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profit.com.pk
Tuesday, 14 February, 2012
Pak-IndIa trade
CCP allows LDI operators to withdraw application for exemption of ICH Agreement ISLAMABAD STAFF REPORT
C
MoC for phasing out negative list LAHORE
P
IMRAN ADNAN
akistan has finally decided to award Most Favoured nation (MFn) status to india by removing all trade barriers by December 31, 2012. Ministry of Commerce (MoC) has recommended the government to progressively phase out negative list, Profit learnt on Monday. Official summary made available to Profit shows that MoC has proposed the government to allow the ministry to replace the positive list of 1,963 tariff lines with a negative list, comprising of 636 tariff lines at 8-digit, for imports from india. the ministry has further asked the government to empower it to progressively phase out the negative list in three installments on quarterly basis after approval of the cabinet with quarters ending on June 30th, september 30th and December 31st, 2012. MoC has indicated that the whole exercise would be conducted in consultation with institute of Business
administration (iBa), karachi, and other stakeholders. summary shows that MoC has also sought government’s approval to make appropriate changes in trade defence laws in consultation with stakeholders to allay apprehensions of the industrial sector for using these laws more effectively against any unfair practices or injury to the local industry by indian imports. MoC would present these recommendations to the federal cabinet for approval in its meeting that would be held today. summary also shows that MoC has recommended 16 tariff lines related to food and agriculture sector; three from minerals; four from chemical; 32 from pharmaceutical; 74 from plastics; 24 from rubber; 55 from paper and wood; 77 from textile and clothing; 15 from ceramics; 25 from iron and steel; and 311 from auto sectors for the negative list. MoC is of the view that World trade Organisation (WtO) trading arrangement is based on the principle of MFn, which implies nondiscriminatory treatment among
member countries. However, the trading arrangement with india is still discriminatory. although the tariff applied on imports from india is the same as for any other WtO member state, but Pakistan has india specific goods restriction in terms of positive list that allows import of only 1,993 tariff lines from india. summary shows that federal cabinet in its meeting held on november 2, 2011 endorsed the efforts of the ministry of commerce for full normalisation of trade relations with india and directed the ministry to complete the trade normalisation process for grant of MFn status to india. it points out that during the sixth round of commerce secretary level talks held from november 14-16, 2011 at new Delhi, it was agreed between india and Pakistan that move to full normalisation of trade relations will be sequenced. First, the negative list would be announced by February, 2012 and then it would be phasedout after approval by the cabinet. the ministry has pointed out that the process to formulate the negative list
was initiated in april 2011. an extensive consultation process was carried out by MoC, both with public and private sectors of Pakistan. it requested all the stakeholders including industry, chambers of commerce and trade associations to recommend items with justification to be included in the negative list. secretary commerce held meetings with chambers of commerce and trade associations across the country to get their inputs. sector specific meetings were also organised to provide opportunity to the stakeholders to express their views and concerns. summary further states that for the sake of academic neutrality and transparency, iBa – karachi was assigned the task to examine the wish list/tariff lines recommended by stakeholders and propose a final negative list of items for india after critical examination of all tariff lines. iBa examined the wish list given by stakeholders, held extensive discussions with them and did not recommend the inclusion of 699 tariff lines at 8-digit.
