BUSINESS Tuesday, 12 November, 2013
Kuwaiti businessmen vow to increase capital ﬂow to pakistan Kuwaiti businessman says objective of MoU is to strengthen joint investment cooperation BOI head says Pakistan is keen to take Pak-Kuwait bilateral trade and investment ties to new heights ISLAMABAD: The businessmen from Kuwait vowed on Monday to increase investment in different sectors of Pakistan terming the existing investment far below the true potential. "Kuwait and Pakistan enjoy good political relations but the two countries' economic relations are not as at its heights as it is in the political relations", Bader Mohammad Al-Saad, Managing Director Kuwait Investment Authority said while addressing a Business Forum organized by Board of Investment (BOI). He informed the participants that both Investment promotion Agencies Board of Investment and Kuwait Investment Agency are going to sign a Memorandum of Understanding (MoU) on Monday in the field of investment cooperation. He said the objective of this MoU is strengthening of joint investment cooperation between the two countries and to create partnerships to promote investment and trade. The forum was attended by prominent businessmen from the two countries. Pakistan side was led by Mohammad Zubair Chairman, BOI while the Kuwaiti side was led by Bader Mohammad AlSaad. Businessmen from both sides discussed various ways and means to further enhance the level of cooperation between the two countries in various areas of mutual cooperation particularly in the areas of trade and investment. During the interactive session both sides discussed in detail various proposals to explore ways to enhance their mutual business relations especially in the fields of agriculture, energy, commerce and trade. Muhammad Zubair said that this session provided an opportunity to apprise the Kuwaiti businessmen existing and future trade and investment potential in the country. He said the trade between the two countries is around $4 billion, which is not at par with the potential that exists in both the countries. He said Kuwait has a marvellous potential for halal food products and a little attention towards this particular sector could give a quantum jump to our bilateral trade. Similarly, he said, during the last five years Kuwaiti Foreign Direct Investment stands at $154.2 Million, which also does not reflect the real potential. APP
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PaK-KUwaIt tIes MaRKed By gROwIng tRade: nawaz KuwaItI pM reIterates hIs govt’s coMMItMent to further strengthen tIes wIth paKIstan ISLAMABAD
RIME Minister Muhammad Nawaz Sharif said on Monday Pakistan attached special importance to its relations with Kuwait as was marked by growing trade and close cooperation in the defence sector. He expressed the views during his meeting with Sheikh Jaber Mubarak AlHamad Al-Sabah, Prime Minister of Kuwait, here at the Prime Minister House that covered discussion on wide ranging bilateral and regional matters, said a press statement. Prime Minister Nawaz Sharif said Kuwait also hosted a large Pakistani community, including labour, who were making positive contributions to the development of Kuwait and sending remittances supporting Pakistan's economy. He also stressed the importance of deepening investment ties to impart
greater vigour to the economic partnership between the two countries. The Kuwaiti PM conveyed good wishes of the Amir of Kuwait Sheikh Sabah Al-Ahmed Al-Sabah for the people and the Government of Pakistan. He reiterated the commitment of his government to further strengthening ties between the two governments and peoples. He said Pakistan had been a trustworthy friend and the people of Kuwait kept Pakistanis in the highest regards. The visiting Kuwaiti delegation included Shiekh Sabah Khaled Al-Hamad
Al-Sabah, Deputy Prime Minister and Minister for Foreign Affairs, Mustafa Jaseem Al-Shamali, Minister for Oil, Khaled Abdullah Al-Sager, First Vice Chairman of Kuwait Chamber of Commerce and Industry, Anas Khalid AlSaleh, Minister of Commerce and Industry, Ambassador Khaled Sulaiman Al-Jarallah, Under-Secretary of the Foreign Affairs, Ambassador Mohammad Ahmed Al-Mejren Al-Roumi, Director of Asia Department, Bader Mohammad AlSaad Managing Director of Kuwait Investment Authority, and Hisham Ibrahem
stocks swell as IMf shows satisfaction Kse all share Index Increased by 0.06 percent or 10.98 poInts to end at 16,961.67 poInts KARACHI STAFF REPORT
The Karachi Stock Exchange (KSE) swelled on Monday as investors resorted to buying shares after the International Monetary Fund (IMF) expresses satisfaction on Islamabad's economic performance in its first quarterly review. However, selling in index heavyweights Oil and Gas Development Company and MCB Bank reduced most of the intraday gains. The benchmark KSE 100-Index inched up by 0.06 percent or 13.93 points to close at 23,381.08 points on Monday as against 23,367.15 points recorded on Friday. The KSE All Share Index swelled by 0.06 percent or 10.98 points to end at 16,961.67 points, the KSE 30-Index moved slightly down by 0.08 percent or 14.05 points to conclude at 17,831.05 points, whereas the KMI 30-Index skidded lower marginally by 0.01 percent or 4.71 points to finish the opening session of the week at 39,385.22 points.
