Layout 3 pages_Layout 1 6/16/2012 5:05 AM Page 1
Govt’s PSDP reserves massive shares for agri, food sectors Page 2
profit.com.pk
Saturday, 16 June, 2012
EU to increase international investors stay trade with Pakistan aloof… and who’d blame them? only $678.9m flew into country against $1.810b in July-MayFY12 g FDi depletes by 48pc to $756m from $ 1.463b of FY11 g FPi shrinks by 109pc to $35m against $367.9m of last year g
kArACHI ISMAIL DILAWAR
P
AKISTAN’S endeavours to create a soft and investors-friendly image abroad seem to have been less effective as the profit-conscious foreign investors continue to remain risk-averse towards the politico-strategically-embattled country. According to central bank, the first 11 months of the outgoing fiscal year, July-May FY12, saw the flow of foreign investment into Pakistan shrinking by an alarming 62.5 percent. In monetary terms this amounts to over $ 1.1131 billion. During the review period the intern a t i o n a l investors invested only $ 678.9 million in the troubled country compared to $ 1. 810 billion they had invested in the corresponding months of FY11. Foreign Portfolio Investment (FPI) at the country’s bourses appeared to be the worst hit and dropped by 109.5 percent or $ 402.8 million to stand at $ 35 million against 367.9 million of last fiscal year. According to market observers, the ongoing impasse in the Pak-US stratego-diplomatic relations happens to be a major reason for declining portfolio investment in Pakistan. Washington, being the largest provider of civil and military aid to Islamabad, plays a key role in deciding Pakistan’s economic health, a major concern of the local and private investors intending to invest in the country. Also, the current politico-judicial hustle and bustle in Pakistan is playing havoc with the investors’ sentiments, especially at the bourses. “Hopes for improvement in Pak-US ties affected the investor sentiments despite concerns for
present judicial crises in the country,” viewed Ashen Mehanti, a senior analyst at Arif Habib Securities. The analyst said on Friday the equity investors’ mixed views on future the country’s economic and political outlook kept their activity limited at the Karachi Stock Exchange. No exception is the Foreign Direct Investment (FDI) that contracted to $ 756.4 million from July-May FY11’s $ 1.463 billion, registering a sharp decrease of $ 707.5 million or 48.3 percent. Since 2008 the FDI under the head of privatization proceeds has been zero as the government has by and large been failed to find a local or international buyer for its loss-making Public Sector Enterprises (PSEs). The overall foreign private and public investment declined, respectively, by 60.6 percent to $ 721.4 million and 101 percent to negative $ 42.5 million from FY11’s $ 1.831 billion and negative $ 21.1 million. The foreign public investment against the debt securities, showing the net sale/purchase of special US$ bonds, Eurobonds, FEBC, DBC, treasury bills and Pakistan Investment Bonds, was however an exception by marking a negative growth of 101 percent to $ 42.5 million. The economic observers dubbed the ongoing downward trend in foreign investment as critical for the resource-constrained Pakistan. They say increased dollar inflows were the only permanent factor that could rid the debt-laden country of its Balance of Payment woes. Exacerbated by the ongoing diplomatic cold war between the Washington and Islamabad, investment climate in the terror-stricken Pakistan has been un-conducive, thanks to a deteriorating law and order and ever-present political instability.
