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Tuesday, 23 October, 2012
China opens inter-bank bond market for SBP
KARACHI
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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.
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ICCI turns environmentalist All for creating better business environment ISLAMABAD
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APP
USINESS community of Islamabad Chamber of Commerce and Industry (ICCI) here on Monday urged the government for creating conducive business environment to develop the industrial sector of the country. A delegation of Islamabad Chamber of Commerce and Industry (ICCI) led by its President, Zafar Bakhtawari visited Attock Chamber of Commerce and Industry (ACCI). Addressing the business community President ICCI Zafar Bakhtawari said that unity of the nation in general and business and industrial community in particular is vital for socio-economic development of the country. He said that close collaboration among all the chambers of commerce and industry will give a boost to economic activities. ICCI President said that the economy of Pakistan was facing multiple challenges. He stressed that government for addressing these problems on priority basis for creating better business environment in the country. ICCI President said that facilitating the growth of private enterprises would
Business 02 BOK earns Rs 1.181 billion profit before tax by September PESHAWAR: The Bank of Khyber (BOK) earned Rs. 1.181 Billion profit before tax for the period ended 30th September 2012, this was disclosed by Mr. Bilal Mustafa while reviewing Operational Performance of the bank this morning at a senior management committee meeting held at BoK head Office this morning. The meeting was attended by All Group and Divisional Heads. Mr. Bilal Mustafa lauded the growth in all operational areas of the BOK during 3rd quarter of the current financial year, and expressed his confidence over the field staff and Head office supporting team, adding that we have to work with more devotion and dedication to achieve the various operational targets for the year 2012.
PTCL Internship Programme
create multiple benefits for the economy as it will improve productivity, trade, exports, employment and revenue generation for the country. Khalid Saeed, President ACCI and Tariq Mehmood, former President ACCI congratulated Mr.Bakhtawari on his appointment as President of ICCI. They said that business community of Attock really value the contribution of Zubair.
ISLAMABAD: To impart practical exposure and learning opportunities, Pakistan Telecommunication Company Limited (PTCL) has opened its doors to the educated youth of the country through a special One-year Paid Internship Program. As part of PTCL’s Corporate Social Responsibility (CSR) initiatives, PTCL One-Year Paid Internship Program is a systematic and transparent effort. 50,000 plus candidates across Pakistan applied for the programme that offers an attractive stipend of Rs 12,000 per month. “PTCL, being a socially responsible entity strongly believes in giving back to the community in which it operates”, commented President & CEO PTCL, Walid Irshaid. “This paid internship program would play an important role in capacity building of our human resource in the larger interest of the country.
Major Gainers COMPAnY Unilever Food Bata (Pak) Limited Colgate Palmolive National FoodsXD Indus DyeingXD
OPEn 3570.00 1311.97 1319.70 342.73 445.53
HIGH 3690.00 1377.56 1370.00 359.86 460.00
LOW 3690.00 1377.00 1350.00 351.00 460.00
CLOSE CHAnGE 3690.00 120.00 1377.56 65.59 1370.00 50.30 359.86 17.13 460.00 14.47
TURnOvER 20 1,100 150 22,500 100
10000.00 399.00 745.00 162.00 106.00
9700.00 370.05 745.00 151.73 102.00
9709.20 379.70 745.00 155.30 102.00
-290.80 -5.65 -4.99 -4.41 -4.00
920 300 150 722,500 1,000
6.53 15.25 7.03 73.80 52.80
5.60 14.75 6.71 69.75 51.00
6.25 14.93 6.78 70.50 51.22
0.72 0.64 0.05 -1.58 -1.11
19,792,000 15,667,500 9,209,000 8,468,500 6,405,500
Major Losers UniLever Pak Mithchells Fruit Siemens Pakistan Packages Ltd. Fazal Cloth MillSPOT
10000.00 385.35 749.99 159.71 106.00
Volume Leaders K.E.S.C. Jah.Sidd. Co. Azgard Nine Engro Foods Ltd. D.G.K.CementXD
5.53 14.29 6.73 72.08 52.33
Interbank Rates US Dollar UK Pound Japanese Yen Euro
95.3951 153.0519 1.1951 124.5860
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
BUY
SELL
95.20 122.65 150.39 1.1725 94.20 12.00 25.63 25.06 96.47
95.60 124.43 152.54 1.1892 96.05 12.24 25.97 25.33 99.30
CORPORATE CORNER Soneri Bank announces third quarterly results 2012 KARACHI: Soneri Bank Limited posted a pre-tax profit of Rs. 1,635.33 million for the nine-month period which ended on 30 September, 2012. The Board in its 126th meeting approved the Bank’s third quarterly financial statements. On this occasion the Chairman, Mr. AlauddinFeerasta, appreciated the Bank’s continued positive performance in almost all areas of its operations and expressed satisfaction on the overall scale of growth. The Bank’s total revenue as at September 30, 2012 amounted to Rs. 4,851.51 million, which reflects an impressive growth of 36.61% from the previous year’s comparatives. The pre-tax profit of the Bank, after registering a growth of 54.70%, amounted to Rs. 1,635.33 million. Whereas the post-tax profit of the Bank for the third quarter closed at Rs. 1,082.37 million.
