Profitepaper 5th May, 2012 by Profit Epaper

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Let’s retrace the first base

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Page 02

Saturday, 05 May, 2012

KINNOW TARGET NAILED… OR NOT

cOMMENT

Now as Lyari

Target and export, like apples and oranges Pakistan misses kinnow export target despite bumper crop g Only 5,000 tonnes kinnow exported to Indonesia against expected volume of 45,000 tonnes g

KARACHI

GHULAM ABBAS

AKISTAN, which was expecting at least 0.3 million tonnes of Kinnow exports this season, has missed the target as it has hardly exported 0.225 million tonnes of the fruit only. Despite a bumper crop of 2.1 million tonnes in the country this year, the export of Pakistani Kinnow has shown a historic decline because of the loss of huge market of Iran where the high demanded fruit could not reach amidst the sanctions imposed by UN and USA. Besides, the Indonesian market, where at least 45000 tonnes of the fruit was expected to be made after concluding the already approved Preferential Trade Agreement (PTA), also remained almost untapped because of the negligence on the part of Pakistani government. As the huge market of Iran has already lost this year under the sanctions imposed by UN/US on the neighboring country, a huge quantity of the country’s fruit could not help the country in terms of revenue this year. Pakistan’s exports to

PAK-IRAN BARTER

urea for wheat, is oh so neat Govt directs finalisation of procedure for wheat barter with Iran First consignment to be shipped in May g

ISLAMABAD

AMER SIAL

INISTeR for Water and Power, Syed Naveed Qamar has directed the public sector grain storage organization Pakistan Agriculture Storage and Supply Corporation (PASSCO) to take immediate steps to finalize the modalities for export of one million tons of wheat to Iran. The directions were given during a meeting of the sub-committee of eCC constituted for export of surplus wheat to Iran. Minister for National food Security, Secretary Food Security, MD PASSCO

Tehran have been reduced by 35000 tonnes during the outgoing season as the commercial banks in the country were reluctant to issue the export Form to the exporters. The majority of the important fruits have so far been smuggled or shipped to the neighboring country via the land route. Talking about the historic reduction in exports of the fruit, Waheed Ahmed CoChairman Pakistan Fruit and Vegetable exporters, Importers and Merchant Association (PFVA) said that unfortunately the country could hardly export around 0.225 million tonnes of kinnow this year almost 0.1 million less than the target of 0.3 million tonnes despite the bumper crop this season. The major reason of drastic reduction in exports was the loss of Iranian market where trade was now already disallowed under the sanctions imposed by UN/US causing huge losses to the exporters in the country. Under the sanction on the brotherly neighbor, various banks in the country have stopped issuing e-forms to the exporters of fruit causing huge losses to them. The exporters have lost the opportunity to export around 3000

and senior officials of Commerce attended the meeting. Pakistan and Iran have held talks last month on the export of wheat on barter trading basis but due to difference on price of wheat the talks were stalled. Iran has expressed its desire to import wheat and rice from Pakistan and in exchange it will be providing urea. The minister said that it was decided in principle that one million tons of surplus wheat from PASSCO stocks and rice will be exported to Iran under barter trade arrangement. he was of the views that the modalities should be finalized at the earliest so that first tranche may be exported and urea imported. Timely import of urea from Iran will benefit the farmers as Kharif season starting shortly. Secretary National Food Security, Shafqat Naghmi briefed the meeting on their meeting with Iranian authorities and said that the wheat would be exported and urea would be imported via sea route. Pakistan will import the urea quantity against the total price of wheat to be exported to Iran. he informed that Iran has requested to import first tranche of wheat in May. The formal approval will be taken from eCC next week in this regard to export the commodity. Now as Lyari: If this is part of a building pattern, which it probably is, then things are definitely much grimmer than most of us had figured. Yet, as the interior minister himself hinted, there are numerous armed gangs operating in Lyari, the kind always on the lookout for the odd

containers of mandarin orange [kinnow] and revenue of at least $ 30 million. however, only 10,000 tonnes of the fruit have gone to Tehran via land routes, he added. Besides the loss of Iranian market and less exports to Indonesia, the major damages to the country exports this was made due to reduction in the prices of the fruit in Russia because of the unchecked and bulk of exports made by the exporters without examining the potential and demands in the foreign country. The fruits sent by unregistered and new companies to Moscow were sold at $ 4 to $ 5 per 10 kilogram against the market price of $6.5 per 10 kg Kinnow due to the huge stock at the foreign country’s ports. This kind of immaturity has also caused to the regular and genuine exporters, thus making an average loss of $ 20 million in Russia only. he said that the country has so far exported 8800 containers of Kinnow via sea routes and soled them at the average price of $ 6 per 10 kilogram of the fruit. Last year the same was sold at the price of $6.5 per 10 kg while the country had exported at least 0.214 million tonnes during the last season where the

