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Saturday, 04 February, 2012
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Bankers feel uneasy as SBP asks five banks for detail of loans owed by traders, millers KARACHI ISMAIL DILAWAR
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cePTIcs smell a “pre-poll sophisticated rigging” on the part of politico-judicially embattled Pakistan People’s Party (PPP), as the cash-strapped federal government has almost completed its homework to write off billions of rupees worth of bank loans of the affluent mill owners and traders in the flood-affected sindh and Balochistan provinces. Whereas some conspiracy theorists, including bankers, dub the move as a “new way of rigging” the upcoming general elections, others deem it an “ideal case” for being referred to the Write-off commission formed by the supreme court to probe facts behind the billions of rupees bank worth of loans the country’s influential figures had got written off from the banks during 1971-2010. state Bank of Pakistan (sBP), on January 20 directives of the federal government, has asked at least five prominent banks for detail on the position and volume of outstanding loans owed to them by the rice millers and traders, related to small and Medium enterprises (sMes) of the calamity-hit areas of the two provinces. The banks including, National Bank of Pakistan, McB Bank, Bank Al-Falah, Allied Bank and sMe Bank, have to provide the required data up to February 3. The official documents, available with Pakistan Today, reveal that the move was backed by the economic coordination committee of the federal cabinet that, in line with a January 2 summary of the finance division, has decided that the federal government would pick up 50 per cent of the outstanding loans of the millers and traders. These loans to be picked up by the otherwise funds-starved federal government also include the mark-up on the borrowed money. “Necessary budgetary provision may be made,” reads a letter issued to the central bank by the finance division on January 20. The
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LPG prices atrecord high, producers pass on tax to consumers KARACHI STAFF REPORT
roducers of liquefied petroleum gas (LPG) have shifted the burden of levy on LPG to the 60 million consumers, raising its prices by rs15,850 to a record rs109,700 per ton Friday. chairman of FPccI standing committee on LPG and All Pakistan LPG distributors Association (APLdA) Abdul Hadi Khan, while expressing his disappointment over this rise, said the rise of rs15,850 included the levy of rs11,400 per ton on LPG, which meant for producers and not consumers. This has enhanced domestic prices by rs15 to rs145-165 per kilo, 11.8 kilo cylinder by rs188 to rs1,652 and 45.4 kg cylinder by rs726 to rs6,356, he added. He vehemently criticised the government for not stopping the producers from passing on LPG levy to consumers, thus raising its prices to the highest ever in country’s history. This will have a negative impact on LPG sales and making this fuel out of the reach of common consumers, he observed. Hadi alleged that the government has let local producers to raise LPG price at their own will to drop a price bomb on the consumers who were already burdened with unprecedented price hike in the country. Hadi said that he has convened an emergency meeting of over 6,000 distributors and other stakeholders to devise a line of action against this price rise and transfer of LPG levy to consumers. He further alleged that local
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producers have reduced the daily production to 1,100 to 1,200 ton since last seven months, while some producers were planning to go for production shut down in the mid of March to further shrink LPG production to 600 to 700. “This will enable the non-representative stakeholders to take advantage of big gap between the demand and supply of LPG and resort to profiteering”, he noted. Hadi urged the Petroleum Minister to take effective measures to bring down LPG prices to a reasonable level and provide relief to 60 million consumers and save jobs of thousands of people attached to this industry. He said local production cost of LPG was rs13,000 to rs14,000 per ton while it was being sold at rs109,700 per ton. He underlined the need for developing a price mechanism to bring down LPG price in the country and enforce government’s writ to save this sector from collapse.
