Layout 3 pages_Layout 1 6/20/2012 7:49 AM Page 1
How EU conjured up a readymade solution Page 2
profit.com.pk
Wednesday, 20 June, 2012
Lahore wins CPI inflation Grand Prix, Quetta crashes out
It has been found out that among the federal and provincial capitals of Pakistan Lahore has the lowest Consumer Price Index while Quetta is touted as the most expensive city. Also if you earn more than Rs 35,000 a month you, yes you, have to bear the brunt of inflation in the country. Good thing you get a pocketful of dough every now and then ain’t it?
A
KaraChI IsMaIL DILaWar
MOnG the federal and provincial capitals Lahore appears to be the cheapest city where Consumer Price Index (CPI) inflation was monitored at the lowest level of 10.4 percent on YoY basis. Also, among various income groups those earning over Rs 35,000 a month braced higher inflation than the overall inflation in CPI basket during May 2012 for general and food groups highest inflation. While those falling in the lowest income group category, earning up to Rs 8000 monthly, facing lowest price hike during the month. Quetta, the provincial capital of
Balochistan, was marked as the most expensive city of the country with 12.2 percent price hike during May FY12 against 13.9 percent of same month in FY11. the MoM inflation in Quetta was recorded at minus 0.2 percent against 0.0 percent in MayFY11. With overall YoY inflation standing in double-digit at 12.3 percent against the previous 12.6 percent, the federal capital, Islamabad, witnessed second highest rate of inflation, 12.0 percent, during last month against 12.7 percent of MayFY11. Inflation in Karachi, the country’s commercial hub, was noted down yoY at 11.6 percent against 12.1 percent of MayFY11, but a monthly account shows that the price hike in the metropolis increased to 1.3 percent against 0.1 percent of April FY12. Same was the case in Peshawar, the provincial capital of Khyber Pakhtunkhwa, where the MoM inflation inflated from 0.3 to 0.7 percent but on YoY basis the prices of essentials deflated to 11.0 percent from 12.9 percent. “(The) CPI inflation on YoY basis in federal and provincial capitals of Pakistan was lower than overall inflation observed during May 2012,” observed the State Bank in its latest Inflation Monitor issued on Tuesday. Among these five cities, the central bank said, the lowest inflation was observed in Lahore which is 10.4 percent. While the highest inflation was observed in Quetta which is 12.2
percent, it added. The income-group-wise data of the State Bank report shows that income group above Rs 35,000 has higher inflation than the overall inflation in CPI basket during May 2012 for general and food groups. “The lowest income group has the lowest inflation in general, food and non-food groups during the month of May 2012,” it said. The headline CPI inflation in the country was recorded at 12.3 percent on YoY basis in May 2012 as compared to 11.3 percent in the previous month and 12.6 percent in the corresponding month of last year. The CPI inflation on MoM basis is recorded at 1.1 percent in May 2012 as compared to 1.8 percent in the previous month and 0.2 percent in the corresponding month of last year. The seasonally adjusted MoM CPI inflation increased to 1.4 percent in May 2012 as compared to 1.3 percent in the previous month. The core inflation (trimmed) on YoY basis increased to 11.7 percent compared to 11.0 percent while it was 12.1 percent in the corresponding month of last year. On MoM basis, the core inflation (trimmed) recorded at 0.5 percent in May compared to 1.3 percent in April (2012) and 0.5 percent in May 2011. The non-food, non-energy inflation measured by CPI core (nFnE) on YoY basis increased to 11.2 percent in May 2012 compared to 10.9 percent in April
2012 and 9.8 percent in May last year. The core nFnE inflation on MoM basis decreased to 0.8 percent compared to 1.4 percent a month earlier. The rate of change in core nFnE in May 2011 was 0.5 percent. The WPI inflation on YoY basis increased to 7.1 percent in May compared to 3.8 percent of April. During May 2011, WPI inflation was recorded at 22.3%. The WPI inflation on MoM basis increased to 2.1 percent in May compared to 1.8 percent a month earlier. It was -1.0 percent in May 2011. The SPI inflation on YoY basis is recorded at 10.1 percent in May 2012 as compared to 9.7 percent a month earlier and 13.8 percent in corresponding month of the last year. SPI inflation on MoM basis is recorded at 0.5 percent in May 2012 as compared to 1.8 percent a month earlier and 0.1 percent in May 2011. The economic observers in the official and unofficial quarters believe that the price hike in the poverty-stricken Pakistan would remain in double digit even in the FY13 owing primarily to the cash-strapped government’s massive budgetary borrowings form the banking system. The central bank whereas would cater the government’s appetite for cash through the inflationary practice of printing fresh currency notes, the commercial banks would also depend on the regulator, SBP, for the injection of liquidity when they would go cash-scarce after investing billions in the riskfree and heavily-weighted government’s securities.