During Monday's trading session, the main index hit an intraday high of 23,588.52 points and an intraday low of 23,364.37 points. Although most of the stocks rallied but decline of MCB and OGDC curbed the upside. However, institutional support helped National Bank of Pakistan close at its upper limit while AICL also gained 5 percent after announcing 183 percent surprise bonus issue. Market volumes surged by 67.338 million shares to 205.244 million shares, market capitalization improved by 2.126 billion rupees ($20.255 million) to 5.533 trillion rupees ($52. 703 million), where the KSE trading value jumped by 2.322 billion rupees ($22.114 million) to 7.205 billion ru-
pees ($68.622 million) on Monday. Among 310 active scrips on Monday, prices of 172 issues advanced, 109 declined, whereas values of 29 other companies stayed unchanged. Jahangir Siddiqui Company was the top traded company of the day with volume of 34.015 million shares, followed by Bank of Punjab and Pakistan International Airlines with turnovers of 18.423 million shares and 13.838 million shares, respectively. Rafhan Maize XD was the top price gainer of the day with increment of 240 rupees (2.28 dollars) to 5,490 rupees (52.28 dollars) while on the other hand Nestle Pakistan XD was the top price shedder with decrement of 350 rupees (3.33 dollars) to 7,000 rupees (66.66 dollars).
PAKISTAN ASKS INDIA TO RECONSIDER GAS PRICE IndIan offIcIals say both sIdes are negotIatIng gas export and prIcIng NEW DELHI AGENCIES
With India expressing its willingness to export gas to Pakistan and state-run GAIL India terming it as a feasible project, Pakistan has asked India to reconsider the high gas price it was offering while India has sought sovereign payment guarantees before entering into any contract. Officials in the Indian Petroleum Ministry told The Hindu that while Pakistan is ready for import of gas from India through
a 110-Km pipeline, it has asked India to reconsider the price of gas. India has expressed its willingness to export 400 million cubic feet of gas per day to Pakistan. Currently, things are on the backburner in view of the freeze in the India-Pakistan relations due to recent incidents on the LoC. “Negotiations on various commercial aspects of the gas export as well as pricing of gas are being negotiated by both sides. Hopefully, things would be resolved soon,” a senior Petroleum Ministry official remarked. LNG imports into India are currently in the range of $13-14 per million British thermal unit and after including customs or import duty, pipeline transportation charges and local taxes, the delivered price will be close to $21. LNG would be gasified by Indian side as Pakistan does not have an LNG import facility at present. On the other hand, India has sought sovereign payment guarantees from Pak-
istan before signing an export contract to supply natural gas through the cross border pipeline passing through Wagah-Attari border. From the Indian side, the pipeline would start from Julendhar in Punjab leading through Attari. “We want Pakistan to provide payment guarantees before GAIL India enters into a gas supply contract with any Pakistani entity. We want sureties for three months payment and advance termination commitments,” the official added. Both India and Pakistan have till date
held five rounds of negotiations and it has been found technically feasible to export gas into Lahore. GAIL India officials said gas in its liquid form will be imported in Maharashtra or Gujarat and then moved through GAIL’s existing pipeline network till Julendhar. Pakistan, with a total electricity generation capacity of 20,000 MW, is faced with a serious energy and power deficiency and is keen on importing gas from India to meet its rising energy needs.
Al-Waqayan, Deputy Director General of Arab Economic Development. The members of the Pakistani side included Ishaq Dar, Minister for Finance, Senator Pervaiz Rasheed, Minister for Information, Chaudhry Nisar Ali Khan, Minister for Interior, Zahid Hamid, Minister for Science and Technology, Jam Kamal Khan, Minister of State for Petroleum, Engr. Khurram Dastagir Khan, Minister of State for Commerce and Industry, Tariq Fatemi, Special Assistant to PM on Foreign Affairs, and Muhammad Zubair, Chairman Board of Investment.
