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CM aims one stone at two birds… hits neither Page 02
profit.com.pk
Thursday, 26 April, 2012
CoMMEnt
Dr Sheikh and the IMF
f
tHE CHRonICLES oF gAS AnD EnERgY
OGDCL reduces LPG price by
LPG prices reduced by
RS7,000 pER tonnE
RS 10 pER Kg
LAHORE
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STAFF REPORT
He Oil & Gas development Company Limited has reduced its base stock price of LPG by Rs. 7000 per ton due to depressed sale and reduced upliftment of LPG by marketing companies. LPG companies had reduced their prices five times in the current month and have been operating at negative margins. This had lead to a severe curtailment in lifting of product from LPG producers who were left with no choice but to reduce their price. “LPG companies are not in a position to reduce their prices any further. However
this latest reduction in Producer price will allow them to continue to expand and make investments in the market” said Belal Jabbar the spokesman for the LPG Association of Pakistan. Retail rates are expected to remain stable till the end of the month when the new Saudi Aramco Contract price will be announced. Belal said that LPG prices in different parts of the country would be as follows: Punjab Rs. 115 per kilo, Sindh and Balochistan Rs. 110 per kilo, AJK, Rs. 120 per kilo and Northern Areas Rs. 125 per kilo. “LPG prices have declined by more than 30% since March and are currently at their lowest level since October of last year” said Belal.
ISLAMABAD ONLINE
L
iquefied Petroleum Gas (LPG) marketing companies decreased LPG prices by Rs 10 per kg and price of domestic cylinder has been reduced to Rs 100 while on commercial cylinder price reduced to Rs 400. This decrease would be implemented immediately. After this decrease in prices new prices of LPG in Karachi would be Rs 100 per kg, Lahore Rs 105, islamabad and Rawalpindi Rs 115 and Murree Rs 120 per kg. Chairman LPG distribution irfan Khokhar told that prices of LPG in future would further reduced and in this regard federal Minister for Petroleum and natural resources dr Asim has assured to further reduced the prices. He said that another major decrease of Rs 10 to15 is expected on May 03. He said that provision of cheap gas is our top priority.
iNANCe minister dr Sheikh and the fund are no strangers, and no doubt he reads their posture better than most, especially in testing times when repayment has begun, bulkier tranches are due shortly, and talk of refinancing has had to be brought up. Yet he continues with his all-is-well smile, which will be met much the same way in editorial columns as it was in the halls of the iMf. Nice try but no cigar. Maybe its election year compulsions, but islamabad really shouldn’t sit comfortably in the four-something growth expectation. it’s not nearly enough to warrant any serious thinking on refinancing, especially in light of our “spotty record”, as the fund duly noted (another hint dr Sheikh perhaps failed to notice). And with $1.2 billion due by year end, and next year’s number requirement being near four and a half billion, there is simply no way to prevent financial collapse. The government will either come back from the elections to a very different fiscal environment (compounded by a peoplefriendly budget), or leave the anvil to fall on its successor’s feet. Another thing the election confounds is the government’s unbelievable resort to borrowing. They must spend more in the run up to the vote. understandable, but they must make efforts to trigger private offtake in the process. failing that, unemployment and inflation will murder the middle and lower income groups. Though the fund has agreed to keep talking, there is little likelihood of refinancing unless a visible shift in policy is incorporated. Remember the iMf is important not just as a lender. Other bi- and multilateral donors invariably take cue from the fund, always distancing themselves from clients it no longer graces. That is the stuff of dr Sheikh’s thoughts at least all the way on the flight from Washington. Once in islamabad, of course, attention must turn to fiscal largesse and the masses, and the general election. There’s the doctor and the fund, then there’s the doctor and the party.