skirmish with government forces. If it develops into something like Swat or (yes) Lyari, all the better, but even if it’s more contained it does send the message across. If there is a novelty in the incident, it is that such episodes will no longer be confined to the untamed frontier. That, if we read it right, threatens to be the gift of this particular spring offensive, which is not to imply insurrection is any more tolerable up in the north. But it does considerably complicate matters that Karachi is the country’s commercial hub, the nerve centre of its money generation machinery. And even if the stock market barely batted an eyelid – in fact posting near 300 points – locals rightly complain of deep damage to their lives, their habitat and, indeed, the country’s kitty. Also its image. Let’s not forget our popular electronic media, processing information via a visibly biased posture, flashing clashes round the clock, unnerving already apprehensive investors. Do they really do the best service they can to the nation? It shouldn’t be long before Lyari is brought under control. The operation would have cleansed much of the dirt that had been gathering there for far too long, so things should be quiet in the immediate future. But the episode has undoubtedly already flashed the highest-alert red light in intelligence and security circles. It has come as Waziristan, Parachinar, Bajaur, Peshawar, Islamabad, Lahore and now Lyari. What’s to say how it will come next?

production was estimated 1.7 million tonnes against the target of 0.260 million tonnes. however in terms of quantity, the country has exported at least 1400 tonnes of additional kinnow this year, he said. Talking about the causes of losses to the exporters who were eying to a historic jump in exports, Waheed said that, besides, the Indonesian market, the exporters were eying for as an alternative market after Iran, also could partially tapped during this season despite the expected implementation of the PakIndonesia PTA, by January 2012. Besides the inflation in the world, poor quality of the fruit and absence of research and value addition of the country’s important fruit have also badly affected the exports of Kinnow. The lack of search facility and maintenance of quality and standards of the fruits could cause further lasses to the country’s growers, traders and exporters. “The country needs to develop various verities of Kinnow and Islamabad would have easily achieved the target if it had introduced verities in the international markets”, he said.

F this is part of a building pattern, which it probably is, then things are definitely much grimmer than most of us had figured. Yet, as the interior minister himself hinted, there are numerous armed gangs operating in Lyari, the kind always on the lookout for the odd skirmish with government forces. If it develops into something like Swat or (yes) Lyari, all the better, but even if it’s more contained it does send the message across. If there is a novelty in the incident, it is that such episodes will no longer be confined to the untamed frontier. That, if we read it right, threatens to be the gift of this particular spring offensive, which is not to imply insurrection is any more tolerable up in the north. But it does considerably complicate matters that Karachi is the country’s commercial hub, the nerve centre of its money generation machinery. And even if the stock market barely batted an eyelid – in fact posting near 300 points – locals rightly complain of deep damage to their lives, their habitat and, indeed, the country’s kitty. Also its image. Let’s not forget our popular electronic media, processing information via a visibly biased posture, flashing clashes round the clock, unnerving already apprehensive investors. Do they really do the best service they can to the nation? It shouldn’t be long before Lyari is brought under control. The operation would have cleansed much of the dirt that had been gathering there for far too long, so things should be quiet in the immediate future. But the episode has undoubtedly already flashed the highest-alert red light in intelligence and security circles. It has come as Waziristan, Parachinar, Bajaur, Peshawar, Islamabad, Lahore and now Lyari. What’s to say how it will come next?

PIPELINE PLuNGE

Tapping into TAPI g

Govt gives go ahead for GSPA on TAPI ISLAMABAD

AMER SIAL

he government on Friday authorised Interstate Gas Systems (ISGS) to execute the TurkmenistanAfghanistan-Pakistan-India (TAPI) Gas Sale Purchase Agreement (GSPA) with Turkmenistan. It was decided in a meeting of the subcommittee of the economic Coordination Committee (eCC) of the Cabinet on imported gas projects which was chaired Minister for Petroleum. The meeting was also attended by Nawab Aslam Raisani, Chief Minister Baluchistan, hina Rabbani Khar, Minister for Foreign Affairs, Mir Changez Khan Jamali, Minister for Science and Technology, Ghous Bux Khan Mahar, Minster for Privatisation, Makhdoom Shahab-udDin, Minister for Textile Industry and Dr Nadeem ul haq, Deputy Chairman, Planning Commission among other members. The meeting called for early implementation TAPI and IranPakistan (IP) gas pipeline project and

