Profit 24th January, 2012 by Profit Epaper

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Record turnover at Karachi stock market on CGT reforms Page 03

Pages: 3

profit.com.pk

Tuesday, 24 January, 2012

Oil importers lobby active against coal gasification project KARACHI

GHULAM ABBAS

Fter a successful test burn of Pakistan’s first underground Coal Gasification (uCG) programme, the oil importers lobby has become active against the important project in the country. As Pakistan is said to be the only country which depends on oil to meet nearly 60 per cent of its energy demand, the strong lobby of oil importers have started their move against the new

project which might provide the required gas in the next few years, sources told Profit. the already scheduled meeting of ministries of petroleum, finance and other concerned authorises to be held on January 16 has also been postponed for unknown reasons. the meeting was scheduled to be held to discuss and approve financial requirements of the uCG programme at that, Sindh. A meeting of the same kind, sources claimed, had earlier been postponed by the ministry of finance. the powerful lobby besides creating

hindrance in the process of releasing financial package and others has also started propagating negative and false aspects of the project aiming to make it ultimately a fails programme, they alleged. “It is a matter of interest that the debate against the uCG project seems to have picked up momentum ever since the breakthrough at the project and the successful production of coal gas has begun,” they added. According to the sources the renowned scientists of the country, who have taken initiative of the project, are now

Pakistan-India to hold TAPI pipeline talks on Jan 24-25

ISLAMABAD

AMER SIAL

etroleum minister Dr Asim Hussain left for India on monday to hold talks with his Indian counterpart on the issues of security of the turkmenistan Afghanistan Pakistan and India (tAPI) gas pipeline and transit fee, which will be held in New Delhi on January 24 and 25. An official source said the Pakistani delegation also includes Joint Secretary Admin of the ministry of Petroleum and managing Director of Inter State Gas System. He said the two day talks will center around the security cover for the pipeline through Pakistan and subsequent transit fee. For the transit fee two international formulas of the transit pipeline length and volume of the natural gas will be discussed. During talks both the countries would be presenting their proposals on the transit fee that would be shared with both the governments before the final decision. turkmenistan has already finalised the Gas Sale Purchase Agreement (GSPA) with all the participating countries for the $7.6 billion worth tAPI gas pipeline that will pave the way for the supply of 3.2 billion cubic feet of natural gas per day (bcfd) from the South Yolotan /osman and adjacent gas fields to the South Asian states through a pipeline. the pipeline will cover 1,680 km from turkmenistan through Herat and Kandahar in Afghanistan, cross the Pakistan border near Chaman to pass

near Zhob, DG Khan, multan, and onwards to Fazilka near the Pak-India border. Asian Development Bank (ADB) is acting as the facilitator and coordinator for the project and had funded a feasibility study of the project. Pakistan and turkmenistan have agreed on the gas sale price of $360 million cubic meter (mcm) at the turkmenistan Afghanistan border after deduction of $29 mcm as transit and transportation cost through Afghanistan. the cost will be $10.28 mmBtu. the base price comes to 70 per cent of Brent oil parity in the mid country delivery point of multan. the contract price formula comprising basket fuels of HSFo 380 centistokes (cst), HSFo 180 cst and Gasoil 0.5 sulphur, is based on prices of Singapore quotation of Platts oil gram. to share the risk of transportation and transit variability through Afghan territory both the countries also agreed on a risk sharing formula. the agreement also contains a clause for gas price review after five years. the source said the price of gas has remained the major outstanding issue. Pakistan wants buyers to negotiate price jointly with the seller but Afghanistan and India negotiated price on bilateral basis with turkmenistan. After the signing of GSPA by the four participating countries, the process for hiring transaction Advisor is expected to be started. the project will take between four to five years to complete after the signing of all the contracts with gas flow target of 2016.

seen visiting different offices in Islamabad for the release of the required funds of the project. While on the other hand the oil lobby is still trying to keep the burden of heavy import bill of oil on the shoulders of the people of the country. Sindh government which claims to have explored thar reserves is also yet to release the decided rs200 million to the project while the federal government is also reluctant to give the rs5 billon required for purchasing power engines and other equipments for uCG.

