PRO 26-05-2012_Layout 1 5/26/2012 12:13 AM Page 1
Urea? Seriously?
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profit.com.pk
Saturday, 26 May, 2012
All eyes on TAPI
OH NO!
Bangladesh wants to fit into the pipeline
Honey, I shrunk the reserves
ISLAMABAD
A
AMER SIAL
FTeR signing of the gas sale purchase agreement by Pakistan and India with Turkmenistan, Bangladesh has also approached the Asian Development Bank (ADB) for inclusion in the four nation gas pipeline project. An official source said Bangladesh has written a letter to ADB showing interest to join the project. He said there is no issue of gas supply and extending the pipeline to Bangladesh, as Turkmenistan has enough gas reserves. When asked how much gas Bangladesh was interested to import, he said their demand was less and could be provided as Afghanistan has refused its share. However, he said the pipeline plan will be initially executed between the four participating nations and Bangladesh could join in later. About the way forward on the project, he said that the project will be built completely by single sponsor, unlike the Iran Pakistan (IP) gas pipeline
which has a segmented approach. The search for the sponsor has started for the 1800 kilometer long pipeline that is estimated to cost more than $ 7.6 billion. There would be no difficulty in extending the pipeline to 2500 km if Bangladesh joins in, the source said adding that already upto 7,000 km long pipelines were in operation. After the main sponsor is finalized and financial close achieved, the detailed engineering design will be finalized to complete the project by mid 2017. About renegotiation of the IP gas price, the source said the process will be started soon as the price of Turkmen gas is less than the Iranian gas. There is a clause for renegotiation gas price in IP agreement, if Pakistan managed to get fewer price from any other source. The finalized price of Turkmen gas is 60 percent of the Brent price but comes to 70 percent at the border after inclusion of transit fee and other incidentals, the source said adding that at current level Pakistan will be having $ 1 billion in saving as compared to Iranian price. “We will be negotiating with
Iran to bring the prices at par with TAPI”, he said. Despite pressure from the United States, Pakistan plans to move ahead with the IP project to overcome the gas deficit of 2 billion cubic feet per day to counter the chronic power shortages of 5,000 MW that were slowing the GDP by 3 percent per annum. Pakistan is faced with a difficult situation to finance laying of the gas pipeline infrastructure for injecting the imported Iranian gas in the national gas transmission network. Recently a Chinese bank led consortium has backed out from financing the project due to US pressure. The government has imposed a gas infrastructure development cess from January 01, 2012 on all consumer categories except domestic and commercial to generate Rs 40 billion per annum to finance the project. If Pakistan fails to start importing gas from Iran from 2014, it will be liable to pay heavy penalty to Iran for its failure to import the natural gas. Iran has already informed Pakistan that the gas infrastructure on its side was 90 percent complete.
Shrinking LPG reserves jack up prices by Rs 5-6 per kg g
KARACHI STAFF REPORT
The marketing companies of Liquefied Petroleum Gas (LPG) have increased prices by Rs 5-6 per kilo after the depletion of 3,000 tons LPG surplus reserve in the country. This was stated by the Pattern-in-Chief of All Pakistan LPG Distributors Association and Chairman FPCCI Standing Committee on LPG Abdul Hadi Khan here Friday. He said after this increase, LPG would be sold at Rs 95-96 per kilo in Karachi, Rs 96-97 per kilo in Lahore, Rs 99-100 per kilo in Khyber Pukhtoonkhwa and Peshawar, and Rs 105-107 per kilo in Northern Areas, FATA, Mansehra, Batgram and AJK. Similarly, the price of 11.8 kg cylinder has been enhanced by Rs 5060 to Rs 970-980 in Karachi, Rs 10201030 in Lahore, Rs 1168-1180 in Khyber Pukhtoonkhwa and Rs 1240-1262 in Northern Areas, FATA, Batgram and AJK. Price of 45.4 kg cylinder has been decreased by Rs 210 to Rs 3732 in Karachi, Rs 3924 in Lahore, Rs 4495 in Khyber Pukhtoonkhwa and Rs 4858 in Northern Areas, FATA, Batgram and AJK.Hadi pointed out that LPG sale had been doubled in the last one month due to decline in prices, but soon after the depletion of surplus reserves, marketing companies have increased LPG prices which is again a matter of concern. He said that due to 5 to 7 times price cuts, LPG has come in the reach of common user and its sales surged to 80 percent. However, producers did not enhance their production in accordance with the rise in the sale and therefore marketing companies got the opportunity to raise the price on the pretext of supply shortages, he observed. Hadi said that the unexpected price rise has created problems for LPG distributors as well as consumers and they are worried. He expressed fears that prices may further go up as producers were not willing to increase their production. There are clear indications that LPG sales will come down in the country, he added. Hadi was of the opinion that the current energy crisis can be handled with the help of locally produced LPG. But, there is a need to bring down the price of LPG to make it available to common consumers and also as a substitute fuel for automobiles.
