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BUSINESS Tuesday, 10 September, 2013

iMF programme to give boost to economy: report WASHINGTON: Loan granted by the International Monetary Fund (IMF) and the economic reforms under the program will help bring stability in the country’s economy, International Financial Rating Agency Moody’s report said. The handout issued by the Moody’s here said that the disbursement of IMF granted loan to Pakistan augured well for the economic crisis confronting it, as the economy was expected to recover with the implementation of IMF reforms programme. The approval of $6.6 billion loan will not only help in the payment of the installments of foreign debt, but the pressure on the foreign exchange reserves would also be eased., said Moody’s. Moody’s have also forecast in the improvement of the rate of economic growth. ONLINE

Feasibility study of gwadar rail link completes ISLAMABAD: The feasibility study to link Deep Sea Gwadar Port with existing railways network has been completed. "The proposed route of Gwadar-TurbatHoshab-Panjgur-Basima-Surab-Mastung is 901 kilometres and Rs 180.163 billion has been submitted to Planning Commission for approval, a PR official said. He said feasibility study for restoration of 295 kilometres BostanZhob and its further extension of 210 kilometres from Zhob to Kotia Jam via DI Khan has also been completed. To a question, he said, total length of railways track in Balochistan is 1202 kilometres and no new railways track was laid in the province during the last five years. To another question, he said Pakistan Railways is planning to run around six freight trains per day by the end of current year. The initiative will help PR to generate Rs 20 to 25 million revenue per day. The Pakistan Railways has accorded priority to freight train to generate more revenue. APP

Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations. — Steve Jobs

No uNderstaNdiNg with iMF oN devaluatioN oF rupee: dar FINANCE MINISTER SAYS WB, ADB AGREE TO RECOMMENCE LENDING AFTER 3 YEARS SAYS IDB LENDING 750 EUROS LOAN FACILITY AND $150 MILLION FACILITY ISLAMABAD

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INP

inance Minister ishaq Dar on Monday categorically said that there is neither any explicit nor implicit understanding with the iMF on the devaluation of rupee. He was speaking at the launch of the sixth annual report of the institute of Public Policy, Beaconhouse national University. The finance minister said the issue of adjustment of rupee dollar parity was not even discussed. He urged the economic experts to refrain from issuing such speculative statements which neither serve any purpose nor are in national interest. He said Pakistan had to enter into the programme with iMF at a time when it was going through one of the most difficult economic phases in its history. He said they were left with hardly a choice and had to approach iMF to beef up the

dwindling Foreign exchange Reserves as well as fulfill national obligations. The minister said he was grateful to the iMF for understanding Pakistan’s difficult economic situation and avoiding making unreasonable demands. He reiterated that the commitments made by the government with the iMF would be met as they

IMF programme not only has stabilised our external account, but it has also re-established the confidence of other international donor agencies… ISHAQ DAR FINANCE MINISTER

are in the interest of Pakistan and its economic future. He pointed out that Standard and Poor’s and Moody’s have given a positive outlook on Pakistan after a long time and the Overseas international chambers of commerce, which conducts regular surveys on business confidence, has raised its index for Pakistan from a neg-

appMa to support Founders alliance in lCCi polls LARGE NUMBER OF TRADERS WELCOMES ALLIANCE LEADERS AND CANDIDATES LAHORE APP

KARACHI Intending Haj pilgrims being seen off by PIA Managing Director Junaid Yunus. PIA’s pre-Haj 2013 first flight PK 2001 from Karachi took off from the Haj Terminal of Quaid-e-Azam International Airport for Jeddah carrying 276 pilgrims. INP

Senate body for cancellation of KESC's privatisation agreements REPORT RECOMMENDS ALL EXPELLED WORKERS SHOULD BE RE-INSTATED FROM RE-PROSPECTIVE DATES ISLAMABAD APP

