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Bulls extend record breaking parade, index up 46 points Page 03
profit.com.pk
Wednesday, 07 March, 2012
India bans cotton exports to shield textile industry g
Pakistani textile industry to benefit KARACHI
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STAFF REPORT
He international cotton prices have resumed their upward march as the world’s second largest cotton producer, india, has decided to ban export of cotton to keep prices stable in the country to provide support to their local textile industry. The global rise in cotton prices also provides relief to Pakistani textiles industry facing energy issues, said the analysts at investCap research. They said after rising pressure from the local textile manufacturers, the indian government decided to place a ban on cotton exports aiming to keep prices stable at home to provide a sort of privilege to the textile products’ manufacturers. india has already
exported 9.4mn bales (1 bale = 170kgs) of cotton so far against a surplus of 8.4mn bales while the country still has pending export orders of around 2.6mn bales. On the other hand, depleting trend in the indian cotton stocks along with China’s increasing cotton stock (india’s 80 per cent exports are headed to China) to stabilise domestic prices to support local textile manufacturers has already created global supply vacuum yet again. Being the biggest consumer of cotton, China imported 15.4mn bales in FY11, while by Feb-12 the Chinese government is reported to have imported a total of 21.8mn bales vs 56.3mn bales of consumption estimated for FY12. “However, reversal in cotton prices may be considered a phenomenon as the global cotton demand is estimated to go down by 4 per cent YoY in FY12 while the supply is expected to
improve by 6 per cent YoY,” viewed Abdul Azeem of investCap. Furthermore, he said, recent cuts in growth estimates by the two emerging giants, China and india, to multi-year low are expected to keep cotton prices within a reasonable range. At the local front, cotton prices remained bottomed after the bumper crop was estimated at 14.2mn bales for FY12. As against last year’s sky-high levels of rs13,000/maund, FY12YTD’s cotton price remains below rs6,000/maund (at average rs5,864/maund). Thus, ban by the indian government on cotton
export is expected to result in fueling the local cotton prices in Pakistan (prices of may-12 futures delivery have also reached US 93.23 cents/maund in int’l market). The local textiles sector, which has already accumulated whole year cotton inventory, would be key beneficiary, as soaring local and int’l cotton price difference would improve local textile companies’ margins (see table for revised earnings forecast). recent sharp pullback in cotton prices is expected to improve textile sector margins from 4QFY12 onward as the local companies had already accumulated stocks for FY12 at an average rs5,500/maund. As such, any further rise in international cotton prices would only improve the local textile sector companies’ profitability.
PM directs solar power to off grid villages ISLAMABAD STAFF REPORT
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rime minister Syed Yusuf raza Gilani on Tuesday directed the ministries of finance and water and power to provide solar electricity to villages of the far flung areas, which were located away from the national grid. Prime minister gave this direction while chairing a meeting to review the renewable energy development projects on Tuesday. He said the government has initiated a number of projects in the power sector to overcome energy shortages in the country. He said apart from hydel power generation, the country possessed enormous potential of power generation through other renewable energy resources of wind, solar, geothermal and bio-fuel energy. He said wind energy could produce 350,000 mW, solar 2.9 million mW and geo-thermal 2,500 mW. Chief executive Officer Alternate energy Development Board, Arif Alludin said in view of the vast potential of the renewable energy in the country, this sector has become investor’s choice. Private sector was already investing for generating 1500 mW of electricity through these resources. He apprised the meeting that projects of 400 mW would start this year and the units would start generating electricity early next year. He said the project of 150 mW of wind Jhimpir in the province of Sindh is already under construction and would start operation during the first half of 2012. Waste to energy sector projects are under various stages of development and would start production of electricity in the next two years. Pm directed to provide solar electricity to villages of the far flung areas, which were located away from the national grid, when CeO ADeB informed it was a cost-effective project for the remote villages and will be instrumental in social development through poverty alleviation and job creation. Pm also directed off-grid application like solar water heater, biogas and water pumping be implemented through renewable resource. its application would result in significant saving of gas, electricity and also provide organic fertilisers for the farmers, he said. The meeting was attended by minister for water and power, minister for finance, Deputy Chairman of Planning Commission, Senator Syeda Sugra imam, secretaries of ministries of water and power, eAD, finance, planning and development, petroleum and natural resources and other senior officials.
