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Saturday, 18 February, 2012
Textile ministry questions transparency of MFN to India LAHORE
M
IMRAN ADNAN
INISTRY of Textile Industry (MoTI) has proved the government claim false which was about the rigorous consultations with different stakeholders on liberalising trade with India. Textile ministry, in its observations, indicates that the Ministry of Commerce (MoC) kept textile ministry in dark about its dialogues with India, Profit learnt on Friday. MoTI’s official summary made available to Profit raises questions on the hasty policy making on liberalising trade with India by the Ministry of Commerce. Textile ministry has warned that the sudden change in dynamics of IndiaPakistan trade relation i.e. from 80 per cent ban on imports to almost zero rated imports on more than 80 per cent of items within a time frame of few months appears to be an extreme measure. Further, opening of land route will affect inter-Pakistan trade dynamics as well. This summary, if approved, will not only result in GMFN status for India, but a Free Trade Agreement with the most immense impact on Pakistan’s industry. Further, Ministry of Commerce has not mentioned any economic benefit emanating from this new arrangement. It has also not mentioned how this initiative will increase our exports to India, which currently is at $272 million, with the availability of MFN and SAFTA reduced rates. MoT has pointed out, “Though the cabinet had endorsed the efforts of Ministry of Commerce after reviewing the presentation by the ministry, no summary was presented to the cabinet and views of line ministries were not obtained on the roadmap. Further, the Ministry of Commerce did not consult with the Ministry of Textile Industry before or after any secretary level talks with the Indian counterpart for negotiating normalisation of trade, whereas, The Rules of Business of 1973 Section 2 Para 1 (ii) of the Ministry of Commerce clearly stipulates that Ministry of Textile Industry should be consulted in trade negotiations.” It has further underscored that it is mandatory for commerce ministry to consult MoTI, however, the textile ministry, which represents the largest manufacturing sector of Pakistan, was not consulted on the approach or criteria for preparation of these negative lists. It points out that the incomplete negative list earlier received
from the commerce ministry was discussed with the textiles associations and it was observed that different associations have divergent viewpoints on similar tariff lines. As is known, textiles value chain consists of ten industrial subsectors, which are highly integrated and interdependent. The final product of one sub-sector is the basic raw material for the other sub-sector industry. Similarly, the interests of a commercial exporter, importer, manufacturer and exporter vendor industry, and composite units differ immensely. At this point of time, Import Policy only allows import of yam and very few technical fabric items limited to 102 textile tariff lines. Textile ministry states, “India claims that Pakistan has been given the General Most Favoured Nation (GMFN) status since 1996 and has no discriminatory technical and/or non-tariff barriers for Pakistan. Also, more than 80 per cent of our exports are getting preferential tariff rates due to South Asian Free Trade Area (SAFTA). We have still not
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been able to export more than $272 million to India, whereas, India has exported around $1,500 million worth of commodities while only being allowed 1,900 tariff lines. In case of textiles, the main exporting sector, Pakistan only exported $45 million worth of textiles products to India, whereas, India exported $566 million worth of textile products in the calendar year 2010.” “Looking at the excitement of getting zero tariffs in merely 75 lines in eU out of which 20 have quotas, we must consider the vast opportunity being provided to the Indian industry by removing Appendix G, while having SAFTA on ground with a small sensitive list.” Official summary indicates that India has a separate sensitive list for Least Developed Countries (LDCs) and Non-Least Developed Countries (NLDCs) and has still not shared the SAFTA reduced sensitive NLDCs. It further highlights that India subsidy programmes are highly budgeted. At present, they have non-ad valorem duties on major export items e.g. Indian Rs350 on cotton shirts. India also has huge state-owned textile mills and has controlled cotton trade. Only two years back, Indian government procured around nine million bales of cotton. Similarly, India has various technical barriers to trade already intact for protection of their industry as a whole and has repeatedly used antidumping measures. On the other hand, textile ministry points out, Pakistani Industry is facing acute shortage of electricity and gas with appreciating input costs. The quantum of non-performing loans is increasing, while exports have shown a declining trend. Pakistan has only single sensitive list for SAFTA unlike India having separate lists for LDCs and NLDCs. Official summary underscores that the proposal of mutual recognition arrangements will help Pakistani exporters to understand the non-tariff barriers of India but will not in any case erode technical barriers. It may take our industry some time to recognise, learn and educate itself on standards. Further, in absence of any Tariff Policy and textiles standards we would not be on a level playing field with the Indian Industry. Textile ministry says that the tariff applied on imports from India is not same as fur any other WTO member state. Pakistan and India are signatories of SAFTA and other than the sensitive list i.e. more than 80 per cent tariff lines, the rates have reduced drastically during the last six years. The Ministry of Textile further objects that the criteria for analysing negative lists do not appear appropriate as the impact of open trade with India on industry (especially SMe sector) at tariff rates below six per cent on 80 per cent of commodity tariff lines after 2012, which are lesser than GMFN, is not calculated. It points out that the SAFTA is more liberal agreement than China-Pakistan Free Trade Agreement (FTA) Phase-1, but the Ministry of Commerce does not evaluate the impact of previous FTAs on domestic industry. The Ministry of Textile Industry is of the view that moving from positive list to negative list should be read with the SAFTA implications in which 80 per cent of the tariff lines would be opened on 0-5 per cent.
