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Friday, 10 February, 2012
LPG distributors
call stRike LPG price comes down by Rs10/kg LPG sale reduces by 40 per cent KARACHI STAFF REPORT
strike has been called by Liquefied Petroleum Gas (LPG) distributors and they have halted the distribution of LPG, owing to the drastic reduction in price worth Rs10/kg of fuel in the country. The strike call on February 15 was given by LPG distributors against the recently announced price hike by LPG marketing companies presenting excuses of jump in international price of the gas. The local producers of LPG had increased the price of the gas by Rs16/kg without any notification of Oil and Gas Regulatory Authority (OGRA). As a result of the move started by LPG distributors association of Pakistan, the price of gas on Thursday was reduced to Rs180/kg from Rs190/kg in hilly areas of the country, said Irfan Khokhar, chairman of the association. Besides that, since the distributors have stopped purchasing LPG from the producers and marketing companies, the sale of LPG has also been reduced by 40 per cent within few days of the recent jump in price, he said. Terming the previous hike in price as unjustified Khokhar said, despite the reduction in price which was an eye wash against the jump in price made during the last couple of months, the association was firmed to stage the protest on the announced date. He said a country wide strike against OGRA and LPG companies and distribution mafia would be held on February 15. There was no formula or mechanism to set the price as per the imported and locally produced LPG while OGRA was helpless to determine the price besides giving a free hand to LPG marketing companies, he said. Presenting the international prices and levy as excuses for the hike were against the ground realities as a meager volume of gas was being imported against the production. Also, there was no programme of import of LPG this month. He further said, the distributors would defend the LPG Policy 2011 at any cost and the profiteers would not be allowed to sale the local gas at international rate. He appealed the chief justice and prime minister of Pakistan to take notice of the record high price LPG which has multiplied the woes of the poverty hit people especially in the hilly areas. After the slight reduction in prices, LPG was now available in Gilgit Baltistan, FATA, Balakot, Aazad Kashmir, Muzaffarabad, Swat, etc, at the price of Rs180/kg. LPG prices in Rawalpindi, Islamabad, Mansehra, Nathyagali, Swat and Murree have been reduced from Rs170/kg to Rs160/kg and from Rs1,990 to Rs1,870 per domestic cylinders. In Karachi, Lahore, Gujranwala, Kasur, Sahiwal,Khaniwal, Jhang and Sargodha, the price of domestic cylinder has been reduced from Rs155 to Rs145/kg, while prices of domestic cylinder have been declined from Rs1,630 to Rs1,530. Prices in Peshawar, Dera Ismail Khan ,Kohat, Sadiqabad, Rahim Yar Khan, Mandi Bahuddin, and Sukkhur have been recorded from Rs160 to Rs150/kg, while prices of domestic cylinder have reduced from Rs1,870 to Rs1,750. Faisalabad, Gujrat, Jehlum, Mirpur, Multan, Dera Ghazi Khan and Bahawalpur prices of LPG were declined from Rs155 to Rs145 and price of domestic cylinder from Rs1,810 to Rs1,690. It is worth mentioning here that earlier after the recent hike in LPG prices the gas which was produced at the rate of Rs9/kg was now available at the rate of Rs190/kg in hilly areas of the country. LPG producers, OGDCL, PARCO and JJVL had raised the price to Rs109,703/tonne with the increase of Rs15,846/tonne. After the fresh hike, the retail price of domestic and commercial cylinder jumped from Rs186 and Rs716, respectively.
