PRO 29-01-2013_Layout 1 1/28/2013 11:53 PM Page 1
Tuesday, 29 January, 2013
Pakistan-China bilateral trade crosses $12 billion mark ISLAMABAD
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PPI
HE overall bilateral trade between Pakistan and China in 2012 crossed the figure of $12 billion for the first time according to the latest data released by China Customs. “This puts us firmly on track to achieve the target of $15 billion in the next two to three years, said Pakistan Ambassador to China Masood Khalid following the news. “The leadership of the two countries has paid special attention in augmenting and cementing trade relations between our two countries and bringing them at par with our strategic partnership and political relations,” the Ambassador added. The data shows that Pakistan-China
FDI surges by 6% during July-December ISLAMABAD APP
Pakistan during July-December 2012 attracted a Foreign Direct Investment (FDI) of US$ 562.8 million compared to US$ 531.1 million received during the corresponding period last year. “The 6 percent increase in the FDI inflows during the first six months is a manifestation of investor confidence on the prudent economic and investment friendly policies of the present democratic government which would further improve in the days to come,” said Minister of State for Finance and Economic Affairs Saleem H Mandviwalla, who also chairs the Board of Investment (BoI). “An improvement in the foreign direct inflows is mainly driven by the investment in the oil and gas exploration and financial sectors by global companies in the country,” said Mandviwalla. This, he said was a sign of hope despite all the problems Pakistan is facing.
Lucky Cement reports higher profit KARACHI STAFF REPORT
Lucky Cement Company has posted an increase of Rs 1.685 billion in profit after tax for the half year ending December 31, 2012. According to financial results sent to KSE on Monday, the profit before tax surged to Rs 5.165 billion compared to Rs 3.480 billion in the same period last year while earning per share improved to Rs 13.27 over last year’s Rs 9.33.
Attock Cement declares 30% dividend KARACHI STAFF REPORT
Attock Cement Company has posted a profit after tax of Rs 1.198 billion for the half year ending December 31, 2012 and announced an interim cash dividend of Rs 3 per share. According to financial results sent to KSE on Wednesday, the profit before tax surged to Rs 1.198 billion compared to Rs 763.100 million in 2011 and earning per share improved to Rs 9.62 over last year’s Rs 5.10.
trade increased by 17.6% to a total of $12.4 billion in 2012. In a welcome development, Pakistan’s exports to China increased by 48.2% to $3.14 billion while imports from China increased by 9.9% to $9.2 billion. The two way trade in 2011 was $10.6 billion. The biggest increase in Pakistan exports to China in 2012 has been in textiles and textile articles, vegetable products, ores and mineral products,
leather goods and base metals. Similarly, major imports from China include machinery and mechanical appliances, textiles and textile products, metals, chemical products, mineral ores, plastic scrap and transport equipment. Ambassador Khalid praised the role played by the Ministry of Commerce, Trade Development Authority of Pakistan and the Pakistan Federation of Chambers and Commerce in boosting
the trade between the two countries. He said Pakistan also actively participated in a number of fairs last year such as the Eurasia Expo, Canton Fair and Kunming Fair which provided exhibitors from Pakistan to display their products and helped boost exports. Pakistan traders have been especially focusing on textiles, leather, sports goods, precious stones and handicrafts, he said. “We hope to build on this momentum and further increase our trade in future,” said Ambassador Khalid. More trade delegations from Pakistan would be encouraged to visit China and participate in the fairs, he said. “We have an excellent and broad economic architecture in place between our two countries. In order to exploit it fully, it is vital to diversify our export basket, introduce value addition and provide better quality of goods and services,” he added.