LPG distributors strike caLL
LPG price further comes down by rs5/kg KARACHI STAFF REPORT
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he price of LPG has further reduced by Rs5/kg in the country amid the strike call of distributors and threat to halt distribution by Liquefied Petroleum Gas (LPG) marketing companies, which are facing reduction in sales. LPG distributors announced to observe a sit in before the head office of Oil and Gas Regulatory Authority (OGRA) on March 3 against the increase in LPG price which reached a record hike during the last couple of months without any notification of OGRA. The price was being increased by the LPG marketing companies presenting excuses of jump in international price of the gas. however, soon after the announcement of strike and halt in the sale of LPG, what LPG Distributors Association of Pakistan claimed, the price of the gas on Friday faced further reduction by Rs5/kg and the price of LPG in hilly areas of the country reduced from Rs175 from Rs180/kg. Prices of domestic cylinder have also been reduced by Rs250. According to Irfan Khokhar, Chairman of the Association, the association would continue its resentment until price of highly consumed LPG was reduced to a justified level. After the slight reduction in prices, LPG was now available in Gilgit Baltistan, FATA, Balakot, Azad Kashmir, Muzaffarabad, Swat, etc, at the price of Rs175/kg. LPG prices in Rawalpindi, Islamabad, Mansehra, Nathyagali, Swat and Murree have been reduced from Rs160 to Rs155/kg. In Karachi, Lahore, Gujranwala, Qasoor, Sahiwal, Khaniwal, Jhang and Sargodha, the prices have been reduced from Rs145 to Rs135/kg. Prices in Peshawar, Dera Ismail Khan, Kohat, Sadiqabad, Rahim Yar khan, Mandi Bahuddin, and Sakhar have been reduced from Rs150 to Rs145/kg. While prices in Faisalabad, Gujrat, Jehlum, Mirpur, Multan, Dera Ghazi Khan and Bahawalpur, declined from Rs145 to Rs135/kg.