2 + 2 = 5, IF THE GOVT SAYS SO
Govt wants MWP to take math classes g
Power subsidy originally estimated at Rs 350 billion for next fiscal g Govt demands a recount, believes the number is Rs 50b too high ISLAMABAD AMER SIAL
After being informed that the power subsidy will remain around Rs 300 billion during next fiscal year considering estimated Rs 350 billion for the current fiscal year if the required administrative measures were not taken immediately, the government has directed the Ministry of Water and Power (MWP) to recalculate the subsidy keeping in mind various tariff scenarios to finalize their estimate for the next fiscal year. An official source said that the government was informed that
if it did not firm up its political will by passing on the complete power tariff differential to the consumers then the subsidy would be around Rs 300 billion in the next fiscal year. To reduce the subsidy, MWP proposed that the gas supply of 350 mmcfd given to the CNG sector should be immediately diverted to the power sector, which was getting only 175 mmcfd as compared to energy summit approved limit of 207 mmcfd. If the total demand of 900 mmcfd for the power sector was met, MWP assured there would be drastic decrease in load shedding and power subsidy and circu-
lar debt would be zero. However, the source said the government lacked the political will to annoy the powerful lobby of influential business groups who were getting uninterrupted gas supply for their captive power plants which were generating power at one third cost, as compared to the current determined tariff. The source said the Central Power Purchasing Agency (CPPA) is tasked to calculate power subsidy under various tariff scenarios. The final figure is likely to be finalized by May 29 after approval from the Ministry of Finance. However, he said the power subsidy
could not be decreased from the current fiscal year level, if the government did not firm up its resolve to bring in immediately the identified administrative reforms. The government’s lethargy in inducting professional management at the public sector entities like CPPA, NTDC, DISCOs and GeNCOs were also hindering the reform process, as the incumbent management were subtly involved in subverting the generation and distribution. The government had announced in October last year to complete the hiring process for professional management within a month to
expedite the reform process. He said that the historic low water inflows in rivers which have declined from 140,000 cusecs in mid May last year to 45,000 cusecs this year, was further compounding the problem, as more power was being generated from expensive furnace oil power plants. The government has also failed to implement the recommendations of the energy summit as markets were not closing at 8 pm. The single step will result in saving of 1400 MW during peak hour load. The demand side management is needed in the short term to counter the long black outs at night.
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Saturday, 26 May, 2012
news
Concerns mount over oil price hike
OSCARS FOR DUMMIES
UREA? SERIOUSLY? g
Fertiliser sector gives the ‘Who are you kidding!?’ award to the government owing to their decision to choose urea in lieu of furnace oil to solve the power predicament LAHORE
T
STAFF REPORT
He fertilizer manufacturers in Pakistan have urged the government to take advantage of their offer to buy locally manufactured urea instead of buying the same from international market by spending huge foreign exchange. Government should immediately stop importing urea in the country, which is already available for the current season and rather spend the foreign exchange for importing furnace oil for the power sector to overcome the energy crisis in the country. There is a huge financial crunch in the ministry of Finance and it is extremely difficult to comprehend why the Government is willing to spend money on importing urea when the fertilizer sector has already offered the same at nearly (half) the price – saving Government precious foreign exchange. A fertilizer sector sources maintained that in light of a huge power crisis with a gap of nearly 7000MW, the Ministry of Finance needs to ensure that the country’s precious foreign exchange should be spent on furnace oil to run the power sector which is cheaper than imported urea which is more expensive and is easily available in the domestic market. Fertilizer officials say that we want to help the government in this time of difficult economic conditions in the country by solving the power crisis in the most economically bene-
ficial and cost effective manner. If government postpones the decision of importing urea, which is already available in the country, it can spend the same foreign exchange for importing furnace oil for the power sector and bridge the demand and supply gap. TCP has already awarded a tender for importing 1 lakh tons of urea from the international market at a price of US$ 522.86 and it is planning to import 2 lakh tons of more urea in the country. Official informed that fertiliser sector had offered the government to buy 300,000 tons of urea at Rs 33,000 per ton inclusive of GST against government’s plan to import 300,000 tons of urea at Rs 48,103 per ton but it seems that instead of importing furnace oil to curb the severe
