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Global stocks encourage bull surge, index up 22 pts Page 03
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Tuesday, 21 February, 2012
Munda Dam Project Model
Acting Chairman FBR promises to review SRO 821(I) 2011 LAHORE
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French Development Agency interested in
Munda Dam funding LAHORE
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STAFF REPORT
three-member delegation of the French Development Agency – Agence Francaise de Development (AFD) – headed by the Country Director Nicolas Fomage visited Munda Dam Multipurpose Project site, located five kilometers upstream of Munda Headworks in Mohmand Agency of Federally Administered Area (FATA). WAPDA General Manager (Projects) North Rashid Ali Khan Bangash, General Manager (Planning and Design) Irshad Ahmad, Mohamand Agency Political Agent Adil Siddiq, and WAPDA officers concerned were
also present during the visit. Besides a briefing on the project, the delegation also exchanged views with the local tribesmen who also hosted refreshments for the guests at site. Speaking on the occasion, the AFD Country Director said that Munda Dam Project would go a long way for socio-economic uplift of the country, particularly Mohmand Agency and Khyber Pakhtunkhwa province. He said AFD was exploring ways and means to join the project and become a partner of the people of Pakistan in their way to progress and prosperity. It is pertinent to mention that the AFD has shown their keen interest in providing financial assistance for design as well as construction
phase of Munda Dam Project, and the case is being forwarded to AFD Board of Directors for formal approval. WAPDA is implementing Munda Dam as a priority project in the wake of floods 2010 that played havoc in the country. In a significant development towards implementation of the project, a Rs611.5 million consultancy agreement for preparation of detailed engineering design and tender documents of the project was signed with a joint venture of reputed firms last week. After completion of detailed engineering design in two years, Munda Dam Project will enter its construction phase. The delegation was briefed that
Munda Dam was a multipurpose project that would help control floods, ensure availability of water for irrigated agriculture and provide low-cost hydel electricity. The project, on completion, will store 1.29 million acre feet of water and generate 740 megawatt (MW) hydropower, thus contributing 2400 million units of low-cost electricity to the national grid annually. Most importantly, the project is vital to protect Charsadda and Nowshera from floods. The dam will store 300 million cubic meter floods of River Swat restricting accumulation of its peak flows with that of River Kabul. Annual benefits of the project have been calculated at Rs20.2 billion, the delegation was further briefed.
STAFF REPORT
CTING Chairman of Federal Board of Revenue (FBR) Mumtaz Haider Rizvi has promised to review SRO 821(I) 2011 and high rate of turnover tax, in consultation with the stakeholders. FBR Acting Chairman was talking to a seven member delegation headed by Lahore Chamber of Commerce and Industry (LCCI) President Irfan Qaiser Sheikh, other members of the delegation, included LCCI Senior Vice President Kashif Younis Meher, former Presidents Bashir A Baksh, Mohsin Raza Bukhari, Shahid Hassan Sheikh, LCCI Executive Committee Members, Rehman Aziz Chan and Husnain Reze Mirza. Mumtaz Rizvi said FBR wants to broaden tax net through facilitation to the business community and not the other way round. Therefore, he said, no anti business policy would be implemented. Since the business community has reservation over SRO 821 (I) 2011 and high rate of turnover tax, therefore, FBR was ready to discuss these issues with the stakeholders, he added. Speaking on the occasion, LCCI President Irfan Qaiser Sheikh informed Chairman FBR that the SRO 821(I) 2011 is impractical and should be withdrawn without further delay. He said formulation of policies without due consultation of the stakeholders is sheer injustice and FBR should initiate process of consultation with the private sector for true implementation of all the policies. While severely criticising SRO 821(I), LCCI President said FBR should avoid implementing SROs without consultation of the business community for being the main stakeholders. Irfan Qaiser Sheikh said LCCI feels FBR is shifting its burden of monitoring and tracking of the tax system on business community which is unjust and unethical. “If FBR was interested in broadening of tax net, it must have brought the agriculture sector into the tax net instead of creating troubles for the registered persons who were already doing businesses in the presence of multiple internal and external challenges.” Earlier, Irfan Qaiser Sheikh urged Mumtaz Rizvi to bring down the turnover tax to 0.5 per cent from existing 1 per cent, as early as possible. It would be a great relief for the business community of the country who is doing business in the presence of multiple challenges, including massive energy crisis, high input cost, etc, he explained.