ompetition Commission of pakistan (CCp) has allowed the telecom operators having Long Distance international (LDi) license to withdraw application for exemption for their proposed international Clearing House (iCH) Agreement to be entered with the pakistan telecommunication Company Limited (ptCL). A statement issued by CCp said upon application filed by ptCL and other LDis operators has allowed withdrawal of the application filed under Section 5 of the Competition Act, 2010 for the purpose of seeking exemption for their proposed iCH Agreement to be entered into between ptCL and the LDi operators disposing the matter through its order dated February 9, 2012. While allowing the withdrawal of the exemption application, the CCp order said that if in future the applicants enter into such agreement or arrangement, notwithstanding, any authorisation obtained from any other authority such agreement prior to its execution would require clearance from the Commission, as prima facie, it has serious competition concerns and would attract the provisions of the Competition Act, 2010. through the proposed iCH agreement, LDis intended to assign their rights, granted to them by the pakistan telecommunication Authority (ptA) under the LDi license, to terminate incoming international traffic to ptCL. During the period the iCH agreement were to be in effect, each LDi were to suspend and keep suspended all interconnection capacities in relation to pakistan incoming traffic at its end. ptCL were to act as the sole LDi operator with the right to exclusively terminate all incoming traffic to the country. ptCL were to sell its call terminating services to foreign carriers at the Approved Settlement Rates (ASR) of ptA, and each LDi would get a pre-determined fixed quota from ptCL to terminate calls at its network, and receive a fixed share of revenues generated from all incoming international traffic. the arguments presented by the applicants to support the iCH agreement included stabilisation of the international incoming traffic rate as per ptA determination to curb the grey traffic and to create a vital impact on the national economy in terms of huge influx of foreign exchange in the country, increased taxes for the government due to the increase in revenue. the applicants claimed that the iCH would not fix price, but only ptA’s approved ASRs would be implemented and it would have no control on the production of voice minutes towards pakistan thus having no impact on telephone users in pakistan.
Government denies funding of coal gasification project LAHORE
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STAFF REPORT
He country’s only pilot project of Underground Coal Gasification (UCG) has faced a serious set back from the government which has denied to provide agreed fund to the project despite a historic success of burning of thar coal. UCG project at thar which was facing financial constrains is now feared to be failed after the interesting development on monday. the oil importers’ lobby once again succeeded to fail another important
project which was considered the only immediate solution of the country’s energy crisis, sources told profit. According to the sources, the management of UCG project was informed in islamabad on monday that the government would no longer be able to finance the project. the management, therefore, should invite the private sector to run gasification programme. the project management was demanding the agreed funds from federal government in order to carry on the development work of the important project which has successfully started producing gas by ignition of coal 600 feet below
ground in December 2011. At least Rs5 billion was required to purchase machinery and other required things. “once the operation of the project is stopped, the entire achievement will be lost as the project technically will not be able to restart after a complete shut down,” sources feared. through UCG of thar Coal, the generation of 100 mW of electricity was expected by the end of 2013 at a total cost Rs9.9 billion. there was a powerful oil lobby behind the denial from the government to provide required fund for the pilot project, as UCG, according to sources, has started facing financial issues since the oil importers’ lobby
started lobbing against the project through raising various questions about the gasification programme in media. it is worth mentioning here that to complete power generation phase of the project, renowned scientist Dr Samar mubarakmand, who is supervising the project, had requested prime minister Yousuf Raza Gilani to arrange immediate funding of Rs2.4 billion this year and the remaining 7.8 billion during the next financial year so that the country can benefit from the generation of 100 mW of electricity, before the end of 2013. At least Rs200 million out of the approved fund for the project was also
yet to be released by the provincial government. the team led by Dr Samar has also approached the government for arrangement of $1.2 billion fund for 84 gasifiers aimed to meet expected demand of 2200mm cft by 2015. earlier, two meetings scheduled to be held in islamabad to discuss the funding issue of the project were postponed for unknown reasons. the previously postponed meeting was to be held on January 16, among the ministries of petroleum, finance and other concerned authorities to discuss and approve the financial requirements of UCG programme at thar, Sindh.