energy crisis in the country, government is interested in importing urea by spending heavy foreign exchange which can be used to import furnace oil for the power sector. The import of 300,000 tons of urea will cost 14.4 billion (at $522.86 rate) of foreign exchange and the Government will have to provide a subsidy of approximately Rs 5 billion for the import of 3 lakh tons of urea. On an energy basis, it is wiser for the Ministry of Finance to import furnace oil for the power sector which is cheaper than import urea. Industry sources revealed that the fertiliser industry had sent a letter to the Ministry of Finance and requested it to buy the proposed 300,000 tons of urea from the domestic market at a reasonably lower price. Referring to eCC's decision to import 300,000
tons of urea in the country, the industry sources says that the fertiliser industry had urged the government to avoid importing urea at such exuberant price and instead buy the same from domestic urea manufacturers at a very nominal price. Industry sources said that Fertiliser industry was given some hope at highest level that the government might defer the decision of importing urea if domestic fertiliser industry offered the same at a reasonable price but all in vain. The letter also said that the fertiliser industry had a urea stock readily available and if government agreed to their cost-saving proposal, it could immediately deliver the required urea at government's nominated warehouses against 100% advance payment. After receiving the offer from fertiliser sector, the Finance Ministry informed that it was seriously weighing its options, as this offer seems lucrative in terms of saving foreign exchange as well as to avoid giving the subsidy on imported urea. Fertiliser industry was hoping to receive a positive feedback from the government on this lucrative business offer by the domestic industry, source said. Already two fertiliser plants on SNGPL network, Pakarab and Agritech have started production from May 12, 2012 which would improve the availability of urea in the market. "The government should rather make a win-win situation for the industry and farmers both, an opportunity to save billions of rupees in a single import transaction the official said.
WHO’D HAVE THOUGHT?
CNG price hike is a bit of a turn off for APCNGA ISLAMABAD ONLINE
All Pakistan CNG Association has demanded of the government to announce reduction in gas load shedding for CNG, withdraw illegal increase of Rs 11.50 and rollback cess tax. The central chairman of All Pakistan CNG Association while addressing a press conference in Islamabad, he said that if government does not take back all these steps then we will close down all the CNG and Petrol Pumps of the country for strike. The final program for strike and stage a sit in will be announced on Tuesday. Ghiyas Paracha said that the proposal for imposing more CeSS tax and CNG and increase of CNG retail price will crush CNG industry. Both the proposals are unjust with 4 Million vehicle
owners and 50 Million CNG consumers. “ CNG sector consumes only 7% percent of Gas and gives 21% revenue which makes it one of the most profitable sector for government”, Ghiyas Paracha added. He said: “We will not let LPG to disturb 50 million consumers and 4 million vehicle owners and an economical travel facility of the middle class of our country.” He said they have given a comprehensive formula to enhance government’s revenue and gas shortage this plan will resolve the electricity and energy crisis of the country. “With the help of our formula government will earn more than 78 billion monthly extra revenue which will help to meet government’s circular debt. He said that in summer season LPG is at the cheapest price, the imported LPG is substandard, if it may provided to public absolutely free
even then it is not feasible and suitable for public. Only some selfish persons want to import substandard LPG and snatch it from poor consumers. Ghyas Paracha said that for benefit of some selfish persons how government can give loss to 40 million people and snatch cheaper travel facility from price stricken masses of the country. He said that New Taxes in budget would boost up the inflation and people can never purchase 100 rupees kg CNG. The conspiracies to shut down CNG sector will give lose of trillions to government and public and we would not let LPG to disturb 50 millions consumers and 4 million vehicle owners. He said that there must be some enemy in the government who wants to defame and fail the government in the next elections so why he is floating these type of anti public ideas and proposals.
