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profit.com.pk
Tuesday, 20 March, 2012
A hard fight from here C/A deficit narrows down by 28.5pc to $2.9b during February T QuIck eDIT
KARACHI
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ISMAIL DILAWAR
he economic observers foresee no instant knee jerks as February provided space for a breather to the country’s otherwise widening current account deficit that during the review month increased modestly to $ 2.952 billion. The eighth month of this fiscal year, FY12, saw the current account balance sliding by 28.5 percent or $ 104 million to stand at $ 260 million against $ 364 million of January. The analysts attribute the bridging of the gap during February to a five percent decrease in imports and modest four percent increase in the dollar-hungry country’s exports. however, on year-on-year basis the balance set in the red zone and widened to $ 2.952 billion during the first eight months, July-January, of current fiscal year. If compared with $ 194 million of corresponding period in FY11, this depicts an upsurge of
1,421 percent or $ 2.758 billion. As a percentage of the Gross Domestic Product (GDP), the gap remained static at 1.9 percent against 0.1 percent of last year. The period under review witnessed country’s GDP rising to $ 158.504 billion from the previous $ 140.512 billion. Massive debt repayments, the analysts believe, are the major driving force behind the widening of the current account deficit this year. “The worst scenario may come ahead as the deficit could widen by $ 5.5 billion,” said the economist Asfar Bin Shahid. While Farhan Bashir Khan of InvestCap said the yearly deficit was likely to widen by two percent of the GDP, accounting for $ 2.8 billion. The State Bank Monday reported that during the said months, the country’s trade deficit swelled by 43 percent to $ 10.515 billion compared to $ 7.349 billion of the July-February FY11. The exports grew modestly by $ 843 million to $ 16.251 billion against the previous years $ 15.408 billion. Whereas, the imports surged by 18 percent to $
26.766 billion against FY11’s $ 22.757 billion. The analysts view that the current upward trend in international oil prices is also believed to increase the volumes of import payments for the dollar-starved Pakistan. Worker remittances is the only front, the economic managers may take comfort from. According to central bank, overseas Pakistanis sent back home $ 8.593 billion during the review period against $ 6.963 billion they remitted during same period last year. This shows an increase of $ 1.6 billion or 23.4 percent over the same months of last year. The reimbursements from the foreign loaners and donors also remained restricted to long-term project and program loans worth $ 1.082 billion against last year’s $ 1.410 billion. No short-term commercial loans including that from Islamic Development Bank (IDB) came to the country during the past couple of years. The real point of concern, the economists view, was the fast closing down of local industries which was adversely reflecting on
Struggling Pak economy can grow with more trade with India: WB WASHINGTON
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INP
OR Pakistan’s economic growth, it is important for the country to have more trade with India, a top World Bank official has said. Welcoming the recent move by India and Pakistan to initiate steps to improve business and trade ties, Isabel Guerrero, World Bank Vice President for the South Asia region, said this is crucial for the struggling Pakistan economy. “I think it (improved Indo-Pak trade) is crucial. I am so happy to see that this is happening, because it could not have come at a better moment,” the PTI quoted Guerrero as saying. “I think Pakistan’s macro-economic situation, where they have low tax revenue and high expenditure, budget deficit the only way for Pakistan to get out of it is to grow. They have to grow out of this macro problem,” Guerrero said. Observing that Pakistan is strategically located between two Asian economic giants, India and China, which are the fastest growing countries in the world, she said why Pakistan is not having growth is a big question now. “Trade is the answer (to this question),” she said. “If Pakistan can have more trade with India, it would have a huge impact ... first of all in the bilateral relations, but also for Pakistan’s growth. That is the answer to get out of the low equilibrium through high growth,” Guerrero said. Right now, she said, there is trade happening between Pakistan and India, except that it goes through Dubai. As a result of which the transport cost incurred are huge, she said, adding that this would disappear with the normalisation of trade relationship between the two countries. The World Bank official welcomed recent
decision of the Pakistani Cabinet to do away with the negative list. So from next year, the number of Indian products that could be traded with Pakistan would jump three times from the current about 2,000 to some 6,500 items. The objective is to double bilateral trade in three years, Guerrero said. “I think, it would be more than that if all these things are implemented,” she added.