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Tuesday, 14 February, 2012
news
PAk-InDIA trADe tIes
Indian exporters hopeful to end indirect trade LAHORE
i
GHULAM ABBAS
nDiA and pakistan, which are moving forward to enhance trade ties through the present move started by two countries, are required to at least end the indirect trade to reduce the high freight cost. Since both countries are importing goods via a third station, the freight cost could have been reduced drastically if the same were allowed to be traded directly, thereby, reducing the price of imported goods. this was expressed by leading indian exporters here at Lahore expo Centre on monday. the representatives of at least 100 companies were attending the three day, the indian Show 2012, being organised by Federation indian Chambers of Commerce and industry (FiCCi). indian exporters who are hopeful to get maximum share in the pakistani market after the expected development regarding grant of most
Favoured nation (mFn) status to india said, despite the past unfriendly environment for trade between the two South Asian neighbours, many goods produced/manufactured at both sides have been traded indirectly. talking to profit, Assistant Director Spices Board ministry of Commerce and industry india, Sopal Ram, said various kinds of spices were being imported in pakistan from india which is the largest producer/exporter of these items, but in an indirect way. the country has at least 2,000 registered exporters who were allowed to trade after meeting the approved standards of the government. the quality of indian spices could only be questioned when the value addition was made in the product by the country that is importing it. He claimed the spices had a huge demand in pakistan and the products could be cheaper if these were allowed for imports/exports directly. “the visiting people at expo centre have shown great interest in the highly
top finance officials assume new charges ISLAMABAD
A
AMER SIAL
FteR the top level reshuffle in the finance ministry hierarchy last week, Abdul Wajid Rana assumed the charge of Secretary Finance, Dr Waqar masud Khan took charge as Secretary economic Affairs Division (eAD), while senior customs officer mumtaz Haider Rizvi assumed the post of Chairman Federal Board of Revenue (FBR) on monday. on February 11, the government shifted the incumbent Secretary Finance Dr Waqar masud Khan to eAD. He was replaced with Wajid Rana who was previously Secretary eAD. While member Customs mumtaz Haider Rizvi was assigned the post of chairman FBR in place of mahmood Alam, who was appointed secretary federal tax ombudsman. All the officers remained busy on monday receiving congratulations from the public and private sector on their new charge. the establishment division notified upgrading post of member customs to BS-22 already held by mumtaz Haider Rizvi and he also assumed the additional charge of the Chairman FBR. Highly respected Rizvi is a senior officer of the customs group. mehmood Alam,
a BS-22 officer of the customs group, relinquished charge of the post of member strategic planning and statistics and officiating charge of Chairman FBR with effect from February 13 to join elevated position of secretary, federal tax ombudsman’s office secretariat. official sources said the top officials will be faced with the daunting task of strengthening the economy and will be requiring strong support of each other to face the challenges. the immediate task before the new secretary finance and chairman FBR will be to strengthen the tax recovery to retain the fiscal deficit in the budgetary limit. their performance will set the new relationship with the international monetary Fund (imF), which remains highly skeptical of the government’s economic policies. Giving the charge of FBR to a customs group officer is very significant as it will help address many concerns of the tax officials due to the posting of other cadre officers mainly those of DmG. A tax official on the top post knows the loop holes and will be helpful in bridging the gaps required to meet the ambitious revenue target of Rs1952 billion for the current fiscal year, the source said.
qualitative products,” he said, adding that his country could make the entire demand of spices in pakistan. tom Jose, manager marketing and Business Development of the Gem and Jewellery export promotion Council of india said, pakistan could export the raw material/unfinished gems and jewellery to india, which has recorded exports worth $43.14 billion during financial year 20102011. He said that india has comparatively better technology for finishing and value addition of products. A Surender. Sr Regional manager, Hindustan petroleum Corporation, said india is exporting various fuel furnace oil, lubricants, diesel, etc, with competitive prices and freight costs to meet the energy crisis of pakistan. the corporation was a fortune of global 500 company engaged in the business of refining and marketing of petroleum products in india with a turnover of $23,390 million and market sale of 27 mmt.
A representative of tea development board of india informed that a successful negotiation was going on at government and concerned associations level to start direct tea export to pakistan. islamabad, which is importing a large quantity of tea from the African region especially Kenya, could obtain the same products at competitive prices and freight costs, if the import was formally allowed in pakistan. “india can meet the tea demand of pakistan, as the former is already exporting to various european, Asian and African countries,” he said, adding that despite a preferential trade Agreement with Kenya, pakistan was not benefiting from the reduced tariff of tea due to the high freight cost. Both exporters in india and importers from pakistan were negotiating the issue, while the matter was also under discussion at the government level. the first ever exhibition organised by india was attended by thousands of visitors from all walks of life.