Pakistan imports rice from India for the first time KARACHI
I
GHULAM ABBAS
N the post MFN regime, Pakistan for the first time has started importing rice from India. In an interesting development, Pakistan, which is already a rice exporting country, has imported basmati rice from India soon after the liberalisation of trade between the two South Asian neighbours. The rice exporters and farmers are very concerned about the development, as the cheaper products from the neighbouring country would badly hit the local production, causing huge losses to both exporters and farmers. According to sources, Pakistani traders have given the first import order for at least 2,500 tonnes rice, while almost 100 tonnes have reached
the markets in the Punjab area, sources told Profit. It was feared that the traders would further place orders for imports as the commodity in Indian market was available at cheaper rates than Vietnam, Thailand and other countries. The development took place soon after the announcement of 636 negative items prepared by the Ministry of Commerce, while replacing the already existing positive list for trade with India. Rice, interestingly, has not been included in the 16 items short listed by the ministry, as part of the negative list of imports from New Delhi. Though the exporters of rice in the country could not confirm the arrival of rice from the neighbouring country through Wagha border, the commodity, sources claimed was imported via the land route from Muzaffarabad. “This was a major development in the history as the Indian commodity was coming to Pakistan, despite
of already having a huge stock in the country,” sources said adding that this was because of the major difference in price as India has reduced the bench mark price of rice drastically; affecting not only Pakistan, but also the global market. Sources in Rice exporters Association of Pakistan (ReAP) said though the rumour was there that the traders have started importing rice from the neighbouring country, but the association was yet to have confirmed reports of the development. “Though the development would badly hit the exporters and growers, the imports of cheaper rice especially basmati from outside the border would discourage the growers in the country,” they said adding as the exporters could reexport the imported items, the major losses would be borne by the growers. Besides that the development was also
because of the miscalculation of the high ups in ReAP which was expecting that the country’s products especially basmati would be exported to India, to be reexported from Delhi to other markets, sources claimed. But, the huge differences in price, along with the diversified qualities of rice in India, like original basmati, duplicate basmati and others available at comparatively cheaper rates. It is worth mentioning here that despite of the bumper crop in the country this year, the record decline in export price of nonbasmati rice from India was already creating tough competition for the country’s products in the international market. Beside the decline in price, the Indian commodity, over four per cent devaluation of its currency against the dollar in the first six months of current fiscal year has also created problems for
Pakistani rice. The rice export was expected to be enhanced after the flood in Thailand, the biggest exporter of rice; the ever declining export price of rice in Delhi was also creating acute uncertainty in the international market. The Indian government had reduced the minimum export price of non-basmati rice after exports failed to pick up. The government had allowed limited exports of non-basmati rice after a bumper crop in 2010-11. earlier, India had banned exports of rice, except the costlier basmati variety, to beef up supplies in the domestic market and cool down soaring prices in April 2008. Presently, the increased domestic production and lower export of basmati, last year had resulted in abundant availability in the Indian domestic market. These factors brought down prices of this elite variety.
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Nab to seize private properties if rogue brokers fail to join investigation (R) Fasih Bukhari had taken special cognisance of the small investors defrauded at the hands of the five brokerage houses after 2008 crisis. “If a shortfall (of compensation money) arose, it would be fulfilled on what they call pro rate basis, through (the auction of) their private properties,” he said. DG NAB said 100 per cent compensation would be given to the investors who had filed claims worth Rs5 lac. “This limit may be enhanced to Rs1 million and the compensation amount would be distributed through mutual efforts of NAB and KSe,” he said. Ahmed called upon other investors to lodge their complaints with the front regulators at KSe who would then forward the same to NAB for recovery of the investors’ embezzled money. Asked if NAB was also interrogating the former and current managements of the KSe Board, the DG clarified that the bureau’s contact
KARACHI
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ISMAIL DILAWAR
total expansion in debt, liabilities increases 7.2 per cent
debt repayments widen c/a deficit to $2.633b during July-JanFY12 KARACHI
ISLAMABAD ONLINE
he share of the domestic component was 76.3 per cent of total expansion in debt and liabilities during first five months of current fiscal year 2011-12 compared with 69.1 per cent during the same period last year. The rising borrowing needs of the government were largely met from the banking system and Pakistan’s foreign exchange reserves fell from the level of 27.9 weeks of imports on end-Jun 2011 to 23.6 weeks of imports on end-Nov 2011said the State Bank of Pakistan(SBP)in its report. Through short term floating debt instruments This resulted in further amplification of scheduled banks holding of domestic debt to 37.7 percent on endNov 2011 from 33.4 percent on end-Jun 2011. According to State Bank Report,MTBs held by scheduled banks were one of the chief sources of financing the circular debt settlement in November 2011. Specifically, government raised around Rs200.0 billion from 12-M MTBs in the auction held on Nov 4, 2011. On the upside, the maturity profile of floating debt has seen an improvement, after the monetary policy loosening by the State Bank of Pakistan (SBP) in Jul and Oct 2011. This is, due to a shift in commercial banks investment towards 12M Tbills instead of the shorter tenor bills. This shift towards longer tenor securities will reduce the roll-over and interest rate risk faced by the government. “During Jul-November 2011 government raised Rs59.1 billion through MTBs from non-bank sector, as compared to the retirement of Rs208 billion to non-bank sector during the same period last year,” it said. Pakistan ahead of India, BD in microfinance business environment: Ghalib Nishter.
