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profit.com.pk
Wednesday, 6 June, 2012
BUDGET REVIEW FY13
And the announcement continues to reverberate… g
Deficit to swell beyond Rs1.185tr, thanks to current, war expenditures, interest payments KARACHI
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STAFF REPORT
hE federal budget outlay for FY13 stands at Rs3.203 trillion which is three percent higher than last year’s revised estimate. According to Invest Capital Research’s report, against an estimated revenue generation of Rs 2.381 trillion, the budget deficit for FY13 would be at Rs1.185 trillion (5.0 percent of the GDP). however, inclusion of Rs80bn owing to NFC award would lower down consolidated fiscal deficit at Rs1,106bn (4.7% of GDP). Gross revenue receipts are estimated at Rs3,234bn (27.5% YoY), which are inclusive of Rs2,381bn estimated to be collected by the FBR. The tax to GDP ratio is thereby estimated at 10%, which is on the higher side when compared to last year’s revised estimate of 9.5%. Moreover, the total expenditure is estimated to grow by meager 0.6% compared to last year’s revised budget estimate. however, fiscal space is built through lowered current expenditure (14.5% of GDP compared to 16.3% last year revised estimates). While the deficit target looks encouraging compared to last year’s revised estimate of ~7.4% of GDP, it is equally ambitious to achieve the same given the inherent issues with current expenditures. Funds allocated for current expenditures exceeds 16% to Rs2.3tr this year compared to last budgeted figures of Rs2.1tr, however the current allocation is 4% lower then the revised estimates of last year which shows a high degree of divergence in expenditure estimations by the government. While the allocation for current expenditure is still highly concentrated towards non-productive, segments such as debt servicing (accounts 39% of total) and defense expenditures (accounts
23% in total). Budgetary allocation for subsidies accounts for Rs209bn (0.9% of GDP) this year compared to last year allocation of Rs166bn (0.8% of GDP). But a bitter side of the subsidy story is that, the original expenditure of last year subsidies exceeded 3x(three times) the budgetary estimates to stand at Rs512bn inclusive of tariff differential subsidies to power sector which accounted for 91% (Rs464bn) of total subsidy expense. This year target allocation of Rs185 bn for power sector subsidies seems quite conservative as no concrete steps has been yet taken to implement re-
forms in power sector, failing to comply with targets will pose major risk over economic targets this year Government has gone aggressive for this year’s PSDP as allocation exceeds by 19% to Rs873bn compared to last year allocation of Rs734bn. The federal and provincial allocation this year exceeds by 19%YoY both to Rs360bn and Rs513bn respectively. As far as utilization of the allocated amount is concern, during 9MFY12 (Jul-Mar) Gov’t only utilized Rs421bn(57% of original budgeted figure of Rs734bn), how much funds will Gov’t make available to achieve the said
target this year is the question still to be answered. Market still seems to be vary with the post budget developments, whereas provincial budgets still to be announced are keeping the investors upbeat. however, as major announcements of this budget are already priced in, capital markets are expected to rally with developments on PSDP expenditures related to infrastructure developments, Iran-Pakistan or TAPI pipelines, privatisation proceeds and most importantly monetary view of SBP over aggressive expenditure targets of the government.
