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Sunday, 27 January, 2013
Gas supply to Punjab industries from Feb 1 LAHORE
T
AGENCIES
he All Pakistan Textile Mills Association (APTMA) on Saturday postponed their protests as the government assured provision of gas supply to the industries in Punjab from February 1. APTMA Chairman Gohar Ijaz told reporters that he held conclusive talks with Petroleum Advisor Dr Asim hussain and MD Sui Gas Arif hameed. Ijaz said that the petroleum advisor has assured him provision of gas supply to all industries from February 1. The APTMA chairman said the association also decided to shelve their province-wide protests. The gas supply to industries in Punjab remained suspended from December last year, he added. Meanwhile, MD Sui Gas Arif hameed said that they are making efforts to provide gas supply to the industries despite huge energy shortfall. Procedures regarding gas supply to the industries and its monitoring would soon be finalised, he added. Thousands of textile workers, industrialists took out processions, held huge demonstrations against severe gas load shedding in Faisalabad on Saturday. holding placards and banners inscribed with slogans against the gas stoppage, the protesters shouted slogans “give us gas to run our factories, to earn our livelihood, to meet our both ends”. They also set ablaze tyres and burnt effigies of government officials. Addressing the protesters, Asghar Ali, chairman Pakistan Textile exporters Association, demanded the government provide uninterrupted supply of gas to keep the industries running and enabling their workers to earn something to make their both ends meet. Prolonged shortage of gas has crippled the textile industry resulting in the loss of billions of rupees to exporters.
The Faisalabad Chamber of Commerce president said the billion dollars industry was on lowest priority of the government that has put the future of millions of workers’ jobs at stake. he said that non-availability of gas to Punjab in-
dustries means huge unemployment. Addressing the protesters, Zia Alamdar, vice chairman Pakistan hosiery Manufacturers Association, said that the suspension of gas supply over the last seven weeks has completely halted the in-
dustrial wheel. Rizwan Ashraf, chairman All Pakistan Textile Processing Mills Association, warned that if the current situation lasted for a long period, thousands of daily-wagers would lose their jobs. Continuous
rise in the number of unemployed would definitely give air to anti-government sentiments. “It is not the industry only that would be suffering immensely, but the government would be an ultimate loser on many counts,” he added.
IMF chief tells Europe to SECP makes annual on-site take some time on deficits inspection mandatory for PARIS: IMF Managing Director Christine Lagarde said Friday that a French bid to bring its public deficit down to 3.0 percent of output this year was “extraordinarily ambitious” and urged europe in general to “take a bit more time” to straighten out its finances. “That seems to us to be an extraordinarily ambitious target,” Lagarde told France 2 television during an interview at the World economic Forum in Davos, Switzerland, when asked about the French government’s goal, which Paris set to respect an eU limit for public deficits and thus maintain credibility on sovereign debt markets. “The path must be taken collectively by europeans. France should not be alone, Spain alone, Greece alone and saying ‘it is too hard for me, I will go more slowly’,” Lagarde said. “It would be better to work collectively, to take a bit more time rather than to embark on a forced march,” the International Monetary Fund chief said. She noted that Spain was suffering after it decided last year to implement austerity measures aimed at putting its economy back on a sound footing as quickly as possible. The IMF has forecast that the eurozone will wallow through a recession this year, and Lagarde acknowledged that “the effect of austerity plans on growth is stronger than we had anticipated three or four years ago.” She said governments still must reduce their deficits and debt but suggested that public officials go “a little more softly” to avoid undermining emerging prospects for growth. AGENCIES
licensed entities ISLAMABAD STAFF REPORT
In order to increase the rate of regulatory compliance, the Securities and exchange Commission of Pakistan has made annual on-site inspection mandatory for all licensed entities including the brokerage houses. The SeCP claimed that strong regulatory environment based on international best practices is essential for the development of a modern corporate sector in Pakistan. Therefore, to ensure the compliance of all rules and regulations by licensed entities the SeCP has decides to conduct the annual onsite inspection and in this regard the SeCP’s will increase its enforcement capacity by 200%. The enforcement departments will be trained and equipped with latest and effective tools of auditing. Beside annual on-site inspection of all licensed entities, quarterly offsite monitoring will also be conducted. This will increase transparency, investor confidence and foreign portfolio investment. The companies, that will refuse annual inspection to SeCP’s enforcement team, will be imposed with heavy penalty and suspension of the licenses wherever applicable in the law. The maximum penalty for specialized companies including assets management companies, leasing firms, housing finance services, real estate investment funds, mutual funds and pension
schemes for the refusal of inspection is up to Rs 50 million as well as cancellation and /or suspension of the license. The maximum penalty for the brokerage houses, credit rating agencies, depository companies and clearing companies is up to Rs 100,000 and Rs1 million for insurance companies. In the past the SeCP took action against defaulters by filing criminal complaints and sometimes referring those cases to the NAB. however, in order to ensure compliance with all the relevant statutory requirements, it is necessary that offsite monitoring and onsite inspections should be regularly conducted for all licenses/licensed entities. In order to have effective enforcement and to adopt the best international practices, the SeCP has decided that the following divisions/departments will conduct offsite monitoring once in each quarter and onsite inspection once in a year of each of their following licensee/ licensed entities as a policy with effect from July 1, 2013. The maximum penalty for the refusal of inspection is up to Rs 50 million as well as cancellation and /or suspension of the license. The scope of items j and k to be limited to the law being administered the SeCP. The maximum penalty for the refusal of inspection is up to Rs 100,000 as well as cancellation and /or suspension of the license. The maximum penalty for the refusal of inspection is up to Rs 1 million.