tHE RULE oF tHUMB
SECp’s no-nonsense approach towards rules and regulations g
Approves rules for derivatives market, regulations for index option contracts at KSE ISLAMABAD
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STAFF REPORT
He Securities and exchange Commission of Pakistan (SeCP) has approved regulations governing index option contracts of the Karachi Stock exchange (KSe) for developing the derivatives market segment and providing investors with more diversified range of investment in hedging alternatives. According to an SeCP spokesman the regulations have been framed in line with best international practices to provide a framework for the launch of trading in cash-settled index option contracts. All over the world underlying assets for which option contracts are offered include single stocks, commodities and renowned market indices. More developed derivatives markets offer
options on commodity, stock and index futures contracts as well. The concept of options is not new to the Pakistani market, as market participants have historically been known to trade on the market sentiment on the indices and listed securities termed as Tezi, Mandi. However, such trades were being executed bilaterally between members, outside the centralized trading platforms of the stock exchanges. The regulations approved by the SeCP regularize such trading activity and would ensure that trading of standardized index based option contracts now takes place on the Karachi Automated Trading System (KATS). These contracts having indices as the underlying assets would give the buyer a right to buy or sell a specific level of the underlying index. SeCP approved regulations
prescribe that while any investor can buy or sell option contracts, option writing will be limited to brokers and financial institutions that fulfill the criteria to be approved by the KSe and SeCP. A criterion would also be devised for determining eligibility of the underlying indices on which option contracts would be offered by the exchange. At present options have become an indispensable tool for the securities industry globally and provide various benefits such as helping create orderly, efficient, and liquid markets, and giving flexibility, leverage and risk minimization to investors. Because of their unique risk, reward structure, options can be used in many combinations with other option contracts and financial instruments to create a hedged or speculative position.
An option contract essentially gives its holder a right, but not the obligation to buy or sell an underlying asset on a future date at a predetermined price. Based on his expectations and prevailing market conditions, the option holder can either exercise this right and book profits from buying or selling the underlying at a favorable price than the market price or let the right lapse if he thinks the same will not benefit him. Like other derivative instruments, options are also tradable and the option holder can sell them to exit the market earlier than maturity. Options are broadly classified into two types, call and put. Option contracts that give the buyer the right to buy an underlying asset are called call options, whereas contracts which give the buyer the right to sell the underlying asset are
called put options. The buyer of the option contract must pay a nominal price called premium to the option writer to become entitled to the rights conveyed by such contracts. The options market operates on the principle that risk of the holder of the option contract is limited to the extent of premium, thus promising limited downside losses and unlimited upside gains. introduction of options in the Pakistani capital market would not only improve its outlook, but would also further diversify the existing product portfolio for investors and allow them to leverage positions for large diversified portfolios. The avenues for the launch of options contracts on single stocks would also be assessed once the index-based options are launched after requisite system developments at the KSe.
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Thursday, 26 April, 2012
news FRIEnDLY ADVICE
BULL’S-EYE! oR not
CM aims one stone at two birds… hits neither g
Shahbaz Sharif presides over joint meeting of Chamber of Commerce and Industry, agriculture LAHORE
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STAFF REPORT
uNJAB Chief Minister, Muhammad Shahbaz Sharif presided over a joint meeting of representatives of Chamber of Commerce & industry and Agriculture which condemned the unjustified behavior regarding load shedding of electricity and gas towards Punjab and termed it contrary to the spirit of federation. Provincial Ministers, Members National and Provincial Assembly, energy experts and prominent personalities from other sectors were present. The meeting took important decisions for adopting a unanimous strategy against unjustified load-shedding and launching new projects of energy. Addressing the meeting, Muhammad Shahbaz Sharif said that the Chamber of Commerce and industry should install 50MW units for generation of energy from coal, Punjab government will not only provide every possible facility but also collaborate in these projects. While constituting a representative committee comprising personalities from agriculture, industry, labour and trade sectors, he said that this committee will meet on friday in which unanimous strategy would be evolved regarding elimination of discriminatory behavior to Punjab regarding electricity and gas load-shedding. He said that a policy will be evolved for generation of solar energy and energy from coal, biogas and other sources and under a transparent policy, these projects will be speedily implemented so that energy resources could be made available to Punjab. He said that depending upon federal government for the provision of energy is tantamount to self cheating as federal government has disappointed the nation from its behavior. He said that we will have to set up joint energy projects for the promotion of