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LAHORE: Punjab Board of Investment and Trade (PBIT) shall assist Gujranwala Chambers of Commerce and Industry (GCCI) in nominating foreign technology partners for a coal gasification plant wherein GCCI shall nominate a consortium of companies for the same. The nominated consortium of companies together with the proposed technology partners shall work to develop onsite coal gasification solutions for industrial units. It was announced during a visit of senior officials from PBIT to GCCI where its members expressed their concerns on the worsening energy crisis. On the occasion, GCCI President Malik Zhaeer thanked the PBIT Vice Chairman Dr Miftah Ismail and his team, comprising Dr Sajid Yoosufani, Dr habib Gillani, Waqas bin Najeeb and Moazzam husain, for visiting GCCI hence initiating a series of important interactions between both organisations for developing business climate in Punjab and supporting trade from this region. PBIT team shared investment opportunities in agro processing, dairy, poultry and meat processing sector with the members of the GCCI and assured support to investors for these projects. Replying to a question, Gujranwala additional commissioner said that CM’s GT Road Beautification Project was underway and a number of playgrounds were also being developed in Gujranwala. Members of the GCCI suggested an upgradation of manufacturing through engineering development for which PBIT offered its assistance. Gujranwala division was an important economic zone of Pakistan, which contains 60 per cent of Pakistan’s overall SMe’s and contributes 30 per cent to Pakistan’s total exports. STAFF REPORT
site industries facing low pressure of gas despite assurance of ssGcL
Infographic by Babur Saghir
ATIONAL Accountability Bureau (NAB), which is probing some brokerage houses for allegedly embezzling over a billion rupees of the investors at Karachi Stock exchange (KSe), would seize and auction the private properties of the directors of the defaulting firms, if need be. Also, Profit has learnt that a majority of some 15 directors of the five companies, who were issued notices by NAB, were presently hiding either in or outside the country. NAB would act against the brokerage houses, named eastern Capital Limited, Clicktrade Limited, Capital One equities, MKA Securities and Prudential Securities Limited, and their accused directors under a two-pronged strategy to recover the embezzled amount. According to NAB officials, the said firms defrauded some 3,846 investors and deprived them of around Rs1.359 billion in wake of 2008 stock market crisis. “We would recover the investors’ money either through the regulators (KSe) or criminal investigation; the scope of which is wider, Director General (Sindh) Major (R) Shabbir Ahmed told Profit Friday. Under the criminal inquiries, Ahmed said, NAB was authorised to go after the private properties of the accused directors and other sources of compensation, like auctioning of their membership cards, offices and Investor Protection Fund (IPF), did not prove sufficient to compensate the losses of the affected investors. Demonstrating somewhat a balanced approach, NAB also intends to recover the receivables of the defaulted companies besides clearing their payables. “We call upon the accused directors, majority of which are presently in hiding, to join the investigations that would help them recover their receivables too,” the director general NAB said. If the defaulting directors failed to appear before the investigators, NAB would be left with no option, but to compensate the affectees through auction of their assets, warned Ahmed adding Chairman NAB Admiral
with the exchange’s officials was to get abreast on the issues. “The KSe managements could, however, be made accountable if the directors under inquiry attributed their default to the policies of the respective (KSe) Board,” the director general said. A NAB team on Thursday initiated their criminal inquiries against the five brokerage houses at the KSe reportedly on the directives of Supreme Court where Aman Siddiqui, an official of the Bank of America in Pakistan, petitioned to have lost around Rs1.5 to Rs20 million to the fraud of Munir M Ladha of the eastern Capital. Though not confirmed by DG NAB, there are some reports suggesting that NAB was also investigating former KSe managing directors, Adnan Afridi and Kamran Mirza as well as elected directors like Suhail Diyala, Shoaib Memon and Shehzad Chaira.