directed the concerned quarters to make all out efforts in completions of the two dire needed gas pipeline projects to meet the rapidly increasing demand of energy. The committee expressed its satisfaction over the ongoing progress on IP gas pipeline project and resolved to implement the project as per agreed timelines. The government has recently invited bids for constructing 785 kilometers of Iran-Pakistan (IP) Gas pipeline project from pre-qualified parties. The committee directed Ministry of Petroleum and ISGS to ensure all efforts for timely completion of the project. Iran has assured Pakistan to provide $500 million funding for the Project and as per draft agreement Pakistan is bound to complete the project by the end of 2014 otherwise it will have to pay a daily penalty of $ 1 million to Iran. The government is likely to allow exemptions in duties and taxes on the import of certain materials required for gas import projects. ePC contractors’ are also expected to be exempted from sales tax for services provided on such projects.

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Saturday, 05 May, 2012

news

ALL BASES cOVERED

FALSE DAWN

Let’s retrace the first base g

Inflation traces quasi downward spiral… at last g

ISLAMABAD

PBS directed to revert to old base to assess GDP ISLAMABAD

AMER SIAL

OR the first time in country’s history, the government nullified the economic data finalised by the highest forum, the National Accounts Committee (NAC) and ordered the recently formed and touted as completely autonomous, Pakistan Bureau of Statistics (PBS) to reassess the economic figures on the basis on the old base of 1999-2000. An official source said the decision was made at the meeting of the Governing Council of PBS held under the chairmanship of the Minister for Finance Dr. Abdul hafeez Shaikh. The meeting was attended by Governing Council Members, Dr. Shamshad Akhtar, Dr. Zeba Sethar, Dr. Mehtab Karim, Dr. Naved hamid and Dr. Muhammad Nizamuddin. NAC meeting held on April 26 approved the GDP growth figure of 3.2 percent on the basis of market price after rebasing of GDP by fixing 2005-06 as base year. The NAC, after rebasing, had pulled out about Rs 2200-2500 billion from size of economy owing to which GDP size shrank to Rs 18.50 trillion from Rs 21 trillion mainly because of the contraction of manufacturing, services and financial and insurance sectors. The controversy of rebasing the economy is likely to further delay the presentation of the federal budget from the tentative date of May 25.

The council refused to validate the rewriting of economic history of the country from 2005-06 onward saying PBS has taken the major initiative in violation of the laid down procedure. Now NAC would meet again, likely next week to work out GDP based on old system of national account on base year of 1999-2000. Under existing system the GDP growth of current fiscal year 2011-12 is likely to be at 3.8-3.9 percent. Under the law, PBS is bound to take the approval from the Governing Council, but its secretary did not take the governing council into confidence prior to taking the major and important initiative of rebasing the economy. A statement issued by Ministry of Finance said the Governing Council of PBS deliberated on various items of the agenda including recently conducted National Accounts rebasing exercise. Secretary, Statistics Division and the Director General, Pakistan Bureau of Statistics presented the details regarding the rebasing exercise. The Members of the Council raised many observations and concerns regarding the methodology, the quality of primary data base on various sectors of the economy, analytical framework and the restructuring steps taken by PBS to adjust the GDP of the past 10 years. The council also expressed concerns on lack of adequate consultations with stakeholders including academia and multilaterals on the

LccI HAS AFRIcAN cOMPANY

This time for Africa! Nigerian delegation calls for sector-specific measures

LAHORE

STAFF REPORT

RIG General Abdullahi Dadan Garba, the head 15-member strong delegation of National Defence College Nigeria, Friday called for sector-specific measures to increase bilateral relations between Pakistan and Nigeria as both the countries have a huge potential but very little trade and economic cooperation. Brig General Abdullahi Dadan Garba was speaking at the Lahore Chamber of Commerce and Industry. LCCI Vice President Saeeda Nazar, LCCI former executive Committee Members Rehmatullah Javaid, Mian Zahid Javaid and Dr Shahid Raza also spoke on the occasion. The head of the delegation said that the economy has become the most modern warfare gadget of the present day world and the only economically strong countries would have a role in coming days. While lauding the role being played by the Lahore Chamber of Commerce and Industry in removing the bottlenecks in the way of promotion of business, he said that a lot has yet to be done for the economic well-being of the country and its people. Speaking on the occasion, the LCCI Vice President Saeeda Nazar said that the Lahore Chamber of Commerce and Industry acts as a bridge between the Government and the business community. It also tries to