Interestingly, despite the major breakthrough in the project, none of the political figures at both Sindh and federal level bother to actually visit the site. “though it could be counted as a major success story of the present government, the oil lobby and interest group in bureaucracy were involved in keeping the government under dark,” sources alleged. referring to some negative propaganda about the successful project, experts in the coal gasification field said that thar coal project is not a push button project.

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Tuesday, 24 January, 2012

news

88 per cent income of Business APTMA concerned Train to go to Railways over $305m export drop KARACHI

LAHORE

STAFF REPORT

ll Pakistan textile mills Association (APtmA) Chairman mohsin Aziz has expressed concerns over drop worth $305 million in exports of textile quantity in December 2011, when juxtaposed with the corresponding period of last year. He said unprecedented energy shortage was the major reason behind the substantial drop in exports. According to him, the situation may be even more alarming further in the month of January, as Punjab textile industry is being denied electricity and gas supplies since December 25. He said textile exports were 40 per cent down in December 2011 in quantity terms. In November 2011, textile exports were also 32 per cent down in quantity terms, he added. It may be noted that exports of cotton yarn, cotton cloth, other yarn, knitwear, bed wear and towel are declined by 23 per cent, 26 per cent, 44 per cent, 38 per cent, 33 per cent and eight per cent respectively in the month of December 2011, causing a loss of $305 million to the exports. APtmA Chairman said custom-

arily textile industry crossing $1 billion mark on a monthly basis but it has becoming impossible to reach that mark over the last three months. He said APtmA is repeatedly showing concerns over the situation, but unfortunately all of its hue and cry was falling on deaf ears of the policy makers. He deplored that government was not addressing the causes behind export drop. mohsin said government’s policymakers were not serious in resolving gas supply issue of the textile industry. Instead, he lamented that available gas is being supplied to unproductive sectors and segments, causing a loss in terms of foreign exchange. He said the situation is becoming unbearable for industry and a constant inefficiency was plaguing the viability of production units. textile industry is heading towards disaster due to non-availability of energy, he added. He said textile industry has lost $1 billion exports in first half of current fiscal and is likely to lose another $2 billion in second half of it. this drop in exports would have dire impact on economy with current account balance and Pak rupee value

already under pressure. He said while the industry was committed to achieving $16 billion worth of exports during current fiscal, it would not be able to achieve more than $12 billion exports if energy crisis persists. mohsin further said interest rate is also highly unaffordable, causing negative impact on industry. He said textile industry is a premier industry of Pakistan earning foreign exchange and providing jobs to millions of workers. APtmA Chairman urged the president and prime minister to take stock of the situation and ensure smooth supply of electricity and gas to textile industry immediately to avoid further loss of exports. managing director PePCo rasul Khan mahsud said that the government has arranged sufficient fuel supplies after which the power generation has increased from an average of 8500 mW to 9500 mW, stating that load shedding would reduce with induction of hydel power in few days. He was addressing members of the All Pakistan textile mills Association on monday. He said hydro electric generation would resume in the next few days that would add another 2000 mW in the system.

JAVED MAHMOOD

Bout 88 per cent of the income of the Pak Business train, to be launched from Feb 3 in private-public partnership, would go to Pakistan railways. the train, having American locomotives, will depart daily from Karachi at 3.30 pm and reach lahore in 18 hours. the same will be the time duration for the train departing from lahore. “We will pay 88 per cent of the seating capacity (486 seats per coach) to Pakistan railways and retain the remaining income,” mian Shafqat Ali, director, Pak Business train told Profit. mian Shafqat Ali is in Karachi for the last one week to oversee the arrangements to launch non-stop train service from Feb 3. “Whether we earn or not according to the capacity, we will pay 88 per cent amount of 486 seats per train to Pakistan railways. Annually we will pay rs1.20 billion to Pakistan railways under this private-public partnership venture,” he said.

