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16-17 Business Pages (10-07-2013)_Layout 1 7/10/2013 1:18 AM Page 1

take the place of those which fail. — Napoleon Hill 01

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BUSINESS Wednesday, 10 July, 2013

Govt unveils RS 2B RAmADAn Relief Package

Govt to rally finances for Diamer-Basha Dam: Dar eu expresses strong support for economIc polIcIes of govt ISLAMABAD

ISLAMABAD: The government Tuesday unveiled Rs 2 billion Ramadan Relief Package providing subsidy on 13 essential items and selling about 1500 items on reduced rates through the Utility Stores. Federal Minister for Industries Ghulam Murtaza Jatoi told newsmen here that under the relief package, 13 main items, including flour, ghee, cooking oil, gram pulse, gram flour, rice and dates on subsidized rates during the holy month of Ramazan. Besides the government subsidy, the Utility Stores Corporation (USC) will sell 1500 items of daily use at 5-10 per cent discounted prices, reducing its own profit margin for providing relief to the marginalized segments of the society, he added. The minister said under the Ramadan package, the government would provide Rs 120 subsidy on a 20 kg flour bag, which would be available at Rs 655 at USC outlets as compared to Rs 785 in the open market. Likewise, the price of ghee will be reduced by Rs 40 per kilogramme, of cooking oil by Rs 30 per liter, gram pluse and gram flour by Rs 20 per kg each and dates by Rs 40 per kg, he added. Jatoi said rice basmati would be discounted by Rs 30 per kg, tea by Rs 130 per kg and milk by Rs 11 per kg. He said the package would be applicable from Tuesday as the USC outlets in rural areas would remain open from 9000hours to 1900 hours daily and in urban areas from 1000hours to 2200 hours to facilitate the customers. Besides existing stores, the corporation will provide essential commodities at controlled rates during Ramadan trough mobile outlets and stalls at all Friday and Sunday Bazaars, he added. He said arrangements had been made to maintain smooth supply of quality commodities during the holy month. APP

Chinese investment in Pak to boost country's economy LAHORE: The Federation of Pakistan Chamber of Commerce and Industry and other chambers Tuesday, widely hailing billions of dollars of Chinese investment in different sectors in Pakistan, said it would help strengthen the national economy and accelerate the pace of development. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zubair Ahmad Malik and VP SAARC CCI Iftikhar Ali Malik said the successful visit of Prime Minister Muhammad Nawaz Sharif to China will usher an era of progress, development and prosperity in the country. He said the announcement of the Chinese private sector of substantial investment in Pakistan and inking a number of MOUs for further improving economic ties between the private sector of the two countries would enhance the volume of trade. Zubair said that all MoUs signed by the Chinese investors would be implemented in letter and spirit so that their fruits could be reaped timely. The Pak economy can further be boosted if modern Chinese technology for exploiting minerals, natural resources, agriculture, livestock, communication, IT, water and power and other sectors is transferred on priority, he added. APP

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INP

InAnCe Minister Ishaq Dar on Tuesday said that the government accords priority to construction of water reservoirs and shall focus all its attention to rally finances for construction of Diamer-Basha Dam. He was talking to a delegation comprising the heads of Missions of european Union Members including Austria, Belgium, Bulgaria, Czech Republic, Denmark, France, Germany, Greece, Hungary, Italy, Poland, Portugal, Romania, Spain, Sweden and United Kingdom that met Finance Minister Senator Ishaq at his office where they were given an overview on the economic plan of the present government to revive the economy of Pakistan. The minister briefed the eU heads of missions about the steps taken by the government to address the challenges faced by the economy of Pakistan and put it on the path of progress and growth. Dar said during a short span of one month the budget has been presented and passed, the issue of circular debt has been addressed and Pakistan has successfully negotiated a program with the IMF. The finance minister said the government has also presented a mediumterm economic framework for next three years giving benchmark and timelines for targets set out by the government. Dar said that the future of Pakistan’s economy lies in resource mobilisation and revenue generation. He said that total debt inherited by this government stood at

nearly Rs 14.5 trillion and the previous government during the last year alone borrowed Rs 2 trillion for financing non-development expenditure and tariff differential. The budget envisages 30% cut in non-salary expenditure as part of its austerity plan, abolishing of all secret funds and a 25 percent increase in revenue targets for next year. Dilating on the salient features of the budget the Finance Minister said that PSDP has been increased by 50 percent from Rs 360 billion to Rs 540 billion, allocation for social safety network programme has been increased by 87.5 percent from Rs 40 billion to Rs 75 billion. He also dilated upon in detail about the social safety programmes announced in the budget. The budget, he said, envisages taxation measures which are estimated to yield Rs.207 billion while another Rs.300 billion would be mopped up through measures like IT connectivity, good governance, expansion of tax net, and removal of SROs and plugging of leakages. The FBR has been provided access to bank accounts. To ensure that this authority is not misused, the fine has been increased by ten times along with