industrial, trade, agriculture and other sectors. He said that during the recent energy conference, it was decided that there would be equal load-shedding throughout the country but lamented on their non-implementation. He said that the energy crisis is ruining the economy of Punjab as it has to bear a loss of Rs.300 billion every year. He said that those who looted the national resources mercilessly in the past are giving suggestions that the provinces should share in the abolishment of circular debt. He said that for the abolishment of circular debt, the corrupt rulers should bring the looted money and the loans waived off on political grounds, back and stop corruption, loot and plunder and utilize Rs.70 billion of Benazir income Support Programme for this purpose then Punjab will also contribute its share and also ask other province to do so. Muhammad Shahbaz Sharif said that according to the decision of first energy conference, the traders of Punjab had proved to be true and patriotic Pakistani by timely closing their shops and business but on the other hand, the federal government did not honour its promises made in the
energy conference which is very lamentable. He said that Punjab’s economy is being ruined due to shortage of electricity, lakhs of people are becoming jobless and industries are being shifted to other parts of the country. He said that worst ever load-shedding is being made in Punjab due to which the real motives of federal government against Punjab are exposed. He said that there is a limit of tolerance and we cannot see ruination of Punjab’s industry. He said that Punjab is a big province of Pakistan and it has also a large share in GdP. He said that the ruining of Punjab’s economy is actually loss of national economy. He said that we left our Rs.11 billion share in the NfC award for the sake of national solidarity and the sacrifice made by Punjab in the approval of NfC Award was appreciated by all but if now there is any problem of shortage of electricity we should also face it unitedly. He said that Punjab government is speedily implementing the projects of generation of energy from alternate resources and a policy has been evolved with the cooperation of sugar mills owners for generation of energy from bagasse. He said that industrial, agriculture and other sectors from Karachi to Khyber are badly affected from the energy crisis. Had the rulers made sincere efforts for generation of energy from coal and bagasse instead of filling their pockets from the projects of rental power stations, thousands mega watts of electricity would have been generated from these sources, he added. He said that it is our national, political and religious obligation to bring the country out of crisis and quagmire of problems and put it on the road to progress through hard work and honesty.
Cut out the dilly-dallying! g
FoDp advises political consensus to overcome energy crisis ISLAMABAD AMER SIAL
P
eRTuRBed by the consistent dilly dallying in implementing the agreed energy sector reforms, the friends of democratic Pakistan (fOdP) have asked the government to take all political parties on board to devise a national energy crisis management plan for continuous implementation in next five years otherwise the matters may get worse. A source in fOdP said that the advice was given after the outcome of the recently held energy summit, where it was noted with concerns by the donors that despite having knowledge of the gravity of the situation, the required political will was absent due to fear of political back lash. The political parties are not supporting implementation on energy reforms due to upcoming general elections. We have asked the government that the energy reforms require immediate implementation and there is no possibility that half hearted efforts will yield desired results, he said adding that reforms are required to be implemented in a holistic manner across the board and will take three to five years to come out of the crisis. “There are no quick fixes. The reforms process definitely will be painful”. Terming the energy crisis, as a complex problem, he said there is no single solution available. “financial engineering” is required and it will not happen without fixing the hole, “circular debt”. The government needs to firstly plug the circular debt as we cannot keep pouring our money. if immediate steps are not taken the government may end up giving a massive power subsidy of Rs 450 billion this fiscal year. Observing that there is a serious disconnect
between the Ministry of Petroleum and Ministry of Water and Power, even though both have a similar mandate, as they were making contradictory policy planning and decision making. The matters may get worse with the entry of provincial governments in the arena, which have their own ambitious plans. “fOdP has advised appointing a focal person for energy sector with decision making authority, as too many chefs, many ministers and provincial departments, will spoil the broth”, he added. The government estimates energy growth at a rate of 8 percent per annum while the donors estimate it over 12 percent during the last three years. They don’t have money for new generation and private sector will not venture forth till the circular debt issue is resolved. The government offers no incentives for improving efficiency of existing generation plants, who will be shifting to coal in this scenario. About the solutions, he said two set of recommendations are given for improving the supply demand balance and improving financial health of the sector. The major recommendations stress improving corporate governance in distribution companies (diSCOs), making boards responsible for all decisions and allowing managers to make decisions and shifting the administrative control over diSCOs to provincial governments. focusing on cost recovery tariff is the major recommendation for improving financial health of the sector as well as paving the way for further investment in the sector. Timely determination of tariff and its notification will help resolve the liquidity issues. The government should focus on policy, regulation and monitoring, with the diSCOs responsible for implementation and operations.
