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profit.com.pk
Wednesday, 21 March, 2012
SBP JulY-DEcEmBEr quartErlY rEPort
Challenges on external, fiscal side haunting macroeconomic stability Economy to grow in range of three to 4 pc during FY12 g SBP’s dollar reserves dip by $ 1.9b devaluing rupee by 4.4pc g Inflation to remain between 11 and 12pc g Govt borrowing from SBP complicates liquidity management g Energy shortages plague industrial production g
KARACHI
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ISMAIL DILAWAR
HE country’s fragile economy is, whereas, showing signs of a modest improvement on the back of positives in agriculture and services sectors, the central bank is foreseeing in Pakistan some serious challenges to macroeconomic stability stemming from the external sector and continued weaknesses on the fiscal side. “Half way into FY12, the economy is showing signs of a modest improvement,” said the State bank in its second quarterly report for julyDecember FY12 issued on Tuesday. Referring to preliminary data, the bank said the commodity producing sector, especially agriculture, was doing better than expected while the services sector also seemed well-placed to gain from robust retail trade activities, transportation and increased profitability of the banking sector. The ample availability of key staple crops and less than anticipated supply disruptions due to floods played a key role in containing inflationary pressures during the period under review. However, the benefits of productivity gains to farmers are being eroded by the dwindling price of their produce and the increased cost of inputs, especially that of fertilizer. “accordingly, farm income is expected to be lower than last year.” Despite these positives, the SbP warned, risks to macro-economic stability had, nevertheless, increased in the crises-hit country. Specifically, the SbP said, the position of the external sector weakened at a rate faster than expected and that the fall in financial and capital inflows exerted pressure both on the banks’ foreign exchange reserves as well as the rupee. “This, along with the pickup in government borrowing from SbP,
complicated liquidity management,” the bank noted with concern. Finally, it said, the energy shortages continued to plague production activities, especially in the industrial sector. Giving a future outlook, the central bank said the economy was expected to grow in the range of three to four percent during FY12. Within aggregate demand, there has been almost no improvement in the investment component, despite the reduction in the cost of borrowing, following the cut in SbP’s policy rate. Loans to private sector businesses expanded only by 3.5 percent in H1-FY12, with fixed investment loans seeing a net retirement of Rs 8.5 billion, the bank said. “The low demand for fixed investment loans is largely due to persistent energy shortages, the unfavorable law and order situation, and excess capacity in the industrial sector,” the bank said. amid low demand, the working capital loans had increased by Rs 99.5 billion during H1FY12 compared to last year’s Rs 131.3. The SbP said the government had to purchase 378,000 tons of sugar through TCP to help sugar mills, which were unable to offload their stocks from last year, retire some of their bank borrowings. The inflationary outlook had improved slightly on account of supply side factors (food) and FY12 was expected to see inflation fall within the range of 11.0 to 12.0 percent, with a bias towards the lower boundary. “More than half of the commodities in the CPI basket are still posting double-digit inflation,” the bank said. about the fiscal deficit, the SbP said despite seeing the gap on lower level during H1-FY12, containment of the overall deficit at the revised target of 4.7 percent would be challenging for the government. “Quarterly data for previous years has shown that the deficit remains relatively higher in the second half of
the year,” it said. adding the achievement of the revised fiscal deficit was dependant on the realization of envisaged surpluses from provincial governments (which are likely to be lower than expected), the non-tax revenues (depending on inflows into the Coalition Support Fund) and the auction of 3G licenses and strict control over expenditures. The burden of financing this deficit, the State bank said, would fall on the banking system, specifically on commercial banks. “Other than growing concerns about the supply of loan-able funds for the private sector, renewed government borrowing from SbP entails rising inflationary expectations in the economy,” it added. Terming the composition of government borrowing, which accumulated at Rs 391.0 billion and has tilted towards inflationary financing, as of a greater concern, the SbP said the government was unable to meet its self-imposed quarterly limit of zero net budgetary borrowing from SbP. On the external front, although the current account deficit was expected to be in the range of 1.5 to 2.5 percent of the GDP, there was an upward bias to this prediction. “Given the fall in financial and capital inflows, funding this modest current account deficit could be challenging,” it said adding the market players were increasingly concerned about whether the envisaged foreign inflows would materialize in time. This, together with the scheduled repayment of IMF loans, amounting to $ 1.1 billion, during the second half may draw down the SbP’s foreign exchange reserves. Data for consolidated fiscal operations indicates a deficit of 2.5 percent of GDP for H1-FY12. The good news is that this came primarily from the revenue side; FbR tax collections reached Rs 840.1 billion during H1-FY12, showing a YoY