engro Is uneasy SNGPL’s supply diversion to power sector caused that
KaraChI staff report
The Sui northern Gas Pipelines Limited (SnGPL) has once again disconnected gas supply to new manufacturing plant of the Engro Fertilizer Limited and has diverted it to the energystarved power sector. “Yesterday SnGPL disconnct3d the gas supply to the new fertilizer plant of our 100 percent owned subsidiary, Engro Fertilizer,” Andalib Alavi, vice president and secretary of Engro Corporation, informed the company stakeholders at the country’s three stock exchanges in Karachi, Islamabad and Lahore. She said the SnGPL had assured her side that it was committed to the rotational supply of gas between the four fertilizer plants on their network. “Consequently, Engro’s plant (along with one other) will be provided gas first once it is restored to the fertilizer industry as our 30 days supply was not completed,” the secretary said. Referring to her June 8 letter, Alavi said the supplier had started supplying gas to its plant from June 10 onwards barring unforeseen circumstances. Under the SnGPL’s system the four fertilizer plants have been divided into two groups to be supplied gas on rotational basis for 30 days at a stretch. The analysts, however, do not see any significant impact of the gas curtailment on Engro’s output. “We expect that impact of this curtailment will not be significant because, under new gas management policy on SnGP network of 30days rotational basis gas availability,” viewed InvestCap analyst Hasan Raza. He said the days of gas curtailment during the quota time period would be compensated to maintain the total days of availability of 30 days as per policy.
‘Pakistan is a goldmine for investors’ LCCI convince the British traders that investing in Pakistan is in fact an economic idea that John Maynard Keynes would be proud of. We might not have electricity, and have terrorists left, right and centre but we do have access to Central Asian states and the Middle East, LCCI iterated. According to latest reports none of the personnel associated with Birmingham Chamber of Commerce and Industry managed to sleep overnight.
Lahore staff report
Pakistan is a good destination for investment as it offers an excellent platform to UK businessmen for being gateway to landlocked Central Asian States and Middle East in terms of goods and services. These views were expressed by the LCCI President Irfan Qaiser Sheikh, who was leading a strong 37-member business delegation, while speaking at seminar on “Business Prospects in Pakistan” arranged by Birmingham Chamber of Commerce and Industry on Tuesday. The LCCI President said that Pakistan for being situated in the heart of Asia is a gateway for businesses looking to expand into the Middle East and Southern Asian Markets. He said Pakistan’s economy is set to improve substantially. Irfan Qaiser Sheikh said that Pakistan is open for business and
entrepreneurs and investors can play a major role in Pakistan’s economic recovery as the Pakistan Government is committed to ensure that the country becomes an attractive destination for them.” The LCCI President said that the collaboration among very dynamic institutions for “Business Opportunities in Pakistan” will go a long way in bringing much needed positive turnaround in the economy of Pakistan. He said that the LCCI delegation which is comprised of leading sectors of Pakistan like petrochemicals, pharmaceuticals, tourism, readymade garments, artificial leather, leather & leather products, auto-parts, agriculture components, lubricants, rice, halal meat is really interested to collaborate and have joint ventures with UK based companies in the respective sectors. It is a well established fact that the UK has significant importance in the economy of Pakistan whether it is matter of imports, exports, foreign direct investment,
economic cooperation and etc. UK is the gateway to Pakistani products to have access to EU. The positive trends in growth of bilateral trade are the outcome of long lasting trade links between Pakistan and UK. “We are here to play our due role to set out certain steps to explore ways to promote investment and support businesses. We believe that our efforts will surely contribute to increase bilateral trade between Pakistan and UK to £2.5 billion by 2015 which is the joint vision of Premiers of Pakistan and UK.” The LCCI President said that the Enhanced Strategic Dialogue launched by the Prime Ministers of the UK and Pakistan in 2011 set a target to increase bi-lateral trade between the two countries to £2.5 billion by 2015. With £1.9 billion worth of trade already flowing between the two countries, we are on the right track to meet the target. Despite facing some tough circumstances, there are some positive indicators prevail-
ing in Pakistan as our economy is growing at around 3.5% to 4%., our exports increased to the record level of US$ 25 billion, law & order situation has significantly improved, inflation has been checked and etc. All these positives must be considered by the UK based investors to evaluate Pakistan as a next destination for investments. He said Telecommunications, IT, Food & Beverages, Financial Services and Education & Training do offer great opportunities to UK based companies but there are some other sectors which may also promise excellent returns. Energy sector has gained altogether vital importance in the prevailing crisis of energy all over the country. Similarly, petrochemicals, dairy, livestock, consumer goods, pharmaceuticals, oil & gas exploration and etc are few of those sectors which are yet to be fully exploited considering the immense export potential unutilized.