LONDON: The European Parliament voted overwhelmingly to support a new EU trade preference scheme for developing countries as of 1 January 2014. The updated generalised system of preferences (GSP) allows countries such as Pakistan to pay lower or zero import tariffs on their goods sold to the EU. British Conservative MEP and Legal Affairs spokesperson, Sajjad Karim LLB (Hons), said: "Trade is the engine of growth. And now the new EU trade scheme is more predictable and more generous to countries that are more deserved. The new scheme will allow Pakistan to apply for zero EU duties to be charged on their exports if they reciprocate by abiding by 27 international conventions in the field of human rights." The new EU trade scheme will reduce the number of countries that enjoy preferential access to EU markets from 176 to around 75 thus creating room to increase preferences for the remaining beneficiaries. Furthermore the GSP+ scheme will contribute to the promotion of human rights, democracy and freedom of speech in the developing world. Sajjad Karim, the Chairman of the European Parliament Friends of Pakistan Group, has been a long term advocate for stronger ties between the EU and Pakistan: "The European Parliament Friends of Pakistan group has been campaigning to increase the threshold of the GSP+ scheme to allow Pakistan to enjoy more trade with the EU." He also dismissed the few MEPs who called for Pakistan not to be included in the trade scheme in a European Parliament debate on Monday: "The clear long term strategy is for the EU and Pakistan to cooperate on a wide range of issues including trade, security and policy. The EU-Pakistan Five Year Engagement Plan and the recent successful launch of the first Strategic Dialogue in Islamabad this month with Baroness Ashton is clear evidence of that." ONLINE
wAll Street GAinS AheAD oF Greek electionS
Another brick in the wAll Stocks rose on Friday on optimism major world central banks will take coordinated action if the closely watched election in Greece this weekend results in market turmoil New York AGENCIES
The news offset the latest round of weak U.S. economic data, which pointed to sluggish growth domestically. Officials of the Group of 20 leading industrialized nations told Reuters that central banks of major economies would take steps to stabilize markets and prevent a credit squeeze, if necessary. That spurred sharp gains late in Thursday's session, erasing the S&P's decline for the week. The benchmark index is now up 0.9 percent on the week, even as uncertainties persist over the euro zone. But some market participants were skeptical. "Ahead of Sunday's election in Greece, central bankers stand ready, again. With all the water central banks have expended out of their fire hoses over the past few years in their attempt to 'do something,' I can only think of magic candles. Those candles you blow out that only flare up again immediately after," said Peter Boockvar, equity strategist Miller
Tabak + Co in New York. The Dow Jones industrial average .DJI was up 70.34 points, or 0.56 percent, at 12,722.25. The Standard & Poor's 500 Index .SPX was up 8.54 points, or 0.64 percent, at 1,337.64. The Nasdaq Composite Index .IXIC was up 22.04 points, or 0.78 percent, at 2,858.37. Material .GSPM and energy .GSPE shares were among the biggest gainers of the day, with the two closely tied to economic growth prospects. Cabot Oil & Gas (COG.N) rose 1.5 percent to $35.55 and Alcoa Inc (AA.N) was up 1.2 percent at $8.75. But the market's fear gauge remained elevated. Investors fear the Sunday elections in Greece may set the nation on a path to an exit from the euro zone. That possibility, along with questions about the effectiveness of a bank bailout plan in Spain, has spurred volatility in a thinly traded week. The CBOE Volatility Index VIX .VIX was trading near 21 in midday trade, after rising above 23. A gauge of manufacturing in New York state fell sharply in June, though it
still showed growth, while a read on consumer sentiment was also below consensus forecasts. "What's shocking is how disappointing the data is still," said Lawrence Glazer,
managing partner at Mayflower Advisors in Boston. "It reflects the general malaise on Main Street right now. Consumers and investors have been hit with a wave of uncertainty."
Recent economic indicators, including Thursday's unexpected rise in jobless claims, have pointed to sluggish growth in the U.S. economy. However, U.S. equities have largely tracked European developments in recent months, and shrugged off weak domestic data on occasion. Some investors think the lackluster U.S. data increases the chances that the Federal Reserve will signal more easy money to counter slowing growth when it releases its policy statement next Wednesday at the close of a two-day meeting. The Wall Street Journal reported late Thursday Microsoft Corp (MSFT.O) would buy business software company Yammer Inc for $1.2 billion, citing a person familiar with the matter. Microsoft rose 2 percent to $29.92. Diamond Foods Inc (DMND.O) late Thursday said it had received a letter from Nasdaq saying it had missed the deadline for filing its already-delayed quarterly report, a fact which could lead to the company's delisting from the stock exchange. The stock dropped 1.2 percent to $18.41.
