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Two digit bad, one digit good Page 2
profit.com.pk
Saturday, 14 April, 2012
TIMELY THREAT
SBP puts its wallet on the table and points towards the Parliament Govt has to justify huge budgetary bank borrowings in Parliament, SBP reminds economic mangers g Policy rate kept unchanged at 12 percent g Minimum profit rate on saving/PLS saving rupee accounts hiked to 6pc g Inflation to remain in double digits even in FY13 g Government rolling over its maturing short-term debt is a Herculean ask g
KARACHI
T
ISMAIL DILAWAR
He State Bank of Pakistan (SBP) tends to refer the cashstrapped federal government to the Parliament if the latter failed to meet the legal requirement of zero quarterly borrowings from it as provided in the State Bank of Pakistan (amendment) act (2012). Friday saw SBP’s Central Board of directors issuing its Monetary Policy Statement for next two months of FY12. Keeping the discount rate unchanged at 12 percent, the bank decided to raise the minimum profit rate on Rs saving/PLS saving products from 5.0 to 6.0 percent. From May 1st (2012), the banks would be required to pay a minimum profit rate of 6.0 percent on their saving/PLS saving products maintained in Pak rupee. “it was the expectation of SBP that these deposits will respond to market forces and adjust accordingly,” the bank said. also, the regulator raised a serious question about the revival in private sector credit and growth prospects in the country wondering that how would the funds-starved government rollover its maturing short-term debt and raise additional financing while simultaneously retiring its borrowings from the SBP? it reminded the government of the State Bank of Pakistan (amendment) act (2012) that requires the former to repay its borrowing from the SBP at the end of each quarter and the existing stock was to be retired within eight years. “in case of not observing these provisions, the act also stipulates that the federal government will submit a statement to the Parliament giving detailed justification,” the SBP said.
Seeing more inflationary borrowings from the State Bank as a “most likely avenue” for the government given shortfalls in external sources, the central bank warned that adherence to this very legal requirement, without serious adjustment in the fiscal position, would lead to significant injections of liquidity by the SBP to keep the payment system functioning and financial markets stable. The government borrowed Rs 373 billion from the scheduled banks and Rs 218 billion from the SBP during July–March 30 (FY12), marking a growth of 56.5 percent and 18.5 percent, respectively. The private sector credit, on the other hand, could grow by only 4.2 percent and that in total deposits of the banking system was 17.4 percent. “The banks continue to prefer financing the fiscal deficit as opposed to searching avenues, taking risk, and building partnerships to facilitate credit to the private sector,” the SBP noted with concern. The SBP, it said, was already injecting substantial short-term liquidity in the system, Rs 200 billion as of 13 april 2012, which was being continuously rolled over. Thus, simultaneously meeting the legal requirement of zero quarterly borrowings from SBP, scaling back liquidity injections, effectively anchoring inflation expectations, and creating space for the private sector, could prove to be a much more difficult task than appreciated, it added. The State Bank warned that not all challenges currently facing the country could be tackled by the monetary policy alone. a supporting fiscal strategy and an active economic reform agenda was critical to deal with some of the struc-
tural issues, in particular, low tax to GdP ratio and energy shortages, the central bank proposed. “The economy needs a forwardlooking approach to policymaking with strict adherence to rules laid out in the legal frameworks, be it the State Bank of Pakistan (amendment) act (2012) or Fiscal Responsibility and debt Limitation (FRdL) act (2005),” it added. The bank said its primary consideration was to bring further down inflation which it said, like last few years, would remain in double digits in FY13. “Consistently growing government borrowing requirement from the banking system is a key variable that is adversely affecting the inflation outlook,” it said adding weak private demand, on the other hand, was one reason why inflation was not increasing sharply. elevated international oil prices, weak quantum of exports and insufficient foreign financial flows require careful management of the external position. “Last but not least, the consistent decline in private investment is also an important factor in formulating the monetary policy strategy as it impacts both the medium term inflation, growth and employment prospects,” said the regulator. Following this approach is crucial in anchoring inflation expectations around the medium term targets of 9.5 percent for FY13 and 8 percent for FY14 as envisaged in the Medium Term Budgetary Framework (MTBF) of the government. another risk factor that, the SBP said, needed close monitoring for assessing inflationary pressures was the behaviour of international oil prices. Government borrowing requirements are not the only source of liquidity
