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Wall Street up as Greek pro-bailout parties gain support Page 02 profit.com.pk
Wednesday, 30 May, 2012
A fund in need is a fund indeed! g
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Yaseen Anwar paints a horror picture of next fiscal Pakistan eyes IMF for financial assistance KARACHI
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ONLINE
AKIsTAN may have to return to the International Monetary Fund for financial assistance this year amid an unstable macroeconomic situation, the nation's central bank governor said. Yaseen Anwar, governor of the state Bank of Pakistan, said Pakistan could meet its overseas debt obligations for now. But looming repayments to the IMF from a program that ended last year are likely to test the nation's finances in the months ahead. "From next fiscal year we're going to have stresses. We see reserves going down quite aggressively," Mr. Anwar said in a interview at the central bank's headquarters in Karachi.
Mr. Anwar said the government's failure to get a massive budget and mounting trade deficit under control could make it difficult to meet the more than $4 billion in IMF loans coming due in the fiscal year starting July 1. "There are many serious challenges," Mr. Anwar said. "I have a rough job here." The IMF ended a three-year $11 billion program with Pakistan last year after disbursing only around $8 billion. The fund withheld the final tranche of more than $3 billion in large part because the government failed to take steps to reduce its budget deficit. Payments on the loans have already begun, but they ramp up in the months ahead.
The fund and foreign leaders, including U.s. secretary of state Hillary Clinton, have been publicly critical of Pakistan for failing to tax some of its richest citizens, including politicians. The country's tax-to-GDP ratio at 9% is among the lowest in the world, and whole sectors, including agriculture, are exempt, reducing funds to spend on education and create employment opportunities in areas where Islamist militancy is rampant. Meanwhile, large subsidies on electricity and other commodities have kept expenditures high and exerted enormous pressures on state finances. The government of President Asif Ali Zardari has done little to address the problem since coming to power in 2008. On Friday, Finance Minister Abdul Hafeez shaikh will announce the budget for the year starting July 1. But with elections due by early 2013, Mr. shaikh was keen last week to say there would be no tax surprises in the budget. "Our tax-to GDP ratio is way below where it should be," Mr. Anwar said. Instead of raising taxes, he said, the government has in recent months increased its direct borrowing from the central bank, effectively printing money to cover the deficit. The government, has borrowed 442 billion rupees ($4.8 billion) directly from the central bank so far this fiscal year, Mr. Anwar said—financing requests that he can't turn down. "I still have autonomy, but not enough to bounce a check" from the government, he said. That borrowing has kept inflation in double digits even as economic growth has slowed to around 3%. Mr. Anwar said he expected inflation, currently hovering just below 11%, to pick up "in the next month or two." The central bank, he said, is unlikely to be able to cut its key lending rate—currently at 12%— in the near future. Even at these high rates, companies are finding it hard to get loans in Pakistan as the big commercial banks prefer to make profits buying government treasury bills, he added.
India offers to pour oil on relatively troubled waters g
Offers petroleum export to help Pakistan overcome energy crisis ISLAMABAD
Concerns over the economy also have hurt the Pakistan rupee, which has been trading around record lows at 92 rupees to the U.s. dollar in recent weeks. The central bank hasn't intervened in the foreign-exchange market in recent weeks. "We let the market force dictate the exchange rate," Mr. Anwar said. The governor pointed to some positives. Remittances from Pakistanis working overseas are up 20% at more than $13 billion in the current fiscal year. The central bank has worked out currency-swap agreements with China and Turkey which will help ensure currency liquidity, he added. The pressure on the trade deficit also is muted as global oil prices have come off highs, although exports took a "nose-dive faster than we expected" in recent months due to lower global prices for cotton, Mr. Anwar said. Pakistan's heavy reliance on oil imports caused a balance-of-payments crisis in 2008, forcing the country to turn to the IMF. This time around, concerns are focused on the budget deficit—which is 8% of GDP—and the IMF repayment schedule. Mr. Anwar said the central bank won't repay the IMF loans by buying U.s. dollars. That fear sent the Pakistani rupee careening lower earlier this year, but the currency has since stabilized. The bank instead will run down foreign reserves, which Mr. Anwar expects to fall by about half in the coming fiscal year to $8 billion, representing less than two months of imports. Pakistan's Taliban insurgency and macroeconomic instability have led to a fall off in foreign investment to just over $500 million in the current fiscal year from annual levels over $8 billion a few years ago. Low foreign investment is a "real challenge," Mr. Anwar said. He said he had turned down requests from local banks to buy the Pakistan business of HsBC Holdings PLC, which announced last month it was pulling out of the country, and is instead inviting foreign bidders.