g
Manufacturers condemn NRL decision to up lube base oil price by Rs3.50/liter KARACHI STAFF REPORT
Attock Oil Refinery (AOR) has increased the prices of lube base oil by Rs 3.50 per liter which would result in sharp increase in all the lubricating oils adding another burden of Rs5 per liter to the end consumers. All Pakistan Lubricants Manufacturers Association (APLMA) Chairman Mian Zahid Husain condemned this arbitrary act of refinery and said this was second increase by the AOR and NRL in short span of one month while fifth increase in four months’ time. He warned that this increase could result in the price spiral of every brand of lubricating oil by another Rs3.50 per litre. While demanding to impose a price control mechanism on lube base oil manufacturers, Mian Zahid informed that Attock Refinery, the major shareholder of lube base oil manufacturers National Refinery has so far increased the price by Rs42.50 per litre in the last 12 months and this is fifth announcement of price increase in lube base oil during the period.
If you’re happy and you know it clap your hands g
ABF president in high spirits owing to TAPI agreement LAHORE STAFF REPORT
President American Business Forum (ABF) Salim Ghauri has welcomed signing of TAPI pipeline agreement between Turkmanistan, India and Pakistan to deliver gas through a new pipeline that will transit Afghanistan. The 1,700-kilometre (1,050-mile) TAPI pipeline aims to transport more than 30 billion cubic metres of gas annually from Turkmenistan to energy-hungry consumers in Pakistan and India as well as relieving shortages in Afghanistan. Salim said signing of TAPI pipeline agreement is a historic event, carrying an importance of not just of regional but of world scale. He has expressed the hope that the TAPI pipeline project, tough an ambitious one given the turbulent and instable path to lay down, will spread peace and help our region flourish. The pipeline’s route would take it straight through the region’s most turbulent locales, including conflict-torn Helmand and Kandahar provinces in Afghanistan as well as Quetta in Pakistan, where tribal unrest is common. However, Salim expressed the hope that the rising energy demand in countries like India and Pakistan ahead would lead the measures relevant to security and safety of flow of 90 million cubic meters of natural gas dream pipe. President ABF has appreciated the efforts of Petroleum Minister Dr Asim Hussain and expressed the hope that present agreement would pave the way for a stable, strong and prosperous Pakistan ahead.
TRADE TEMPTATIONS
KSE lures in investors… or at least tries to g
UEyes 0.5mn investor base for equity market by 2014 KARACHI STAFF REPORT
The Karachi Stock exchange (KSe) is launching an awareness program with an aim to expand the investor base at the equity market up to 0.5 million within next two years. The Investor Awareness Program (IAP) envisages expanding outreach and awareness of financial services industry, enhancing market confidence and reducing the investors’ vulnerability to fraudulent investment schemes. “The program intends to achieve a CDC Investor base of 500,000 by the end of the calendar year 2014,” said Nadeem Naqvi, Managing Director KSe, in a statement issued on Friday. According to Naqvi, country’s overall in-
vestor base in capital markets is significantly lower than regional countries. He said a small investor base not only meant that market volatility was elevated but also that a very large number of savers in Pakistan were not participating in an asset class that had provided real positive returns (after accounting for inflation) over the last two decades whereas, traditional financial asset classes such as National Savings Schemes and 10-years government bonds had barely kept up with inflation while bank deposits have actually provided negative real return thus causing loss of savers’ purchasing power. A major reason for such a small investor base was clearly insufficient attention to marketing and investor
awareness generation by capital market institutions and participants. Furthermore, whatever marketing had traditionally been done, it had focused on specific shares and had had a trading orientation. “The fact of the matter is that most investors are generally risk averse,” Naqvi aded. Therefore, the investors tend to stay away from investments perceived as having high risk of volatility and loss, he said. Unfortunately, this means that they also miss the opportunity to obtain above inflation return on the investments which could protect the purchasing power of their savings. In the above context, and under the guidance and active participation of the SeCP, Capital Market Institutions i.e. all
stock exchanges, CDC, NCCPL, MUFAP and Institute of Capital Markets (ICM) are in the final stages of commencing a nationwide, comprehensive and sustained investor awareness program in the second half of calendar year 2012. The key characteristic of this program is to focus on personal financial planning (for individual investors) and show how a systematic and dedicated financial planning process can help investors achieve their long term goals whether it be financial independence upon retirement, specific objectives such as children’s higher education, marriage, etc., or saving enough equity for house purchase. The equities play an important but partial role in this scheme of things and the marketing and selling ap-
proach needs to focus on the overall savings plan for investors. To finalize the IAP based on member community input, assessment and support to collaborate activities, the KSe has asked the members for their suggestions to be submitted latest by May 31 along with nominations for the KSe’s “TRAIN A TRAINeR” program. The nominated representatives shall be provided all necessary material, training and coaching to enable them to conduct presentations, seminars and handle questions from prospective investors. The focus will be on personal financial planning, asset allocation and characteristics of various investment vehicles rather than individual brokerage house projection.
