PRO 8-03-2012_Layout 1 3/8/2012 12:09 AM Page 1
Bears return to end bull rule, index takes a 79pt plunge Page 03
profit.com.pk
Thursday, 08 March, 2012
UAE willing to start Khalifa Refinery Project in Pakistan g
Project involves an investment of $6 billion g Pakistan demands 6-month plus multiple visa for businessmen g Pak-uAe Business Council to be set-up to enhance trade, investment KARACHI
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JAVED MAHMOOD
AkISTAN’S Ambassador to United Arab emirates Jamil Ahmed khan said UAe was willing to start its khalifa refinery Project in Pakistan, involving a huge amount of $6 billion investment. “The project was lingering on due to different reasons, but in a recent Joint Ministerial Commission (JMC) of Pakistan and United Arab emirates (UAe) in Dubai, UAe has expressed its willingness to start work on this mega project,” Jamil khan said while talking to senior journalists and FPCCI representatives at Federation House on wednesday. khan gave a comprehensive presentation to FPCCI representatives about potential of trade and investment in UAe and progress relating to recent meeting of Pak-UAe Joint Minister Commission (JMC). He said establishment of a 500Mw power project was also part of the khalifa refinery Project. According to history of the project, the proposed khalifa Coastal refinery will be established in khalifa Point at Hub, Balochistan, near Gaddani coastal area. It would span on 1,800 acres and will be the largest single foreign direct investment ever, if the project is materialised. The project had been put on hold several times since 2007 due to various issues, like lack of gas supply, security, poor governance and circular debt, which has affected IPIC’s other investments in Pakistani energy sector. The refinery will have a capacity of 250,000 barrels per day, equal to 13 million tonnes of petroleum products per year. The project was approved by the government of Pakistan in October 2007, but it could not be initiated due to various reasons.
LAHORE
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STAFF REPORT
TANDArD & Poor’s, one of the two biggest global rating agencies, released a report on Tuesday on the “Asia-Pacific Sovereigns,” labelling it as “mixed outlook in an uncertain year”. Analyst, Agost Benard, who follows Pakistan for S&P warns, “we could lower the rating, if major slippages in policy occur, resulting in renewed balance-of-payments difficulties or rising public debt trajectory.” He asserts, “while the upside potential is currently limited in our assessment, we could raise the rating if Pakistan shows progress in its fiscal consolidation efforts, evident through moderating fiscal deficits and a steady reduction in public debt.” Pakistan has been rated at B-/Stable/C; T&C B-, recovery 3. The last rat-
Owners of the refinery will be Pak-Arab refinery (PArCO 24 per cent) and International Petroleum Investment Company of AbuDhabi (IPIC 76 per cent). Pakistan’s Ambassador to UAe Jamil khan further said UAe had also extended its support to Pakistan to finalise the Free Trade Agreement (FTA) with Gulf Cooperation Council (GCC) that would prove a breakthrough in Pakistan’s economic and trade ties with GCC. GCC is a member organisation of countries situated in the Gulf and it is just like the european Union. “In the upcoming third meeting, expected in April, we will try our best to achieve the task of signing FTA with GCC,” he added. Once we achieve this task, Pakistan will be able to increase exports to GCC. Mr khan said Pakistan had demanded uniformed tariff of 5 per cent on exports to GCC. At present,
he said, different countries in the umbrella of GCC charge different tariffs on exports from Pakistan, ranging up to 10 per cent, excluding additional duty and tariff. He said after the signing of FTA, Pakistan is expected to get uniform tariff and may be lower than the existing tariff of 5 to 10 per cent. He further pointed out that during recent JMC, Pakistan had asked UAe officials to provide multiple visas to business for more than six months period. He said UAe had reduced the timeframe of multiple visas from six to three months for all countries in the world, but Pakistan had demanded relaxation in this condition and more than six months multiple visa for the businessmen. Pakistan’s ambassador to UAe also said during recent JMC that both countries have decided to form a joint Business Council platform to
promote their economic and trade ties. Pakistan and UAe would soon nominate 10 members each for formation of the council, he added. He urged FPCCI representatives to explore trade and investment avenues in UAe that imported about $160 billion dollars goods in 2010 and exported products worth $250 billion. Quoting an international study, Mr khan said by the year 2020, trade flows between the Gulf region and China could soar to $350 billion (from $59 billion in 2005). Meanwhile, he said, JP Morgan estimates that the global liquidity has increased by $3.9 trillion in GCC from 2002 to 2009, of which around 50 per cent came from Asia and 40 per cent from the oil producers. He said there was enormous potential of growth in trade with GCC, especially United Arab emirates.