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Sunday, 27 January, 2013
Political economy drives investor sentiment at booming equity market KARACHI ISMAIL DILAWAR
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MONG other factors, the political activity near the looming general elections in the country is calling the shots when it comes to Karachi Stock exchange (KSe). Last Thursday witnessed the KSe climbing to a new high with the benchmark KSe-100 share index peaking beyond 17,000 points level. The market observers attributed the historic positive to the politico-economic factors developing on the country’s internal and external fronts. The KSe 100-share index gained 148 points to close at 17,056.36 points compared to Wednesday’s 16,908.67 points. The intraday high and low the index hit on the day were recorded at 17,067.58 and 16,908.67 respectively, the closing point of the previous day. Of the total 353 scrips traded, 205 gained, 123 lost and 25 saw no change in their price. The trading volumes were higher to climb to 271
million shares as against 218 million of the previous session. The trading value also rose to Rs 6.90 billion from Rs 5.49 billion on Wednesday. The market capital grew beyond Rs 4.263 trillion compared to Rs 4.22 trillion a day earlier. The free float KSe-30 index also set in the green zone and gained 125 points to last at 13,931.66 points against 13,806.38 points of the previous trading session. The day marked mostly the second and third tier stocks leading the volumes with Fauji Cement, the volume leader, counting its traded
shares as 60.334 million, gaining Re 32 paisas on each of its stakes that were priced at Rs 7.48 in the opening and Rs 7.80 at closing. Turnover on the future market also headed northward to stand at 22.983 million shares compared to Wednesday’s 22.172 million. According to stocks analysts, the result announcement session had led other positives to help the index peak to the historic high. Muhammad Sohail, a broker and senior analyst at the KSe, said the announcement of “good” corporate results was the leading attrib-
02 Business Russia, Pakistan can be
utable factor for Thursday’s stocks market boost. “Good corporate results, foreign buying and a relative calm on local political front helped the equities to cross the 17000 mark,” Sohail, the Chief executive Officer of Topline Securities, told Pakistan Today. Another equity analyst Ashen Mehanti, a director at Arif habib Securities, said the rate-cut by the central bank in its Wednesday’s Tbill auction had coupled with the favorable announcement factor. “Stocks closed at record high amid rising trades in the earnings announcements session at KSe after the SBP slashes yield on Tbills,” the analyst said. Other catalysts Mehanti cited were the investors’ hope for a possible cut in the SBP discount rate to be announced next month, rising local cement prices, easing political uncertainty and renewed foreign interest. The abovementioned factors, the analyst said “played a catalyst role in bullish close in stocks across the board at KSe ahead of major earning announcements due next week”.
