PRO 29-09-2012_Layout 1 9/29/2012 12:49 AM Page 1
Saturday, 29 September, 2012
SBP’s mood: cautionary; dictatorial
Russia set to throw first toy out of its pram Likely to contest EU energy rules at WTO MOSCOW AGENCIES
Central Bank warns exchange firms against hindering inspection KARACHI STAFF REPORT
T
HE central bank on Friday warned the exchange firms of ‘A’ & ‘B’ categories of punitive action against them if they were found deliberately obstructing SBP’s inspection teams in performance of their duties. The punitive action may include, inter alia, suspension / revocation of their licences, permanent disqualification of its directors and sponsors to conduct foreign exchange business in any capacity, said an SBP circular issued Friday. It may be pointed out that the State Bank has the right to inspect the activities of exchange companies at any time it finds appropriate to ensure adherence to its rules and regulations. The regulator reiterated that the money exchangers were required to fully cooperate with the SBP inspection teams and provide full disclosure of information required during the course of inspection, includ-
ing but not limited to their activities, accounts, operations, IT systems and records and no Exchange Company or any official of its entire network shall obstruct or hinder the SBP inspection team that is carrying out duties or functions under SBP directives as well as provide false, misleading or inaccurate information to the SBP inspection teams. BANKS BARRED FROM USING HELD TO MATURITY SECURITIES FOR BORROWING: SBP has decided to prohibit all banks from using the securities classified under ‘Held to Maturity’ category for borrowing from SBP in Open Market Operations (OMOs)/ reverse repo facility with effect from 19th October. Given the liquidity position of the market, it has been decided that securities classified under Held to Maturity category cannot be used for borrowing from SBP in OMOs/ reverse repo facility, said a circular issued by the State Bank Friday. It may be recalled that banks were earlier allowed to use the securities classified under the category in question for borrowing under SBP repo facility (OMO)/ discount window.
Russia is likely to contest European Union energy rules at the World Trade Organization in what would be its first trade dispute since it joined the global body, a government source said on Thursday. The rules, known as the Third Energy Package, restrict gas company Gazprom's control over its European pipeline assets and have been an irritant in relations between Russia and the EU, which accounts for half of Russia's trade. The source, who spoke on condition of anonymity, said Russia - which joined the WTO last month - was looking into whether the EU rules were subject to WTO regulations and that the study should be completed in two weeks. "If the WTO rules are applicable to the Third Energy Package, as well as other measures restricting the Russian imports, we will contest them at the WTO," the source said. "In all likelihood it is (subject to WTO rules)." Once a WTO member initiates a trade dispute, the country with which it is in disagreement has 60 days to resolve the complaint. After the 60-day period, the complainant can ask the WTO to set up a dispute panel to adjudicate on the issue. Trade diplomats say they expect Russia will take some time to settle in at the WTO before engaging in disputes, as China did after it joined in 2001, but others are watching to see whether Russia or one of its trading partners throws the first punch.
LCCI finally makes a contribution to actual business activity Launches directory of trade, industry LAHORE APP
The Lahore Chamber of Commerce and Industry has launched its directory of trade and industry that is one of the major contributions that the LCCI has made for enhancing business activities. The data of LCCI 18,000 firms has been classified into six main business categories covering manufacturers, exporters, importers, traders, indenters and service rendering agencies. These categories have been further divided into business sectors and business subsectors. The directory has 24000 entries of its 18000 members. LCCI has produced a comprehensive trade information directory, which by all means should form an essential references compendium for every firm having business interests in Pakistan.