The sub-committee of the Senate Standing committee on Water and Power in its report on Monday recommended the government to take over the Karachi electric Supply company (KeSc) for making it efficient and profit-making entity. The committee presented its report to the main committee in the Parliament House, chaired by Senator Zahid Khan. The sub-committee unanimously recommended in its report presented by its convener Senator Shahi Syed that the agreements with both private partners forthwith be cancelled and all payments, financial relief, incentive packages, tariff concessions and other benefits made by Government of Pakistan to the company since 2005 until the date be recovered. it recommended a judicial commission

ative of 34 to a positive of 2. He said, “The iMF programme not only has stabilised our external account, but it has also re-established the confidence of other international donor agencies and international banks for development partnerships with Pakistan as an iMF member state.” The international financial institutions and banks, which were hesitant to do business with Pakistan, have responded positively and are now approaching the government for doing business which had halted for the last 3 years. The islamic Development Bank has already agreed to a loan of 750 million euros and a trade facility of $150 million. The first tranche of euro 100 million of the facility of iDB was received on 15th august 2013 and an amount of $544 of iMF was received on September 6. Dar said the WB and the asian Development Bank have agreed to recommence their support to Pakistan after a lapse of three years. He said the outcomes of the reforms have been encouraging and during the month of July and august, FBR collected taxes to the tune of Rs 280 billion, which is 20 percent higher than the amount collected over the same period last year. about the state-owned enterprises, he said professional managers are being appointed through a competitive and transparent process of recruitment. an independent federal commission has been formed to ensure transparent selection and full financial restructuring will be carried out to enable them to run on sound commercial basis.

may be appointed to thoroughly probe and make detailed assessment of losses suffered by the national exchequer, company and consumers of KeSc owing to intentional failure by the private partners and initiate criminal cases against them. The judicial commission should also examine the role of officials involved in granting illegal favors to the KeSc at the cost of huge losses to national exchequer, the committee's report recommends. The report further recommends that all retrenched or expelled workers and employees of the KeSc immediately be re-instated from re-prospective dates and grant them all arrears and other benefits

as per their entitlement. it also recommended restoration of the KeSc workers unions besides allowing them to work for the protection of interest of the workers and prosperity of the company under the law. The committee's convener told the body unanimously compiled the report after detailed examination, investigations, discussions, briefings, perusal of the agreements and its implementation and observing relevant rules and regulations. The committee was of view that instead of provision of all kind by the government, the both partners of KeSc i.e. al Jummaya and al-Hassan associates

(Private consortium) and ibraj Group constantly failed to enhance generating capacity of the company for meeting the demands of Karachi in the last eight years and still getting 650MW power from national Grid (nTDc) on subsidies rates. it says in view of twice failure of KeSc Privatization since 2005, despite issuance of billions of funds, granting of numerous other benefits at the cost of huge losses to national exchequer and wasting of long eight years' time, the company was still unable to meet the demands of Karachi. The committee recommended that government should establish a body to evolve a proper mechanism for implementation and oversight future privatization of the companies for achieving the goals and objectives of the state owned companies. earlier, the Senate’s Standing committee on Water and Power was briefed by chairman WaPDa regarding unfinished projects and funds for these schemes. The committee's chairman Senator Zahid Khan underlined the need for timely release of funds for the construction of small dams to overcome the energy shortage in the country.

The all Pakistan Paper Merchants association (aPPMa) and hundreds of traders of affiliated markets on Monday announced support to Pakistan industrial and Traders associations Front-Founders alliance's candidates in the annual elections of Lahore chamber of commerce and industry being held on September 23 and 24, 2013. The announcement was made by the aPPMa leaders Khamis Saeed Butt, Qayum Raza, Bao Muhammad Bashir, Saadat Hussain, Khawaja nadeem Saeed Wain, Muhammad ajmal akram, Samiullah Butt during the visit of PiaF-Founders leaders iftikhar ali Malik, Muhammad ali Mian and candidates for the associate class. They said that traders of paper market would put their foot down for the alliance candidates for associate class Sohail Lashari, Khawar Rasheed, Talha Tayyab, Raja Hamid Riaz, Rizwan Khalid, Muhammad Haroon and Muhammad akram in the larger interest of business community. earlier, a large number of traders warmly welcomed the alliance leaders and candidates. On this occasion, iftikhar ali Malik and Muhammad ali Mian said the alliance was thankful to the business community of Lahore in general and traders of paper market in particular for supporting the alliance's associate class candidates, adding the presence of such a large number of traders makes the point that the PiaF-Founders alliance had always selected right people for the representation of the business community. Later, PiaF-Founders alliance leaders and candidates visited Urdu Bazaar where President of anjuman-e-Tajran Khalid Pervez and others welcomed them and also hosted a lunch in their honour. Khalid Pervez said that businessmen of Urdu Bazaar had always supported the PiaF-Founders alliance and would again repose trust in the alliance's candidates in the forthcoming Lcci elections.