‘Auto industry not consulted over Indian negative trade list’ g
Time period for phase out of the list is too short g Auto industry facing acute energy shortages KARACHI
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GHULAM ABBAS
HE government which is likely to phase out the proposed negative list for trade with India by the end of this year may bring trouble for the auto industry as the sector will not able to sustain liberalised trade with the neighbouring country in a short period of time. Ministry of Commerce, which had earlier assured the auto industry to protect it from the influx of Indian made ups through formulating a negative list, has not consulted the
sector while finalising the list, Ali Asghar Jamali, Senior General Manager Sales and Marketing of Indus Motor Company Limited said in an informal meeting with selected media persons here on Monday. However, he said, his company was still analysing the proposed 311 items of auto sector enlisted as negative products/items for trade, and the detailed observations could only be shared once the list was studied in detail. However, the proposed timing for gradually phasing out the list was contrary to the ground realities. It is worth mentioning here that the
ministry has proposed to allow to progressively phasing out the list in three installments on quarterly basis after approval of the cabinet with quarters ending June 30, September 30 and December 31, 2012. Talking about the performance of the company, he said despite economic crisis in the world, the sale target of 55,000 units during this financial year was expected to be met easily. Besides that there was already a required stock of vehicles, ensuring timely delivery of units. Like other sectors, auto sector was also facing the acute shortage of gas/electricity which has forced it to get supply
from rental power plants making additional expenditures of Rs20 million monthly which also reflects in vehicles’ prices. In reply to a query, Jamali informed the company was thinking on the factory fitted Liquefied Petroleum Gas (LPG) after the government’s ban on CNG kits and factory fitted CNG through SRO No 80. “But it is too early to say something about conversion of fuel with LPG power,” he added. Talking about localisation of the units assembled in the country, he said the company was preparing units through 30 per cent localised and 30 per cent imported parts besides
paying 30 to 34 per cent taxes. In an answer to a question he said, over 27,000 used cars have been imported during the last seven months, while the number of the used vehicles was expected to cross 40,000 by the end of this fiscal year. The increasing number of used vehicles was also badly affecting the demand of smart cars. In reply to a query, Babar Saleem, Corporate Communication Manager of the company said the company was against the import of CBU, while it would not oppose the import of CKD, if that was commercially viable.
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KeSC signs $200m Inflation will remain within target: SBP governor Joint Development Agreement with Bee S LAHORE
STAFF REPORT
KARACHI STAFF REPORT
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ARACHI Electric Supply Company (KESC) has embarked on the first of its kind project in Pakistan, with the aim to convert its 1,260 MW (210 MW x 6 units) Bin Qasim Power Plant into a coal-fired generation plant. This project will have a step-wise execution, phase-one of which will see the conversion of two units, with a generating capacity of 420 MW. Replacing Residual Fuel Oil (RFO) based boilers with coal fired technology would help KESC in attaining fuel security by diversifying its existing fuel mix, better utilisation of existing fleet and most importantly aid in reducing cost of power generation; ultimately providing the consumers relief by lowering the end user tariff. KESC is gearing itself to take the pioneering role for coal conversion in the country and is currently in the process of finalising its feasibility study through a reputed US based consultant, ‘Knight Piesold’, which has an extensive world-wide experience in coal based projects. The first phase of the feasibility study has
been completeddemonstrating technical and economic viability of the project. The second phase of the feasibility study, which involves detailing of the
We are delighted to work with KESC on its oil-to-coal conversion project and remain committed to its successful completion
COnTRACT SIgnATORIeS engineering design work flow, is now underway. In the near future, KESC will also be approaching NEPRA for relevant approvals related to this project. To set the above in motion, KESC has signed a $200 million, Joint Development Agreement (JDA) with ‘Bright Eagle Enterprises’ (BEE), a Hong Kong based Investment Company sponsored by
Chinese and Korean investors. For the purpose of this project, Bright Eagle Enterprises has teamed up with leading energy companies from China, namely China Resources Power (a multibillion dollar state owned power plant, owner and operator) and China National Technical Import and Export Corporation. Commenting at the signing ceremony, Mr Ping Chen, Chairman Bright Eagle Enterprises, Chairman Sun TV Hong Kong, and Tidetime said, “We are delighted to work with KESC on its oil-to-coal conversion project and remain committed to its successful completion. We applaud KESC management’s innovative approach to reduce the cost and increase the availability of electricity to Karachi. Bright Eagle is proud to be associated with this project which will help the people of Karachi.” Marking the event, CEO KESC, Tabish Gauhar stated; “This ground breaking initiative will set the course for the country’s power sector that is heavily dependent on RFO. Conversion to coal is the only sustainable option and KESC’s lead in this area will set an example for others to emulate.”