LG unveils new IPS monitor series
locations to any Warid number in Pakistan. In addition to this, subscribers can also make calls to all other networks and landline numbers (24 hours a day) at the cheapest call rates. Managing Family Businesses: a joint venture of IBA and SPJMIR KARACHI: The Institute of Business Administration (IBA), Karachi and Bharatiya Vidya Bhavan’s S. P. Jain Institute of Management and Research (SPJIMR), Mumbai, announced today the initiation of first joint Executive Education program for family businesses in Pakistan.
gers within Pakistan. Emirates always looks at ways of rewarding its loyal customers and bringing families together. With commitment to provide convenience to its customers, Emirates has introduced special fares on return flights to ten destinations in UAE, Asia, Europe, Australia and North America, including some of the most popular destinations such as Dubai, London, New York, Melbourne, Dallas and Houston.
Boeing, Samsung to Qatar Airways introduces new explore joint technology payment options for bookings research and development KARACHI: Qatar Airways has announced the introduction of an enhanced booking feature where customers can pay for reservations made on www.qatarairways.com/pk at any Qatar Airways local office. The new solution offers greater flexibility to passengers who can now create bookings online and pay for these bookings in cash at a local Qatar Airways reservations and ticketing office. Payment must be completed within 24 hours of creating the booking on www.qatarairways.com. Qatar Airways does not charge any additional booking fees when bookings are made through its website and payment is made at their local office (subject to terms and conditions).
Arsalan, Yahseer present ‘Urban Slick’ at Fashion Pakistan Week
LAHORE: LG Electronics (LG) announced the launch of its premium IPS7 series of monitors. The IPS7 series, with CINEMA SCREEN Design, delivers lifelike color representation and consistency across a wider viewing angle, thanks to LG’s own IPS technology. With LG’s state-of-the-art CINEMA SCREEN Design, the monitor is optimized to provide a flawless entertainment experience while boasting a sophisticated, modern appearance. The addition of Mobile High-Definition Link (MHL), makes it easy to connect external devices such as smartphones for viewing on the larger screen.
KARACHI: Arsalan & Yahseer’s showcase at Pakistan Fashion Week was inspired by the designers’ love of leather as an integral part of a man’s wardrobe in the winter. Based in a theme that celebrates the spirit of the Urban Ghetto, Arsalan & Yahseer’s collections’ name is, “Urban Slick” where the spirit of their creations are based in pure leather, synthetic leather and leatherette with minimalist details. Urban Slick engaged a colour palette of black, brown, beige, white, electric blue, grey, red, and maroon.
Warid launches LBC offers for Multan, Hyderabad regions
Emirates offers special fares for Eid
KARACHI: Warid introduces an exciting regionbased offer for Multan and Hyderabad customers This offer allows Warid users to make unlimited FREE CALLS (24 hours a day) from specified
LAHORE: Emirates, International Airline of United Arab Emirates and one of the world’s fastest growing airlines, is offering exceptional discounts in celebration of Eid, for Economy Class and Business Class passen-
ADB BoD visits WAPDA House; discusses water, power projects
LAHORE: A seven-member delegation of the Asian Development Bank (ADB) Board of Directors, headed by the Executive Director Maurin Sitorus, called on the Pakistan Water & Power Development Authority (WAPDA) Chairman Raghib Shah here at WAPDA House today to discuss matters relating to the projects being implemented by WAPDA in water and hydropower sectors. ADB Country Director Werner E. Liepach and WAPDA Member (Power) Muhammad Qasim Khan were also present on the occasion.
Korea to support BISP LAHORE: October 22, 2012 – Boeing [NYSE: BA] and Samsung Electronics Co., Ltd., [OTN: SSNLF] announced today that they will explore working together to research and develop technologies that improve in-flight entertainment and communications, as well as enhance factory productivity. A signed memorandum of understanding between the world’s largest aerospace company and the global leader in digital media and digital convergence technologies will help broaden and deepen the Korean industrial ties to Boeing aircraft production. Boeing and Samsung Electronics will initially start the development of advanced display and wireless networking technologies that offer more capabilities for passenger entertainment and ground-to-air communications, but are lighter and require less power.
Rs 13.7 billion allocated for Diamer Basha Dam Project LAHORE: The 4500 MW-Diamer Basha Dam Project is being implemented on priority, as the Federal Government has allocated about Rs.13.78 billion for the project during the fiscal year 201213. The Pakistan Water and Power Development Authority (WAPDA) Chairman Raghib Shah expressed these views while talking to Gilgit Baltistan Works Minister Bashir Ahmed, Health Minister Haji Gulber Khan and Taxation & Minerals Minister Muhammad Naseer Khan, who called on him today. The Chairman said that as many as 14 local contracts had already been awarded and construction work on WAPDA offices, colonies, contractors’ camp, road infrastructure etc. in the project area was in full swing.
ISLAMABAD: The Republic of Korea is looking forward to increased cooperation with Pakistan in various social sector endeavors. In this regard, Korean International Cooperation Agency (KOCIA) is willing to work with Benazir Income Support Programme (BISP) in the field of Vocational & Technical Training along with Waseela-e-Taleem (Right to Education) under the Programme’s net. This was stated by the representatives of KOICA during their meeting with Federal Minister and Chairperson BISP, Madame Farzana Raja in BISP Secretariat. The Korean delegation was consisting of Jeon Jun Ho and Yoen Je-Ho whereas Secretary BISP, Mr. Sher Khan was also present in the meeting. KOICA representatives declared the performance of BISP as ideal as the Programme provides so many benefits in one package.
Abbott posts 17% growth in EPS for nine months KARACHI: The Abbott Laboratories (Pakistan) reported earnings per share of Rs 15.42 for the nine months ended September 30, 2012. This shows an increase of 17 percent over the corresponding period last year, observed the company’s Board of Directors in its Oct 18 meeting. The ninemonth profit after tax of Rs 1.51 billion was 17 percent above profit of Rs 1.3 billion for the corresponding period last year.
Friday, 19 October, 2012