Pbit to help Gcci in setting up coal gasification plant
ISMAIL DILAWAR
he economic observers foresee the “worst scenario” ahead as the country’s current account deficit widened to $2.633 billion during the first seven months, July-January, of current fiscal year, FY12. This, if compared to $96 million of FY11’s last corresponding period, depicts a mammoth increase of 2,643 per cent or $2.537 billion. As a percentage of the Gross Domestic Product (GDP), the gap stood at 1.9 per cent against 0.1 percent of last year. A monthly account of the deficit shows that during January 2012, the country’s current account deficit accumulated to $305 million against $118 million of the same month in FY11. Massive debt repayments, the analysts cite, were a major driving force behind the widening of the current account deficit this year. “The worst scenario may come ahead as the deficit could widen by $5.5 billion,” warned an economist, Asfar Bin Shahid. The retirement of country’s huge external debts, according to the SBP data, have crossed the $ 60 billion mark, a slowdown in exports and decrease in local industries’ production were major attributable factors for the enhanced deficit. Former Finance Minister Dr hafeez Shaikh, backed by the central bank, however, is reported to have said the repayment of $1.2 billion to the IMF and other liabilities were already budgeted and would, therefore, have a negligible impact on the economy. On the negative side, the State Bank Friday reported during the period under review, the country’s trade deficit swelled to $9.057 billion compared to $6.531 billion of the July-January FY11. The exports grew modestly by over a billion dollars to $14.100 billion from the previous $13.150 billion, whereas, the imports
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marked an upsurge of $4 billion and rose to $23.157 billion against FY11’s $ 19.68 billion. The current upward trend in international oil prices was also increasing the volumes of import payments for the dollar-starved country, the analysts said. “A barrel of the Brent Crude priced at $120 on Thursday,” A B Shahid recalled. The real point of concern the economist said was the fast closing down of local industries which was adversely reflecting on the production side. “If this goes unchecked, we would also have to import those items that have previously been produced at home,” he warned. Resultantly, the analyst said, the size of imports would go up; putting more pressure on country’s already depleting foreign exchange reserves, which stand at $16.768 billion, including $4.482 billion of the commercial banks. Worker remittances is the only front that the economic managers may take comfort from. According to central bank, overseas Pakistanis sent back home $7.436 billion during the review period against $ 6.118 billion they remitted during same period last year. The reimbursements from the foreign loaners and donors also remained restricted to long-term project and programme loans worth $1.007 billion against last year’s $1.093 billion. No short-term commercial loans including that from Islamic Development Bank (IDB) came to the country during this year as well as last year. The hopes for financing from other foreign lenders like World Bank and Asian Development Bank are also dimming as these multilateral loaning agencies have linked their credit to a Letter of Comfort (LoC) issued by the International Monetary Fund in favour of Pakistan. The State Bank of Pakistan, in its latest Monetary Policy Statement, said by June 2012 the country was likely to see a current account deficit of $3.5 to $5.5 billion.
KARACHI: Mohammad Irfan Moton, Chairman SITe association of industry has taken a strong note of low pressure of gas supply to the industries of SITe area for the last three days. he said on our persistent efforts, MD SSGCL has assured that from 1st January, 2012, gas load shedding will stop and after reinforcing, the gas distribution network would help SSGC to supply a smooth and uninterrupted gas to their valuable consumers in SITe area. Due to the present supplies of low pressure gas, industries have been put under constraint to meet their targets which will put export oriented industries in a very awkward position. he said if SSGCL wants to come up with a gas management solution, they should take all the stakeholders into confidence so that a viable solution of the problem can be sought out. he urged the SSGCL management to give a second thought and take all the stakeholders into confidence before taking such a drastic step. STAFF REPORT