Banks bad debts ease down to Rs623.193b as 200bps rate cut improves repayments KARACHI ISMAIL DILAWAR
AD debts of the commercial banks and Development Financial institutions (DFis) eased down by one per cent Quarter-on-Quarter (QoQ) as the economic observers see the banks reaping fruits of 200 basis points cut in the discount rate by the central bank. The State Bank reported Tuesday that during second quarter of the current fiscal year, October-December FY201112, Non-Performing Loans (NPLs) of the banks and DFis reduced to rs623.193 billion. The central bank had calculated these
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bad debts at rs629.555 billion during the previous quarter, July-September FY12, as of September 30, 2011. “After a consistently rising trend, NPLs of the banking sector have gone down by 1 per cent,” said Khurram Schehzad, Head of investCap research. “i think 200 basis points cut was the factor for improved repayments,” viewed the senior analyst. During the said quarter, the central bank said, the banks’ net NPLs to their net credits shrank to 6.14 per cent from 6.53 per cent of the last quarter. During the review period, DFis saw their NPLs decreasing to rs16.048 billion against rs16.336 billion of the previous quarter, whereas, the bad
debts of the banks declined to rs607.145 billion from rs613.219 billion. The local private and foreign banks, however, were an exception, whose gross NPLs, respectively, grew by 0.3 per cent and 4.8 per cent to rs378.369 billion and rs7.574 billion against the previous quarter’s rs377.334 billion and rs7.230 billion. As the analysts see improvement in the repayments of bank loans due to 200bps discount rate cut, the banks’ and DFi’s cash recovery against their NPLs shows a positive trend and ballooned to rs20.252 billion against rs13.779 billion of the previous quarter.
The banks recovered rs19.228 billion against rs13.657 billion, the commercial banks rs15.906 billion against rs12.736 billion, the public sector banks rs3.677 billion against rs2.134 billion, the local private banks rs12.095 billion against rs10.476 billion, the foreign banks rs126 million against rs134 million and the specialised banks recovered rs3.322 billion against rs921 million during the quarter in review. DFis were also able to recover more as their recovery stood at rs1.024 billion compared to the previous quarter’s rs122 million. The bankers, however, are still uncomfortable with the percentage of
banks’ bad debts saying the net NPLs of the banks should not swell beyond five per cent. “This is not good. They should keep NPLs below five per cent. it should be between three to four per cent of their net loans,” said a former central banker. The bankers believe that the six plus per cent growth in the bad debts was not a good omen for the economy. The central banker also said the banks should do more provisioning against their NPLs. There are some analysts who believe the present interest rate regime, 12 per cent, in the country as higher, saying a double-digit inflation was rendering the borrower unable to repay the bank loans.