Oil brims over Extends gains in Asian trade
SINGAPORE: World oil prices rose in Asian trade Friday, extending gains made in New York, as rising geopolitical tensions in the Middle East stoked concerns over crude supply. Spain's announcement of an austerity budget also helped lift the market as it eased fears over an escalation of the eurozone crisis, analysts said. New York's main contract, light sweet crude for November, was up 43 cents at $92.28 a barrel in the morning and Brent North Sea crude for delivery in November added 14 cents to $112.15. "Tensions between Iran and the West reinforced concerns about potential supply disruptions," Phillip Futures said in a market commentary. "Israeli Prime Minister Benjamin Netanyahu drew his 'red line' for Iran's nuclear programme in a speech at the United Nations... and voiced confidence the United States shares his view," it added. Western powers have been pressuring Iran to halt its nuclear programme but Tehran has insisted its efforts were solely for peaceful purposes. Madrid unveiled it 2013 budget focussed on spending cuts and featuring structural reforms agreed with the European Union, bringing relief to the crisis-weary eurozone as it pointed to a full bailout of the debt-strapped nation. IG Markets Singapore said in a commentary the budget is "widely seen as the first step to approaching the EU for a full bailout as it gets its house in order". AFP
A slight plunge Weekly inflation falls ISLAMABAD APP
Sensitive Price Indicator (SPI) for the week ended on September 27, for the lowest income group up to Rs.8,000, registered decrease of 0.53 per cent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 182.31 points against 183.28
points registered in the previous week, according to provisional figures of Pakistan Bureau of Statistics (FBS). The weekly SPI has been computed with base 2007-2008=100, covering 17 urban centers and 53 essential items for all income groups and combined. The SPI for the combined group decreased by 0.37 per cent as it went down from 189.03 points in the previous week to 188.33 points in the week under re-
view. As compared to the corresponding week of last year, the SPI for the combined group in the week under review witnessed increase of 7.46 percent. As compared to the last week, the SPI for the income groups from Rs.800112,000, 12,001-18,000, 1800135,000 and above Rs.35,000 decreased by 0.47 percent, 0.45 percent, 0.39 and 0.26 percent respectively. During the week under review average prices of 16 items registered decrease, while that of 9 items increase with the remaining 28 items' prices unchanged. The items which recorded decrease in their average prices during the week under review included onions, bananas, potatoes, garlic, sugar, kerosene oil, chicken live (farm), vegetable ghee (loose), tomatoes, gram
That’s a fruitful meeting PPL's 61st AGM approves 65% cash dividend, 25% bonus KARACHI APP
The 61st Annual General Meeting (AGM) of Pakistan Petroleum Limited (PPL) was held here on Friday. An announcement said that the AGM approved the financial statements together with the auditor's report for the financial year ended June 30, 2012. It further approved payment of final cash dividend of 65 percent on ordinary share capital and issue of bonus shares in proportion of one ordinary share for every four ordinary shares held by members. This is in addition to an interim cash dividend of 50% already paid to the shareholders, bringing total distribution for the financial year 2011-12 to 115 percent cash dividend and 25 percent bonus shares. On behalf of the PPL Board, the Managing Director and CEO Asim Murtaza Khan apprised members about the company's performance, focusing on significant events of financial year ended June 30, 2012. He stated that the company is focused on fasttrack exploration and development activities to bring new discoveries on stream through extended well testing and early production facilities, arrest production decline in mature fields by deploying latest technology, installing booster compression facilities and enlarge portfolio of producing assets through local and international acquisitions.
pulse (washed), mustard oil, diesel, LPG(11 kg cylender), masoor pulse (washed), mash pulse (washed) and moong pulse (washed). The items which registered increase in their prices in-
cluded petrol, lawn, egg hen (farm), gur, rice basmati (broken), red chillies (loose), beef, wheat flour (bag) and wheat. The items with no change in their average prices during the week under review included rice (irri-6), bread (plain), mutton, milk (fresh), curd, milk (powdered), cooking oil (tin), vegetable ghee (tin), salt powdered (loose), tea (packet), cooked beef, cooked dal, tea (prepared), cigarettes, long cloth, shirting, georgette, sandal (gents), chappal (gents), sandal (ladies), electric charges, gas charges (upto 100m3), firewood, energy savor, washing soap, match box, telephone local call and bath soap.