Layout 3 pages_Layout 1 6/16/2012 5:05 AM Page 2
02
Saturday, 16 June, 2012
news
icci lauds fuel price cut ISLAMABAD APP
Islamabad Chamber of Commerce and Industry (ICCI) appreciated the government's decision of reduction in Petroleum and CNG prices and termed it a positive step in the larger interest of trade, industry and masses as well. Asad Farid, Acting President ICCI presiding over a meeting here on Friday, said that the withdrawal in prices of petroleum products and CNG would not only give some relief to the masses but it would also benefit all sectors of the economy. He was of the view that reduction in the prices of petrol by Rs.10 per litre and CNG by Rs. 6 per kg would go a long way for the revival of economic activities in the country. Asad Farid said that such positive decisions of the Government would accelerate export oriented activities and would help exporters to compete more effectively in the international market.
kSe board clears new free-float index kArACHI STAFF REPORT
The Governing Board of Directors of the Karachi Stock Exchange (KSE) has decided to introduce a new 100-index free float benchmark that would run parallel with the existing full capitalization index at the bourse. The Board, in its April 24 meeting, decided to approve the recommendation of the KSE Index Committee to introduce the new index. This methodology is a variation of the market capitalization method used for our current (KSE-100) Index, said Haroon Askari, deputy managing director KSE, in a statement issued on Friday.
PSo receivables swell to rs 215 billion ISLAMABAD ONLINE
Pakistan State Oil (PSO) total receivables have been increased to 215 billion due to non-payments from the power sector, which may lead to an inevitable breakdown in the supply chain resulting in fuel shortage. According to official documents PSO receivables have been swelled to 215 billion while PSO payables to local and international refineries have been increased to more than 179 billion. Power sector is the main defaulter of PSO as receivable from WAPDA are 54,817 million, from HUBCO 102 , 854 million and receivables from KAPCO are 29,896 million. Official documents further revealed that PIA has to pay Rs 2,855 million, Oil and Gas development company (OGDCL) Rs 404 million, KESC has to pay Rs 6, 973million, Pakistan Railway Rs 1,357 million. PSO has to receive Rs 1,382 million on Audited Price Differential Claim (HSD), Rs 3,407 million on Price Differential on LSFO/HSFO and price differential under GLAMP & NDTC –KESC are Rs 8,612 million.
Govt’s PSDP reserves massive shares for agri, food sectors ISLAMABAD
wb finally digs out financial crisis solution g
APP
T
HE Federal Government in the Public Sector Development Programme 2012-13, has allocated Rs 495 million for ongoing and new projects of the of the Ministry of National Food Security Research and Rs 250 million for agriculture related projects being handled by Commerce and Ports and Shipping divisions. According to the government's annual plan 2012-13, the Higher Education Commission, Industries Division, Science and Technological Research Division and Water & Power Division have various agriculture related projects. Some of the projects of agriculture sector included in PSDP 2012-13 under ministries of National Food Security & Research, Commerce and Ports & Shipping are National Zero Hunger Action Programme, Research for Agriculture Development Programme, National Institute of Genomic and Advanced BioTechnology, Pak-China Cooperation for Agriculture Research and Development, Indigenization of Hybrid Seed Production for Enhanced Crop Production, National Bio Saline Agriculture Programme, Under the National Zero Hunger Action Programme, the Ministry of National Food Security and Research has launched "National Zero Hunger Action Programme". The programme launched in collaboration with World Food Programme is aimed at attaining food security and reduce malnutrition in the country. The programme implies coordinated approach with several ministries to achieve its targets and will reach to 12 million food insecure people in one year (20% of total affected population) with a cost of $ 1.04 billion, of which 200 million is sanctioned by government of Pakistan while rest will be contributed by donors and other sources of funding. A
‘removing restrictions on human mobility may reduce global financial crisis’ ISLAMABAD ONLINE
total of 61 million people will be reached with total cost of us $ 16 billion dollars in five years time. For the programme a National Council for Food Security comprising of representatives of federal and provincial governments, private sector and civil society will be established. A consultative workshop has already been held in March 2012 to produce a set of guidelines and frameworks for National Zero Hunger Action Programme and the operational strategy. Under another project of Research for Agriculture Development Programme which is being implemented since 2007-08 by PARC and aims at developing demand driven research solutions and innovations based on various themes in different sectors like Crop Sciences, Natural Resources, Animal Sciences and Social Sciences. Out of total 91 development projects approved for financing under this project, 45 have been completed while the remaining 46 are under implementation. The capacity of 510 scientists has
been built through local and foreign trainings. More than 10,000 local & exotic germ plasm lines were acquired, evaluated and distributed as well as research laboratories at NARC being strengthened through procurements of latest scientific equipments. Due to financial constraints the estimated expenditure up till 2011-12 was around Rs 1070 million which is 36% of the total cost (Rs 2.97 billion) of the project. The allocation for 2012-13 is Rs 170 million. In the National Institute of Genomic and Advanced Bio-Technology project with purpose of establishing this Institute at NARC campus is to support research and development activities by providing available techniques in genomics and biotechnology to the scientists. Constructions of office building and laboratories are almost complete. DNA finger printing work on rice, grapes and groundnut have been established which will help in developing molecular passport of our verities.