BUDgEt BASH
Handling the budget is no Herculean task g
ABF presents budget proposals to government LAHORE STAFF REPORT
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He American Business forum (ABf) has handed over budget proposals to the government with prime urge to encourage investment in the knowledge-based economy through targeted fiscal measures. President ABf Salim Ghauri has said that sectors like information Technology, Pharmaceuticals and Biotechnology are the cornerstone of the New economy and can help Pakistan diversify its export portfolio and reduce its risk from exposure to crop-risk and natural disasters. increased investment in these sectors
yields the added benefits of enhanced fdi, human development and employment of educated youth, reversal of brain drain, technology transfers and skills and productivity up gradation, he added. President ABf said the employees who are providing i.T. services in the i.T. industry should be given special tax credits and tax exemptions in their salary income in order to encourage them to work in i.T. industry in the country and not to go abroad for jobs. On pharmaceutical sector, Salim said, the ABf has proposed to grant a 10-15 year tax holiday to those units who invest in and obtain international quality approvals, such as WHO, PiCS or eu/uSfdA certification.
HBFCL condemns defamatory campaign by vested interests KARACHI
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STAFF REPORT
He House Building finance Company Limited (HBfCL) strongly condemns the concerted campaign being carried out by unscrupulous vested interests, to defame the country’s leading housing finance institution and its management through the media. Recent news reports appearing in various newspapers and an online portal bear highly defamatory and malicious allegations that distort facts and aim at spreading mistrust and confusion. it is surprising that an organization like Transparency international Pakistan (TiP) which projects itself as the protector of public interest, has apparently also being misguided by this nefarious campaign by releasing statements to the media, without even exercising basic transparency itself by first seeking HBfCL’s viewpoint on these issues. While HBfCL reserves the right to take legal action against those who are publicly maligning its good reputation, it wishes to set the record straight for the information of the public by stating the facts as these are. Regarding the appointment of the Managing director,
HBfCL has clarified that the appointment of the Md/CeO of HBfCL is governed by Article 72 of Association of HBfCL which states that “There shall be a Chief executive of the Company who shall be appointed by the Board with the prior approval of the federal Government. The Chief executive shall be appointed from amongst persons having knowledge and experience in banking, preferably in the field of finance and economics in accordance with the fit and Proper criteria as laid down by the State Bank of Pakistan from time to time.” from the above it can be seen that the requirements spelt out in the relevant Article of Association do not list Pakistani citizenship as an eligibility criterion. further, the ‘fit and Proper’ criteria mentioned in the said Article and as laid down by the State Bank of Pakistan, requires that fitness & propriety of a candidate for the office of the Chief executive Officer of a Bank or a development financial institution, be assessed on the following broad elements: a) integrity, Honesty & Reputation; b) Track Record; c) Solvency & integrity; d) qualification & experience; e) Conflict of interest. Thus neither the incorporation documents of HBfCL nor the governing law and regulations impose
any condition to the effect that the Chief executive Officer of the Company must be a Pakistani national. Regarding the continuance of the Md in office after the expiration of his contract in January 2012, HBfCL has referred to Section 199 (3) of the Companies Ordinance which clearly states that “The chief executive retiring under section 198 or this section shall continue to perform his functions until his successor is appointed unless nonappointment of his successor is due to any fault on his part or his office is expressly terminated.” HBfCL has further clarified that since January 2012 letters have been written to the Ministry of finance seeking its direction on the extension of the Md’s tenure or the appointment of a new Md and till date the decision of the Ministry is awaited. HBfCL also condemns the allegation by Transparency international that the appointment of HBfCL Group Head, Legal, Strategy & Marketing and of legal advisor Awan Raza were not proper. it has clarified that in the case of the Group Head, the position was not only advertized but PPRA was strictly followed. further the Group Head recruited was previously serving in the Competition Commission of Pakistan
and was not a partner in M/S Awan & Raza as TiP has wrongly stated. in the case of Awan Raza, it is to be noted that they are just one of several law firms which are on the legal advisors panel of HBfCL, which includes amongst others, Hafiz Rehman, Mohsin Tayebaly, Haidermota, faisal Ghani, Nafis Siddiqui and other relevant legal specialists and firms as needed. Regarding TiP’s false allegations that the HBfCL Md granted himself millions of rupees as bonus (a grossly exaggerated amount), HBfCL has stated that TiP has not only stated something that is factually incorrect but has also demonstrated its nontransparency and lack of knowledge about the rules governing such matters. The HBfCL Md is not authorized to grant himself bonuses and all bonuses have to be approved by the board of directors, which includes a nominee director of the Ministry of finance. The bonus given is thus based on performance and duly approved by concerned authorities. The malicious statements issued to the media by unscrupulous vested interests, have also tried to paint a wrong picture of HBfCL’s efficiency by stating that loan disbursements have greatly reduced during the tenure of the present managing director. it is a
matter of record that prior to the present management of HBfCL taking control of affairs, the organization was widely regarded as a corrupt, inefficient, loss-making and over-staffed institution that had been chalking up substantial losses every year and had become a white elephant for the government. The present management under the leadership of the current Managing director and backed by the present government, has introduced strong financial discipline that has done away with the past practice of disbursing loans on questionable and uncreditworthy grounds, knowing that these will not be paid. The clear proof of this is the significant reduction in Non-performing Loans granted between 2009 and 2011 compared to previous years. further, the success of the management in turning around the organization is clearly evident from the fact that in financial year 2007 and 2008 HBfCL reported a loss of Rs. 959 million and Rs. 414 million respectively, whereas in 2009 and under the new management, the loss was reduced to Rs.109 million, followed by a profit of Rs. 113 million in financial year 2010 for the first time in several years. Now for financial year 2011 a profit of over Rs 100 million is expected to be declared.