$200m for natural gas! g
Govt, WB sign funding for Natural Gas Efficiency Project ISLAMABAD ONLINE
An Agreement was signed Tuesday between the Government of Pakistan and the World Bank for $ 200 million funding for Natural Gas Efficiency Project. The Financing/Loan Agreements were signed by Dr. Waqar Masood Khan, Secretary Economic Affairs Division on behalf of Government of Pakistan and Mr. Rachid Benmessaoud, Country Director, World Bank. The project Agreement was also signed on this occasion between Mr. Yusuf J. Ansari, Company Secretary, Sui Southern Gas Company Limited (SSGC) and the Country Director World Bank. The Project will be implemented by SSGC. The objective of the Project is to enhance the supply of natural gas in Pakistan by reducing the physical and commercial losses of gas in the pipeline system and improve the operational capacity of SSGC. Project will have the following components: (i) UFG reduction: This component will finance Goods andWorks that will help reduce un-accounted for gas (UFG) in the gas distribution system, including system segmentation and pressure management, pipe replacement and repair, cathodic protection, and advanced metering systems. (ii) Appliance Efficiency Pilot Project: This component will finance modern, energy-efficient gas appliances and/or retrofit appliance components for residential consumers in a pilot project. (iii) Technical Assistance: This component will finance assistance to the Sui Southern Gas Company Limited for improving its organizational capacity and customer orientation and for managing the project. The project will be completed by June 2017. The project will help to increase the supply of gas to the consumers, maintain adequate gas pressure, ensure better service delivery to the consumers and improve the efficiency of SSGC. In addition to this, the Project will also help curtail emission of greenhouse gases through the avoidance of direct methane gas leakages into the atmosphere.
Bring agriculturists into the tax net! KARACHI STAFF REPORT
The Karachi Branch Council (KBC) under the aegis of the Institute of Cost and Management Accountants of Pakistan (ICMAP) organised a post-Budget 2012-13 seminar here at a local hotel on Tuesday. Shahid h. Jatoi, Commissioner, Large Taxpayers Units, Karachi, who was the chief guest on the occasion, said budget stipulates measures towards self-reliance‚ spur growth through development program, protect vulnerable segments of society from impact of global recession through subsidies, social safety nets and huge allocation of Rs 183 billion to address power shortage challenge. he said the government spent Rs 50 billion to import 1.2 million tons fertilizer which was provided to farmers on
reduced rate resulting in not only selfsufficiency in food but also creating surplus for export. Jatoi said tax system has been simplified. Income Tax exemption limit‚ currently Rs 350,000 is being raised to Rs 400,000 tax rates also brought down which would benefit about 1.4 million tax payers. Speaking on the occasion, Arif habib, Chairman of the Arif habib Group, acknowledged budget to be the big positive for the stock market. he hoped that the much-awaited step would bring relief to nervous investors, sitting on the sidelines. “It is likely to give fillip to the market and improve turnover,” he said. Syed Muhammad Shabbar Zaidi, Partner, A. F. Ferguson, Chartered Accountants, said FBR is now empowered to transfer the registration of any person or business of a registered person to
an area of jurisdiction where the place of business or registered office or manufacturing units is located. however, the change of jurisdiction of any business of a registered person is against the principle of single registration of taxpayers. Ali Rahim, former President Karachi Tax Bar Association, said the government has presented a balanced budget for next year under prevailing circumstances. he said the budget would provide substantial relief to salaried persons and association of persons and added that the reduction in turnover tax from 1 per cent to 0.5 per cent was also laudable. he said the agriculture sector, which contributes 20 percent to the GDP and only one percent in revenue, should have been documented. Rahim said the government should tax agriculture income by bringing mid-
dleman into the tax-net. The budget comprises many popular decisions taken to get political mileage, said advisor to the Chief Minister Sindh on investment and the former KCCI President Muhammad Zubair Motiwala. “Duty on pharmaceutical raw material has been reduced from 10% to 5%,” he mentioned pointing out that the budget has included some measures to provide relief to the industrial sector. Motiwala said that budget states a deficit of around Rs1trillion but fails to mention the strategy to bridge the gap. he further said that since going to IMF during an election year would be a very unpopular move, the government should have come up with a plan to deal with the mounting deficit. Session Chairman, Ashfaq Yousuf Tola, Partner, Naveed Zafar Ashfaq Jafferi and Co. said the Federal Budget 2012-13 is balanced keeping in view the
ongoing situation and international aid stoppage. he said the circular debt will be cleared this year. he said some funds were allocated for the subsidy to the power sector but the expenditure was more than the allocated amount. Muhammad hanif Ajari, Director Strategic Development Getz Pharma, said that economic growth must for survival: he said the budget targets could bring good results if they are implemented in letter and spirit. he added that so far as the document is concerned it is an efficient budget. he said that if Pakistan did not accelerate its growth our survival will become difficult. Anis-ur-Rehman, Chairman Karachi Branch Council ICMAP, said the government had set an ambitious revenue target for FY12-13. he presented highlights of the budget and changes brought in through the Finance Bill 2012.