imprisonment to give comfort to parliamentarians and businessmen that this power would not be abused. Protection of the poor has been kept in mind by announcing tax measures. The federal minister said that the next challenge faced by the government was to pay circular debt of $5 billion. Ideally the previous government or the caretaker set up should have taken care of circular debt. We have paid $3.2 billion to private power producers and intend to settle the balance of $1.8 billion preferably by end of this month. The federal minister said, “Pakistan is committed to all its international obligations and our negotiations with IMF were designed to achieve this objective. We were successful to bring out closure with IMF by 3rd July. The Finance Minister urged the eU Heads of Missions to extend their support by using their influence on the directors with Board of IMF.” He said that the measures agreed with IMF are in line with Pakistan’s national interests and

Enforcement of Pak-Indonesia PTA to triple $1.6bn bilateral trade IndonesIan envoy announces prIorItIes to strengthen commercIal tIes between two countrIes KARACHI STAFF REPORT

Implementation of Preferential Trade Agreement (PTA) between Indonesia and Pakistan can play a significant role in resolving the issues of business community at both sides, besides enhancing bilateral trade volume, business opportunities and benefiting from expertise of both countries. This was the consensus made at a joint dialogue session among businessmen as well as government officials and diplomats representing the two countries. The session, following speeches of Governor State Bank of Pakistan Yaseen Anwer, Indonesian Ambassador to Pakistan M Burhan Muhammad and Indonesian Consul General Rossalis R Adenan, was organized by the Ministry of Trade, Indonesia, in collaboration with Indonesian embassy in Islamabad, the Indonesian Consulate General in Karachi and the Pakistan-Indonesia Business Forum at a local hotel. The focus of discussion was: ways to enhance trade relations between the two countries already tied in a fold of mutual cooperation, comradely and worldwide Islamic brotherhood. About 200 participants from Indonesia and Pakistan agreed that there was massive potential

of bilateral cooperation in trade, tourism and industry sectors. It was cited that non-implementation of PTA was the core obstacle behind lack of bilateral trade volume between the two countries. On the occasion, several issues, as well as their possible solutions were discussed. Indonesian ambassador’s commitment for his utmost efforts to ease the visa policy for Pakistanis remained a significant development. The announcement was overwhelmingly welcomed. In this connection panelists and participants of the discussion also elaborated the behavior of bureaucracy and the problems being faced by Indonesians in Pakistan. The moot was told that the trade volume between Indonesia and Pakistan had increased by 44pc in 2012 compared to the previous year, reaching $1.6 billion. It is expected that with the implementation of the Indonesia-Pakistan PTA, the volume will be multiplied by threefold. earlier, the chief guest of the ceremony Anwar emphasised that both the countries should join forces to increase bilateral trade volume. He said, “Lets find ways to explore opportunities for enhancing bilateral economic ties. Indonesia is among top ten countries of the world in mining sector, Pakistan can use

its expertise and Similarly Indonesia can be a large market of Pakistani exports.” The governor SBP further added that intra-regional trade is the need of the hour, particularly in the ongoing economic situations. He urged ASeAn countries to take solid measures to reduce the gaps so as to enhance bilateral trade relations. The Indonesian ambassador announced major priorities to strengthen the commercial ties between two countries. His discussed in detail about friendly visa requirements to Pakistanis travelling to Indonesia and launching direct flight between Jakarta and Karachi. He assured Pakistani business community that he would try his level best to ease the visa policy. He also shed lights on the impacts of nonimplementation of PTA on IndonesianPakistan bilateral economic ties. He emphasized that the kinnow oranges import regulations would be simplified and requested the business communities to encourage the relevant authorities to find the solutions in their part. Zubair Motiwala, Chairman of Sindh Board of Investment, Ilhamy elias, Chairman of the Indonesian Chamber of Commerce and Industry (Committee for Bangladesh, Pakistan and nepal), Waqar Ahmed Shah, Joint Secretary of the Pakistan Ministry of Commerce, naveed Jan Baloch, Vice President of the Federation Pakistan Chamber of Commerce, Majid Haji Muhammad, Founder President of Pakistan–Indonesia Business Forum, and Parluhutan Tado Sianturi, Senior Official of the Indonesian Ministry of Trade were among panelists.