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Saturday, 26 May, 2012
03
news TRADE FLAVOURS
Variety is the spice of life for LCCI g
Major Gainers
BUDGET TURNS INTO HONEY
Calls for strategy to diversify exports LAHORE ONLINE
The Lahore Chamber of Commerce and Industry (LCCI) Friday called a well thought-out and well-designed strategy to diversify exports to other emerging markets as europe and North American markets continue to face downward pressures since the beginning of global economic downturn. In a statement issued here, the LCCI President Irfan Qaiser Sheikh said that the contraction in euro zone’s private sector has further darkened the shadows over the global economy and its spillover may hit Pakistan's private sector therefore the diversification of exports is the only way out. The LCCI president said that in the Gulf region, Saudi Arabia and Qatar has lot of business potential while Turkey and African region are other promising markets. "If we do not act now, the economy runs the risk of a downward spiral of uncertainty, financial instability," he said. The LCCI President said that an appropriate economic roadmap backed by a well thought-out implementation and monitoring mechanism, is a prerequisite to economic revival of the country. He said that the private sector has the ability to make this country a hub of economic activities. He said that if the situation remains the same for quite some time, a large number of businessmen would not be able to pay their dues to the banks and would be bound to default.
Bears smell honey, bulls run over it KARACHI,
S
STAFF REPORT
TOCKS closed lower as investors remained cautious ahead of federal budget announcements due next week. Viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited. The Karachi Stock exchange (KSe) 100-share index declined 11.86 points or 0.09 percent to close at 13,925.06 points as compared to 13,936.92 points of the previous session. The KSe 30-share index shed 8.99 points to close at 12,090.20 points as compared with 12,081.21 points. The market turnover remains negative and traded 1.652 million shares after opening at 1.775 million shares. The overall market capitalization declined 0.01 percent and traded Rs 3.5627 trillion as against Rs 3.3.5628 trillion. Losers outnumbered gainers 155 to 123, while 83 stocks were unchanged. Mehanti added “Uncertain global stocks and lower global commodities on possible Greece exit from eurozone and limited foreign interest affected the sentiments.” The KMI 30-share was down by 73.55 points to close at 24,120.35 points from its opening at 24,046.80
points. The KSe all-share index closed with a loss of 0.95 points to 9,802.02 points as against 9,802.97 points. The Hub Power Company was the volume leader in the share market with 27.071 million shares as it closed at Rs 40.97 after opening at Rs 39.02. Bank Islami Pakistan traded 13.923 million shares as it closed at Rs 11.20 after opening Rs 10.20. P.T.C.L.A traded 12.513 million shares as it closed at Rs 15.87 from its opening at Rs 15.39. Lafarge Pakistan traded 10.348 million shares and closed at Rs 4.77 as against its opening at Rs 4.42. D.G.K Cement traded 9.887 million shares as it closed at Rs 42.77 as compared to its opening at Rs 42.08. He said that the rising local cement prices invited institutional interest despite of uncertainty over Pak-US relations and disbursement of US aid pending progress over NATO supplies. On the future market, the turnover recovered remarkably by over 6 million shares 29.056 million against 22.258 million shares of Thursday. The Unilever Pakistan XD and Mithchells Fruit and, up Rs 43.05 and Rs 12.23, led highest price gainers while, Nestle Pakistan Limited and Wyeth Pakistan Limited down Rs 46.41 and Rs 11.33 respectively, led the losers.