AFP
India and Pakistan opened talks Tuesday on Islamabad importing oil from its eastern neighbour in a bid to ease a crippling energy crisis, an official said. The talks were held by senior civil servants from both countries' petroleum ministries at a fivestar hotel in the Pakistani capital. India has offered to export petroleum products to Pakistan to help it overcome an energy crisis which cripples the country's industry and leaves millions of people suffering during the hot summers and chilly winters. "India has surplus petroleum products and wants to export it to Pakistan. If we can save some money by buying it from India, we will buy it from them," a senior official at Pakistan's petroleum and natural resources ministry told AFP. The official attended the talks but spoke on condition of anonymity because he was not authorised to speak to the media. "We today discussed how to import products from India. We would like to get diesel in Karachi and furnace oil through the Wagah border. We are very interested in getting furnace oil in Punjab for the power plants," he said. The official said quantity and price had yet to be discussed and that the cabinet would have to approve any future petroleum trade. "We will discuss the issues related to quantity and price in a second session of talks scheduled in New Delhi in the first week of July and then cabinet will make a final decision on the proposals," he said. Pakistan's annual requirement for petroleum products is around 80 million tons. The country imports 85 percent of its needs, the official said. Last year India exported goods worth $2.33 billion to Pakistan, while its imports from its neighbour were worth $330 million. Efforts are being made to boost Indian-Pakistan trade since Pakistan decided to grant India "Most Favoured Nation (MFN)" status by the end of the year. The nuclear-armed neighbours have fought three wars since independence in 1947 and both spend heavily on their military while millions of people languish in poverty. Trade has been hampered by restrictions and tariffs -- even now, direct cross-border traffic accounts for less than one percent of their global commerce.
PSDP gets the smallest bite of the cherry g
A belated focus on energy projects in next fiscal’s PSDP ISLAMABAD AMER SIAL
Giving a belated priority to the energy and power sector projects, the government has allocated Rs 68 billion for them in the next fiscal year Public sector Development Programme (PsDP) while the Water and Power Development Authority (WAPDA) will mobilize own resources of Rs 115 billion for its projects to overcome chronic energy shortages. According to the decision of the National Economic Council for the PsDP next fiscal year the projects nearing completion will be fully funded, foreign aid would be fully utilized, and protection would be given to development packages and projects of less developed areas. The national development outlay of Rs 350 billion for the next fiscal year also includes a foreign aid of Rs 167 bil-
lion, out of which Rs 100 billion is for PsDP projects while the rest for provincial projects. The increase was made as during the current fiscal year the foreign aid component, initially estimated at Rs 39 billion increased to Rs 90 billion due to higher inflow of project aid. Consequently a corresponding reduction in rupee component of PsDP was made to accommodate the foreign aid. Til mid May 2012, 97 percent or Rs 290 billion were released for the current fiscal year PsDP of Rs 300 billion. As the government has prioritized some of the development projects for timely completion as a result 174 projects costing over Rs 100 billion are likely to complete during the current fiscal year. After implementation of the devolution, the government has worked out the PsDP 2012-13 with more emphasis on
allocation of resources to sectors, which fall under its jurisdiction. Even though the federal ministries, NHA, Railways and PAEC were of the view that the size of PsDP at Rs 350 billion is not sufficient to meet their critical requirements. Provincial governments also pointed out low allocation for important projects in their respective provinces. Power and energy sector remain top priority of the government for the development projects next fiscal year. An allocation of Rs 35 billion has been made for Chashma Nuclear Power Projects units three and four while Rs 8 billion is allocated for Diamer Bhasha dam land acquisition and for conservation and augmentation of water resources an amount of Rs 48 billion an allocation for water sector projects. Important projects include allocation of Rs 6 billion for Mangla Dam Raising Project, Rs 2.4 bil-