the agreement is for five years, but it is extendable for another five years, he added. He, however, said general public’s response to Pak Business train service was very encouraging and at some stage his company could ask railways to increase the number of coaches to accommodate growing number of passengers. When questioned that whether or not 12 per cent of the train’s income was enough for his company, he said: “our primary purpose is to provide a better traveling culture and facility to the people and not to earn money.” “Secondly, the foreign investors were not willing to make any deal with government and our company took the initiative to start private-public partnership with Pakistan railways to extend it support and to improve traveling facilities,” he said. “When Pakistani companies will make investment in staterun entities, foreigners would also take initiatives and make investment here,” mian Shafqat added. He said the coaches of Pakistan railways have been upgraded to make

the journey convenient for the passengers and his company would install lCDs and other facilities to provide entertainment to the passengers. He was optimistic that Pak Business train venture would not only enhance image of Pakistan railways, but also improve its earnings. the private sector company Four Brothers invested rs226 million in the business train, which consists of nine coaches; nine air conditioned coaches. Pakistan railways and Four Brothers International Private limited signed an agreement on August 18, 2011 to operate the train between the capitals of Punjab and Sindh. one-way ticket costs rs5,000 while two-way ticket would be provided at rs9,000 with discount of rs1,000. online booking facility is also available on the website of the company www.pakbusinessexpress.com and people can get their seats booked through internet anywhere from the world. each cabin, having six seats, will have an lCD television, charging points for laptop, mobile and other devices.

PTCL leads broadband QOS survey Competition Commission ISLAMABAD STAFF REPORT

AKIStAN telecommunication Company limited (PtCl) leads all operators in wireline broadband category of 1 mbps quality of service survey (QoS) conducted by Pakistan telecommunication Authority (PtA). PtCl is placed in category A at lahore, rawalpindi, Peshawar and Quetta and in category B at Karachi. According to a statement of PtA for 1mbps broadband package of wireless broadband service providers, Wateen telecom has been placed in category A at lahore and rawalpindi and category B at Karachi, Quetta and Peshawar. Similarly, Qubee and WorldCall are also in category A at lahore and category B at Karachi and Witribe is in category B at rawalpindi. PtA carried out the second nationwide broadband QoS survey of all wireless and wireline service providers throughout the country during the third and fourth quarter of 2011. During the survey the already devised QoS Key Performance Indicators (KPIs) in consultation with services providers were measured.

KPIs were network availability, service availability, download and upload bandwidth speed, how much data a subscriber can receive or send to the maximum, round-trip time, the time taken for the data to reach a particular destination and return, contention ratio, the ratio of total bandwidth and number of subscribers or number of subscribers per unit of bandwidth and retain ability, for how much time a connection remained connected during the period of 60 minutes. the higher the bandwidth of download or upload speed and retain-ability and lower the round trip time and contention ratio, the higher is service quality. Government is trying to expand Internet access throughout the country; there is direct digital Internet connectivity in more than 2,389 cities and towns. Customers are able to access Internet through legacy dial-up connections as well as DSl services in both fixed and wireless media. to promote broadband Internet services, PtA directed PtCl to enter into agreements with ISPs for the provision of Digital Subscriber line (DSl) services. Currently, there are seven major players providing broadband facilities in the country both fixed

and wireless including PtCl, micronet, link Dot Net, WorldCall, Wi-tribe, Qubee and Wateen. Pakistan’s broadband market has a lot of growth potential as so far the broadband penetration rate is quite low - only one per cent to be precise – but on the other side the growth rate of broadband penetration has been 150 per cent consistently for the last few years. the number of broadband subscribers was over 1.7 million till october 2011. telecom sector in Pakistan has shown significant growth in the recent years. However, it still lags behind many of its comparable economies in terms of fixed line density, mobile penetration and internet usage. A substantial population is still devoid of telecommunication services; there is an enormous potential for growth of telecommunications in the country. Pakistan currently has over 111 million cellular subscribers. the number of subscribers has increased more than fifteen times in the past seven years but there is still high demand for cellular services in the country. the start of operations by ufone in 2001, and telenor and Warid in 2005 facilitated growth in number of subscribers.

disposes of show cause notice LAHORE

STAFF REPORT

omPetItIoN Commission of Pakistan (CCP) has disposed of the show cause notice, issued to m/s S C Johnsons & Sons for violation of Section 10 of the competition act, 2010, upon submission of the compliance report by the undertaking and its assurance of withdrawal of the deceptive marketing campaign of its products. CCP received a complaint from reckitt Benckiser Pakistan limited alleging that S C Johnsons & Sons has recently launched a marketing campaign through print and electronic media all across Pakistan for its products under the brand “Baygon” and claiming their brand to be “No 1 in Pakistan” which is false, deceptive and misleading. It was also submitted in the complaint that according to the AC Neilson retail Audit Survey, the product of the reckitt Benckiser Pakistan limited (Complainant) under their brand “mortein” has an overall market value share of 39.7 per cent in Pakistan whereas S C Johnsons & Sons (respondent)’s products under the brand “Baygon” has an overall market value share of 5.7 per cent in Pakistan. CCP upon receipt of the complaint initiated an enquiry under section 37 of competition act to investigate

