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Bears forestall bull run at the 11th hour Page 03
profit.com.pk
Need gas
?
India conjures up neighbourly love, offers natural gas to Pakistan
ISLAMABAD
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AMER SIAL
N a major development, the World Bank on Wednesday approved two projects totaling $1.09 billion to boost Pakistan’s electricity supply and irrigation sectors. The first project, the Tarbela IV hydropower Project will cost $ 840 million and will help increase the country’s hydropower generation capacity while the second project, the Punjab Irrigated Agriculture Productivity Improvement Program worth $ 250 million is geared toward maximizing water use efficiency for increased yield per unit of water. Availability of electricity is crucial for Pakistan’s economic growth and development, while the challenges in the water sector are equally daunting with shrinking water resources and growing demand, the bank noted. This is first major financial assistance from an international financial institution after the suspension of $ 11.3 billion standby arrangement facility from the International Monetary Fund (IMF) in May 2010. After the suspension of the IMF programme only project assistance from donors was possible as for budgetary support a letter of support from IMF is required that means an assurance in the macro economic stability of the country. The hydropower project will enhance Pakistan’s energy security, said Rachid Benmessaoud, the bank’s country director. he pointed out that the direct beneficiaries would be millions of energy users, including industry, households and farmers who would get more electricity at a lower cost and suffer fewer blackouts. The World Bank’s Board of executive Directors approved two projects totaling $1.09 billion aimed at supporting Pak-
Assistance to boost electricity supply, improve irrigated agriculture
istan’s growth agenda for reducing poverty. The Tarbela IV extension hydropower Project will add power generation capacity of 1,410 megawatts, and the Punjab Irrigated Agriculture Productivity Improvement Project is geared toward maximizing water use efficiency for increased yield per unit of water. Availability of electricity is of crucial importance for the economic growth, as widespread load shedding is disrupting lives of Pakistanis and the economic impact of energy shortages is estimated at upward of 2 percent of GDP. By developing its vast hydropower potential of which only 15 percent has been developed Pakistan can significantly reverse the situation and reduce the cost of energy supply mix. The $ 840 million Tarbela IV extension hydropower Project will use the existing dam, tunnel, roads and transmission line for generating additional electricity in summer months when demand for electricity and river flows are high. The Tarbela IV hydropower Project will enhance Pakistan’s energy security by adding low-carbon, least-cost and renewable hydel power to its energy portfolio, said Rachid Benmessaoud. The project will help reduce the gap between supply and demand of electricity by maximizing the benefits of existing infrastructure of Tarbela Dam without requiring any land acquisition or relocation of population. The direct beneficiaries will be millions of energy users, including industry, households and farmers who would get more electricity at a lower cost and suffer fewer blackouts. The challenges in the water sector are equally daunting. Pakistan’s water availability is shrinking while demand is increasing. Vast amounts of water are lost due to deteriorating wa-
tercourses and wasteful onfarm water use. Improved water use efficiency and new technology that promotes crop diversification will be critical going forward. World Bank’s Lead Water Specialist. Masood Ahmad said the second project would promote water conservation and increase crop yields. The $250 million Punjab Irrigated Agriculture Productivity Improvement Program Project is aimed at getting maximum productivity out of every drop of irrigation water by weaning farmers away from the traditional and wasteful flood irrigation to more modern methods like drip and sprinkler irrigation systems, which in turn will encourage crop diversification. high efficiency systems to be installed over 120,000 acres of irrigated lands in Punjab would promote water conservation and increase crop yields, he said. This would have demonstrative effect and local industry would develop for installation of such systems as it happened in case of ground water development over the last three decades after installation of groundwater wells by the Government for controlling water logging and salinity. Tarbela IV extension hydropower Project includes $ 400 million loan from the International Bank of Reconstruction and Development (IBRD). It is a fixed spread loan with a maturity of 21 years, including a grace period of 6 years. The remaining $ 440 million of Tarbela Project and US $ 250 million for Punjab Irrigated Agriculture Productivity Improvement Project are credits from the International Development Association (IDA), the bank’s concessionary lending arm. These carry a 0.75 percent service charge, and 1.25 percent interest rate, 5 years of grace period and a maturity of 25 years.
