Saturday, 1 June, 2019
bUSineSS 11 CORPORATE CORNER BankIslami brings Eid festivities to Edhi Children Home LAHORE: As part of its corporate social responsibility (CSR) movement ‘Share to Care’, BankIslami recently visited Edhi Children Home in Korangi, Karachi. The bank’s staff visited the Edhi Welfare Centre to spread the spirit of benevolence in Ramzan. They spent time with children, had Iftar with them and distributed Eidi and new clothes among them. Edhi Foundation is a wellknown NGO working for many years, supporting orphans and abandoned children by providing shelter and related support activities. A total of 18 homes have been set up by Edhi Foundation all over Pakistan. As a whole, 8,500 younger boys and girls including elder ladies and gents have been accommodated in these 18 homes. BankIslami is pleased to work with Edhi Foundation with the aim to spread sheer happiness among children. It realizes that these children are a joint responsibility of society and they deserve a fair chance to grow up as productive members of the society. pr
Hamdard’s Sadia Rashid appeals for special prayers for Pakistan’s prosperity Hamdard Pakistan Chairperson Sadia Rashid has said in a statement that Shaheed Hakim Mohammed Said was the torch-bearer of the movement “27th Ramazan – Independence Day of Pakistan”. He started this movement in 1973 in order to recreate the passion, enthusiasm and sincerity of the Pakistan Movement. Hamdard has been taking forward this movement so that the nation should not forget the significance of the day of 27th Ramzan 1366 Hijri – 14th August 1947 - a country gifted by Allah, Al-Mighty. Pakistan is faced with many challenges. But Shaheed Hakim Mohammed Said was confident that Pakistan, being a nation, born in the blessed night of Lailat al-Qadr, has the capabilities to overcome all impediments coming in its way of progress and prosperity. “I appeal to the nation to pray for peace and unity of the country in the blessed night of 27th of Ramzan as the need of national unity is felt as much today as was never before.’ pr
Shaukat Khanum Memorial Cancer Hospital and Reseach Centre CMO Dr Muhammad Aasim Tusuf presents a shield to a participant of the Anti-Tobacco Poster Competition, organised by the hospital in different educational institutions. prESS rElEaSE
HAfEEz SHAIkH to dISCuSS uPComIng BudgEt wItH BuSInESS CommunIty todAy ISLAMABAD app
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DVISOR to Prime Minister on Finance Dr Abdul Hafeez Sheikh will visit Lahore today (Saturday) to discuss in detail matters of mutual interests with the business community and seek final proposals regarding the upcoming federal budget. "The advisor will also take the business community into confidence regarding the decisionmaking process so that the national agenda, which is to bring about economic stability in the country, could be prepared," said Pak-US Business Council President and United Business Group (UBG) Chairman Iftikhar Ali Malik on Friday. He said the business community is well aware of the critical economic situation of the
Prime Minister Imran Khan, the businessmen are confident that "the economic team of the Pakistan Tehreek-e-Insaf (PTI) government would put Pakistan’s economy back on track". He said the business community would suggest Hafeez Sheikh support the agriculture sector and small medium enterprises (SMEs) in order to create job opportunities, besides focusing on increasing the volume of exports to meet the economic challenges. "We will also urge the government to create an export development fund so that industrial exhibitions could be organised and foreign investors could be attracted," he stated, adding that in order to earn more dollars, the government should focus on improving the volume of exports, remittances and investment, besides curtailing unnecessary imports.