the allegation of deceptive marketing practices against S C Johnsons & Sons (respondent). Pursuant to the enquiry report, show cause notice under section 30 was issued. During the hearing, the respondents did argue that the claim ‘No 1 in Pakistan’ at best is puffery which is not prohibited. CCP while relying on the judgments of FtC observed that a puffing statement is generally vague and unquantifiable, or is so grossly exaggerated that no ordinary consumer would rely on it. Puffery as a legal term refers to promotional statements and claims that express subjective rather than objective views, which no “reasonable person” would take literally. However, in the subject claim, neither the word ‘No 1’ nor ‘Pakistan’ in any manner suggest a general impression towards the consumers and can be identified and quantified; hence the claim ‘No 1 in Pakistan’ cannot be termed puffery, the commission observed. regarding the reasonable basis CCP observed ‘Brand of the Year Award 2010’ was awarded to the respondent for their ‘aerosol products’, whereas, in the advertisement, the claim of being ‘No 1 in Pakistan’ is used with reference to all of the products of the respondent, even otherwise, just by winning the ‘Award of the Year’ in any particular category from the Brands Foundation, would not entitle any undertaking to make any such absolute claim.

Customs identifies 97 unscrupulous importers LAHORE IMRAN ADNAN

eDerAl Board of revenue’s Karachi model Customs Collectorate (Appraisement) has issued a list of 97 suspected importers that are allegedly involved in under-invoicing, wrong declaration of good and illegal removal of good from container terminals in Karachi, Profit learnt on monday. Documents made available to Profit indicate the model Customs Collectorate (mCC) deputy collector omer Shafique has directed all examination and appraising officials to thoroughly scrutinise import documents and consignment imported by any of these importers. He has also directed that the

cancellation and amendment in good declaration and the manifest pertaining to these importers should also be intimated to the appraisement collectorate before its approval. However, sources pointed out that instead of appreciating the efforts of the customs officials, these importers and some highranking political and FBr officials were putting pressures on customs department to immediately withdraw the list of suspected importers. official circular shows that importers allegedly involved in illegal removal of goods from m/S Pak Shaheeen off Dock Container terminal, Karachi, includes Zam Zam traders, Bakhshi engineering Works, Punjab Autos, Yaqoob traders, trading House, Shahrukh enterprises, Babar enterprises, Sikandar traders, Khadim

motors, Haji razzak Haji Ismail, Haji Ibrahim Haji Ismail, Nizami motors, F J trading Corporation, Khalid Auto Corporation, Kauser enterprises, union Auto Corporation, Zaman traders, Ashfaq Ahmed, Automate Industries (Pvt) ltd, uzair enterprises, Al Qamar motors, munir motor Storage, Bilal electronic, universal Auto engineering, Hino Autos, united motors, mach Parts, J r International, Shan International, Al Hilal motor Stores, Zahid Impex, Home Impex, Naseeb traders, mubashir Brothers, mukati Corporation, Noor Zeb traders, Sohajee Shaikhjee & Sons, Shahid Automobiles, Zahoor Sons, Bilal traders, m A Khan & Co, Saad Autos, Naeem traders, tahir enterprises, Afaque & Co, Food links International, Fine traders, Imran Agencies, A S

traders, Haji Autos, Shahzad enterprises, Gul Brothers, World trading & Communication, makkah madina traders, Amir Asim & Co, Asif enterprises, Aftab Impex, Ali & Co, m Y Iqbal & Co, universal traders, off road Diesel Spares, m S enterprises, omer trade Corporation, A I m Corporation, Swan International, SBS Group of Companies, Shariq enterprises, orient Automobiles, Progressive Business, Ali enterprises, SQm Import & export enterprises, Saqib traders, mohammad Sohail, techno, Sharafat Brothers, raamis Impex, F S enterprises, oSm engineering, Pearl trade Corporation, Kohinoor traders, Zam Zam Auto traders, Suhaib traders, Jilani International, Nayab Fashion, N A enterprises, A Z enterprises, mutahar