state Bank, in its November 02 (2010) circular, said the resource-constrained government had also allocated rs 10 billion for a refinance scheme for the revival of sMes and agricultural activities in flood affected areas. The central bank has been asked to monitor the dispensation process and that the facility is not extended to those millers and traders who were defaulters of any prior bank loan. seemingly pro-trade and business, the development has raised eyebrows in the concerned quarters especially the banking industry which is already plagued with an all-time-high Non-Performing Loans of over rs 620 billion. The analysts smell a rat in the political government’s intention because of the fact that the facility is targeted at the rich mill owners and traders instead of poor farmers, the real affectees. Also, question arises that why the present democratically-elected government took two years in addressing the plight of 2010-flood affectess on the eve of general elections. “This would be materialized at the cost of government and private banks which must brace themselves for a financial impact of rs 3 to rs 4 billion at the end of the day,” claimed a banker, requesting anonymity. The banker said the banks were already under fire in the apex court for writing off loans of billions over the past four decades. “The said 50 per cent would be returned after budgetary allocation that would not happen before June 2012,” the banker said. Another banker recalled that it was last year when the banks had written off more than rs 400 million of loans in the war-ravaged Khyber-Pakhtunkhwa province. “such decisions have all the potential to hurt those banks that are extending progressive agriculture loans,” the banker added. A political–economist claimed that underlying motives of the fresh loan writeoffs were to garner political support from influential figures living in interior sindh and Balochistan province. “It’s a novel way to rig the forthcoming (general) polls and the chief election commissioner should take notice of this pre-poll sophisticated rigging at the cost of banking sector,” the analyst commented.
LPG distributors
announce protest ISLAMABAD: Alleging OGRA was tactfully allowing the LPG producers and marketing companies to hike LPG prices, the LPGDA announced protest strike on February 15. Chairman LPGDA Irfan Khokhar said producers have illegally increased prices by Rs16 per kg without any OGRA notification, which has jacked up prices of domestic cylinder by Rs186 and commercial cylinder by Rs716. He said the increase was made possible due to the involvement of OGRA officials who have not bothered to take any action against the producers. He said association will surround OGRA offices on February 15 in Islamabad. LPG producers OGDCL and PARCOand Pakistan Petroleum Limited produce 60pc of the output. All the producers have increased their prices by Rs15,846 to Rs109,703 per ton. They have attributed the hike in domestic prices to increased international prices of LPG, as government has linked domestic production price with Aramco Saudi Arabia prices. PARCO produces 348 tons per day, OGDCL 125 tons, PPL 155 tons and PRL 15 tons. Government had imposed petroleum levy at Rs 11,486 per ton on locally produced LPG on January 16. The step was envisioned to bring prices of domestically produced LPG at par with international prices to promote imports. However, to avoid public ire government has asked the companies to absorb the impact themselves. This would cause them a loss of more than Rs190 million per month. STAFF REPORT
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Saturday, 04 February, 2012
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PM inaugurates first Business Express LAHORE STAFF REPORT
rIMe Minister syed Yousaf raza Gillani inaugurated the country’s first private sector run train, ‘Pak Business express’, which left Lahore railways station for Karachi at 03:30 pm on Friday. The first Pak Business express was carrying around 250 passengers, though it had nine luxury wagons having capacity of 500 passengers. Addressing the inaugural ceremony held at Lahore railways station, Gillani underscored, “It is the landmark example of public private partnership in the history of Pakistan railways. This deluxe train service is equipped with the state of the art facilities, compatible with modern day’s demand of businessmen traveling between Lahore and Karachi. The train will set new standards for the public sector that will improve its level of performance on sustainable basis.” He said that it was the first train, which was being run on public private partnership mode, which would give Pakistan railways an insight about the functioning and potential of private sector. He said that the government was already well aware of the private sector’s potential and its capacity as an engine of economic growth. “Keeping this in mind, public sector monopoly is being increasingly outsourced to provide better services to the public, while protecting and enhancing revenues for the state at
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the same time,” he stressed. Prime minister said that he was confident that this partnership would infuse new spirit in providing efficient service to passengers and it would be instrumental in revival of Pakistan railways. He said that he was delighted to witness that Pakistan railways’ administration had fulfill the long awaited demand of Lahore chamber of commerce and Industry (LccI) for an express train connecting Lahore and Karachi. Gillani also appreciated the initiative of M/s Four Brothers, who had pledged to invest a minimum of rs 225 million for the commercial management and passenger facilitation for the Business express. He underlined that the initiative taken today would provide empathies to induct corporate culture not only in the Pakistan railways, but also in other sectors of the economy. “We hope that we will have a beautiful interaction between the private sector and the government for future cooperation in other domains of railways activities, especially the freight sector, and perhaps also the manufacturing of railways machinery,” he maintained. He indicated that Pakistan railways was also on the verge of track access regime, which would provide a unique opportunity to private sector to avail untapped capacity on the railways network by importing locomotives, freight wagons and moving fleet across the country. It would relief pressure on main highways and also improve the efficient transportation of the goods in the country, he added. Prime minister said, “Being an ex-minister for railways, Pakistan rail-