Ambassador Olson, American Business Forum sign OSAC MoU LAHORE INP
An MoU was signed in Lahore on Monday establishing and delineating working relations between the American Business Forum and the newly formed Overseas Security Advisory Counsel (OSAC). The OSAC MoU was signed by, both, Ambassador of the United States to Pakistan Richard G. Olson and American Business Forum (ABF) President Salim Ghauri. OSAC International Security Director Ira Russ was the Guest of Honour at the signing ceremony. Ambassador Olson hailed efforts by ABF for promotion of good business relations between US companies and Pakistani business concerns. He said in a rapidly globalising economy, these efforts would go a long way to turn the tide of worldwide recession. Ghauri thanked Olson and reaffirmed ABF’s commitment to establishing an effective bridge between the US and Pakistani economies for the benefit of all. Per the working MoU, OSAC Country Councils will serve as a liaison between the US private sector operating overseas and US embassies
KCCI protests FIR against Baldia factory owners KARACHI STAFF REPORT
The Karachi Chamber of Commerce and Industry (KCCI) expressed its reservations over the way the Baldia garment factory fire incident was handled by authorities, and called for an impartial investigation into the matter. “The Chamber and all the business and industrial community of the city had reservations from day one in handling of this tragedy. Instead of conducting a fair and impartial investigation, and then assigning responsibility, an FIR was lodged against the owners under PPC 302 (premeditated murder) along with other clauses pertaining to negligence etc.,” said a KCCI statement issued on Monday. Calling for the arrest of those responsible for the deadly September 11th inferno, the KCCI said the culprits must be punished per law of the land. Reacting to the ongoing debate all over the media and the Parliament over the incident of deadly fire at the ill-fated garment factory, Ali Enterprises in Baldia Town, KCCI reiterated its position on the matter for all those concerned. The KCCI’s point of view is that it was undoubtedly a horrible incident and the loss of 259 lives is a colossal tragedy and by all means it should be investigated fairly and responsibility be fixed where due, said the statement.
KATI demands immediate recovery of Pharma company officials KARACHI NNI
and consulates around the world. The Lahore, Pakistan Country Council has been established to exchange useful and timely information among the US Consulate, the ABF, and American-owned organisations, American-based non-governmental organisations, faith-based groups, and academia. ABF is a non-profit body formed by Pakistani businesses in USA. Formed in 2009, its purpose is to provide a platform to American compa-
nies for business expansion, resolution of issues and attracting FDI in Pakistan. In this regard, interaction with provincial as well as federal governments is a key objective. ABF endeavours to play a key role in promoting trade and investment which are vital for the economic revival of Pakistan. This member-focused association aims to help the general public by development of human resource in Pakistan and convincing people in fulfilling their social responsibilities.
Trade and industrial associations condemned the kidnapping of a Karachi pharmaceutical company’s officials by Punjab Police from outside a Lahore sessions court. Korangi Association of Trade and Industry (KATI) Patron In-Chief S M Muneer, Chairman Zubair Chhaya, All Karachi Industrial Alliance (AKIA) President and Pakistan Businessmen and Intellectuals Forum (PIBF) Chairman Mian Zahid Hussain and Vice Chairmen Najmul Arfeen and Niaz Ahmed termed the act as highhandedness and an act of bypassing the court. They said according to media reports, four to six cops in civvies picked them up and bundled them into an Elite Police Force van at gunpoint. The local police are yet to register an FIR, even though four days have passed since the incident, they added. The sessions’ court also assigned a bailiff to recover the personnel on Thursday and, on Saturday with the recovery of the two officials, declared the police act as a contempt of court. However, the bailiff could not recover the persons from any police station, including the CIA Police.
Pakistan-Nigeria Joint Commission on bilateral trade to be established LAHORE STAFF REPORT
Nigeria-Pakistan Joint Commission would start working soon to further strengthen bilateral trade and investment relations as all arrangements have been finalised to ink an agreement in this regard by the end of next month, said Nigerian High Commissioner to Pakistan Dauda Danladi while speaking at the Lahore Chamber of Commerce and Industry on Monday. The High Commissioner said establishment of the joint commission is proof that the two sides are well on their way to reap the economic potential in Pakistan and Nigeria. He said this single step would help raise the volume of two-way trade to $1 billion by the end of next year. He said Nigeria offers great investment opportunities to Pakistan in a number of areas including oil and gas, minerals and mining, agriculture and livestock and poultry and fisheries.