CDWP refers four mega projects worth Rs237bn to ECNEC ISLAMABAD STaFF rEpOrT
The meeting of the Central Development Working Party (CDWP), held under the chairmanship of Planning, Development & Reform Minister and Planning Commission Deputy Chairman Makhdum Khusro Bakhtyar, approved four projects worth Rs6.552 billion and recommended another four projects worth Rs237.178 billion to the Executive Committee of National Economic Council (ECNEC) for consideration. Planning Secretary Zafar Hasan and other senior officials from the federal and provincial governments were also present on the occasion. Projects regarding energy, information technology, manpower, governance and education were presented in the meeting. Sindh's Planning and Development Department and the Federal Ministry of Economic Affairs Division presented a project titled 'Sindh Secondary Education Improvement Project' worth
Rs11.53 billion. The purpose of this project is to construct 160 secondary school blocks in ten districts of southern Sindh including Sujawal, Tharparker, Umerkot, Thatta, Badin, Sanghar, Tando M Khan, Matiari, Mirpurkhas and Tando Allahyar. The CDWP recommended the project to ECNEC for consideration. The second project related to the education sector was presented by the Ministry of Federal Education and Professional Training, The project titled 'Improving Human Development Indicators in Pakistan with focus on Sustainable Development Goals' worth Rs2.99 billion. The project was also approved by CDWP. Two projects related to the energy sector were presented in the meeting. The first project titled '1,230MW Combined Cycle Power Plant at Haveli Bahadur Shah, Jhang' worth Rs97.2 billion and the second project titled '1,230MW Combined Cycle Power Plant at Balloki, Kasur' worth Rs94.03 billion were presented. Both projects were
Govt to issue sales tax refund bonds to claimants In order to facilitate business community and exports, Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh on Friday directed to issue sales tax refund bonds to the claimants through Central Depository Company (CDC), a private media outlet reported. Speaking at a ceremony held at the Ministry of Finance in Islamabad, Hafeez Shaikh said that the bonds amounting to Rs7 billion were being issued in the first tranche and this issuance shall benefit 90 claimants. He said that the Federal Board of Revenue(FBR) was planning another issuance next month. The advisor asked the claimants to exercise
country and is ready to extend full support to the government in its endeavours to bring the country out of the quagmire of economic crises. The UBG chairman recalled that the prime minister had already held fruitful meetings with Federation of Pakistan Chamber of Commerce and Industry President Eng Daroo Khan Achakzai and other top officials of the private sector a couple of days ago in Islamabad to exchange views on the national economy. He maintained that Hafeez Shaikh, in line with the policy of the prime minister, is taking the business community into confidence so that good understanding could be cultivated and a viable strategy to address their all legitimate grievances of the business community could be developed. Malik said Hafeez Sheikh is a seasoned economist and under the dynamic leadership of
their option for issuance of bonds and provide their CDC accounts to FBR so that they could be accommodated in the next issuance. The government decided to issue sales tax refund bonds to the claimants so as to resolve the problems of long outstanding refunds. Earlier on March 4, the Federal Board of Revenue (FBR) had advised the State Bank of Pakistan (SBP) to make the payment of sales tax refunds amounting to Rs7,236 million to facilitate the exports. The payment would benefit 898 claimants involved in exports of textile, carpets, leather, sports goods, surgical instruments, rice, food items, machinery and other items, according to an FBR statement. BUSINESS DESK
forwarded to ECNEC for further approval. A project related to manpower titled 'Youth Education, Employment, Empowerment Project Sindh' worth Rs1.01 billion was approved by CDWP. Two projects related to governance were presented before the meeting. The first project titled 'Competitive and Liveable City of Karachi' worth Rs33.6 billion aims to address the structure development needs of Karachi and improve competitiveness and livability of the city. The project was referred to ECNEC for further approval. The second project titled 'China Pakistan Economic Corridor Support Project' worth Rs2.61 billion was presented by the Ministry of Planning Development and Reform. The project aims to establish separate coordination and research wings for CPEC projects. A project related to IT titled 'High Impact Skills Boot Camp' worth Rs338.522 million was also approved by the CDWP.