Turkish delight for LCCI LAHore STAFF REPORT
Turkish businessmen are ready to initiate joint ventures with their Pakistani counterparts as they are convinced that ample opportunities exist in a number of sectors in Pakistan including Energy, Textiles and Construction. This was stated by President Foreign Economic Relations Board (DEIK) Dr Akkan Suver and President Turkish Industrial Association TUMSIAD Mr. Ersin CENTIN while talking to a 37-member LCCI delegation headed by LCCI President Irfan Qaiser Sheikh. The LCCI former Senior Vice Presidents Engineer Sohail Lashari and Tahir Javaid Malik also spoke on the occasion. Dr Akkan said that the foremost purpose of the Foreign Economic Relations Board of Turkey (DEİK) is to pave the way for economic, commercial, industrial and financial relations with foreign countries as well as international business communities. “DEİK believes that increasing industrial cooperation, widening the foreign trade network and opening the Turkish service sector up to the global economy are essential in achieving this target.” The President Foreign Economic Relations Board said that Turkey for being second fastest growing economy of the world after China and first in the European Union has
a lot to offer to their Pakistani counterparts and they should avail the available opportunities. They also called for more frequent exchange of business delegations so that both the sides could have first hand knowledge of the available opportunities in Pakistan and Turkey. They said that both the countries have marvelous untapped business potential that needs to be realized by maximizing the involvement of private sectors of the two countries. He hoped that the economic relation between the two countries would strengthen further to create a win-win situation for Pakistan and Turkey. Speaking on the occasion, the LCCI President Irfan Qaiser Sheikh said the time has come that the businessmen of both the countries should enhance their bilateral relations which will be beneficial for the people of both the countries. He said that in 1980 the Turkish exports were $ 4 billion while Pakistan’s were $3.81 billion and today Turkey is exporting goods worth $114 billion while Pakistan’s total exports are just $25 billion and Turkey has become 16th strongest economy of the world. He said, “We can strengthen our economy by adopting the development and progress of Turkey as model.” “Since energy is an important issue for Pakistan’s economic growth and Turkey has vast experience of exploiting hydro and other energy sources, both the countries should cooperate in this area on priority basis.”
Removing restrictions on human mobility may help enhance financial flows among nations and alleviate some of the adverse effect of the global financial crisis 2008-9, says Word Bank (WB). According to a new book on migration and remittances, published by the Bank, with migrant workers projected to remit about $399 billion to their home countries during 2012, compared to $372 billion in 2011, remittances are the most tangible link between migration and development. “Despite worsening employment prospects and anti-immigration rhetoric in some destination countries, the global financial crisis of 2008-09 has not sent migrant workers streaming back home,” says the Book. In fact, migrants may have mitigated some of the pain of the crisis as they tend to work for lower wages, receive fewer benefits and rely relatively little on the state, says the ‘Migration and Remittances during the Global Financial Crisis and Beyond’ book.
inflation hikes up over the week ISLAMABAD APP
The Sensitive Price Indicator (SPI) for the week ended on June 14, for the lowest income group up to Rs.8,000, registered increase of 0.64 per cent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 177.12 points against 175.99 points registered in the previous week, according to provisional figures of Pakistan Bureau of Statistics (FBS). The weekly SPI has been computed with base 2007-2008=100, covering 17 urban centers and 53 essential items for all income groups and combined. The SPI for the combined group increased by 0.72 per cent as it went up from 187.19 points in the previous week to 188.54 points in the week under review. As compared to the corresponding week of last year, the SPI for the combined group in the week under review witnessed increase of 12.25 percent. As compared to the last week, the SPI for the income groups from Rs.800112,000, 12,001-18,000, 18001-35,000 and above Rs.35,000 increased by 0.69, 0.74, 0.76 and 0.71 respectively. During the week under review average prices of 10 items registered decrease, while that of 18 items increase with the remaining 25 items' prices unchanged.