commitment made by PML-n in its manifesto. The minister said that it is imprudent to borrow money and to spend it on non-development expenditures while there is no harm if it is spent on projects which add value. Giving example of prudent use of money, he said that Lahore Islamabad Motorway was constructed at cost of Rs 21 billion which is now valued by international surveyors at Rs 250 billion. Dar said that Pakistan’s successful negotiation with IMF has had a positive impact on the national and international market. International financial institutions, banks and multinational institutions are approaching Pakistan for assistance. The conclusion of a program with IMF has sent a signal that an international institution considers the policies, plans and measures of the government of Pakistan as indicative of its confidence in the economic future of Pakistan.

USAID's project

helps improve

trading environment ISLAMABAD APP

The USAID's four year project on improving trading facilities in Pakistan helped in increasing exports to Afghanistan and in finding new export markets. According to available facts and figures, USAID has spent $20,323,820 on the Pakistan Trade Project June 2009-June 2013. The main objective of the project is to improve Pakistan's international and regional trade environment by supporting tradefriendly policies and increasing trade at the country's borders. During the project, the USAID helped establish five consultative forums on trade issues with key public and private sector stakeholders. It introduced a customs insurance bond system to secure customs revenue against unauthorised trade, as part of the Afghanistan-Pakistan Transit Trade Agreement 2010. It also supported inclusion of best-practice risk management techniques in Afghanistan-Pakistan Transit Trade Agreement to reduce the time in customs of low-risk cargo. The trade project helped shorten Karachi port formalities for Afghanistan-Pakistan transit trade from 43 to 23 days. It supported the computerisation of customs data exchange between Afghan and Pakistan customs. Through facilities' upgrades, it increased the volume of trucks crossing at the Chaman customs post on the Afghanistan-Pakistan border in winter by 50 per cent. It helped create a new export market in Australia for Pakistani cobblestones. The project supported the Pakistan Board of Investment in implementing investment treaty obligations.


afterglow of satisfaction that comes after the achievement of a difficult task that demanded our best. — Theodore Isaac Rubin

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02

BUSINESS B Wednesday, 10 July, 2013

IRAn-PAkISTAn GAS lInE In SInDH GETS ‘GREEn Go-AHEAD’

KARACHI

T

NNI

He environmental Protection Agency Sindh will process the environmental Impact Assessment Report of Iran-Pakistan (IP) gas pipeline in Sindh for its approval by expert Committee after its go-ahead made at Public Hearing meeting which was held at a local hotel here. Giving his concluding remarks, Director General ePA Sindh naeem Ahmed Mughal said that pre and post-construction monitoring of the project will be strictly done to make the proponent take care of every aspect of the environment during this whole developmental activity. He expressed hope that this project will uplift the socioeconomic milieu and keeping in view of the energy crises, this project is important because available energy resources are rapidly depleting. He said that ePA Sindh encourages development and

to foster sustainable development its role is important so that no one can cause any threat to environment and today’s public hearing aims to minimise the potential sources of danger to the environment. He pointed that the proponent of the project has bypassed the Kirthar national Park during the execution of the project that is a good sign. “nevertheless, the environmental sensitivity cannot be ignored outside the Kirthar national Park and we have to fully ensure protection of every type of flora and fauna,” he added. He further said that we have to minimize the changes in natural environment, like we cannot ignore the soil erosion factor which could be caused due to use of heavy machinery during the execution phase of the said project. “In short we should make projects that are environmentally sound and monitoring of environmental Management Plan will be done at every stage of the referred project”, he concluded. Waqar Hussain Phulpoto, Director Technical ePA Sindh also spoke on the occasion. It may be pointed out that the mandate of the project IP Gas Pipeline is to supply natural gas from Iran’s South Pars gas field and deliver at Pak-Iran border, near Gawadar and to end at nawab Shah covering a distance of over 781 KM. The pipeline will start from onshore gas processing facility at Assaluyeh in Iran to transfer a distance of 1,150 km up to Iran Pakistan boarder which will be built and operated by Iran, which has already completed a 900 km portion of 56 inch diameter pipeline from Assaluyeh to Iran city, the remaining pipeline up to Pakistan border is to be laid.