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There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else. — Sam Walton

‘Male chauvinist’ lCCi sidelining women entrepreneurs AASIA SAAIL KHAN IS FACING ‘RED TAPE’ BECAUSE OF HER GENDER LAHORE

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He ‘male-dominated’ Lahore chamber of commerce and industry (Lcci) has been sidelining women entrepreneurs for running for the slot of office-bearers in the chamber elections in the past and yet again, Pakistan Today has learnt. aasia Saail Khan, a candidate for vice president slot for 2013/2014, who has the qualification and experience of 18 years at the Lcci, has been heading four Lcci committees, besides she has represented in TeVTa BOM Lahore and repre-

sented the country on many different forums internationally as well. This year, as a VP candidate she is facing a lot of “red tape” and politics just because of her gender, as her male counterparts maintain that a reserved seat member cannot contest for the slot. The precedence of a woman vice president is already there at the Lcci when Saeeda nazar who came on the executive committee women’s reserved seat was made vice president last year. “if women are barred to become part of economic decision making, it shall be very difficult to bring a positive change in the country’s economy. Female entrepreneurs should not just be considered for this post but should be supported whole heartedly to encourage women entrepreneurs to join the mainstream white economy,” She has the requisite qualification and her years’ con-

adB provides $245m to improve pakistan’s power distribution systems ISLAMABAD: The asian Development Bank (aDB) and the government on Monday signed an agreement to invest $245 million to improve the country’s power distribution systems. economic affairs Division (eaD) Secretary nargis Sethi, and aDB country Director Dr. Werner e Liepach, signed the agreement of loan. The program aims to rehabilitate, augment and expand power distribution systems in Pakistan. On this occasion Dr. Werner Leapach said that these power projects to be completed by June 2016 would augment the network and improve performance of the power distribution system. ONLINE

tribution to the Lahore chamber. as part of her business credentials, she is a single parent and has been a successful woman entrepreneur and taxpayer with her label designer collection since 1992. She has been a member of the Lcci since 1995 and has been heading various committees at the Lcci for the last 18 years. it is her second term on the executive committee of the Lcci. She is also a Pharmacist and Director Supply chain at Schazoo Zaka (Pvt) LTD. Her father, (late) Zakaur Rehman (founder of Schazoo Laboratories) was one of the founder members of the Lcci and was an integral part of its initial formation. He was an ec member in 1967. a pioneer of industrialisation especially in the metropolitan, he played a pivotal role in the establishment and development of the

pharmaceutical industry. Since 1995, aasia has made major contribution for women entrepreneur development. She has represented a positive image of Lcci and Pakistan at national and international forums. She is one of the most successful women entrepreneurs at the Lcci and has multiple careers. She has contributed in strengthening the Piaf/Founders vote bank in the women members by supporting, training and encouraging the women members. She represents a family who has been serving the community for 25 years with non Profit Haj and Umra services as the Zakaur Rehman Group. Under the banner of almas Zakaur Rehman Foundation they are running a free primary school at Kalalwala, Jaranwala Road. They are also running two free dispensaries in Gulberg and Kalawala.

6.829m skilled workers registered for overseas employment ISLAMABAD APP

The Bureau of emigration and Overseas employment (BeOe) has registered 6829765 professional, skilled and semi-skilled workers of various cadres for overseas employment from 1971 to July this year. BeOe, an attached department of Ministry of Overseas Pakistanis and Human Resource Development, registered 3217611 workers from Punjab, 546912 from Sindh, 1646973 from Khyber Pakhtunkhwan, 77007 from Balochistan, 412940 from azad Kashmir, 6648 from northern areas and 313581 from tribal areas. according to official data the registered workers included engineers (43811), doctors (13126), nurses (7204), teachers (10263), accountants (27143), managers (30368), welders (88424), secretaries/stenographers (3562), storekeepers (13641), agriculturists (230328), clerks/typists