Weekly inflation falls 0.14 percent

technical aspects prior to taking rebasing data to the National Accounts Committee as was done during the previous rebasing exercise. After detailed and comprehensive deliberations, the Members of the Council asked the Pakistan Bureau of Statistics to prepare and present a comprehensive background paper highlighting the logic for rebasing, process adopted including discussions with various stakeholders, methodology including all the measures taken to rebase the data, changes in key macro-economic variables by sector and year due to the rebasing and their explanations, comparison of data with old series of pre 1999-2000 rebasing and 2005-06 rebasing. PBS informed that the preparation of analytical paper asked by the council based on the above parameters will take about four weeks. It was decided to take the view of the governing council to the NAC for which a meeting would be convened shortly. The Statistics Division was advised to provide the National Accounts on the old base as well as to facilitate comparison with the new base. It was decided that the whole exercise should be conducted in a transparent way with public outreach to explain the methodology and results in a professional manner. The council also undertook decisions on strengthening the working of the PBS, including transparent recruitment for some positions.

secure a business-friendly environment through sharing views with the government. The primary objective of LCCI is to protect the interests of the business community while remaining committed to the cause of development of trade and industry. While briefing the participants about the LCCI’s role in policy making, she said that the LCCI has sector specific Standing Committees. These committees collect private sector feedback, analyze and filter the same through subject experts. She said that after thorough debate that feedback is refined and after approval from executive Committee is sent in the form of Budget Proposals to Ministry of Finance and economic Affairs for consideration at the time of preparation of the Federal Budget. She said that the LCCI also keeps liaison with Foreign missions commercial sections and an exchange of information ensured especially sector reports. She said that the Lahore Chamber while doing its routine functions keeps performing its due role in the promotion of international trade. It keeps on interacting with foreign trade missions and also with the Ambassadors or high Commissioners of various countries in order to develop good working relations. She said that the LCCI keenly pursue trade diplomacy by way of organizing single country exhibitions and also participating in international trade fairs to give boost to our exports. Similarly, business delegations are regularly exchanged which provide great opportunities for match making and strengthening the business relations across the borders. These efforts cause the much needed stimulus in economic activities which results in more employment generation and economic development. She said that the LCCI has two self-sustaining projects; Shalimar hospital and LABARD on its credit. The Shalimar hospital is providing modern health facilities to the common people while LABARD is not only acting as placement body for the disabled sections of the society but also provides relevant training to the young minds in an effort to rehabilitate them.

STAFF REPORT

he Sensitive Price Indicator (SPI) for the week ended on May 3, for the lowest income group up to Rs 8,000 registered decrease of 0.14 per cent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 174.17 points against 174.41 points registered in the previous week, according to provisional figures of Pakistan Bureau of Statistics (FBS). The weekly SPI has been computed with base 2007-2008=100, covering 17 urban centers and 53 essential items for all income groups and combined. The SPI for the combined group reduced by 0.12 per cent as it went down from 183.53 points in the previous week to 183.31 points in the week under review. As compared to the corresponding week of last year, the SPI for the combined group in the week under review witnessed increase of 9.30 percent. As compared to the last week, the SPI for the income groups from Rs.8001-12,000, 12,001-18,000, 18001-35,000 and above Rs.35,000 decreased by 0.14, 0.14, 0.13 and 0.10 per cent respectively.

During the week under review average prices of 10 items registered decrease, while that of 17 items increase with the remaining 26 items’ prices unchanged. The items which recorded decrease in their average prices during the week under review included tomatoes, chicken live (farm), LPG( 11 kg cylender),onions, rice (irri-6/9), wheat, sugar, wheat flour (bag), mustard oil and vegetable ghee (loose). The items which registered increase in their prices included gram pulse (washed), egg hen (farm), bananas, potatoes, salt powdered (loose), rice basmati (broken), gur, cooked dal, red chillies (powder), garlic, georgette (voil printed), mash pulse (washed), masoor pulse (washed), moong pulse (washed), cooked beef, energy savor and mutton. The items with no change in their average prices during the week under review included bread (plain), beef, milk (fresh), curd, milk (powdered), cooking oil (tin), vegetable ghee (tin), tea (packet), tea (prepared), cigarettes, long cloth (coarse latha), shirting, lawn, sandal (gents), chappal (gents), sandal (ladies), electric charges, gas charges (upto 100m3), kerosene, firewood, washing soap, match box, petrol, diesel, telephone local call and bath soap.