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Govt still plans to launch $500m OGDcl exchangeable Bonds it had earlier planned to launch the bond during last fiscal year transaction stalled as sentiment in global financial markets remains weak due to european debt crisis and Us credit rating downgrade g
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he hard pressed government due to the rising fiscal deficit and drying of external inflows still plans to launch exchangeable Bonds (eBs) of Oil and Gas Development Company Limited (OGDCL) with transaction size of $500 million having no upsize option, if advised by Financial Advisory Consortium (FAC) based upon the market conditions during the current fiscal year, an official source said. The government had earlier planned to launch the bond during the last fiscal year, but was dropped due to the extremely volatile global financial climate stemming from the european debt crisis and concerns over USA fiscal policy. The government had held road shows for investors in hong Kong, Singapore and London last year in June, in which investors remained cautious due to extremely volatile in the global financial climate. Financial Advisory Consortium advised the government to wait for the global markets to rebound and become slightly more stable. Currently, the transaction is stalled as sentiment in global financial markets remains weak due to european debt crisis and due to US credit rating downgrade. The source that the matter would be pursued on the advice of Financial Advisory Consortium and underwriting agreement and launch term sheet would
be signed jointly by secretary finance division and secretary privatisation division. he said meeting of the Cabinet Committee on Privatisation (CCOP) would be convened to ratify the final terms after the book of demand was built. CCOP on March 8, 2011 approved a capital market transaction envisaging issuance of an OGDCL eB of a base size of $500 million. FAC comprising Citibank, JP Morgan, Credit Suisse and BMA Capital was appointed as book runners for the transaction. The bond will be issued to raise foreign currency debt financing with the tenor of the bond set at five years. The eB was to carry an option granted to the holder to convert or exchange the eB for shares of OGDCL subject to certain terms and conditions and upon conversion debt will be extinguished. The option to convert the bonds into shares of OGDCL was a process of privatisation as per the advice of the legal counsels. At road shows the official team met several investors and briefed them on the government’s credit story and OGDCL story. however, the specific transaction terms were not discussed at the advice of the legal advisors. OGDCL privatisation has been on the government’s agenda for quite some time and various divestment and
CCOP on March 8, 2011 approved a capital market transaction envisaging issuance of OGDCL EB of a base size of $500m
privatisation options have been considered by the ministry of privatisation. Prior to October 23, 1997, OGDCL was a statutory corporation. Petroleum Policy 1994 emphasised on the need for restructuring of the company on commercial lines through strengthening its board of directors and allowing it more autonomy in all administrative, operational and financial matters. Petroleum Policy 1994 also envisaged conversion of the company into a public limited joint stock company. In November 2003, the government divested 5 per cent of its holdings in OGDCL. The said offer received an overwhelming response from the general public and was recorded as a landmark transaction in the history of Pakistan’s capital markets. In December 2006, the government divested further 10 per cent of its holding in the company. The company is also listed on the London Stock exchange, where trading of its shares commenced on December 6, 2006. On August 14, 2009, the government launched a scheme called Benazir employees’ Stock Option Scheme (BeSOS) for the employees of state owned entities including OGDCL. Under the scheme, OGDCL employees’ empowerment Trust was formed through trust deed dated August 20, 2009 and 12 per cent of the share held by the government was transferred to the trust. The government presently holds approximately 75 per cent share in OGDCL.