ways is very close to my heart. during the recent past, I have been reviewing the progress of railways with a view of putting it back on track. However, I can’t promise an overnight solution but the wheels are already in motion and we will succeed in providing a service of reasonable quality”. He said that he was cognisant of all constraints. “railways is facing acute shortage of locomotives, depleting rolling stock and slow pace of rehabilitation and upgradation of railways infrastructure. In the present scenario, revival of the railways depends in effectively utilising its available potential and resources”. It could best be done through greater collaboration between the public and private sectors, he stressed. He appreciated the contribution of Pakistan railways workers and all departments associated with this venture to make this enterprise a success. “I am sure that all employees of Pakistan railways will support the venture and prove that public private partnership is the key to economic growth for the future”, he said. Prime minister said, “This also demonstrates that the democratic government is the key to have the participation of private business in sectors that had in the past remained strictly within the public domain. A strategy that marked the domination of the public sector organisation without participation of the private sector hampered the growth in the past. However, We are now in the process of removing all barriers in moving towards economic prosperity hand in hand with the private sector”.
Chairman ‘Save Water Save Pakistan’ wants judicial inquiry LAHORE: chairman of save Water save Pakistan Forum and ex chief Advisor of united Nations engineer Bashir Ahmed Malik has appealed to the chief Justice of Pakistan to order a judicial inquiry commission headed by a supreme court Judge including a chief engineer of Punjab Irrigation department experienced in the operation of canal networks as a technical member and also a lawyer well versed in international law particularly of riparian water rights, to inquire the matter of deliberate negligence of duty by Pakistan’s Indus Water commissioner Jamaat Ali shah who escaped to canada despite his name being on the exit control List. He held a vital post regarding the implementation of Indus Water Treaty. A probe also found him guilty of having failed to take effective steps against the construction of Nimoo Bazgo dam on the Indus by India in occupied Kashmir in infringement of the Treaty. India has been exploiting IWT as a weapon of water war against Pakistan by building dams and other works on our Western rivers; the chenab, Jhelum and the Indus in flagrant violation of the Treaty. STAFF REPORT
National Savings portfolio doubles to Rs 2000b ISLAMABAD: director General of the central directorate of National savings (cdNs) Zafar M. sheikh said on Friday that the investment portfolio in the national saving schemes has doubled to rs 2,000 billion during last four years. Talking to reporters after launching new prize bonds of rs 25,000 denomination, he said that the saving target of rs187 billion set for the current fiscal year would be achieved as already 97 per cent target has been met till January 2012. “so far investments have reached to rs 104 billion,” he added. He said the new prize bond was launched to plug the gap between rs 15,000 and rs 40,000 prize bonds. The new bond is estimated to attract an investment of rs 4 billion to rs 8 billion during the current fiscal year. It will also help in reducing the currency circulation. The total investment in different denomination of bonds is rs 294 billion. STAFF REPORT
‘WTO waiver shouldn’t be treated as precedent’
POL prices double in four years FAISALABAD
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FARAKH SHAHZAD
ITH ninety per cent increase in petroleum prices in last four years and substantial increases in electricity cost and gas prices, the manufacturing cost of exportable goods has increased substantially making Pakistani exports uncompetitive at the international level. This is a windfall opportunity for our rivals, India, Bangladesh and china to capture our hard won markets. A large number of local industrialists are convinced that the recent petroleum increase is an antiindustrial decision at a time when the economic activities are shrinking due to multiple factors and this hike will produce overall damaging effects on the economy. This drastic increase in the prices of petroleum products will not only affect the industrial productivity, but will also put an adverse impact on the country’s overall economy. due to multiple increases in tariffs of electricity and gas, productivity of industries have also been affected and the recent hike will directly affect the industrial sector. due to rising cost of production in Pakistan, foreign investors are moving to other countries of the region. current state of economy demands that government should create conducive environment for better growth of economic activities. However, such anti-business decisions will reduce industrial and commercial activities ultimately decreasing tax revenue for the government making already fragile economy further weakened.