Facebook plans to raise $10.6b in mega IPO SAN FRANCISCO REUTERS

ACeBOOK Inc aims to raise about $10.6 billion in Silicon Valley’s largest IPO, dwarfing the coming-out parties of tech companies like Google Inc and granting the world’s largest social network a market value close to Amazon.com’s. The eight-year-old social network that began as Mark Zuckerberg’s harvard dorm room project indicated an initial public offering price range of between $28 and $35 a share on Thursday, which would value the company at $77 billion to $96 billion.The size of the IPO reflects the company’s growth and bullish expectations about its money-making potential as a hub for everything from advertising to commerce. “We certainly haven’t ever seen a tech IPO on this grandiose a scale,” said Lise Buyer, a principal with the IPO advisory firm Class V Group. Buyer, who worked on Google’s 2004 IPO, said the question about a company “that’s already this big and that is raising this much money is how many of the glory days of growth are in the

past versus how many are ahead.” Facebook stands to raise as much as $12 billion at the upper end of its planned range. If an over-allotment or “greenshoe” option is triggered, the company could sweep up a maximum of $13.6 billion, according to a Thursday prospectus. Facebook is only getting about half, or $5.6 billion, of the estimated $10.6 billion that it would raise at the midpoint of its planned IPO range. About $4.9 billon will go to some existing shareholders. Facebook’s stock could begin trading as soon as May 18, according to a road showschedule obtained by Reuters. The offering’s price range can be adjusted depending on Wall Street’s response during the road show. Investors are expected to flock to the highly anticipated IPO, although there have been growing concerns about the social network’s longer-term growth and Zuckerberg’s majority control. Facebook will trade at 13 to 16 times the revenue that GreenCrest Capital analyst Max Wolff believes it will generate this year. By comparison, Google, the world’s dominant Internet search engine, currently trades at 5.5 to 6 times expected 2012 revenue, he said.

EMPTY THE POcKETS

Here’s why you pay that much to grab a bite these days g

Global food prices remain high despite marginal decline: uN index UNITED NATIONS AFP

LOBAL food prices fell by 1.4 per cent between March and April, but seem to have stabilized at a relatively high level, the Food and Agriculture Organization (FAO), a UN agency, said in its monthly food price index. The three-point price decline was the first after three consecutive months of increases, and although the index is significantly down from its record level of 235 points in April last year, it is still well above the under 200 figure that preceded the 2008 food crisis. According to the index, published in the latest FAO Food Outlook, a global market analysis, projections for the second half of this year and into early next year indicate generally improved supplies and continuing strong demand. Consequently, the global food import bill in 2012 could decline to $1.24 trillion, down slightly from last year’s record of $1.29 trillion. The forecast for cereals production indicates a modest expansion this year to a new record of 2,371 million tons, compared to 2,344

million tonnes in 2011. however, within the cereals sector, wheat production this year is projected to fall by 3.6 per cent, compared to 2011 to 675 million tonnes, with the largest declines forecast for Ukraine, followed by Kazakhstan, China, Morocco and the european Union. The expected decrease coincides with prospects of a slight reduction in total wheat utilization in the 2012-13 marketing season. The lower wheat output is offset by a record coarse grains production of 1,207 million tons anticipated in 2012, compared to 1,164 million tonnes in 2011. Rice production is expected to grow by 1.7 per cent in 2012 to 488 million tonnes, but slackening import demand and the return of India as a major exporter are keeping prices down. World rice production this year is expected to exceed demand for the eighth consecutive year. The market for oilseeds and derived products is expected to tighten again after two seasons of relatively ample supplies. Global sugar output in 2011-12 is set to increase by close to 8 million tonnes, or 4.6 per cent over 2010-11, reaching nearly 173 million tonnes.

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Saturday, 05 May, 2012

news BuLL-HEADED

KA-cHING!