lion for RBOD-II, Rs 2 billion for Darwat dam, Rs 2 billion for Naigaj dam, Rs 2.4 billion for Kachi canal and Rs 2 billion for Rainee canal. Transport and Communication sector has been allocated an amount of Rs 82 billion including Rs 51 billion for the National Highway Authority and Rs 23 billion for the Railways during the next fiscal year. This will help provide connectivity for economic integration and regional development. An amount of Rs 10 billion has been kept for promotion of science and technology in the country. For the security of federal capital Rs 2.7 billion allocation set for safe City Islamabad during the next fiscal year. To implement the decisions of the Council of Common Interests an allocation of Rs 21 billion is made for Population and Health sector vertical projects, including Rs 3.5 billion Population Wel-
fare, Rs 2.8 billion for EPI, Rs 11 billion National Programme for Family Planning and Primary healthcare and Rs 2.4 billion National Maternal Neonatal and Child Health Programme. Education sector will receive Rs 20 billion including an allocation of Rs 16 billion for HEC. For the first time, the government has allocated Rs 33 billion for FATA, Gilgit Baltistan and AJK for speedy development in these special areas. The parliamentarians have been accommodated by an allocation of Rs 27 billion under the Peoples Works Programme I and II. According to the National Development Programme for 2012-13 the water sector projects under Ministry of Water and Power have been allocated Rs 47.1 billion, PAEC Rs 39.1 billion and Railways Division Rs 22.8 billion. WAPDA allocated Rs 29.6 billion and NHA Rs 50.6 billion.
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Wednesday, 30 May, 2012
02
news
Wall Street up as Greek pro-bailout parties gain support NEW YORK
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REUTERS
ALL street advanced on Tuesday, with equities again taking their cue from overseas markets as Greek election polls pointed to support for probailout parties, overshadowing a weak read on U.s. consumer confidence. Facebook Inc (FB.O) shares continued to fall, contributing to weakness in the tech-heavy Nasdaq Composite Index. They hit a new low of $30.02, dropping about 6 percent on talk it was in discussions to buy Oslo-based Opera software (OPERA.OL), while analysts said competition from Google Inc (GOOG.O) and others could push the price tag of any deal above $1 billion. Weekend polls in Greece showed the conservative New Democracy party, which backs the country's international bailout, has a lead over the leftist sYRIZA party, which opposes it ahead of a June 17 election. Opposition to the bailout has raised the specter of Greece leaving the euro zone, a prospect that has weighed on stocks in recent weeks. In Ireland, voters appear poised to reluctantly approve the EU fiscal treaty on Thursday. "Any event that helps eliminate uncertainty in Europe is a good thing. The election (polling) suggests that Greece will toe the line" necessary for the
bailout, said Jon Merriman, chief executive officer at investment firm Merriman Holdings Inc in san Francisco. Investors were also looking to possible new stimulus from China. The shanghai securities News, citing unnamed sources, reported that China's biggest banks appeared to have accelerated lending toward the end of this month as Beijing starts to fast-track its approval of infrastructure investments in an effort to stem sagging growth. The Dow Jones industrial average
.DJI was up 100.47 points, or 0.81 percent, at 12,555.30. The standard & Poor's 500 Index .sPX was up 9.80 points, or 0.74 percent, at 1,327.62. The Nasdaq Composite Index .IXIC was up 21.05 points, or 0.74 percent, at 2,858.58. Investors shrugged off a private sector report which showed U.s. consumer confidence unexpectedly cooled in May, falling to the lowest level in four months as Americans became more pessimistic about the job market and economic out-
look. The report is one of the first in an abbreviated week heavy on economic data, culminating in Friday's payrolls report. U.s. markets were closed on Monday for the Memorial Day holiday. Concern about spain's banking system continued to be monitored as yields on 10-year spanish bonds remained just under 6.5 percent. Many investors view the 7-percent mark as unsustainable, which could trigger the need for a bailout. The s&P/Case shiller composite index of U.s. single-family home prices edged 0.1 percent higher in 20 metropolitan areas in March on a seasonally adjusted basis, falling short of economists' forecasts for a gain of 0.2 percent. However, it was the second consecutive month of gains which could indicate stabilization in the housing market. Vertex Pharmaceuticals Inc (VRTX.O) plunged 15 percent to $55 as the biggest drag on the Nasdaq 100 index .NDX after the drugmaker released corrected data involving its cystic fibrosis treatments on Tuesday that lowered the number of patients who showed certain levels of improved lung function. Defense equipment manufacturer Teledyne Technologies Inc (TDY.N) said it would buy LeCroy Corp (LCRY.O) for $240.5 million in cash to add more products to its portfolio. LeCroy shares surged 55 percent to $14.18 while Teledyne advanced 0.7 percent to $60.23.