the production side. “If this goes unchecked we would also have to import those items that have previously been produced at home,” Shahid warned. Resultantly, the analyst said, the size of imports would go up putting more pressure on country’s already depleting foreign exchange reserves. The retirement of country’s huge external debts, which the SBP data show have crossed the $ 60 billion mark, a slowdown in exports and decrease in local industries’ production were major attributable factors for the increasing deficit. Former Finance Minister Dr hafeez Shaikh and the central bank are reported to have said that the repayment of $ 1.2 billion to the IMF and other liabilities were already budgeted and would, therefore, have a negligible impact on the economy. The State Bank of Pakistan, in its latest Monetary Policy Statement, said by June 2012 the country was likely to see a current account deficit of $ 3.5 billion to $ 5.5 billion.
heRe’S definitely some hard juggling ahead for the government. Granted, deficits are a difficult topic in election year, but they are in serious red even prior to election excesses, and hopefully someone in Islamabad will take serious note of it. It is a matter of serious concern that official borrowing to fund the deficit has sky rocketed just when tax collection improved 28 per cent year-on-year. While some of it owes to unexpected energy subsidies, coupled with substantial closure of aid inflows, much is also lost to inefficiency, corruption and political manipulation – the PSe drain being the classic case in point. From here, it will take a hard fight to keep above IMF’s forecast of a seven per cent deficit. In what little remains of the current fiscal, aid is unlikely to resume, private sector crowding out will not be addressed, and the privatisation program is just too far from providing any relief. To make matters worse, not only is the government borrowing heavily from commercial banks, it is also pressuring central bank printing presses to run overtime. Sooner or later, this will bring the inflation genie to life. And with little likelihood of Islamabad’s addiction to debt subsiding by then, there will be no meaningful private sector expansion, and subsequent employment generation, to counter the CPI hike. Should the price spiral coincide with the vote, there will be little for Islamabad to do but prepare for change of guard, and leave the fortress in shambles for the next administration. Over the last few years, ours has been among the least resilient of Asia’s economies, most of whom led the initial 2009-10 bottoming out of the international recession. That is because we have paid little attention to the most basic, and obvious, problems – leakages, corruption, mismanagement, excessive borrowing.
Pak-India to discuss import of POL, TAPI transit on 23rd in New Delhi ISLAMABAD
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AMER SIAL
AKISTAN and India will discuss the import of petroleum products and transit fee for the Turkmenistan Afghanistan Pakistan and India (TAPI) gas pipeline on March 23-24 in New Delhi. An official source said that a Pakistani official delegation led by Secretary Petroleum ejaz Chaudhary would be visiting India on March 23 and 24 to attend and international oil and gas conference. On the side lines of the conference, the two countries will be holding talks on the import of petroleum products and the transit fee for the TAPI pipeline, he added. Pakistan’s official delegation’s visit to India has gained immense importance, as the United States and the european Union are making efforts to discourage Iranian oil trade as part of their efforts to force Tehran into suspending its alleged nuclear weapons programme. Iran has recently offered energy strapped Pakistan oil in exchange for food supplies. Both the countries are discussing barter trade as under international sanctions normal trade could not be carried out with Iran. India has offered to export gasoline, diesel, jet fuel and fuel oil besides sulphur, polyethylene and polypropylene to Pakistan, that will save freight costs as several Indian refineries are located close to the border between the countries. Indian refineries are ready to conduct feasibility study for product pipelines to Pakistan provided they receive longterm guarantees for product purchases.
