16-17 Business Pages Juney 12_Layout 1 6/12/2013 4:39 AM Page 1
take the place of those which fail. — Napoleon Hill 01
BUSINESS Wednesday, 12 June, 2013
SECP takes action against insurance companies KARACHI INP
The Securities and Exchange Commission of Pakistan (SECP) has issued 10 show cause notices and a warning letter to various conventional insurance companies for contravening various provisions of corporate and insurance laws. The Commission has also passed 4 orders against various insurance and takaful companies. These show cause notices, orders and warning letter were issued by the SECP’s Insurance Division during the month of May. The Commission has also passed 4 orders against various insurance and takaful companies, out of which 3 were passed against a takaful company and 1 against a conventional insurer. One of the 4 orders was passed for not complying with the provisions of the 2012 Insurance Companies (Sound and Prudent Management) Regulations. Moreover, the Pakistan Insurance Institute (PII) has conducted examination to authorize surveying officers during the month of May to test their competency in the relevant class of survey.
Tokyo stocks close down 1.45% after BoJ meeting TOKYO APP
Sale of locally-produced cars down 24pc KARACHI
H E sale of locally-manufactured cars, including LCVs, vans and jeeps, slid by 24 percent to 121,639 units in 11MFY13 as compared to 159,983 units in the same period last year. Although sales picked up in 2HFY13 due to easing pressures of used imported cars and elections related demand, overall sales in 11MFY13 remained subdued, said the market analysts. This, the analysts said, was due to the huge influx of used imported CBU’s in 1HFY13, termination of non-EUROII compliant cars, Alto and Coure, and absence of taxi scheme. In May 2013, the car sales improved by 11 percent to 13,302 units compared to 12,011 units in last month. Passenger car sales improved by 14 percent to 11,786 units in May 2013 while LCVs sales declined by 7 percent to 1,516 units in the month. In 11MFY13, Pak Suzuki (PSMC) sales declined by 32 percent to 68,660 units versus 100,805 units in the same period last year. However, on monthly basis, PSMC sales remained improved
mainly attributed to low LCV sales,” said Afzal. In May, he said, Toyota Hilux and Fortuner sales declined by 34 percent MoM to 429 units.
LAHORE Small and Medium Enterprises Development Authority (SMEDA) has proposed promotion of trade with China through Gilgit-Baltistan, with Iran through Quetta, with Afghanistan through Quetta/Peshawar and with India through Lahore for effective implementation of the Strategic Trade Policy Framework 201215. Establishment of special economic zones in the border areas has been proposed as one of the recommendations submitted by SMEDA to the Ministry of Commerce regarding Strategic Trade Policy Framework Supplement 2013-14, a spokesman for SMEDA said here on Tuesday. The authority also recommended a sector development strategy for logistics to be implemented in collaboration with NTTFC and SMEDA. In its proposals, SMEDA expressed its support to the Ministry of Commerce for establishing institutional framework announced
“With diminishing inventory of used imported CBUs in the market, we foresee strong local car sales in coming months. Sales numbers are in line with the projections,” the analyst said.
creased by two percent to 3,339 units the monthly decline is
SMEDA for promotion of trade with China, India, Afghanistan APP
Tokyo stocks ended 1.45 percent lower on Tuesday after the Bank of Japan (BoJ) delayed expanding April’s huge stimulus scheme after a two-day meeting. The benchmark Nikkei 225 index, which soared 4.94 percent Monday, closed down 196.58 points at 13,317.62, while the Topix index of all first-section shares was down 0.97 percent, or 10.82 points, at 1,101.15. The Nikkei index lost more than 1.6 percent at one point shortly after the central bank said it would hold off unveiling any fresh stimulus. In April, the BoJ announced it would unleash a torrent of easy money to fuel growth, its boldest bid yet to reverse years of deflation. Market players had been hoping for measures to calm volatility in markets, dealers said, after a tumultuous two weeks that have seen wild swings on the Tokyo Stock Exchange. Some had expected the BoJ would extend a timeframe for cheap loans to banks, encouraging them to buy more Japanese government bonds which have been volatile in recent weeks amid fears over Tokyo’s ability to finance its huge debt, the worst in the industrialised world at twice the size of the economy.