Petroleum Policy 1994 emphasised on the need for restructuring the company on commercial lines
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Friday, 10 February, 2012
news
CCP issues show cause notices for alleged cartelisation ISLAMABAD
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STAFF REPORT
OMPeTITION Commission of Pakistan (CCP) on Thursday issued show cause notices to Gulf Corporation Council (GCC) Approved Medical Centres Administrative Offices (GAMCA) and GCC Approved Medical Centres in Pakistan (GCC medical centres) for prima facie cartelisation. A CCP statement said the show cause were issued on alleged cartelisation to distribute customers on equal basis, fix the medical fee and also exploiting customers by restricting their choice and imposing unfair terms and conditions thereby, violating Section 3 and 4 of the Competition Act, 2010. The show cause notices were issued by the Director General Legal, Registrar of the Commission. GAMCAs and GCC medical centrs have been given fourteen days to show cause in writing and to avail the opportunity of being heard before CCP. A formal complaint was filed by Pakistan Overseas employment Promoters Association (POePA) before CCP against GAMCA and GCC medical centres in Pakistan that GCC medical centres working under their respective GAMCA have been cartelised to allocate the customers among themselves on equal basis. The commission initiated an en-
sBP to issue banknotes with Yaseen’s signature KARACHI: Central bank would start issuing banknotes bearing signature of SBP Governor, Yaseen Anwar from the 10th of February, said a State Bank statement on Thursday. The currency notes would be issued from the field offices of SBP Banking Services Corporation. The banknotes bearing signature of his predecessors would continue to remain in circulation as legal tender. STAFF REPORT
quiry and appointed Senior Joint Director, Nadia Nabi and Joint Director, Noman A Farooqi as enquiry officers to conduct a detailed enquiry on the complaint. They completed their enquiry and submitted the enquiry report on January 31, 2012. The report says in last 3 years (2008-2010), medical centres only in the region of Peshawar, Karachi and Islamabad/Rawalpindi earned Rs1.8 billion excluding repeat tests whereas, medical centres in the region of Lahore and Multan earned Rs144 million in one year (2010-2011). In terms of enquiry report, to procure visa for GCC countries except UAe, every intended immigrant is required to go through a pre departure medical test which is conducted only by GCC approved medical. Currently there are 20 GCC medical centres divided in to five regions of Islamabad/Rawalpindi, Lahore, Peshawar, Karachi and Multan along with their adjoining cities. In each region, there is one GAMCA established to oversee the working of GCC medical centres in its region. each GAMCA is also engaged in issuing the registration numbers to the intended immigrants and referring them to GCC medical centres for tests to ensure equal distribution system amongst GCC medical centres. The equal distribution system was introduced in 1999 when the GCC medical centres started complaining to executive board of GCC health min-
isters council about uncertainty in distribution of medical slips. Fear that one GCC medical centre is getting more business by paying commission to recruiting agents to refer customers to its medical centre apparently resulted into formation of GAMCA and equal distribution system in the region of each GAMCA. The report also highlights that no disciplinary action was taken against that particular medical centre involved in mal-practices and it still continues to work. Further, the report concludes that prima facie, GCC medical centres are charging the same fee for the pre-departure medical tests which under the auspices of GAMCA is decided and fixed and also proposed to the executive board for approval. These practices of territorial division and equal distribution of customers and fixing the fee prima facie restrict the choice of customers and competition among medical centres for price and quality of services and therefore, are in contravention of Section 4(1) and 4 (2)(a),(b) and (c) of the Act. The report says it appears that this particular case involves a captive market as the intended immigrants for GCC countries except UAe have to get their mandatory medical test conducted by only GCC medial centres. Further, their choice is restricted to a particular medical centre allocated by GAMCA. Therefore, prima facie, GCC
medical centres severally and jointly, under the auspices of GAMCAs have the ability to behave to an appreciable extent independently of competitors, customers and thus, hold dominant position in the relevant market. The report also reveals instances whereby, it appears that GCC medical centers are conducting pre departure tests of intended immigrants on their own terms and conditions including; repeat medical tests conducted to charge extra fee; customer declared unfit once has no choice, customers required to go through a repeat test are forced to come back to same medical centre; and refusal to conduct medical test on the basis of city of origin. Such practices, prima facie, amount to unfair trading conditions imposed on customers and are in contravention of Section 3(1), in particular, Section 3(3) (a) of the Act. Under the given facts and circumstances in the report, it appears that GCC medical centres and GAMCAs are subjecting a vulnerable segment of society to unfair conditions. Most of the intended immigrants to GCC countries are those people who procure visa for manual labour in these countries. In fact, these immigrants bring a significant amount of remittance from GCC countries to Pakistan which is $6 to 8 billion in a year. On the other hand, GCC medical centres are earning a huge amount through pre-departure medical tests.