pressures. With a gradually rising external current account deficit and consistently declining foreign inflows, the SBP’s foreign exchange reserves are on a declining path. during the first eight months of FY12, the external current account deficit was $3 billion while the net capital and financial account receipts were only $187 million. The SBP’s dollar reserves declined to $11.8 billion by end-March 2012 from $14.8 billion at end-June 2011. These external sector developments are exerting downward pressure on rupee liquidity as indicated by a 21.4 percent year-on year decline in net Foreign assets (nFa) of the banking system by end-March 2012. “Thus, some rupee liquidity injection and increase in reserve money is required to facilitate normal transactions taking place in the economy.” Given substantial external debt payments, declining trend of export quantum, elevated international oil prices, and weak financial inflows, the external position the bank said was likely to remain under pressure in the remaining part of FY12 and FY13. Predicting a “substantial slippage” compared to the revised GdP target of 4.7 percent, the SBP said as provisional financing data the fiscal deficit may have reached 4.3 percent of GdP during the first nine months of FY12. “in terms of solutions, the economy needs deep and decisive fiscal and energy sector reforms and an early realization of planned foreign financial inflows to mitigate uncertainty,”, it suggested. improving financial deepening and competition in the banking system is another area of reform the regulator proposed.
COMMENT
Goodwill in New Delhi
T
He successful launch of Life Style Pakistan in delhi marks another important chapter in what has become trade normalization on steroids, a rapid thawing of one of South asia’s most enduring rivalries. and as significant as it was for anand Sharma’s landmark announcements, rather pronouncements, it was even more important for what must already be afoot behind the scenes. Trade bodies, business executives and corporate bigwigs have not travelled all the way just for photo ops. They are eager to fine tune all proceedings that will stem with the phasing out of our negative list as the year rolls out. in negotiations taking place right now, lasting alliances will be built and new opportunities identified, and exploited; good networking all in all. Those weary of the rapidity of the change must also leverage the present engagement to iron out rigidities where they exist and posture to better harness gains of trade when they begin materializing. There was a justified touch of irony in Sharma’s words when he talked of many past opportunities lost to bitterness, of the duty to bring change for the sake of our children. There seems a clear understanding on both sides – there is no going back; this must succeed. now that irreversible financial linkages are as good as forged, the new strategy will be tested on the political front, and rightly so. Proponents of the new engagement staked their case on one simple argument – when bound together in long term, high value projects, there will be a clear desire to keep otherwise bothersome issues from disrupting the peace, which in turn would demand serious attention towards lasting solutions. and that is the real success of the endeavor our commerce ministry has been pursuing for the good part of the last two years. There is progress beyond india, and meaningful progress at that. We stand a better chance of improving trade and diplomatic relations with many countries in our neighbourhood. However, we will need to work on improving just about everything about our exports at the moment.
NEIGHBOURLY LOVE-IN CONTINUES
Love thy neighbour, and also give FDI a thought India agrees upon allowing foreign direct investment from Pakistan Pakistan, India to discuss opening of Khokhrapar route next month Second gate of Wagah Atari inaugurated India to reduce sensitive list under SAFTA protocol within four months Indo Pak Business Council to facilitate the bilateral trade: Anand Sharma India, in principle, to allow FDI from Pakistan n
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NEW DELHI GHULAM ABBAS
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ndia has “in principle’’ agreed to allow foreign direct investment (Fdi) from Pakistan into the country as part of the roadmap to enhance economic engagement between the two nations. He said the procedures and the necessary requirements for allowing Fdi from Pakistan were under the formulation stage and would be notified very soon. indian Commerce Minister, anand Sharma announced that the india-Pakistan Business Council will be set up soon to be co-chaired by both the countries. His counterpart Makhdoom amin Fahim Fahim said ``We have also decided to open up negotiations in the hospitality, education and tourism sectors and experts groups would be constituted on these issues to work out the modalities for talks,’’. Pak-
