PRO 23-10-2012_Layout 1 10/23/2012 3:29 AM Page 1
Tuesday, 23 October, 2012
China opens inter-bank bond market for SBP
KARACHI
C
STAFF REPORT
ENTRAL banks of Pakistan and China have singed an agreement allowing the former to conduct investment activities in the Chinese inter-bank bond market. The “agency agreement” on bond investment was inked formally by Governor State Bank of Pakistan (SBP) Yaseen Anwar and his counterpart from the People’s Bank of China (PBoC), Dr. Zhou Xiaochuan, during a ceremony held at the PBoC head office in Beijing, said the SBP Monday. China’s inter-bank bond market is the largest renminbi (RMB) denominated bond
market with its turnover peaking to RMB 21.4 trillion in 2011. The agreement represents the manifestation of close collaboration between PBoC and the SBP that has been built over time, added the central bank. The agreement, it said, was also part of follow-up cooperation to the bilateral Currency Swap Agreement between the central banks of the two friendly countries. The bank said access to the Chinese bond market would provide the necessary flexibility to the SBP in diversifying and optimal management of foreign exchange reserves in order to meet the associated objectives. The PBoC is the monetary authority of China which issues RMB, the official currency of China. Yuan is the primary unit of renminbi which means the “people’s currency”.
APCNGA rejects proposed gas parity plan ISLAMABAD ONLINE
All Pakistan CNG Association (APCNGA) has rejected the proposed gas parity plan by the ministry of petroleum and natural resources and urged Economic Coordination Committee (ECC) not to approve it. Addressing a press conference here on Monday, Chairman APCNGA Ghyas Piracha has said that CNG sector is paying six times more than fertilizer sector however government is still targeting CNG sector and increasing the gas parity between petrol and CNG which would not be beneficial to the masses but only increase prices. He said that in the world many countries are promoting CNG as it is environment friendly but our government is going against this mechanism. Gas is our local product therefore government should provide it on cheap rates. Paracha said that government is securing the interests of industrialists as captive power plants are using gas but government has
not taken steps to stop it and favoring the interests of 113 influential families. He said that CNG sector is using 252 mmcfd gas which is decreasing with every passing day while government is giving wrong figure of gas utilization by this sector. He said that gas companies are billing on weekly basis and assured that extra amount paid in bills would be adjusted later however this plan has not been implemented so far. Ghyas Paracha said that ECC should take input from all stake holders before taking any position in its today’s meeting. He said that government is selling gas to us at 1055 mmbtu which is much expensive in the world, adding that 750mmbtu is gas price while 263 is paying Cess while 618 is gas price by OGRA. Chairman APCNGA said on one hand government says that gas is not available in the country while thousand kilometer pipeline is being laid to provide 225 mmcfd gas to four fertilizer factories which is unfair and increase the gas shortgall.
Apple to launch Mini iPad ISLAMABAD: Apple Inc. has sent out invites for an event next Tuesday, where it’s expected to announce the release of a mini iPad. The invite, sent to reporters Tuesday, doesn’t hint at what will be revealed, beyond saying that “We’ve got a little more to show you.” The event will be held in San Jose, Calif. Media and analysts have said for months that Apple has an “iPad mini” in the works. The tablet is thought to be about half the size of the regular iPad and to start at $249 or $299. The regular iPad starts at $499 for the most recent models. Apple founder Steve Jobs derided the idea of a smaller tablet two years ago, but Amazon.com Inc. has had some success with its Kindle Fire, which is about half the size of the iPad and starts at $159. Analysts believe Apple wants to tackle that competition with its own similarly sized tablet. ONLINE
Lots of wheat! ISLAMABAD: The country has a bumper harvest of wheat crop for the last 4 years, with an all time record production of 25.21 million tonnes in 2010-11, said a statement here on Monday. For the year 2011-12, the wheat crop is estimated at 23.52 million tonnes. Wheat is not only the major staple food grain but also the food security crop of Pakistan. Being a very sensitive commodity, a small change in its price and availability has a considerable impact on consumers, especially the poor sections of the community. Hence the Government is much concerned with its supply and demand situation so as to ensure the availability of this basic food security item for the masses. During the current year, the public sector wheat stocks were 9.30 million tonnes including current procurement of 5.79 million tonnes and last year carry-over stocks of 3.51 million tonnes. The public sector on the average annually releases 6.5 million tonnes to flour mills and other Agencies/Areas. Maintaining the Strategic Reserve of one million tonn, the country is left with 1.80 million tonnes surplus. Thus the country is quite comfortable in wheat supply during the current year. In view of sound supply position, the government has allowed the private sector to export wheat and its products. It is reported that the private traders have exported wheat and its products from the open market in recent months in the wake of rising prices in the world market. Major portion of these exports comes from wheat flour, accruing value addition receipts to the economy. The Government has also opened releases of wheat to the flour mills w.e.f September, 1 to help stabilize the domestic market. APP
Trade a la Kiev! Pakistan, Ukraine agree to boost bilateral economic ties ISLAMABAD ONLINE
Pakistan and Ukraine have agreed to boost bilateral ties in the areas of economic, investment, trade and defence sectors. The Fifth Round of Bilateral Political Consultations between Pakistan and Ukraine which was held in Kyiv two sides reviewed the whole gamut of bilateral relations. Ayesha Riyaz, Additional Secretary (Europe), Ministry of Foreign Affairs led Pakistan delegation to the Consultations assisted by the Ambassador Ahmad Nawaz Saleem Mela. The host delegation was headed by Yevgen Myktenko, Special Representative of Ukraine for Middle East (including Pakistan) and Africa. Poliha Igor, Director General assisted him during the talks. During the meeting, Foreign Minister Gryshchenko stated that Ukraine was keen to further strengthen its relations with Pakistan particularly in the economic, trade & investment and defence sectors and he was keenly looking forward to the visit of Foreign Minister Ms. Hina Rabbani Khar to Ukraine. The Additional Secretary by appreciating the Foreign Minister’s views and conveyed Pakistan’s desire to significantly enhance its engagement with Ukraine in diverse areas.