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Thursday, 26 April, 2012
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news tUtoRIAL
Macroeconomics lesson # 1 SBp holds workshop to educate journalists on macroeconomics
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KARACHI STAFF REPORT
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He central bank organized a two-day training workshop here on April 23-24 to familiarize the economic journalists with the basic macroeconomic indicators in the context of the country’s present economic situation. Titled as “Workshop on Macroeconomics for Journalists” the meeting was well attended by a number of journalists from print and electronic media at the Learning Resource Centre of the State Bank of Pakistan. The two-day event saw various departmental heads of the central bank educating the beat reporters on macroeconomic indicators on a level ranging from definitions to the issues, challenges and opportunities thereof. Riaz Riazuddin, SBP’s chief economic adviser on monetary policy, introduced to the meeting the functions and autonomy of the central bank. Also covered by him were inflation and its various forms like the Consumer Price index, Sensitive Price index, Wholesale Price index, core inflation, GdP deflator etc. dr. Mushtaq Ali Khan, chief economic adviser on policy development, talked on Key Macro indicators and the Real Sector including the Gross domestic Product, inflation, fiscal deficit, current account deficit, investment, savings, total debt, domestic debt, external debt, agriculture, industry and services.
Bulls wake up early, dominate proceedings g
Major Gainers
KARACHI
O
N Wednesday the bulls kept dominating Karachi stocks market with the benchmark, KSe 100-share index gained 85.15 points. The day saw the index closing up by 0.60 percent at 14,217.74 points against 14,132.59 points of second working day of the week. ”The KSe100 index managed to sustain again above the identified pivot level, which allowed it to spike yet again,” viewed Abdul Azeem of investCap. The analyst said the strength of the index was attracting buying interest as the market was able to hold its early morning gains. The trading volumes at the readycounter were recorded higher at 306.800 million shares against 297.163 million shares of the previous day. The trading value increased to Rs 8.688 billion compared to Rs 8.864 billion of the previous session. “The turnover of the market was at comfortable levels,” said Abdul Azeem. The intraday high and low, respectively, stood
Open
High
Low
Close
Change
Turnover
Unilever Food Bata (Pak) XD Indus Dyeing Wyeth Pak Ltd.XD Pak Oilfields
2031.07 655.49 350.03 730.00 380.77
2132.62 688.26 367.50 760.00 392.19
2031.07 650.00 350.03 735.00 381.71
2132.62 675.57 361.93 740.00 387.69
101.55 20 20.08 72 11.90 440 10.00 425 6.92 1,427,539
Major Losers Rafhan MaizeXD UniLever Pak Ltd Siemens Pakistan Sanofi-AventisXD National Foods
KSE index gains 85 points STAFF REPORT
Company
2615.32 6261.25 750.00 175.00 138.00
2650.00 6264.00 750.00 174.80 140.00
2581.50 6200.00 740.00 166.50 131.10
3.55 5.75 13.25 9.17 51.30
2.40 5.10 13.37 8.60 49.30
2589.85 6250.91 740.00 167.00 132.82
-25.47 186 -10.34 339 -10.00 102 -8.00 1,813 -5.18 16,450
Volume Leaders at 14,310.80 and 14,132.59 points. The market capitalization goes up to Rs 3.634 trillion from Rs 3.617 trillion a day earlier. Of the total 369 traded scrips, 127 gained, 183 lost and 59 finished as unchanged. The free-float KSe-30 index also gained 89.45 points to close at 12,472.32 points against the previous 12,382.87 points. iGi investment Bank was the day’s volume leader counting its traded shares at 26.964 million with the opening and closing rates standing at Rs 2.55 and Rs 3.55, followed by Lafarge Pakistan, PTCL, Lotte Pakistan PTA, National Bank XdXB and Jahangir Siddiqui Company Limited with turnover of 25.324 million, 19.084 million, 19.028 million and 17.175 million shares respectively. On the future market, the turnover plunged by over 2 million shares to 22.367 million against 24.885 million shares of Tuesday. The uniLever food and Bata Pakistan Xd, up Rs 101.55 and Rs 20.08, led highest price gainers while, Rafhan Maize Xd and uniLever Pakistan Limited, down Rs 25.47 and Rs 10.34 respectively, led the losers.