growth of 27.1 percent. Moreover, SbP profits of Rs 104.0 billion contributed significantly non-tax revenues. nevertheless, it is important to note that financing this contained fiscal deficit in H1-FY12 was challenging as compared to H1-FY11. The slowdown in foreign exchange inflows has also raised concerns about country’s balance of payments. Specifically, Q2-FY12 data shows that the overall external account deficit has increased to $ 1.0 billion compared to $ 0.8 billion in the first quarter of the year. “The composition of the boP reveals that the current account deficit has widened to $ 2.2 billion against an almost nil balance during H1-FY11,” said the State bank. Counting $ 6.3 billion worker remittances the only positive on the list, the bank said all other components of the current account deteriorated during the review period. The import bill increased on account of higher international oil prices and the import of fertilizer which accounted for 60 percent of the increase. On the other hand, export growth has slowed to 3.9 percent compared to 18.9 percent during the first half of the previous year. The financial and capital accounts posted a deficit of $ 0.4 billion during Q2-FY12. Hence, the SbP’s dollar reserves saw a reduction of $ 1.9 billion during H1-FY12 to $ 12.9 billion. This decline in reserves was accompanied by a depreciating Pak Rupee, which lost 4.4 percent of its value during the first half of the year, said the bank. “Despite these weaknesses, the size of the current account deficit should not be a major source of concern, given Pakistan’s history. The real challenge is financing the current account deficit, as both debt and non-debt inflows have declined,” the State bank said.
Govt for SaP’s inclusion in Punjab Seed council LAHORE STAFF REPORT
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unjab government has no objection on including Seed association of Pakistan (SaP) as member/observer of the Punjab Seed Council. nevertheless, a final decision in this regard will be taken in the next meeting of the provincial seed council, said the Punjab Minister for agriculture Malik ahmad ali aulakh here on Tuesday. aulakh was meeting the representatives of the Seed association of Pakistan (SaP) in Punjab agricultural Research board (PaRb). The meeting was also attended by the Punjab Seed Council Managing Director altaf aizad Khan, Chairman SaP Shahzad ali Malik, Director General agriculture (Extension) Dr. anjum ali and Director General (agri Research) Dr noor ul Islam. addressing the participants, Punjab agriculture Minister said that 700 seed companies approved by the Federal Seed Certification and Registration Department are working in the country out of which 600 are registered in Punjab province. However, he regretted that if all the legal requirements are fulfilled then only around 200 companies were working as per law. The Minister stressed the need for kicking out black sheep in seed business so as the growers could get quality certified seeds on cheaper rates. He said that the Punjab government was taking all out steps to resolve the issues faced by the growers. He claimed the credit of good production in all the crops including cotton, wheat, rice, potatoes and others saying that it is a proof of pro-farmer policies of the present provincial government.
8pc hike in tea imports from India likely KARACHI
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GHULAM ABBAS
HE process of trade normalisation with India will not affect the imports of tea from the neighbouring country as the item has already been allowed for trade. However, the imports from new Delhi are likely to be increased by around 8 percent this year due to the drought in african region and halt in imports from bangladesh. Talking to Pakistan Today, Muhammad Hanif janoo, Chairman, Pakistan Tea association (PTa) said that the country this year was likely to import tea worth $ 30 million from India as compared to registered trade of $ 25- $ 27 million last year. a high powered delegation led by PTa was also going to visit India on april 9 to enhance the trade in this sector, he said adding that, the major shift of imports of the highly consumed item was not to be made as Indian tea, as compared to Kenyan product, was not qualitative. The
members of the delegation would meet leading exports of tea in India besides having formal talks with the concerned officials of Tea Development board of India in Calcutta. However, he denied that the trade
normalisation process between the two South asian neighbors was going to enhance the imports of tea from Delhi as the import was going on since 1876. besides, the consumption in India has already been increased during the last few
years. India exports less quantity of tea as compared to other exporters of the product to Pakistan including Kenya, Sri Lanka and Vietnam and China, due to the domestic consumption of over 80 percent of total production. according to him, the imports from bangladesh have also almost been halted due to the huge consumption in the tea producing country. Pakistan’s share of imports of tea from Dhaka has been shifted to Vietnam and India. He said that there was no hindrance in official trade of tea between the two countries and the kitchen item was not being imported via third country, however the Kenyan Tea has been reported to be mixed with Indian tea in third countries by the profiteers illegally. In reply to a query he said that there was no halt or reduction in smuggling of tea from afghanistan which was still at over 40 percent of the total import of Pakistan. Sources claimed that the import of tea from India has started increasing during the last few years. according to official data tea imports from new Delhi was increased by 17 percent in financial year 2010-2011.