Baber Ghauri commissions passenger ferry boats KARACHI
o
ZAIN ALI
n the inauguration ceremony of the free passenger ferry boats at manora, here on Sunday, minister for ports and Shipping Senator Babar Ghouri named them FB Arfa Karim and FB Afza Altaf as he stressed upon on the importance to give due respect to national heroes like, Arfa Karim. Federal minister said the passenger boats were built by Western marine Shipyard Limited, Chittagong, Bangladesh and each one is capable of carrying 200 passengers at a time, he added. Babar Ghauri said Karachi port trust (Kpt) has procured these 55 Dead Weight tonnage (DWt) vessels at $2.345 million, having an over all length of 30-metres and 1.3-meters draught. these have the net weight tonnage of 10-tonnes and their year of construction is 2011. Also, engines with models KtA 19 m-3 and propellers fixed pitch (ni-Al-Bronze) are used in these boats. these ferries are imported from Bangladesh, he highlighted while talking to the media. He said we have named the passenger ferry boats, FB Arfa Karim and FB Afza Altaf, to give due respect to our national heroes like Arfa
Karim, being the youngest microsoft Certified System engineer of the world; her name must continue to live on in our memories, added Babar Ghauri. Chairman Kpt mohammad Aslam Hayat said commissioning of these ferry boats will provide an opportunity to members of the public to conveniently travel between manora and Karachi. He said in addition to the ferry boats, Kpt also has the privilege to request the federal minister to commission the Debris Collection Boat (DCB), nizafa. this boat has been procured by marine pollution control department at the cost of Rs1.4 million and it has been locally developed in Karachi. it has the load capacity between 1,00015,000-kilogram and is powered by an engine possessing 25 to 35 Hp. “it has been our constant effort to modernise Kpt to meet the modern challenges,” Aslam Hayat added. the port has already acquired two state of the art 60 tonnes bollard pull tugs and one beaver cutter suction dredger from abroad, in addition to the two acquired pusher tugs and one dredge tender from Karachi Shipyard, he added. He said we are actively pursuing acquisition of four hopper barges, two pilot boats, two shipping tugs of 65 tonnes bollard pull and one survey boat.
sAFtA ministerial council moot on Feb 16 ISLAMABAD
A
STAFF REPORT
S pakistan and india, attempt to normalise their trade relations, an important meeting of the SAFtA ministerial Council (SmC) to promote trade of goods and services within the region will be held here on February 16. An official source said the meeting is likely to be attended by all the commerce ministers of the contracting states. SmC is the highest decision-making body of SAFtA and is responsible for the administration and implementation of the agreement and all decisions and arrangements made within its legal framework. SmC meets at least once every year or
more often as and when considered necessary by the contracting states. each contracting state chairs the SmC for a period of one year on rotational basis in alphabetical order. to finalise the agenda for the meeting an expert group on SAARC agreement on trade in services on monday discussed the schedules of specific commitments by each member country on services to be traded in the region. A statement issued by the ministry of Commerce said the meeting reviewed status of ratification of SAARC agreement on trade in services, negotiations on schedules of specific commitments, including initial request list, election of chairperson, dates and venue of next meeting of expert group on SAARC
agreement and adoption of current agenda and report. the agreement on trade in services was signed during the 16th SAARC summit held at thimphu, Bhutan on April 28-29, 2010. the aim of the agreement is to open up new vistas of trade cooperation and to further deepen the integration of the regional economies. it was decided that the meeting on SAFtA Committee of experts (Coe) will be held on February 14 and 15 to discuss matters related to sensitive list, trade liberalisation programme and non-tariff barriers. Coe monitors, reviews and facilitates implementation of the provisions of SAFtA and undertakes any task assigned to it by SAFtA ministerial Council (SmC).