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Wednesday, 6 June, 2012
news There’s a silver lining; it’s across the eastern border
Asia Pacific in need of a massive influx g
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ISLAMABAD APP
Big investment needed in Asia-Pacific’s dwindling natural resources: study ISLAMABAD
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APP
SIA and the Pacific is consuming more resources than its ecosystems can sustain, threatening the future of the region’s beleaguered forests, rivers, and oceans as well as the livelihoods of those who depend on them, says a new joint report by the Asian Development Bank (ADB) and World Wildlife Fund (WWF). The Joint ADB-WWF study was launched to commemorate World Environment Day to encourage positive environmental action. The study, Ecological Footprint and Investment in Natural Capital in Asia and the Pacific, focuses on ways of preserving key large-scale regional ecosystems. “Major ecosystems such as the Coral Triangle and the heart of the Borneo rainforest are vital to the future of Asia and the Pacific,” said Nessim Ahmad, ADB’s Director for Environment and Safeguards and added “We need large-scale programmatic efforts
based on regional cooperation and local level action to make sure they are sustained for future generations.” By 2008, the per capita natural resources in these regional ecosystems had shrunk by about two-thirds compared to 1970. Despite the rich natural capital in the region, the report says that biodiversity is in decline in all types of
ecosystems, with the rate of species loss about twice the global average. The report uses the Living Planet Index to measure changes in the health of ecosystems across the Asia and the Pacific, saying the global index fell by around 30% over the past four decades, while the Indo-Pacific region saw a 64% decline in key populations of species during the same period.
India heading towards worst economic crisis: experts
Across the region, the gap between the ecological footprint - or human demand for natural resources and the environment’s ability to replenish those resources is widening. “The challenge for countries in Asia and the Pacific is to manage their natural capital sustainability, so that they maintain ecosystem services in the interests of long-term economic development,” said WWF’s Director General Jim Leape. “We need to create mechanisms that make protecting our resources the right economic choice for the communities that use and depend on them,” Leape added. The report estimated that every dollar spent on conservation efforts would yield an economic and social value of ecosystems worth over $100. ADB places environmentally sustainable growth at the core of its work to help reduce poverty in the region and the bank approved a record 59 projects supporting environmental sustainability in 2011, which amounted to about $7 billion in financing.
The sharp drop in Indian rupee against dollar has triggered concern among the experts who say its continued fall could pose some major challenges to the Indian economy in near future. Experts say the fall in the rupee has bloated the size of oil import bill for India forcing the government to hike the petrol prices by a steep Rs 7.54 per litre on May 23; the prices were reduced by Rs 2 after some days, KMS reported. Curiously, the hike created ripples across the country and evoked wide condemnation. Experts said there could be many more price hikes of petrol in the immediate future. “Even the government could go for decontrol of diesel, LPG and kerosene,” they said. “Increase in the prices of petrol is due to the appreciation of dollar against rupee,” Professor Nisar Ali, economist said. “We have to pay for crude oil in dollars and increase in value of dollars automatically makes the oil dearer,” Professor Ali said. Professor Ali likened the increase in oil import bill with `imported inflation.’ Shakeel Qalander, industrialist blamed the Indian government for the hike in petrol prices and depreciating rupee. “This is the result of the bad policies” of New Delhi, he said, adding that such an economic scenario has “shaken the confidence of investors in the country.” Experts said that the reason behind low investment could only be attributed to the volatile economic environment that doesn’t inspire confidence in global and domestic investors to put their money in the Indian market.