TATE Bank of Pakistan Governor Yaseen Anwar has said inflation will remain in the targeted limit and the issue of circular debt can be tackled through the development of corporate debt market in the country. SBP governor was speaking to the media after the prize distribution ceremony of the ‘8th State Bank Governor Cup – Super Series Inter-Bank Cricket Tournament 2012’ here on Monday. Anwar said that the government had fixed the inflation target of 11-12
per cent for the current fiscal and it would remain in the limit. Responding to a question, he said that Monetary Policy did not have immediate effect. It had a lagging period of six months to a year. The central bank reduced discount rate by 200 basis points in the past because inflation was dropped at that time. It provided the SBP room to play with and the central bank stroked the opportunity, he underlined. Anwar said that in result of
easing out discount rate, credit to private sector witnessed increase. Right now, as the inflation was persistent thus the central bank did not consider it necessary to reduce discount rate. However, the SBP was consciously monitoring the trend and would react on the right time, he maintained. Speaking about the government borrowing, he said that as the government borrowing target had been fixed for the fiscal year thus before the end of the financial year it could go up and down. “It does not matter if the government exceeds limits for a quarter. We have enough time to review the situation,” he said and added that some good inflows were expected during the current fiscal and if they materialised fiscal targets could be achieved. Answering a question about circular debt, the central bank governor said that debt swapping was a remedial step for shortterm fix and it was a right decision. However, the country needed a long-term solution and permanent solution to this problem. He pointed out that the SBP and Securities and Exchange Commission of Pakistan (SECP) were on the same page to resolve this issue. He underscored that the circular debt issue could only be resolved by creating liquidity, not only from the banking system but also from the whole country. He elaborated that one solution was development of corporate debt market in the country. It would develop institutional bonds for fixed income up to 30 years and secondary market that would absorb the circular debt as liquidity would be available. However, it would require some time, he added.
Swedish delegation to visit Pak for strengthening bi-lateral relations LAHORE
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STAFF REPORT
Swedish Clean Technology and women entrepreneurs’ delegation will visit Pakistan soon to help strengthen bilateral relations between the two countries, while Sweden would extend every possible help to Pakistan in winning GSP plus status from the European Union. Ambassador of Sweden in Pakistan Lars-Hjalmar Wide was speaking at Lahore Chamber of Commerce and Industry (LCCI) on Monday. LCCI President Irfan Qaiser Sheikh, Senior Vice President Kashif Younis Mehera and former President Mian Muzaffar Ali also spoke on the occasion. Mr Per Malmer, Chairman M/s Jarnamalmer Sweden, was also present in the meeting. The Swedish ambassador said Sweden was presently doing 80 per cent of its trade with regional countries in the European Union, therefore, Pakistan should adopt the same methodology because it has a marvelous potential in all the sectors. He said Sweden, being an important member of the European Union has a huge untapped potential and the Pakistani businessmen should come forward to avail these opportunities. There is a dire need to develop a close
liaison between private sectors of Pakistan and Sweden for exchange of information and market research, he underscored. He said both the countries need to identify more tradable products to enhance their mutual trade. Pakistan is known around the globe for its textile products, sports goods, surgical instruments, fresh fruits and vegetables, rice, carpets, leather made ups, fish and fish preparations, handicrafts, artificial jewelry, fancy furniture, footwear, hosiery, garments, and so many other consumable items, which still need to be properly introduced in the European market. He added, Pakistani business community would have to adopt an aggressive strategy to enter into Swedish markets, because Swedes are not only quality conscious, but very selective and careful while making deals with other countries. Speaking on the occasion, LCCI President Irfan Qaiser Sheikh said LCCI attaches great value to the upcoming delegation of Swedish companies which promote clean technologies. Since the Swedish delegation is arriving in between mid April to early May, therefore, LCCI has planned to organise a seminar prior to their visit in mid or late March to make their members aware of the benefits of clean technologies. This activity will