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WAPDA completes installation of 12 desalination plants LAHORE
Spain tightens austerity screw in 2013 budget MADRID
STAFF REPORT
The Pakistan Water and Power Development Authority (WAPDA) has completed the task of installing 12 desalination plants along Manchar lake for providing potable water to the populace residing in the areas adjacent to the lake. The honourable Chief Justice of Pakistan, during the hearing of a suo-moto notice, had directed WAPDA and the Sindh Government to install desalination plants along the lake to provide contamination-free, safe drinking water to the fishermen folk of the area. The construction as well as installation of all the 12 plants have been completed by WAPDA, however, both WAPDA and the Sindh Government have arranged the funds for six plants each. The water treatment plants have cumulative design capacity of 15000 liters per hour. Over 4,000 families of fishermen folk (about 32,000 to 40,000 persons) are being facilitated with high quality potable water (total dissolved solids 200 - 300 particles per million) by treating high saline effluent of Manchar lake (total dissolved solids 5000 – 10000 particles per million). The Sindh Government-funded plants have been handed over to the province, while handing over of rest of the six WAPDA-funded plants is under process. WAPDA has made arrangements for effective operation and maintenance of the plants.
AFP
Major Gainers COMPANY OPEN UniLever Pak 9400.00 3450.00 Unilever Food Nestle Pakistan Ltd. 4150.00 Colgate PalmolivXDXB1100.00 Bata (Pak) Limited 963.53
HIGH 9700.00 3500.00 4200.00 1150.00 1011.50
LOW 9700.00 3500.00 4150.00 1145.00 970.01
CLOSE CHANGE 9700.00 300.00 3500.00 50.00 4200.00 50.00 1150.00 50.00 1013.33 49.80
TURNOVER 1,380 20 40 350 900
4177.15 985.00 850.00 211.00 196.39
4177.15 913.00 850.00 205.16 196.39
4177.15 850.00 800.00 204.86 206.72
-219.85 -110.71 -62.00 -11.09 0.00
20 500 150 2,400 100
19.72 9.30 48.60 6.24 19.99
19.38 8.80 47.61 6.02 19.00
19.39 9.10 50.30 6.37 18.80
0.03 0.32 2.44 0.38 -0.19
9,386,000 5,493,500 4,248,000 3,893,500 2,888,000
Major Losers
S
PAIN'S government unveiled Thursday a 2013 budget that tightens austerity even in the teeth of growing protests, easing the path to a widely expected sovereign bailout. The 2013 budget rakes in 39 billion euros ($50 billion) in spending cuts and tax increases so as to curb the public deficit despite a recession, a jobless rate of nearly 25 percent and soaring debt repayments. Only old-age pensioners were spared in the slew of cuts, aimed at ensuring Spain complies with its commitment to the European Union to get the public deficit under control. "It is a budget for a period of crisis, but aimed at getting out of this crisis," Deputy Prime Minister Soraya Saenz de Santamaria told reporters after a cabinet meeting. Defying market scepticism, Madrid vowed to slash the deficit from a blowout figure of 8.9 percent of economic output last year to 6.3 percent this year, 4.5 percent in 2013 and 2.8 percent in 2014. "It is a major commitment to reducing the public deficit but also oriented towards economic growth and creating employment" Budget Minister Cristobal Montoro told journalists. The focus is on spending cuts, the government said. Expenditure by ministries is lowered by 8.9 percent, public sector salaries are frozen for the third year running and the regions, which pay for health and education,
Business 02 Rafhan Maize Prod. Wyeth Pak Limited Siemens Pakistan Pak Gum & Chemical Fazal Textile
4397.00 960.71 862.00 215.95 206.72
Volume Leaders P.T.C.L.A Maple Leaf Cement D.G.K.Cement Fauji Cement Tariq Glass Ind.