by 11 percent to 6,971 units in May 2013 as compared to 6,261 units last month. Similarly, Indus Motor (INDU) sales also went down by 31 percent to 33,533 units in 11MFY13 as against 48,907 units in the same period last year. “Decline in sales is mainly attributed to 31 percent softness in Corolla sales to 28,969 units in the period and termination of Coure,” viewed Zeeshan Afzal of Tolpline Research. On monthly basis, the analyst said, INDU sales declined by 4 percent to 3,768 units in May versus 3,936 units in April. “Although Corolla’s sales i n -
in STPF 2012-15 for promoting trade and commerce, especially regarding taskforce for facilitating development of e-commerce, leather promotion council, exportimport bank and service trade development council. The Strategic Trade Policy Supplement 2013-14 is being developed as a roadmap for effective implementation of the Strategic Trade Policy Framework (STPF 2012-15). Appreciating the comprehensive approach adopted by the Ministry of Commerce, SMEDA expressed SMEs concerns regarding regulations and procedures to avail the announced incentives that are cumbersome as SMEs neither have the time, nor the financial strength to benefit from these incentives at times. Procedure for exports by SMEs in terms of documentation etc must be simplified vis-a-vis those required by large enterprises and related information should be widely disseminated, he added. SMEDA has also proposed inclusion of additional monetary concessions, for selected high
growth sectors, such as gems & jewellery that may also be included in the list of sectors for which mark-up support of 2% on LTFF on purchase/import of machinery; and mark-up rate support of 1.5% on export financing schemes has already been announced. Similarly, 50% subsidy on cost of plant and machinery may also be provided for fibre glass boats and equipment for fisheries sectors, he demanded. Proposals for trade promotion including establishment of export houses in key development sectors, matching grant facility, equity participation for infrastructure and provision of 50% subsidy on rental cost for 3 years for establishing export warehouses inland and abroad in selected Middle Eastern, Afghanistan and Central Asian Countries etc have been proposed. Sector specific proposals for trade enhancement in logistics, fisheries, dairy and livestock, gems and jewellery, and allied services and women entrepreneurship development have also been submitted.
PrESidEnT for ExPanding PakkorEa EConomiC, TradE TiES ISLAMABAD: Ambassador of the Republic of Korea Choi Choong-joo on Tuesday called on President Asif Ali Zardari at Aiwan-e-Sadr. Aseefa Bhutto Zardari was also present during the meeting. Discussing Pak-Korea bilateral relations, the President said that Pakistan values its cordial and friendly relations with Korea and desires to further cement its bilateral ties especially in the trade and economic sphere. The President appreciated the diplomatic services of Choi Choong-joo in brining Pakistan and Korea further closer during his stint as Ambassador. The president wished the outgoing ambassador good luck in his future life and assignments. Ambassador Choi Choong-joo thanked the President and the Government of Pakistan for the support he was extended during his tenure as ambassador. INP
Shipping activity at Port Qasim KARACHI: Three ships CV Nysted Maersk, CV Maersk Pittsburgh and MT Donga Iris carrying containers and palm oil were allotted berths at Qasim International Container Terminal and Liquid Cargo Terminal respectively at Port Qasim on Monday, Port sources said here on Tuesday. Another ship CV Sealand Michigan also arrived at the outer anchorage of Port Qasim during last 24 hours, the sources further said. Berth occupancy remained at the Port at 43% on Monday where six ships namely CV Nysted Maersk, CV Maersk Pittsl, CV MSC Clementina, MT Donga Iris, MT Oceanic Coral and MT Lahore were berthed at PQA berths to load/ offload containers, palm oil and furnace oil respectively during the last 24 hours. Cargo throughput during the last 24 hours stood at 127,923 tonnes comprising 75,939 tonnes imports and 51,984 tonnes exports inclusive of containerised cargo carried in 4,408 containers (TEUs) (1,672 imports and 2,736 exports (TEUs). APP
Bureaucracy’s support to private sector needed for economic revival ISLAMABAD INP
Support of bureaucracy to private sector is very important for reviving the economy and public servants should always play a facilitative role for the smooth growth of business activities. This was stressed by Zafar Bakhtawari, President, Islamabad Chamber of Commerce & Industry while addressing a batch of 54 OMG trainee Officers who visited ICCI led by Syed Anwarul Hasan Bokhari, Director General, Secretariat Training Institute, Islamabad as part of their grooming by
visiting prestigious organizations. The officers are undergoing 35th Specialized Training Program at the Secretariat Training Institute, Islamabad. Bakhtawari said normally businessmen are blamed for price hike and inflation, which is not true. He said prices are linked to demand and supply phenomenon and when demand goes up as often happens in Ramadan while supply is less, then prices go up. He said people could maintain prices at reasonable levels by rationalizing their purchasing behavior. If they is a shortage of supply and people reduce their purchasing, then prices could come down, he added.