He said investments made in Nigeria are not only fully guaranteed by the government but would also give rich dividends for investors. He said 100 percent import and export exemption and complete repatriation of capital and profits is allowed on investments made in four free trade zones in Nigeria. Speaking on the occasion, the LCCI President Farooq Iftikhar said Pakistan does consider the value of strengthening trade and economic relations with Nigeria keeping in view the huge market of Africa. Iftikhar said Pakistan and Nigeria are also members of Organization of the Islamic Cooperation (OIC) and have friendly and strong diplomatic relations. He said Nigeria is one of the major member states of the African Union and is classified as an emerging market rapidly approaching middle income status. However, he said this relationship has not been translated into tangible economic ties because Nigeria unfortunately does not figure prominently among the
trading partners of Pakistan. The downward trend in exports of Pakistan to Nigeria and overall downfall in bilateral trade is a matter of concern, he said. Major export items from Pakistan to Nigeria are medicament mixtures, cotton fabrics, woven fabric of synthetic fiber,
tractors, garments, and electro-medical apparatus. Items of imports from Nigeria to Pakistan comprise cotton, raw hides & skins, pharmaceutical products and articles of rubber. Iftikhar said Pakistan is capable of facilitating the Nigerian market with better quality products at competitive rates.
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Business 02
Tuesday, 29 January, 2013
TDAP to ensure increase in Pakistan’s exports
5th Pakistan Oil & Gas Forum to be held on February 27
LAHORE STAFF REPORT
Trade Development Authority of Pakistan (TDAP) has worked out a plan to ensure substantial increase in Pakistan’s exports as the country has the potential to cater to the world said TDAP Chief Executive Abid Javaid Akbar while speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Monday. LCCI President Farooq Iftikhar, Senior Vice President Irfan iqbal Sheikh, Vice President Mian Abuzar Shadand others also spoke on the occasion. Abid Javaid Akbar said Pakistan’s exports could go up to $50 billion in the coming years as the TDAP has adopted a focused approach on the basis of information it is receiving from 45 Pakistani missions abroad. The TDAP chief executive also hinted at the possibility of starting barter trade with D-8 countries that have weaker banking and financial systems. He said that this proposition was discussed especially with Iran and Nigeria during the recently concluded D-8 Summit. He said TDAP is ready to work with LCCI proposals regarding holding of exhibition at Lahore Expo Centre and patronising the chamber’s delegations to various global destinations. He further said that presently the TDAP is working on creating awareness among businessmen about right market places in the world. Speaking on the occasion, the LCCI President Farooq Iftikhar urged the TDAP to focus on exploring the market for Pakistani value added items as about one half of Pakistan’s exports go to seven countries only while one fourth exports consistently find their way in the European Union. He said that there is a lot of potential of trade with regions and countries like SAARC, ASEAN, OIC, Central Asian Republics, Middle East, Africa, China, Iran and India, but unfortunately no strategy has been adopted to tap this potential.
Major Gainers COMPANY
OPEN
HIGH
LOW
CLOSE
CHANGE
TURNOVER
Indus Dyeing
590.00
619.50
594.99
619.50
29.50
1,000
National Foods
262.00
275.00
268.00
271.03
9.03
5,200
Pak Services
159.60
167.58
167.00
167.39
7.79
400
AL-Ghazi Tractors 222.93
230.00
224.00
230.00
7.07
2,000
Gatron Ind.
156.00
149.00
156.00
7.00
1,000
9999.00 392.30 359.90 173.00 110.11
9900.01 392.30 327.75 164.50 110.11
9969.67 392.30 330.00 164.50 110.11
-30.33 -17.00 -15.00 -8.50 -5.79
100 100 300 300 1,500
7.02 15.05 13.67 6.88 52.89
6.75 14.31 13.01 6.45 50.96
6.89 14.74 13.27 6.66 51.15
0.15 0.63 0.29 0.39 -0.23
16,948,500 14,083,500 13,720,500 13,372,500 6,977,500
149.00
Major Losers UniLever Pak Shezan Inter. Sanofi-Aventis Pak Sapphire Fiber Blessed Tex.