Layout 3 pages_Layout 1 6/20/2012 7:50 AM Page 2
02
Wednesday, 20 June, 2012
news
Apprehensions with all things Spanish, and indeed the eurozone circus, play ping pong with markets all over the world as the aftermath of G20 summit continues to echo. Meanwhile the bottomless pit, that Greece is, expects another bailout gulp, Hollande says the zone must find the solution itself and India says, hang on; we could save these baboons…
EUROZONE SOAP OPERA – TOW AFTER THE MEXICAN RENDEZVOUS aLL oVer The MILKY WaY
U
agenCIes
nDER pressure from financial markets and anxious world leaders, Europe agreed on Monday to move towards a more integrated banking system to stem a debt crisis that threatens the survival of the euro. At a Group of 20 summit of the world’s leading industrialized and developing economies in this Mexican resort, Germany and its big euro zone partners took the unusual step of spelling out in detail measures to complete the economic and monetary union they launched to great fanfare 13 years ago. BAILOUT FUND RAISES MONEY AT LOW RATES: The EU’s bailout fund said Tuesday it had successfully raised 1.5 billion euros ($1.9 billion) at lower rates than its previous such operation, shrugging off turbulence on the bond markets. Demand for the six-month debt was high, with more than 3.0 billion euros’ worth of bids received, said Germany’s central b nk, which organised the auction. The yield, or rate of return to investors, on the paper was 0.1421 percent. Last month, the yield at a similar auction was 0.2 percent, suggesting investors are flocking to the fund, which is backed by European powerhouse Germany. While the bond markets are punishing the likes of Spain and Italy, pushing their borrowing costs sky-high, the bailout fund the European Financial Stability Facility (EFSF) — has continued to attract solid demand. EXPECT REWORKED GREEK BAILOUT IN SUMMER: European and IMF partners will need to re-negotiate the terms of Greece’s bailout this summer, a senior European Union official said Tuesday. “It is delusional to say we cannot or need not re-negotiate the Greek programme,” the official said on condition of anonymity ahead of talks among eurozone finance ministers in Luxembourg on Thursday. It would be “stupid” to keep the memorandum as is because the economic environment has deteriorated inside and outside Greece, the official said as Greek parties tried to form a coalition government after Sunday’s elections. EURO STRENGTHENS IN ASIAN TRADE: The euro rose in Asian trade on Tuesday, but gains were limited after Spain’s borrowing costs hit a record high and optimism over Greek elections — which had sent the unit soaring — faded. The common currency was changing hands at $1.2603 and 99.54 yen in Tokyo afternoon trade, up from $1.2571 and 99.45 yen in new York late Monday. The dollar eased to 78.97 yen from 79.11 yen in US trading. The euro had soared above $1.27 and 100 yen in morning Asian trade on Monday as markets cheered a victory by probailout parties in Greek elections, which were seen as a referendum on the debt-hit nation’s future in the eurozone. SPAIN GOES TO MARKET AS DEBT COSTS SOAR: Spain is likely to pay record prices to borrow at debt auctions on Tuesday and Thursday after the Greek election failed to ease concerns about the future of the euro zone and amid uncertainty over whether Madrid will need a full sovereign bailout. The yield on Spanish 10-year bonds hit