The ICCI president said businessmen were playing significant role in the development of the national economy and providing jobs to millions of people. Therefore, public servants should give due respect to business community while dealing with them and give preference to addressing their problems. He said those societies have achieved better progress that gave dignity and respect to businessmen and our civil servants should also adopt this approach. He said young officers could also play a crucial role in improving the image of Pakistan through efficient performance of their duties whether in Pakistan or
abroad. He said one sided picture of inflation is portrayed on media and media should also invite businessmen to explain their point of view so that people could be informed about the facts. Speaking on the occasion, Syed Anwarul Hassan Bokhari, Director General, Secretariat Training Institute appreciated the efforts of Islamabad Chamber of Commerce & Industry for serving the cause of business community and playing tremendous role in the development of local economy. He said generally government departments work in isolation while they should always take business community on board on important matters to
achieve better results for the country. He said bringing trainee officers to ICCI was aimed at bridging the gap between public and private sectors and giving young officers an opportunity of interaction with businessmen so that both could know each other’s point of view and develop better understanding. He said we have to work together through public-private partnership to pull Pakistan out of current challenges and put it on the path of sustainable economic development. He thanked President ICCI for his valuable input and added that there should be regular interaction between public & private sectors to make consensus economic policies.
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BUSINESS B Wednesday, 12 June, 2013
PEW proposes ngos regulatory authority ISLAMABAD
H E Pakistan Economy Watch (PEW) on Tuesday proposed establishing a powerful NGOs Regulatory Authority to monitor and streamline the activities, funding and expenses by non-profitable organizations. At present no one is fully aware of what is happening in the development sector paving way to suspicions at home and abroad. Lack of proper reporting and scrutiny procedure by government has been raising concerns about overlapping of activities, wastage of efforts, misuse of resources, and improper aid distribution, said Dr Murtaza Mughal, President PEW. The government should rationalize the process of registration of NGOs as it has no record of the
exact number of civic groups while different NGOs are getting registered at different federal and provincial departments, he said. Dr Murtaza Mughal said that the process of registration should be entrusted to a single federal department because different departments registering civil society groups do not share data. He further said that there must be a dependable web portal where all the local and international donors and nonprofits can upload all the particulars of the projects, grants, activities, and expanses for public information and scrutiny. After the floods of 2010; NDMA took a pioneering initiative of introducing Single Reporting Format (SRF Pakistan) but after archiving the results of hundreds of humanitarian activities and training thousands of NGOs & iNGOs staff members; this reporting system, developed by iMMAP, was abundant
Oil down in Asia on China growth concerns
early last year due to obvious reasons. Dr Mughal said that newlyelected Government should utilize IT for reporting and spreading information to achieve uniformity and coherence in data sharing during emergencies and other nonemergency situations.He appreciated the efforts of the SECP in developing better regulatory environment, addressing issues confronting regulation of the NGOs sector. Calling for a major review of the situation said that Pakistan will not attract foreign donors unless it ensures proper transparency, accountability and good governance in the civil society organizations and within the government to gain credibility. Consultation is imperative during the process to allay fears of restriction of the legitimate funding and operations of independent groups.