Currently according to sources, the Indian exporters were also trying to take Pakistani market as an alternative of the Iranian one after the payment issue dominated in the trade with Iran following the uS economic sanctions on Tehran. according to statistic provided by Pakistan Tea association (PTa), almost 21812072 kilogram of tea worth $27.198 million has been imported from the neighboring country during the financial year 2011 as compared to 8265419 kg of tea worth $15.529 million during the fiscal year 2010 making an enhanced share of 17.12 percent in Pakistani market.besides, though the over all imports of tea from Kenya, the major tea exporting country to Pakistan, has improved as Islamabad has imported 70032621 kg black tea of worth $204.785 million during 2010-2011 as compared to 58039771 kg tea of worth $175.158 million in 2009-2010, its shares in the total import of Pakistan has reduced to 55 percent as compared to 60 percent recorded in FY 2010.
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SEcP acts against directors and auditors of companies for breaches of law ISLAMABAD STAFF REPORT
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LAHORE
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STAFF REPORT
VERY two seconds, an area of forest the size of a football field is clear-cut by illegal loggers around the globe. a new World bank report released on Tuesday shows how countries can effectively fight illegal logging through the criminal justice system, punish organised crime and trace and confiscate illegal logging profits. The report, justice for Forests: Improving Criminal justice Efforts to Combat Illegal Logging, says that to be effective, law enforcement needs to look past lowlevel criminals and look at where the profits from illegal logging go. by following the money trail, and using tools developed in more than 170 countries to go after dirty money,‘ criminal justice can pursue criminal organisations engaged in large-scale illegal logging and confiscate ill-gotten gains. The World bank estimates that illegal logging in some countries accounts for as much as 90 per cent of
all logging and generates approximately uS$10–15 billion annually in criminal proceeds. Mostly controlled by organised crime, this money is untaxed and is used to pay corrupt government officials at all levels. The new report provides policy and operational recommendations for policy makers and forestry and law enforcement actors to integrate illegal logging into criminal justice strategies, foster international and domestic cooperation among policy makers, law enforcement authorities and other key stakeholders, and make better use of financial intelligence. “We need to fight organised crime in illegal logging the way we go after gangsters selling drugs or racketeering,” said jean Pesme, Manager of the World bank Financial Market Integrity team that helps countries implement effective legal and operational frameworks to combat illicit financial flows. Despite compelling evidence showing that illegal logging is a global epidemic, most forest crimes go undetected, unreported, or are ignored. In addition, estimates of criminal
proceeds generated by forest crimes do not capture their enormous environmental, economic and societal costs— biodiversity threats, increased carbon emissions and undermined livelihoods of rural peoples, with organised crime profiting at the expense of the poor. Preventive actions against illegal logging are critical. We also know that they are insufficient,said Magda Lovei, Sector Manager at the World bank. ―When implemented, the recommendations of this publication can have a strong deterrent effect that has been missing in many actions taken against illegal loggers. Organised crime networks behind large scale illegal logging have links to corruption at the highest levels of government. The investigation of forest crimes is made even more complex by the international dimension of these operations. Recognising these challenges, this study calls for law enforcement actions that are focused on the ―masterminds behind these networks—and the corrupt officials who enable and protect them.