Elegant and edgy, the new HUAWEI Ascend P6 is world’s slimmest smartphone

Major Gainers COMPANY unilever food wyeth pak ltd siemens pakistan Island textile liberty mills

OPEN 4750.00 1811.25 668.17 583.00 299.99

HIGH 4889.00 1901.81 701.57 612.15 314.50

LOW 4800.00 1840.00 675.00 612.00 295.05

CLOSE CHANGE 4889.00 139.00 1878.94 67.69 699.95 31.78 612.15 29.15 314.50 14.51

TURNOVER 40 1,720 6,400 250 600

1784.00 1899.99 540.00 631.50 299.00

1701.00 1825.00 491.00 631.50 290.00

1701.00 1862.50 491.00 631.50 290.00

-83.00 -37.49 -23.50 -13.50 -7.11

40 40 200 100 700

10.16 14.84 8.09 26.70 12.20

9.80 14.44 7.63 25.81 10.71

9.87 14.49 7.69 26.13 10.84

0.08 -0.06 -0.29 -0.17 -0.87

21,670,500 21,537,000 20,065,000 19,694,000 19,302,500

Major Losers bata (pak) colgate palmolive sanofi-aventis shezan Inter. pak services

1784.00 1899.99 514.50 645.00 297.11

Volume Leaders LAHORE: Huawei, a leading global information and communications technology (ICT) solutions provider is unveiling, the HUAWeI Ascend P6, the world’s slimmest smartphone measuring at 6.18mm on 20th July 2013, with preorders effective from 10th July 2013. The smartphone features a 1.5GHz quad-core processor with a sleek metallic body. With its 4.7-inch high definition in-cell display, industry-leading 5MP frontfacing camera, and outstanding software, the HUAWeI Ascend P6 is the embodiment of elegance with an edge. “The HUAWeI Ascend P6 is a star among smartphones with its industryleading design, high-quality camera, and intuitive user interface, Huawei’s proprietary emotion UI,” said Richard Yu, Chief executive Officer, Huawei Consumer Business Group. “Building on the success of our Ascend P series of fashion smartphones, the HUAWeI Ascend P6 provides unsurpassed technology and a design that is simply stunning.” PRESS RELEASE

lafarge pak. fauji cement K.e.s.c. p.t.c.l.a p.I.a.c.(a)

9.79 14.55 7.98 26.30 11.71

Interbank Rates usd gbp Jpy euro

pKr 100.0178 pKr 148.8766 pKr 0.9878 pKr 128.7530

Forex uK pound sterling euro us dollar australian dollar canadian dollar china yuan Japanese yen saudi riyal uae dirham

BUY

SELL

151 130 101.1 92.5 96.25 16.08 0.995 26.95 27.55

151.25 130.25 101.35 92.75 96.5 16.13 1.1 27.2 27.8

CORPORATE CORNER

KARACHI: Shahzad Aslam Khan, country manager Dell Pakistan and Afghanistan, and Naveed Siraj, country manager Pakistan at the launch event of the Experience Centre. PR

Samsung produces world’s first lTE-Advanced Smartphone LAHORE: Samsung Electronics Co., Ltd., a leader in mobile technology and digital solutions, today announced the GALAXY S4 LTE-A, accelerating smartphone expectations with advanced multimedia experiences and the fastest downloads, web browsing, multimedia streaming and applications loading. The world’s first commercially available LTEAdvanced (LTE-A) smartphone, Samsung’s GALAXY S4 LTE-A, combines technology innovations included in the highly acclaimed GALAXY S4 with new advanced features and twice-as-fast network speeds to produce an unparalleled multimedia experience. “Samsung maintains a unique position for delivering LTE innovations as a provider of the parts, devices and equipment required to deliver next generation 4G LTE services,” said JK Shin, CEO and President of IT & Mobile Communications Division at Samsung Electronics. “The introduction of the GALAXY S4 LTEA demonstrates Samsung’s desire and ability to provide consumers with technological innovations that take advantage of increased network speeds to deliver richer and fuller experiences.” PRESS RELEASE

Verification of voters’ biometric upgraded thousand-fold ISLAMABAD: National Database & Registration

Authority (NADRA) has indigenously enhanced its capacity to verify voters’ biometric fingerprints from 100 per day to 100,000 per day. Chairman NADRA Tariq Malik in a press release said NADRA is all-set to carry out fingerprint authentication through its Automated Fingerprint Identification System (AFIS) in a bid to assist Election Tribunals. The tribunals are established by Election Commission of Pakistan which will hear and decide election petitions in post-general election 2013 scenario, he added. Malik said, “Initially, NADRA had capacity of matching only 100 fingerprints per day. The capacity has now been indigenously upgraded to 100,000 fingerprints matching per day in the light of expected workload from Election Tribunals. Such thousand-fold increase in daily throughput has been achieved through in-house software development by NADRA’s own engineers. NADRA has used its own internal resources without any financial assistance from Election Commission of Pakistan or Government of Pakistan. However, NADRA is not purchasing any software upgrade from any company due to this success” PRESS RELEASE