PIA’s Boeing 777 grounded for 1.5 years declared fit to fly KARACHI: The Pakistan International Airlines (PIA) has revamped and added another aircraft Boeing 777 to its fleet after it remained grounded for around 18 months “A Boeing 777 bearing registration number BHV which was completely neglected and considered abandoned for more than a year and a half was fully repaired and overhauled by the engineering &maintenance team which worked day and night for its restoration,” an official statement read on Friday. “The test flight was conducted successfully.” PIA CEO Air Marshal Arshad Malik, upon his joining in Nov 2018, had instructed the engineering team to make the aircraft operational at the earliest so that it could generate revenue. With BHV’s comeback, the total number of operational Boeing 777 has now reached 12. This will be of great help in the forthcoming Hajj season. Arshad Malik, while congratulating the engineering team, said this shows the commitment and dedication required to bring PIA back on its revival track. The CEO PIA appreciated the untiring efforts of engineering, supply chain, finance, flight operations and all other concerned departments in achieving this feat which was considered by some as next to impossible. The aircraft which was grounded for lack of spares and financial constraints has now been made operational to serve the masses, he added. INp
Dollar continues to weaken, reaches Rs148.5 in open market The rupee continued to gain strength in the currency market on Friday as the value of the US dollar slid in the interbank as well as the open market, a private media outlet reported. The greenback shed its value by Re0.35 in the interbank and was traded against Rs148.15. Similarly, the dollar shed its value by Re1 in the open market to be traded at Rs148.50. According to currency dealers, the increasing inflows of remittances in connection with Eidul Fitr have supported the local rupee in the market. They said the majority of inflows came from Saudi Arabia and other Gulf countries, including the United Arab Emirates (UAE). Forex Association of Pakistan President Malik Bostan said that trading in the interbank generally af-
fects trading in the open market. He also expressed his optimism that the greenback will further shed its value in the open market if its value continues to slide in the interbank. Bostan said he hopes that the State Bank of Pakistan (SBP) will continue to follow up on the strict measures it had introduced in the money market against the unnecessary purchase of dollars to discourage those illegal practices by banks and importers. On Thursday, the value of the US dollar decreased by Rs1.70 in the interbank market. The greenback settled down at Rs148.70 in the interbank market. The decline had also dictated the open market, forcing the dollar to shed its value by Re0.50 to Rs149.50. BUSINESS DESK
US inflation picks up in April, spending slows WASHINGTON aGENCIES
US consumer prices increased in April, which could support the Federal Reserve’s contention that recent low inflation readings were transitory and allow the central bank to keep interest rates unchanged for a while. The Commerce Department said on Friday its personal consumption expenditures (PCE) price index increased 0.3pc last month after rising 0.2pc in March.
That lifted the annual increase in the PCE price index to 1.5pc from 1.4pc in March. Excluding the volatile food and energy components, the PCE price index gained 0.2pc last month after edging up 0.1pc in March. In the 12 months through April, the so-called core PCE price index increased 1.6pc after rising 1.5pc in March. The core PCE index is the Fed’s preferred inflation measure. It hit the US central bank’s 2pc inflation target in March 2018 for the first time since April 2012. Persistently tame inflation together
with slowing economic growth have led to calls, including from President Donald Trump, for the Fed to cut rates. Fed Chairman Jerome Powell has maintained the soft readings “may wind up being transient.” The Fed this month kept rates unchanged and signaled little inclination to adjust monetary policy anytime soon. A much weaker inflation pulse than initially thought in the first quarter had led economists to anticipate a moderation in the annual core PCE price index in April. The government also reported on Fri-
day that consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.3pc as consumers spent less on services, including household electricity and gas. Data for March was revised up to show consumer spending jumping 1.1pc, the biggest increase since August 2009, instead of the previously reported 0.9pc rise. Economists polled by Reuters had forecast consumer spending would advance 0.2pc in April. When adjusted for inflation, con-
sumer spending was unchanged in April. This so-called real consumer spending rose 0.9pc in March. The weak real consumer spending reading in April suggests slower economic growth in the second quarter. Consumer spending increased at a 1.3pc annualized rate in the first quarter, the slowest in a year. The overall economy grew at a 3.1pc rate last quarter, flattered by the volatile exports, inventory and defense components. Growth estimates for the April-June quarter are below a 2.0pc rate. Personal income rose 0.5pc in April after ticking up 0.1pc in March. Savings increased to $990.3 billion in April from $963.7 billion in March.