HE Securities and Exchange Commission of Pakistan (SECP) has penalized a number of companies and their managements and statutory auditors for non-compliance with the corporate laws and applicable accounting standards during February 2012. The commission has also sanctioned two onsite inspections of books, records and papers in view of the unauthorized disposal of fixed assets, non-submission of annual and quarterly accounts and material qualifications raised by the statutory auditors. Such inspections are conducted on a routine basis as fact finding exercises under section 231 of the Companies Ordinance, 1984 to ascertain the state of affairs of the companies. a statement issued by SECP said that its Enforcement Department passed 29 orders and initiated 36 show cause proceedings against directors and auditors of listed and non-listed companies. These enforcement actions mainly pertained to the violation of the takeover law; companies issue of capital rules; unauthorized inter-corporate financing; late or non-submission of quarterly accounts; nonpreparation and submission of consolidated financial statements; misstatements in financial statements and other reports; nonappointment of independent share registrar; un-authorized utilization of security deposits and provident fund; mis-utilization of powers by directors and improper issue, circulation or publication of balance sheet or profit-and-loss accounts. The department also resolved 16 investor complaints during the month, which mainly related to non-receipt of dividend warrants, disposal of fractional shares,
lucky vies to sell additional electricity PESHAWAR STAFF REPORT
lahore needs an Export Processing Zone, claims lccI LAHORE STAFF REPORT
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HE Lahore Chamber of Commerce and Industry has called for early establishment of Export Processing Zone (EPZ) in Lahore as it is one of the largest industrial cities in the country and could contribute to jack up exports in a big way. The LCCI President Irfan Qaiser Sheikh was talking Chairman, Export Processing Zone authority (EPZa) Tariq Has-
san during his visit to the Lahore Chamber of Commerce & Industry on Tuesday. LCCI former Senior Vice President Sohail Lashari also attended the meeting. The LCCI President said that it was very unfortunate that except EPZ in Karachi, the other EPZs have neither succeeded in generating the desired level of economic activities nor attracted the investors to venture in these sites. Irfan Qaiser Sheikh said that it has been observed that there are security issues as well as wide gaps in the facilities promised and finally
delivered by EPZa. He said that EPZa needs to be more professional while focusing on result oriented approach. The LCCI President said that the EPZa consumes a fair amount of share from the federal budget in order to function in such a manner that local as well as foreign investors are motivated to invest in EPZs so that the exports from Pakistan could be increased as the country at the moment was in dire need of foreign exchange and the EPZa needs to be proactive.
delay/non-transfer of shares, and issue of duplicate shares. The statutory auditors of four listed companies who had failed to act in conformity with the statutory framework were penalized and warned to discharge, in future, their responsibilities with due care and professionalism to give an independent and objective opinion on financial statements. The auditors are required to give an opinion on the true state of affairs of the companies; however, the audit reports issued by these auditors had failed to bring out the material facts. The directors of a listed company were penalized for the omission of material information. a creditor of the company had imposed a restriction on payment of dividend to the shareholders without its prior permission. The restriction on the rights of the shareholders was never disclosed in any of the annual accounts of the company since the time of its imposition. Proceedings were finalized against the directors of a listed company for exceeding their powers by holding the meeting of the board in the absence of the prescribed quorum. The company’s storage tanks were sold to a private company owned by its directors, however, three interested directors, in spite of being legally restrained to approve the transaction, failed to refrain from participating in the meeting of the board convened to consider the matter. Proceedings, for misstatement of fact, against the directors of a private company were finalised where the unaudited accounts for the years 2008 to 2010 had been presented as audited. The SECP issued a direction that duly audited accounts be filed within three months from the date of the order in addition to penalising the directors.