certainly be beneficial to boost chances of matchmaking during B2B meetings and also for exploring possibilities of joint ventures. He said Stockholm Chamber of Commerce and LCCI had signed an MOU in November 2010 and we keenly look forward to playing our due role to make most out of that opportunity. Taking into account the trade figures of last three years, it is a noticeable factor that the volume of bilateral trade between Pakistan and Sweden has significantly dropped. In 2008, the total trade was recorded as much as $453.7 million. Out of that, Pakistan exported items worth $102.1 million and imports from Sweden accounted for $351.6 million. But in 2009, the bilateral trade went down by 40 per cent and made no significant improvement in 2010, as well. Though, in 2010 Pakistani exports recovered well by touching over $106 million mark, but constantly dropping level of imports from Sweden greatly contributed to keep the total trade at $280.3 million. LCCI President said both sides need to make efforts to cease this declining trend in bilateral trade. Pakistan has always been experiencing trade deficit with Sweden. “We would naturally like Sweden to import more from Pakistan to create a win-win situation for both the countries.” Major exports of Pakistan to Sweden;
include textile products, leather products, cereals, cotton, carpets, electrical equipment sports goods, etc. Irfan Sheikh said Sweden should consider increasing its imports from Pakistan, particularly adding up agro products. “We are not only good in quality both in organic and inorganic agro products, but are competitive in the international market.” On the other hand, Pakistan’s major imports from Sweden are iron and steel, paper and paper-board, machinery, electrical and electronic equipment, pulp of wood, plastics and copper products, chemical products, etc. These too form a trivial fragment of Pakistan’s imports from the world. Hence, there is a possibility of greater export of these commodities by Sweden to Pakistan. For broadening our mutual trade and investment, there is no other way so powerful and effective than the exchange of delegations and both the countries should concentrate on organising single country exhibitions and catalogue shows. Former Senior Vice President Tahir Javed Malik, former Vice Presidents Shafqat Saeed Piraca, Faisal Iqbal Sheikh, Executive Committee Members Sheikh Muhammad Ayub, Aftab Ahmad Vohra, Yousaf Shah, Khamis Saeed Butt and former EC member Mian Zahid Javed, were also present on the occasion.
neSPAK mourns demise of former MD LAHORE STAFF REPORT
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ESPAK management, engineers, professionals and staff have expressed deep sorrow and grief on the sad demise of their former Managing Director Engr Sabir Pervaiz Chihan. His funeral prayer was largely attended by the staff, former employees of NESPAK, NCL, PHA, engineers, contractors and friends. In a condolence meeting held at NESPAK House, Lahore, the present Managing Director, Asad I A Khan and the staff recounted the dedicated services of late Mr Chohan in the consolidation and growth of NESPAK and paid him rich tribute.
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Tuesday, 21 February, 2012
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Meezan Bank to manage Rs15b Islamic bonds for circular debt Announces 106pc growth in profit for 2011 g
KARACHI STAFF REPORT
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EEZAN Bank, which saw its profit after tax ballooning by 106 per cent to Rs3.4 billion during the year ended on December 31, 2011, would manage the Term Finance Certificates (TFCs) worth Rs15 billion for the cash-
USAID to extend co-operation for SMes development LAHORE: United States Agency for International Development (USAID) will extend cooperation in capacity building of Small and Medium Enterprises Development Authority (SMEDA). A USAID delegation, led by Donald R Hart at a meeting with SMEDA CEO Yousaf Naseem agreed Pakistan’s SME sector required broad-based intervention for growth, which had not been made possible by SMEDA in the full swing due to scarcity of funds. SMEDA CEO informed the delegation that SMEDA was trying to bridge the funding with assistance of the international and local donors. Under this approach three important programmes had recently been launched by SMEDA with the funding of international donor agencies, that include “Early Recovery and Restoration of Flood Affected Communities Programme” and ”Legal Empowerment Programme for marginalised businesses in Pakistan” funded by UNDP and “Economic Revival of KP and FATA” project funded by World Bank. STAFF REPORT