seCP takes action against unfair practices ISLAMABAD: As a part of its mandate to regulate the capital market and to safeguard the investors’ interest, the Securities and exchange Commission of pakistan (SeCp) has took enforcement actions and penalised the market participants for non-compliance with the regulatory framework in January. A statement issued by SeCp said an order was passed against a former fund manager of an asset management company under Section 15 of the 1969 Securities and exchange ordinance. Another order was issued against a brokerage house of KSe wherein the broker along with its institutional client was reprimanded for indulging in unfair trading practices. Further, in probable instances of front running and insider trading show cause notices were served to a commercial bank, an asset management company, an employee of a listed company and an individual client under Section 15 of the above-mentioned ordinance. STAFF REPORT
turkey shows interest in steel sector ISLAMABAD: Foreseeing the immense demand of steel in pakistan during the next few years due the government’s plans to construct mega hydel power projects and infrastructure projects, turkish investors have started looking for opportunities for investment in the country. A two member turkish delegation of steel sector visited islamabad Chamber of Commerce and industry (iCCi) and exchanged views with pakistani counterparts for exploring opportunities of mutual cooperation in the steel sector. Commercial Counsellor of turkish embassy Cezmi Besogul also accompanied the delegation. A statement issued by iCCi said the delegation was on a visit to explore the potential of the market for import and export of steel products. STAFF REPORT
Zong and Polar Wireless of Canada sign LoI ISLAMABAD: one of pakistan’s leading cellular companes, Zong, subsidiary of world’s largest mobile company, China mobile, and polar Wireless Corporation of Canada signed a letter of intent for cooperation in advance international roaming service here on monday. Chief executive officer Zong Fan YunJun and Vice president-international Business Development polar Wireless Corporation, Canada Abdullah Hashwani signed the Loi. Chairman Board of investment (Boi) Saleem H. mandviwalla witnessed the signing ceremony. A statement issued by Boi said the cooperation will provide an opportunity to explore a new market in telecom sector enabling foreigners traveling to or from pakistan to optimize the value and variety of every call by selecting the appropriate partner provider on Zong or polar roaming services. STAFF REPORT
rs137b tFCs to have positive impact for energy KARACHI: the federal government has decided to issue terms Finance Certificates (tFCs) worth Rs137 billion in, what the analysts believe, another attempt to ease liquidity problems of the energy sector. However, the industry grapevine is suggesting that the transaction is likely to be exhausted within couple of days. the transaction would clean the balance sheet and reduce short-term borrowing of the energy sector companies by Rs109 billion, while another Rs28 billion would be fresh injection in the system. For the banks, it would slightly reduce the non-performing loans in short-term and may lead to one time positive impact on earnings. overall, the transaction aims to revitalise the lending capability of the banking sector to the energy chain. STAFF REPORT
tahira raza becomes seVP of nBP KARACHI: tahira Raza, Senior executive Vice president (SeVp), Risk management Group at national Bank of pakistan (nBp) has become the first woman in the history of the bank to reach SeVp position. A business graduate from institute of Business Administration (iBA), tahira Raza joined nBp in 2003. prior to joining nBp, she worked with First Women Bank and mCB. Qamar Hussain, president nBp congratulated ms tahira Raza and said there is a paradigm shift in the role being played by women in the society, in general and corporate world in particular. it is very heartening to see women being empowered in our society and nBp is not behind on this front as well. STAFF REPORT