(78704), foremen/supervisors (65130), masons (529762), carpenters (367922), electricians (246009), cooks (100970), plumbers (123290), waiters/bearers (37150), steel fixers (239046), painters (133625), labourers (2659052), technicians (280719), mechanics (182543), cable jointers (6277), drivers (672997), operators (111179), tailors (198876), surveyors (13511), fitters (65065), denters (39376), comp/analysts (11359), designers (2610), goldsmiths (5796), pharmacists (989), riggers (7578), salesmen (97150), draftsmen (3349), blacksmiths (3560), photographers (734) and artists (3757) and others (75810). BeOe Director General Habibur Rehman Khan said the bureau being, a regulatory body, controls, regulates, facilitates and monitors the emigration process applied by the Overseas employment Promoters (OePs), in the private sector which number has raised to 1676.

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Tuesday, 10 September, 2013

Major Gainers COMPANY Nestle Pak. Bata (Pak) Wyeth Pak Ltd National Foods Siemens Pakistan

OPEN 5850.00 1620.00 3005.93 343.55 916.22

HIGH 6142.50 1700.00 3075.00 360.72 935.00

LOW 6140.00 1680.00 2950.00 353.00 907.00

CLOSE CHANGE 6140.00 290.00 1700.00 80.00 3075.00 69.07 360.72 17.17 933.00 16.78

TURNOVER 280 240 5,820 65,800 800

5299.95 748.10 1810.00 180.00 191.00

4868.66 748.00 1775.00 170.79 185.61

4868.66 748.00 1790.00 170.79 185.66

-256.24 -38.00 -9.00 -8.98 -6.33

80 150 580 741,200 300

8.03 13.15 24.36 27.10 13.80

7.51 12.55 23.55 26.30 13.42

8.03 12.60 23.71 26.61 13.50

1.00 -0.36 0.51 0.07 0.00

17,793,000 15,479,500 13,709,500 11,328,500 9,813,000

Major Losers Rafhan MaizeXD 5124.90 Island Textile 786.00 Colgate PalmolivSPOT 1799.00 Mari Petroleum 179.77 Linde PakistanXD 191.99

Volume Leaders P.I.A.C.(A) B.O.Punjab Maple Leaf Cement P.T.C.L.A XD Fauji Cement

7.03 12.96 23.20 26.54 13.50

Interbank Rates USD GBP JPY EURO

PKR 104.8336 PKR 164.2953 PKR 1.0541 PKR 138.2860

Forex UK Pound Sterling Euro US Dollar Canadian Dollar Australian Dollar Japanese Yen Saudi Riyal UAE Dirham China Yuan

BUY

SELL

163.5 137.75 104.85 100.5 96 1.052 27.95 28.5 16.5

163.75 138 105.1 100.75 96.25 1.065 28.2 28.8 16.75

Fish exports increase by 12pc in July ISLAMABAD: The exports of fish and fish preparations have increased by 11.97 percent duirng July 2013 as compared to the of same month of last year. The fish exports in July 2013 was recorded at $19.985 million against $17.849 million in July 2012, according to the data of Pakistan Bureau of Statistics (PBS). in terms of quantity, the fish exports surged by 24.76 percent to 9,393 metric tons in July this year as compared to the exports of 7,529 metric tons in July 2012. On month-on-month basis, the exports of fish and fish preparations, however, decreased by 24.46 percent in July 2013 when compared to $26.456 million in June 2013, the data revealed. APP