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Tuesday, 20 March, 2012
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Strict action ordered against land grabbers in Gharo keti Bandar Wind corridor ISLAMABAD
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AMER SIAL
FTeR being warned by the investors that the emergence of land grabbers in the most potential wind corridor of Gharo Keti Bandar in Thatta have jeopardise their investments, the government on Monday directed the provincial government of Sindh to take immediately stern action against the qabza mafia. An official source informed that the matter was brought in the notice of the government at the board meeting of the Alternate energy Development Board (AeDB) presided over by the Minister for Water and Power. The meeting was informed that the qabza mafia was hindering in the implementation of the projects and was de-
manding extortion for vacating the land. If immediate action was not taken the government’s plan to generate 1,000 MW within a year would not be accomplished. AeDB complained that the Sindh government was delaying allotting land to the investors that was another impediment in fast tracking the investment. The board demanded that the Sindh government should be asked to fast track allotment of land allocation as they have potential investors for upto total 4000 MW in the area. The meeting was informed that due to the tactics of land grabbers, the investors were asking AeDB to count their period for completing the project after they were handed over the land for construction. The minister said that the fast track wind power projects in Sindh would be fully facilitated for their timely
completion. he said the Sindh government would be asked to facilitate the other fast track wind power projects to get the land at the earliest. The Board approved implementation documents relating to wind power projects being established in Gharo Keti Bandar Wind Corridor, Thatta, Sindh. It also accepted a suggestion of the Punjab government to develop a national plan for inducting solar energy in the country and asked AeDB to formulate the plan and submit on the next meeting. The minister directed AeDB to take up the resource assessment surveys in light of the Prime Minister’s recent directives, especially in the far flung areas of the country, where off-grid energy supply system could be established. This would provide immediate help meet the energy needs of the rural population
while also saving expenditure incurred on transmission lines. The board approved a project for wind energy assessment in Balochistan. The board directed AeDB to prepare plans for electrification in the off grid areas through solar and biomass and present the plans in the next meeting. The minister also directed to develop standards relating to solar and other technologies to discourage deployment of substandard equipment to be sold in the country. he directed the Ministry of Water and Power to suggest a plan of action formulated in consultation with AeDB, eNeRCON and other concerned departments of the Ministry. The meeting was attended by Secretary Ministry of Water and Power, CeO AeDB and representatives of the provincial governments.
SecP directs companies to appoint QcR-rated auditors ISLAMABAD STAFF REPORT
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he Securities and exchange Commission of Pakistan (SeCP) has directed all non-listed companies to appoint their statutory external auditors from chartered accountants (CA) firms holding satisfactory rating under the Quality Control Review (QCR) Program of the Institute of Chartered Accountants of Pakistan (ICAP) with effect from July 1, 2012. The directives were issued with the objective to strengthen the vigilance on the audit reporting on financial statements by the auditors and to safeguard the investor’s interests in the non listed companies. SeCP also aims to implement the international best practices to develop and maintain compliance of professional standards amongst the CA firms engaged in the audit of economically significant companies. SeCP has introduced the mandatory requirement for the non-listed companies designated as economically significant companies in terms of clause 2(iii) of the fifth schedule to the 1984 companies ordinance to appoint as its statutory external auditors a CA firm within the meaning of the 1961 chartered accountants ordinance and the 1983 chartered accountants bye-laws, which holds satisfactory rating under the QCR program of ICAP with effect from the financial year beginning on or after July 1, 2012. The said direction is issued in consultation with the ICAP. The clause 2(iii) of the fifth schedule to the ordinance provides that economically significant company means a company that has turnover in excess of Rs 1 billion, excluding other income with number of employees in excess of 750 and total borrowings excluding trade creditors and accrued liabilities in excess of Rs 500 million. Provided that in order to be treated as economically significant any two of the criterion have to be met.