Corporation, Kaleem enterprises, Pak Asia Impex, Waqas traders, Salman traders, Kashif & Co, technology leaders, Ali enterprises, Amir traders and Huzefa Brothers. though, most of these importers are supplying engineer components to automobile industry. But, industry leaders have appreciated the move as it would curb anti-competition practices. Speaking to Profit, an auto manufacturer underscored that declaring lower weight of auto parts cause major duty reduction by not following Sro 329 that mandates clearance of goods at their actual weight. these consignments are cleared in units either or at lower weight to save actual duty and taxes. He elaborated that wrong specification of imported goods might illegally lower their duties as goods are cleared under wrong Pakistan Customs tariff (PCt) heading, which saves additional duty / anti-dumping duty. this practice hits the local industries, including auto parts vendors besides resulting in substantial revenue loss to national exchequer.

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Tuesday, 24 January, 2012

news

Auto industry to miss out on production target WING to political change, law and order situation, slow economic growth, inconsistent policies, lower auto financing, inflation, and high input costs, auto industry of the country is not going to achieve the production targets set by the government under the auto development programme by 2016. the four wheeler production target under Auto Industry Development Programme (AIDP) of 2001-16 set by the government is highly ambitious; vying to produce 660,000 cars in the year 2016, while actual production would not be more than 312,000 vehicles in the said year. According to the data of Pakistan Association of Automotive Parts and manufacturers Association (PAAPAm) auto industry is in continuous decline for many years and it could not achieve even last year’s government target of production of 0.4 million vehicles in the year 2011-11, and the actual production stood at 178,000 vehicles. the actual production is half of

the government’s target under AIDP. one of the things believed to be conducive for this trend is inconsistent government policies and used car imports. In the last reported year 2010 till June 2011, production of cars stood at 133,972; busses 490; jeep and light Commercial Vehicles 883; pick-up and lCVs 19,142; tractors 70,770; and motorcycle 83,8550. the best years for the auto industry were the years 2005, 2006, and 2007 when the industry experienced its apogee by dint of stable government, economic growth, availability of auto financing, consistent auto policy, and infrastructure development. In those years the annual production of passenger cars reached up to 190,000 units. Ground realities suggest a tremendous potential in this sector of the country as the current motorisation ratio is 12 cars per 1000 persons. this is quite low in comparison with turkey whose motorisation ratio is 67 cars per 1000 persons. the industry projects that if in 2030 Pakistan is at the same level as turkey is in 2010, the total vehicle population would be 12 million. Hence the vehicles

Pakistan needs to produce in 20 years from 2011 to 2030 would be 495,000 vehicles per year. At this production level the industry’s contribution in terms of employment would be 0.5 million persons; in terms of investment rs225billion, and in terms of taxes rs190 billion. It is to be noted that currently auto industry of Pakistan has total investment of rs92 billion, with the employment of over 0.2 million people; last year it contributed rs64 billion to the national exchequer. But this industry has many issues that are hampering its growth, and one of the key issues is the import of used cars policy. In regional perspective, Pakistan has two per cent per month depreciation allowance on two year old vehicles that can go up to 60 per cent, while India has 108 per cent duty on two year old vehicle. In thailand it ranges from 125 per cent to 145 per cent. the required conditions of used cars import in Pakistan is that it can be five years old at maximum, while minimum stay abroad for import as personal baggage, gift or tr is 180, 700 and 700 days respectively. In India, maximum three year old model is allowed; registra-

tion in importers name for one year; and there is no gift scheme. In thailand, only foreigners living in thailand for one year can import used cars, while registration should be in the name of the user for at least one year. And thai residents have to own vehicles for 1.5 years with driving license. on the part of restrictions, Pakistan has no restrictions at all. While in India the restrictions include: right hand drive; speedometer in Km/h; submission of pre-shipment certificate for conformance to India motor Vehicle Act; and obtaining of approval from Indian testing Agency. Similarly in thailand used cars are restricted goods (except under import permit by ministry of Commerce), while a test of exhaust emission is also conducted at environment Protection office. If we look at the price differences, most popular used cars brands witnessed sudden increase in their prices in just two years. For example, toyota Vits and Passo were available in rs0.7 million in the year 2008, but the price of the same brand was rs0.9 million in the year 2011. While in the same category the price of locally produced Cultus was rs950,000.