SECP facilitates shareholders
FPCCI yet to issue budget response ISLAMABAD APP
The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Tuesday said that it is yet to react on federal budget presented on June 1 in the National Assembly. FPCCI’s Working Group on the Federal Budget 2012-13 is presently examining the budget proposals and the Finance Bill, a spokesman of the chamber said. Official stand of the FPCCI will be issued once the Working Group completes the process of scrutiny, he added. The spokesman further clarified that different statements of FPCCI officials after announcement of the budget were their personal opinions and not the official stance of the Apex chamber. FPCCI would seek clarification from the Ministry of Finance on any anomalies which are not clear in the budget documents before releasing reaction. The spokesman clarified that a section of the press has mentioned VP, Shakil Ahmed Dhingra as the acting president which is incorrect. he said President, FPCCI haji Fazal Kadir Khan Sherani is currently out of country, he has appointed Sheikh Abdul Waheed Sandal as the acting president of FPCCI.
Asian leaders promise to get their act straight g
Vow strong economic alignment for prosperity ISLAMABAD ONLINE
Perceiving global economic crisis of 2008 and recent debt crisis of Eurozone, the economic leaders of South Asia and China on Tuesday vowed for stronger economic coalition for booming Asia by encouraging and promoting “Look East” Policy. This was decided in the 7th China-South Asia Business Forum (CSABF) commenced in the Kunming, China. The forum was jointly inaugurated by Commerce Minister Makhdum Amin Fahim and Mr. Wang Jinzhen, Vice Chairman of China Council for the Promotion of International Trade. Addressing on the occasion, Tariq Sayeed, former President of SAARC Chamber of Commerce and
Industry that Asia had its own economic strength which can be gauged from the fact that China, Japan, India, South East Asian and South Asian countries forms 50 per cent of the global economy, handle 60 per cent of the world trade and provide more than 70 per cent of the global population. “The existence of three economies (China, Japan and India) amongst top 5 of the world provides enough domains for intraAsia economic cooperation to mitigate the impact of global imbalances and the Western World,” said Mr. Sayeed. VP SAARC Chamber of Commerce said that instead of entirely depending upon on EU and NAFTA, focus should be diverted to intra-Asia cooperation. he suggested to encourage and
promote greater market access between China and South Asian countries, exchange of FDI, relocation of technology, interchange of labour and capital intensive industry, develop human resource, innovative and high-tech industrialization, harmonization of standards, creating business enabling environment and to reinforce each other’s economies by taking futuristic measures. Minister of Industry and Commerce of Sri Lanka Rishard Bathiudeen, Deputy Minister of Commerce and Industries of Afghanistan Topgyal Dorji, President of Bhutan Chamber of Commerce and Industry Kalpana Shrestha, Under-Secretary of Ministry of Commerce and Supplies of Nepal also addressed the inaugural session.
ISLAMABAD ONLINE
To facilitate the shareholders of the companies and to encourage payment of dividend through direct credit in the shareholders’ bank accounts, the SECP has introduced certain amendments to the existing Form of the “Transfer Deed”. It has been observed that shareholders of companies are facing various problems with respect to receipt of cash dividend through dividend warrants. These problems include misplacement of dividend warrants, delay in encashment of dividend warrants, fraudulent encashment of dividend warrants, delays/loss of dividend warrants in postal service etc. Further, the unclaimed dividend has also been piling up on the books of listed companies. A study conducted on 10 blue chip companies shows that an amount of more than Rs4 billion stood as unclaimed dividend in their books for the year 2011. The above referred amendments in the transfer deed and issuance of directives by the SECP regarding payment of dividend through prompt credit in the shareholders’ bank accounts will not only bring efficiency and hassle-free environment, but will also eliminate malpractices such as fraudulent encashment of dividend warrants, delays/loss of dividend warrants in postal service and minimizes the issuance of duplicate dividend warrants. This will also improve the unclaimed dividend position in the books of companies. The SECP has thus provided a mechanism whereby all prospective shareholders by filling in the dividend mandate portion of the transfer will get their dividend direct in to their bank account.