istan and india, the two neighboring countries, which have opened a new gate at Wagah atari land route on Friday to facilitate the bilateral trade, will start negotiation on opening another route at Tharparkar at secretary level talks next month. This was said by Shri anand Sharma, indian Minister for Commerce, industry and Textile in a media briefing here at his office on Friday after a bilateral meeting with visiting Pakistani Commerce Ministers, Makhdoom amin Fahim at Udyog Bhavan. amin Fahim was currently heading a hundreds of businessmen led delegation to delhi. The two ministers were accompanied by commerce secretaries, officials and other dignitaries of the two countries. While replying to a query, anand Sharma said that new linkages should be developed between the two countries to increase the movements of goods and cargo across the borders. Khokhrapar was already
n
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in the agenda of the secretary level talks to be held in May this year. Various prospects of the new route would be discussed in detail by the two secretaries and concerned officials, he said. To another question the indian minister said that his country was committed to reduce the sensitive list of trade under the SaFTa protocol within next four months. He said that following the pro-active steps taken by Pakistan, india would also carry out a review of the 30 per cent of the ``sensitive list’’ as a confidence building measure. Replying to a query Makhdoom amin
Fahim said that the government was finalizing the MFn related issues and as the cabinet has approved the matter, there was no problem or hindrance in granting the status to india. He said the process was successfully being finalized by the secretaries of the two countries. Fahim said ``We have also decided to open up negotiations in the hospitality, education and tourism sectors and experts groups would be constituted on these issues to work out the modalities for talks,’’. He said that
the two countries have agreed to have the banking facility to businessmen on both sides and central banks of the two countries were working on it. The indian Minister also informed that both the countries have also agreed in principle to allow opening of bank branches to facilitate financial transactions and ensure smooth trade. Both the Reserve Bank of india (RBi) and the State Bank of Pakistan have held several rounds of talks in this direction and a very positive situation has emerged. ``Both RBi and State Bank of Pakistan are in favour of opening up of branches on both sides of the border,’’ Sharma remarked. Later, both the ministers left for attari-Wagah border near amritsar to inaugurate the second integrated Check Post (iCT) gate that would pave way for smooth flow of road traffic and provide upgraded and modern infrastructure for both traders as well as people passing the border through the land route.
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Saturday, 14 April, 2012
news
GROUCHING GRUMBLES
NO-BRAINER
Two digit bad, one digit good
Give them sugar and get the urea
PAAPAM whines about the number of digits in the discount rate g The ‘heart-curdling’ number stands at 12pc as of now
PSMA proposes barter with Iran g Gives govt a plan to procure 800,000 tonnes of urea instead of 400,000 tonnes of cure g And also tells them to use their brains for once g
g
LAHORE STAFF REPORT
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LAHORE
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STAFF REPORT
aKiSTan association of automotive Parts and accessories Manufacturers (PaaPaM) while reacting to the unchanged policy rate of the SBP at 12 per cent, has pleaded the central bank to save industry by bringing discount rate to single digit reducing it by 250 to 300 basis points. The chairman of PaaPaM and the Business Forum of Punjab, addressing the executive committee meeting here at PaaPaM office held to discuss the tight monetary policy of the SBP, said that it is now clear that high discount rate is no more sustainable and is causing a great harm to economy and would continue to do so unless a realistic approach is adopted. He said that the State Bank of Pakistan should understand that its continued tighter stance is inflicting a very heavy loss on the nation as the economy has already paid a very high price because of high interest rate. He said that in any country where the economy is facing a recession, the interest rates are brought down to
stimulate growth, whereas in Pakistan it is the other way round. in the last two years interest rates in europe and the United States have been brought down close to Zero to save the economies from collapse. This is the time that interest rates should be brought down to single digit to spur growth, he added. He urged the banks to play an effective role for growth of Small and Medium enterprises as its share in business establishments in Pakistan is as high as 98 per cent employing over 78 per cent of the non-agricultural manpower in the country. The chairman of the PaaPaM and BFP observed that share of SMe financing in the total lending portfolio of banks had fallen from 16 per cent in dec 2007 to 7 per cent by 2011. expressing his dissatisfaction over decline of SMe financing by banks, he said it was Rs437 billion in dec 2007 which dropped to Rs268 billion in 2011. On this occasion, the vice chairman of the PaaPaM Munir k. Bana, invited the attention of governor State Bank of Pakistan to the lack of interest of commercial banks in financing SMe sector due to their in-
UTILITY USAGE
Telecom at the top of the pile Telecom sector has become the largest utility service in current FY2011-12 g
KARACHI ZAINALI