NEW DELHI
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INP
FTeR fuel, India is offering to export natural gas to Pakistan to help the neighbouring country tide over its gas crisis. India’s state-owned GAIL’s just commissioned natural gas pipeline from west coast to Bhatinda in Punjab was barely 25 kilometres away from the Pakistani border and the gas utility was proposing that the line can be extended to Lahore in no time, the PTI quoted sources privy to the development as saying. GAIL
Thursday, 22 March, 2012 plans to import LNG, a natural gas that has been liquefied at sub-zero temperature and shipped in cryogenic vessels, at Dahej or hazira import terminals in Gujarat. It plans to move this gas through the DahejVijaipur-Dadri-Bawana-Nangal-Bhatinda pipeline to Punjab and then into Pakistan. But before a formal proposal is made to the Pakistani side, it needs the blessing of the Ministry of external Affairs, sources said. Pakistan may experience its worst gas crisis in 2016 when shortfall is expected to hit 3.021 billion cubic feet per day as supply-demand position deteriorates, the State Bank of Pakistan had said in December last year. Unlike India, Pakistan has till now not built an LNG import terminal and so buying gas from GAIL pipeline may make economic sense for Pakistan. Gas supply in Pakistan at around 5.497 bcfd in the year to June 30, 2012 is short of demand by 2.458 bcfd. Supplies, according to the State Bank of Pakistan, are likely to increase to 6.354 bcfd in 201516 but the deficit will expand further to 3.021 bcfd. Sources said an LNG terminal will take a minimum of four years to build while the GAIL pipeline can be expanded into Lahore within months.
Irregularitiesgalore! Irregular expenditure of Rs521 million in PTA ISLAMABAD GNI
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he Special Audit of Pakistan Telecommunication Authority (PTA) has termed the expenditure of Rs.521.128 million during 2010-11 as irregular on the basis that the concurrence of Member Finance was not obtained as required in approved delegation of powers of 2009. According to details the expenditure incurred during fiscal year 2010-11 include Rs.2,412,580 development budget, Rs.18,841,940 Current Asset, Rs.375,348,755 on Salaries and Allowances and Rs. 24,028,426 on Welfare. Similarly, the expenditure incurred on repair and maintenance stood at Rs.8,226,071 while Rs.7,850,965 on General and Administrative expenditures. The report also termed the act of revision of delegated powers of members of the PTA by the Chairman PTA as violation
of the Pakistan Telecommunication (Reorganization) Act 1996 (amended 2006). The report has also raised objection over the act of PTA Chairman who withdrew the powers delegated and role assigned to the members of the Authority without the approval of all the members of the Authority. All the Directors General were made to report directly to the Chairman. The report says that the role of Member (Finance) was diminished in violation of the Act which says “the Authority shall consist of three (3) members one of whom shall be professional telecom engineer and other shall be a financial expert,” The PTA accounting manual also restricts drawl of money without the written permission of Member Finance. The report says that the revision of delegated powers by the Chairman is violation of the provisions of the Act. Further, retrenchment of powers of Member Finance was also financial indiscipline.