Okay we might not have electricity but ACs and refrigerators we do make ISLAMABAD: The Production of Air-Conditioners and Refrigerators increased by 5.39 percent and 8.09 percent respectively during the first ten months of the ongoing fiscal year (2011-12) as compared to the corresponding period of last year. As many as 180,778 air-conditioners were produced during July-April (2011-12) against the production of 171,535 units during July-April (2010-11),according to the data of Pakistan Bureau of Statistics (PBS). Similarly, the
a fresh high of above 7 percent on Monday as initial relief over the victory of pro-bailout parties in Greece gave way to ongoing fears of deeper problems facing the bloc. INVESTORS EYEING BANKIA’S STAKE IN IAG The chief executive of International Airlines Group said investors were interested in buying a 12 percent stake in the airline owned by troubled Spanish lender Bankia. “There are investors interested in replacing Bankia, and in my opinion, it is not a question of if, but when they are going to sell,” Willie Walsh said in an interview with Spanish financial newspaper Expansion published on Tuesday. Bankia is under pressure to sell corporate shareholdings since asking for a lifeline of 19 billion euros ($24 billion), the largest state rescue in Spain, last month. OIL MIXED IN ASIA ON EUROZONE WORRIES Oil was mixed in Asia on Tuesday after eurozone worries shifted to Spain’s surging borrowing costs, analysts said. new York’s main contract, light sweet crude for delivery in July, fell 13 cents to $83.14 per barrel while Brent north Sea crude for August delivery gained 10 cents to $96.15. Fears that Spain would require a bailout were reignited after the borrowing costs on its 10-year bonds topped 7.0 percent on Monday, the highest level since the birth of the euro in 1999. STOCKS SLIP AS EURO DEBT CRISIS FEARS FIX ON SPAIN: Asian shares edged down on Tuesday as rising Spanish bond yields stoked fears its tottering banking system is dragging Madrid deeper into crisis, snuffing out a relief rally that followed a win for mainstream parties in Greece’s weekend election. The euro arrested a slide to clamber back above $1.26, but remained a good distance off the high of $1.2748 scaled in early Asian trading on Monday, when markets were cheering a narrow victory for supporters of Greece’s international bailout deal. EURO ZONE MUST FIND OWN CRISIS SOLUTIONS: French President Francois Hollande said on Tuesday that he and German Chancellor Angela Merkel were both aware that the euro zone needed to come up with its own solutions to solve the bloc’s debt crisis rather than seek outside help. “We can have differing points of view ... but Mrs. Merkel and I know that Europe must have its own response,” he told journalists at a meeting of leaders from G20 nations in Mexico. “It must not be given to us from the outside.” “The IMF (International Monetary Fund) is not there to backstop the euro zone even if it has done so for some countries, as we saw in Greece,” he added. INDIA ANNOUNCES $10 BILLION FOR DEBTWRACKED EUROZONE: India Tuesday announced a $10 billion contribution to the IMF’s additional $430 billion financial firewall to help the debt-wracked 17nation Eurozone so that the faltering world economy is protected against the spread of any financial contagion. The announcement of the contribution was made by Indian Prime Minister Manmohan Singh in his address at the Plenary Session of the seventh summit of the Group of developed and developing countries (G20) in this Mexican resort town against the backdrop of growing calls to nations to increase contributions to the International Monetary Fund (IMF) for the bailout fund.