APTMA for revival package to rescue textile industry LAHORE STAFF REPORT
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LAHORE ONLINE
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he Lahore Chamber of Commerce and Industry has warned the government of massive lay-offs and industrial closures if it fails to immediately stop 8 to 10 hourse power outages in the industrial areas. The LCCI President Irfan Qaiser Sheikh was talking to the officebearers of Trade Industrial Associations called on him at the Lahore Chamber of Commerce and Industry on Monday. Business leaders from a number of trade and industrial associations, including Lahore Township Industrial Association, Ferozepur Road Industrial Association, Katarbund Road Industrial Association, Kahna Kacha Industrial Association, Anjuman-e-Tajiran Pakistan, Qoumi Tajir Ittehad, Anjumane-Tajran Badami Bagh Auto Market, Township Traders Association, Pakistan Auto Parts Manufacturers and exporters Association, Anjuman-e-Tajran Urdu Bazar, Brandreth Road Traders Association were prominent
among the participants who had a hour-long meeting with the LCCI President. After listening to their point of view, Irfan Qaiser Sheikh said that government would not be able to control the situation triggered by the demonstrations and strikes called by the angry industrial workers against their retrenchments as a result of these power outages. “how the government would establish its writ and from where it would collect revenues to run its dayto-day affairs when the industrial wheel is coming to a grinding halt.” The LCCI president urged the government to allocate funds in the forthcoming budget for new power projects and construction of dams to generate cheap and sufficient electricity. The LCCI President said that the government should understand that economic well being is a must for democracy. Unemployment, price-hikes, industrial closures always give birth to lawlessness and anarchy. Therefore, the government should understand the ground realities and reset its priorities regarding provision
of electricity to the industry. Irfan Qaiser Sheikh said that the industry needs a continuous supply of electricity to keep the units operational and to complete the export orders well within the given timeframe but only because of the shortage of electricity the exports are not up to the mark. Irfan Qaiser Sheikh said that Pakistan had already lost a number of international markets and the new longer hour power cuts would further aggravate the situation. The LCCI President said that cheaper and uninterrupted power supply is only way to achieve economic targets set for the year 2012 but neither the government is sharing its future plans to this regard nor paying any heed to the difficulties being faced by the trade and industry. Irfan Qaiser Sheikh said that it is astonishing that on the one hand the government circles were talking of economic stability in 2012 while on the other hand they were not sharing any kind of roadmap to achieve this goal. The LCCI President also feared a surge in street crimes, saying that law and order situation is bound to aggravate
in the coming days as repeated power outages in the industrial estates is jacking up the graph of unemployment particularly hitting the daily wagers hard. he said that the most of industrial units had already reduced their working to single six-hour shift from the previous three shifts system. This had led to increased level of raw-material wastage leaving production process non-profitable. Now the leading industrial units were experiencing losses despite being managed professionally. The crisis in industrial sector is not only causing flight of capital and relocation of industrial units to the countries like Bangladesh and Malaysia but had also reduced government revenues drastically. he said that a similar situation had erupted about two years ago but that was resolved with the help of the business community who lent a lot of input in developing a viable load management plan. The LCCI President urged the President and Prime Minister to take notice of this grave situation and act promptly act to save industrial and social fabric of the country.
ll Pakistan Textile Mills Association (APTMA) has urged the government to come to the rescue of textile industry through a revival package including uninterrupted energy supply and restructuring of outstanding loans to save the industry from total collapse. In a hurriedly called press conference on Wednesday, Group leader APTMA Gohar ejaz, Chairman APTMA Punjab Ahsan Bashir and Vice Chairman APTMA Seth Akber told the media that the adverse impact of gas supply suspension for 172 days during last calendar year and 52 days closure during first two months of current year can be judged from the fact that textile exports have declined by 40% in quantity during first half of current fiscal, translating into $4 billion export loss, and industry NPls/infection ratio has reached up to 31.5% as of September 2011, which is apprehended to touch 50% by end March, if not taken by the government seriously. Chairman APTMA Punjab said the SNGPl has supplied gas to textile industry for merely eight days during sixty days of first two months of current calendar year. The desperate textile millers have started contacting the Association for sale of their units, as they were not able to operate 365/7 due to non-supply of energy, thus unable to generate cash to pay back to the banks. he said the SNGPl has not displayed change of gas load management plan despite reduction in mercury by 10C with the start of March. he said the APTMA members questioning about the availability of saved gas with improvement in weather conditions. The policymakers, economic managers and SNGPl officials should be prudent in prioritizing gas supply to the industry generating billions of dollars exports and 15 million jobs. Gohar ejaz urged the textile minister to take stock of the situation and get it declare as calamity hit before the premier industry of the country turns into a junkyard.