Company
Open
High
Low
Close
Change
Turnover
UniLever PakXD Mithchells Fruit Pak Services Philip Morris Pak. Mehmood Tex
7190.83 260.88 155.26 146.23 94.58
7500.00 273.92 162.89 153.54 99.30
7150.00 250.00 155.26 141.26 98.50
7233.88 273.11 162.89 153.39 99.30
43.05 12.23 7.63 7.16 4.72
674 285,876 200 9,987 600
Major Losers Nestle Pakistan Ltd. Wyeth Pak Limited Shezan Inter. Island Textile Attock PetroleumXD
3955.16 811.43 216.82 190.00 448.97
LAHORE: The spokesman of National Transmission and Despatch Company Limited (NTDCL) has said that more than 600 MW power generation has been brought back to the national grid due to improvement in gas and oil supply to the power plants during the last one day. The spokesman said that electricity demand has increased due to hot weather which outstripped the power generation and enhanced the gap between demand and supply, however, the average shortfall these days is about 5,000 MW. Dilating upon the power situation, the spokesman said that the hydel generation has reduced more than 2000 MW as compared to previous year due to less inflow in Tarbela and Mangla Reservoirs. The inflow in both reservoirs was recorded 200,000 – 250,000 cusecs which has reduced to 70,000 – 80,000 cusecs only. The spokesman further said that although efforts have been made to boost thermal generation to full capability and major thermal plants of both GeNCO’s and IPPs i.e. Jamshoro, Kapco, Hubco, Liberty Power, Saif, Saphire, Orient and Halmore, which were out from the system have been brought on the bar by improving gas and fuel supply and more than 600 MW has been added during last one day. According to the report of Meteorological department, the melting process of glacier has started and hopefully water inflow in Reservoirs will improve in a couple of days. Resultantly, the generation capacity will be enhanced and will help in reducing the severity of energy crisis, he added. The spokesman appealed to the valued consumers to adhere to energy conservation measures for clipping down the persisting demand.
Hub Power Company Bankislami Pakistan P.T.C.L.A Lafarge Pakistan D.G.K.Cement
3908.75 800.10 210.01 183.25 443.36
40.97 11.20 15.95 4.84 43.20
39.10 10.10 15.31 4.40 42.21
40.85 11.20 15.87 4.77 42.77
-46.41 -11.33 -6.81 -6.75 -5.61
34 1,111 10,704 160 65,432
39.02 10.20 15.39 4.42 42.08
1.83 1.00 0.48 0.35 0.69
27,071,945 13,923,919 12,513,800 10,348,551 9,887,000
Interbank Rates US Dollar UK Pound Japanese Yen euro
91.7953 143.7882 1.1536 115.5060
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
92.40 114.97 143.78 1.1497 88.97 11.75 25.08 24.58 89.41
93.00 116.31 145.43 1.1627 90.50 11.95 25.34 24.82 91.89
POWER PLAY FROM THE STATES signed between the organizations to promote Meezan Car Ijarah products for Pak Suzuki automobiles in Pakistan.
LG‘s new home theatre systems to disrupt home entertainment like never before KARACHI: LG electronics is launching four new home theater systems in Pakistan equipped with LG’s latest 3D sound technology and following their successful debut at this year’s Consumer electronics Show (CeS). By combining its 3D Home Theater Systems with the company’s popular CINeMA 3D Smart TVs, LG aims to solidify its position as the leader in 3D home entertainment. “Whether it’s TVs or audio systems, LG continues to offer the most immersive 3D home entertainment experience possible,” said Mr D.Y. Kim, President of LG electronics Gulf FZe. “Our CINeMA 3D Smart TVs will now be accompanied by a wider variety of CINeMA 3D SOUND HOMe THeATeR products that offer consumers a complete 3D experience and further strengthen LG’s leadership in 3D.” The BH9520TW incorporates LG’s very own 3D Sound Zooming technology, which constantly synchronizes sound output with the location and movement of the on-screen 3D images on a CINeMA 3D Smart TV. In turn, 3D Sound Zooming plunges the viewer into the middle of the action, as the events that unfold on their 3D TVs immerse and surround the viewers as both images and sound in real 3D. 3D Sound Zooming is capable of generating variety of depth in sound based on a complex algorithm that analyzes the varying depth of numerous on-screen objects displayed on the 3D TV. Such immersive 3D sound quality is enhanced further by the BH9520TW’s 9.1 speaker sys-
tem, which adds four Upright 3D Speakers to the 5.1 channels of a conventional home theater system. The four Upright 3D Speakers pump sound upward, ensuring that the vertical space is completely filled with sound. Meanwhile, a 360º Reflector inside each of the Upright 3D Speakers reflects sound in all directions, creating acoustics as rich as those in a concert hall.