production of refrigerators increased from 777,803 units last year to 840,751 units during the ongoing fiscal year, showing 8.09 percent increased. However, during the period under review, the production of deepfreezers decreased by 44.34 percent by going down from the output of 75,303 units last year to 41,912 units. During the month of April 2012, the production of air-conditioners increased by 10.49 percent when compared to the production of the same month of the last year. The production of air-conditioners during April 2012 was recorded at 32,133 units against the production of 29,082 units during April 2011. The production of refrigerators increased from 87,567 units during April 2011 to 103,605 units during April 2012, showing surged of 18.32 percent in production. app
EU’s redesigning of GSP plus scheme for Pakistan is a cause of particular excitement for PRGMEA, the zonal chairman of which went onto to explain the rationale behind their mind-boggling ecstasy. Some of the reasons expounded do make sense; we promise… KARACHI: Zonal Chairman Pakistan readymade garments manufacturers &
exporters association Prgmea atiq a. kochra, has termed the european Union’s decision to redesign its generalized system of Preferences for gsP Plus scheme by increasing the minimum threshold from one to two per cent, as very positive development for Pakistan’s economy. “this will improve the sustainability of our manufacturing sector and will create additional business and job opportunities”, he said. Prgmea has long maintained that getting gsP Plus is absolutely essential for survival of our manufacturing industry, he added. according to kochra, the modified gsP-plus rules have only improved Pakistan’s chances qualifying for gsP Plus. now the government needs to sincerely work towards the implementation of 27 conventions required for getting gsP Plus. these conventions include human and labor rights, environment and good governance, amongst others, which are particularly difficult to implement and substantiate. even after Pakistan qualifies for gsP Plus, the government will have to continually show improvement in its performance on these conventions, otherwise gsP benefits can be suspended. kochra stated that we have been advocating since long that a high level task-force should be constituted which will comprise members from both public and private sectors in order to review progress analyze possible obstacles / hindrances and take appropriate action to counter any negative campaigning by our competitors. We feel that this forum is of vital importance because we do not want to encounter the same problems as faced on the issue of eU trade concession over 75 products, all over again. therefore, we should not expect smooth sailing over the issue permanent dutyfree access on all our products to the eU. Besides, the eU offered this one-time facility to Pakistan and approached Wto in october 2010 to seek a waiver on trade preferences to islamabad on these products amounting to almost 900 million euros in import value, or 27 per cent of imports from Pakistan for a twoyear period from January 2012 to december 2013. the eU package materialized following humanitarian appeals from the United nations. the Un estimates the floods affected some 20 million people and 20 per cent of Pakistan’s land area, about 160,000 square km, with 12 million people need urgent assistance. However countries like india, Brazil, and Bangladesh and textile lobbies within the eU had blocked the implementation of the preferential package originally scheduled to be effective from January 2011. to get the package approved through Wto, a well-placed source in the commerce ministry told Pakistan today that a revised document after consulting all the member countries was submitted to the Wto secretariat on January 20, 2012. as a result, all opposing countries dropped their objections following the amendments made by the eU in the original documents by introducing tariff rate quotas (trQs) on 20 products rather than full liberalization. ZaIn aLI
Textile exports to go bananas during 2012-13 ISLAMABAD:The textile sector of the country is expected to grow at higher pace during the year 2012-13 mainly due to concessions given by the World Trade Organization (WTO) to Pakistani textile products. “It is hoped that textile products would be exported in huge quantity to European Union after approval of concessions by WTO to Pakistani textile products in February 2012”, said official sources on Tuesday. Our exporters are expected to comply with different international obligations, like ISO Certifications, produce and export quality product and ensure timely exports, the sources added. Talking about the overall growth, the sources added that the targeted
growth rate for industrial sector in 2012-13 has been set at 4.1% as a whole, for manufacturing sector 4.4%, while 3.0% and 7.5% growth rates have been fixed for Large Scale Manufacturing (LSM) and Small Scale manufacturing respectively. The main growing industries in 2012-13 would be chemicals, automobile, pharmaceuticals, electronics, leather products, paper & boards, cement and non-metallic minerals. During 2012-13, Rs 2,049 million are allocated to manufacturing sector including Rs 775 million for M/o Industries, Rs 612 million for M/o Production and Rs 227 million for Ministry of Textile. Major manufacturing projects to be carried out include Establishment of Chromite Beneficiation Plant at Muslim Bagh, District Killa Saifullah, Balochistan (Rs 104 million); Woman Business Development Centre. app
‘What if one were to shut down captive power?’ ISLAMABAD: Central Chairman All Pakistan CnG Association Ghiyas Paracha has said that for immediate relief from energy crises and power shortage the captive power should be shut off, as its 344 Mmcfd gas will be transferred to power stations and produce 1720 MW electricity. While giving suggestions to the Prime Minister’s Energy Committee Ghiyas Paracha said that Industry is getting enough gas for processing, to stop wastage of gas its gas load shedding should be equalized to CnG will halfway the electricity crisis.