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HE Lucky Cement Limited, Pakistan’s largest cement producer, having its cement plants in Karachi and DarraPezu, Khyber Pakhtunkhwa (KPK), intends to sell additional electricity to the electric supply companies of KPK Province through its Plant in Darra Pezu, Khyber Pakhtunkhwa (KPK). according to company official, Lucky Cement is in negotiations with the Peshawar Electric Supply Company (PESCO) for selling 15 to 20 MW of power, which could help overcoming the severe power crisis in Lakki Marwat and Dera Ismail Khan, the surrounding areas of Lucky Cement’s Plant. The Lucky Cement has its own power generation units at both the production facilities of Karachi
and Pezu, Khyber Pakhtunkhwa. These power generation units are capable of producing around 175 Mega Watts of electricity all together and since 2010 both the plants have installed state-of-the-art Waste Heat Recovery (WHR) systems that are contributing an additional 22 MW of electricity converted out of the wasted heat it captures and reuses to produce energy. Lucky Cement, with the ability and capacity to contribute to the energy needs of the country, is much willing to sell the excess electricity to the Government of KPK. according to the sources, the decision to purchase electricity from Lucky Cement lies with PESCO as the cement company has readily available power to sell. This also demonstrates that there are ways to resolve the current energy crisis in the country, if the Government is seriously willing to resolve the same.
cricket match or industrial production? Pak, australia to revise bilateral trade chairman aPtma questions govt’s priorities g Wants uninterrupted power supply to industries during asia cup final g
LAHORE STAFF REPORT
HaIRMan all Pakistan Textile Mills association (aPTMa) Mohsin aziz has urged the government to ensure uninterrupted power supply to textile industry during the final of asia Cup on March 22 unlike March 18 cricket match of Pakistan and India, causing an estimated $15 million loss to textile industry due to 10 hours long electricity shutdown of industry on independent and grouped feeders. He lamented that putting off electricity supply to industry to entertain cricket fans speaks volumes about government’s priority towards industrial development of the country. Chairman aPTMa said the entertainment is though an important segment of a healthy society but having it at the cost of industrial production is not understandable. according to him, power supply to the textile industry remained suspended countrywide for 10 hours on Sunday due to a pool match between cricket teams of India and Pakistan. The government had desired uninterrupted power supply during cricket match. accordingly, the power authorities suspended power supply to industrial units countrywide. Chairman aPTMa said the textile industry was
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already underperforming due to unprecedented energy crisis in the country since november 2007, leading to 40% capacity closure with a contraction of exports by 15-20% apprehended to be at $12 billion instead of $16 billion achieved in the preceding year. Mohsin criticized the economic managers for their indifferent attitude towards industrial growth of the country. Eventually, all efforts to attain market access from the European union prove useless in the face of non-serious attitude of government policy makers, he deplored and said that market access can only be availed if export surplus is available with industry out 365 days a year production cycle. He said the government should make clear whether it was serious in giving priority to the textile industry or not, as all concerns put forward by the State bank of Pakistan in its periodic reports on sluggish economic output become meaningless when power supply to industry is suspended for unproductive activities. Chairman aPTMa has expressed fears that the textile millers would be left with no option but to close down their businesses if this non-serious trend of continues. The government should give priority to industry on entertainment, as entertainment with empty stomachs is a bane not boon for any society on earth, he concluded.
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australia interested in importing mangoes, apples, citrus and fisheries ISLAMABAD STAFF REPORT
hile assuring that it would consider providing greater market access to Pakistani products; australia has shown interest to revise the current bilateral trade agreement and a bilateral investment treaty to promote bilateral trade between the two countries. This interest was shown at the third meeting of Pakistan-australia joint Trade Committee (jTC) which was held in Canberra on March 20. Pakistani delegation was led by Secretary Commerce Zafar Mahmood, which also included Chief Executive of Trade Development authority of Pakistan Tariq Puri and High Commissioner of Pakistan abdul Malik abdullah. australian side was led by Deputy Secretary Department of Foreign affairs and Trade (DFaT) Paul Grigson and included senior officials of DFaT, Treasury, biosecurity australia, ausaID and ausTrade. after taking cognizance of enormous economic challenges faced by Pakistan due to the devastating floods of last two consecutive years and because of its frontline role in war against terrorism, jTC discussed ways for expansion of cooperation in multifaceted fields including grant of greater access to Pakistani products to australian market, promotion of australian joint ventures and enhanced investment, capacity building of Pakistani
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professionals and expertise in diverse sectors with particular emphasis in agricultural sector like postharvest value addition, dairy products, livestock, water management, and training of trainers. The meeting was informed that australia has recently completed the risk assessment processes for import of Pakistani mangoes and would be considering similar processes for its apples, citrus fruit and fisheries. australia has significantly increased its development assistance to Pakistan in the recent years. The meeting acknowledged the success of Pakistan-australia agriculture Sector Linkages Programme. The cooperation in the education sector, especially grant of higher number of scholarships also came under consideration. The jTC considered the conclusion of a number of proposed agreements like signing of a new Mou on revision of present bilateral trade agreement and a bilateral investment treaty. Pakistan-australia jTC was established under the bilateral trade agreement of 1990, to oversee and foster ever stronger commercial and economic links between the two countries. The previous meetings were held alternatively in australia and Pakistan in 2006 and 2010. a range of proposals to boost the two-way trade and investment were also discussed at the meeting. The meeting also reviewed progress on the decisions taken at the previous meetings. It was agreed that time bound targets would be set for making progress on all the trade and economic matters of mutual interest.