Failing to strike a balance g
balance of payments to remain under pressure due to repayments to iMF in FY 12-13 ISLAMABAD ONLINE
The government has admitted that Balance of payments will remain under pressure in next financial year 2012-13 due to external debt repayments including repayments to International Monetary Fund(IMF),say sources. Sources familure with the development told “Online” here on Friday that declining trend of export quantum, rising international oil prices and weak financial inflows will also lead the country’s balance of
payments situation under pressure. The overall balance is likely to be in deficit by $ 1.7 billion in 2012-13 and gross aid disbursements during 2012-13 are expected to remain at the level of $ 2.7 billion against $ 2.3 billion estimated for 2011-12.The current account is targeted to be in deficit by $ 4.8 billion as against a deficit of $ 4.0 billion estimated for current financial year ending June 30, 2012. On account of the energy shortages and security situation, exports for 2012-13 are projected to grow by 4 per cent to $ 25.8 billion from $ 24.8 billion esti-
mated for 2011-12. Imports during 2012-13 are projected to increase by 6.8 per cent to$ 42.9 billion from $ 40.2 billion estimated for 2011-12. Hence, the trade accounts is Projected to be in deficit by $ 17.1 billion in 2012-13. Pakistan had already repaid $1.2 billion to the International Monetary Fund in current financial year 2012-13 from foreign currency reserves held by the State Bank of Pakistan (SBP). According to the repayment schedule agreed between Pakistan and IMF, Pakistan will repay its obtain $7.6 billion to the IMF till the end of fiscal year 2014-
15. The $11.3 billion SBA program had expired on September 30, 2011 and the last two tranches of $3.7 billion could not pay to Pakistan by IMF following Islamabad’s failure to pursue key reforms as well as the emergence of the revenue figures fiasco. Pakistan had enter into a $11.3 billion programme in 2008 with IMF and got disbursements of about $7.6 billion, but failed to get the remaining $3.7 billion due to slippages in performance criteria, leading to suspension of the programme in May 2010 and was ended unsuccessfully on September 30,2011.
Layout 3 pages_Layout 1 6/16/2012 5:05 AM Page 3
Saturday, 16 June, 2012
03
news
FPcci butters up world bank kArACHI APP
President FPCCI Haji Fazal Kadir Khan Sherani has acknowledged World Bank's contribution in social and economic development of Pakistan. FPCCI is establishing Professional Development Institute. This apex trade body of the country would highly appreciate any support or suggestions from World Bank to make the institute more effective tool of a change in the country, he said. FPCCI President was speaking in a meeting with Dan Biller, Lead Economist South Asia Sustainable Development Department of World Bank (WB) here at Federation House , said a release from Federation of Pakistan Chambers of Commerce and Industry (FPCCI) here on Friday. The President FPCCI noted that World Bank is Pakistan's strong partner in the development. He also mentioned World Bank support at the time of disasters like earth quakes, floods, World Bank's Lead Economist, Dan Biller , on this occasion, gave a presentation on World Bank's international experience of industrial development and Pakistan's industrial competitiveness. He informed that WB was working with Ministry of Industries since 2009 and has conducted various studies to recommend industrial policy in Pakistan. He showed the trends in the economic growth of South Asian countries specially in China and the comparison of other countries. While appreciating World Bank's projects for economic sustainability , poverty alleviation, education, income support, trade expansion and facilitation, reduction in cost of doing business, Haji Fazal Kadir Khan Sherani suggested that policies or models should be compatible to the existing conditions of Pakistan. That, all factors of proposed model should perform to contribute to the industrial growth.
