to the rio+20 summit, ACCA publishes a paper which looks at possible changes to a key aspect of the discussions – paragraph 24 - which is concerned with the integration of material sustainability information into the corporate reports of listed and large private companies. Arif Masud Mirza, Head of ACCA Pakistan says: “to make a difference, rio+20 needs to have goals that are achievable and actionable – one of those goals should focus on the need for a global approach to sustainability reporting. Long term value is enhanced by companies embedding sustainability into their business strategy and key processes, rather than treating sustainability information as a mere add on activity. the long term viability of companies has to be at the heart of corporate decision making.
Chairman FBR Mumtaz Haider Rizvi, President Honda R&D Southeast Asia, Mr. Kenji Kawaguchi, CEO Atlas Honda Saquib Shirazi and officials at the inauguration of production capacity enhancement of AHL.
KARACHI: The British Deputy High Commissioner and Director UK Trade and Investment Francis Campbell and CEO of Sigma Motors Col (r) Syed Zafar Uddin Ahmad at the launching ceremony of Range Rover Evoque at the British Deputy High Commission.
ABU DHABI: Khalid Bin Shaheen (R), SEVP/Group ChiefNBP & Chairman NBP Exchange Company Limited is seen receiving the ‘Max Factor of the Year-2011-12’ award from Santhosh KJ (C), Head Global Operations and Service Quality, Xpress Money Services in a ceremony held in Abu Dhabi recently. Also seen in the picture is Rizwan Hamdani (L), Country Manager Xpress Money Services Limited, Pakistan.
LAHORE: The first lucky draw for the campaign (Khazana Khushiyoun ka & AC Free Bill) was held at the Haier head office. The top management of Haier Pakistan—including the Country Manager Sales & Marketing, the Brand Manager and Product Managers—was present at the occasion which drew around 5,000 entries from all over the country. Two out of 27 lucky winners won product packages, while 10 lucky mothers won multiple Haier products and 15 won Free Electricity Bill for a Year against the Haier air-conditioners they purchased. The second lucky draw results will be announced on June 22.