T
He telecom sector has become a largest utility services consumed by customers in the first half of current financial year 2011-12, in different parts of the country they paid Rs 39.828 billion on the account of taxes on telephony services. according to the FBR statistics, it collected Rs 24.058 billion GST/Fed from customers of different telephony services (Cell phone, landline, wireless) in July-december 2011. Telecom service is having biggest subscriber’s base in the country with more than 120 million subscribers on various operators using different technology. as against, customers of different utilities such as electricity and natural gas, which can be estimated to be very low comparatively. On the top of all, the rate of Fed collected on telephony services in the mode of GST, is the highest among all the sectors, standing at 19.5 percent compared with 16 percent of different sectors and utility services. Telecom sector is the major spinner after petroleum products contributing to massive revenues under GST. it share constitutes 16.7 percent
volvement in financing the state-run institutions where they feel comfortable. He pointed out that commercial banks are supposed to finance the private sector as their first option and then finance the semi government institutions and lastly the government when there is excess liquidity. “On the contrary it is strange that most of the banks are resorting to finance the state run institutions as a first option and financing the private sector as a second priority,” he said. He said that SMe Fd Circular no.17 of november 2, 2009 and SMe Fd Circular no.14 of September 4, 2009 should be enforced for SMe development. Current SMe is classified with assets under Rs 100 million which with existing inflationary trends and high rupee depreciation is a very low bench mark. This may be enhanced to Rs 250 million while the scheme should be extended for SMe’s up to 2018, he demanded. He observed that SBP currently allows 90 days deferred payment for export contract proceeds. This should be enhanced to 180 days, as current limit is too short and causes problems for the exporters, he added.
in overall GST collection as reported by FBR. Previously, the sector generated Rs 23.429 billion under GST, showing growth of 14.2 percent revenues of tax authorities on the increase of services utility and number of subscribers on different networks. Remember the Fed/GST deducted on every call a subscriber makes; or over sending SMS/MMS; subscription of various call packages, SMS bundle offers, and GPRS. in addition to it applies on balance inquiry and balance loan as well. FBR however is not happy with this collection as it expressed dismay over its low growth.The report said that “the collection from telecom, second major source of sales tax domestic, has registered a low growth of 2.7%. One reason of low growth is around 2% increase in the input adjustment.” The tax is slapped and deducted from the customers. now it is tax evasion of telecom operators or inefficiencies of tax authorities to receive it properly, the customers ultimately pay its heavy contribution of using services. Besides, FBR collected Rs 15.77 billion under Withholding Tax (WHT) in first half of the current financial year 2011-12 as against Rs 13.264 billion taxes collected under same head in the corresponding period of pervious financial year. The WHT collection from telecom sector showed a growth of 19 percent from previous year whereas the sector share was remained 8 percent and it is fourth largest contributor of overall WHT generation. The WHT at the rate of 10 percent is deducted at the moment you recharge your balance if you are a prepaid customer. Whereas, the postpaid customers of different services have to pay 10 percent of the amount bill excluding GST/Fed and operators’ charges. Overall, last year Rs 36.693 billion collection in the first half of 2010-11, hence Rs 3.135 (8.5) percent more tax collected in the present financial year.
HaiRMan Pakistan Sugar Mills association (PSMa) Javed Kayani has urged the Federal Government to consider PSMa’s proposal of barter trade for procurement of urea against sugar, the contents of his letter to Federal Finance Minister Mr. abdul Hafeez Shaikh are as under: “You have approved import of 300,000 tons urea in eCC to meet with requirements of the country for the Kharif season, which can actually be procured from iran against barter of sugar, which will save precious foreign exchange. at present the international price of sugar can almost buy double the quantity of urea. Therefore, taking advantage of
the situation Government can benefit to procure 700,000 to 800,000 tons of urea in lieu of 400,000 tons of sugar,” Kayani said. PSMa in a recently held Sugar advisory Board meeting on 12th March made a very strong recommendation to buy a further quantity of 400,000 tons in view of the current inventory of sugar. Unfortunately the process of purchase through Trading Corporation of Pakistan has not been initiated as yet, which is grossly impacting payments of sugarcane growers as well. We are facing tremendous pressure of the growers and the respective Provincial Governments to clear payments of sugarcane growers for the current season, which are likely to be delayed for want of disposal of surplus stocks.