Commerce ministry opposes autonomous TDAP ISLAMABAD
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STAFF REPORT
FTeR a strong opposition by the ministry of commerce, national assembly standing committee on commerce decided to defer the finalisation of Trade Development Authority of Pakistan (TDAP) bill till its next meeting. The meeting of the committee was held under the chairmanship of Khurram Dastgir Khan. Briefing the committee, Secretary Commerce, Zafar Mehmood said there was no need of TDAP because trade and exports promotion is a function of facilitation and not of regulation. The bill is under consideration of the committee for the last four years. However, he said it was difficult to run TDAP without legal cover. In the absence of board, ordinance and busi-
ness rules, the authority’s status was very ambiguous and putting a big question over the fate of the organisation. Former President, General Pervez Musharraff had established TDAP through an Ordinance in 2006 by replacing the earlier export Promotion Bureau (ePB) to evolve an effective au-
thority for the promotion of exports. The committee also discussed reconstitution of TDAP board of directors as the existing size of the board is considered huge with minister for commerce as chairman, while the chief executive, TDAP is its vice chairman and other 25 members including 15 ex-officio members while 10 from the private sectors. Secretary commerce was of view that the huge size of the board was not suitable and severely affecting the performance of the authority. The committee asked the ministry to suggest the reconstitution of the board and was informed that for posting of 38 commercial counselors, a written test will be held on February 11 conducted by LUMS. The process will be finalised by April 2012. The committee directed the ministry that no appointment should be made without passing the requisite test.
Free distribution of 30 million energy savers from April STAFF REPORT
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ISLAMABAD
INISTeR for Water and Power, Syed Naveed Qamar on Thursday directed launching of 30 million Compact Fluorescent Lamps (CFL) or energy saver bulbs distribution programme throughout the country in a transparent manner from April, this year. He made these directions while presiding over a meeting on distribution plan of CFLs. The ministry of water and power will carry out the over all project
management. It will reduce consumer’s bill by Rs300 per bulb, per year. The project will help in reducing peak demand over 1000 MW, in avoiding generation of 1600 MW. The project will yield Clean Development Mechanism (CDM) revenues of about $32 million by 2018. The minister said CFLs will be distributed free of cost to non defaulters domestic consumers under national energy efficiency programme with the financial cooperation of Asian Development Bank and AFD of France. He directed the project
coordinator of NTDC that no further delay in the energy conservation plan would be tolerated. The project was initially planned to be implemented in 2009. He directed DISCOs to devise a transparent distribution and monitoring mechanism. A proper awareness campaign and plan of distribution must be started for the consumers. The minister said CFL project is an initiative of the government to improve energy efficiency in power sector. President and prime minister are very keen to start the programme at the earliest. As approximately, 1000
MW will be saved under this programme and will help to reduce the gap between demand and supply and will give relief to industrial and other consumers. The meeting decided that CFLs will be distributed in three phases by the DISCOs and in the first phase, life line consumers will be given two CFLs in exchange of two healthy incandescent bulbs of 40 and 100 Watts. The meeting was attended by secretary ministry of water and power, CeOs of DISCOs, programme coordinator, senior officials of the ministry and representatives of KeSC.