BFP mulls budget excuses Fiscal deficit, inflation, energy and debt servicing prime challenges in budget: BFP g

LAHORE STAFF REPORT

ReSIDeNT Business Forum of Punjab (BFP) Ibrahim Qureshi said Friday that fiscal deficit, increasing inflation, energy crisis and debt servicing would be the prime challenges to tackle with for the government in upcoming budget 2012-13. he said there a need of catering the long term and short term energy needs of the country. The current energy mix in Pakistan is not sustainable, as it is relying heavily on oil consumption he said and added that the costly energy has multiplied the cost of production making hard for industry to compete with globally in a highly uncompetitive interest rate regime. President BFP suggested that the government should make mandatory for all legal entities including individuals, association of persons, corporate and NGOs/NPOs to file annual tax returns with separate claim for exemption, if available to any segment as per law. According to him, the budget-making should not merely be an accounting exercise and instead it should be focused on growth of human capital through planning framework for socio-economic development than fiscal in the country. he said Pakistan has no debt sustainability strategy and over 30 percent of the current account expenditure is spent on interest payment. Ibrahim said the government should also look for targeted subsidies to benefit the poor, as that only five percent of subsidies at present are actually targeted at the poor. he also proposed various recommendations for forthcoming budget such as practicing minimum tax regime, reduction in corporate tax, budget safeguards for industry after opening up of trade with India, reforms in water and energy sector and taxation on remittances. President BFP further stressed the need for consistency in economic policies and putting focus on promoting entrepreneurship in coming budget.

Yup, budget is the red rag Bulls stampede over records, index up 192 points g Stocks hit 24-month high on pre-budget positive expectations g

KARACHI

STAFF REPORT

he Karachi stocks market rallied Friday to peak to the 24-month high on the back of what the analysts said the investors’ speculation for favorable federal budget announcements for the corporate sector. The benchmark KSe 100-share index closed higher by 192.36 points at 14,612.28 points against 14,419.92 points of Thursday. The index hit the intraday high and low of 14,627.95 and 14,419.92 points, respectively. The turnover in the traded shares was recorded at 335.166 million at the ready-counter that was against the 293.970 million shares of the previous day. “The KSe 100 index closed 48 month high amid higher trades in the pre-budget rally at KSe,” viewed Ashen Mehanti, a director at Arif habib Securities. The senior market analyst said the index managed to close near days high amid the investors’ interest in stocks across the board on speculations on favorable federal budget announcements for corporate sector and improve-

ment in Pak-US relations. The trading value skyrocketed to Rs 10.501 billion from the previous Rs 8.482 billion. The market capital also increased to Rs 3.730 trillion from 3.683 trillion of Thursday. In total 394 scrips were traded of which 182 ended up in the green zone, 154 in red zone and 58 remained unchanged. “The rise in local power tariff, expected approvals on proposals for new tariff mechanism in telecom sector, expectations for early resolution of circular debt concerns affected the sentiments,” said Mehanti. This, he said, was despite concerns for security situation in the city and rising political noise in light of Supreme Court’s decisions. The PTCL appeared as a volume leader with 51.657 million of its shares traded. The company marked a gain of 0.92-paisa in terms of share pricing that stood at Rs 14.42 and Rs 15.34 at the session’s opening and closing, respectively. The trading volume on the future market also remained robust and was recorded at 18.120 million shares against 16.704 million of the last trading session. The day marked 63 scrips appearing as gainers, 31 as losers and zero as unchanged.

Major Gainers Company

Open

High

Low

Change

UniLever Pak Ltd Unilever Food Nestle Pakistan Ltd. Bata (Pak) XD Wyeth Pak Limited

6400.00 2582.94 4196.99 632.91 768.31

6720.00 2712.08 4290.00 663.00 780.00

6395.00 2712.08 4196.99 649.00 765.00

6706.67 2712.08 4227.44 649.97 778.34

306.67 382 129.14 162 30.45 90 17.06 108 10.03 57

Major Losers Island Textile 252.39 Ismail Industr 88.00 Javedan Corporation 87.55 Blessed Tex. 76.92 Pak Gum & Chemical 139.20

246.90 88.00 88.89 73.76 137.50

239.78 83.60 83.90 73.75 135.00

Etihad Airways honoured as ‘Middle East’s Leading airline’ for sixth year

isLaMaBaD: The first batch of marble mosaic women trainees from Mansehra have successfully completed their three months training session. In this connection, a certificate distribution ceremony was held at King Abdullah Physiotherapy hospital Mansehra. CeO, Pakistan Stone Development Company (PASDeC) Ihsanullah Khan distributed the training certificates among 47 women trainees who completed their training session successfully. PASDeC in collaboration with IPALMO Italy set up a marble mosaic training project at Mansehra to promote women skill development and entrepreneurship culture in the area. Ihsanullah Khan said PASDeC is promoting skill development and women entrepreneurship culture to promote self employment and alleviate the poverty at remote areas of Pakistan. he thanked IPALMO Italy for facilitating the project at Mansehra. PRESS RELEASE