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Tuesday, 20 March, 2012
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Bears run the show as kSe sheds 219pts KARACHI
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STAFF REPORT
he Karachi share market received a massive battering on the first trading day of the week, Monday, and plunged by 1.65 percent or 219.40 points at 13,077.72 points. “The KSe 100 index is yet to climb above the pivot level of 13,350pts levels as it again managed to induce the selling pressure,” said Abdul Azeem of InvestCap. Total numbers of shares of 384 companies were traded on the day, and at the end of the day total 77 stocks closed higher, total 234 are declined while 73 remained flat. The overall value of shares traded during the day was Rs2.568 billion. The trading volumes at the ready-counter were recorded lower at 256,860 million shares against 426.213 million shares of the previous day. The trading value decreasing to Rs4, 528 billion
Major Gainers Company
Open
High
Low
Close
Change
Siemens Pakistan UniLever Pak LtdSPOT Wyeth Pak Ltd.XD Mithchells Fruit Pak Gum & ChemSPOT
753.11 5715.10 697.04 159.00 78.12
789.78 5795.00 730.00 166.95 82.02
753.11 5651.00 700.00 164.00 79.99
789.00 5750.00 705.96 166.92 82.02
35.89 49 34.90 432 8.92 52 7.92 439 3.90 4,700
Turnover
Major Losers
compared to Rs6.693 billion of the previous session. The intraday high and low, respectively, stood at 13,329.67 and 13, 042.67 points. Market capitalization declined to 3.381 trillion from 3.442 trillion. “The index concluded the day failing to come out of the slump,” said Azeem adding that “If bulls finish the good work and stamp the authority again or else allow bears to remain in the game”. he said the benchmark attracted selling pressure at 13,500 points levels which still remains a strong resistance.
“Closing above 13,300pts levels indicates again upward move towards 13,500 points levels, otherwise it will again attract selling pressure towards 12,875pts levels,” he added. KSe All share-index ended the day at 9,149.44 points, down 161.42 points or 1.73 percent, KSe 30-index stopped the day at 11,557.20 points, down 164.04 points or 1.40 percent while the KMI 30-index slumped by 248.98 points or 1.10 percent to end the day at 22, 467.99. Jahangir Siddiqui Company
was volume leader of the day, 21.331 million shares and gained Rs 1 to close at Rs 17.39, followed by lafarge Pakistan, Dewan Cement and Karachi electric Supply Company with turnover of 17.654 million, 17.309 million and 11.805 million shares respectively. The Siemens Pakistan and Unilever Pakistan limited SPOT, up Rs 35.89 and Rs 34.90, led highest price gainers while, Nestle Pakistan SPOT and Rafhan Maize SPOT, down Rs 137.83 and Rs 89.34 respectively, led the losers.