starved federal government to address the lingering and economycrippling circular debt issue. Also, the bank is all set to establish a separate Agri Finance Department which would extend advances to the farmers to buy crop seeds, fertiliser and other agricultural inputs. “We are in a dialogue with the ministry of finance on the issuance of Sukuk (Islamic bonds) by the power holdings,” said Ariful Islam, Chief Operating Officer and Executive Director of the country’s leading Shariah-compliant bank during a briefing here at a local hotel Monday. The banker said the amount would
constitute around 10 per cent of the total Rs150 billion the federal government would be arranging through Islamic banks to clear the massive circular debts. Earlier, Irfan Siddiqui, President and CEO of Meezan Bank said the Board of Directors of the bank, in its Feb 19thmeeting here, approved the financial statements of the bank for 2011. He said the bank’s total assets crossed the landmark figure of Rs200 billion at December 2011, while deposits increased by 30 per cent over the last year to Rs170 billion. While it recorded 106 per cent growth in its profit-after-tax which increased to
Rs3.4 billion for 2011 as compared to Rs1.650 billion in 2010. The banks’ Earning Per Share (EPS) increased to Rs4.22 from Rs2.05 recorded last year, Irfan said. He said the board recommended the issue of 12.5 per cent bonus shares (2010: 15 per cent) for year 2011. This declaration, together with the earlier cash dividend of 10 per cent paid in July 2011, brings the total payout for the year to 22.5 per cent and maintains the bank’s unbroken payout record since its date of listing on the Stock Exchange. The bonus issue will increase the bank’s paid up capital to Rs9 billion and the bank will meet the
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SBP’s minimum capital requirement for 2012 of Rs9 billion a year in advance. “The bank’s excellent deposit growth is a result of the rapidly growing demand for Islamic financial products,” the CEO said. To a query, Irfan said the bank was setting up a dedicated department for agri financing to tap the waste potential the country had in the face of farming and that finances would be extended to the farmers to buy crop seeds, fertiliser and other agri inputs. In his address, Chairman of the Bank’s Board, Sheikh Ebrahim Bin Khalifa Al Khalifa said Meezan Bank would be completing 10 years of Islamic commercial banking operations this year. The bank has achieved growth in all business segments and maintained its position as the leading Islamic bank in Pakistan where, he said, investing capital or working was a “viable exercise”. “The investment here is secured and that during 2012, we would expand our branch network to 3,000 (from present 275 in 83 cities of Pakistan),” he said.
Global stocks encourage bull surge, index up 22 pts KARACHI STAFF REPORT
ARACHI stock market stayed bullish on Monday with trading volumes remaining in the green zone on the back of what the analysts said rallying global stocks and the investors’ speculations ahead of major earning announcements this week. The first day of the week saw the benchmark 100-share index finishing up by 0.18 per cent or gaining 22.22 points to close at 12,517.90 points compared to 12,495.68 points of Friday last week. “The stocks stayed bullish amid higher volumes after global stocks rally and investors speculate ahead of major earning announcements this week,” said Ashen Mehanti, a director at Arif Habib Securities. The day saw the trading volumes at the ready-counter going down but still higher at 232.851 million against 233.268 million shares of the previous day. The
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trading value, however, took a dip of almost Rs3 billion to stand at Rs4.62 billion compared to Rs7.045 billion of the last session. The intraday high and low were, respectively, counted at 12,595.42 and 12,495.68 points. The market capitalization slightly grew and finished at Rs3.264 trillion versus Rs3.257 trillion the bourse had witnessed on last trading day of previous week. Of the total 445 traded scrips, 140 gained, 104 lost and 201 ended up
as unchanged. The free-float KSE-30 index also gained 1.59 points and closed at 11,673.22 points against the previous 11,671.63 points. Jahangir Siddique Company continued to remain on the top when it comes to volume leader and counted its traded shares at 38.075 million against Friday’s 30.603 million with the opening and closing rates, respectively, standing at Rs9.41 and Rs10.39. On the future market, the turnover
registered an upset and declined to Rs10.092 million shares compared to 13.109 million shares of last week. Mehanti, a senior market observer, said the factors which played as a catalyst at the market on Monday include Higher local POL prices, higher global commodities, easing political outlook, speculations ahead of official announcements on resolution of the ill-conceived Capital Gains Tax issues in the prevailing bullish sentiments.