Buy yourself a tractor by June 30! Tax them! g
Govt to impose 10% duty on import of tractors in budget ISLAMABAD ONLINE
In yet another development, the government is all set to impose 10 per cent duty on import of tractors in order to give it some duty protection in upcoming budget 2012-13, say sources. The imposition of duty on import of tractors will go a long way to boost local tractor industry and could further enhance the sale of locally manufactured tractors and bring down its prices. sources familiar with development told Online Tuesday that government did want to impose 10 per cent duty on import of tractors because local industry was significantly global competitive. Currently, the import of tractor is zero rated but now government has proposed to give some duty protection to tractor industry by imposing duty on its import. “There are different levels of high duty production for almost all local industries including buses, cars and motorcycles but the import of tractors is exempted from any duty at present and its import is allow on zero-rated,” said sources, adding that there was also no trend in the world to give subsidies on foreign products
but government of Pakistan had been giving Rs.20, 0000 subsidy per tractor. The sources further said that the government had already reduce general sales tax (GsT)on tractors from 16 percent to 5 per cent to help tractor manufacturers, hundreds of vending units and the cash-starved farming community, however, the rate of GsT will be brought to 5 percent in next four to five years. Reduction in GsT had made tractors cheaper by Rs60, 000 to 100,000 per unit. “Industry and vendors are now satisfied as the government had taken a step to clear a confusion which led to a decline in tractor sales and left some 20,000 people related to the industry jobless,” added the sources. It is relevant to mention here that the tractors production in 2001/02 stood at 23,801 units that peaked in 2006/07 to 54,052 units remained almost stable during 2007/08 at 53,703 units and surged to 59,968 units in 2008/09 when the auto industry went in deep recession. In 2009/10 tractors production surged to72, 989 and remained stable at 72,261 in last fiscal year 2010-11.During first nine months (JulyMarch) of current financial year 2011-12 tractors production declined to 27,131 unites.
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FPCCI demand tax on exempted sectors in budget ISLAMABAD ONLINE
The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Tuesday demanded to impose income tax on sectors enjoying unjust exemptions in the upcoming budget. We will have no future sans effective governance, transparent reforms and easily comprehensible taxation regime, it said. Tax regime should be balanced as presently business community and salaries class in bearing the entire burden while many sectors are exempted which is a hurdle in the national development, said Mirza Abdul Rehman, VP, FPCCI while speaking to business community. Flanked by Chairman Media FPCCI Malik sohail and other business leaders, he said that we are pinning high hopes on Finance Minister who has promised a friendly budget. Country will remain dependent on foreign aid unless all the sectors, especially agriculture, and defaulters are brought into tax net, he observed. sales tax and mark-up be brought to single digit to accelerate growth, said Mirza Abdul Rehman. He said that all the duties on import of
pharmaceutical machinery and raw materials should be waived to give a boost to the local industry and enable it to compete with other countries in the global market. Energy scarcity has crippled the economy which should be taken as challenge in the next fiscal otherwise its impact on masses and economy will become unendurable, the business leader warned. He said that government should reduce non-developmental expenditure and start building Kalabagh dam to resolve energy crisis and tackle rising unemployment. At the occasion, Malik sohail said that whole nation is looking towards the parliament for a road map for economic recovery. some quarters are uneasy over lack of any serious debate in the parliament on the nation’s economic woes, he said. Developed nations spend a substantial part of their parliamentary year debating their economic and budget plans while here everything is left to bureaucracy which is root cause of many problems, he said. Malik sohail supported the demanded by former president FPCCI Iftikhar Ali Malik to slap a ban on import of used cars to encouraged local industry.