LCCI condemns failure of gas supply restoration

Agri-Forum apprehensive about present regime

Naeem Yahya Mir nominated MD at PSO

US to help boost agriculture exports

LAHORE: lahore Chamber of Commerce and Industry monday severely criticised SNGPl authorities for their failure to restore supply of gas to Pakistan re-rolling mills despite a promise of gas supply on January 23rd. In a statement issued after receiving a number complaints from re-rolling mills Association, lCCI President Irfan Qaiser Sheikh and Senior Vice President Kashif Younis meher said if SNGPl authorities had kept their words, over three to four hundred thousand workers attached with the industry would not be jobless today. “It is very disturbing that the people came to their jobs in the morning and after a few hours they were asked to go back as gas could not be restored.” lCCI office-bearers urged the president and Pm to play their due role and direct concerned authorities into restoring gas to steel industry. STAFF REPORT

LAHORE: Four years of the present government, which came into power on the promise of ensuring provision of ‘roti, Kapra aur makan’ (bread, clothing and shelter) have witnessed a hike of 150 to 200 per cent in the prices of these items. Bread prices have registered a jump of 200 per cent, textile 135 per cent and construction material rose by 200 per cent during the present regime despite the fact that there was no decline in production. During the last four years poverty has increased by 50 to 70 per cent in the country, whereas prices of agricultural commodities are stagnant, while prices of agricultural inputs have increased from 150 to 200 per cent; thus rendering them out of the reach of the growers. these views were expressed by Agri-Forum Pakistan Chairman muhammad Ibrahim mughal while talking to journalists after the meeting of the forum’s executive committee here on monday. STAFF REPORT

KARACHI: Naeem Yahya mir has assumed the charge of managing Director, of Pakistan State oil (PSo). According to a statement issued by PSo, a commercial marketing and refining expert Naeem Yahya who has over 21 years of experience in leading national and multi-national oil companies with an emphasis in downstream operations including marketing, distribution, refining and shipping has been nominated as mD PSo. most recently he held the post of technical Advisor-International marketing at Kuwait. Combining indepth technical knowledge and an extensive experience of marketing Pol products including motor gasoline, diesel, fuel oil, lPG and jet fuel, Naeem has developed expertise in multiple disciplines including sales and marketing, supply chain management, quality control, product development, refinery upgrades and workforce development. STAFF REPORT

ISLAMABAD: united States has launched a series of workshops to help increase export of agricultural products from Pakistan by the introduction of international standards and improving manufacturing, processing, and packaging of agricultural goods for international markets. these workshops will bring together government representatives, private businesses, and farmers to discuss international standards for agricultural exports and identify ways for improved manufacturing, processing, and packaging of agricultural goods for international markets. these two-day workshops will take place in Islamabad, lahore, Karachi, and Quetta. STAFF REPORT

KARACHI WAQAR HAMZA

Record turnover at KSE on CGT reforms KARACHI STAFF REPORT

ArACHI bourse monday gained 262.96 points as the equity investors positively reacted to the federal finance minister’s approval to SeCP proposals on the rationalisation of the Capital Gains tax (CGt) that would now be paid without declaring the taxpayers’ source of income up to 2014. With benchmark KSe-100 index crossing the rare 12,000 mark, trading volumes at Karachi Stock exchange hit, what the analysts said was a record, 230.138 million shares on the back of good news on the unpopular CGt. According to Ahsan mehanti, a senior analyst and director at Arif Habib Investments, the stocks closed bullish with record exchange volume after the federal minister approved all proposals submitted by the apex regulator during his visit to KSe on Saturday to resolve CGt issues. the proposals, he said,

CORPORATE CORNER NBP President inaugurates Water Complex facility at Tuwairqi Steel Mills

KARACHI: the President of National Bank of Pakistan mr. Qamar Hussain inaugurated the state-ofthe-art Water Complex facility at tuwairqi Steel mills limited. the event marked a major milestone in the completion of the tSml DrI-Plant, the first private sector integrated steel manufacturing utility in Karachi, Pakistan. mr. Qamar attended the ceremony held at the 220-acre tSml site located at Port Qasim. Accompanied by Director (Projects) tSml, mr. Zaigham Adil rizvi, he toured the plant and was briefed about the steel-manufacturing process. Addressing an audience of enthusiastic engineers, mr. Qamar said “We feel highly honored that we are a partner of Al-tuwairqi Holding and PoSCo in this effort, and National Bank of Pakistan shall remain a partner in the future as well. PRESS RELEASE