10000.00 409.30 345.00 173.00 115.90
Volume Leaders
ISLAMABAD
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PPI
HE 5th Pakistan Oil & Gas Forum 2013, organised annually by Shamrock Conferences International will be held on 27th February at Islamabad. The theme of this year’s premier oil and gas meeting is “Enhancing, Exploring and Sustaining Energy Needs-Searching Pakistan’s Road to Economic Development”. Federal Minister for Petroleum and Natural Resources Dr Asim Hussain will be inaugurating the conference which comes at a crucial juncture in the quest for addressing the country’s energy challenges and the gas crisis. The annual event held in Islamabad attracts a cross-section of senior officials from the government and regulatory bodies, key decision makers from the petroleum and natural resources industry, top management cadres of E&P companies, refineries and off-
shore companies, professionals and experts in the sector, investor-groups, opinion formers and writers/observers in the oil and gas industry. Shamrock Conferences International Chairman and Convener of the 5th Pakistan Oil & Gas Forum 2013 Menin Rodrigues said at the announcement, “Pakistan is in the midst of a critical situation with key decisions in the offing that promise to solve some of the major energy issues. There are projects, agreements and negotiations on the anvil that will determine the viability of our growth potential in many spheres; and the conference will address all these important issues”. Researched papers, presentations and speeches by senior executives and experts in the industry will made in the three interactive sessions which include, ‘Diversifying the Energy Mix: Pakistan’s road towards Alternative Energy’ ‘Solutions, Gas: Balancing the Demand and Supply Equation’ and ‘Pakistan and the World’s Energy Industry’.
Fauji Cement Jah.Sidd. Co. Byco Petroleum TRG Pakistan Ltd. D.G.K.Cement
6.74 14.11 12.98 6.27 51.38
Interbank Rates US Dollar UK Pound Japanese Yen Euro
97.5951 156.2887 1.0976 130.2406
Forex Rates BUY US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
98.70 130.40 156.37 1.0900 98.83 12.45 26.70 26.15 102.62
SELL 99.40 132.61 158.97 1.1074 101.12 12.77 27.10 26.54 105.81
CORPORATE CORNER HBL -Cinepax Limited Alliance
KARACHI: Habib Bank Limited (HBL) - Pakistan’s largest bank - signed a business alliance agreement with Cinepax Limited, Pakistan for working on different initiatives ranging from installation of HBL ATMs to branding and promotional activities across Cinepax’s countrywide network of cinemas. The agreement was signed by Faiq Sadiq - Head, HBL Payment Services - and Hashim Raza - COO, Cinepax Limited. “HBL aims to partner with the entertainment industry in Pakistan in order to create value for its existing and prospective customers by providing them access to smart financial solutions beyond the traditional means of banking”, said Mr. Faiq Sadiq. PR
Qatar Airways expands route network in Iraq
services to its third city in the country. On the back of passenger demand to Iraq, Qatar Airways viewed expansion as being vital, fuelled by the country’s reconstruction drive. The arrival of Qatar Airways’ flight QR 742 at Al Najaf International Airport was welcomed by a traditional water salute followed by a reception presided by local officials. Fathi Al Shehab, Qatar Airways Senior Vice President GCC, Levant, Iran and Indian Subcontinent, led an official delegation on the flight from the airline’s head office in the Qatari capital Doha. With three Iraqi routes now in its stable, Qatar Airways takes its frequency across Baghdad, Erbil and Najaf up 50 per cent to 12 services each week. Najaf, to be operated four-times-a-week, becomes destination number 124 in the airline’s global network spanning cities across Europe, Middle East, Africa, Asia Pacific, North America and South America. PR
Laiqa Hasan Hair & Beauty re-defined!