S&P releases report on Asia-Pacific Sovereigns ing/outlook change was done in Aug 24, 2009, when the rating was raised to ‘B-’ from ‘CCC+’ with a stable outlook. S&P said it continued albeit slower economic growth in 2012 (in the region) which was one reason for its stable outlook on a majority of Asia-Pacific sovereign ratings.However, it expected challenging global outlook to be complicated by domestic political issues in the year ahead. The rating agency covers more than 20 countries in the report, including Pakistan. In regard to his comments on Pakistan politics, the analyst clearly needs to be updated. He cited major ‘weaknesses’ as “Political instability and security risks.” The analyst says the “Near-term risks of major political insta-
bility have risen over the past several months as a three-way tussle between the judiciary, executive, and the military plays out. In an apparent effort to assert its independence, the Supreme Court has indicted Prime Minister Yusuf raza Gilani for contempt of court for not acting on a ruling to reopen corruption charges against incumbent President Asif Ali Zardari.” And S&P analyst goes on to speculate “If the proceedings result in Mr Gilani being forced out of office, it would not necessarily result in the collapse of the government, in our view. However, already-low government effectiveness would weaken further, and the likelihood of early elections, which are scheduled for 2013, would increase.”
In regard to the country’s economy, S&P analyst, Agost Benard reported that the pressures on balance of payments that the rating agency had foreshadowed earlier were now becoming apparent, but the reserves cushion remained adequate for the time being. For the July–December 2011 period, the current account registered a deficit of $2.4 billion, compared with a surplus of $8 million for the same period a year before. while remittance rose by a healthy 19.5 per cent year on year for the period, this could not offset the 32 per cent expansion of the trade deficit. In the capital account, FDI flows declined further, falling 36.6 per cent in the second half of 2011 to just $532 million. The overall balance of payments thus
QuiCk edit
Cotton, dissecting interests and profitability
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ew Delhi’s decision to ban cotton exports (to protect indigenous production) and subsequent supply contraction in the international market epitomises the machinations of slowing, post-recession, emerging Asia. The first spillover effect on Pakistan, considering resulting price distortions, will be a welcome bid in exports, which should be handled carefully, rather than lament violation of free market scruples. when the bulk of the international economy is in the process of bottoming out of a severe recession, protecting comparative advantage is paramount. It is simply foolish to expect authorities not to interfere in times of record quantitative easing. One, India being the world’s second largest cotton producer and China the largest importer, Delhi’s supply crunch will push China to look for alternates. This should already have prompted the Pakistani commerce ministry to exploit a potential windfall opportunity. Two, ever since cotton prices crashed in the international market, following last year’s unprecedented price rise, Pakistan’s trade balance has come under immense strain. Combined with aid rollback and slowing growth, cotton depreciation was pushing Pakistan’s deficits into very dangerous territory. New demand-supply and price dynamics might just provide some face saving. But even more importantly, the hazards of a narrow export basked must already be pretty apparent to relevant authorities. Just as rising prices often save the day for Islamabad, cyclical collapses run the risk of retarding the entire economic growth engine. As exports are apparently saved again, we must finally re-visit the trade regime very seriously, especially since our traditional export markets as well as products are increasingly compromised. europe’s slowdown will keep meaningful export increases at bay, while a Chinese hard landing will erode much of the commodity’s international market demand. we must improve manufacturing and industry, and diversify our export mix. That is the only sure way of increasing profitability.
registered a deficit of $1.8 billion, compared with a surplus of close to $1 billion a year ago. In the year ahead, the current account should get a boost from the recent decision by eU to allow duty free access for 75 products from Pakistan for a two-year period. Debt service commitments for the one-year period from this January amounted to $2.4 billion (amortisation plus interest), which was a manageable burden against foreign reserves of $17.1 billion as of January 2012. external liquidity thus remained adequate, but could become a pressure point in the event of an exogenous shock or if donor inflows diminished, S&P observed and presented its ‘Outlook’ for Pakistan: “The stable rating outlook balances adequate external liquidity against vulnerability stemming from ongoing structural fiscal weaknesses and significant political and security risk”.