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Wednesday, 07 March, 2012
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Mauritian firm acquiring Pakistan International Container Terminal KARACHI
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ISMAIL DILAWAR
mauritian firm is all set to acquire Pakistan international Container Terminal (PiCT), Profit learnt Tuesday. iCTSi mauritius Limited, a wholly-owned indirect subsidiary of the international Container Terminal Services inc, is intending to purchase voting shares up to 55 per cent in Pakistan international Container Terminal Limited. “Disclosure of public announcement of intention to acquire 35 to 55 per cent of voting shares or control of the PiCT Limited by iCTSi mauritius Limited under the Listed Companies (Substantial Acquisitions of Voting Shares and Takeovers) Ordinance, 2002,” said
rafael Jose, Vice President and Treasure of iCTSi in one of its communiqués with the Citibank. The Citibank N.A. Pakistan has been appointed as a manager to the offer in respect of the proposed acquisition. The acquisition of 55 per cent ordinary shares, accounting for 60,034,234, would put the foreign company in control of PiCT, one of Pakistan’s leading container terminals. PiCT has already issued 109,153,152 ordinary and 18,000,000 preference shares each priced at rs10. The terminal’s major shareholders, include companies as well as individuals that are Premier mercantile Services (Private) Limited, Jahangir Siddiqui and Company Limited, Captain Haleem A. Siddiqui, Aasim Azim Siddiqui,
Danish A Siddiqui, Sharique Azim Siddiquî and mrs Saba Haleem. Assuming that per share price for the proposed deal would be rs10, the acquisition would be of worth over rs600.342 million. iCTSi, which is organised under the mauritian laws, would make public a draft of the public announcement of its intention to buy majority shares in PiCT on the 9th of this month. The company, in compliance with regulation 6(2) of the listed companies, has submitted the draft to the Securities and exchange Commission of Pakistan, PiCT and KSe, at least two working days before its intended publication. “Pursuant to regulation 6(2) of the listed companies (substantial acquisitions of voting shares and
takeovers) regulations, 2008, we enclose for your attention, a copy of the public announcement of intention, which shall be published on 9 march, 2012, in connection with the proposed acquisition,” Aijaz Haq, Citibank’s Country manager Securities told Karachi Stock exchange on Tuesday. iCTSi mauritius Limited is based in the republic of mauritius and has two directors on its Board namely edgardo Q Abesamis and reemul Giandeo. iCTSi Limited (Bermuda) is the major shareholder. Whereas, PiCT’s Board of Directors comprises Captain Haleem A Siddiqui, Sharique Azeem Siddiqui, Asim Azim Siddiqui, Syed Nizam A Shah, Ali raza Siddiqui, masood Usmani and Captain Zafar iqbal Awan, who is the terminal’s Chief executive Officer.
NBP assets climb to EU supports training of Pak Rs1.15t at year-end 2011 officials in trade in agriculture STAFF REPORT
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KARACHI
OArD of Directors of National Bank of Pakistan (NBP) in their meeting held on Tuesday at the bank’s head office here approved the financial statements of the bank for the year ended December 31, 2011 and announced a payout of 10 per cent bonus shares and 75 per cent (rs7.50 per share) cash dividend to the shareholder as final dividend for the year 2011 which translates into payout ratio of 81.18 per cent. Pakistan’s economy is still facing challenges of rising inflation, shortage of energy and power, law and order situation, increasing fiscal deficit and impact of international economic crisis. The central bank reduced its policy rate by 200 bps from 14.0 per cent to 12.0 per cent, aimed at supporting the private credit investment and also to help in reducing the rising non performing loans, but this will also impact the net interest margins of the banking industry. Total assets of the bank increased to rs1.15 trillion at the year end, up by 10.8 per cent from year the end 2010, an appreciable growth, especially in view of lower growth in the banking system deposits. Pretax profit increased by 7 per cent from rs24.4 billion to rs26.0 billion, owing to higher core revenues.Net interest income increased by 8.3 per cent from last
year, while non interest mark up income was up by 9.7 per cent on account of higher dividend and exchange income. After tax profit, however, remained at last year level of rs.17.6 billion due to prior year’s tax reversal of rs.939 million in 2010. Pre- tax return on equity stood at 24.3 per cent, pre-tax return on assets at 2.5 per cent with capital adequacy ratio at 16 per cent. The top line (operating revenue) increased by 8.7 per cent from rs60.9 billion in 2010 to rs66.1 billion in 2011. The bank’s total deposits increased by rs95 billion or 11.5 per cent. Net advances also showed an increase of rs48 billion or 10.0 per cent. During 2011, several major iT initiatives were undertaken, including expansion of ATm network, establishment of full fledge 24/7 call center and conversion of more than 1,000 branches onto the online network, remaining branches will also be converted on the online network in first quarter of 2012. The benefits of the said iT initiative coupled with ongoing iT upgradation will also be further explored in 2012 in the form of further market penetration and product development. Going forward, the bank shall have renewed focus on reprofiling its liability portfolio with emphasis on increasing Current and Saving (CASA) deposit ratio. reduction in NPLs and recoveries, increase in trade business and further iT upgradation and expense management will be area of focus.