CORPORATE CORNER hardee’s launches angus thickburgers

health asia moot opens in Karachi KARACHI: The 9th Health Asia 2013 Int’l Exhibition & Conferences was inaugurated by Zahid Saeed, Former Chairman and Kaiser Waheer, Former Chairman PPMA and MD Indus Pharma, Pakistan Pharmaceutical Manufacturers Association (PPMA) and President and CEO, Medisure Laboratories Pakistan (Pvt) Ltd, Dr. Khursheed Nizam, President, Ecommerce Gateway Pakistan and Foreign delegates were also present in this occasion. There are approximately 100 international & domestic exhibitors that are showcasing their products and services. Over 51 foreign delegates are also gracing the event from more than 20 countries including Italy, China, Turkey, UK, Canada, Germany, Singapore, India, France, Switzerland, Malaysia, Belgium, Taiwan, Korea etc. approximately 8,400 trade corporate visitor visited 1st day of Event. Health Asia & Pharma Asia provides enormous opportunities of learning, information sharing, mutual cooperation and combined projects to all the stakeholders in the Asian Health sector. Since its inception, the event has proved to be the best across the entire spectrum of Health Care as it integrates delivering the best interactive opportunities to participants and an ideal environment to the audiences. In short, the exhibition delivers to exhibitors, the right balance between Health industry players, senior decision makers and practitioners. PRESS RELEASE

LAHORE: Hardee's® Pakistan's recently launched new range of Angus Thickburgers gained instant popularity among the people of Pakistan. Hardee's® Angus Thickburgers are prepared from an imported quality beef and are available in three exciting flavors: Original, Jalapeno and Mushroom & Swiss. Apart from its thick flavorsome beef patty, new ingredients such as black pepper mayo, pepper jack cheese stuffed within the buttered oat dusted bun crown give an extra taste to this new range of Angus Thickburgers. PRESS RELEASE

smuggled cigarettes costing national exchequer rs 20 billion annually LAHORE: According to a report released by global research agency Euromonitor International, Pakistan loses close to Rs. 20 billion a year due to the sale of smuggled or counterfeit cigarettes. The report, which was commissioned by the Pakistan Tobacco Company, states that the country sees an annual loss of Rs. 20 million in annual tax revenues as a direct result of the sale of smuggled or counterfeit cigarettes. The report, which is supported by studies conducted by the Federal Board of Revenue’s Directorate of Intelligence and Investigation, reveals that around 85% of the loss is because of tax evasion, thought to be the result of illicit cigarette

trade. The report elaborates that Rs. 80 billion was lost in tax revenues from the sale of duty-evaded cigarettes from 2007-2011. It forecasts a further loss of Rs. 100 billion in tax revenues over the next five years should the illicit cigarette trade continue at its current pace. The sale of illicit cigarettes has increased by 62.7% over the past five years. According to the report, around one in four cigarettes sold in Pakistan is illicit. Moreover, approximately 27% of all cigarette consumption in Pakistan is illicit – that means around 23.5 billion smuggled or fake cigarettes sold and consumed. Pakistan is ranked among the top three countries in the Asia Pacific region which are marked with increasing illicit trade of cigarettes. PRESS RELEASE

RAWALPINDI: Pervez Akhtar, president of Pakistan Society of Sugar Technologists, and Taha Magrabi, marketing head at Shell Pakistan, brief reporters about Shell’s presentation at PSST moot. STAFF PHOTO

iiui madrassa english teachers training workshop concludes

ISLAMABAD: A two-week long workshop on "Madrassas English Teachers’ Training” under the auspices of Department of English of the International Islamic University Islamabad (IIUI) with the collaboration of US Embassy concluded. Vice President (AF&P) IIUI Pro Fr. Sahibzada Sajid ur Rehman was the chief guest of the ceremony. It was also joined by the Renowned international teaching trainer Don Johnson from US and Dean Faculty of Language & Literature Dr. Munawar Iqbal Gondal as resource persons of the workshop, while Advisor Student (male) Dr. Safeer Awan was coordinator of the workshop, Dr. Bashir acting head Department of Arabic, Director HR Muhammad Tabreez Aslam were also present. The workshop was attended by around forty Madrasa teachers from Gilgit Baltistan, Kashmir, Peshawar, Mohmand Agency, Malakand, Peshawar, Islamabad and other areas of the country respectively. Addressing to the participants Dr Sajid ur Rehman put strong emphasis to make themselves fluent in foreign languages specially English being international for the cause to spread the universal message of Islam. He said that as the Quran and Hadith are most authentic source of knowledge, being Muslim a great responsibility lies on us to disseminate the golden tenets of Islam to the nations of the world. In order to do that language is very important, so the Madrasah teachers should endeavor for this cause. Dr. Sajid ur Rehman also appreciated the efforts to organize such a valuable workshop. PRESS RELEASE


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