Layout 3 pages_Layout 1 6/20/2012 7:50 AM Page 3
Wednesday, 20 June, 2012
o3
news Agri loan disbursement up by over 13pc in July-MayFY12 KaraChI staff report
Agricultural credit disbursement by banks surged by 13.11 percent on year-on-year basis to Rs 255.027 billion in the first eleven months (July-May) of the current fiscal year (2011-12). In absolute terms, disbursement of credit to the agriculture sector increased by over Rs 29.566 billion in July-May 2012 when compared with total disbursement of Rs 225.461 billion in the same period of the last fiscal year. Overall credit disbursement by five major commercial banks including Allied Bank, Habib Bank, MCB Bank, national Bank of Pakistan and United Bank Limited stood at Rs 132.385 billion in July-May 2012 compared with Rs 123.100 billion disbursement in July-May 2011 depicting an increase of Rs 9.285 billion or 7.54 percent. The Zarai Taraqiati Bank, the largest specialized bank, disbursed a total of Rs 54.174 billion, down by 0.34 percent when compared with Rs 54.359 billion disbursed in the same period of the last fiscal year. The Punjab Provincial Co-operative Bank disbursed Rs 6.826 billion, up 38.69 percent when compared with Rs 4.921 billion disbursement of last fiscal year. The 14 domestic private banks also loaned a combined amount of Rs 51.678 billion, registering an increase of 19.96 percent against Rs 43.081 billion of last year. The five microfinance banks, including Khushhali Bank, nRSP Microfinance Bank, The First Microfinance Bank, Pak Oman Microfinance Bank and Tameer Microfinance Bank disbursed a total of Rs 9.963 billion in the period in review. It may be pointed out that the State Bank of Pakistan for the first time has given an indicative target of Rs 12.20 billion to Microfinance banks for disbursement of credit to agriculture sector during the current fiscal year.
THEY OPENED THE HONEY JAR EARLY
Major Gainers
BEARs ARE MACROECONOMIC
CONNOIssEuRs Index digs up a seventy-one-point hole; As institutional profit taking takes its toll KaraChI
P
staff report
AKISTAn Stocks closed lower amid thin trade as investor remained cautious ahead of SC judgment on speakers ruling case against the PM. This was viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited. The Karachi Stock Exchange (KSE) 100share index declined 71.14 points or 0.52 percent to close at 13,682.99 points as compared to 13,754.13 points of the previous session. The KSE 30-share index shed 44.70 points to close at 11,852.50 points as compared with 11,897.20 points. The market turnover was down to 75.992 million shares after opening at 79.961 million shares. The overall market capitalization declined 0.03 percent and traded Rs 3.492 trillion as against Rs 3.510 trillion. Losers outnumbered gainers 77 to 181, while 75 stocks were unchanged. Mehanti added “Institutional profit-taking continued from early session on macroeconomics concerns for rising current account deficits despite hopes for improvement in Pak-US ties on resumption of nATO supplies.” The KMI 30-share was plunged by
84.20 points to close at 23,705.78 points from its opening at 23,789.98 points. The KSE allshare index closed with a loss of 48.55 points to 9,638.80 points as against 9,687.35 points. Jahangir Siddiqi Company was the volume leader in the share market with 10.057 million shares as it closed at Rs 13.46 after opening at Rs 13.40. Karachi Electricity Supply Company traded 7.084 million shares as it closed at Rs 2.76 after opening Rs 03.07. nishat Chun Power traded 5.527 million shares as it closed at Rs 15.15 from its opening at Rs 15.20. D.G.K Cement traded 5.055 million shares and closed at Rs 40.34 as against its opening at Rs 41.22. Engro Foods Limited traded 5.032 million shares as it closed at Rs 66.96 as compared to its opening at Rs 67.92. Mehanti stated that the lower global commodities, limited foreign interest played a catalyst role in bearish sentiments at KSE. On the future market, the turnover increased to 8.385 million against 7.127 million shares of Monday. The Wyeth Pakistan Limited and Mari Gas Company, up Rs 8.44 and Rs 2.92, led highest price gainers while, Rafhan Maize Prod and Colgate Palmolive down Rs 138.81 and Rs 47.00 respectively, led the losers.