ISLAMABAD
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STAFF REPORT
WO days training course to build the capacity of government officers of federal ministries, implementing agencies, provincial departments and research organisations regarding trade in agriculture was arranged on Tuesday. The training course on ‘Trade in Agriculture: Challenges and Opportunities for Pakistan’ started at Pakistan institute of Trade and Development (PiTAD) under the european Union (eU) funded Trade related Technical Assistance (TrTA ii) programme. The course is jointly organised by PiTAD and international Trade Centre (iTC) with technical support from the Switzerland-based World Trade institute (WTi). The purpose of the training course is to build the capacity of government officers and researchers from federal government ministries, implementing agencies, provincial departments and research organisations regarding the importance of trade in agriculture. The training focuses on the domestic conditions affecting agriculture productivity, impact of liberalisation on international trade in agriculture, food security, agriculture trade statistics, organic food, and Genetically modified Organisms (GmO), among other topics. Particular attention will be given to investment related issues and multilateral negotiations in agriculture. The training provides an opportunity for the participants to identify areas where they can contribute to the domestic regulatory reforms as well as bilateral and multilateral negotiations in the agriculture sector. Thirty five officers and researchers from various ministries, research organisations and provincial
departments are participating in the training course. The training is delivered by a master trainer from the Trade Development Authority of Pakistan, Nauman Aslam, and is supported by his mentor from WTi Dr Christian Haeberli through video conference. Necessary equipment has been provided to PiTAD under TrTA ii programme to web-cast the training to provide a low-cost and easily accessible capacity building opportunity to the interested stakeholders. The training has been organised under the iTC implemented Trade Policy Capacity Building component of the TrTA ii programme. A main aspect of this component is to build of capacity of government officials working in various ministries and departments on trade policy and negotiations. For this purpose a partnership agreement was facilitated between PiTAD and WTi for the institutional capacity building of local training and research institutes and the training of a number of master trainers. The master trainers called upon to further disseminate their knowledge gained to policy makers working in various ministries through such short trainings as well as PiTAD’s regular curriculum. Through the approach, the programme aims to ensure both sustainability (through building local capacity) and excellence in trade policy training to government officials. in the recent months, two trainings on regional integration and trade policy formulation and analysis were conducted under the programme. TrTA ii programme is implemented by the United Nations industrial Development Organisation (UNiDO) in association with international Trade Centre (iTC) and World intellectual Property Organisation (WiPO).
‘Biotechnology, solution for global challenges’ LAHORE
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STAFF REPORT
UrSUiNG a sustainable path of development, biotechnology helps in addressing global challenges of producing more with less resource with a view to doubling food production on same or less inputs in changing climatic conditions in order to feed projected around 10 billion populations by year 2050. Keeping in view positive impacts of genetically engineered plants, as many as 29 countries of world cultivated biotech crops till 2011. Since introduction of biotech crops, genetically modified produce contributed to food security,
sustainability and climate change by increasing crop production valued at $78.4 billion, providing a better environment by pesticides use and reducing carbon emissions. it also leads to conserve biodiversity by saving 91 million hectares of land and helped alleviate poverty by helping 15 million small farmers. Biotech crops are essential but are not a panacea and adherence to good farming practices such as rotations and resistance management are a must for biotech crops as they are for conventional crops. This was the crux of the presentation made by foreign experts at a seminar titled ‘international Perspective about the Future Biotech Crops’ arranged by the Agricultural Journalists’ Association
(AJA) Lahore. Dr rhodora Aldemita, Senior Programme Officer Global Knowledge Center on Crop Biotechnology and Dr mariechel Navarro, manager of the same programme shared their views on topics such as Biotech Crops, Global impact and Future Prospects, myths versus realities and issues regarding food and environment safety, media representation of science: how print and visual communicators define Biotechnology and challenges in communicating agricultural biotechnology: the BT corn experience in Philippines. These experts are working under international Service for the Acquisition of Agri-Biotech Applications (iSAAA). A good number
of journalists from print and electronic media covering agricultural sector in Lahore and islamabad attended the capacity-building media workshop, which turned out to be a debate on this much talked about issue. Speaking on the occasion, AJA President munawar Hasan stressed the need of carrying out healthy debate on biotechnology in order to dispel much touted impression about its ill-effects, if any. Free flow of information is a key in this regard, he said and adding we should not merely say that political consideration or vested interest propels antibiotechnology campaign. He observed that scientific evidence should openly be shared to support case of biotechnology.