LaHorE: etihad Airways, the national airline of the United Arab emirates, was recently named the Middle east’s Leading Airline for the sixth year in a row at the prestigious World Travel Awards Middle east. The accolade was one of four awards won by etihad Airways. etihad was also recognised for the Middle east’s Leading Airline First Class, Leading Airline In-flight entertainment and Leading Cabin Staff. The World Travel Awards (WTA), described by the Wall Street Journal as the “travel industry’s equivalent to the Oscars,” are voted for by passengers and travel agents from 160 countries. etihad Airways President and Chief executive Officer, James hogan, said “I am immensely proud to see etihad Airways hold onto the coveted title of Middle east’s Leading Airline. Not only that, but this is also the sixth year in a row that we have taken home the regional honors for Leading Airline First Class and the third year in a row to be recognised for Leading Cabin Staff. NNI

SEcP launches inter-company Registration Oﬃce electronic inspection service isLaMaBaD: In order to further facilitate stakeholders, the SeCP has launched inter-Company Registration Office (CRO) electronic inspection service. Through this service, stakeholders can electronically inspect inter-CRO record of companies, which includes scanned/archived version of all recorded/registered documents of companies in Islamabad. To inspect record of any company registered at the Karachi CRO can now inspect such record electronically at the Islamabad CRO. This service is available at all CROs of the SeCP across Pakistan. The service is available for all “recorded/registered” documents, received through both online and offline mode of submission. The detailed procedure is available in Circular No 14 of 2012, placed on the SeCP website. PRESS RELEASE

GSK to increase consumer healthcare investment in Pakistan KaraCHi: GlaxoSmithKline (GSK) has reinforced its commitment to Pakistan by announcing it will increase investment in consumer healthcare brands over the next five years. It will do so via the introduction of new brands in its Wellness, Oral health and Nutrition portfolios; said Mr. John Sayers, President of GSK Consumer health for Asia, Pacific, Latin America, Africa and Middle east (APLAM) at a press conference held here at a local hotel. Sayers spoke at length on GSK’s commitment to Pakistan as an emerging market on which there will be extensive focus in the coming years. he said GSK had identified emerging markets such as Pakistan as future growth drivers for the company. “Pakistan offers a diverse population pool that has significant growth potential and is strongly registering on our consumer healthcare investment radar,” stated Ambati Venu. he said Pakistan would be one of the future growth markets not only for the Middle east region but also for the global business. PRESS RELEASE

DIB Pakistan becomes first Islamic bank to launch hajj scheme KaraCHi: Dubai Islamic Bank Pakistan Limited – a subsidiary of Dubai Islamic Bank UAe, The World’s First Islamic Bank has been nominated by the Ministry of Religious Affairs, Government of Pakistan (GoP) to facilitate its hajj Scheme. DIBPL has become the first Islamic Bank in Pakistan ever to collect hajj applications on behalf of the GoP. Intending pilgrims can obtain hajj Application Forms from any branch of DIBPL across Pakistan. The Bank will accept hajj applications on behalf of the Ministry of Religious Affairs on a first-come first-serve basis. The Ministry of Religious Affairs intends to facilitate hajj for 90,000 pilgrims this year and has proposed three different categories of the hajj Scheme depending on accommodation. Forms for each of the respective category (Green, Blue and White) are available at all DIBPL branches. PRESS RELEASE

Seminar on ‘Palm Oil Refining competency’ on Monday KaraCHi: Pakistan edible Oil Refiners Association (PeORA) and Malaysian Palm Oil Board (MPOB) jointly organising seminar on “ Palm Oil Refining Competency” to be held on Monday, 7th May 2012 at local hotel, Karachi. Vice Admiral Muhammad Shafi, hI (M), Chairman, Port Qasim Authority will be the Chief Guest and Mian Muhammad hanif, Chairman, PeORA, Dr. Ahmed Khushairi, Deputy Director General (R&D) MPOB, Mr. Rasheed Janmohammad, Vice Chairman, PeORA, Dr. Tufail Sherazi, Professor, National Center of excellence in Analytical Chemistry, University of Sindh, Jamshoro, Pakistan, Mr. Mokmin Bahari, head of Unit, Food safety and Code of Practice, MPOB and Mr. Fairus hidzir, Regional manager, MPOB, Karachi will be the speakers at the seminar. NNI

246.90 83.65 83.93 73.76 136.38

-5.49 32 -4.35 1,013 -3.62 4,800 -3.16 600 -2.82 4,412

Volume Leaders P.T.C.L.A 13.52 Lotte PakPTA D.G.K.Cement Jah.Sidd. Co. Fatima Fert.CoXD