Company
Open
High
Low
Close
Change
Wyeth Pak Limited Mari Gas Company Atlas Battery Ltd. Linde Pakistan Ltd ICI PakistanSPOT
850.56 89.99 203.68 117.48 128.99
859.00 94.20 206.00 120.00 132.00
859.00 89.50 202.75 114.02 126.00
859.00 92.91 205.85 119.58 131.07
8.44 40 2.92 137,987 2.17 1,203 2.10 1,902 2.08 54,321
Major Losers Rafhan Maize Prod. Colgate Palmolive Nestle Pakistan Ltd. Siemens Pakistan Mithchells Fruit
3000.00 950.00 4091.64 701.27 312.04
in USA launches Cash Remittance services from United States of America. nBP has revamped their home remittance services from USA by offering Foree Cash and Foree Transfer services via Pak Remit. Pak Remit is a web based Home Remittance system at nBP new York. This service is available to U.S. residents for sending money to their family and friends in Pakistan.
Waseela Bank, Adamjee Life sign partnership agreement RAWALPINDI: A Grand Musical night was held at the Pearl Continental Hotel Rawalpindi on Sunday June 17, 2012. The event was jointly organized by the Pearl continental Hotel and Blaze Events and was attended by the large number of elites including music lovers of the Twin cities. The “Multi skilled FAAKHIR Preformed on the occasion The Public Relations Manager Mr. Asad Shah Hotel apprised the audience of the forth coming events to be held at the Pearl Continental Hotel Rawalpindi The General Manager of the Pearl Continental Hotel Thanked the audience for making the event a success. press reLease
Jah.Sidd. Co. K.E.S.C. Nishat Chun Power D.G.K.Cement Engro Foods Ltd.
KsBL HOsTs CAREER COuNsELING sEssION
ISLAMABAD: The Karachi School for Business & Leadership (KSBL), hosted a career counseling session at a local hotel in Karachi. The session titled “Unleash Your Potential – Choose the Right Career”, invited accomplished business leaders from various sectors who spoke about the industry perspectives and insights, to the KSBL MBA applicants and other participants, to help the upcoming generation of professionals understand the dynamics of these diverse industries and areas of work, and the pre-requisites for entering these sectors. The speakers at the event were esteemed top executives such as Leon Menezes, General Manager HR - Shell Pakistan, Sarfaraz A. Rehman, CEO - The Dawood Foundation, Haroon Zamir Khan, General Manager/EVP Risk Management – Habib Bank Ltd., and Abid Butt, CEO – E2E Supply Chain Management (Pvt.) Ltd. press reLease
NBP launches Foree Cash Remittance service from usA Karachi: national Bank of Pakistan being one of the largest banks in Pakistan and having its offshore branches
Consultation to finalise social protection bill for homebased workers LAHORE: Homenet Pakistan in collaboration with ILO organized a one day Consultation with the Stakeholders for the finalization of the Social protection Bill for the Homebased Workers of Punjab today. The objective of the consultation was to review the process of HBWs policy implementation and to finalize the legislation on social protection for HBWs in provincial context. The Provincial department for Labour finalized Social protection Bill for HBWs along with the Provincial policy for the HBWs which was included in the Women’s empowerment package announced by the Chief Minister Punjab on 08 March 2012. At this moment when Punjab government is taking innovative steps for women empowerment; the Provincial Stakeholders’ consultation was significant in highlighting the importance of the delayed implementation on the Homebased workers policy and legislation on Social Protection. Department of labour under the guidance of Secretary Labour himself deliberated and later finalized the Draft of the bill. The members of the Provincial council for HBWs present in
2850.00 903.00 4015.01 675.00 296.50
2861.19 903.00 4054.43 675.00 299.08
-138.81 34 -47.00 201 -37.21 101 -26.27 105 -12.96 132
13.40 3.07 15.20 41.22 67.92
14.04 3.13 15.30 41.10 69.00
13.16 2.59 15.15 39.80 66.20
13.46 2.76 15.15 40.34 66.96
0.06 10,057,853 -0.31 7,084,950 -0.05 5,527,605 -0.88 5,055,295 -0.96 5,032,687
Interbank Rates US Dollar UK Pound Japanese Yen Euro
93.7574 146.8615 1.1877 118.3593
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
the meeting discussed the possible means and mechanisms for registration of HBWs in the province and possible provision of social protection to the HBWs. Punjab government efforts to mainstream women for empowerment were appreciated and it was also recognized that Beagum Zakia Shannawaz being the Chairperson of the Provincial council for HBWs took interest in providing cover to the HBWs with regard to the social protection and development and planned revolutionary measures for formal and informal workers especially the Homebased women workers. press reLease