Cement sector continues to under perform KARACHI
STAFF REPORT
esPITe tremendous potential, the cement manufacturing sector continues to operate at much lower levels than its installed capacity and faces huge losses due to sharp increase in input cost. “It is a serious challenge for the cement industry and a continuous threat for its survival”, an insider said, adding that the sharp increase in input cost has enhanced challenges for the cement sector and also affected country’s exports causing huge losses to national exchequer in terms of foreign exchange earning. The capacity utilization of cement sector has dropped to its lowest level at 69.67 per cent in the first two quarters of the current fiscal year. on the other hand, the cement sector exports had also witnessed declining trend, the data shows. Historically, a sharp increase was seen in the coal, electricity and diesel prices during the last decade. coal prices increased at a compounded annual rate (cAGr) of 12.2 per cent during this period. The electricity prices increased at cAGr of 9.5 per cent and diesel prices at 19.59 per cent. despite the sharp increase in input costs, the cement prices could not keep that momentum and increased by only a cAGr of
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6.20 per cent (ex-factory) during this period. “It is a huge gap between the growth rate of input cost and cement prices”, industry sources said. This gap is continuously hampering the functioning capacity of this industry, they added. They said that the recent increase in power tariff, petroleum, furnace oil and coal prices will further damage the industry. The prices of furnace oil and coal, two major inputs used in manufacturing of cement, had already increased by 43 and 49 per cent respectively since 2007-08, whereas almost 27 and 8 per cent increase in these respective inputs have been observed in first quarter of FY 2012. This challenge is more severe for the cement manufacturing plants located upcountry as the rate of diesel, the fuel for goods transportation, has increased to rs 105 per liter from rs. 40.8 per liter in 200708. There is a huge gap between the transportation costs of different plants located in various parts of the country. The cement plants in southern zone have an advantage being located nearer to the sea ports. during the first quarter of current fiscal year, 7 cement manufacturing plants suffered loss before taxation aggregating to rs. 0.973 billion while 8 cement units, of which 3 are located near Karachi in close proximity to the sea port, earned profit of rs. 1.001 billion.
Banks’ excess liquidity reserves cross Rs28b again KARACHI ISMAIL DILAWAR
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FTer seeing a rare but tangible slump of 70pc or rs49b last week, the commercial banks’ excess cash reserves (ecrs) once again are moving northward. sBP reported that during the week, ranging from January 20 to 26, the banks’ excess liquidity ballooned by 37pc to rs28.885b against rs21.140b the banks held in the preceding week. The central bank warns that the excess cash holdings by the commercial and Islamic banks, which are pocketing handsome amounts through investing massively in the risk-free and heavily-weighted government securities including MTBs, Pakistan Investment Bonds and Ijara sukuk, adversely impacts smooth functioning of the country’s existing interest rate corridor. A breakup, reported by the central bank, shows that during the week under review the conventional and shariah-compliant banks cumulatively possessed excess cash worth 23.45b and rs5.435b, respectively. sBP calculated the conventional banks’ daily average excess cash collection at rs 3.35b while that of their competitors in Islamic banks stood at rs 776m. A daily review shows that the banks raised additional liquidity worth rs 4.71b on Jan 20, 21 and 22, rs 5.027b on Jan 23, rs 7.749b on Jan 24, rs 12.817b on Jan 25 and negative rs 10.863b on Jan 26. These amounts also include the pre-mature encashment the banks reported to the state Bank in line with its july 2006’s Bsd circular No 09.