township industrial estate suffers production loss LAHORE: Prolonged load-shedding in Lahore Township Industrial Area has sharply curtailed production in as many as 350 industrial units of Lahore Township Industrial estate besides putting at stake the jobs of millions of daily wagers and an investment of billion rupees. In a statement issued here Friday, the Chairman Lahore Township Industrial Association Iftikhar Bashir Chaudhry, Senior Vice Chairman Ahmad haleem Khan and Vice Chairman Fareed Ali Baber said that the industrialists are in deep troubles but the LeSCO officials are least concerned and paying no heed to the genuine demand of the area businessmen. They said that the LeSCO authorities had resorted to repeated power fluctuations in a clear violation of agreement with the industrialists of the area thus pushing the entire industry to the wall. They said that if immediate measures were not taken to ensure continuous supply of electricity to the industrial units, nothing could stop the industrial wheel from coming to a grinding halt and resultant massive lay-offs. They said that industry was already passing through a very difficult times and the none-supply of power and gas was adding fuel to fire. Iftikhar Bashir said that it was very unfortunate that despite passage of four years, the present regime has failed to take corrective measures. They said that the reports of State Bank of Pakistan and Transparency International had already revealed the government performance. The LTIA Chairman said that it would be wiser on the part of the government if it takes immediate measures to help industry get rid of prolonged loadshedding as the economic situation was fast getting out of hand. The LTIA office-bearers appealed to the Prime Minister Yousaf Raza Gillani to direct the PePCO authorities to ensure continuous supply of electricity to the industry for the sake of economy and the country that is facing multiple external challenges as well. STAFF REPORT
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APTMA for uninterrupted power supply LAHORE STAFF REPORT
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LL Pakistan Textile Mills Association (APTMA) Chairman Ahsan Bashir has called for an uninterrupted power supply to textile industry in Punjab to rescue it from a total disaster. he lamented that the textile industry on independent and grouped feeders in Punjab is being subjected to eight to 10 hours a day unannounced load shedding against four hours a day announced load shedding. According to him, the industry is being denied power supply in a situation when gas supply was heavily curtailed due to cold weather
conditions. he said this alarming situation was translating into excessive shift closures and massive layoffs across the industry in Punjab. Ahsan said the textile mills are timely paying utility bills to DISCOs with minimum line losses and 24/7 power requirement. But still it was not understandable that why the government was not serious in prioritizing such a potential customer in order to earn revenue and do away with the problem of circular debt, he added. As of December 2011, the textile industry has already registered 35-40 per cent decline of exports in quantitative terms. he said the industry has strong apprehensions that country may lose $300 million per month during the 2nd half of 2012 due to dearth of energy available to the ex-
port-oriented textile industry. he said the industrial unrest is on the rise as the energy managers are shutting down 132KVA lines for textile industry in Punjab. APTMA Punjab chairman said the textile industry was under serious threat of closure followed by bankruptcies, as its capacity of cash generation is at halt being a direct victim of energy shortage in the country. Further, he added that the industry was unable to meet deadlines against exports orders, earning a reputation of unreliable supplier in the world markets. he has urged the government to redress the situation immediately and ensure uninterrupted power supply to textile industry enabling it for earning foreign exchange and retaining jobs in the larger economic interest of the country.
Bulls continue dominance, lift index up 91 points KARACH
Company Millat Tractors Ltd. Attock Petroleum UniLever Pak Ltd. Service Industries Engro Corporation
Open 435.01 430.57 5485.20 200.08 127.85
High 456.76 452.09 5505.00 210.00 134.24
Low 423.00 431.25 5400.00 206.98 132.70
Close 456.76 449.42 5500.14 209.00 133.99
Change 21.75 18.85 14.94 8.92 6.14
Turnover 167,030 199,173 249 3,865 5,472,456
135.95 64.80 101.00 265.50 175.00
130.00 62.51 96.00 258.00 172.74
130.29 62.51 96.31 259.16 172.74
-5.66 -3.29 -3.19 -2.05 -1.69
2,150 1,335 8,555 62,514 3,815
8.95 26.20 5.96 2.40 4.74
9.41 24.90 6.72 2.44 4.79
0.24 25.16 0.59 0.08 -0.19
Major Losers Atlas Honda Ltd. Shahtaj SugarXD Pak.Int.Con. SD National Refinery Exide (PAK)
135.95 65.80 99.50 261.21 174.43
Volume Leaders Jah.Sidd. Co. D.G.K.Cement Azgard Nine Lafarge Pakistan Fauji Cement
9.17 9.69 25.68 6.13 7.01 2.36 2.58 4.98 5.10
30,603,658 -0.52 27,203,556 23,660,137 18,541,483 13,573,129
Interbank Rates
STAFF REPORT
he bulls kept dominating Karachi stocks market Friday with trading volumes skyrocketing and the benchmark, KSe 100share index, gaining 91.44 points on last working day of the week. The day saw the index closing up by 0.74 percent at 12,495.68 points against 12,404.24 points of Thursday. The analysts at InvestCap Research attribute the current upward trend at the Karachi bourse to the latest progress in the finance minister’s announcement about the rationalization of Capital Gains Tax (CGT). “Despite no change in policy rate, positivity came out after FBR officials visited stock market and CDC to review the CGT collection mechanism,” said Yawar Uz Zaman of InvestCap.