Special Ramadan promotions at Greenvalley Supermarket

LAHORE: The Greenvalley supermarket a project of Bahria Town, located at the Mall of Lahore has introduced great promotions for the month of Ramadan. When all other places have raised their prices for this holy month, Greenvalley is offering promotions up to 50 percent on various local & imported grocery items such as; butchery, fruits, vegetables and many more. This promotion is valid till the 21st of July and is attracting crowds of customers for their Ramadan shopping. PRESS RELEASE

Colony. Following an awareness lecture by a doctor on the importance of blood glucose testing for timely diagnosis of diabetes, the camp offered free tests to members of the community who flocked the venue in large numbers to have themselves tested. This was the first in a series of camps that will be held by Sanofi in Shah Faisal Colony after the recent signing of a Memorandum of Understanding (MoU) with RLCC on the launch of a Corporate Social Responsibility program, “Kawish Community Service”, that entails establishment of a diabetes clinic in the existing Community Health Centre of RLCC, provision of subsidized treatment for people diagnosed with diabetes and awareness programs to educate the community on diabetes and the consequences of poorly managed diabetes. PRESS RELEASE

PakWheels to organise Auto Show in karachi LAHORE: PakWheels, the largest community based automobile website in Pakistan with more than 300,000 plus registered car and motorcycle enthusiasts, has a history of organizing some amazing auto shows in Lahore from three consecutive years and one in Islamabad. PakWheels has been playing its role to revive the auto community in every city across Pakistan. Despite the unstable condition in country’s biggest metropolitan city, PakWheels has now taken a bold step to organize its first ever auto show for the citizens of Karachi. Notably, its last one was the biggest and most successful in the history of Lahore, attended by more than 25,000 people. Shell Helix has already joined hands with PakWheels in organizing the event and it is expected that more brands will come forward and support the same. Special thanks also to VCCCP in providing their support for the show. Importantly, with a vision to provide a platform for youth to share their passion for wheels which would also make them stay away from illegal activities like street racing, drifting etc, it is hoped that the Government of Sindh and local bodies will facilitate in organizing the auto show in Karachi. Event is planned for the end of August or start of September, 2013. PRESS RELEASE

Sanofi Pakistan and RlCC Etihad Airways posts partner to fight diabetes record results KARACHI: Sanofi Pakistan and RLCC (Rana Liaquat Craftsmen’s Colony) held a free sugar testing camp for the community of Shah Faisal

KARACHI: Etihad Airways today announced its strongest second quarter and half-year financial performances on record, reflecting continued solid

growth in its airline alliance strategy and global cargo operations. The national carrier of the United Arab Emirates achieved an eight per cent increase in Q2 2013 passenger revenues, generating US $921 million (2012: US $855 million), while passenger revenues for the first half of 2013 reached US $1.8 billion (2012: $1.6 billion), up by 13 per cent. Revenue generated by codeshare and equity alliance airline partners was US $184 million in Q2 2013. This was 25 per cent above the US $147 million turnover in the same period of 2012. Partnership revenue comprised 20 per cent of the airline’s total passenger revenue in both Q2 and the first half of 2013. The President and Chief Executive Officer of Etihad Airways, James Hogan, said the company’s Q2 and half year results were achieved despite the continuation of unsteady economic and geopolitical factors, with air fare yields slightly lower for the quarter, compressed by strong competitive capacity growth and resultant price competition. PRESS RELEASE

HBl to initiate BISP services

KARACHI: Habib Bank Limited (HBL), Pakistan’s largest commercial bank, will be initiating Benazir Income Support Program (BISP) service from HBL Express' agent network. BISP beneficiaries will be able to withdraw cash from any HBL Express agent by displaying their CNIC to match their picture from the system. They will present their BISP card which will be swiped on the POS machines present at the HBL Express agent outlet through which the beneficiaries will receive their money. Initially BISP beneficiaries could withdraw cash only through ATM’s. Since most of the beneficiaries are from the lowest income strata, ATM’s were not easily accessible to them. This additional channel of disbursement of funds for BISP beneficiaries will create accessibility and convenience for them. PRESS RELEASE

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