FBR’s getting too attached to PTA it seems… g
Attaches all bank account of PTA to recover Rs.3.6 b ISLAMABAD ONLINE
The Federal Board of Revenue (FBR) has attached all Bank accounts of Pakistan Telecommunication Authority (PAT)in an attempt to recover outstanding tax liabilities which owed Rs.3.6 billion on account of income tax. According to an official handout issued here on Tuesday, FBR in its ongoing campaign to recover outstanding tax liabilities against various companies, the Large Taxpayers Unit (LTU), Islamabad has attached all Bank Accounts of the Pakistan Telecommunication Authority (PTA) which owed Rs.3.6 billion to the exchequer on account of Income Tax. “The PTA was served with recovery notice under section 138(10 of the Income Tax Ordinance 2001, to deposit the outstanding liabilities by 28th of May 2012 which it failed to do so,” it said. Accordingly, various teams were formed by Chief Commissioner, LTU, Islamabad to recover the amount from PTA through attachment of bank accounts and its receivables from mobile operators, wireless local loop (WLL) operators, Long Distance & International (LDI) operators, land line (LL) operators and Ministry of Information Technology. Earlier this week, LTU Islamabad had attached bank accounts of Pakistan Mobile Communications’ (Mobilink) and blocked its imports to recover through suppliers of the company, which included other telecom companies as well. Consequent upon Mobilink’s decision to avail Tax surcharge and Penalty Waiver scheme by FBR, the LTU Islamabad has agreed to resolve the issue of recovery of outstanding tax dues amicably.
Appointment of new CEOs of DISCOs goes down the drain ISLAMABAD STAFF REPORT
At a time when the government was expected to appoint new and professional Chief Executive Officers (CEOs) at the loss making power distribution companies (DIsCOs), a regressive step was taken by granting extension in service of two incumbent CEOs. An official source said that the incumbent CEO of Lahore Electric Power Company (LEsCO), sharafat Ali sial, who retired after a long service was given two year extension in service by the Prime Minister, while the CEO of Islamabad Electric Power Company (IEsCO) was given an extension till April 2013. CEO of IEsCO Javed Pervez had not retired but given extension meaning that no new CEO will be appointed till that date. The source said that the summaries in extension were moved by the Ministry of Water and Power under pressure from the Prime Minister House. The ministry is also under pressure to recommend extension of CEO of sukkur Electric Power Company (sEPCO), Mir Musa Bahar.
Ghulam Faiza: Transforming the dreary into a flourishing dairy ALI HAIDER Over the years, microfinance has grown in importance as it has helped several lower class individuals achieve monetary support for their entrepreneurial endeavors. The microfinance sector is considered a tool for poverty alleviation as well as empowerment of women. It has long been recognized by poverty alleviation experts that pursuing plans for increasing financial inclusion, such as encouraging microfinance, are absolutely essential to millions out of poverty in Pakistan, where over half the workforce consists of the underprivileged and the self employed. Facilities provided by Khushhalibank in Pakistan have proved highly successful for many
individuals whose lives have been changed for the better. Ghulam Faiza is one such woman who has had a life altering experience since Khushhalibank transformed the way she used to earn her bread and butter. While a milkman might be a common sight in the streets of Pakistan, a milk-woman on the contrary is something rather unheard of. Being a woman it was difficult for Ghulam Faiza to collect milk and then further sell it in the market given the male dominant society she was operating in. However, she struggled to break the taboos especially after she was compelled by circumstances to fend for her family and provide them the means of sustenance. she not only managed to sell the milk of her cattle in the market but would also go
out in the field to get the fodder for her cattle. To change the state of affairs and improve the productivity of her business, she relied on Khushhalibank’s Microfinance facility that has paid great dividends for her livestock business. Her monthly sales now average Rs 57,000 with the bank’s 4th loan cycle. Being the sole bread winner of the family it was no easy task to provide for nine dependants and Faiza is not only fulfilling the basic needs of her family but also providing her children with good education. she is also saving up for the dowry of her eldest daughter from her monthly earnings. she is confident that she would now be able to provide dowry for all her daughters. Along with her other prudent measures, she also utilizes dried dung of her cattle
to use as fuel for cooking and energy purposes as well. she started her business with one buffalo which her husband had bought to fulfill the dairy needs of their family. But instead of relying on their lone buffalo, she also purchased milk from the market and sold it on profit. Khushhalibank’s loan has an immense positive impact on her life and she is grateful for all the support lent by the bank. With the bank’s Micro Credit facility she has been able to increase the number of cattle considerably and the volume of her business substantially. she is now a symbol of pride for the women of her locality who look up to her and try to follow the manner in which she supports her family. A number of people have contacted her for
the supply of milk as a result of her honest approach. she therefore thinks that it is absolutely necessary for her to increase the volume of her business to cater for the large demand of milk supply. Ghulam Faiza also plans to hire the land for the cultivation of fodder on lease, through which she would be able to save around Rs. 30,000 per annum on fodder cost. Faiza feels pride in what she does and balances her life in a way that serves justice to all. Today she takes care of her family emotionally as well as financially and at the same time runs her business successfully. she is a great example for those women who are determined to fight against all odds and contribute not only to their families but also to the community.