President Bombay chamber visits kCCI KARACHI: president Bombay Chamber of Commerce and industry (BCCi) Ashoq Kumar Bharat said a single episode cannot disturb the larger purpose; Karachi and Bombay are the financial hubs for both the countries. He said that during his visit to KCCi here on monday. He added there is a strong relation between the people of india and pakistan, we are businessmen not politicians, we have to do work together. Ashoq Bharat said initially we have to pressurise the government to open mobile connectivity services between pakistan and india, he added. While talking at a meeting, BCCi president said Bombay chamber is the largest chamber of india, with 4,000 members in BCCi and these members want to promote all sectors. He said the traders of pakistan and india should create a good relationship and we should do work on india-pak shipping as well. monra port is the deep sea port and there is a lot of potential in other ports as well, he added. ZAIN ALI
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Tuesday, 14 February, 2012
03
news Major Gainers
Indian commerce minister in Lahore LAHORE: indian Commerce minister Anand Sharma has said both india and pakistan have principally decided to resolve bilateral issues with dialogue. His visit to pakistan is a result of this agreement and follow-up of pakistani Commerce minister makhdoom Amin Fahim’s visit to india. Fahim led a pakistani businessmen delegation to india in September 2011. He invited his indian counterparts to visit pakistan, who arrived through Wahga border here on monday morning. Sharma pointed out his visit to pakistan has been quite significant as it has happened for the first time in the history of india-pakistan relations that commerce ministers of the two neighbouring countries visited each other’s country on reciprocal basis. Addressing a joint briefing to the media, he further stated it has also happened for the first time that commerce secretaries of both countries have remained in close coordination during this period to pave way for enhancing bilateral trade through dialogues. Delivering his welcome speech, Amin Fahim said it was a great opportunity for the two countries to resolve their trade related issues through deliberations. He indicated the process of increasing bilateral trade was initiated through his visit to india and the follow-up visit of indian commerce minister to pakistan would expedite this effort. Both countries had targeted to move ahead on bilateral trade in minimum possible time, he underlined. STAFF REPORT
kSe gains 18points amid narrow-range trading
t
Open 5312.77 1700.00 160.04 76.84 143.23
High 5578.40 1750.00 168.00 80.68 148.00
Low 5211.00 1750.00 152.11 78.40 145.01
Close 5553.47 1750.00 167.49 80.67 146.78
Change 240.70 50.00 7.45 3.83 3.55
turnover 2,988 50 273 9,616 187
5578.40 1750.00 168.00 80.68 148.00
5211.00 1750.00 152.11 78.40 145.01
5553.47 1750.00 167.49 80.67 146.78
240.70 50.00 7.45 3.83 3.55
2,988 50 273 9,616 187
8.47 5.97 3.99 4.64 39.42
7.22 4.71 3.20 4.42 35.68
8.47 5.93 3.92 4.56 35.68
1.00 0.96 0.63 0.01 -1.87
Major Losers UniLever Pak Ltd. Unilever Pak Foods Island textile eFU Life assur Sanofi-aventis
5312.77 1700.00 160.04 76.84 143.23
Volume Leaders Jah.Sidd. Co. azgard nine JS Bank Ltd Fauji Cement engro Foods Ltd.
KARACHI STAFF REPORT
He stocks closed higher at the Karachi bourse monday amid what the analysts said trading in narrow range with lower trades after the Supreme Court handed the two-page charge-sheet to the prime minister in the nRo implementation case. First day of the week saw the benchmark 100-share index gaining 18.40 points or 0.15 per cent to close at 12,250.00 points against 12,231.60 points of Friday last week. “Stocks closed higher at KSe amid trading in narrow range with lower trades after Supreme Court bench framed charge against pm Gilani for non compliance on nRo implementation,” said Ahsan mehanti, a senior analyst and director at Arif Habib investments. the trading volumes at the ready-counter, however, closed higher at 116.090 million shares against 107.14 million shares of
Company UniLever Pak Ltd. Unilever Pak Foods Island textile eFU Life assur Sanofi-aventis
7.47 4.97 3.29 4.55 37.55
28,468,245 18,953,536 6,120,742 6,052,964 3,874,072
Interbank Rates