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Thursday, 22 March, 2012
news
It’s all moo
Livestock farmers scream bloody murder…and with reason Lodge protest against stoppage of payment of mark-up by PDDC LAHORE IMRAN ADNAN
UNDReDS of livestock farmers have lodged their strong protest against stoppage of payment of mark-up by the Pakistan Dairy Development Company (PDDC) against loans obtained by these growers from different commercial banks under a tripartite agreement between the PDDC, growers and the Banks. Some 415 farmers were registered in the PDDC project ‘Doodh Darya’ and as per the tripartite legal agreements with the dairy farmers and the financial institutions, the Company had to bear the mark-up on the loans taken by dairy farmers from financial institutions for five years. While on successful implementation of Dairy Farm practices for three years these farmers also become entitled to 50 per cent grant of the total loans. During this period all these dairy interventions has to be fully supervised by the field staff of Dairy Pakistan as per agreement terms. Nevertheless PDDC which got extension for two years on August 16, 2011 after remaining in darkness about its fate when agriculture, livestock and food ministry was devolved to provinces under 18th amendment is yet to be issued funds to meet the obligations and commitments made by it with the growers and financial institutions under its loaning projects. It may be recalled that
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PDDC was established in 2005 as a Special Initiative of the Prime Minister and is registered under section 42 of the Company’s Ordinance 1984. The Company was later transferred under the MINFA when the devolution process started. The objective of the Company was to introduce best dairy practices of leading dairy countries of the world with a view to bring “The White Revolution – Doodh Darya” in Pakistan. The White Revolution – Dood Darya’ project worth Rs 2.654 billion was approved by eCNeC in year 2007. At the moment six active Dairy Development Programs, Model Farm Program, Cooling Tank Program, Community Farm Program, Bio Gas Program, Rural Services Provider Program and Training & extension Programs are under implementation. PDDC entered into tripartite legal agreements with the dairy farmers and the financial institutions, under which the Company would bear the markup on the loans taken by dairy farmers from financial institutions for 5 years. While on successful implementation of Dairy Farm practices for three years these farmers will also be entitled to 50 percent grant of the total loans. During this period all these dairy interventions has to be fully supervised by the field staff of Dairy Pakistan as per agreement terms. Total loans availed by dairy farmers under this programme were Rs 553 million, while the total markup to be paid by PDDC up till June 2014 is Rs 214 million. Similarly in Bio Gas
Program and Rural Service Provider Program grants are also due. The total grants payable up till June 2014 are Rs 83 million, sources added. Sources said that the Company represents a very substantial investment by the Government of Pakistan for the development of dairy sector, which is now approximately Rs 1.20 billion for horizon One and horizon Two Projects and abandoning these projects at this stage will result in wastage of all the investments made so far. PDDC dairy initiatives have also stimulated confidence in rural lending institution, which in the past have avoided lending in livestock and dairy sector. There are also zero defaults and failures under this programme, the sources claimed. The sources said that winding up of PDDC at this stage will result in termination of 200 trained work force of the Company, which is in violation of the government policy of protecting employments of all the staff of ministries/autonomous bodies, being devolved. Talking about the financial implications of winding up of PDDC by June 30, 2011, the sources said that it would immediately require a total of Rs 447 million to clear the all the dues, including Rs 214 million under the head of markup, Rs 83 million as grants to dairy farmers as per tripartite agreements and operational expenses (payable/winding up process) that amounts to Rs 150 million. Citing all these facts, the Ministry in its summary had asked the government to allow PDDC to continue implementation of its project till its natural age, sources concluded.
LCCI not best pleased by electricity tariff hike LAHORE
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STAFF REPORT
T a time when the State Bank of Pakistan has already admitted that climate in Pakistan is not conducive for investment, the government is making the operations of even existing industries impossible by jacking up the input cost like the recent massive increase of Rs 6.39 per unit in the electricity tariff, the single largest raise in the country’s history, under monthly fuel adjustment mechanism. In a statement issued here, the LCCI President Irfan Qaiser Sheikh opined that only because of the ongoing energy crisis the country had lost three per cent of its GDP while it is facing a serious lack of investment from both internal and external front for the last four years. The LCCI president said that the government decision to raise electricity
prices is bound to hit investments, manufacturing, exports, trade besides increasing the incidence of electricity pilferage that already is 25 per cent of the 22 per cent line losses and eating up Rs 50-75 billion. The LCCI President said that how the industry would remain competitive at such a high price of electricity which is one of the basic industrial raw materials. We already have the highest tariff in our region as in India, the electricity tariff for industry is 10.5 cents, in Bangladesh 10.75 cents and in Sri Lanka it is again 10.75 cent whereas in Pakistan tariff is already 15 cents meaning that 45 percent higher as compared to the region. With this proposed massive and unprecedented increase, we will have double the tariff of electricity what the regional countries are offering to their trade and industries leaving Pakistan totally uncompetitive and unviable in the international market place.