“We suggest that Government should adopt a pragmatic approach in view of the submissions made not only to procure urea against barter trade of sugar but also to facilitate payments to sugarcane growers and avert bank defaults on principal and mark up. We hereby confirm that 400,000 tons of sugar is ready and available for Government of Pakistan as and when required,” he said adding without the provision of drawing 90 percent credit instead of existing rate of 70 percent against pledge of sugar stocks discharging entire liabilities of growers is not possible. He said we are not demanding any extra facility instead we want 30% margin be reduced. it will facilitate both growers and the industry and pressure on Government will also be reduced.
PUMP UP THE BILLIONS
Our govt is a money-inhaling bottomless pit g
SBP injects Rs200bn more to be gulped in by the government KARACHI ISMAIL DILAWAR
T
He central bank Friday injected Rs 200 billion into the banking system where much of the liquidity is nowadays catering budgetary requirements of the cashstrapped government. With an unprecedented frequency, the State Bank of Pakistan (SBP) is pumping billions into the currency market which is considered to be susceptible to a possible liquidity crunch due to government’s massive borrowings from the commercial banks. Friday saw the central bank injecting Rs 200 billion at an annual rate of return of 11.55 percent. The amount was injected by the SBP through conducting reverse repo open market operations in the Market Treasury
Bills and Pakistan investment Bonds of 7-day maturity. Quotation range for the current injection was 11.60 to 11.55 percent. The economic observers, including the SBP, agree that the State Bank injects money into the market when the market faces a liquidity crunch. SBP’s chief spokesman Syed Wasimuddin confirmed that the injection operations are carried out in times of money scarcity in currency market. The economic observers, however, fear that the present liquidity management would take its toll on the troubled economy in the face of aftereffects. “Over and above, inflation might pop back up as a leading concern during FY13 as an aftereffect of current liquidity and money supply trends,” viewed Farhan Bashir Khan, an analyst at investCap.
ANOMALOUS STATS
Apparently economic activities aren’t really slowing down SECP registered 370 companies in March g New companies registration up by 13 percent for July-March period g
ISLAMABAD
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STAFF REPORT
Ven though the general impression is that the pace of economic activities is slowing due to number of reasons, like persistent economic crisis and political instability but the new companies registration data of the Securities and exchange Commission of Pakistan (SeCP) shows that it has increased 13 percent with total registration of 2,666 companies in the July March period this fiscal year as compared to registration of 2,360 companies during the corresponding period of last fiscal year. according to the data of SeCP, the registration of new companies went up by 5 percent in March as 370 companies were registered as compared to 353 companies registered during the previous month. Private companies have the highest share in new incorporations totaling to 340 followed by 20 single-member
companies, 5 public unlisted companies, 3 non-profit associations and 2 foreign companies. Of the 2 foreign companies, one belonging to China was registered in Karachi while the other belonging to the US was registered in Lahore. Foreign investment by nationals from Canada, Uae, Japan, UK, China, Panama and aJK has been witnessed in 8 new local companies. Of these, 6 companies are registered at islamabad and 1 company each at Lahore and Karachi. Two companies are from the services sector while one each are registered in health, iT, mining, oil and gas exploration, glass and ceramics, and hajj and umrah services each. The sector-wise breakdown shows that with 46 companies the services sector has the highest share in new incorporations, followed by trading with 40 companies, iT, with 36 companies, hajj and umrah services with 33 companies, construction with 19 companies, food and beverages with 17 companies,
communications with 15 companies, tourism with 13 companies, engineering with 12 companies, textile, pharmaceuticals, and broadcasting and telecasting with 11 companies each, transport, and fuel and energy with 9 companies each, corporate agricultural farming, healthcare, and auto and allied with 7 companies each, mining and quarrying with 6 companies and power generation, paper and board, and finance and banking with 5 companies each. The Company Registration Offices (CROs) in Lahore, Karachi and islamabad registered 115, 109 and 100 companies respectively. The remaining CROs of Peshawar, Multan, Quetta and Faisalabad registered 21, 10, 8 and 7 companies respectively. The authorized capital and paid-up capital of 370 companies, is Rs 4.02 billion and Rs 774.72 million respectively. during the month, 189 companies increased their authorized capital with the aggregate authorized capital increment of Rs 8.12 billion and 131 companies raised their paid-up capital with the total paid-up capital increment amounting to Rs 5.87billion.