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Wednesday, 30 May, 2012
03
news
KFHA to fish out Bulls eye the the fishermen pre-budget rag, lift g
Ban on fishing reduced to one month
index up 40 points
KARACHI ZAIN ALI
Managing Director Karachi Fish Hourbar Authority KFHA, Abdul Ghani Jokhio added that no crew list permission or port clearance (PC) to be issued to the fishing boats from June 15, 2012 to ensure that fishing boats should return by 30th June2012 to observe the seasonal ban in the month of July 2012, this was stated by While reviewing the methodology to enforce the complete implementation of seasonal ban on catch of fish and shrimp Jokhio said that all officers should take serious and sincere efforts for effective monitoring of implementation of seasonal ban in the interest of fisheries sector. Giving advice to the fishermen he added that relaxation for catch in the month of June, given by Government is a temporary remedy in consideration of difficulties faced by fishermen but now they should realize the importance of the issue and play their role for saving the marine juveniles which are depleting rapidly. He further asked that all stakeholders must shoulder their responsibilities to honor their commitment made in a meeting chaired by Zahid Ali Bhurgari, Minister for Fisheries sindh & Chairman KFHA held on 11th April 2012. He further said a mechanism should be evolved to ensure that, the fishing boats should return by 30th June 2012. Customs authorities would not to issue Port Clearance to any fishing boat during ban season. The Maritime security Agency and Pakistan Coast Guards keep vigilance on movement of boats and ensure implement the ban season. seafood processors would ensure that they would not buy any fishery product from 1st to 31st July. They shall also declare stock stored in their respective Chill rooms as on 30th June 2012.
KARACHI
O
STAFF REPORT
N Tuesday the bulls kept dominating Karachi stocks market with the benchmark, KsE 100-share index gained 40.34 points. Ahsan Mehanti, Director at Arif Habib Investments Limited, said that the Pakistan stocks closed higher in pre -budget rally at KsE on renewed foreign interest and institutional support. The day saw the index closing up by 0.29 percent at 14,071.85 points against 14,031.51 points of first working day of the week. The trading volumes at the readycounter were recorded lower at 160.177 million shares against 181.329 million shares of the previous day. The trading value was up to Rs 5.835 billion compared to Rs 5.725 billion of the last day session. The intraday high and low, respectively, stood at 14,168.05 and 14,031.51 points. He added that the Recovery in global stocks and commodities on expectations for ease in Euro zone debt crises, speculations amid federal budget announcements due this week played a catalyst role in bullish sentiments despite concerns for rising political uncertainty and violence in the city. The market capitalization grew mod-
estly and increased to Rs 3.601 trillion from Rs 3.591 trillion a day earlier. Of the total 384 traded scrips, 177 gained, 147 lost and 60 finished as unchanged. The free-float KsE-30 index also gained 04.15 points to close at 12,243.28 points against the previous 12,239.13 points. The KsE all-share index closed with a gained of 29.16 points to 9,909.16 points as against 9,880.00 points. Mehanti stated that Trade remained thin on cautious activity amid hopes for early resolution of NATO supply issue leading to release of Us military aid to Pakistan. Jahangir siddiqui Company was the day’s volume leader counting its traded shares at 11.590 million with the opening and closing rates standing at Rs 16.14 and Rs 16.25, followed by Bank Islami Pakistan, D.G.K. Cement, Engro Corporation and Lotte Pakistan PTA with turnover of 8.839 million, 8.679 million, 7.593 million and 6.688 million shares respectively. On the future market, the turnover shed by over 6 million shares to 10.043 million against 16.892 million shares of Monday. The Unilever Pakistan XD and Nestle Pakistan Limited, up Rs 139.05 and Rs 102.14, led highest price gainers while, Indus Motor Company and Philip Morris Pakistan, down Rs 8.66 and Rs 7.93 respectively, led the losers.