KARACHI: Members of World Trade organization (WTo) who were previously opposing the european union’s trade concession to Pakistan have, while approving the package, stressed that the waiver of WTo rules should not be treated as a precedent. The eu request for duty concession to Pakistan on 75 selected items through waiving rules of the international organization, however, were approved by the opposing members at WTo saying that they were now able to agree to the waiver request after consultations with the eu and Pakistan. However, they stressed “the waiver should not be treated as a precedent,” a statement of WTo said. Accordingly, saudi Arabia called on members to support the eu request. Brazil said that after intensive consultations with the eu, and also with private industry, it could now accept the waiver. Indonesia said it could now go along with the waiver. Bangladesh said that it is heavily dependent on textile exports, especially to the eu, but nevertheless view this as an exceptional circumstance. Argentina said the revised eu request allayed its concerns, and expressed solidarity with Pakistan. Peru noted the exceptional nature of the request. The eu thanked members for their cooperation, adding that this showed the organization can move forward on trade matters. Pakistan expressed gratitude to members who are standing by in times of need and pain. STAFF REPORT
‘Record agriculture produce in Punjab’ LAHORE: Provincial Minister for Agriculture Malik Ahmad Ali Aulakh has said that due to special interest taken by chief Minister Punjab Muhammad shahbaz sharif and provision of maximum facilities to the farmers, a record production of wheat, rice, maize, potato and sugarcane has been achieved in the province. He was talking to media-men, here today. He said that wheat production which was one crore 56 lakh tons in 2007-08, rose to one crore 84 lakh tons in 2008-09 and one crore 79 lakh tons in 2009-2010, reached the figure of one crore 90 lakh tons in 2010-11 which is a record in the history of the province. similarly, the rice production which was 32 lakh 86 thousand tons in 2007-08 rose to 36 lakh 43 thousand tons in 2008-09 reached the record level of 37 lakh 13 thousand tons in 2009-10. In 2010-11, 33 lakh 84 thousand tons rice was produced. A record production of four crore 28 lakh tons sugarcane has been achieved in 2011-12. He further said that a record production of 29 lakh 59 thousand tons maize and 33 lakh 40 thousand tons potato was achieved in 2010-11. In reply to a question, the Agriculture Minister said that due to suspension of supply of gas to urea factories, a crisis was created and the urea price which was rs.850 per bag last year rose to rs. 1800 per bag while dAP was sold at 4100 to 4200 rupees per bag. He said that despite repeated reminders of Punjab government, the federal government started late import of fertilizer which resulted in a severe shortage of urea in the country. He said that during rabi 2011-12 in the months of october, November, december and January, only 15 lakh 11 thousand tons urea remained available as compared to the total need of 19 lakh tons while three lakh 87 thousand tons dAP remained available as compared to the total requirement of five lakh 59 thousand tons. STAFF REPORT
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Pakistan and Indonesia sign PTA ISLAMABAD
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STAFF REPORT
FTer years of lengthy negotiation, Indonesia and Pakistan finally signed on Friday the Preferential Trade Agreement (PTA) at Jakarta. A statement issued by the commerce Ministry said that the Minister of Trade of Indonesia Gita Wirjawan, and Ambassador of Pakistan sanaullah signed the agreement. The federal cabinet on November 2, 2011 had approved the signing and ratification of PTA between the two countries. commerce Minister Makhdoom Amin Fahim was scheduled to travel to
Jakarta to sign the agreement. However due to the session of the parliament, the Prime Minister authorized the Pakistan Ambassador in Jakarta to sign the PTA on behalf of the government. The agreement will enter into force 30 days after the date on which the parties exchange written notifications for completion of their respective legal procedures. Pakistan has completed all its internal formalities to implement PTA, while Indonesia is in the process of completing its codal formalities. The diplomatic note will be exchanged by the parties as soon and the formalities are completed by Indonesia. Pakistan and Indonesia signed the comprehensive economic Partnership