Pakistan, Kuwait sign 4 MoUs ISLAMABAD: Pakistan and Kuwait Monday inked four documents in areas of investment, extradition, labour and visa waiver at diplomatic and official levels. Prime Minister Nawaz Sharif and Kuwait's Prime Minister Sheikh Jaber Al-Mubarak Al-Hamd Al-Sabah witnessed the signing ceremony as the representatives of two countries signed the documents. Two treaties on extradition and visa waiver for the holders of diplomatic, special and official passports were signed by Interior Minister Chaudhry Nisar Ali Khan and Kuwait's Deputy Prime Minister Sheikh Sabah Khalid. An Amended Protocol on Labour was signed by Secretary Labour Munir Qureshi and Kuwait's Under Secretary for Foreign Affairs Khalid Suleman. A memorandum of understanding (MoU) on Investment was signed by Board of Investment chairman Muhammad Zubair and Badr ul Saad of Kuwait's Investment Authority. Earlier, Pakistan and Kuwait held delegation-level talks headed by their prime ministers. Kuwait's prime minister had arrived on Sunday on a two-day official visit. APP
Remittances swell beyond $5.2b in four months KARACHI: The Pakistanis working abroad remitted over $5.275 billion in the first four months (July–October) of the current fiscal year 2013-14 (FY14), reported the central bank Monday. This, the regulator said, showed a growth of 6.27 percent when compared with $4.964 billion the dollarhungry country received during the corresponding period of last fiscal year (JulyOctober FY13). The inflow of remittances during the review period from Saudi Arabia, UAE, USA, UK, other GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $1459.63 million, $1060.93 million, $850.05 million, $807.63 million, $604.46 million and $149.30 million, respectively. Last year, the inflows from these destinations was recorded at $1308.61 million, $1046.83 million, $841.28 million, $697.33 million, $559.51 million and $134.53 million, respectively. The receipts from Norway, Switzerland, Australia, Canada, Japan and other countries during the first four months of current fiscal year amounted to $343.61 million as against $376.12 million received in the first four months of last fiscal year. STAFF REPORT
The best minds are not in government. If any were, business would steal them away. — Ronald Reagan
IHC, LHC IN CONFLICT OVER FBR’S CAR AMNESTY SCHEME Ihc suspends judgeMent declarIng car aMnesty scheMe legal lhc gIves verdIct In fbr’s favour counsel says fbr has generated rs 16b through aMnesty scheMe ISLAMABAD
HE Islamabad High Court (IHC) and the Lahore High Court on Monday gave two contradictory judgements. On one hand, the IHC suspended the judgement of a single bench declaring the Car Amnesty Scheme lawful. On the other hand, the LHC declared the scheme legal. A division bench of IHC comprising Justice Riaz Ahmad Khan and Justice Noorul Haq N Qureshi resumed hearing of an intra-court appeal filed by the Federal Board of Revenue (FBR) through its counsel Athar Minallah against the IHC judgement in case of amnesty scheme, which termed impugned scheme under SRO No 172(I)/2013 as illegal. The division bench also suspended the order
to confiscate 50,000 smuggled vehicles which were brought in country under the said scheme. During course of hearing, Athar Minallah, counsel for FBR, apprised the bench that the Supreme Court in its verdict had observed that non-custom paid vehicles were mainly used in criminal activities. Therefore, the government has introduced amnesty scheme to legalise unregistered vehicles and maintain their record. He argued that amnesty scheme was successful as around 50,900 vehicles were registered in the country. He further said that FBR has generated Rs 16 billion through amnesty scheme. Athar prayed the court to suspend order of single bench for declaring the scheme illegal. On June 19, the IHC had declared that amnesty scheme to legalize non-duty paid smuggled cars had caused a direct revenue loss of Rs 35 billion to the national kitty. The corrupt customs officials should be uprooted and legal action by way of initiating criminal proceedings to be investigated by FIA against all government officials involved in introducing, approving and executing Amnesty scheme. LHC GIVES FAVOURABLE DECISION: Separately, the LHC pronounced a decision in favour of the Federal Board of Revenue (FBR). The LHC suspended previous pronouncement of Justice Shaukat Aziz who declared the vehicle scheme invalid and ordered seizure of around 57,000 vehicles. As per some reports, around 50,000 vehicles have been given tax and duties concession after the introduction of this policy. The FBR had filed an intra-court appeal against the decision and requested the LHC to review. The petitioner’s lawyer said that the scheme was running under SRO regulations.