PHA wants SC to hammer SMEDA team talks up Multanese expedition
energy crisis
LAHORE: Pakistan hardware Merchants Association (PhA) has urged the Supreme Court of Pakistan to take suo moto notice of the ongoing energy crisis as daily over 12 hours load shedding has badly destroyed the economic fabric of the country. In a statement issued here on Wednesday, Central Chairman of Pakistan hardware Merchants Association (PhA) Sardar Usman Ghani, Central Vice chairman Tariq Rasheed and Zonal Chairman Sheikh Ahmad Dawood said unannounced prolonged load shedding and repeated increases in power tariff killing the economic activities thus causing unrest among the business doing people. They suggested to the government to put off the decision to increase power tariff as both the industry and trade were passing through very critical times. They said that at the moment when the industrial production was at its lowest and the business community was facing difficulties in dealing with banks in respect of their outstanding dues, the increase in power tariff would crush them like anything. The PhA office-bearers said that due to long power outages only in textile sector as many as 40 to 50 per cent industrial units had already closed down their operations and if the situation remains the same many more would not be able to survive. They said that the government would have to reset its priorities to cope with this crisis like situation as not only masses but the business community was on the verge of losing the tempers that was not a good omen at all. They also demanded of the government to ensure early payments to the IPPs and PSO to overcome the ongoing electricity crisis that is deepening with every passing day. STAFF REPORT
LAHORE: The women entrepreneurs of south Punjab have appreciated Small and Medium enterprises Development Authority for enhancing its business development activities in the region. It was disclosed by the Women entrepreneurship Development team of SMeDA that returned back from Multan this evening after holding a two-day training workshop on “exhibition Skills”. The team informed that the said training program was held by SMeDA at Multan Chamber of Commerce and Industry yesterday, in which Mian Anees, President MCCI, Ms. Masooma Sabtain, President South Punjab-WCCI and the renowned women entrepreneur Ms. Rumana Tanveer participated as guests of honor. Whereas, Mr. Khurram Agha, Commissioner Multan attended the concluding ceremony of this workshop as Chief Guest. It is notable that the women traders who attended this workshop will apply the skills of arranging world class display stalls by participating in the national level exhibitions to be held at Lahore and Islamabad. SMeDA Women entrepreneurship Development team further informed that SMeDA had launched a special move to promote entrepreneurship among women population of the country, under which the Women Chambers of Commerce and Industry were being provided with expert assistance in arranging training and exhibitions. SMeDA collaboration in the 11th Women Lifestyle exhibition held last week by CNP-WCCI at Lahore was also a part of this move. STAFF REPORT
Banks agri credit disbursement up by SECP makes e-filing of returns mandatory 19pc to Rs172.563b during July-Feb FY12 for companies incorporated online KARACHI STAFF REPORT
GRICULTURAL credit disbursement by the banks surged by 19 percent on yearon-year basis to Rs 172.563 billion in the first eight months, July-February, of the current fiscal year (2011-12). In absolute terms, disbursement of credit to the agriculture sector increased by over Rs 27.124 billion in the review period when compared with total disbursement of Rs 145.439 billion in the corresponding period of last year. Overall credit disbursement by five major commercial banks, including Allied Bank, habib Bank, MCB Bank, National Bank of Pakistan and United Bank, stood at Rs 94.595 billion in the said months compared to Rs 80.415 billion disbursed in FY2011. This depicts an increase of Rs 14.180 billion or 17.63 percent, reported the central bank Wednesday. The Zarai Taraqiati Bank, the largest specialized bank, disbursed a
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total of Rs 31.652 billion, up by 1.18 percent when compared with Rs 31.282 billion disbursement of last fiscal year. The Punjab Provincial Cooperative Bank disbursed Rs 5.549 billion, up by 33.13 percent compared to last year’s Rs 4.168 billion. The 14 domestic private banks also loaned a combined amount of Rs 32.910 billion during the review period that registered an increase of 11.28 percent compared to Rs 29.574 billion of FY11. The five microfinance banks, Khushhali Bank, NRSP Microfinance Bank, The First Microfinance Bank, Pak Oman Microfinance Bank and Tameer Microfinance Bank, disbursements totaled at Rs 7.856 billion during the period. It may be pointed out that the State Bank for the first time has given an indicative target of Rs 12.20 billion to microfinance banks for disbursement of credit to agriculture sector during the current fiscal year. It may be recalled that the State Bank has set an indicative agricultural credit disbursement target of Rs 285 billion for the current fiscal year.