19.36 8.78 47.86 5.99 18.99
Interbank Rates US Dollar UK Pound Japanese Yen Euro
94.7967 153.8172 1.2210 122.6480
Dollar East must find seven billion euros in savings. But retirement pensions are expected to go up by one percent, sticking to a key pre-election promise of Prime Minister Mariano Rajoy's conservative government. One other big item going up next year, however, is the cost of servicing Spain's public debt: interest payments are forecast to leap 33.8 percent to 38.6 billion euros.
US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
BUY
SELL
94.50 121.01 151.67 1.2028 95.30 12.00 25.63 25.12 97.25
95.00 122.06 152.95 1.2129 96.60 12.17 25.82 25.27 99.52
CORPORATE CORNER Krizmah’s Argentinean Embassy exhibit wi-tribe rewards customers with the best of hi-tech gadgets ISLAMABAD: The SeISLAMABAD: True to its mission of redefining users’ broadband experience while providing the best in customer satisfaction, wi-tribe, Pakistan’s number 1 broadband for quality of service and customer care, gave its customers a reason to celebrate. Seven 50” 3D television sets and 8 all-new iPads (iPad 3) were distributed among 15 winners of a lucky draw yesterday at the wi-tribe head office in Islamabad and regional offices in Lahore, Faisalabad and Karachi.
Fashion Fair on MM Alam Road
cret Garden collection launched by Krizmah is exhibiting at an exclusive and invitation only event at the Argentinean Embassy in Islamabad house 60, street1,F-6/3 on 27th and 28th September. The exhibition was a special initiative taken by the Argentinean Ambassador H.E. Rodolfo Martin Saravia and his wife Mrs. Susana Martin Saravia to promote a very exclusive Pakistani art and handicraft that is made by several women from Chitral Community. This is not the first time that the Embassy of Argentine organizes such type of events and certainly will not be the last.
decade ago P&G began providing clean drinking water in developing countries through its P&G Purifier of Water technology, and has just shared its 5 billionth liter – saving an estimated 26,000 lives and preventing over 200 million days of illness. The 5 billionth liter was delivered in Malawi, through a partnership with the University of North Carolina.
JS Investments’ interim dividend
BRANDS Just Pret exhibitions
LG sells 5 million LTE smartphones
Asma T celebrates 4th anniversary LAHORE: Fashion Fair is the first event being conducted by the multi-brand store Fashion Avenue located at Vogue Towers on M.M. Alam Road. This soon-to-be-launched multi-designer store is a state-of-the-art retail store designed by renowned architectural firm Architects Inc. The store, which is gearing up for an exciting launch in mid October, has an extensive PR and marketing calendar lined up for the year. Fashion Fair, the first of many events which will be taking place, is scheduled as a three-day event for the 21st, 22nd and 23rd of September. The event features an exciting array of designers who will be showcasing their latest collections. The designers confirmed for this event are as follows Umar Sayeed who will be exhibiting his latest Umar Sayeed light range. Umar Sayeed is well regarded in Lahore and Karachi for his excellent finishes, detailed and intricate embellishments and contemporary cuts.
PSO’s 36th Annual General Meeting KARACHI: The nation’s leading Energy Company, Pakistan State Oil (PSO) convened its 36th Annual General Meeting at a local hotel. The event was chaired by Mr. Sohail Wajahat Siddiqui, Chairman-Board of Management (BoM) who congratulated the shareholders on being the proud owners of the nation’s first trillion rupee company. Speaking on corporate governance and oversight mechanisms in place at PSO, the Chairman stressed that the Board is an extension of the shareholders and acts in a supervisory role to ensure maximum returns for the stakeholders. During his talk, the Chairman also thanked the employees for their hard work and dedication which has resulted in the company attaining ever greater heights.