nestlé Pakistan to help mango farmers increase yields
LAHORE: Nestlé Pakistan announced a pilot initiative which will support mango farmers in southern Punjab through a joint effort with the Australia-Pakistan Agriculture Sector Linkages Program (ASLP). In the initial phase of the endeavor – titled the ‘Chaunsa Project’ – farmers in Multan and Khanewal will benefit from training on best farm practices to increase yield and improve quality of chaunsa mangoes. “The ‘Chaunsa Project’ is yet another example of how Nestlé creates shared value in the communities it works in”, said Mr. Magdi Batato, Managing Director of Nestlé Pakistan. “By enhancing the quality and improving the yield of chaunsa mangoes in the market, Pakistani consumers buying our products will directly impact the livelihoods of small farmers in the Nestlé value chain.” Through the partnership, Nestlé and ASLP will carry out training and capacity building in a range of areas including pre- and post-harvest horticulture, plant propagation and varietal assessment. Both organizations observed the immense opportunity to improve both yield and quality of chaunsa mangoes. Small farmers are now able to take advantage of new opportunities in the mango farming sector, including canning, pulping and exporting – collectively bringing in tens of millions of dollars’ worth of revenue to the national exchequer. The long-term vision for the ‘Chaunsa Project’ is to take Nestlé’s principle of Creating Shared Value (CSV) and support small farmers, just as the company did with its dairy farmers years ago – 200,000 of whom now provide their milk directly to Nestlé as part of their value chain, covering an area of 146,000 km2. Similarly, through responsible sourcing of mango pulp and development of linkages with Nestlé’s value chain, small farmers will have better access to markets where they can sell their mangoes at competitive prices, and the company can continue to improve livelihoods of rural communities across Pakistan. PRESS RELEASE
eU, Us return to trade talks under spy scandal cloud BRUSSELS AGENCIES
The EU and United States began a second round of talks Monday on the world's largest free-trade accord despite damaging revelations of US spying on its allies. Chief negotiators, the EU's Ignacio Garcia Bercero and Dan Mullaney for the United States, stepped before the cameras for an official handshake but made no statement as they began a weeklong round of negotiations on the Transatlantic Trade and Investment Partnership (TTIP). This second round was to have been held in October, but due to the US government shutdown had to be postponed just as the spy scandal worsened. Since then a steady flow of surveillance revelations by US intelligence leaker Edward Snowden has angered European nations, prompting demands in some EU quarters that the TTIP talks be halted altogether. Personal data protection is a hugely sensitive issue in Europe given its history of brutal dictatorship of the left and right, and there have been longstanding concerns that giant US tech companies see it as more of a commercial commodity than a sacrosanct human right. An EU official close to the trade talks conceded "there may be issues of trust", but stressed that Europe would not compromise its personal data protection standards even as it must discuss the wider issue of information transfer. "The transfer of data... is a key component of a modern economy," the official said, but as far as personal data is involved, it can "only be done so in compliance with (EU) legislation on data privacy".
PtCL rewards customers through free 4 Mbps upgrade ISLAMABAD: Pakistan Telecommunications Company Limited (PTCL), the largest Information Communications Technology (ICT) services provider is now enabling its 2Mbps customers to upgrade to 4Mbps broadband package without any additional charges. The upgrade offer provides 2Mbps customers the opportunity to enjoy higher speeds and enhanced broadband experience, free of cost for two months. Customers can enjoy 4Mbps speeds at only Rs 1,549 per month, the existing price of 2Mbps broadband package. The offer is valid for both existing and new PTCL customers. Aasif Inam, PTCL Executive Vice President (EVP) Wire-line Business said, “Our broadband products are geared towards delivering innovation and accessibility. PTCL is committed to provide lasting and effective customer experience and this offer is aimed at rewarding our customers and giving them more value for their money.” The promotional package will expire on 31st December 2013 and discounted 4Mbps rates of Rs.1, 999 per month will apply after the expiry date. PRESS RELEASE
Islamabad Marriott’s zigolini brings slice of Italy to Capital
ISLAMABAD: Zigolini, Islamabad Marriott Hotel’s recognized pizza and pasta restaurant, yet again brings a slice of Italy to the capital. The restaurant has launched an exciting new menu item “Pizza Al Metro” ,guaranteed to be a real crowd pleaser .Measuring a huge 1.8m from crust to crust, this gigantic treat offers the best money saving solutions. Perfect for school /college functions, pizza parties, birthday parties, casual get togethers and even workday business meetings, this meter long pizza allows a group of people to try different varieties of pizza toppings at the same time while enjoying great conversation highlighted by a great
Tuesday, 12 November, 2013
Major Gainers COMPANY nestle pak.xd Indus Motor coxd p.s.o. xd shezan Interxdxb packages ltd.