For the umpteenth time, who’s going to take care of food security? g
SAARC countries urged to prioritise food security strategies ISLAMABAD APP
Speakers at a conference here on Tuesday urged upon the SAARC member countries to prioritise food security strategies and invest in their agricultural sectors to reduce poverty. The three day SAARC Regional Conference titled “New Frontiers in Agricultural Genomics and Biotechnology” was organized by Pakistan Agricultural Research Council (PARC) and National Institute for Genomics and Advance Biotechnology with an aim to highlight
the food security issue and seek possible solutions to the food scarcity. On the occasion, Federal Minister for Religious Affairs, Khursheed Ahmad Shah lauded the role of PARC and other agricultural scientists, saying that they were playing a contributing towards alleviating poverty and ensuring food security to meet the challenges. South Asia with over 40 percent of the world’s poor and 35 percent of the world’s under-nourished, has the highest concentration of poverty and hunger in the world, remarked Minister of State for National Food Security and Re-
search, Sardar Moaazam Ali Jatoi. “There is need to develop a comprehensive approach based on latest technologies and research to meet the food security challenges in SAARC Member countries,” he said. The minister said that greatest challenge to humanity in the 21st century is to meet the food needs, saying that which could be overcome by doubling crops and livestock. Speaking on the occasion, renowned bio-technologist, Dr. Kausar Abdul Malik said that there is a need to remove the legal obstacles for development of agricultural sector.
Chairman, Pakistan Agriculture Research Council (PARC), Naveed Salimi said that Pakistan and India are only two countries which have released Genomic Crops commercially. Pakistan has joined the club of biotech crops growing countries in 2010 with the approval of Bt-cotton cultivation and is currently ranked at 8th position among the 29th countries, he added. he said there are clear indications that this technology will have a significant role in future of economics growth of SAARC countries. Speaking on the occasion, Chaudhry Nazir , MNA
and Chief Patron of Alladin Group of Companies said that biotech is the only tool for the agriculture enhancement in the country. Prof. Shahana Urooj, Pro-vice chancellor of Karachi University remarked that the Future of the agriculture is dependent on the bio-tech. Different research papers were presented on the occasion by local as well as representatives from the SAARC countries. Scholars including Ghulam Ali, Director , NIGAB, Dr. Zafar, M, Yousaf also shared their knowledge about the biotech with the participants of the conference.
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news UBL acquires 67pc shares of Khushhali Bank KARACHI STAFF REPORT
The United Bank Limited (UBL) has acquired 67.4 percent shareholding of the Khushhali Bank Limited (KBL), it emerged on Tuesday. The deal was made by UBL through inking a Share Purchase Agreement (SPA) with almost a dozen local and foreign banks on Monday, June 4. The sellers of the KBL’s shares included the National Bank of Pakistan, MCB Bank, Allied Bank, Standard Chartered Bank (Pakistan), Askari Bank, Citibank N.A, habib Metropolitan Bank, Faysal Bank, KASB Bank, Silk Bank and the Summit Bank. The acquisition increases the shareholding of the UBL in the KBL cumulatively to 29.69 percent. The UBL, which is part of a consortium comprising ShoreCap II Limited, Rural Impulse Fund II S.A SICAV-FIS, responsAbility Global Microfinance Fund and ASN NOVIB Microkredietfonds, already holds 11.74 percent of the issued and paid up capital of the KBL. The total cumulative shareholding of the consortium now stands at 79.2 percent of the paid up capital of the Khushhali Bank. “We have entered into and executed a Share Purchase Agreement on June 4,” the bank informed its shareholders at the country’s three stock exchanges in Karachi, Lahore and Islamabad on Tuesday. The buying has been made at a purchase price/share of Rs 20.44 approximately, the bank said.