14.52 8.54 41.84 15.93 24.40

13.60 9.50 43.85 16.93 25.51

14.42 8.70 42.10 16.10 24.60

0.90 9.32 43.41 16.93 25.30

26,417,756 0.78 22,764,968 1.57 15,901,007 1.00 13,673,466 0.90 13,049,437

Interbank Rates US Dollar UK Pound Japanese Yen euro

90.9574 147.2782 1.1323 119.5544

Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar

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91.20 119.04 146.65 1.1234 91.50 11.58 24.72 24.22 92.57

91.80 120.15 147.99 1.1336 92.84 11.75 24.92 24.41 94.87

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ERRA completes 60 percent of its projects isLaMaBaD: earthquake Rehabilitation and Reconstruction Authority (eRRA) has completed 60 percent of the projects that were designed in order to facilitate the earthquake affectees,26 percent projects are near completion while 14 percent on-going projects are yet to be completed. This was said by Abid hussain, Director General eRRA while addressing the inaugural ceremony of Sheikh Khalifa Bin Zayed Al Nahyan city. The city has been established by UAe Red Crescent. Sardar Muhammad Yousaf, ex-Parliamentarian and District Nazim, Syed Ahmed hussain, Minister for Irrigation KPK, UAe Ambassador, essa Abdullah Al Basha, and Chairman Red Crescent, Ahmed hameed were among the participants of the ceremony. Abid hussain said that the total number of the projects run by eRRA after the earthquake 2005 was 12905 while 7740 projects have been completed. PRESS RELEASE

SBP injects Rs 116.350 bln KaraCHi: State Bank of Pakistan in its reverse repo open market operation in treasury bills and Pakistan Investment Bonds on Monday injected Rs 116.350 billion in the banking system. According to SBP here Friday, the offered amount was Rs 121.850 billion while the rate of return stood at 11.58 percent per annum. PRESS RELEASE

Australian trade commission visits PBIT LaHorE: In order to find investment avenues in Pakistan a delegation of Australian investors Friday visited the office of Punjab Board of Investment & Trade (PBIT) here. The delegation comprised of Senior Trade & Investment Commissioner- South Asia Australian Trade Commission, Brothers P/L Fruit processing and Juicing Company based in South Australia, COO, enshaa PSC and CeO Tall Trees hotel UK held a meeting with PBIT’s high level officials. They shared their interest in developing economic collaboration with Punjab in the Agriculture, Iron Ore extraction and energy sectors. They also specified their interest in corporate farming, Beef&sheep farming, halal meat project, value addition in citrus and mango; juicing and processing for exports as well as investing in Coal fired power plants and Power stations at major canal systems in Punjab. STAFF REPORT

NTc completes video conferencing project isLaMaBaD: National Telecommunication Corporation (NTC) has completed the challenging project of Video Conferencing which is directly related to overall objectives of Information Technology (IT) action plan and the concept of e-Governance. NTC has deployed state of the art hardware and designed a scalable network by means of which fast, reliable, secure and real time access will be possible between the top Federal and Provincial Government officials for better and closer communication without physical displacement. According to official sources in NTC, with Video Conferencing System deployed, Federal and Provincial government officials and ministers can do telecasting from NTC offices. APP

Traders appreciate the high five PIAF welcomes 5-day gas supply to the industry LAHORE STAFF REPORT

AKISTAN Industrial & Traders Association Front (PIAF) has hailed the decision of gas supply to the industry of Punjab for five days and termed it a big relief for the crisis-hit industry in Punjab. In a press statement issued here Friday, Chairman PIAF engr. Sohail Lashari and Chairman Autoparts Manufacturers & exporters Association Tahir Javed Malik that 5-day gas supply to the industry in Punjab would make the situation better. he said that unavailability of gas for a long period has caused irreparable damage to the industrial sector. Not only, graph of unemployment went up but country has lost its place in the international market. They said that industrial production was at lowest ebb because of prolonged gas load shedding and the exportoriented industry was unable to full fil their export orders and foreign buyers turned to other countries. They said that the industrial sector was playing an important role for the national economy. They said that 5-day gas supply to the industry of Punjab was a step in right direction but there is a strong need to find out longstanding solutions to address the issues of energy shortage to avoid any horrible energy crisis in future. They urged the government to accelerate work on the Pak-Iran gas pipeline and refuse any pressure to this regard. he also demanded the government to start construction Kalabagh Dam to generate cheap and sufficient electricity in the country.