Nestle Pak SPOT Rafhan Maize SPOT Service IndXD ICI Pakistan AL-Ghazi TractorXD
4400.00 2839.34 191.00 134.11 189.37
4490.00 2750.00 190.00 134.11 190.78
4230.00 2750.00 182.00 127.41 180.26
18.90 4.07 4.60 3.67 6.65
17.39 3.51 3.66 2.75 5.49
17.39 3.59 4.22 2.83 5.82
4262.17 2750.00 182.97 127.42 183.00
-137.83 35 -89.34 10 -8.03 1,511 -6.69 75,861 -6.37 2,232
Volume Leaders Jah.Sidd. Co. Lafarge Pakistan Dewan Cement K.E.S.C. JS Bank Ltd
18.39 3.87 4.06 3.37 6.29
-1.00 21,331,943 -0.28 17,654,649 0.16 17,309,927 -0.54 11,805,793 -0.47 10,250,061
Interbank Rates
No incentive for garment exporters to avail eFS KARACHI STAFF REPORT
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he Central Chairman Pakistan Readymade Garments Manufacturers & exporters Association (PRGMeA), Shehzad Salim, said that the export Finance Scheme (eFS), which was very useful to exporters has become ineffective because the difference between eFS rate and key interest rate is now only marginal, therefore there is no incentive for the industry to avail eFS. he added, “When the interest rates go up, the eFS rate is adjusted upwards accordingly. But now since the interest rates are gradually coming
down but eFS rate is not being lowered. Because of this, the gap which used to be around 3.5 per cent-3 per cent which has now reduced to 1 per cent.” Moreover, SBP has devised a performance based eFS for high performing companies whereby a further incentive of 1 per cent-1.5 per cent is allowed to exporters against their performance growth of 2 to 5 times and above. PRGMeA is of the opinion that even 100 per cent growth in today’s intensely competitive business environment is simply not possible. SBP is, therefore, requested to determine how many companies (especially SMe’s) have met these criteria. I am positive very few, if any have. In view of the above these performance targets need to be re-
vised down wards and made realistic. Salim stated that an overwhelming majority of garment exporters are SMe’s which are operating through their own capital and are slowly being driven out of business. Garment manufacturers have the single largest share in total textile exports of Pakistan by performing a vital function of adding value to raw materials. The annual report of SBP for the year 2010-11 acknowledges the fact that private loans of the whole textile sector were only 20.2 per cent of the total. In view of the grim economic scenario, any genuine support from SBP would be appreciated and help revive sagging exports, he said.
US Dollar UK Pound Japanese Yen Euro
90.7069 143.6707 1.0918 119.3068
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
90.90 118.85 143.26 1.0815 90.78 11.54 24.63 24.11 95.16
91.40 119.94 144.56 1.0914 92.11 11.71 24.83 24.32 97.52
CORPORATE CORNER SH Hashmi Media Welfare Trust: First project takeoff
BOA- Merrill Lynch as the ‘Market Maker’ for Fatima Fertiliser
KARACHI: The Office of the Affiliation Committee issued a notification for the affiliation of hashmi Media Institute (hMI) for the introduction of M. A. Mass Communication program (under semester system) upon approval of the recommendations of the Affiliation Committee by the Vice-Chancellor, on behalf of the Academic Council / Syndicate, University of Karachi. The Institute will offer specializations in Print Media, Advertising & Public Relations, Management & Organizational Communication, and electronic Media: Radio / Television Program Production & News Reporting. The application deadline for admission to the MA Mass Communication program at hashmi Media Institute is Wednesday, February 29, 2012. PRESS RELEASE
NEW YORK: Bank of America-Merrill lynch has been approved by the US regulator FINRA to act as “Market Maker” for Fatima Fertilizer Company ltd (Fatima) for its Sponsored level 1 American Depository Receipt (ADR) program. BOA-Merrill lynch, one of the world’s premier providers of wealth management, securities trading and sales, corporate finance and investment banking services, will facilitate the trading of Fatima’s ADR on the OTC market in USA. It must be noted that a year ago, in March 2011, Fatima appointed BNY Mellon, the global leader in asset management and securities servicing, as the Depositary Bank for its ADR program. PRESS RELEASE
Sindh Bank posts Rs1,140m pre- tax profit in 2011