Major Gainers Company
Open
High
Low
Close
Change
Turnover
Mithchells Fruit National Refinery Tri-Pack Films National Foods Attock PetroleumXD
273.11 239.49 207.56 179.23 443.36
286.76 251.45 217.80 188.19 452.00
279.99 239.55 202.10 177.01 442.00
286.76 250.33 216.86 188.19 451.54
13.65 10.84 9.30 8.96 8.18
2,412 583,575 24,889 14,875 19,996
Major Losers Rafhan MaizeXD UniLever PakXD Nestle Pakistan Ltd. Pak Services Shahtaj Sugar Mills
2825.00 7233.88 3908.75 162.89 80.00
2750.00 7230.00 3959.99 171.03 83.00
2683.75 7050.00 3720.01 154.75 76.00
2685.88 7100.13 3826.43 155.09 76.63
44.70 6.60 12.07 4.73 2.88
42.60 5.80 10.80 4.25 2.55
43.90 6.24 11.61 4.47 2.59
-139.12 -133.75 -82.32 -7.80 -3.37
139 136 47 1,340 401
Volume Leaders D.G.K.Cement JS Bank Ltd Bankislami Pakistan TRG Pakistan Ltd. WorldCall Telecom
42.77 5.84 11.20 4.27 2.86
1.13 0.40 0.41 0.20 -0.27
23,798,162 12,741,883 11,839,012 10,310,201 9,839,434
Interbank Rates Us Dollar UK Pound Japanese Yen Euro
92.2301 144.8289 1.1616 116.0992
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
92.90 115.69 144.82 1.1573 89.84 11.79 25.18 24.68 90.52
93.50 116.85 146.24 1.1686 91.22 11.97 25.40 24.88 92.87
Biryani’s cookin’ in Malaysia g
20.3 percent increase in rice exports to Malaysia recorded last year ISLAMABAD ONLINE
The Pakistani Basmati rice gaining acceptance and popularity in Malaysia as it contains less starch than regular white
rice, making it a healthier option for the Malaysians, says a feature report by Bernama. The Pakistan High Commissioner to Malaysia Masood Khalid while talking to the news agency, says that Pakistan is
aware of the potential of its Basmati rice and its high demand in Malaysia and to increase rice exports to Malaysia, Pakistan is looking at a joint venture with Padiberas Nasional Berhad (Bernas). “Our discussion with Bernas is being
done in stages. To date, Bernas has sent two groups of representatives to Pakistan to sign agreements with Pakistani exporters, following the floods in Thailand and Vietnam that affected rice imports to Malaysia,” he said, adding “we are soon expecting to see Bernas in Pakistan again ... I hope the joint venture will benefit
both parties”. Masood Khalid said the Pakistani government was also planning visits from and consistent contacts with Malaysia’s Ministry of Agriculture and Agro-based Industries, apart from asking Rice Exporters Association Pakistan (REAP) to consider exporting rice to Malaysia.