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news
Bull stampede lifts index up 225pts KARACHI
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STAFF REPORT
HE bulls kept dominating Karachi stocks market on Tuesday with benchmark, KSE 100-share index skyrocketing to 13,303 points and gaining 225.61 points. The day saw the index closing up by 1.73 percent at 13,303.33 points against 13,077.72 points of Monday. KSE100 index witnessed a sharp bounce back of 225pts from a crucial. The market needs strong turnover for continue upsurge, said abdul azeem, an analyst at InvestCap. On Tuesday, the trading volumes at the ready-counter were recorded lower at 247.813 million shares against 256.860 million shares of the previous day. The trading value too surged to Rs 5.140 billion compared to Rs
Major Gainers Company
Open
High
Low
Close
Change
Turnover
UniLever Pak LtdXD Nestle PakXD Rafhan MaizeXD Millat TractorsXD Mithchells Fruit
5548.00 4222.17 2685.00 479.56 166.92
5825.00 4433.00 2775.00 490.00 175.26
5450.25 4242.00 2685.00 480.00 166.92
5817.78 4402.61 2774.57 488.31 75.26
269.78 2,104 180.44 874 89.57 97 8.75 11,318 8.34 769
Major Losers
4.528 billion of the previous session. The intraday high and low, respectively, stood at 13,320.16 and 13,046.79 points. He added that support level of 13,043pts. a strong buying interest from the investors supported the market. The market capitalization grew modestly and increased to Rs 3.428 trillion from Rs 3.381 trillion a day earlier. Of the total 362 traded scrips, 175 gained, 98 lost and 89 finished as unchanged.
azeem said, “The index climbing above the pivot will reflect follow through buying which could help the index to further gain towards 13,500pts levels.” The free-float KSE-30 index also gained 183.23 points to close at 11,740.43 points against the previous 11,557.20 points. jahangir Siddiqui Company was the day’s volume leader counting its traded shares at 43.532 million with the opening and closing rates,
respectively, standing at Rs 17.39 and Rs 17.96. On the future market, the turnover increased remarkably by over 6 million shares to 13.410 million against 11.109 million shares of Monday. The uniLever Pakistan Limited XD and nestle Pakistan XD, up Rs 269.78 and Rs 180.44, led highest price gainers while, unilever Food XD and Pak Gum & Chem SPOT, down Rs 79.50 and Rs 2.86 respectively, led the losers.-
Unilever Food XD 1830.50 Pak Gum & ChemSPOT 82.02 Pak Tobacco Co. 56.00 Exide (PAK) 179.20 Atlas Battery Ltd. 194.63
1751.00 81.25 53.23 179.00 193.00
1751.00 78.25 53.20 176.00 192.25
1751.00 79.16 53.20 176.41 192.29
-79.5 0 2.86 -2.80 -2.79 -2.34
18.39 31.81 6.82 3.93 10.75
16.39 30.35 5.71 3.51 9.29
17.96 31.81 6.78 3.88 10.41
0.57 1.51 0.96 0.29 0.12
55 2,200 40,020 1,759 1,528
Volume Leaders Jah.Sidd. Co. D.G.K.Cement JS Bank Ltd Lafarge Pakistan JS Bank Ltd
17.39 30.30 5.82 3.59 10.29
43,532,996 15,301,635 13,893,989 13,478,493 11,274,608
Interbank Rates
uSaID helps DIScos on institutional capacity, development LAHORE
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NAUMAN TASLEEM
HIEF Executive Officers (CEOs) of Power Distribution Companies (DISCOs) participated in the concluding ceremony of a high-level workshop for the senior human resource management of DISCOs. The workshop was organized by the uSaID Power Distribution Program. The three-year long uSaID Power Distribution Program’s mission is to reduce energy losses, increase revenue, improve customer service, and transform distribution companies to efficient utilities. The five-day’s workshop was designed by the senior faculty members of Lahore university of Management Sciences for the uSaID Power Distribution Program. a detailed Learning needs assess-
ment (Lna) was conducted in 2011 to assess the needs for improvement in DISCO human resource management. The first phase of workshop was conducted in january 2012 followed by the concluding session held on March 19-20, 2012. Senior human resource management from IESCO (Islamabad), PESCO (Peshawar), MEPCO (Multan), GEPCO (Gujranwala), FESCO (Faisalabad), LESCO (Lahore), HESCO (Hyderabad), QESCO (Quetta), and SEPCO (Sukkur) attended the workshop. “DISCOs play a key role in ensuring a smooth and uninterrupted delivery of power to residential, commercial, and industrial customers. Without an efficiently operating human resource system of DISCOs, the consumers cannot receive the quality services they need.” said Craig VanDevelde, Chief of Party of uSaID’s Power Distribution Program on the occasion. “Effective