KARACHI: The Board of Directors of Sindh Bank limited in their meeting held on 18th March 2012 approved first annual accounts of the bank for the 2011. According to the report, the Sindh Bank limited has posted Rs. 1,140 million profit before tax and Rs. 750 million after tax profit during the above-said period with a network of 50 branches at the end of its first year of operations. The profit earned during the year translated into an overall earning per Share of Rs. 0.75 which reflects a steady growth since inception and robust management strategies in spite of continuing economic sluggishness. PRESS RELEASE
PTcL upgrades 1Mbps connectivity to 2Mbps for the same price ISLAMABAD: Pakistan Telecommunication Company limited (PTCl) has taken another exciting step to enhance the Internet connectivity experience for all its existing and new Broadband customers by upgrading its 1Mbps connections to 2Mbps for the same price. In the new package, PTCl Broadband customers can now enjoy 2Mbps connectivity for the price of Rs.1,250 per month, which they paid earlier for a 1Mbps connection. PTCl Broadband is giving its customers more for less, with an automatic up gradation valid for three months, following which a normal tariff of Rs.1,499 for 2Mbps will become applicable. PRESS RELEASE
Mobilink donates 2000 school bags to Punjab education Foundation LAHORE: The Mobilink Foundation has donated 2,000 school bags, made from recycled advertising material, to the Punjab education Foundation (PeF). The school bags were formally handed over by Mobilink Foundation at a ceremony organized at the PeF’s Rawalpindi Regional Office. The ceremony was also attended by principals and students of 32 schools from North Punjab. Chairman PeF and senior officials of Mobilink addressed the gathering, highlighting the importance of supporting education for the masses, followed by distribution of bags amongst students. Omar
Manzur, Director Public Relations and CSR, Mobilink highlighted: “The Mobilink Foundation is deeply committed towards making a difference in the lives of the underprivileged across Pakistan. PRESS RELEASE
P&G inaugurates home in SOS children’s Village Islamabad ISLAMABAD: Procter & Gamble Pakistan has taken another step in realizing its Purpose of touching and improving Pakistani lives through the P&G home at SOS Children’s Village in Islamabad. The home houses 11 orphaned children who were affected by the devastating earthquake of 2005. Sharing his thoughts on this initiative, Omeir Dawoodji, Country external Relations Manager, P&G Pakistan said, “P&G is committed to touching and improving the lives of Pakistanis now and for generations to come. The P&G home at SOS Children’s Village Islamabad signifies our commitment to give back to the Pakistani community over the longterm by sowing seeds for a brighter future. We hope that this home will provide the 11 adorable children, who lost their loved ones in the earthquake, a chance to live a normal life.” he further added: “This is a momentous occasion for P&G in Pakistan as we are celebrating 20 years of faithfully investing in the community and bringing to life our corporate cause live, learn and Thrive (llT). Under the llT umbrella, P&G corporate as well as brand programs have reached over 21 million Pakistanis to date.” PRESS RELEASE
Tariq Malik wins ‘cIO of the year award’ ISLAMABAD: Tariq Malik, Deputy Chairman National Database and Registration Authority (NADRA), has won the “CIO of the Year” award from Teradata Inc. A panel of judges, consisting of eminent computer scientists, IT experts and technology gurus, has selected Mr. Malik for the said award by dint of his contribution in transforming NADRA from an identity card issuing authority to a profitable international business organization. It is rolling out cutting edge biometric technology solutions which result in good governance. KPMG audited the competitive award selection process. Mr. William Martin, Consul General of United States of America, handed over the award to Mr. Malik in an extravagant event held in Karachi on Saturday night. PRESS RELEASE
ISLAMABAD: Mr Lito Villanueva, Customer Strategy and Market Activation at Fundamo, a Visa company speaking at the recently held 5th International Mobile Commerce Conference 2012. PRESS RELEASE
KARACHI: The group picture was taken at English Speaking Union of Pakistan reception in honour of the High Commissioner of U.K, Mr.Adam Thomson, at a local hotel. Picture shows President ESUP, Barrister Shahida Jamil, Secretary General Ms.Talat Rahim, Barrister A.R.Sattar, and Mr.Majyd Aziz, with other prominent guests. PRESS RELEASE
KARACHI: Rotaract Club of Karachi Bay successfully held a movie night fund-raiser for the fishermen community of Shamspir Island in March, 2012. Present in the picture are Athar-Club President, Hasan-Club Secretary. and MehakClub Vice President. PRESS RELEASE