LAHORE: Asma T of Shadman Depilex will be hosting a 4 year anniversary at the salon on Friday 28 September. The event will commence from 12 p.m. to 5 p.m. where L’Oreal Professionnel and Dermalogica experts will be present to give free hair and skin consultation to guests. Dermalogica will also be giving complimentary powercleanse treatments to guests who bring a friend for a skin consultation. These coupons will be valid the following day. The event will be held at Asma T's Shadman Depilex, House no. 33, Shadman Colony 1. Near Shadman Market, behind Bank Alfalah, Lahore.
KARACHI: Following the success of their multi brand stores and exhibitions,entrepreneurs Hadi Anwar, Hasaah Hadi and Somaya Adnantake BRANDS Just Pret on an international duo of exhibitions, in Mumbai and Manchester receptively, from the 29th to the 30th of September 2012. In Mumbai, designers Ayesha Aejaz, Ayesha Somaya, Hania Kamran, Hina Khan, Hina Salman, Kanwal, Lylak, Madiha Noman,Maria Kashif, Mehrene, Najma Zubair, Saakh,Tanaaz, Unbeatable, Vasim Asghar, Zahabiya, Zara & Fatema are being exhibited by Brands Just Pret, at Cache, The Arts and Craft Gallery, 187, Turner road, Bandra, from 10:30 am.
KARACHI: The Chief Executive Officer under the authority of the Board of Directors of JS Investments Limited has announced interim dividend for JS Income Fund & JS Cash Fund for the first quarter of Financial Year 2013, ending on September 30, 2012.
LAHORE / SEOUL: LG Electronics (LG) announced that it reached a new milestone with global sales of five million LTE smartphones to date. After reaching sales of four million LTE smartphones last month, an additional one million smartphones were sold in the month of July – one LTE smartphone roughly every two and a half seconds. LG released the first LTE smartphone “RevolutionTM by LG” in the U.S. in May of last year through the largest carrier Verizon Wireless and expanded its LTE target markets with its global LTE smartphones. Focusing on the key markets with LTE capabilities, LG saw strong acceptance by offering diverse LTE smartphones according to consumer needs. Currently, more than ten LG LTE smartphones are available in countries where LTE service is available, including Korea, U.S., Japan and select markets in Europe and Asia.
Coca-Cola collaborates with PDMA
KARACHI: Procter & Gamble (P&G) announced a milestone in its effort to save one life every hour through sharing clean drinking water. Nearly a
LAHORE: As part of its flood relief efforts, Coca-Cola Pakistan collaborated with Provincial Disaster Management Authority (PDMA) to provide immediate flood relief goods to flood affectees of Punjab. The company provided ration packages for 2,500 people; mineral water for 15,000 people; and Minute Maid high nutrition juices for 12,000 people. The ration packages constituted cooked and dry food items, rice, lentils and oil.
LAHORE: Mobilink has accounced collaboration with Atif Aslam under the banner of its youth brand, Jazba, for Pakistan’s first ‘rock-umentary’, which will be filmed during a ten-city tour.
KARACHI: The Consul General of the Federal Republic of Germany Dr.Tilo Klinner, and Mrs.Luba Klinner, hosted a Jazz Concert and reception at their residence. Picture shows Director Goethe-Institut, Mr.Ali Akhtar, Press and Political officer, Dr.Mohmmad Altamash, with artists Peter Weniger and Asif Sinan, with other guests.
KARACHI: The nation’s leading Energy Company, Pakistan State Oil (PSO) convened its 36 th Annual General Meeting at a local hotel. The event was chaired by Mr. Sohail Wajahat Siddiqui, Chairman-Board of Management (BoM) who congratulated the shareholders on being the proud owners of the nation’s first trillion rupee company.
KARACHI: Servis Eid Festival Car winner Qurban Ali from Okara receiving the Honda City car from Mr. Muhammad Akram (Advisor, Service Sales Corporation) along with company CEO, Mr. Shahid Hussain.
P&G delivers 5 billionth liter of water
Saturday, 29 September, 2012