organizations around the world give high priority to human resource management and use innovative HR management techniques to help prepare their employees through the process so that they understand why the company needs to implement key policies and improvements.” uSaID Power Distribution Program is a three-year, uSaID-funded program aimed at working jointly with government-owned electric power distribution companies in Pakistan to improve their performance in terms of reduction in losses, improvement in revenues and customer services, and to bring them to a level of well-run utilities as in other progressive countries. Through this program the united States Government provides assistance and support to the Government of Pakistan in its efforts to reform the power sector and to end the current energy crisis.
US Dollar UK Pound Japanese Yen Euro
90.7304 143.9075 1.0823 119.6825
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
90.70 119.16 142.98 1.0762 90.31 11.51 24.58 24.06 94.07
91.20 120.47 144.53 1.0877 91.79 11.70 24.82 24.31 96.52
CORPORATE CORNER ISLAMABAD: The Higher Education Commission (HEC) of Pakistan has awarded “W4” category to university of Central Punjab. W4 is the highest university ranking. “W4” category is awarded to only those universities who have improved their criteria over time and have far superior academic, financial and physical infrastructure. PRESS RELEASE
in the glasses-free 3D market,” said Havis Kwon, President and CEO of LG Home Entertainment Company. “We will strengthen our glasses-free 3D product line-up to further distance ourselves from the competition.” D2500 also received the Certificate of Validation on five different types of tests conducted by uL, ncluding those for 2D Color Characteristic, 3D Color Characteristic, 3D Contrast, 3D Crosstalk and 3D Vertical Viewing angle. uL is internationally renowned for its product quality and safety certifications of electronics products. PRESS RELEASE
Jawad amin Khan appointed coordinator to president aJK
Emirates adds fifth daily frequency to Karachi
ISLAMABAD: The president of azad jammu and Kashmir, Sardar Muhammad Yaqoob Khan, has appointed jawad amin Khan, the managing director of ZaFa Group as his coordinator for business community. This appointment was made on Monday, March 19, 2012 vide presidential notification no. 796-72/2012. This honorary position has been bestowed upon him for ‘his valuable contributions to the Kashmiri community living in Karachi.” Mr. jawad amin Khan, apart from being the head of one of the largest and most prestigious pharmaceutical companies of Pakistan, is an eminent professional and industrialist who has been representing Pakistan and the business community at various forums. His contributions to the development of business in general and pharmaceutical industry in Pakistan in particular are well known and it is expected that he will help in making valuable contribution in his new role. PRESS RELEASE
KARACHI: Emirates, one of the world’s fastest growing airlines, has strengthened its commitment to Pakistan by announcing the addition of a fifth daily flight to and from the city of Karachi. Effective august 1, 2012, the airline will be operating to jinnah International airport in Karachi five times a day. This move reinforces Emirates’ presence in the Pakistani landscape and provides passengers with more flexibility and options when traveling to Dubai and beyond to the rest of the world. Commenting on this development, badr abbas, Vice President Pakistan & afghanistan, said: “This is very exciting news for us as Karachi was the inaugural destination of Emirates airline when the airline began operations in 1985. Today we are proud to have announced a fifth daily flight to Karachi in a move to better serve our Pakistani passengers and strengthen the historic relationship between Pakistan and uaE. We hope to continue on this path by further expanding our services in Pakistan and are grateful to all the relevant government and aviation authorities for making this possible.” PRESS RELEASE