Major Gainers
SoMeone SPilt honeY on the reD rAG
bears open their arms but the bulls were underhanded g
index gains merely 9.60 points after global stocks and commodities left their respective waking up acts to the 11th hour. the bulls were late and the bears were left with arms wide open… kArACHI STAFF REPORT
T
HE bulls kept dominating Karachi stocks market on last working day of the week Friday with benchmark, KSE 100-share index gained 09.60 points. The day saw the index closing up by 0.07 percent at 13,665.80 points against 13,656.20 points of Thursday. Pakistan stocks closed higher on institutional support after global stocks and commodities recover. This was opined by Ahsan Mehanti, Director at Arif Habib Investments Limited. On Friday, the trading volumes at the ready-counter were recorded lower at 109.142 million shares against 114.327 million shares of the previous day. The trading value too decreased to Rs 3.792 billion compared to Rs 4.303 billion of the previous session. The intraday high and low, respectively, stood at 13,753.09 and 13,616.87 points. He added that the hopes for improvement in Pak-US ties affected the investor sentiments despite concerns for present judicial crises in the country. The market
capitalization increased to Rs 3.490 trillion from Rs 3.486 trillion a day earlier. Of the total 342 traded scrips, 137 gained, 121 lost and 84 finished as unchanged. The free-float KSE-30 index declined to 13.60 points to close at 11,786.87 points against the previous 11,800.47 points. Jahangir Siddiqui Company was the day’s volume leader counting its traded shares at 16.148 million with the opening and closing rates standing at Rs 14.01 and Rs 14.20, followed by Azgard Nine, D.G.K Cement, Escorts Bank and Fauji Fertilizer Bin with turnover of 11.638 million, 8.220 million, 4.985 million and 4.628 million shares respectively. According to analyst the mixed views on future economic and political outlook kept investors activity limited. On the future market, the turnover decreased by over four million shares to 8.126 million against 12.949 million shares of Thursday. The Nestle Pakistan Limited and Siemens Pakistan, up Rs 58.57 and Rs 20.89, led highest price gainers while, UniLever Pakistan and Rafhan Maize Prod, down Rs 128.33 and Rs 110.24 respectively, led the losers.
Company
Open
High
Low
Close
Change
Turnover
Nestle Pakistan Ltd. Siemens Pakistan Wyeth Pak Limited Island Textile Philip Morris Pak.
4016.28 680.38 839.09 212.14 173.57
4099.00 714.39 860.00 222.74 182.24
4027.00 670.00 831.00 210.00 175.00
4074.85 701.27 850.56 221.42 178.76
58.57 20.89 11.47 9.28 5.19
45 4,702 64 1,473 5,450
-128.33 -110.24 -92.29 -24.00 -17.21
16 81 80 105 334
Major Losers UniLever Pak Rafhan Maize Prod. Unilever Food Colgate Palmolive Mithchells Fruit
7380.00 3250.09 2762.50 974.00 344.39
7310.00 3235.00 2900.62 990.00 344.39
7251.00 3088.00 2670.01 950.00 327.18
7251.67 3139.85 2670.21 950.00 327.18
Volume Leaders Jah.Sidd. Co. Azgard Nine D.G.K.Cement Escorts Bank Fauji Fert Bin
14.01 5.90 41.63 2.05 40.12
14.74 6.90 42.01 2.74 41.24
13.85 5.87 41.02 1.90 40.11
14.20 6.90 41.22 2.01 40.80
0.19 1.00 -0.41 -0.04 0.68
16,148,881 11,638,753 8,220,815 4,985,225 4,628,117
Interbank Rates US Dollar UK Pound Japanese Yen Euro
94.4126 146.5661 1.1892 118.6388
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
95.60 119.38 147.91 1.1965 92.20 12.10 25.80 25.30 94.70
96.30 120.88 149.72 1.2110 93.84 12.30 26.09 25.55 97.32
CORPORATE CORNER PePco accords supply agreement of 20 million energy savers with M/S Philips
pleasure to work with NTDCL in various projects of transmission networking which will prove another corner stone in the Pak-China friendship, he added.