IFPRI seeks applications for research grants in Pakistan ISLAMABAD: united states based International Food Policy research Institute (IFPrI) has launched the Pakistan strategy support Program (PssP) seeking proposals for grants upto $ 50,000 for research that identifies key policy decisions that support the country’s new growth strategy. The deadline for filing the applications is March 31, 2012. The research should identify key policy decisions that will support the new growth strategy; assesses empirically the impacts of those decisions; evaluates constraints to policy reform; and examines alternative policy recommendations to enhance their impact. STAFF REPORT
Agreement (cePA) in November 2005 on the occasion of the visit of the President of Indonesia. under the provisions of cePA, both countries, in 2006, commenced negotiations to conclude a PTA. The agreement would ultimately create a Free Trade Area between the two countries. Both countries successfully concluded the negotiations process during the 8th round of negotiations held on 16th september, 2011 in Jakarta, where Pakistan delegation was led by secretary commerce Zafar Mahmood. under the Agreement, Indonesia agreed to offer market access to Pakistan on 216 tariff lines on preferential rate. Indonesian offer list include the products of export interest of Pakistan
including fresh fruits, cotton yarn, cotton fabrics, readymade garments, fans including ceiling, table, pedestal, sports goods, including badminton and lawn tennis rackets, leather goods and other industrial products. Indonesia also offered market access to Kinnow from Pakistan at zero per cent which will provide a level playing field to this product in the Indonesian market. Pakistan’s offer list to Indonesia under the Agreement includes a total of 287 tariff lines for market access at preferential tariff. Pakistan also agreed to provide the same treatment on palm oil products from Indonesia as provided to Malaysia under Pak-Malaysia FTA. It means Pakistan will import
palm oil from Indonesia at 15 per cent Margin of Preference (MoP) rate. Pakistan has been importing palm oil and its products from Malaysia and Indonesia. The preferential market access provided by Pakistan to Indonesian palm products will have a positive impact on the overall economy of the country. It is expected that this will result in saving approximately $ 300 million of foreign exchange of Pakistan. It will also help in decreasing the prices of vegetable ghee, cooking oil in the country which are going beyond the reach of common man and will create competition in the market which will discourage monopolistic trends.
Bulls lift index to week-high volume KARACHI STAFF REPORT
ArKeT volumes continued to gain strength as they rose 21 per cent from yesterday to finish at a weekly high of 130mn shares. The bulk of the volumes were concentrated in JscL, which accounting for approximately 1/3rd of the total volumes and closed 10 per cent above its previous closing price. The local bourse also finished the week on a positive run, as it gained 52 points for the day, to close at 11,982 points. After a
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few strong bull runs during the course of the week, engro joined the rest of its fertilizer peers by closing in the red zone. on the contrary, the cement sector had a strong outing as dGKc and
LucK both ended up enjoying strong gains. With the results season in full swing, market volumes are expected to remain buoyant as investors remain hopeful of a positive earnings
season, said Ali Hussain, senior Investment Analyst at HMFs. The Kse 100 index closed at 11982.62 levels with the gain of 52.84 points, while Kse 30 index gained 34.85 points to close at
11258.08 levels. All share index closed at 8314.78 levels after the gain of 43.96 points. Total 150 scrips advanced 82 declined and 87 remain unchanged out of total 319 scrips traded.
CORPORATE CORNER NBP trade unions felicitate President NBP for pay package
KARACHI: NBPs representative delegations under leadership of President of the Federation Mr. saeed Haider had a detailed meeting with NBP President Qamar Hussain. delegation included Federation secretary General Muhammad Zaman Khan, chairman Anwar shah, Head office employee Front’s Acting President Faheem Ahmed Khan and employees Front sindh’s President Noor Allah. representatives of Federation thanked NBP President on brining out historic Pay Package 2012-13 on behalf of employees. Federation expressed deep satisfaction on the financial position of bank and announced bank is on the way to progress and stabilization under leadership of President Qamar Hussain. They also said that the employee of the bank will discharge their duties with utmost devotion and use their abilities for further progress and stabilization of the bank. Federation representatives also informed that they will garner full support of the employee for better service of the customers. PRESS RELEASE
Board recognises Ogilvy & Mather’s role in Pak-US commercial agenda WASHINGTON: The Board of directors of the u.s.-Pakistan Business council (usPBc), an affiliate of the u.s. chamber of commerce, today announced the election of P. Miles Young, Worldwide ceo of ogilvy & Mather, as the council’s new chairman. Young succeeds Jay collins, vice chairman, Global