HEc awards ‘W4’ category to university of central Punjab (ucP)
lG’s Glasses-Free cinema 3D monitor certified by underwriters laboratories Schneider Electric to support LAHORE/SEOUL: LG Electronics’ (LG) glassesfree CInEMa 3D monitor, the D2500, became the flood victims in Pakistan
world’s first glasses-free 3D monitor to be certified by uL, (underwriters Laboratories) for product safety, strengthening LG’s leadership in the glassesfree 3D product segment. The certification was officially presented to LG at last week’s Consumer Electronics Show (CES) in Las Vegas. “Our glassesfree CInEMa 3D monitors will continue to lead LG
LAHORE: Schneider Electric, the global specialist in Energy Management, and its Foundation contribute generously towards the uplift of flood affected areas across Pakistan, by supporting a professional training programme with The Hunar Foundation. This agreement was signed through a
special event organized in Karachi. The Hunar Foundation is a vocational training centre that imparts vocational training. So far 96 students from the first two batches of THF have qualified from the Trade Testing board (Sindh) in five technical trades including Electrical Installation, Mechanical Fitting & Plant Maintenance, Fabrication Welding & Pipework, Refrigeration & airconditioning Mechanic and Plumbing. an impressive number of students have also qualified from City & Guilds (uK). They are the first set of students in Pakistan who have successfully obtained an international certification in vocational training from the first THF centre located in Karachi. PRESS RELEASE
airblue receives Best Pakistani airline award - Flying higher than ever
KARACHI: Consumers Choice awards are held every year by the Consumers association of Pakistan to appreciate and reward organizations that provide the best quality services to their customers. CaP aims to defend and promote the interests of Pakistani consumers as purchasers or users of goods and services. This year airblue is proud to have received an award titled best Pakistani airline. Receiving the award on behalf of airblue on this prestigious occasion, Director airport Operations airblue, Mr. SYED aRMaan YEHIa . said: It is an occasion to be proud of and an honour to be recognized in the eyes of airblue’s passengers as the best airline in Pakistan. This achievement shall make us strive to provide even better flying experience to our customers. We will continue to work hard and always provide our customers service par excellence. PRESS RELEASE
range Hospitality’s al rawdatain residences project to be managed by Shaza Hotels KARACHI: Range Hospitality – a progressive Dubai based real estate developer with a successful track record, has invested in the religious tourism sector in the holy city of Karbala, Iraq. Range Hospitality’s al Rawdatain Residences hotel project in Karbala, Iraq is successfully underway. This 12-storey hotel project was launched by Range Hospitality during august, 2010. Headquartered in Dubai and with regional offices across the region, Range Hospitality has already sold a substantial part of the al Rawdatain Residences. This property offers Shariah compliant fractional ownership and is expected to be completed by the end of 2013. by 2015 Range Hospitality aims to operate both 3-Star and 4-Star hotels in najaf. The developer has already received a number of inquiries from regional partners to consider joint ventures in Medina. The group also intends to develop and operate a series of hotels in Mecca to cater to the needs of the entire Muslim audience. Shafaat Hashmi, business Development Director for Pakistan, said: “The group always looks for potential markets and we found that Iraq offers a very favorable foreign investment environment making it a lucrative market for investment. Thus finding a gap in luxury accommodation across all spectrums, we went ahead with this large development to cater to over 20 million pilgrims who visit Karbala every year, and face acute shortage of residences. STAFF REPORT
KARACHI: Eighth PFBA Awards (L-R) Saeed Allawalla, Jamil Hamdani, Dominque Simon, H.E. Philppe Theibund (Ambassador of France to Pakistan) and Ziad Bashir, Director Gul Ahmed Textiles. PRESS RELEASE