Major Gainers
US Dollar UK Pound Japanese Yen Euro
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90.7975 143.9231 1.1486 119.4804 Buy
The analyst said the investors took it as a step towards realization of the former finance minister’s promises for equity market reforms. Meanwhile, he said discussions with India on MFN status and trilateral talks between Pakistan, Iran and Afghanistan also supported market activity as leading sectors landed in green. On Friday, the trading volumes at the ready-counter were recorded higher at 233.268 million shares
3rd Annual Kinnow Exhibition in Rotterdam KARACHI: The juicy Kinnow from Pakistan went on an attractive display in the 3rd Annual exhibition of Pakistani Kinnow organised by Commercial Wing embassy of Pakistan and Trade Development Authority of Pakistan (TDAP) on February 15, 2012 at hotel Novotel Brainpark Rotterdam. The objective of the exhibition was to promote Pakistani citrus in the trade channels in the Netherlands. A large number of Dutch buyers visited the exhibition. Besides the attractive display of the Pakistani Kinnow set up at the exhibition, the luscious Pakistani fruit was available for tasting along with its freshly squeezed juice as well. The buyers were impressed with the scrumptious taste and the juice-yield of Pakistani Kinnow. The Kinnow exhibition, organised for the third consecutive year in the Netherlands, has become a regular annual B2B event and is now eagerly awaited in the fresh produce industry. The event has snowballed and the number of buyers visiting the event has gradually increased. The event was divided into three distinct sessions. The first session was exclusively for the buyers (fruit importers); in the second session, a reception was held on the venue wherein the functionaries and diplomats were invited; in the last session the exhibition was opened for the consumers. Tariq Iqbal Puri, Chief executive TDAP, in a statement from Karachi, stated that Netherlands is the gateway to europe for the trade of fresh produce and TDAP has been implementing a comprehensive plan for promotion of Kinnow in the Dutch market. The plan includes a Kinnow exhibition in Rotterdam, POS promotion of the fruit and taste development campaign in hanos, the leading Dutch supermarket chain. Speaking to the buyers and other guests during the event, Mr. Aizaz Ahmed Chaudhry, Ambassdor of Pakistan, said that the consistent strategy to promote Pakistani Kinnow in the Netherlands has started bearing fruit and the juicy mandarin from Pakistan has established a strong foothold in the Dutch mainstream market. he thanked the buyers for reposing trust in Pakistani products. Mr. Nick, the buying manager of hanos Amsterdam, stated that hanos had introduced Kinnow in its assortment in 2010; due to the encouraging response from consumers we have decided to extend its availability to the other stores. Mr. Jeroen Knikkink, Managing Director, Solfruit Interntional, one of the leading importers and distributors of fresh produce in europe, said that his company has imported Kinnow for the first time on the recommendation of the Commercial Wing of Pakistan embassy. “We have test marketed the product and it has good acceptability in the market. We have conducted tests on the product itself and found it to be almost organic. We have received the first trial shipment of four containers during the current season but due to the encouraging response, have placed order for another 11 containers”, he added. STAFF REPORT
against 205.56 million shares of the previous day. The trading value too surged to Rs7.045 billion compared to Rs4.717 billion of the previous session. The intraday high and low, respectively, stood at 12,611.52 and 12,404.24 points. The market capitalization grew modestly and increased to Rs 3.257 trillion from Rs 3.233 trillion a day earlier. Of the total 340 traded scrips, 138 gained, 121 lost and 81 finished as unchanged.