IGI Inv.Bank Lafarge Pakistan P.T.C.L.A 14.25 Lotte PakPTA National BankXDXB
2.55 5.49 14.70 8.63 49.29
3.55 1.00 26,964,725 5.30 -0.19 25,324,860 -0.88 19,084,560 8.79 0.16 19,028,542 49.65 0.36 17,175,886
Interbank Rates uS dollar uK Pound Japanese Yen euro
90.8633 146.2445 1.1189 120.0577
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
91.00 119.48 145.88 1.1033 90.98 11.57 24.70 24.20 93.24
91.60 120.60 147.21 1.1133 92.32 11.74 24.90 24.39 95.55
CORPORATE CORNER orient Centre inaugurated in Kasur
KASUR: Orient group of companies, a market leader and award-winning innovator in consumer electronics is expanding its network of ‘Orient Centre’s’ in numerous cities across Pakistan. Launch ceremony of the Orient Center was held at the newly established branch at Kasur. Mr. Ahmed fazal, executive director of Orient Group of Companies said: “Orient Center is a model of the Orient Retail Brand, providing world-class retail consumer experiences. We wish to spread the network so that our primary mission of being able to cater to every one in the nation is complete.” Orient Center is a solution for inspection and purchase of all Orient products. Customers will be able to find a wide range of consumer electronics produced by Orient, Mitsubishi and Samsung, with genuine warranties. PRESS RELEASE
2 day workshop by First Women Bank ltd LAHORE: A two day training fair for women organized by the first Women Bank Ltd. Business development & Training Centre has concluded in Lahore (Kinnaird College for Women) today. Highlighting the importance of the Business development & Training programme of the bank Ms. Charmaine Hidayatullah executive Vice President Head of Legal and Chairperson of the Women entrepreneurship development Committee (Wed) said that fWBL is fully committed to the goal of realizing the potential of women as active participants in the economic development of Pakistan by facilitating their access to entrepreneurial activities and formal employment. The Bank endorses Pakistan’s national and international commitment highlighted in the Beijing Platform for Action, 1995; the National Plan of Action for Women, 1998 and the National Policy for development & empowerment of Women, 2002. Ms. Shaheen Zamir Head of Marketing & entrepreneurship development of the bank briefed the participants about the training programme of the bank in general and Gender equity
Program of the bank in particular. Aurat foundation has awarded a grant of Rs. 13. 8 million to first Women Bank Ltd. under the Gender equity Program supported by the American people through uSAid. The pilot project will cover two fWBL Centres in Karachi and Lahore for a period of two years. Approximately 640 women will acquire entrepreneurial skills. Nearly 320 women will set-up and run their own businesses. All 640 women will be facilitated and made probable to access loans through fWBL and employability of trained women will be facilitated, she said. Ms. Shagufta Alizai Senior Technical Advisor development, Ms. Bushra Ahsan and Ms. Ayesha Arif of fWBL, Ms. Ruhi Syed of APWA and Ms. farha Jehangir Vice President Women Chamber of Commerce Lahore also spoke at the occasion. A credit desk was set up by the bank while entrepreneur’s stalls were also displayed. STAFF REPORT
growing demand for Islamic Investments KARACHI: The Annual islamic international Conference, organized by Al-Huda CiBe, was held yesterday in Karachi at a five-star hotel. The conference was attended by representatives from the financial sector who shared their ideas and discussed the future growth and challenges for the islamic funds industry. Speaking at the event, Mir Muhammad Ali, CeO of uBL fund Managers shared insights about the growing preference of islamic investment vehicles in Pakistan. He quoted that “according to recent research conducted by uBL fund Managers, 43% of the respondents preferred the islamic mode of investing over conventional avenues. Only 23% respondents were keen on investing in conventional investment vehicles.” PRESS RELEASE