LAHORE: Taking unprecedented initiative to bridge supply and demand gap by implementing energy conservation policy during the ongoing energy crisis in the country, Pakistan Electric Power Company (PEPCO) carried out supply contract of 20 million Compact Fluorescent Lamps (CFL) on cost insurance and place of destination (CIP) under the “National CFL ProjectPrime Minister Energy Saver Programme” with M/s Philips Electrical Industries of Pakistan. Mr Khalid Hussain Rai Project Director PMU PEPCO and Mr Asad. S. Jaffer Chairman and CEO Philips signed the contract deed, here today at Wapda House Lahore. The spokesman of PEPCO said this project started on the directive of Prime Minister Syed Yousaf Raza Gilani duly approved from Cabinet as well as ECNEC. Under the contract the first consignment of CFLs (Energy Savers) will be delivered to 36 warehouses all over the country within 12 weeks and free distribution of energy savers to consumers will start soon after the delivery. The total cost of this project (20 million CFLs) is Rs 2.8 billion and is being funded by ADB and AFD of France. Ministry of Water and Power will carry out overall project management and PEPCO will act as project coordinator whereas DISCOs and KESC act as executers, he added.
DS-concept makes lDP more convenient for textile industry KARACHI: Pakistan is the world’s 4th largest producer and 3rd largest consumer of cotton. The textile industry has been the main driver of the economy for the last 50 years in terms of foreign currency earnings. The textile sector enjoys a pivotal position in the exports of Pakistan. In Asia, Pakistan is the 8th largest exporter of textile products. Pakistan’s Textile Industry has proved its strength in global market in the past decades and DS-Concept believes that the textile industry is the only industry in Pakistan that has the potential to benefit the economy with foreign currency earnings. The big buyers in textiles around the globe now asking for Landed Duty Paid (LDP) shipments from the suppliers, and the suppliers felt bumpy as no financial institution provided satisfactory solution for such shipments earlier. DS Concept Pakistan knowing the potential of the textile sector came up with a Supply Chain Funding (SCF) solution to facilitate Pakistani suppliers in their LDP shipments.
national’s Awards, its 27th annual event. The accolades recognise the Bank’s strong progress in delivering consistent results amidst the industry’s changing climate and regulatory environment. They also reflect the Bank’s leadership in demonstrating innovation and cost effective deployment, while achieving growth, operational efficiencies and high levels of customer satisfaction. Douglas Blakey, editor of Retail Banker International, said “Standard Chartered was a worthy winner of the awards as it has posted record profits for the ninth successive year, while driving to continuously deliver highly differentiated and innovative products, services and superior online consumer experiences.”
Mastercard cardholders to experience emirates’ top service KARACHI: Emirates airline, largest operator of the double-decker A380, and MasterCard announce their joint collaboration to offer top-notch packages for Emirates First Class and Emirates Business Class passengers who use their MasterCard cards to purchase flights on www.emirates.com before 30 September 2012. For every Emirates top class round-trip ticket they purchase, MasterCard cardholders visiting Dubai from around the world will receive complimentary stays at Dubai’s top hotels, in addition to complimentary visas and tickets to ‘At The Top’ in the Burj Khalifa.
the major part of the project will revolve around refurnishing their study area. According to the administration, there are 18 houses each divided into a living space, two rooms, a kitchen and a veranda, which serves as the kids’ study area. This is the place which the NCA students have chosen to give a makeover to.
kFc celebrates 15 years in Pakistan KARACHI: KFC has successfully completed its 15 years of operations in Pakistan this June, therefore, to celebrate the landmark KFC has launched a festive campaign by offering meal boxes at competitive prices and instant prizes to its customers. Marketing Manager for Cupola Group Fuad Hameed said 'KFC is proud to acknowledge the support of its loyal customers in completing 15 years in Pakistan. And to celebrate the event, KFC has launched the celebrations meal box at a competitive price, that not only provides the customer with a high value meal but also a scratch card that guarantees a prize to each customer at the time of purchase.” He went on explaining 'till date we have had over 100,000 winners who have received gifts ranging from flash drive USBs to Television sets, which have been provided by KFC as well as partnering brands such as Qubee, Pepsi, Unilever Food Solutions, K&N’s, Afeef Group, Waqas Advertisers, EFU and Advance Telecom.'