Uncle Sam lays it on the line g
Nestle Pakistan announces new MD LAHORE: Nestlé Pakistan, the world's leading Nutrition, Health and Wellness Company has announced change in responsibilities of Ian James Donald as the Managing Director of Nestle equatorial African Region (eAR). In his place, Magdi Batato will take the responsibilities as the new Managing Director of Nestlé Pakistan with effect from May 25, 2012. Ian Donald has been Managing Director at Nestle Pakistan Limited since September 1, 2009. He was deputed from Nestle Malaysia Berhad, where he served as a Director of Ice Cream, Chilled Products & Associated Businesses. Under his leadership, Nestle Pakistan succeeded in delivering robust financial results despite the economic slowdown and flood crises in the country, which hit livestock sector and affected production channels of the company. Prior to being assigned new responsibilities, Magdi Batato was the Group Technical & Production Director for Nestlé UK and Ireland. Magdi joined the Group in 1991 in Switzerland and has pursued a highly successful factory and technical management career in Switzerland, Germany, Lebanon , South Africa, Malaysia, UK and Ireland.
Meezan Bank, Pak Suzuki sign accord on Residual Value Car Ijarah KARACHI STAFF REPORT
Meezan Bank, country’s first and largest Islamic commercial bank, would launch Residual Value Car Ijarah for Pak Suzuki Automobiles. In this regard, Ariful Islam, COO and executive Director of Meezan Bank, and Hirofumi Nagao, Chief executive and Managing Director of Pak Suzuki, signed the MoU at a ceremony held here at Meezan House. As part of the agreement both companies would run a joint campaign for the promotion of the both normal and residual Ijarah product for Pak Suzuki automobiles under the product umbrella of Meezan Car Ijarah (auto finance). Pak Suzuki would provide priority delivery to the bank’s customers who avail Car Ijarah for Pak Suzuki vehicles. Meezan Car Ijarah was launched in 2002 and was the first and most successful Islamic Auto finance product in the country. The Residual value Ijarah allows customers the flexibility and freedom to pay a lower monthly rental. This is a second joint campaign MOU
3890.00 800.00 205.98 181.01 440.00
Volume Leaders
CORPORATE CORNER 600MW power generation brought back to national grid: NTDCL
3996.97 819.00 226.66 199.50 455.80
LAHORE: Prof. Sohail Afzal, Executive Director, Punjab Group of Colleges and Allied Schools sign KFC School Partnership Programme with Sohail Masood, Senior Brand Manager, KFC Pakistan North Region.
USAID starts programme for Pakistani linemen ISLAMABAD ONLINE
United States Agency for International Development (USAID) has launched “Quick Impact Lineman Training Program” through the US Government aimed at help in saving thousands of linemen in Pakistan. At the concluding session of the training program held on Friday at the WAPDA Staff College, Deputy Chief of party of USAID’s Power Distribution Program officially handed over linemen safety training tools to the Regional Training Centre (RTC), Islamabad electric Supply Company (IeSCO). USAID has already provided safety trainings to over 415 linemen of Hyderabad electric Power Company (HeSCO) and will provide training to thousands more in the coming months. While addressing the trainees and visiting dignitaries, Mr. Saleem Arif, Deputy Chief of Party USAID Power Distribution Program said, “The U.S. Government recognizes the importance of safety and the part it plays in system reliability and loss reduction.” “We are committed to developing the right resources for linemen to help drastically improve their safety and facilitate their work,” he noted. In closing, Saleem Arif stated, “The U.S. Government supports Pakistan to bring improvements to DISCOs’ systems to improve electricity availability and flow to the consumers.” US Secretary of State, Clinton, to support Pakistan’s energy situation, announced the three-year USAID Program in 2009. Through this program of Power Distribution, the US Government provides assistance to the Government of Pakistan in its efforts to reform the power sector and thus mitigate the energy crisis. The program is helping government-owned electric power distribution companies to improve their performance in terms of reduced losses, increased revenues, and enhanced customer services.