CNICs of non taxpayers will be blocked: FBR chief LAHORE
good economic friends MULTAN: Russian trade representative Yuri M Kozlov said on Saturday that Pakistan and Russia could be good economic friends for changing conditions at international level. Talking to traders and industrialists, the trade representative at the Russian embassy in Pakistan, Kozlov said that Russia had helped Pakistan promote the industrial sector like the steel mill at Karachi, Guddu thermal power station, Jamshoro power station and thermal power station at Muzaffargarh. he said he was paying visits across the country to inform the Russian government about any difficulty in trade with Pakistan. he said Russia was providing iron and fertilizer to Pakistan and added, “We want to explore friendship through trade relationships with Pakistan.” he said the Russian Senate chairman would visit Pakistan in March. APP
CORPORATE CORNER
RAWALPINDI: Begum and Lieutenant General (r) Asif Yasin Malik, Defence Secretary and Chairman of Pakistan International Airline (PIA), Sheharyar Mirza, General Manager Pearl Continental Hotel, Rawalpindi along with Abdul Hayee, Executive Assistant Manager, inaugurating the Chinese Food Festival at the Pearl Continental Hotel, Rawalpindi. PR
Research Centre in Malaysia named after Prof Atta-ur-Rahman
NNI
PESHAWAR: A labourer pulls a hand cart loaded with boxes for delivery in various markets of the provincial capital on Saturday. INP
Food exports up 4.82% in first half of 2012-13 ISLAMABAD APP
The food exports of the country during first half of financial year 2012-13 increased by 4.82 percent as compared to same period of last year. The exports of overall food group were recorded at US $2.054 million during July-December (2012-13) against the exports of US$ 1.959 million during July-December (2011-12). According to data of Pakistan Bureau of Statistics (PBS), the food exports from the country on month on month basis also increased by 14.34 percent and 18.01 percent during December 2012 when compared with December 2011 and November 2012 respectively. The food exports increased from US$ 384.493 million in December 2011
and US$ 374.465 million in November 2012 to US$ 441.923 million in December 2012. The major food items which recorded increase in their exports during the first six months of current financial year over same period of last year include sugar (100%), meat and meat preparations (43.74%), fish and fish preparations (2.64%), vegetables (38.28%), spices (25.07%), oil seeds, nuts and kernels (41.6%%) and all other food items (17.31%). Similarly the food items which recorded decrease in their exports include rice (12.33%), fruits (1.77%), pulses (56.68%), tobacco (40.91%) and wheat (61.49%). The overall exports from the country witnessed growth of 7.58 percent during the period July-December (2012-13) as compared to same period of last year. exports from the country during July-December (2012-13) were recorded at US$ 12.0513 billion against the exports of US$ 11.201 billion during the same period of last year.
Federal Board of Revenue Chairman Ali Arshad hakeem said on Saturday that computerised national identity cards of people who don’t pay their taxes on time would be blocked while their names would also be put on the exit Control List. Talking to reporters after inaugurating new Customs house building in Lahore, hakeem said all parliamentarians pay tax from their salaries, adding only 1.8 million pay taxes in a country of 180 million. he also said that current revenue collection is not enough to run a big country like Pakistan. The FBR chairman said that the tax-to-GDP ratio has reached the level of 9.1 percent with great difficulty, adding taxation reforms are absolutely essential to increase the tax base. hakeem said that the FBR has identified around 3.1 million people who do not pay taxes despite the capacity. he said that a bill on increasing the tax base will be presented in the National Assembly under which a person can get a national tax number by depositing Rs 40,000.
Turkey to invest in Punjab livestock sector LAHORE ONLINE
Turkey would invest in livestock sector in Punjab to meet the global requirement of halal product market. This was said by a three member delegation of Turkish Firm Aytac Food, headed by Chairman Dorsum Uyar that visited Punjab Board of Investment (PBIT) on Saturday. PBIT Chief executive Officer Javed Akbar told the delegation that Punjab government was highly committed to the private sector development and would offer probusiness environment to accelerate foreign investment and employment. Akbar informed the delegation that the global halal product market was worth $ 3 trillion while globally as well as locally there was a growing demand for certified and hygienic livestock product.
ISLAMABAD: The formal inauguration of a research centre on natural product chemistry named after Professor Atta-ur-Rehman in the largest university of Malaysia (Universiti Teknologi Mara) will be held on March 4. A large number of eminent educationists have been invited to Malaysia to participate in this historic event which include the Rectors of NUST and COMSATS, the VC of Bahawalpur University and the Director of the International Centre of Chemical and Biological Sciences at University of Karachi. The Institute will work on full-fledged PhD programs in fields such as organic chemistry, medicinal chemistry, biochemistry, genomics, proteomics, bioinformatics, neuroscience, proteomics, pharmacology, pharmacognosy and molecular medicine with a special focus on the bioactive constituents of terrestrial plants and marine sources. PRESS RELEASE
CIMA helping people and businesses to succeed KARACHI: Chartered Institute of Management Accountants (CIMA) hosted a dinner in honor of Gulzari Lal Babber, President of CIMA Global here in the Metropolitan at the Marriot hotel. CIMA is the largest management accounting body in the world, with more than 195,000 members and students in more than 176 countries. CIMA also is a member of the International Federation of Accountants. The event started with recitation of verses from the holy Quran and a brief intro of Gulzari Lal Babber by the host, Anoushey Ashraf. Afterwards Regional Director Mr. Bradley emerson shared his experience of being associated with CIMA Global and the contribution of Pakistan in producing qualified accountants. Addressing all the attendees Mr. Gulzari Lal Babber highlighted the fact that Pakistan has produced a number of CIMA qualified accountants who are rendering their services in all around the Globe and have proven their abilities to the world, but he also stressed that Pakistani Industry badly needs CIMA qualified accountants. he said that last year, 29,000 students had enrolled with CIMA, which developed as the leading professional body in areas of product costing, budgeting, management accounting, investment appraisal and business decision-making. Mr. Gulzari Lal Babber stated that CIMA goal is to make people and businesses succeed. CIMA has 3 offices in Pakistan including Karachi, Lahore and Islamabad. PRESS RELEASE