Low reservoir level due to cold weather, increased IRSA indent: WAPDA LAHORE: Apropos news item appearing in a section of the Press, Water and Power Development Authority (WAPDA) has stated that no water can go missing between Tarbela and Chashma, however, water downstream of Tarbela, at times, could be reduced marginally due to earlier low outflows and dry river bed. Today, the availability of water in Tarbela and mangla reservoirs is 0.037and 0.269 million acre feet (mAF), respectively which is lower than the average for last 10 years due to prevalence of snowfall and cold weather in the catchments areas, resulting in low inflows. it is pertinent to mention that water releases from Tarbela and mangla reservoirs are always made in accordance with irSA indent. This season, irSA’s indent remained higher than that of the last year, due to which water level plummeted so quickly. Comparing with the average of 10 years and the last year, the outflows have increased by irSA on demand of the provinces, meaning low inflows and increased outflows have disturbed the accounted storage of water. The situation is expected to improve as soon as weather conditions in the catchments of the reservoirs become normal. it is important to note that dams are constructed primarily, for irrigation purposes, and hydel electricity is always generated through the water released as per irSA indent. STAFF REPORT
Third Int’l Investment Conference scheduled for March 16-18 LAHORE: Third international investment Conference by the name Sarajevo Business Forum (SBF), scheduled for may 16th to 18th, will offer a unique opportunity for Pakistani businessmen to network and establish business relations with their counterparts in Bosnia and Herzegovina, Croatia, Serbia, Slovenia, montenegro macedonia, Albania, romania and Bulgaria. This was stated Ambassador Bosnia and Herzegovina by Armin Limo while speaking at LCCi (Lahore Chamber of Commerce and industry) on Tuesday. LCCi President irfan Qaiser Sheikh, Vice President Saeeda Nazar and executive Committee members Fahimur rehman Sehgal, mehmood Ghaznavi, Husnain reza mirza, Sheikh mohammad Ayub and former executive Committee member rehmatullah Javaid also spoke on the occasion and threw light on the issues coming in way of two-way trade. The ambassador said SBF 2012 is offering projects in infrastructure, energy, tourism, agriculture, construction and financial sector. He said SBF will bring together investors and entrepreneurs from North America, europe and Asia as they are vital for securing business opportunities in the emerging vibrant economies of Southeast europe. The ambassador said Bosnia and Herzegovina have a huge potential in a number of sectors, including construction, energy, agriculture, infrastructure, textiles, tourism and fresh fruits and Pakistani businessmen could avail the opportunities by initiating joint ventures with their counterparts. The ambassador said Bosnia and Herzegovina for being located in the heart of europe has its 43 per cent of the total territory most useful for modern industry. The ambassador invited the Pakistani businessmen to visit the country for having first hand knowledge about the available opportunities and initiating joint ventures with their Bosnian counterparts. He said Bosnia and Herzegovina have large capacities in the wooden industry related to production of goods for foreign markets. The ambassador said the country is quite rich in the metal industry and opportunities are available in steel and aluminum sectors. Speaking on the occasion, LCCi President irfan Qaiser Sheikh said Lahore Chamber of Commerce would arrange a well tailored and sector-specific delegation to take part in SBF 2012. STAFF REPORT