NBP establishes brisk ATM flaw resolution strategy ISLAMABAD APP
The National Bank of Pakistan (NBP), Islamabad region has established brisk resolution strategy to cope Auto Teller Machines (ATMs) faults and issues and the number of complaints as compared with the volume of their operations are negligible, a senior official of the Bank told APP. “We have 24x7 check up of the ATMs through our Regional Data Centre’s surveillance and the errors are immediately taken up by the respective quarters for their ready solutions’, Tariq Zafar Iqbal Regional Head of the NBP said. He said that NBP’s regional management in Islamabad always responds to the customers’ calls and there have been witnesses of on the spot rectifications and problem resolutions in this regard. “It is imperative that we must appreciate their service and dedication which has made it possible for the metropolitans to meet their demands in cash around the clock”, he remarked. Iqbal further said that the National Bank of Pakistan is the flag-bearer of service in the financial sector of the country. The scope of its service, he said was not limited
to only domestic operations but it is also globally appreciated and acknowledged as one of the Region’s best banks as accredited through high ratings by the international financial rating agencies as well as by virtue of having won many international accolade and awards over the years. “Might it be the pension payments to the senior citizens or the government revenue collections and salary disbursements to the public sector, the NBP is committed to deliver the service with a passion for the Nation’s service,being the Nation’s Bank”. He explained that the NBP started its ATM service in Islamabad in June 1996 when it inaugurated its first ATM in Super Market Branch, F-6, Islamabad. Over the years, the number of NBP’s ATM has increased to 21 in the metropolis. “These ATMs are spread over the length and breadth of the Federal Capital, including Melody, Super Market, Aabpara, G-9, Pak. Secretariat, i.e. B Block, D Block, S-Block and K-Block, G-10, Airport, A.I.O.U, Foreign Office, F-8 Markaz, Industrial Area, Marriott Hotel, Nilore, P.M. Secretariat and Aiwane-Sadder”,Iqbal remarked. He said that the NBP caters to around 150,000 accounts in Islamabad alone and the number of ATM transactions carried through NBP’s ATM surmount
to nearly 90,000 in a month which is a huge number by all means, as evidenced by the data collected by the scribe. Tariq Zafar Iqbal added that the NBP has turned its entire network of branches to online operations across Pakistan. “It provides an opportunity to its clients to collect their cash at one touch of a button from any one link ATM. By virtue of NBP’s one link facility, the ATM card holders of all the Bank’s operating in Pakistan can use NBP’s ATM facility”, he remarked. “It is certainly established that the volume and scale of ATM operations being handled by NBP Islamabad is really magnanimous as compared to all other commercial banks in the country”,he added. The Regional Head of NBP added that there have been occasional complaints of hard-ware problems, dispenser issues, audit & consumer rolls errors and communication link break-downs. However, NBP, Islamabad has established brisk resolution strategy to cope with these issues and the number of complaints as compared with the volume of their operations are negligible. Meanwhile a private sector bank (Habib Bank Limited) Civic Center Branch Deputy General Manager Hamidullah Saif while highlighting the performance of ATMs of his bank claimed that due to
special measures taken by the bank to operate ATMs and never received any complained about the ATMs install outside the bank.”We have an alert machine to rectify the promptly ATM error”, he remarked. “We have established shelters with guard facility outside of the bank and a 24 hrs stand by generator is also installed to operate the ATM in case of power failure to facilitate the customers”, he remarked. He added that HBL has ATM facility in Rawalpindi-Islamabad areas outside its 67 branches and the customers can draw upto Rs.25,000 at one time.