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Thursday, 8 March, 2012
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LCCI spells out priorities for budget 2012-13 LAHORE
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STAFF REPORT
He lahore Chamber of Commerce and Industry wednesday outlined key priorities for budget 2012-13 calling for an immediate government attention on a number of challenges facing the economy. Irfan Qaiser Sheikh, President lCCI, urged the government to focus on investing in energy solutions and enforcement of law and order while lowering of tariffs on smuggling prone items, increasing the share of direct taxes in revenue and lowering the slab of indirect taxes in the forthcoming budget to achieve key economic targets set for the year 2012-13. In order to tackle energy shortages, the lCCI president said, the government would have to allocate maximum funds for construction of dams/water reservoirs, tapping of Thar Coal, completion of Iran-Pakistan gas pipeline and establishment of lNG terminals. The lCCI President said that sufficient funds should be allocated in the forthcoming budget for Dasu power project, Diamer Bhasha dam, Munda dam, Gomal Zam, Satpara power project and kurram Tungi dam. He said that
at least rs. 200 billion or 10 per cent of the total budget should be allocated for hydel power projects. Irfan Qaiser Sheikh said that the country’s reliance on costly thermal power is jacking up the cost of production and import bill. The country needs an urgent shift in its energy-mix in favor of hydel power and local fuels. He said that the 175 billion tons of Thar coal reserves with a price tag of $ 13 trillion in the international market are enough to provide 100,000 Mw of electricity for 100 years. Uninterrupted and affordable power supplies can turn Pakistan into an economic powerhouse. The lCCI President also hoped that the government would earmark funds for the early completion of Iran-Pakistan gas pipeline and lNG terminals to keep the industrial wheel running especially in Punjab that has borne the brunt of recent suspension of gas supplies to industry in the country. On the poor the state of law and order, the lCCI president said that it is hurting Pakistan’s potential as a highly attractive investment destination. Foreign and local investors are lacking confidence to operate in Pakistan. He said that a number of textile-related industrial units had already shifted their operation to
other countries. Therefore the budget must be focused on improving law and order situation. rising risk perception about investing into Pakistan is hitting hard the Foreign Direct Investment (FDI) that fell sharply in recent months and needs to be tackled through a comprehensive policy approach by involving Chambers of Commerce in the country. Irfan Qaiser Sheikh said that the bad law and order situation was one of the major factors keeping the foreign investors away. The lCCI President feared that the fall in Foreign Direct Investment was likely to affect adversely the country’s economic growth. Irfan Qaiser Sheikh said that all the developed countries accord special importance to economic issues and the challenges. But in Pakistan the situation is the other way round and the economy is on the bottom of government’s to-do list. The lCCI President said that a number of sectors in Pakistan including infrastructure development, coal, energy, agriculture, livestock, textiles and pharmaceutical offer lucrative investment opportunities to foreign investors but unfortunately due to absence required funding for a proper and well tailored marketing strategy these opportunities are
unattended even today. It may be mentioned here that Pakistan’s investment rate was only 13.4 per cent at end of last fiscal year, which was the lowest since FY74. The low saving rate, coupled with wary foreign investors led to record low investment rate in the country. The State Bank had already reported in its annual report that Pakistan had fared poorly when compared to its neighbours in South Asia, because of domestic and global factors. Irfan Qaiser Sheikh also urged the government to cut the rate of duties on all smuggling-prone items in order to check smuggling of plastic moulding compound, electronics, Chemicals, fabrics and tyres and tubes. He said that direct taxes need to be increased by imposing/enforcing taxes on income or all incomes should be taxed either they are derived from manufacturing, trading, services, imports or exports. He said that hospitals, Clinics, restaurants, Bakeries, wedding lawns, Travel Agents etc should be brought into the tax net. The lCCI President also suggested that the Sales tax slab should immediately be curtailed to 10 per cent from existing 16 per cent in order to reduce inflationary pressures or simply to check inflation.
Capital punishment under consideration for violators of PSQCA rules g Sub-standards goods not tolerable: Mir Changez Khan Jamali KARACHI STAFF REPORT
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veN though Pakistan Standards and Quality Control Authority (PSQCA) has largely remained ineffective in maintaining the standards of goods in the country so far, the federal minister for Science and Technology Mir Changez khan Jamali has claimed that the production/supply of sub-standards goods would not be tolerated in any case. Addressing the 6th meeting of Board of Directors of PSQCA held at the authority’s head office here on wednesday, the minister also said that strict laws and capital punishment were under consideration for the manufacturers of counterfeit and un-registered products. He also categorically rejected any compromise on quality control issue in the country.