PTCL trains 115 senior executives for high eﬀectiveness ISLAMABAD: Pakistan telecommunications Company limited (PtCl) has successfully trained 115 of its senior executives through an ongoing dynamic senior management program “the Seven Habits of Highly effective People” pioneered by world-renowned u.S. expert, Stephen r. Covey. A comprehensive threedays training program organized by PtCl’s training & Development department in collaboration with m/S Frankline Covey, ‘the 7 Habits’ workshop helped participants to improve their performance by endeavoring at the highest levels of effectiveness and teamwork. each habit was divided into segments and principles. With workshop facilitators’ help, participants applied their learning through case studies, group discussions, role-playing and reflective thinking. PRESS RELEASE

Samsung oﬀers fabulous opportunity for aspiring actors LAHORE: Samsung electronics Company ltd., a global leader in Digital media and telecommunication technology has now launched a new online offer, whereby aspiring artists, models and actors are being given a chance to become a part of Samsung’s next Advertising campaign. this offer is being presented to the young, vibrant and talented people with good creative skills and a pleasant personal aura. Social media website facebook is being used to promote this campaign and reach out to the right segment. PRESS RELEASE

Long-Range aircraft on static display at public event DOHA, QATAR: Qatar Airways last week took part in its first major event of the year displaying one of its flagship Boeing 777 long-haul aircraft at the Bahrain International Air Show. thousands of trade and public visitors attended the three-day event which took place at Sakhir Air Base in the Kingdom of Bahrain. Qatar Airways also had a luxury chalet at the show. Now in its 15th year of operations, the airline has a modern fleet of 104 aircraft flying to 110 key business and leisure destinations across six continents. Almost a quarter of Qatar Airways’ fleet is made up of Boeing 777 long range (lr) and extended range (er) passenger and cargo aircraft, forming the backbone of its long-haul fleet. PRESS RELEASE

BOK Jhelum Branch formally inaugurated were regarding the relief on disclosure of source of funds, maintaining rate of the CGt, tax collection by the NCCPl, withdrawal of withholding taxes and relief in margin trading System margins. the day saw KSe 100-share index climbing to 12,037.66 points against 11,774.68 points of Friday which too had seen the trading turnover jumping to a historic 178.424 million shares. At one point the index hit the intraday high of 12,070.89 points and then eased down to the intraday low of

11,774.68 points. “KSe-100 index managed to close above 12000 level on easing political outlook after memo scandal case central character mansoor Ijaz refused to arrive in Pakistan and appear before the judicial commission,” said mehanti. trading value rose to 7.647 billion compared to the previous rs6.817 billion. the market capitalisation also finished higher at rs3.123 trillion against Friday’s rs3.056 trillion. the companies performed well as of the total 358 traded scrips, 221 gained, 61 lost and 76 remained unchanged.

KSe-30 index too finished in the green zone and gained 313.93 points at 11,221.38 against 10,907.45 points of the previous day. the recovery in global stocks, foreign interest in bluechip scrips and renewed institutional interest on strong valuations were other factors that played a catalyst role in bullish sentiment in stock across the board at KSe, said Ahsan mehanti. Jahangir Siddiqui Company was volume leader of the day counting 35.9 million of its shares traded with the opening and closing rates standing, respectively, at rs5.55 and rs6.49.

JHELuM: the Bank of Khyber (BoK) is committed to increase its branches’ network in order to provide banking and financial services to business community and general public across the country, this was stated by mr. Bilal mustafa managing Director BoK while formally inaugurating BoK Jhelum branch by pushing computer button this afternoon. the BoK Jhelum branch formal inauguration ceremony was also graced by BoK executive Director mir Javed Hashmat, Group Head Credits mr. Imran Samad, Group Head HrD mr. Ayub Hamid, Head Business Development mr. lal Nawaz Khattak, Head marketing Syed Ali Nawaz Gilani while mr. Sarmad Waseem Dar manager of BoK Jhelum branch coordinate the formal inauguration ceremony. PRESS RELEASE