KBP urges govt to announce Wheat Procurement Policy LAHORE: Kisan Board Pakistan (KBP) has urged the government to immediately announce a clear Wheat Procurement Policy besides increasing the procurement target. The demand was raised by the Wheat Committee of the Board which met here with KBP Central General Secretary malik muhammad ramzan rohari in the chair. Talking to newsmen after the meeting, KBP General Secretary malik muhammad ramzan rohari said wheat would soon be ready for harvest especially in Sindh and Southern Punjab, but the governments of Sindh and Punjab are yet to give any clear policy with regard to procurement. He alleged it seemed that rulers wanted to create an artificial wheat crisis so as flour millers and arthis could fill their pockets. He further stated the rulers invent new methods to deprive farmers of cotton, rice, sugarcane and maize from compensation of their due labour. While rulers were also spending lavishly from the national exchequer on their luxuries, he added. rohari said if growers could not get reasonable rates for their wheat crop, then they would not be able to buy expensive inputs and sowing of wheat would reduce next season. members of the KBP Wheat Committee Sarfraz Ahmad Khan, munir Ahmad Bodla, Haji muhammad ramzan and others unanimously urged the government to enhance wheat procurement target this year, end role of corrupt officials of the food department in gunny bags distribution and issuance of gunny bags to the growers without any discrimination. They also urged to include real representatives of growers in the purchase committees to be formed by the food department besides immediate announcement of wheat procurement policy for the current year. STAFF REPORT
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Bulls extend record breaking parade, index up 46 points KARACHI
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STAFF REPORT
He Karachi stock market kept breaking previous records on Tuesday with the benchmark index climbing to a new high on the back of, what market observers said, higher activity on strong valuations after record payout and earning announcement by the National Bank of Pakistan. “The bullish activity witnessed leading the KSe-100 index to a record close amid higher activity on strong valuations after record payout and earning announcement by the NBP,” viewed Ashen mehanti, a director at Arif Habib Securities. The day saw the benchmark KSe 100-share index gaining 46.03 points to close at record 13,324.34 points against 13,278.31 points of monday. “The KSe 100 index again managed to sustain above the
Major Gainers Company
Open
High
Low
Close
Change
Turnover
Nestle PakistanXD Indus Dyeing Colgate Palmolive Pak Int Con SD Tri-Pack Films
3991.98 402.25 843.23 125.47 207.77
4189.00 422.00 852.10 131.74 213.00
4120.00 382.15 850.00 129.00 206.00
4169.85 411.71 851.74 131.68 211.43
177.87 108 9.46 1,104 8.51 533 6.21 43,870 3.66 1,220
Major Losers UniLever Pak Ltd Wyeth Pak Limited Packages Limited National Refinery EFU General Ins identified pivot level,” viewed Abdul Azeem of investCap. The index hit the intraday high and low of 13,363.34 points and 13,261.78 points. The total traded shares at the ready-counter were counted at 250.514 million shares against the record 295.138 million shares of the previous session. The trading value stood at rs7.692 billion compared to monday’s rs8.120 billion. “The turnover for the day was also encouraging. However, the index is now reaching the nearest
closing area of 13,375 points levels,” Azeem said. The market capital swelled to rs3.454 trillion from the previous rs3.441 trillion. Of the total 367 traded scrips, 154 gained, 125 lost while 88 remained unchanged. The turnover in future contracts remained down and slightly decreased to 16.931 million shares against 17.021 million shares of last day. National Bank of Pakistan topped the volumes leaders’ list by counting its traded shares at 40.61 million shares each priced at
rs53.82 in the opening and rs54.95 in the closing. “retail and institutional support witnessed ahead of reformed CGT regime implementation from April1 in blue chip banking, oil and fertiliser stocks on resumption of gas supplies in fertiliser sector, easing circular debt concerns in power sector post major earning announcements at KSe,” said mehanti. This, he said, was despite “concerns current account deficit on rising global commodities.”