secP holds seminar on eservices ISLAMABAD: Securities and exchange Commission of Pakistan (SeCP) on Thursday held a seminar on online incorporation, eServices and measures to increase corporatisation at the Rawalpindi-Islamabad Tax Bar Association. Registrar of Companies SeCP, Muhammad Siddique highlighted various measures of SeCP to facilitate the corporate entities and consultants. He also explained that fast-track services would be launched shortly. A detailed presentation was made by Deputy Registrar, Muhammad Akram Qureshi, covering the relevant provisions of the company laws especially, highlighting different aspects of incorporation of companies and post incorporation statutory compliance. Assistant Registrar, Muhammad Jamil Aamir explained various steps of online filing, creation of eServices accounts for availability of name and further steps/procedure for online incorporation and efiling of various statutory returns. STAFF REPORT
etihad air reports $137m profit before tax KARACHI: etihad Airways, the national carrier of the United Arab emirates, has reported a full year eBIT of $137 million, on revenues up 36.0 per cent to $4.1 billion against the revenue of $2.98 billion in 2010. The results included earnings before interest, tax, depreciation, amortisation and rentals (eBITDAR) of $648 million, with a net profit of $14 million. The record result exceeded the airline’s 2011 target, which was to break even. STAFF REPORT
Dollar reserves slide to $16.689 billion KARACHI: The country’s dollar reserves moved northward this week and contracted by 1.7 per cent to $16.689 billion up to February 3, the central bank reported Thursday. Unlike last week when the country’s dollar holdings had surged by $68 million to $16.870 billion, the week in review saw a decline of $181 million in the foreign exchange reserves of Pakistan. even a 0.4 per cent increase in the commercial banks’ reserves could not help the country avoid a slump in its fastshrinking holdings of the greenback and State Bank counted its reserves 1.5 per cent or $199 million less at $12.324 billion against previous week’s $16.870 billion. Banks other than SBP managed to remain in the green zone and calculated their dollar reserves at $4.365 billion and $18 million higher than their previous reserves of $4.347 billion. The economic observers say contractions in the country’s foreign exchange reserves are mainly due to increasing import payments. Also, they believe, the retirement of external debts, which according to SBP have accumulated to over $60 billion, happens to be a major drain on the country’s reserves. STAFF REPORT
aPcNGa mulling over plan to end gas shortage ISLAMABAD: All Pakistan CNG Association (APCNGA) said on Thursday that it was working on a plan in association with professionals to curb wastage of natural gas that will help in tangible saving to ensure continuous supply of gas and end load shedding. Addressing a news conference, Chairman APCNGA, Ghiyas Abdullah Paracha said the plan calls for efficient use of natural gas and if the government participates then there would be significant savings. He said the plan would be unveiled on early March and the government should implement it before the onset of next winter. He said in case the government could not timely import LNG, the association was ready to start imports by installing mini plants and developing storages country wide. The association is already working on a comprehensive workable plan in this regard. STAFF REPORT
Banks start emailing credit card statements LAHORE: In order to reduce cost and facilitate customers, a number of banks have started sending credit card and monthly account statements through e-mail, but it has caused some problems for the consumers, learnt Profit on Thursday. The banking industry sources said the financial institutions have taken this step to reduce the cost incurred due to sending statements through postal mails. Moreover, it will also reduce the paper and printing costs of the banks, the added. “The decision has been adopted by many private banks and they are sending the statements through prescribed emails of the customers,” an official of the bank said, adding normally a credit card statement costs around Rs10-12 per sheet and if postal/courier services are added, then the cost reaches Rs30-35 per customer. “Depending upon the number of credit card customers, normally, a bank has to spend around Rs200,000 to 400,000 monthly, only on dispatching these statements,” he added. Besides banks, a number of cellular companies have also adopted the strategy to reduce cost. However, although, all these steps have brought ease for the companies, at the same time they have also irked the customers, who complained that they often do not get the emails which cause problems for them. They said the companies are watching their interests, but have ignored the customers altogether. “I have been getting credit card statement through email and sometimes, I miss my statement, as the email sent by the bank goes into spam and I have to call the bank’s helpline for depositing the money,” said a customer, Tahir Javed, adding the banks should also send the statements through postal mail. NAUMAN TASLEEM
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Pakistan all set to participate in Expo Yeosu 2012 SEOUL MONITORING DESK
ARIQ Puri, Chief executive, Trade Development Authority of Pakistan (TDAP), attended the third international planning meeting for expo 2012 Yeosu, Korea, as the Commissioner General of Pakistan Pavilion and discussed the effective participation of Pakistan Pavilion in expo 2012 with Mr Kang Dong-Suk, Chairman of the organising committee of expo Yeosu. expo authorities briefed Mr Puri about the preparations, design, installation and dismantlement of exhibition space, site operations and transportation/ accommodation facilities, marketing and public relations, cultural programme, protocol arrangements and a presentation on Yeosu declaration. On the sidelines of expo meeting, chief executive TDAP also met Mr Yoon So-Jung, Chairman Sojung Cooking and G-Food of Korea and invited them for growing horticultural products in Pakistan and processing them for export. He also offered them to assist in finding right business partner in Pakistan, who could offer them land on equity basis for agriculture purpose/corporate farming and also offered to help them secure land for export Processing Zone for processing purposes. Chairman of Ilshin Spinning of Korea, Mr Kim Yeong Ho called on Mr Puri and briefed him on his business interests in Pakistan. He showed interest in sourcing latest compacted and selpharised yarns from Pakistan. Mr Puri invited them to participate in expo Pakistan 2012 to be held in Karachi from 4-7 October, 2012. He also offered them to make an early visit plan.