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Takes ‘once online forever online’ approach g eServices had been launched in Aug 08 ISLAMABAD STAFF REPORT
he Securities and exchange Commission of Pakistan (SeCP) has made electronic filing of statutory returns mandatory for companies to be incorporated through eServices from May 16, 2012 onwards. SeCP has taken a “once online forever online” approach to fully harness the real benefits of the online filing facility and to invoke the true spirit of the eServices regime. SRO No. 266(I)/2012 dated March 15, 2012 has been issued. Most of applicants get their companies registered online through eServices, but subsequently file returns physically. Filing returns through eServices, and sometimes physically, results in delayed document
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processing as well as requiring additional resources to maintain physical and electronic record. Moreover, conversion of physically filed forms in e-documents also requires extra time, effort and human resources. This affects the essence of eServices, which aims to provide a more transparent, accurate and accessible usersystem interface to ensure that the extra effort and time spent on physical submissions are minimized at both the user’s and the regulator’s end. SeCP had successfully launched the eServices project in August 2008. eServices provides for online incorporation of companies and filing of statutory returns and documents. To encourage and facilitate e-filing, the SeCP has prescribed lesser fees for e-filing compared to higher fees for physical submissions.
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Thursday, 22 March, 2012
03
news
Bears forestall bull run at the 11th hour
Major Gainers Company
Open
High
Low
Close
Change
Unilever Food XD Wyeth Pak Ltd.XD Mithchells Fruit Tri-Pack Films XD Nestle PakXD
1751.00 705.96 175.26 188.00 4402.61
1838.00 741.25 184.02 195.00 4495.00
1801.00 690.00 175.26 190.00 4353.01
1801.00 718.20 184.00 195.00 4408.50
50.00 104 12.24 69 8.74 997 7.00 7,866 5.89 31
Turnover
Major Losers
KARACHI
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STAFF REPORT
he day saw the benchmark 100-share index decreasing by 10.21 points to 13,293.12 points against 13,303.33 points of Tuesday. Abdul Azeem, an analyst at InvestCap, said that the KSe 100 index was able to climb and sustain above the identified pivot level of 13,223pts, which was as per expectations but closed little negative. Total numbers of Shares of 387 companies were traded on Wednes-
day, and at the end of the day total 159 stocks closed higher, total 137 are declined while 91 remained flat. The overall value of shares traded during the day was Rs2.660 billion. Azeem added that the market again attracted liquidation interest at the high levels. The trading volumes at the ready-counter were recorded higher at 266,068 million shares against 247.813 million shares of the previous day. The trading value decreasing to Rs 4, 593 billion compared to Rs 5.140 billion of the previous session. The intraday high and low, respectively, stood at
13,399.39 and 13, 265.30 points. Market capitalization declined to 3.410 trillion from 3.428 trillion. The market below 13,135 indicates further selling pressure towards 12,900pts levels. On the flip side market again needs to climb above 13,390pts level to attract buying interest again, viewed Azeem. KSe All share-index ended the day at 9,305.31 points, down 2.00 points or 0.02 percent, KSe 30-index stopped the day at 11,630.49 points, down 109.94 points or 0.94 percent while the KMI 30-index slumped by 119.13 points or 0.52 percent to end
the day at 22, 700.76. Jahangir Siddiqui Company was volume leader of the day, 30.206 million shares and gained Rs 1.38 to close at Rs 18.58, followed by TRG Pakistan, Jahangir Siddiqui Bank Limited and NIB Bank Limited with turnover of 27.394 million, 13.959 million and 10.865 million shares respectively. The UniLever Food XD and Wyeth Pakistan Limited XD, up Rs 50.00 and Rs 12.24, led highest price gainers while, Rafhan Maize XD and UniLever Pakistan Limited XD, down Rs 138.72 and Rs 116.78 respectively, led the losers.
Al Meezan announces Rs0.40 to Rs2 dividend for Meezan funds KARACHI
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STAFF REPORT
L Meezan Investment Management Limited (Al Meezan) Wednesday announced interim dividend payout of Rs 2, Rs 0.40 and Rs 1.30 per unit for Meezan Islamic Income Fund (MIIF), Meezan Cash Fund and Meezan Sovereign Fund (MSF), respectively.