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news SHIPMENT FROM DOWN UNDER
Bulls return with
Got some canola on ya g
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KARACHI STAFF REPORT
Largest ship brings 60000MT Australian canola to FAP termiKARACHI
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STAFF REPORT
He largest bulk cargo laden carrier, MV RaPaLLO, carrying 60,000 metric tons of australian canola has docked at the Port Qasim’s FaP Terminal Friday. “With a draft of 12.3 meters and an LOa of 220 meters, the vessel is a landmark for FaP Terminal as well as for the country as it is the largest bulk cargo vessel ever berthed at PQa,” ahmed Rana, CeO of Fauji akbar Portia Terminal, told a group of visiting journalists at the Terminal. Gul aleem Khan, dG Operations Port Qasim authority, informed that in 36 years of PQa operations’ history, this was for the first time that a bulk carrier of 12.3 meters draft had arrived at the port. He said before the terminal, the authority didn’t have the depth to cater for large size bulk carrier and PQa’s next task was to further deepen the port’s navigational channel to fully utilize theb 14-meter draft of the FaP. “We are working on the requirements of the same,” he added. Khan said it was economically better to bring larger size of bulk carrier that resulted in huge savings for the importers. Rana said his terminal
KSE 100-share index skyrockets 105 points
had so far handled wheat, rice, corn, fertilizer and canola cargo and that the current 60,000 metric tons of australian canola had been imported by all Pakistan Solvent extractors association. He said FaP directly discharges the grains and fertilizer in the secure silos and flat warehouses; this ensures quicker turnaround time for the vessels which is huge saving for their clients. He said FaP’s average through vessel speed was 12,000 tones which was almost double than the conventional cargo handling methods. Previously Pakistan’s first dry cargo terminal Fauji akbar Portia had broken its own record by discharging 22,000 metric tons of canola oil seeds in a day; previous one day record of about 17,000 metric tons was also achieved at FaP Terminal. FaP Terminal is built on a 9 hectare of land reclaimed from the sea level and features 300 meters long dedicated jetty that can accommodate ships with a draft of 12.8 meters, 300 meters of length and 43 meters beam. FaP Terminal is capable of catering Panamax size vessels up to 80,000 dWT. The terminal can handle 4.1 million metric tons of dry cargo and also provides discharge,
O
n last working of the week Friday the bulls kept dominating Karachi stocks market with the benchmark, KSe 100-share index skyrocket 105.69 points. ahsan Mehanti, director at arif Habib investments Limited, said that the Pakistan stocks closed bullish on expectations for improvement on Pak-US relations post opening of naTO routes after parliament approves policies recommendations and renewed hopes for early announcements on revised CGT regime. The day saw the index closing up by 0.77 percent at 13799.43 points against 13,693.74 points of Thursday. The trading volumes at the ready-counter were recorded higher at 380.025 million shares against 340.509 million shares of the previous day. The trading value too surged to Rs 8.859 billion compared to Rs 7.067 billion of the previous session. The intraday high and low, respectively, stood at 14,007.55 and 13,693.74 points. He added that the higher global commodities and stocks, renewed foreign interest in oil and banking stocks on stronger earnings outlook ahead of major earning announcements due
next week played a catalyst role in bullish sentiments at KSe despite concerns for worsening security situation in the city. The market capitalization grew modestly and increased to Rs 3.537 trillion from Rs 3.515 trillion a day earlier. Of the total 354 traded scrips, 153 gained, 129 lost and 72 finished as unchanged. The free-float KSe-30 index also gained 134.44 points to close at 12,065.44 points against the previous 11,931.00 points. The KSe all-share index closed with a gained of 62.86 points to 9,695.54 points as against 9,632.68points. Jahangir Siddiqui Company was the day’s volume leader counting its traded shares at 28.478 million with the opening and closing rates standing at Rs 19.77 and Rs 18.77, followed by P.T.C.L.a, d.G.K. Cement, Fauji Cement and dewan Cement with turnover of 25.814 million, 23.143 million, 18.200 million and 17.966 million shares respectively. On the future market, the turnover recovered remarkably by over 11 million shares to 30.612 million against 19.646 million shares of Thursday. The Unilever Food Xd and Millat Tractors, up Rs 90.56 and Rs 19.16, led highest price gainers while, nestle Pakistan Xd and Mithchells Fruit ,
Major Gainers Company
Open
High
Low
Close
Change
Turnover
Unilever Food XD Millat Tractors Pak Petroleum Sanofi-AventisSPOT Attock PetroleumXD
1811.25 485.00 183.30 183.49 452.12
1901.81 509.25 192.46 192.00 464.00
1901.81 490.50 183.00 176.00 453.64
1901.81 504.16 192.39 190.77 458.98
90.56 61 19.16 80,034 9.09 3,432,999 7.28 1,414 6.86 49,238
Major Losers Nestle PakXD Mithchells Fruit Island Textile EFU General InsXD Engro Foods Ltd.