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Traders lobby for fair lOaD maNaGemeNt FAISALABAD STAFF REPORT
LL Punjab Textile Associations Council has demanded of the government, the opposition and leaders of all political parties for inclusion of equal distribution rights of gas in proposed 20th constitutional amendment for industrial and economic development in the country. This demand was raised by Rana Arif Tauseef, Regional Chairman Pakistan Textile exporters Association (PTeA) while addressing a press conference at PTeA. Rana Arif said the overall growth in textile exports in first half of the current fiscal posted a negative growth of
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4.68 per cent, as it touched $5.96 billion in July-December this year from $6.25 billion over the corresponding period last year. The graph of textile exports was continuously going down as textile exports in last three months were $578 million short and likely to lose another $250 to $300 million in January. He said severe shortage of gas has almost devastated the manufacturing and industrial sectors rendering export units dysfunctional and this situation is resulting in the loss of production and cancellation of export orders. emphasising the importance of conducive industrial promotion and productivity augmentation conditions in the country, PTeA chairman said to keep the industrial wheel running and
providing maximum job employment to working hands in the country, it was imperative to facilitate the optimum industrial activity. Rana Arif vehemently appealed to political leadership to remove injustice and disequilibrium of distribution of natural resources among the provinces caused by the 18th constitutional amendment. Due to this unnatural and unjust distributive system, the exports and industries of the country were suffering heavily, particularly in Punjab. He demanded of the political leadership of the country to remove this constitutional hurdle for promotion of industrial and economic activities in the Punjab and directly linked this problem with the economic growth of
the province. Shahzad Siddique Ch, Vice Chairman PTeA, Qamar Aftab, Vice Chairman Pakistan Hosiery Manufacturers Association (N Z), Khalid Mahmood Cheema, Chairman All Pakistan Cotton Power Looms Association, Mian Nadim Ashfaq Puri, Chairman All Pakistan embroidery Association, Imran Mehmood, Vice Chairman All Pakistan Bed Sheets and Upholstery Manufacturers Association, Rana Muhammad Amin, Chairman Small Power looms Association, Waheed Khaliq Raamay, Chairman Council of Loom Owners Association, and Mian Ajmal Farooq of All Pakistan Textile Processing Mills Association were also present in the press conference.