CORPORATE CORNER USAID awards 20 grants for research in teacher education
special packages during Madonna’s concert tour to Abu Dhabi. The world famous singer Madonna has recently made an announcement to bring her World Tour to Abu Dhabi's Yas Arena on 3rd June, 2012. The Destination Management Company of Etihad Airways – “Hala Abu Dhabi” (halaabudhabi.com), is presenting these fullyloaded packages for concert goers. Hala Abu Dhabi, will offer a variety of packages for sale from February 27, when tickets will go on sale to the general public. PRESS RELEASE
Lg captures commercial display market with LeD LAHORE: The USAID Teacher Education Project (Pre-STEP) organised a cheque distribution ceremony at the University of Education Township here the other day. Dr Amjad Saqib, representative of the USAID Teacher Education Project, presented the Vice Chancellor University of Education, Dr Faiz-ul-Hasan with a cheque amounting to Rs297,000 as first installment. A total of Rs1.5 million (approx) will be disbursed in the next 11 months and this amount will be used to conduct research into the Pedagogical Practices of Teacher Educators in Bachelors of Education (B Ed) Honors Elementary and Associate Degree in Education (ADE) Programmes. The grant was awarded after a rigorous review process, conducted by the Research Evaluation and Advisory Committee (REAC), led by the Higher Education Commission (HEC). REAC comprises representatives of the Higher Education Commission and experienced education researchers working in Pakistan and overseas. PRESS RELEASE
etihad Airways, Hala Abu Dhabi offer packages for Madonna concert goers LAHORE: Etihad Airways is the national airline of the United Arab Emirates, which is offering
LED display market. PRESS RELEASE
Toyota announces ‘Dream Car’ art contest winners KARACHI: The winners of the first leg of the 6th Toyota Dream Car Art Contest organized by Indus Motor Company concluded on Sunday, February 19, 2012 in Karachi at a grand event. More than 130 schools from across Pakistan participated in the contest, which was conducted during January and February, 2012.Besides a large number of schools, students with special needs from vocational schools also participated in this nationwide contest. Speaking on the occasion Mr Parvez Ghias, CEO, Indus Motor Company said that the idea behind the Toyota Dream Car Art Contest is to promote creativity and to give opportunities to children to express their dreams and use their imagination through art by drawing a “Future Dream Car”. PRESS RELEASE
Mobilink launches gmail SMS
LAHORE: LG Electronics participated in ISE (Integrated Systems Europe) 2012, the biggest commercial display show in Europe, held in Amsterdam, the Netherlands, for three days from January 31. During the show, LGE introduced its new commercial LED display devices to enhance its B2B marketing. The company displayed this year’s strategic products, which include digital signage, hotel TV systems and video conference systems. In the 598sqm display space, an LED promotion zone was set up to advertise the unique advantages of LGE's LED products with the aim of securing a strong leadership position in the commercial
LAHORE: Mobilink officially announced the launch of Gmail SMS in collaboration with Google. Mobilink and Google signed an MoU to launch this innovative service earlier last month. Gmail SMS, a free web-to-SMS service which enables a Gmail user to send SMS to any Mobilink subscriber via Gmail. Mobilink subscribers can also reply back to that SMS which will appear on user’s Gmail interface. Speaking at the occasion, VP Marketing Mobilink, Jahanzeb Taj stated, “This is indeed an innovative step towards enhancing the accessibility of Mobilink subscribers by allowing them to be connected with Gmail users anywhere in the world via SMS. PRESS RELEASE
secrets, recently hosted a Hi Tea with fortune. A unique and novel event, this hi-tea was the first of its kind to be held in Karachi. “The Tea with Fortune is yet another initiative of The Deli to showcase its creativity and innovation not just in terms of the food we serve but also in terms of our presentation, ideas and concepts,” said Tina Mehdi, the CEO of The Deli. “While The Deli has always been at the cutting-edge of coming up with new food ideas, now we are also at the cutting-edge of unique way sto market food.” PRESS RELEASE
LAHORE: Mrs Ayesha M Hamid Chairperson American school of International Academics and Mr Dominque exchange MOU Documents. PRESS RELEASE
The Deli hosts hi tea with fortune KARACHI: The Deli, one of the city’s best kept
KARACHI: Zeeshan Pervaiz, Manager Customer Care wi-tribe, giving away a free CrossRoads voucher worth Rs5,000 to one of 50 lucky winners. PRESS RELEASE