KARACHI: Etihad Airways, the national airline of the United Arab Emirates, was profitable again in 2012. The airline’s President and Chief Executive, James Hogan, made the announcement during his keynote address at the Global Airfinance Conference in Dublin. The 2012 result follows Etihad Airways’ maiden profit in 2011 of USD14 million. During his speech to more than 1,000 delegates in the Irish capital, Mr Hogan added that more details of the airline’s financial results would be released next month. The 15th Annual Global Airfinance Conference includes delegates from the world’s largest airlines, leasing companies, commercial banks, export credit agencies, private equity firms, investment banks, manufacturers, law firms and other aircraft financing organisations. Mr Hogan said: “Etihad Airways has achieved double-digit passenger and revenue growth in recent years and established world-class PR
KARACHI: Change of guards at National Bank of Pakistan is warmly welcomed by the investors at the bourses. It has been witnessed at Karachi Stock Exchange where the share price of the NBP’s share has been increased by Rs 3 to Rs 51.50 within three days of the appointment of the new head of NBP.The NBP share was traded at Rs 51.50 on Jan-
tomers can make payments on their orders. Customers can also track their orders on the website after placing them. Speaking at the launch of its website, Mr. Hassan Majeed, CEO Joy Express said “Our Company’s vision is to let customers to send gifts to their loved ones outside Pakistan. There are thousands of families who want to engage with their relatives living abroad on special occasions like birthdays, weddings and Valentine’s Days. Joy Express helps them fulfill this desire”. PR
Govt appoints Rasheed as PEMRA chairman ISLAMABAD: President Asif Ali Zardari has appointed Rasheed Ahmed, a BS- 22 officer of the Secretariat Group, as chairman of Pakistan Electronic Media Regulatory Authority (PEMRA). Rasheed has been appointed as PEMRA chairman for a period of four years with an immediate effect. Currently, he was posted as a Secretary Ministry of Information and Broadcasting. PR
Etihad Airways records profit for second year running
NBP ‘change of guard’ welcomed at bourses NAJAF: Qatar Airways has introduced its latest gateway in the Republic of Iraq with the launch of scheduled flights to the central city of Najaf. Following its move into Iraq six months ago with the start of flights to both the capital Baghdad and Erbil, the Doha-based airline has inaugurated new
uary 24, the last working day of the week as compared to the share price of Rs48.50 on January 18, 2013.Dr. Asif A. Brohi has been appointed as President/CEO of National Bank of Pakistan on January 18, 2013. A Master in Business Administration from Northrop, California and Doctorate in Public Administration, Dr. Asif joined National Bank of Pakistan in 1984 as an Assistant Vice President. PR
KARACHI: Laiqa Hasan Salon & Spa, the new look, the peaceful environment and the same amazing team which provides you the wonderland experience you deserve from start to finish. A water fountain at the entrance and a staircase lead you inside to a new look white-walled, dark brown wood interior which serves as a respite from the hustle and bustle of Karachi. The interior of the salon offers a Zen style environment of peace and relaxation. Experience the luxurious facilities of full-service salon and spa specializing in bridal make-up, haircuts & color, OPI manicures & pedicures Spa, Guinot facials, Thai massages and relaxing hot stone and aroma therapies by Philippino’s at LH Laiqa Hasan Salon & Spa. PR
Joy Express launches gifts delivery service to US KARACHI: Joy Express has launched the first of its kind gifts delivery service to USA. The company’s website www.joy-express.com allows customers to send cakes, candles, chocolates, flowers, perfumes and stuffed toys. It’s easy-to-navigate features allow customers to place orders instantly. The website offers various methods like bank transfer, credit card, Western Union and Pakistan Post through which cus-
Peng launches flagship salon in Karachi
KARACHI: Peng Qureshi, a renowned name in the world of beauty and styling launched her new flagship salon here in the metropolitan, on EStreet Clifton on January 26. A perfectionist at heart, Peng Qureshi makes sure every salon bearing her name is not only known for its quality but also its outstanding service, creativity and attention to detail. Peng Qureshi, owner of Peng Salon celebrated not only her grand opening but the culmination of 33 years in the Pakistani Hair and Beauty industry. Proving that ‘Peng’s Hair and Beauty Clinic’ is amongst the top professional salons to provide 360 degree solutions for hair, beauty and skin. PR