The free-float KSe-30 index also gained 99.61 points to close at 11,671.63 points against the previous 11,572.02 points. Jahangir Siddique Company was the day’s volume leader counting its traded shares at 30.603 million with the opening and closing rates, respectively, standing at Rs9.17 and Rs9.41. On the future market, the turnover increased remarkably by over 6 million shares to 13.109 million against 7.946 million shares of Wednesday.
Sell
US Dollar
90.70
91.20
Euro
118.94
119.96
Great Britain Pound
142.80
143.94
Japanese Yen
1.1337
1.1423
Canadian Dollar
90.42
91.76
Hong Kong Dollar
11.49
11.73
UAE Dirham
24.63
24.79
Saudi Riyal
24.13
24.26
Australian Dollar
96.65
98.98
CORPORATE CORNER russia for peaceful resolution of all global issues
KARACHI: The world is passing through a period that cannot be considered as easy. In fact it would not be an exaggeration to say that it is passing through a critical stage of its development, and a new polycentric international system in world politics, economics and finance is taking shape before our eyes. This was said by the Consul General of Russian Federation in Karachi Mr Andrey V. Demidov to the media last evening to celebrate the Day of Russia’s Diplomacy. Since 2002 the Ministry of Foreign Affairs of the Russian Federation celebrates February 10. On that day in 1802 by the decree of Czar Alexander I, the Ministry of Foreign Affairs was established in Russia. PRESS RELEASE
role model for all NADRA Registration Centres. PRESS RELEASE
ZoNG signs memorandum of understanding with cybernet ISLAMABAD: ZONG – the fastest growing network of Pakistan has signed a memorandum of understanding with Cybernet – a leading Internet and Data Communication Network Service Provider in Pakistan. These two industry leaders have joined hands to provide services including dedicated voice service to their valued customers. Premium Voice Service will allow customers to access local and long distance carrier through a dedicated circuit. Through offering a high quality and dedicated voice services at most economical call rates, ZONG wants to ensure that its enterprise customers are meeting their ever increasing demand to communicate while lowering their telecommunication costs. PRESS RELEASE
Nokia care Project launched KARACHI: The former MNA, Kazi Asad Abid, hosted a luncheon in honour of Dr.Thomas Ditt, First Secretary & Head of Press and Cultural Section of German Embassy in Islamabad at DHA Club. PRESS RELEASE
Mou signed between Nadra, dMa cda and Plan Pakistan ISLAMABAD: Memorandum of understanding was signed between National Database And Registration Authority (NADRA), Directorate of Municipal Administration (DMA) of Capital Development Authority (CDA) and Plan Pakistan at federal level. At this moment Mr. Rashid Javed-Country Director Plan Pakistan, Mr. Col. (R) Khalid Khatak-D.G.CRMS, NADRA & Mr. Mansoor from CDA were present. Objective of MOU is to standardize vital statistics registration system including child birth registration at Directorate Municipal Administration (DMA) of Capital Development Authority (CDA) and link it with the national database and will be considered a
ISLAMABAD: Reckitt Benckiser (RB) is partnering globally with “Save the Children” to help save the lives of children around the world, under the programme of “A Million Brighter Futures”. Pictured above are Mr Tahir Malik, CEO Reckitt Benckiser Pakistan and Mr Hassan Noor Saadi, Deputy Country Director Save the Children Pakistan, at the handing over event of the goods. PRESS RELEASE
KARACHI: Nokia Pakistan has set yet another industry benchmark by introducing a unique add-on to its regular warranty program offered to consumers – Nokia Care Protect. Now available in Pakistan via Nokia Care network, Nokia Care Protect service is an extended warranty that can be purchased for nominal charges and offers mobile phone warranty service for additional 12-months after the original Nokia warranty expires. Nokia Care Protect service is an extended warranty that can be purchased for nominal charges and offers mobile phone warranty service for additional 12-months after the original Nokia warranty expires. PRESS RELEASE
KARACHI: Zubair Motiwala Chairman, Sindh Board of Investment presenting shield to Ahmed Chinoy, CPLC chief at the Seminar on ‘Law and Order Issues in Karachi’ organized by COMMECS Institute of Business and Emerging Sciences, recently. Arif Dosal, Director CIBES was also seen in the picture. PRESS RELEASE