4420.51 175.00 237.57 84.91 45.67
4600.00 166.38 235.00 87.90 46.80
4280.00 166.25 230.00 80.70 43.39
4356.08 166.38 235.00 82.59 43.45
20.18 13.12 41.25 6.94 7.87
18.77 12.05 37.98 6.05 6.46
18.77 13.08 38.42 6.15 6.46
-64.43 357 -8.62 197 -2.57 1 -2.32 12,057 -2.22 2,200,233
Volume Leaders Jah.Sidd. Co. P.T.C.L.A D.G.K.Cement Fauji Cement Dewan Cement
19.77 12.12 39.97 6.69 7.46
-1.00 28,478,468 0.96 25,814,155 -1.55 23,143,656 -0.54 18,200,293 -1.00 17,966,977
Interbank Rates US dollar UK Pound Japanese Yen euro
90.6218 144.3424 1.1189 119.2039
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
90.70 118.63 144.18 1.1108 90.14 11.55 24.66 24.14 93.61
91.30 119.65 145.39 1.1200 91.40 11.71 24.84 24.33 95.85
CORPORATE CORNER Dell, Intel collaborate to launch first experience store in Pakistan
of its nationwide customer outreach initiative. The PTCL Sales Team set up a month-long facilitation camp at the university campus, which provided students with information about the Company’s products and services. Students were also given classroom briefings on PTCL’s highly popular Student Package. The event generated keen interest and fervor among the students as well as the university staff. Considering PTCL’s popularity, Bahadur Khan Women’s University Quetta has allotted a permanent notice board for regular promotions and information of PTCL products and services. a PTCL Focal Person will further help students with hassle-free service provision and friendly customer care. PRESS
KArAChI: in line with its ongoing inflight product improvements, announces the launch of a new, enhanced, Graphical User interface (GUi) developed by Panasonic avionics Corporation (Panasonic). This new GUi will make accessing emirates’ award-winning inflight entertainment system, digital Widescreen, simpler to use - information, communication and entertainment - all at the passenger’s fingertips. The new interface will be introduced within two weeks across emirates’ a380 fleet and subsequently over the
RELEASE
ISLAMABAD: dell and intel Pakistan today jointly launched their first experience store in Pakistan. The new store will showcase dell’s latest technologies including notebooks, desktops and servers powered by intel processors, as well as LCds, accessories and other exciting products. With an in-store lounge, a designated hotspot, and special promotions on available products, customers will be able to experience dell products and solutions hands-on. The store aims to be a one-stop shop, offering great customer service and value for today’s discerning, tech-savvy consumers, professionals and small-medium business users. “Today, we are changing the way customers buy their technology products. The new store offers a range of products and solutions that can meet each customer’s unique requirements,” said Shahzad aslam Khan, dell’s country manager for Pakistan. “We understand that customers want computing products that meet both their personal and professional needs and dell is dedicated to providing them with the best computing experience. a technical expert will be on-hand at all times to facilitate customer enquiries, provide professional advice and help them make the right purchasing decisions.” naveed Siraj, country manager, intel Pakistan, while endorsing the facility said, “We are glad to see a store in Pakistan that offers customers the right advice and choice when buying a new PC. The new store provides easy access to advanced technologies, while strengthening overall customer confidence when purchasing a new computer. The store will offer a myriad of products powered by intel processors and will serve as a platform to exhibit the latest, most innovative products.” STAFF REPORT
next year across the majority of emirates’ Boeing 777 aircraft.