SINGAPORE: Oil prices were down in Asia on Tuesday after downbeat Chinese data highlighted concerns about slowing growth in the world’s second largest economy. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in July, dropped 11 cents to $95.66 a barrel in the afternoon. Brent North Sea crude for July delivery shed 29 cents to $103.66. “A lot of data has come out over the weekend. Dealers are trying to get their heads around China and its import and export data,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, said. “We’re also nearing the top of the WTI range. Any rise in price is likely to be capped by technical selling.” China over the weekend published a series of lukewarm economic indicators that sparked concerns about slower growth in the world’s biggest energy consumer. On Saturday the country reported a slowdown in exports in May compared to the previous month, and an unexpected drop in imports. Overseas shipments rose just one percent to $182.8 billion last month, far lower than 14.7 percent recorded in April, customs authorities said. The Chinese government a day later announced that industrial output expanded at a slightly slower pace in May while big-ticket investment growth eased. Industrial production, which measures output at the country’s factories and mines, rose 9.2 percent year-on-year in May, marginally weaker than the 9.3 percent increase in April, the National Bureau of Statistics said. APP
Greece squeezed in mid-audit after Russian gas pullout ATHENS: A last-minute Russian pullout from a major gas privatisation has blown a huge hole in Greece’s yearly revenue goals during an audit by EU-IMF creditors, raising questions over deficit management in the next six months. Russian giant Gazprom declined on Monday to table an offer for Greek state gas distributor DEPA, citing concerns about the company’s financial viability. As Gazprom was the sole expected bidder, the tender automatically collapsed and will be redrawn. It had been hoped that the DEPA sale would raise at least 700 million euros ($912 million), about a quarter of the money Greece needs in privatisation proceeds this year under its EU-IMF bailout goals. APP
CORPORATE CORNER Tag Heuer indispensable accessories Collection
In 2009, TAG Heuer, the world’s number one Swiss brand for luxury sports watches, chronographs, men’s eyewear and ultra-performance mobile phones, added the Avant-Garde Accessories Collection to its roster of exceptional-quality goods. It is a perfect fit. No matter the accessory—leather belt, billfold, wallet, Steve-McQueen inspired racing jacket, travel bag, helmet or high-performance electronic devices—it reflects in every detail the same overriding obsession with craftsmanship and innovation that has driven TAG Heuer for more than 150 years. To celebrate, TAG Heuer is launching TAG HEUER PHANTOMATIK, a new leather goods line aimed at the highest-end of the luxury market. The exceptional wallets, jackets and bags newly express the brand’s uncompromising commitments to quality, which shows in every stitch and buckle. Designed by a renowned team of stylists, sporting signatures stripes and a discrete tone-on-tone TAG Heuer shield, the PHANTOMATIK accessories are master statements of elegance and utility. New TAG Heuer icons, by master craftsmen, in the finest materials, each represents the culmination of 150 years of experience in the pursuit of perfection and innovation.
iLm Colleges expand in five cities of Punjab ILM Colleges, a project of ILM Trust, has built a name for itself in setting high academic standards by using innovative teaching techniques. The network of ILM Colleges is spread in different cities of the Punjab and has now been expanded with the addition of new colleges in five cities of the Punjab, namely, Rahim Yar Khan, Sahiwal, Walton Lahore, Pasrur and Faisalabad. The team of ILM Colleges Head Office has done a fantastic job through exploring the new business ventures and expanding the ILM family. The motivation, innovation and persistence made all the difference in making such achievement possible. The establishment of new
ILM colleges will provide opportunity to people to acquire quality education.
TUSdEC organizes master Training of the Trainers Technology Upgradation and Skill Development Company (TUSDEC) has launched ‘Master Training of the Trainers Program’ in Lahore for the capacity building of NGOs based in Punjab under a contract with Punjab Social Services Board (PSSB), Social Welfare and Bait-ul-Mal, Government of Punjab. According to a company spokesperson, the training session will continue until June 25 in which 120 candidates from various NGOs will be trained as the master trainers so that they could further impart the acquired skills to the next tier of trainers; thus infiltrating the processes and framework of improved organizational management among their respective NGOs. A session of two days training has been arranged in the areas of governance and office administration while ten days will be consecrated to administer the trainings of Strategic Planning, Program Management, Fund-Raising and Publicity, Human Resource policy and Financial Policy. The trainings are being organized at Social Welfare Training Institute, Township Lahore.