The federal minister informed PSQCA played excellent role in maintaining the standards of necessary goods in the domestic market. He said there must be only one National Authority to check quality control. Jamali appreciated PSQCA personals for playing a vital role to spread the awareness among the public to know about quality control culture in Pakistan. He also appreciated NGOs of consumer rights associations and asked to work with PSQCA side by side for the benefits of common cause. He informed standardised products should only be allowed in the market. As minister, he assured, that he would never allow uncertified and unregistered products in the country. The minister claimed in order to improve the quality controlling mechanism, PSQCA was also going to open offices in Sialkot and Gawadar. He directed the authority to discourage
unauthorised manufacturing and purchase of sub standards goods and PSQCA must also ensure that only those manufacturers who fully comply with all requirements related to quality and standards fixed by the authority, should be given the licence. He informed that special attention was given in reference to improvement in the industrial standardisation and enhancement of the standard of manufacturing products in the country. Director General PSQCA Pir Bakhsh khan Jamali also gave the minister a formal briefing. In the briefing, he touched upon the aspects of developed and undeveloped projects, their achievements and other relevant issues. The minister showed keen interest in working and performance of PSQCA and assured his full support in increasing effectiveness of the authority to achieve its assigned mandate.
Entrepreneurs upbeat about new ventures LAHORE: In a startling survey of 100 fastest growing entrepreneurial, non-listed Pakistani companies, 82 per cent of these private companies plan to start other businesses and will set up 140 new companies in next two years. with an accumulative $1.42 billion sales revenue in 2010 and an average annual growth rate of 55 per cent , 41 per cent of the fastest growing Pakistani private companies termed political instability biggest constraint to growth, 38 per cent termed government regulations and red tape, 32 per cent termed unavailability of quality human resource, 31 per cent termed finding qualified managers, 21 per cent termed shortage/cost of long-term finance, 19 per cent termed lack of government support for smaller companies and 18 per cent termed shortage or cost of working capital the constraints for growth in the country. STAFF REPORT
Cement consumption stagnant since past 4 years LAHORE: Cement manufacturers are ruing the decision to increase their capacities as the cement consumption remained stagnant in past four years while the exports are also on constant decline forcing the sector to operate at 69 per cent installed capacity. A spokesman of All Pakistan Cement Manufacturers Association (APCMA) said that it is not possible for the industry to service its high cost loans carrying high interest rates by operating at low capacities. “This is the reason that the non-performing loans of this capital intensive industry have exceeded 22 per cent and are still rising,” he said. “During the first eight months of this fiscal year the industry despatched 20.5 million tonne of cement recording a nominal rise of 3.48 per cent against the despatches of 19.74 million tonne during the same period last year,” he added. STAFF REPORT
PM forms committee to enhance export of gems, jewellery to $ 5.5 billion by 2017 ISLAMABAD: Prime Minister Syed Yusuf raza Gilani on wednesday constituted a committee to finalise recommendations to increase export of valuable gems and jewelry to $5.5 billion by 2017. Prime minister gave these directions while chairing a meeting on the export promotion strategy for gems and jewellery by the Pakistan Gems and Jewelry Development Company (PGJDC). PM directed that emphasis should be given to manufacturing and marketing of the gems and jewellery in the country. He constituted a committee consisting of secretaries of finance, commerce, productions and Chairman FBr to finalise recommendations for consideration of economic Coordination Committee of the cabinet. STAFF REPORT
Japan extends grant aid of $ 3.7 million for medical equipment ISLAMABAD: Japan has decided to extend Non-Project Grant Aid (NPGA) of $3.7 million to Pakistan under which medical and vocational training equipment will be provided to the Pakistan Institute of Medical Science (PIMS) and Construction Technology Training Institute (CTTI) The official notes for NPGA were signed and exchanged by the Secretary economic Affairs Division Dr waqar Masood khan and Ambassador of Japan Hiroshi Oe on behalf of their respective governments. The grant will be utilized to import the industrial goods manufactured by corporations in the hard hit disaster affected areas of Tohoku region in east Japan. This will not only contribute towards the improvement of medical services and human resource development in Pakistan but will also support local economy of east Japan, which was heavily affected by the unprecedented earthquake and tsunami in 2011. STAFF REPORT