Business Ideas Competition 2012 at FAST
Warid Rolls-Out 789 Operations LAhore: Personally monitoring the new 789 exercise of automation of sale of prepaid mobile SiMs, PTa teams are visiting call centers of mobile companies to ensure its effective execution. director General (enforcement), PTa, Mr. Yawar Yasin along with other PTa officials recently visited Warid’s Call Center in Lahore. Closely observing the process of 789 operations at Warid’s Call Center, the director General expressed his satisfaction on the quality of operations. Highlighting the utility of the new process, he said that with the automated procedure for sale of mobile SiMs, the subscribers’ documentation will be maintained electronically through e-CSaF and this efficient system will not only eradicate the misuse of CniC copies but also facilitate in keeping an authentic record of retail channel in case of any misuse. To mark the successful launch of 789 operations, a cake cutting ceremony was also organized at Warid’s Call Center. Mr. Yasin appreciated the role of mobile companies for maintaining measurable quality metrics to evaluate system efficiency for safe SiM verification processes. PRESS RELEASE
PTCL reaches out to students of Bahadur Khan Women’s University Quetta Emirates continues roll-out of inISLAMABAD: Pakistan Telecommunication Com- flight product innovations pany Limited (PTCL) recently engaged students of Bahadur Khan Women’s University in Quetta as part
LAhore: The third edition of Business ideas Competition 2012 (BiC 2012) was organized by Best Practices - FaST Business Club on 6th and 7th of april 2012 at the FaST School of Management, national University of Computer & emerging Sciences, Lahore. This 2-days annual entrepreneurial challenge was sponsored by Coca-Cola Beverages Pakistan Limited, Packages Limited, Pakistan Today and Masoom’s Bakers. The enthusiastic participation of more than 30 teams from all over the country made the event an exciting one. Participants presented business ideas in three themes i.e. e-businesses, energy businesses and agri businesses. These themes were specifically selected keeping in view the country’s existing socio-economic outlook, challenges and opportunities as ideas presented in these specific areas have the potential to achieve economic prosperity and respond to different crises. On the first day of the
event, during the preliminary round, judges analyzed all the business ideas and scored them on a host of criteria. PRESS RELEASE
Fifteenth Steering Committee meeting, on AJ&K Urban Development Pro-
gramme ISLAMABAD: Fifteenth Steering Committee meeting on Urban development Project of aJ&K headed by dy. Chairman eRRa Lt Gen Sardar Mehmood ali Khan was held at eRRa HQ today. Secretary C&W aJ&K, GM neSPaK, dG SeRRa and dG’s from eRRa attended the meeting. Projects worth nearly 4 billion rupees to be built in three cities of aJ&K i.e., Muzaffarabad, Bagh and Rawalakot were pre-
LAHORE: Salmanul-Haq, with an experience in insurance industry for over 17 years has been promoted as Joint Director in the United Insurance Company of Pakistan Limited PRESS RELEASE
ISLAMABAD: Zong will be sending 32 young boys to Manchester United Soccer School, Abu Dhabi for a 1 week training camp. Picture shows ZONG’s CCO Sajid Mahmood (3rd from left) along with Usman Ishaq (4th from left), Director Marketing ZONG inaugurating the venue at Pakistan Sports Complex, Islamabad where matches and trials are taking place. PRESS RELEASE
ISLAMABAD: Airline Senior Officials delegation met Federal Finance Minister, Mr.Abdul Hafeez Shaikh in Islamabad on 03rd April 2012 to discuss the issues related to Federal Excise Duty. Picture shows From L-R: Mr. Salim Bhutto, Mr. Feroz Jamal, Mr. Ken Marshal, Mr. Salim Motiwala and Mr. Rizwan Ali Merchant along with other airline officials. PRESS RELEASE