Federal Board of Revenue unearths tax fraud LAHORE IMRAN ADNAN
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eDerAL Board of revenue (FBr) has unearthed rs500 million tax evasion scam in which some eight companies are involved that helped 600 taxpayers in claiming illegal tax adjustments, Profit learnt on Tuesday. FBr officials disclosed that on receipt of tip off, Lahore Directorate of intelligence and investigation, initiated probe related to a tax fraud on the basis of fake or flying invoices and identified eight fraudulent companies,
including Sunny Traders, elahi Traders, Faisal enterprises, Shalimar Trade Links, rehman Paper mart, Shaheen Trade Linkers, Heaven Trade Lines and Azure enterprises. initial investigation reveals that these companies issued fake or flying invoices to over 600 other taxpayers to enable them to claim inadmissible or illegal input tax adjustment, causing a loss of nearly half-a-billion-rupees to national exchequer. Official summary made available to Profit indicates that m/S Sunny Traders has caused a loss of over rs135 million, m/S elahi Traders rs71.105 million, m/S Faisal enterprises rs66 million, m/S
Shalimar Trade Links rs50.862 million, m/S rehman Paper mart rs29.703 million, m/S Shaheen Trade Linkers rs28.990 million, m/S Heaven Trade Lines rs19.140 million and m/S Azure enterprises 72.661 million. Lahore Directorate of intelligence had also lodged Firs against these fraudsters, on monday, for investigation, prosecution and ancillary in these causes. To recover the tax amount from fraudsters, FBr sources disclosed that over 600 beneficiaries would be investigated to recover the government revenue. The board has also constituted special teams to expedite the investigation process.
5699.02 773.12 85.35 275.52 72.37
5700.00 770.00 85.00 278.00 72.50
5651.00 755.00 81.09 270.50 68.76
5655.17 768.41 81.09 271.50 68.76
56.51 11.34 16.40 9.30 4.97
53.25 10.43 15.65 8.83 4.68
54.95 10.96 15.98 8.99 4.72
-43.85 159 -4.71 2,070 -4.26 93,291 -4.02 101,324 -3.61 28,890
Volume Leaders National Bank Jah Sidd Co Bank Al-Falah Lotte PakPTA Fauji Cement
53.82 10.37 15.53 8.90 4.89
1.13 40,613,650 0.59 31,565,662 0.45 19,777,047 0.09 9,537,990 -0.17 8,567,382
Interbank Rates US Dollar UK Pound Japanese Yen Euro
90.8842 143.4698 1.1219 119.7308
US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
90.60 118.55 142.41 1.1085 89.98 11.48 24.62 24.12 95.16
91.10 119.74 143.75 1.1183 91.43 11.74 24.81 24.28 97.58
CORPORATE CORNER Microsoft strengthens its footprints in Pakistan
lamabad School, Khyber Campus, where Ahmed Hussain claimed a new world record for the most rapid martial art kicks in one minute; completing 307 kicks within 60 seconds. Jazba has announced prize money of rs50,000 for Ahmed Hussain on achieving this prestigious world record and promoting a positive image for Pakistan. Sadia Khurram, Director marketing mobilink (Jazba) lauded Ahmed’s performance, saying “it is indeed a moment of pride for the whole nation that a young Pakistani has created a new world record. Jazba remains committed to providing the youth of Pakistan with the opportunity to explore and promote their remarkable talents on a global platform. i congratulate Pakistan’s very own ‘Karate Kid’ on this very special achievement.” PRESS RELEASE
Etisalat wins three prestigious awards at Mobile World Congress 2012
KARACHI: microsoft Pakistan today announced the re-launch of the Hardware devices. Premium quality, durability and warranty, all that is needed by the home computer users to be hassle free. That is not all. microsoft Hardware for Business, available through qualified resellers, is an easier way to purchase and deploy microsoft Hardware. Further, microsoft Pakistan also announced the official appointment of its authorized hardware distributor; Advance Business Systems (ABS) in Pakistan. With this appointment, microsoft strengthens its distributor network footprint in Pakistan and ensures provision of original microsoft hardware in key metropolitans of the country. PRESS RELEASE
Jazba celebrates Pakistan’s new martial arts record LAHORE: mobilink Jazba sponsored a special event at the international islamic University is-