OPEN 7250.00 326.50 283.50 524.99 228.00
HIGH 7400.00 339.66 295.39 527.10 240.00
LOW 7250.00 325.00 283.00 507.00 227.00
CLOSE CHANGE 7400.00 100.00 339.58 16.09 294.91 13.58 512.76 10.76 239.04 10.04
TURNOVER 520 129,900 4,929,100 6,150 134,700
4400.00 1710.00 760.00 328.50 5550.00
4323.00 1650.00 760.00 315.25 5505.00
4400.00 1675.00 760.00 315.25 5527.50
-150.00 -60.00 -39.00 -13.25 -9.17
240 220 50 300 60
27.57 12.05 24.79 27.04 8.13
26.40 11.45 24.00 25.75 7.70
27.38 11.92 24.60 26.79 7.75
1.12 0.58 0.44 0.99 -0.19
21,281,500 9,651,500 8,290,500 7,235,000 6,772,500
Major Losers wyeth pak ltd bata (pak)xd Island textile xd pak tobaccoxd unilever food
4350.01 1710.00 760.00 315.25 5550.00
Volume Leaders p.t.c.l.a fauji cementxd bank al-falah fatima fert. jah.sidd. co.
26.40 11.45 24.33 25.89 8.04
Interbank Rates usd gbp jpy euro
pKr 107.4251 pKr 172.0843 pKr 1.0843 pKr 143.6919
Forex uK pound sterling euro us dollar canadian dollar australian dollar japanese yen uae dirham saudi riyal china yuan
meal. Having full access to our complimentary WIFI, diners can taste from 6 different kinds of toppings: Pizza Funghi, Capricciosa, Diavola, Quattro Staggioni, Margherita and Vegetariano for only Rs 5,900. With its super thin crust no more than 27cm in width and 2 mm in thickness this 1.8 meter long pizza is served piping hot to the table as it arrives on a meter long wooden board making it the center piece of attraction. PRESS RELEASE
172.25 143.75 108.1 102.25 100.75 1.0701 29.05 28.55 17.45
172.5 144 108.35 102.5 101 1.0805 29.3 28.8 17.7
much awaited Smartphones by Samsung that comes with a beautiful Large 4.0” screen that brings out the colors in an amazing manner and is easy to use. Further, the phone runs on a powerful A5 1GHz Processor and the latest Android Jelly Bean, making everyday tasks easy and fun. A High Quality camera adds to that. PRESS RELEASE
JosH joins the galaxy of stars with samsung
PaF contingent ready to participate in dubai air show
LAHORE: Samsung Electronics has signed on famous and leading international music band JoSH as its Brand Ambassador for Smart devices. Continuing with its practice to offer and choose the best, Samsung Mobile Pakistan has taken JoSH on board to promote its exciting range of Smartphones and other smart devices through various activities. The Internationally acclaimed band shall be a part of the various upcoming campaigns to be launched by the World’s no.1 Smartphone Brand, Samsung. JoSH’s association with Samsung shall complement the superior quality, experience and image of the Smartphones marketed by the technology giant. JoSH is currently working on a television commercial for Galaxy Star Pro that would be aired soon. Galaxy Star Pro is a latest addition to a wide range of innovative Smart devices by Samsung, one of the most loved brands globally. It is amongst the
ISLAMABAD: JF-17 Thunder, the Pakistan’s pride along with Mushshak aircraft would be participating in the forthcoming Dubai Air Show from 17-21 November, 2013. The JF-17 Thunder’s Squadron pilots have completed series of aerobatics training drill program and are fully prepared to steal the show on the eve of 10th Dubai Air Show, 2013. The multi role all weather JF-17 Thunder is a highly manoeuvrable light combat aircraft with fly by wire flight controls. The aircraft is equipped with stateof-the art avionics and mix of modern weapon to destroy targets in air, on ground and also in the sea. PRESS RELEASE
LAHORE: Federal Industries and Production Secretary Shafqat Hussain Nagmi addresses the launch ceremony of SMEDA Internship Portal on Monday. PR