Major Gainers
THE RETURN OF THE INTIMATE BEARS
The whole world conspires to knock down KSE g
Uncertainty over global stocks, rupee-dollar parity, macroeconomic instability among the topmost conspiracies KARACHI
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STAFF REPORT
NCERTAIN global stocks and commodities, concerns over the fall in rupee-dollar parity amid macroeconomic instability and uncertainty over Pak-US relations on NATO supply issue all converged to play the catalyst’s role in bearish sentiments. The plunge came despite support in cement and power sector on pre-budget speculations. These views were shared by Ahsan Mehanti, Director at Arif habib Investments Limited. The Karachi Stock Exchange (KSE) 100-share index nosedived 49.69 points or 0.36 percent to close at 13,708.23 points as compared to 13,757.92 points of the previous session. The KSE 30-share index shed 90.96 points to close at 11,835.05 points as compared to the pervious day’s 11,926.01 points. The market turnover was down to 67.622 million shares after opening at 95.714 million shares. The overall market capitalisation declined 0.05 percent and traded Rs 3.509 trillion as against Rs 3.522 trillion. Losers outnumbered gainers 99 to 167, while 96 stocks were unchanged. Mehanti added “Limited foreign interest, fall in global stocks and commodities pending Euro zone
debt crises, outstanding circular debt issues in Pakistan energy sector and uncertainty over federal budget announcements for banking sector played the catalyst’s role in bearish sentiments amid consolidation in stocks across the board at KSE.” The KMI 30-share took a 168.35-point plunge to close at 23,740.82 points from its opening at 23,909.17 points. The KSE all-share index closed with a loss of 36.03 points to 9,663.33 points as against 9,699.36 points. DGK Cement was the volume leader in the share market with 5.187 million shares as it closed at Rs 41.31 after opening at Rs 41.87. Fatima Fertiliser Company traded 4.561 million shares as it closed at Rs 24.55 after opening Rs 24.93. Jahangir Siddiqui Company traded 3.734 million shares as it closed at Rs 14.64 from its opening at Rs 14.91. hub Power Company traded 2.884 million shares and closed at Rs 39.70 as against its opening at Rs 39.81. Engro Foods Limited traded 2.297 million shares as it closed at Rs 67.18 as compared to its opening at Rs 66.55. On the future market, the turnover decreased to 5.503 million against 11.392 million shares of Monday. Nestle Pakistan Limited and Unilever Pakistan, up Rs 150.21 and Rs 60.19, led highest price gainers while, National Refinery and Mithchells Fruit down Rs 12.00 and Rs 11.74 respectively, led the losers.
Company
Open
High
Low
Close
Change
Turnover
Nestle Pakistan Ltd. UniLever PakXD Bata (Pak) Limited Shield Corpor Attock PetroleumXD
3849.94 7199.81 635.01 111.89 442.36
4039.99 7280.00 650.00 117.48 448.00
3700.00 7100.00 635.01 117.48 443.60
4000.15 7260.00 646.63 117.48 447.81
150.21 7,846 60.19 31 11.62 505 5.59 505 5.45 2,485
Major Losers National Refinery Mithchells Fruit MCB Bank XD P.S.O. XD Atlas Battery Ltd.
241.34 322.31 167.23 249.00 209.65
242.49 318.75 169.10 250.50 210.25
229.28 310.50 162.01 244.01 203.25
229.34 310.57 162.70 244.79 205.51
-12.00 279,694 -11.74 1,355 -4.53 571,468 -4.21 223,947 -4.14 9,145
Volume Leaders D.G.K.Cement Fatima Fertilizer Co Jah.Sidd. Co. Hub Power Company Engro Foods Ltd.