FBR to impose 20pc regulatory duty on two paper products LAHROE IMRAN ADNAN
F
eDerAl Board of revenue (FBr) is likely to impose 20 per cent regulatory duty on coated duplex board and sack kraft paper, Profit learnt on wednesday. Sources disclosed that on the direction of the Prime Minister House, FBr has proposed the prime minister’s advisor on finance and revenue to allow imposition of 20 per cent regulatory duty on both paper products. Official note made available to Profit indicates that the Pakistan Pulp Paper and Board Mills Association (PPPBMA) submitted a representation wherein it had been requested that regulatory duty of 20 per cent
may be levied on import of coated duplex board and sack kraft paper for providing the local industry a level playing field in the wake of cheaper imports of these products. It shows that the PPPBMA in its representation pointed out that local manufacturing of these items has decreased substantially since June, 2011 after removal of regulatory duty, which resulted in that the domestic industry is fighting for its survival due to cheaper imports and higher cost of local inputs, including electricity, gas, etc. The PPPBMA claims that many local manufacturers have closed down their operations, rendering hundreds of workers jobless. The country is wasting precious foreign exchange by importing huge quanti-
ties of these items, while domestic industry uses indigenous raw materials. FBr in its note pointed out that the annual domestic demand for sack kraft paper is 50,000 tonnes and manufacturing capacity of local industry is around 40,000 tonnes, which has drastically dropped, catering only for 14 per cent of the domestic requirement. Presently, only one local manufacturer of sack kraft paper, namely, M/S Flying kraft Paper Mills is partially operational. The remaining units have closed down and same is issue for coated duplex board where imports have increased manifold at the expense of local production. Federal Board of revenue is of the view that increasing tariffs of gas and electricity and withdrawal of regula-
tory duty in June, 2011 have pushed the domestic industry on the verge of closure. For reviving the local production and substituting imports, levy of regulatory duty on these items may be contemplated, FBr recommends. The FBr estimates that by imposing regulator duty the country could generate additional revenue of rs150 million per month at present level of imports. Highlighting the historic background, the FBr has indicated that 15 per cent regulatory duty was imposed on import of coated duplex board and sack kraft paper in February, 2009, to protect local industry; but was withdrawn in the same month on the representation of paper bags manufacturers. However, the regulatory duty was again levied, but at the
lower rate of five per cent in June, 2009 on commercial imports only. It further highlights that in federal budget 2011-12, the regulatory duty was removed on all items except luxury goods. resultantly, only customs duty is leviable on the statutory rates of 15 per cent on sack kraft paper and 25 per cent on coated duplex board. Hence the request for levy of regulatory duty at the rate of 20 per cent on these two items. Sources disclosed that Prime Minister’s PSO kushnood lashari is pursuing the case along with Qamar Momin of Flying Paper Mills. FBr Chairman Mumtaz Haider rizvi has moved the note to Finance Ministry that might take a couple of days in getting go ahead after which FBr will issue SrO.
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Bears return to end bull rule, index takes a 79pt plunge KARACHI
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STAFF REPORT
He karachi stocks market witnessed a bearish activity on wednesday amid higher trades on institutional profit-taking in overbought market after global markets fall on slower economic growth in China and Greece debt concerns. “The stocks closed lower amid consolidation in blue chip stocks after major earning announcements at kSe,” viewed Ashen Mehanti, a director at Arif Habib Securities. The day saw the benchmark kSe 100-share index losing 79.39 points to close at 13,244.95 points against a record 13,324.34 points of Tuesday.
Major Gainers Company
Open
High
Low
Close
Change
Colgate Palmolive Nestle PakistanXD Shell Pakistan Bata (Pak) Ltd Pak Int Con SD
851.74 4169.85 193.31 619.36 131.68
894.32 4325.00 202.97 640.00 138.26
850.00 4130.00 191.10 625.00 135.65
894.32 4209.37 201.39 627.01 138.26
42.58 1,174 39.52 67 8.08 243,157 7.65 199 6.58 57,080
Turnover
Major Losers National Refinery UniLever Pak Ltd Pak OilfieldsSPOT Pak PetroleumXD PSO “The index closed near sessions lows on concerns for rising government debt over and uncertain global commodities post major announcements,” said Mehnati. The total traded shares at the ready-counter were counted at 318.609 million shares compared to 250.514 million shares of the
previous session. The trading value eased down to rs7.058 billion from the previous rs7.692 billion. The market capital also downed to rs3.440 trillion against rs3.454 trillion of the previous day. Of the total 363 traded scrips, 181 gained, 114 lost while 68 remained unchanged.