CORPORATE CORNER Nokia introduces new range of mobile phones to provide fast, affordable internet experience
being held back by high data costs.” said Mary T. McDowell, Nokia’s Executive Vice President, Mobile Phones, Nokia “The new Nokia 110 and Nokia 112 devices combine browsing, social media, apps, world-class entertainment and long battery life to create a great package for young, urban consumers who want to do it all.” Commenting of the consumer habits in Pakistan, Imran Mahmood, Vice President, Near East, Nokia said, “Our vision is to give the youth of Pakistan their first internet experience on a Nokia mobile device. And we are very pleased to have made great progress in this direction with our rich, affordable and power packed portfolio”
Al Fatah now at The Centaurus Mall KARACHI: Nokia, today unveiled two new mobile phone models as it continues to accelerate its strategy to connect the next billion consumers to information and the internet. The Nokia 110 and Nokia 112 have been designed to appeal to young, urban consumers who want to experience a fast, affordable online experience. Both devices are perfect for communicating across Facebook, Twitter and social media networks. The internet experience is also smooth thanks to the Nokia Browser. This innovative technology allows users to consume less data by up to 90%, by compressing websites in the cloud. Both devices offer direct access to Facebook and Twitter from their home screens. The Nokia 112 also features preloaded eBuddy instant messaging service right out of the box, so users can use popular chat services to keep conversations going 24/7. In common with other Nokia mobile phones, consumers can choose from thousands of apps to download on the Nokia store. With the upgraded camera, they can now customize their contacts with pictures and share them with friends via social networks and Bluetooth. “Today’s mobile phone users want a quick internet experience that allows them to discover great content and share it with their friends – but without
ISLAMABAD: The Centaurus Mall entered into a paramount business venture with Al Fatah - one of the leading departmental store operators in Pakistan. Mr. Irfan Iqbal sheikh, Director of Al-Fatah said, “Al Fatah has emerged as one of the most admired retail chains which has revolutionized the shopping dynamics by offering a wide array of product lines on a convenient ‘one stop shop’ concept. Al Fatah will bring significant value addition to this prestigious mall’s segmentation where brands from all genres are now housed; the opening of Al-Fatah departmental store will undeniably foster healthy foot traffic at all hours that will serve as one of the vital factors in the commercial success for all brands operating at The Centaurus Mall. We are confident that the shopping experience of our customers will be redefined.” During the agreement signing ceremony held at The Centaurus’ sales & Marketing suite in Islamabad, CEO of PGCL Mr. sardar Tanvir Ilyas Khan said, “We, at The Centaurus believe in implementing innovative strategies that provide superlative lifestyle and shopping experiences, coupled with fun-filled family entertainment & leisure which is evident from this landmark venture as our seamless endeavors aim at creating synergies that would take the shopping and lifestyle experience to a whole new level.”
LAhORE: Chairperson Technical Education and Vocational Training Authority (TEVTA) Arif Saeed is addressing the consultative meeting of industrialists and employers for identification of TVET priority areas. President District Board of Management Gujrat Muhammad Imtiaz Ahmad, Chief Operating Officer Khalid Mahmood, General Manager Academics Prof. Javed Iqbal Malik are also seen in the picture.
Beat the heat in Pakistan with the LG Titan Series Air Conditioners
KARACHI: The heat has begun to reign on Pakistan. It’s time to bring out the summer checklist and tick off all the necessities before temperatures rise up at a quick rate. At the top of the list, and a vital device to have in every home and office is an air condition that has abilities to withstand the unbearable heat. LG Electronics (LG) has come up with the ultimate solution in preparation for the hot summers with the launch of its Titan series air con-
ditioners in the Pakistan. The Titan series is a powerful air conditioner comprised of a ten meter windblast and capable of delivering powerful cooling, repelling the country’s hot weather conditions. The powerful cooling capabilities of the Titan series are accompanied by expansive and thorough air distribution. The Titan series is capable of projecting cool air at distances of up to 10 meters, the longest air distribution range in the industry. Meanwhile, the Jet Cool function and the 4-way swing system distribute air in all directions at maximum speed. As a result, the Titan series can achieve optimal temperatures in the shortest possible time, regardless of the outside temperature. The Titan series is built to last, an essential requirement in a region with a punishingly hot climate. The Tropical Compressor is designed to operate 24 hours a day and persevere through sandstorms and temperatures as high as 60°C. This is partially enabled by the Gold Fin, an anti-corrosion coating, which makes the heat exchanger more resistant to corrosion.