41.87 24.93 14.91 39.81 66.55
42.15 25.25 15.10 39.95 67.75
41.22 24.40 14.54 39.42 65.85
41.31 24.55 14.64 39.70 67.18
-0.56 5,187,632 -0.38 4,561,133 -0.27 3,734,019 -0.11 2,884,245 0.63 2,297,583
Interbank Rates US Dollar UK Pound Japanese Yen Euro
94.0191 144.2253 1.2018 116.8940
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
93.90 116.01 143.36 1.1889 89.45 11.93 25.47 24.96 90.51
94.50 117.17 144.75 1.2003 90.82 12.11 25.69 25.16 92.85
CORPORATE CORNER Mobilink congratulates Green Shirts on equalising T-20 series of Jazz Cup 2012 LAHORE: Mobilink Jazz extends congratulations to the Pakistan cricket team on their exciting win in the second T20 of the Jazz Cup 2012. With this win, Pakistan draws the T20 series of the Jazz Cup, with an impressive exhibition of teamwork. Fast bowler Muhammad Sami played a vital role in this victory with 3 wickets, although the star of the show was Shahid Afridi with his invincible 52 and two crucial wickets that turned the match in Pakistan’s favor. Moied Javeed, Mobilink’s Director Marketing (Jazz), highlighted, “ Team Green has truly made the entire country proud with their passion and commitment to their sport during the T20 leg of the Jazz Cup 2012. I would like to extend heartiest congratulations to Team Green on behalf of Mobilink and the entire Pakistani nation for their commendable performance and wish them the best for the upcoming ODI and Test series.” Mobilink has a long standing commitment to the game of cricket in Pakistan and is also the official cellular service partner for the Pakistan Cricket Board.
New television commercial set for global launch LAHORE: Etihad Airways will premier a brand new television commercial and supporting digital media campaign to a global audience. Titled ‘Why’, the commercial and campaign focuses on why more than 40 million people have chosen to fly with Etihad Airways rather than industry competitors. Peter Baumgartner, Etihad Airways’ Chief Commercial Officer, said: “The Etihad Airways success story is a phenomenal one that will probably never be repeated. The airline has evolved from an initial vision, to a fledgling start-up, to the award-winning airline that we are today. “The marketing campaign shares some of the secrets of our success with a worldwide audience and shows how, in less than nine years of operations, we have carried more than 40 million passengers and become synonymous with providing customers with the highest levels of hospitality and service. Our home-base of Abu Dhabi has also experienced tremendous development during this period and we were thrilled to conduct the filming for the commercial at beach locations on the stunning Saadiyat Island. The tail fin message, and interest driven by the commercial, invites viewers to visit the specially developed microsite and other digital platforms in order to find out more.
PESHAWAR: Bilal Mustafa Managing Director The Bank Of Khyber (BoK) second from left presenting souvenir to honourable Chief Justice Peshawar High Court Justice Dost Muhammad Khan on formal inauguration of BoK Peshawar High Court Branch. Bok Executive Director Mir Javed Hashmat is also present on the occasion.
Maldives Airport Company adapts Oracle ERP Solution by Inbox KARACHI: Inbox Business Technologies proudly announced the successful completion of Oracle Enterprise Resource Planning (ERP) Application project at Maldives Airport Company Limited (MACL). MACL faced major challenges in keeping up with the rapidly changing economic environment while working to build an efficient and productive business model. The Oracle E-Business Suite answered many challenges that MACL was facing. The seamless flow of information across the organization provided better visibility of critical financial, human resource and supply chain details in real time to support key decision making. The end-to-end business solution aimed at leveraging automation had an immediate effect as MACL was now able to reduce additional overheads such as the manpower cost in the reconciliation and auditing process. With prompt availability of key information and an eye across the diverse portfolio of MACL, the solution also enhanced management’s productivity and efficiency, allowing them to keep up with the competitive market’s growing needs and meet customer expectations to the fullest.