The turnover in future contracts remained down and decreased to 15.374 million shares from Tuesday’s 16.931 million shares. Fauji Cement topped the volumes leaders’ list by counting its traded shares at 31.173 million shares each priced at rs4.72 in the opening and rs5.02 in the closing.
271.50 5655.17 389.36 183.87 263.65
272.00 5700.00 389.88 184.00 263.64
263.51 5650.00 384.11 179.05 258.95
265.15 5650.00 384.96 179.68 259.90
-6.35 86,136 -5.17 25 -4.40 471,591 -4.19 233,688 -3.75 228,158
4.67 11.96 8.95 6.75 32.45
5.02 11.25 9.36 7.28 31.00
0.30 31,173,434 11.96 1.00 27,056,840 0.37 24,989,939 0.60 20,670,720 31.55 0.34 20,503,889
Volume Leaders Fauji Cement Jah Sidd Co Lotte PakPTA Azgard Nine Arif Habib Co SD
4.72 5.08 10.96 8.99 9.78 6.68 7.54 31.21
Interbank Rates
Chairman APTMA criticises India for banning cotton exports LAHORE STAFF REPORT
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HAIrMAN All Pakistan Textile Mills Association (APTMA) Mohsin Aziz has criticised India for banning exports of cotton and termed it as against the international trade norms. He said all cotton trade agreements, took place prior to the export ban, have been held back Indian exporters and dishonouring their commitments. Mohsin deplored that the In-
dian government’s trade policy was directed to undue favours to its textile industry, particularly spinners, over the interests of farmers. Unfortunately, he said, the farmers have not been given due consideration in policymaking. He said APTMA has always been critic to any such move either within or outside the country and prefers to stick to fair play. He further said that APTMA takes cotton farmers as backbone of industry and a partner in growth. That is why, he added, APTMA has never
supported intervention to free market mechanism even in worst circumstances and opposed always a ban on cotton export. Textile industry is not as selfish as in India and it takes farmers as part of their community, he asserted. Mohsin recalled that APTMA had objected a recent move of Trading Corporation of Pakistan, trying to procure cotton bales on whims of a few unscrupulous elements. He said APTMA objected the move forcefully and the government agreed with its point of
view that a second buyer of cotton always exists in the form of international market. He said Pakistan textile industry was competing in highly odd circumstances including energy crisis, high bank mark up and sluggish trends in the international market but still it is supportive to the idea of free market mechanism. He said APTMA further expects from regional partners and competitors that they would also follow the trade principle to promote healthy competition in the region.
US Dollar UK Pound Japanese Yen Euro
90.8841 143.0152 1.1252 119.4217
Buy
Sell
US Dollar
90.60
91.10
Euro
118.29
119.36
Great Britain Pound
141.79
142.99
Japanese Yen
1.1124
1.1213
Canadian Dollar
89.73
91.11
Hong Kong Dollar
11.49
11.73
UAE Dirham
24.63
24.80
Saudi Riyal
24.13
24.27
Australian Dollar
94.75
97.10
CORPORATE CORNER BOK assets increased to Rs68 billion in 2011
PESHAWAR: Bank of khyber (BOk)’s assets increased by rs68 billion in 2011 showing growth of 35 per cent over the assets of 2010. This was disclosed by Mr Bilal Mustafa, Managing Director BOk during BOk 111th Board of Directors (BoD) meeting at Civil Secretariat, Peshawar. The 111th BOk BoD was chaired by Mr Attaullah khan Additional Chief Secretary Government of khyber Pakhtunkhwa and Chairman BOk BoD. The Board also approved the BOk Accounts for the period ended 31st December 2011 and appreciated the efforts of the management of BOk for increasing the profitability of the Bank as compared to the previous years. The Board also appreciated the efforts of BOk on over all growth in all respective operational areas. The Board was informed that during 2011, BOk advanced rs22 billion, 22 per cent higher then the year 2010 which was rs18 Billion, while during this period Bank posted record after-tax profit of rs872 Million showing increase of 55 per cent over 2010. PRESS RElEASE
PTCL brings EVO recharge offer back with a bang ISlAMABAD: Pakistan Telecommunication Company ltd (PTCl) has launched an attractive winback initiative for evO customers who can now recharge their evO account and enjoy a full month’s usage absolutely free. The exciting winback offer allows all evO customers who have not