CORPORATE CORNER emaar continues to deliver on its promise of luxury living
be charged. Customers can subscribe to this service by dialing 6363. All calls to 6363 will be charged at Rs0.1+tax per minute. After subscription, customers will be given the option to add up to three phone numbers of their choice which they want to monitor. The monitored number will have the option to accept or decline being added to the monitored list. The primary number will be able to monitor each number separately by sending command SMS to 6464 free of cost. each monitored number’s log will be maintained separately. PRESS RELEASE
Deputy chairman eRRa chairs 14th Urban Development Project meeting KARACHI: emaar Pakistan, the country subsidiary of global property developer emaar Properties PJSC, recently handed over a new villa, part of Mirador project at Canyon Views, to its owners at a festive ceremony. The ceremony was attended by emaar Pakistan representatives and the friends and family of the ecstatic Maj. Gen. Asif Akhtar (Retd.) keeping the tradition alive, emaar Pakistan continues to deliver on its promise of providing luxury living and handing over the completed projects to the owners on timely basis. PRESS RELEASE
Ufone offers control on outgoing, incoming calls ISLAMABAD: Ufone continues to live up to these challenges and recently introduced UMonitor; a service with which customers will be able to monitor calls on three phone numbers. With this offer customers can now create a list of selected numbers and control their incoming and outgoing calls. Mobile communication technologies have evolved independently across continents and there is significant challenge in achieving success while introducing innovative services. Ufone has introduced UMonitor for its both postpaid and prepaid customers. The primary prepaid number will be charged Rs5+tax per week and postpaid customers will be charged Rs20 per month- the monitored numbers will not
ISLAMABAD: A meeting to oversee progress on Urban Development projects of AJK was held at eRRA Headquarters today. Chaired by the Deputy Chairman eRRA, Lt Gen Sardar Mahmood Khan, the meeting was attended by Additional Chief Secretary AJK, Secretary Works AJK, Commissioner Muzaffarabad and Rawalakot, DG planning eRRA Brig Zafar Walha, DG SeRRA and other officials from eRRA and AJK. PRESS RELEASE
New batch of agriculture students pursue university degrees KARACHI: Institutional Scholarship Award Committee (ISAC) in the meeting held on 06th February, 2012 recommended 58 students of Sindh Agriculture University (SAU), Tandojam for the
award of needs based scholarships. Vice Chancellor Dr A Q Mughal presided over the meeting.The ISAC comprised of Prof.Dr A Q Mughal, Vice Chancellor SAU,Tandojam, Pr Dr ShamsuddinTunio, Dean Faculty of Crop Production, Dr Amir Bukhsh Kalhoro, Mr Mir Rafique Ahmed Khan Talpur,Community Representative and other senior members from university and Higher education Commission . PRESS RELEASE
of 24 per cent while a decline of two per cent was recorded in HSD demand. In the period under review, PSO continued its domination of the market with its share in the Black Oil and White Oil segments standing at 79.1 per cent and 53.4 per cent respectively, thereby contributing to an overall market share of 65.3 per cent. PRESS RELEASE
Parkinson’s Unity Walk: a catalyst for hope and promise KARACHI: The Parkinson’s disease community comes together to instill spirit and optimism in those affected by the disease at the Parkinson’s Unity Walk, the country’s largest annual grassroots event for the disease organized by the Pakistan Parkinson’s Society and Agha Khan Hospital Hundreds of people affected with the disease, caregivers, families and friends are expected to lend their feet by participating in a gentle one mile walk and community education day in Agha Khan Hospital Cricket ground and Sports and Rehab Centre in the ongoing fight to manage the disease and find a cure. every nine minutes someone is diagnosed with Parkinson’s disease. PRESS RELEASE
LAHORE: Chairman, Travel Agent Association of Pakistan (TAAP), Yahya Polani, presenting a souvenir to the President Azad Jummu and Kashmir AJK, Sardar Muhammad Yaqoob Khan. Also seen present on the occasion are Rafiq Khan Bukhari, and Tahir Khokar. PRESS RELEASE
Pakistan state Oil announces results for 1HFY12 KARACHI: Board of Management of Pakistan State Oil (PSO) convened on Thursday at PSO House to review the company’s performance over the first half of FY12 from July, 2011 to December, 2011. In the period under review PSO revenues touched Rs576 billion as compared to Rs427 billion in the corresponding period last year, representing a growth of 34.8 per cent. The company also announced after tax earnings of Rs4.58 billion in 1HFY12 in comparison to Rs7.13 billion during the same period last year. This reduction was due to a deferred tax adjustment made in 1HFY11. During this time period, the industry’s volumes for Black Oil grew by 3 per cent, whereas, white oil grew by four per cent reflecting an increase in PMG consumption
LAHORE: China Mobile Pakistan and Wisecomm have signed an agreement under Customer Entrepreneur Services to provide sales and services to customers. Picture show ZONG’s CEO Fan Yunjun shaking hands with Shahid Mahmood Bhatti, CEO of Wisecomm. PRESS RELEASE