ChenOne CEP expresses his views on the federal budget ISLAMABAD: Pakistan’s industrial growth and solution to economic problems depends on policies which foster strong economic development for the country. The eminent industrialist and the CEO of ChenOne, a leading lifestyle brand, Mr. Mian Muhammad Kashif Ashfaq expressed his views on the Federal Budget for 2012-13. he said that the current Govern-
ment had the opportunity to encourage industrial growth, economic stability and increase exports by formulating clear policies and thereby reducing unemployment and uncertainty which they failed to avail. Instead they presented a budget is a bundle of hollow promises and does not offer anything tangible solution to the problems faced by the masses. Mr. Mian Muhammad Kashif Ashfaq further said that eradicating loadshedding, improvement in the law and order situation, lowering of interest rates by banks and attracting foreign investment by offering attractive incentives are the only way to improve the conditions in the country. he said that the Government should consult the leading textile exporters and formulate a comprehensive strategy to foster its growth which will lead to an inflow of foreign exchange into the national economy. The ChenOne CEO added that this an unbelievable budget and the Government should make sincere efforts to improve Pakistan’s economy.
NBP commences ‘Foree Cash & Foree Transfer’ KARACHI: National Bank of Pakistan has commenced Foree Cash and Foree Transfer home remittance services with Ria Financial services, a wholly owned subsidiary of Euro net World-wide, Inc. Ria Financial Services was founded in 1987 and today is recognized as the third largest money transfer company in the world, with a global agent network of 155,000 locations in over 136 countries on 6 continents. This new partnership between Ria Financial Services and NBP shall facilitate Pakistanis expatriates from all over the world in sending money to their families and friends in Pakistan by simply visiting any Ria Financial Services agent location world-wide. The amount remitted from abroad can be collected from any of the NBP nationwide 1277 branches across Pakistan. In order to receive cash remittance, it can be instantly be collected via NBP ForeeCash, even without having a bank account. NBP Foree Transfer offers credit to the individual accounts in over 1200 online branches. Established by NBP, the Global home Remittances Group, is a dedicated center to serve expatriate remittances flowing into Pakistan. Khalid Bin Shaheen, SEVP/Group Chief, Global home Remittances, is a seasoned banker with over thirty years’ experience. he has adopted cutting edge technology to enhance service delivery and has introduced many value added services to remittance customers such as, SMS confirmation and dedicated customer facilitation centers for home remittance.
Coca-Cola, WWF organise insightful field trip on World Environment Day KARACHI: Coca-Cola Pakistan in association with the WWF, organized a field trip on World En-
vironment Day to Nathiagali, where a comprehensive project for watershed management is now in its fourth year of implementation. This project, with far-reaching and sustainable environmental benefits is wholly financed by The Coca-Cola Foundation, with WWF Pakistan as the implementation partner. The field trip was for 23 Bachelors and Masters level students of environmental sciences, from leading institutions of Islamabad, including universities of National University of Sciences and Technology, Quaid-E-Azam University, Islamic International University and the Pakistan Institute of Development Economics. A number of journalists reporting on the environment were also part of the group. The participants were first given presentations by Coca-Cola and WWF representatives and then taken on a visit to Namli Mera, one of the project sites. here they were shown first-hand the various aspects of the project, which include renovation and strengthening of natural water courses, saplings nursery and tree plantation, fruit orchard and flower cultivation by local communities for livelihood creation, environmental awareness creation for locals and tourists to the area, solar water-heating to reduce dependence on forest wood resources and rainwater harvesting. Speaking on the occasion, Fahad Qadir, Coca-Cola Pakistan’s Director Public Affairs and Communications said: “The environment is a key focus area for Coca-Cola globally as part of its CSR strategy, which goes well beyond mere one-off philanthropic donations, to supporting long-term projects that bring about sustainable benefits. This project in partnership with WWF is an excellent example of our approach, as the project is already in its 4 th year of implementation and measurable benefits are accruing, especially for the local communities who are now proudly taking ownership of the project.”
KARACHI: Mr Naeem Yayha Mir, MD & CEO, Pakistan State Oil (2nd from left) and Mr Ahmed Ali, Secretary- Forest & Wildlife Department, Government of Balochistan (3rd from left) are signing an MoU for the establishment of a 5,000 acre bio-diesel plantation located at Uthal, Balochistan, which will serve as a pilot project for commercial investors nationwide.