Samsung introduces the new gaLaxY ace 3 Samsung Electronics Co, Ltd, a leader in mobile technology and digital solutions, today announced a new addition to the popular GALAXY family with the Samsung GALAXY Ace 3, a smartphone that synthesizes a multitude of smart features to produce an enriched user experience suitable for everyday life. Building on the success of the previous GALAXY Ace series, the GALAXY Ace 3 3G version brings users powerful performance with a 1GHz dual core processor built to perform data-intensive tasks faster and more efficiently than its predecessor. Powered by AndroidT Jellybean 4.2, users will enjoy the larger 4.0 inch display for a brilliant viewing experience while playing games, watching movies, and enjoying the device’s many smart features. The 5-megapixel camera is equipped with multiple features, including Sound & Shot, Best Photo, and Buddy Photo Share to fuel users’ creativity and to allow easy sharing amongst friends. To provide a more intuitive user experience, the
GALAXY Ace 3 comes equipped with several smart features, providing innovative tools that continue to make the GALAXY series successful in the market. ‘S Translator’: Gives instantaneous translations at any time ‘S Travel’: Provides guides and travel information for your next trip ‘Smart Stay’: Recognizes when a user is looking at the phone, and saves battery life when a user looks away by dimming the screen and powering down using advanced facial recognition ‘S Voice’: Offers voice command functionality ‘Easy Mode’: Brings a simple and intuitive homescreen mode for streamlined access to your top functions.
Children’s Village in Islamabad which has provided orphan children who were affected by the devastating earthquake of 2005 with a permanent home.
an Evening with dawlance
P&g Employees volunteer at SoS Children’s Village karachi
Procter & Gamble Pakistan employees spent a fun day with children at the SOS Children’s Village in Karachi. P&G employees visited the SOS Village and dedicated the day to spending time with the children in their homes. This gave the children the opportunity to interact with P&G people and develop confidence and social skills. “We seek to engage our employees in the Company’s community programs by creating opportunities like these where they can give back to the community,” said Omeir Dawoodji, P&G Communications Manager. “Many people do not know what it is like to have the basic comforts of home. At P&G, we want to help create the experience of home for those who do not know this comfort,” he added. Around 130 children joined P&G volunteers in various fun and educational activities during the day. Together they played games, participated in story-telling sessions and also helped with the everyday chores in the home. Employees also taught the children the importance of health and hygiene and the steps of hand washing by using the animated character of Commander Safeguard. SOS Children’s Villages provide orphan and abandoned children a home, good nurturing and an equal chance in life. These children live under SOS care until they are able to lead independent lives. P&G has established a home at the SOS
Rarely does a brand visit its consumers personally to train them with the use of its products. In April 2013, Dawlance with their team of experts arranged and conducted a cooking session at a consumer’s house as part of the project of educating households how to use microwave oven as a cooking rather than just a reheating tool. The team was a personification of the brand; as they were the representatives of Dawlance, talking and sharing life details with clients. The Dawlance team started off with making a pizza; the dough, being the trickiest part of pizza baking was made right there along with cooking tips that were given to help consumers with their everyday kitchen work. The pizza was perfectly baked in 15 minutes thanks to Dawlance microwave oven cooking range that has in built recipe codes which save time and ensure well cooked food every time! The recipes have been especially prepared by the renowned Pakistani Chefs, Mehboob and Gulzar, and range from seekh kababs, tikkas, naans, fish curry, cakes, brownies, to kheer,masala chai, cookies, daal makhani, hot coffee tea memoni cuisines,south asian dishes, and much more. There are more than 200 recipes embedded in the microwave ovens and also in the cookbooks which are given free with the Dawlance microwave ovens.