The payouts are in the form of bonus units to the growth unit holders and cash dividend to the income unit holders, said Al Meezan in a statement. A growth unit holder having 100 units of MIIF as at March 20 will get 3.9912 additional units at the ex-dividend NAV of Rs. 50.11 while an Income Unit holder will get Cash Dividend of Rs. 2.00 per unit. A Growth Unit holder having 100 units of MCF as at March 20,
2012 will get 0.7998 additional units at the ex-dividend NAV of Rs. 50.01 while an Income Unit holder will get Cash Dividend of Rs. 0.40 per unit. A Growth Unit holder having 100 units of MSF as at March 20, 2012 will get 2.5912 additional units at the ex-dividend NAV of Rs. 50.17 while an Income Unit holder will get Cash Dividend of Rs.1.30 per unit. MIIF is the first Shariah compliant open-end income fund
in Pakistan. At the close of the period March 20, 2012, the net assets of MIIF were Rs 1.284 billion. MCF is the largest Shariah compliant open-end money market fund with its net assets, by March 20, standing at Rs 7.703 billion. MSF is the largest Shariah compliant open-end government securities fund which’s, at the close of the period March 20, saw its net assets accumulating to Rs 19.918 billion.
Rafhan MaizeXD UniLever Pak LtdXD Linde Pakistan Ltd. Packages Limited Clariant Pak XD
2774.57 5817.78 98.00 85.00 151.83
2642.00 5799.00 93.80 86.90 153.90
2635.85 5701.00 93.51 80.75 148.30
2635.85 5701.00 93.51 80.78 148.32
18.88 4.33 7.25 2.89 6.91
17.60 3.66 6.61 2.40 5.75
18.58 4.08 6.94 2.69 6.07
-138.72 67 -116.78 14 -4.49 499 -4.22 79,062 -3.51 5,513
Volume Leaders Jah.Sidd. Co. TRG Pakistan Ltd. JS Bank Ltd NIB Bank Limited Bankislami Pakistan
17.96 3.63 6.78 2.41 6.64
0.62 30,206,950 0.45 27,394,585 0.16 13,959,648 0.28 10,865,187 -0.57 9,413,082
Interbank Rates US Dollar UK Pound Japanese Yen Euro
90.7654 144.3080 1.0818 120.4094
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
90.80 119.28 142.88 1.0710 90.58 11.52 24.60 24.08 93.68
91.30 120.66 144.49 1.0831 92.10 11.72 24.85 24.34 96.20
CORPORATE CORNER Samsung Galaxy Note brings a fascinating event at Mall of Lahore
his remarks delivered at the one-day Marketing Conference (MarCon) 2012 organized by the Marketing Association of Pakistan in Karachi. PRESS RELEASE
LAHORE: Samsung electronics Co. Ltd. is a global leader and award winning innovator in digital technology and telecommunications, which has recently launched Samsung Galaxy Note - The first tablet and smart-phone hybrid. In continuation of the successful activities at the global level, Samsung Galaxy Note Studio is now being organized in Pakistan, where the enthusiasts can experience its fascinating features. The lively, colorful event will continue at the Mall of Lahore from 23rd to 25th March, 2012 and at Park Towers Karachi from 30th March to 1st April 2012. PRESS RELEASE
MARCON calls for adopting advanced marketing strategies
KSE notifies holiday on March 23 KARACHI: The Karachi Stock exchange Wednesday informed the stock members and other concerned that the exchange would remain closed on Friday, March 23, on account of Pakistan Day. STAFF REPORT
‘PTCL’s pursuit of innovation gives it an edge over other players’
KARACHI: The development in the world is so fast that marketers need to catch its pace with advance tools, integrated strategy and proper planning for making difference in increasing sales of their products. These views were expressed by TarekMiknas, CeO Middle east and Africa while, Promoseven Group while addressing MARCON 2012 titled ‘New Trends & Insights in creating & sustaining Competitive Advantage’ held today at a local hotel here in Karachi. The conference was organized by Marketing Association of Pakistan in collaboration with Unilever Pakistan and managed by TerraBiz Group. PRESS RELEASE
NUST International Seminar on ‘Rain Water Harvesting and Conservation’
KARACHI: Pakistan Telecommunication Company Limited (PTCL) Senior executive Vice President Commercial, Naveed Saeed has said that his company’s sustained pursuance of innovation has brought it closer to its consumers and given it a remarkable competitive edge over other market players. “Our journey over the last five years has had a profound impact on how businesses deal with people and how people evolve their businesses,” said Mr. Saeed during
ISLAMABAD: To celebrate World Water Day 2012 and highlight the importance of water conservation was held today at NUST arranged by earthquake Reconstruction and Rehabilitation Authority eRRA in collaboration with National University of Science and Technology Islamabad. Ambassador of Cuba, representatives of US embassy, Dr. Shehbaz from UNeSCO Paris and other delegates attended the seminar, while Lt Gen Sardar Mahmood Ali Khan was the Chief Guest. Management of scarcity of water and exploring avenues for the effective implementation of water conservation strategy in Pakistan was the main focus where international and national experts, discussed rainwater harvesting as one of the most important and effective
system of water conservation. eRRA introduced Rain Water harvesting Program under its Water and Sanitation Program while rebuilding the destroyed areas of KP and AJK after earthquake 2005.