Javed Miandad will Grace nit - All karachi FDAc re-launched at Zamzama ntDcl signs agreement of construction inter rover cricket final as chief guest KARACHI: The premises of the Fomma-DHA Art Cenof 500 kV Grid Station with china Ubl declared ‘best Domestic bank – tre (FDAC) in Zamzama Park (DHA-5), which has been KARACHI: The final of NIT – All Karachi Inter under repairs by DHA for sometime, is now available for Rover Cricket Tournament will be played on 17th Pakistan’ for 2012 by Asiamoney Magazine various art activities and projects. The entire mezzanine
KARACHI: National Transmission and Despatch Company Limited (NTDCL) has signed an agreement of construction of New Lahore 500 Kv Grid Station as part of joint venture with Chinese companies. Chief Engineer EHV-I NTDCL Muhammad Amin Khalid on behalf of NTDCL Management and President of China National Electric Equipment Corporation (CNEEC) Mr Zhau Ruolin signed the agreement, during a ceremony held at Avari Hotel Lahore, today. Mr Zhau Ruolin, president of CNEEC While singing the agreement ceremony said that his company is known to be one of the professional company which has achieved remarkable success in the various power projects all over the world. CNEEC is also interested in investing Thermal and Hydle projects of Pakistan and takes
June, 2012 at 3pm on Aga Khan School Ground, Karachi. Cricket Legend Javed Miandad, Director General / member of the Board of Governors of Pakistan Cricket Board has consented to grace the occasion as chief guest. Mr. Wazir Ali Khoja Chairman/MD of NIT and senior member of the Board of Governors of PCB will also witness the event. Many former cricket legends are invited on this occasion. A colorful closing ceremony will be held after the finals, which includes a PT show and display of flute band by school children. A good number of cricket fans, NIT families will be present in this sports gala besides representatives of print and electronic media. NIT had sponsored this event in February last year also in its endeavor to engage our youth in the healthy activities of sports.
Standard chartered awarded best Global retail bank, best online banking Strategy KARACHI: Standard Chartered Bank has won awards of “Best Global Retail Bank” and “Best Online Banking Strategy” at The Retail Banker Inter-
KARACHI: UBL has once again been declared the “Best Domestic Bank” of Pakistan for 2012, by Asiamoney Magazine in its latest edition. This prestigious annual award recognizes the best domestic bank which stands out based on its outstanding performance and distinctive initiatives. This year they have adjudged UBL as winner in the “Domestic Bank” category as the bank which has shown the most initiative.
Master Paints – inspire to change KARACHI: Master Paints in collaboration with the students of National College of Arts (NCA) are organizing an activity at the SOS Village, Ferozepur road, Lahore. This project, with far reaching and sustainable benefits for the children of the village is wholly financed by Master Paints, with the students of NCA as their implementation partner. Through the activity basic facilities as per the recommendation of SOS administration and faculty will be provided for the children. Moreover, they will be provided with toys, clothes and books to make them feel that they are no different than the other kids of their age. However,
wooden floor has been replaced with a strongly re-set concrete one, the winding staircases have been suitably strengthened, and work is under way to install an improved lighting system. The historic 19th century Raj structure (originally an army barrack), which houses the FDAC, would still need additional restoration work such as damp-proofing of the walls, replacement of damaged tiles on the roof, tackling the endemic problems of rising damp and seepage etc. But meanwhile the Fomma Trust is going ahead with plans to re-activate the FDAC.
First ever Solar AtM launched by nbP KARACHI: First ever Solar ATM is launched by NBP at Defence Housing Society Branch, Korangi Road Karachi. This ATM functions with solar energy without its much dependence on generated electricity. NBP further intends to install ATMs on solar energy so as to use natural resources without misuse of generated electricity and fuel. Seen in the picture are Mr. Nausherwan Adil, SEVP / Group Chief Operations Group, Mr. Zubair Ahmed, SEVP/ Group Chief, Logistic Support & Engineering Group and Mr. Samar Abbas Jafri, SVP/Regional Head South and others inaugurating Solar ATM.