the previous day. the trading value was recorded low at 2.315 billion compared to Rs2.915 billion of the previous session. the index hit the intraday high and low of 12,287.51 points and 12,156.14 points, respectively. the market capitalisation upped slightly to 3.191 trillion from Friday’s Rs3.185 trillion. of the total 328 traded scrips, 154 gained, 91 lost and 83 remained unchanged. the KSe-30 index, which was recomposed on monday with Bank Alfalah replacing the nishat Chunian Limited, set in the green zone gaining 37.92 points to close at 11,453.12
points against the previous 11,415.20 points. “institutional support on strong valuations in banking, fertilizer and oil stock helped the index recover from its day low despite uncertain political outlook and fall in rupee value,” said mehanti. the investors remained hopeful ahead of formal notification on Capital Gains tax issues at the KSe and monetary policy announcement by the central bank on February 11 was according to investors’ expectations, the analyst added. Jahangir Siddiqui Company appeared as a volume leader of the day and counted its traded shares at 28.468 million with
the opening and closing rates, respectively, standing at Rs7.47 and Rs8.47. other scrips that did well on the day include, Azgard nine, JS Bank. Fauji Cement, engro Foods, Cherat Cement, Descon oxychem, pak elektron Limited, national Bank of pakistan and Lafarge pakistan whose traded shares accounted, respectively, fir 18.9 million, 6.1 million, 6.0 million, 3.8 million, 3.8 million, 3.5 million, 3.4 million, 2.8 million and 2.6 million shares. the turnover in the future however posted a negative trend and declined to 4.139 million shares as against 6.024 million shares of Friday.
US dollar Uk Pound Japanese Yen euro
90.8329 143.5705 1.1684 120.4807
Buy
Sell
US dollar
90.40
90.90
euro
118.99
120.17
Great Britain Pound
142.08
143.40
Japanese Yen
1.1588
1.1690
Canadian dollar
89.76
91.21
Hong kong dollar
11.46
11.72
Uae dirham
24.58
24.77
Saudi riyal
24.08
24.24
australian dollar
96.25
98.72
CORPORATE CORNER Beacon House celebrates Annual sports Day
some 20 applications mostly related to gaming category. the online store has been developed in association with mBounce, a Hong Kong based mobile application development company. At the moment SWApp is available for meGAGAte mAXimUS W750, company’s premium phone. According to meGAGAte’s representative, “We are striving to change the dynamics of local mobile phone brand landscape and continuously coming up with innovative products and services to improve consumer user experience”. PRESS RELEASE
LUMs hosts Annual Alumni, Donor Dinner ISLAMABAD: Beacon House Kindergarten Branch F-8/2 celebrated its Annual Sports Day on Saturday 11thFebruary, 2012 at Bmi H-8/4 school play ground. parents and teachers enjoyed a beautiful sunny morning cheering the students as they participated in a wide array of sports activities. they sports day was declared open by the Chief Guest mrs. Silvat Ali Rtd principal Beaconhouse Kindergarten Branch. PRESS RELEASE
Food processors to attend world's largest food, drink exhibition KARACHI: tetra pak, the world leader in food processing and packaging solutions, today unveils its plans for Anuga Foodtec, the world’s largest and most important food and drink exhibition, which takes place in Cologne, Germany from 27 to 30 march 2012. pakistan’s top food processors will join industry giants from world over and gain knowledge of the latest developments shaping the international food and beverage industry. previous iterations of the prestigious event have drawn more than 1,200 companies from 39 countries worldwide covering the entire spectrum of the food processing chain, from processing to packaging and distribution. PRESS RELEASE
MeGAGAte opens first application store ‘sWAPP’ KARACHI: meGAGAte is the first pakistani company that has worked and launched an online application store for its mobile phones. “SWApp” which is the name of its online store currently has
LAHORE: the LUmS Annual Alumni and Donor Dinner was hosted in the LUmS lawns on Saturday, February 11, 2012. the LUmS management Committee, Senior management and Faculty as well as staff all joined in to greet the LUmS Alumni and the generous donors who support the various initiatives at LUmS. Zahid Khan, LUmS alumnus and president of SDSB Alumni Association welcomed the guests followed by an Address by the LUmS Vice Chancellor, Dr. Adil najam who also announced the Dr. Abdus Salam Chair at LUmS. pro Chancellor Syed Babar Ali in his address highlighted the importance of giving back to LUmS. A brief documentary on the LUmS national outreach programme was shown to the audience highlighting the initiative which gives scholarships to the underprivileged talent of the country. PRESS RELEASE