recharged their pre-paid device or not paid their evO post-paid bills since November 1, 2011, can now recharge and get 100 per cent free balance for one full subsequent month equivalent to the card loading/bill payment. This offer is valid for both pre- and post-paid evO Nitro, evO wi-Fi Cloud and evO Tab customers. Furthermore, post-paid customers are also exempted from previous outstanding dues by paying current month’s bill, in addition to enjoying a second month totally free of charge. PRESS RElEASE
Rotary Int’l holds South Asian Countries’ Conference NePAl: rotary International held a South Asian Countries Conference on literacy and education in Nepal. rotarians and experts from South Asian Countries met and shared their thoughts to finalise a programme to combat illiteracy and making education easily accessible to more people in South Asian countries. rotary International Director Shekhar Mehta who was also the Convener of the conference informed that this was an ideal opportunity for rotary Clubs in South Asia to seek funding partners and finalize matching grants for the projects in the field of literacy and education. PRESS RElEASE
Emirates wins Gold “Airline of the Year” at ATN Awards KARACHI: emirates’ Midas touch has secured Gold at the 2012 Air Transport News Awards. Adnan kazim, emirates’ Divisional Senior vice President, Planning and research, accepted the Gold “Airline of the Year” accolade on behalf of the airline at a special ceremony held in Athens. “we are honoured to receive ATN’s Gold “Airline of the Year” award, which highlights our dedication to customer service and quality, both in the air and on the ground, while proving emirates’ commitment to excellence. Athens is an important destination for emirates with the long-standing tourism and business relationship between the UAe and
Greece,” said Mr kazim. ATN announced the results in eight different categories after collecting votes from ATN readers, many of whom hold executive positions in the air transport industry, and the verdict of a panel of industry experts. PRESS RElEASE
Qatar Executive exhibits at Abu Dhabi Air Expo ABU DHABI: Demonstrating its commitment to the vibrant Middle east business aviation market, Qatar executive is exhibiting at the Abu Dhabi Air expo from March 6 – 8.The three-day event takes place at Al Bateen executive Airport – the first dedicated business jet airport in the Middle east and North Africa. Qatar Airways’ corporate jet division, Qatar executive, is showcasing its Bombardier Challenger 605 at the event, giving visitors the opportunity to see the luxurious interiors of its popular jet, which features the widest stand-up cabin of any business aircraft in this category available today. with its presence at the show, Qatar executive demonstrates its footprint as a major business aircraft operator in the Middle east region, using this first edition of the event to showcase its product and service portfolio to visitors. PRESS RElEASE
Nokia steals the show at Mobile World Congress 2012 KARACHI: Nokia appeared stronger than ever at this year’s Mobile world Congress (MwC) 2012 held in Barcelona, Spain. looks like Nokia’s new strategy has set the company in right direction and will be doing a lot of good for the brand this year. with a new spectacular range of devices, services and gears to show off, Nokia proved that it has still got what it takes to mesmerise the audience and make the world fall in love with the brand all over again. Nokia introduced a range of new products, services and partnerships at MwC 2012, setting the pace for 2012 and demonstrating rapid execu-
tion of its new strategic direction. The new strategy already has resulted in the adoption of windows Phone as Nokia’s primary smartphone platform, major changes to its feature phones, and additional emphasis on location-based services with the launch of its location and commerce business. PRESS RElEASE
The Enterprise launches in Lahore
LAHORE: with a vision to meet the changing needs of the business community in lahore, The enterprise formally launched through a press meeting at the corporate landmark. Hosted by vice President of The enterprise, Mr Tariq Mahmood Mian, the press conference was addressed by Mr Muhammad Nadeem khan, CeO of The enterprise, who talked about the corporate lifestyle venue and how The enterprise furnishes a complete corporate lifestyle and aims to serve leading local and international companies by providing a smart, efficient, secure and functional business venue, which hosts a diversity of modern-day business necessities under one roof. vice President Mr Tariq Mahmood Mian and Directors of The enterprise Mr Muhammad Mikail khan and Mr Muhammad Ammar khan also addressed the gathering. PRESS RElEASE