Omar Manzur takes over as Lead Business Partner at Mobilink LAHORE: Mobilink has announced that Omar Manzur, formerly Director Public Relations and Corporate Social Responsibility has been appointed to a new portfolio, as the head of the newly established “Business Partners” department within Mobilink human Resource division. As the Lead hR Business Partner, Omar will serve as a bridge between the hR functions and various business streams, to ensure timely and customized solutions to the nationwide hR needs of the business. Jahanzeb Taj, Mobilink’s Vice President Marketing, highlighted “Over the last many years, Omar has grown his department to become the telecom industry leader, ensuring the continued progress of our PR & CSR needs. I wish Omar the best with his new responsibilities, and I am sure he would perform exceptionally well in this new role.” PRESS RELEASE
Plan celebrates 75 years of commitment to children ISLAMABAD: Plan International has marked its 75 years of commitment to children today, 20th March 2012, with a series of unique global celebrations. In this regard, Plan International Pakistan organized a birthday party at Pakistan National Council of Arts (PNCA) in Islamabad to mark its 75th global anniversary and its 15t years of operations in Pakistan. PRESS RELEASE
SBP allows Bank of Tokyo-Mitsubishi to work as NMI KARACHI: The State Bank of Pakistan (SBP) has allowed the Bank of Tokyo-Mitsubishi UFJ to conduct derivatives business (FX Options only) as NonMarket Maker Financial Institution (NMI), says the central bank Wednesday. It may be pointed out that six banks, including Citibank, Deutsche Bank, Faysal Bank Limited, habib Bank Limited, Standard Chartered Bank (Pakistan) Limited and the United Bank Limited are already allowed to conduct financial derivatives business as Authorized Derivatives Dealers (ADDs) in Pakistan, the SBP said in a circular issued on Wednesday. STAFF REPORT
4th International CSR Summit & Award on March 28 LAHORE: National Forum for environment and health (NFeh) in collaboration with Intellectual Property Rights Organization (IPO)and United Nations environment Programme (UNeP), organizing 4th International Summit on Corporate Social Responsibility on March 28, 2012 at local hotel at Lahore. Theme of Conference is the “Sustainable Future through CSR Initiatives”. The objective of conference is to promote corporate image through CSR, Compliance with environmental standards, and Promotion of best practice of CSR, Recognition of CSR initiative and Strengthen role of Public & Private sector in CSR practices. STAFF REPORT
PC decides to accelerate privitisation process ISLAMABAD: The Privatisation Commission Board met here today under the Chairmanship of the Federal Minister for Privatisation Mr. Ghous Bux Khan Maher. PC Board took review of implementation of Board’s decision of last two years and showed concern over umimplemented decisions and directed to expedite the implementation. The board also directed Privatisation Commission to overcome the operational deficiencies if any to speed up the privatisation process. PRESS RELEASE
ISLAMABAD: Chief Executive Murree Brewery Company Mr. Isphanyar Bhandara signs the memorandum of understanding with Chairman, Biochemistry Department Quaid-e-Azam University Dr. Salman. PRESS RELEASE