BARCELONA: etisalat, the only middle east telecom operator to be recognized for innovations and with operations in 17 markets across the middle east, Africa and Asia, has won three of the sector’s most prestigious international awards at the recently held annual 2012 mobile World Congress in Barcelona, Spain. etisalat received two GSmA Global mobile Awards in the ‘Best mobile Health innovation’ and ‘mWomen Best mobile Product’ categories for its mobile health innovation, ‘etisalat mobile Baby’ that is helping to combat maternal mortality in developing countries. etisalat also won the ‘Best mobile money innovation’ award for its etisalat Commerce platform that is helping make financial services accessible to millions of people across the region. PRESS RELEASE
UNIDO arranges training scholarship for female students ISLAMABAD: UNiDO’s Women entrepreneurship Development Programme (WeD) in collaboration with its academic partner Quaid-e-Azam University arranged for a six day- enterprise Development Training (eDT) scholarship for the female students. The training is being conducted by WeD Programme’s capacity building partner, empowerment through Creative integration (eCi). Universities in Pakistan produce thousands
of graduates each year, flooding the job market with more unemployed individuals. With lesser employment opportunities in the market there is a high rate of general frustration taking toll on the youth. Some who accidentally end up in businesses have very limited knowledge of this sector, hence submitting to less profit and more losses. Under its “Linking University with industry” component, UNiDO’s WeD Programme has designed a series of enterprise Development Trainings for the female masters/mPhil students which is aimed at teaching the graduating semesters on how to startup a business. PRESS RELEASE
port of our alliance partners, paving the way for an affordable vehicle for our potential customers.” press release
PIRANA partners with COGITO
Wateen selects MARA Systems for caching solutions LAHORE: Wateen Telecom announced that it has selected mArA Systems for providing a caching solution which will improve customer’s quality of experience and enable bandwidth savings for the company. Wateen selected the Cache mArA appliance solution as it offers a unique caching mechanism that enables caching for content from leading video portals, CDNs and file hosters. it also cuts down unproductive use of the internet and consumption of network bandwidth. Speaking about the contract, Wateen Chief Technology Officer Faisal Sattar said, “The Web has changed and grown significantly as social networking, video streaming, and file hosting sites have become popular, requiring more and more bandwidth. mArA Systems provide an excellent support, real time statistics and outstanding results for caching on multimedia content. By caching sites on local servers, our consumers will benefit from reduced load times.” PRESS RELEASE
Faysal Bank holds auto conference KArACHi: Faysal Bank Limited’s Car Finance business recently organised an auto conference at one of the leading hotels in Karachi where top representatives of car manufacturers, dealers and insurance companies were invited. Speaking to the audience, Syed Zaka-ur-rehman, Head Consumer Finance said, “Buying a car for the family is becoming a priority for every person. Considering this ever growing demand, Faysal Bank is committed to offering attractive car financing options with the sup-
LAHORE : Cogito marketing Solutions Limited, a young, passionate and most vibrant agency operating in Bangladesh has formed a working strategic alliance with PirANA Communications Group. An official memorandum of Understanding (moU) signing ceremony took place in Dhaka, Bangladesh. razeeb H Chowadhury (CeO and mD) of COGiTO and imran irshad (Founder and CeO) of PirANA signed the moU. PRESS RELEASE
Qubee introduces QClub Reward Programme KARACHI: Qubee has introduced QClub Loyalty reward Programme for its valued customers to enjoy unlimited benefits and amazing offers from Qubee. Chief marketing Officer of Qubee, mr Hashim Sheikh stated “Q Club is divided into three levels, depending on the number of months a customer has been using Qubee. The loyalty program is a permanent reward programme that entitles Qubee customers for additional benefits.” He said those customers who have been using Qubee from three to six months, six to 12 months and for over 12 months are grouped as Qnue, Qguru and Qroyal, respectively, and the additional volume of 10, 20 and 40 per cent will be given to them accordingly. PRESS RELEASE