Banking, citigroup, who has served as chairman since 2006. The Board also elected A. salman Amin, executive vice president and chief marketing officer, Pepsico, as vice chairman. Amin succeeds Najeeb Ghauri, chairman and ceo, Netsol Technologies. “As worldwide chief executive officer of ogilvy & Mather, one of the largest marketing communications companies in the world, Miles brings a wealth of leadership to the u.s.-Pakistan Business council,” said esperanza Jelalian, executive director of the usPBc. “Having served as a member of the Board of directors, Miles has provided expertise and guidance in advancing the council’s policy agenda. At this pivotal moment in u.s.-Pakistan relations, usPBc is truly fortunate to have someone of Miles’ experience, insight, and vision to lead the council’s efforts to strengthen the us economic and commercial relationship with Pakistan.” PRESS RELEASE
Qatar Airways sponsors 11th annual tour of Qatar cycling event DOHA: Qatar Airways is proud to be named official Partner of the Tour of Qatar cycling event, attracting some of the world’s best cyclists to the prestigious event, now in its 11th year. More than 200 international cyclists will converge on Qatar for some fine racing that is expected to attract huge crowds lining the race route. The nine-day Tour around the tiny Gulf state of Qatar will see the best male and female cyclists compete for the coveted titles. In the men’s event, distinguished names such as world champion, Briton Mark cavendish, Norway’s former world champion Thor Hushovd, defending champion Australian Mark renshaw and Belgian racer Tom Boonen, winner of several Tour of Qatar races, will all be aiming high for the top prize. PRESS RELEASE
Etihad Airways offers guests the opportunity to rock with the Strings LAHORE: etihad Airways, the national airline of the united Arab emirates, is giving one of its guests the chance to win two tickets to Abu dhabi to attend the next strings
concert in the uAe, along with a backstage invite. The winner will also get to travel on the same flight as strings members Bilal Maqsood and Faisal Kapadya. All Guests booking return flights from the etihad Airways’ website www.etihad.com/pk will be automatically entered in the promotion. Amer Khan, etihad Airways’ Area General Manager for Pakistan, Bangladesh and Nepal, said: “We are very excited to give our valued guests in Pakistan the chance to interact with strings, the iconic Pakistani band and our brand ambassadors, while also experiencing our award-winning product and services travelling to the uAe.” PRESS RELEASE
Jazz launches ‘Inami Hungama’ award scheme for business partners LAHORE: Mobilink Jazz has announced the launch of the Jazz ‘Inami Hungama’ lucky draw scheme for business partners across Pakistan. The promotion provides Jazz retailers the opportunity to enter a lucky draw with a number of high value prizes on offer. The Jazz ‘Inami Hungama’ was announced through a roadshow conducted by Mobilink Jazz for business partners in 24 cities across the country. The scheme is open to Jazz business partners with a minimum of 10 qualified Jazz sIM sales in a month. The promotion will span over the first two months of 2012 with separate draws to be held for various regions. Business partners stand a chance to win prizes in multiple categories with cars, motorbikes and other electronic items on offer. PRESS RELEASE
Pakistan Telecommunication Company Ltd’s One Wire brings it all ISLAMABAD: To provide innovative and cutting-edge telecommunications solutions to its customers in the easiest and most affordable service packages, Pakistan Telecommunication company Ltd (PTcL) has launched a proficient “one Wire does It All” package. Through a single landline connection, PTcL customers can now avail its multiple range of services, including unlimited on-net calling, unlimited Broadband downloads, Mobile calls at rs.1.25 per minute, IPTV service charges waiver, line rent waiver and
a free Wifi Modem. The one Wire’s range of unique packages start from double-up unlimited 1Mbps at rs.1,999; 2Mbps Broadband for rs.2,299; 4Mbps Broadband for rs.2,999; 6Mbps Broadband for rs.5,999; and 8Mbps Broadband for rs.7,999 only. PRESS RELEASE
LAHORE: Senior Vice President, Kashif Younis Mehr and others, in National Photo Exhibition organised by Pakistan Association of Photo Journalists PRESS RELEASE
Chief Guest Mr. Asif Shuja, DG Environment Protection Agency and CEO IMC Mr. Parvez Ghias along with other officials and students at 2nd Career Day at CTTI institute, Islamabad. Resident Director IMC Mr. Yasir Niazi is also seen in the picture. PRESS RELEASE
Asad Shafiq receiving cheque for hitting maximum boundaries from Hamid Mirza, Head of Marketing, Bank Alfalah at the 2nd international test. PRESS RELEASE