Mou signed between HEC ICM-uK, Lahore Leads university
ISLAMABAD: Waseela Microfinance Bank a fully-owned subsidiary of Orascom Telecom Holdings, and a sister concern of Pakistan Mobile Communications Limited (PMCL) and Adamjee Life Assurance Co. Ltd. a member of nishat Group, one of the leading and most diversified business group in South East Asia with fixed/ current assets of over Rs.300 billion (US$ 5 billion), Signed a partnership agreement on Monday 18th June 2012 in a ceremony at a local Hotel. The ceremony was attended by the top managements of Waseela Bank and Adamjee Life. Waseela Microfinance Bank has been established to cater to the needs of the vast under and unbanked market segments through simple and low cost channels such as branchless banking agents, community centers and smart branches. press reLease
3149.00 903.00 4159.00 676.01 311.00
Volume Leaders
CORPORATE CORNER A grand musical night held at Pearl Continental
Turnover
LAHORE: Lahore Leads University has signed MoU with the HEC recognized UK based examining body Institute of Commercial Management (ICM-UK), to offer 4-Year UK Bachelor (Hons) level qualification in Marketing Management through its four campuses across Lahore. M. Moazam Shahbaz naqeebi, Regional Director of ICM-UK, said that we aim to make borderless recognised qualifications accessible to students even in smaller towns & cities in Pakistan and this MoU will help achieve this goal. He further said that 100,000+ Graduates from ICM-UK each year and 90% of them get employment with leading organizations worldwide immediately after their graduation ceremony. press reLease
Buy
Sell
94.30 118.67 147.12 1.1810 91.60 11.98 25.52 25.03 94.93
95.00 120.21 149.00 1.1960 93.28 12.17 25.82 25.29 97.59
China to keep maintaining 8 pct growth for next over 20 years: Economist BeIJING app
China still has huge development potential and it will maintain the eight-percent growth rate for at least another 20 years, Justin Yifu Lin, former chief economist of the World Bank has said. Lin made the remarks at a seminar at Peking University Monday, his first public appearance in the country after he finished a four-year tenure as World Bank chief economist and senior vice president, reports Xinhua news agency. Lin said developing countries should promote the growth of industries where they have comparative advantages, while governments will play a key role in selecting and developing those industries. “At each given stage of development, the market is the fundamental mechanism for effective resource allocation, but the state needs to play a proactive, facilitating role in the move from a lower stage to a higher stage,” Lin said. The 60year-old Chinese economist will return to teaching at Peking University and is expected to give a class in the new semester starting in September, according to the university.
shaukat Tarin offers condolences ISLAMABAD: Mr. Shaukat Tarin extends his heartfelt condolence to the family of Ms. Fauzia Wahab on her sad and untimely demise. May her soul rest in eternal peace and may the Almighty grant her loved ones the courage and perseverance to bear this great loss. The late Fauzia Wahab shall be long remembered both for her outstanding political role as well as her dedication to many social causes. The rights of women and the poor were close to her heart. She fearlessly fought for what she believed in and has left behind a proud legacy of courage and dedication. press reLease
MuZaffarabaD: H.E Cameron Munter, The Ambassador of United States of America to Pakistan & Mrs. Cameron Munter were warmly received by Mr. Amir Kazi, General Manager, Pearl Continental Muzaffarabad upon their arrival at hotel. press reLease
Mobilink tops mobile market share in 2012 ISLaMaBaD app
One of the leading operator, Mobilink has topped the cellular market share in the country with registration of 30.25 per cent during first nine months of this year. Market share is now more balanced among the five operators with almost insignificant changes over the year as by March 2012, Mobilink had market share of 30.25 per cent followed by Telenor with 24.8 per cent and Ufone with 19.54 per cent. Zong and Warid registered 13.24 per cent and 12.17 per cent respectively, official data available with APP said on Tuesday. It said mobile market over the years has become more stable due to intense competition. Pakistani’s cellular sector faced a tough economic and business environment during the last year due to taxes, power crisis, security situation, extensive subscriber and natural calamities but despite all these factors, the cellular industry managed to double its growth rate from the previous fiscal year.