tahira raza becomes first woman seVP in nBP KARACHI: tahira Raza, Senior executive Vice president (SeVp), Risk management Group at national Bank of pakistan has become the first
woman in the history of the bank to reach SeVp position. A business graduate from institute of Business Administration (iBA), tahira Raza joined nBp in 2003. prior to joining nBp she worked with First Women Bank and in mCB. Qamar Hussain, president, nBp congratulated ms. tahira Raza and said that there is a paradigm shift in the role being played by women in the society in general and corporate world in particular. it is very heartening to see women being empowered in our society and nBp is not behind on this front as well. in the recent past many women have joined the bank and are given important roles to perform for the growth and prosperity of the bank. PRESS RELEASE
Women empowerment to break ground on February 23 LAHORE: mazars in pakistan is organizing a “Women empowerment Conference” on 23 February 2012 in islamabad. the conference will include female public representatives, Ceos, nGo activists, media celebrities and entrepreneurs who will share their experiences cherishing womanhood and the everyday professional challenges they face. ms. muriel de Saint Sauveur, international marketing and Communication Director at mazars, who has worked extensively to identify the needs and to suggest the ways to empower today’s women, will share her thoughts at the event. « A Women’s World, A Better World », a compilation of interviews of successful women by muriel would also be show-cased at the event. please visit www.mazars.pk for more details and registration. PRESS RELEASE
Citi celebrates 50 years ISLAMABAD : As Citi pakistan celebrates its 50th anniversary in pakistan and its 200th anniversary worldwide, it reiterates its commitment to the field of microfinance by announcing that the Citi Foundation will continue its support to the microentrepreneurship Awards CmA) program again this year, highlighting the achievements of some of the most innovative microentrepreneurs in pakistan. this year, the Citi Foundation is committing $2,000,000 to the Citi microentrepreneurship Awards program. in 2010, the awards took place in 28 countries including pakistan. the awards will take place in collaboration with the pakistan poverty Alleviation Fund, for the 8th year in a row in
pakistan this year. PRESS RELEASE
soneri Bank opens new branch SIALKOT: Soneri Bank Ltd opened its new branch in Sialkot Cantonment. the branch was formally inaugurated on January 27, 2012, by the bank’s Chairman, mr Alauddin J Feerasta during a simple ceremony, attended by leading customers, senior executives and bank’s staff from Sialkot, Gujranwala and Wazirabad. Soneri Bank now has over 200 branches in the country and with a rapidly expanding network and an array of diverse products; this is the bank’s third branch in the city of Sailkot. Soneri Bank is well poised for becoming a leading bank by offering complete solutions to individuals, Smes and Corporate. Also seen in the picture are mr Aftab manzoor, president, ms mehreen Ahmed, Head of Retail Banking and mr Amin A Feerasta, Head of establishment. PRESS RELEASE
Warid brings amazing karachi offer KARACHI: Warid telecom recently announced its Karachi offer ‘Bol Utha Karachi’ in which people in Karachi can make free and unlimited calls to all Warid numbers from 12am till 12pm with the daily rental of only Rs 3.99+t. this amazing offer can be subscribed by both existing and new Karachi based subscribers by sending “KHi” in SmS to 4337. this limited time offer is for prepaid subscribers only and will automatically be renewed daily at midnight. Being reputed for its quality and reliability, Warid always brings amazing tailor-made offers for its valuable customers. PRESS RELEASE
LAHORE: Haji Muhammed Rafiq Giga – Emaar Pakistan present at the Mirador Villa handing over occasion in Canyon Views Islamabad. PRESS RELEASE