pakistan Drug testing and Research Centre ptCL gains 11.3% growth in revenue LAHORE: “The construction of first international and earns net profit of Rs.1.4 billion in standard ‘Pakistan drug Testing and Research Centre’ in Punjab, a project of Punjab industrial estates 3rd quarter earnings for FY2011-12 (PiedMC) will be completed by end of June 2012.” ISLAMABAD: Pakistan Telecommunications Company Limited (PTCL) has gained net profit of Rs.1.4 billion in its third quarter earnings for fY2011-12 for the period ending March 31, 2012, while also showing a growth of 11.3% in revenue. “PTCL’s profits and revenue growth during third quarter of fY2011-12 is a strong indicator of our dynamic corporate direction as well as our customers’ continued satisfaction and trust,” said PTCL CeO & President, Walid irshaid, following a meeting of the company’s Board of directors held here today, which announced the Company’s ninemonths financial results for the period ending March 31, 2012. “Through optimal use of resource, we want to achieve enhanced revenue, greater levels of customer satisfaction, as well as improve our shareholders’ value,” said Mr. irshaid. According to the PTCL Bod announcement, PTCL’s group revenue stood at Rs.28.3 billion during the period under review, showing a growth of 9.7% over fY2010-2011. Of this, PTCL’s revenue was Rs.14.8 billion. despite the economic challenges faced by Pakistan, PTCL has remained strong throughout 2011-2012 in emerging segments of Broadband in Wire-line as well as Wireless, and other corporate services. PTCL was declared the leading operator in Pakistan by PTA’s 2011 quality of Service survey for providing the highest quality Broadband internet service to consumers. PTCL was declared the ‘Best South Asian Telecom Operator 2011’ by the global telecommunications forum, SAMeNA. “We are constantly innovating and improving our customer experience,” said Mr. irshaid, while recounting the successes of PTCL’s most recent business offerings. PRESS RELEASE
This was stated by S M Tanveer,PiedMC Chairman. in order to provide effective life saving drugs to the public, Government of Punjab is already vigorously working to establish a drug Testing Laboratory & Research Centre. Biological equivalence Laboratory will be part of the said laboratory for which Chief Minister Punjab Mian Shahbaz Sharif has granted Rs. 30 Million in order to expedite construction. Apart from
assisting 160 pharmaceutical units in Sundar industrial estate Lahore, it would help entire manufacturers of pharmaceuticals in the country to get speedy results of their products. The province of Punjab is leading the efforts to establish drug Testing and Biological equivalence Laboratory while federal Government is also working on it. STAFF REPORT
KARACHI: Etihad Airways, the national airline of the United Arab Emirates, and Sitara Mall recently announced the winner of their joint promotion “Next Stop UAE” from Faisalabad at the Sitara Mall. The grand prize of the Etihad Airways-Sitara Mall lucky draw was a Return Ticket to Abu Dhabi on Etihad Airways. Shown here is (L-R) Mr. Atif Shehzad, Sales Executive, Etihad Airways, Mr. Haseeb Ahmed, CEO, Sitara Mall, Shaikh Zeeshan Afaq, RM Gerry’ International, Mr. Faizan Alam Awan (the winner). PRESS RELEASE
nHA executive boards meet ISLAMABAD: NHA executive Board met under chairmanship of Chairman NHA Syed Muhammad Ali Gardezi here on Monday, in which countrywide schemes of the Authority were reviewed. Senior officers from Ministry of finance, Planning commission, Ministry of Communications, NH&MW Police, NeSPAK and NHA participated. in his opening remarks Syed Muhammad Ali Gardezi
termed roads and source of forging inter provincial harmony and socio-economic uplift. NHA is endeavoring hard to complete development projects as per schedule. Keeping in view the challenges faced by the country, financial disciplined is being observed, due to which highway projects are moving ahead satisfactorily. NHA is fully aware about the financial difficulties of the Government
and we are trying our level best to reduce load on national exchequer. To this effect, private sector is being involved in highway building schemes, and foreign investment needs to be encouraged. He said, Government of Sindh has approved a loan amounting to Rs. 2.5 billion for highway projects in Sindh province which will help gear up pace of progress there. PRESS RELEASE