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16-17 Business Pages (12-03-2013)_Layout 1 3/13/2013 6:23 AM Page 1

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businEss Wednesday, 13 March, 2013

IWCCI suggests measures to resolve energy crisis ISLAMABAD: The Islamabad Women’s Chamber of Commerce and Industry (IWCCI) said on Tuesday government should push power companies using furnace oil to switch to coal driven low prices, stability and vast supplies for years to come. Coal is the cheapest and the most common fuel used to produce electricity and heat in the world, its share in world’s energy mix has hit record high with 5.4 per cent increase, it said. With 1004 billion tonnes of known coal reserves left on earth and global consumption estimated at 9.98 billion tonnes per annum by 2030, Pakistan can become a major player with 175 billion tonnes of coal, said Farida Rashid, President IWCCI. Thar coal is sufficient to meet our fuel requirements for centuries and help export electricity to regional countries opening door for prosperity but it remained largely ignored, she said. Speaking to business community, she said that we are paying a very heavy price for running power plants on furnace oil and natural gas while the slow pace of the government’s decision to convert some the furnace oil based power plants to coal is frustrating. Conversion of furnace oil based power plants on Thar coal can save around 5 billion dollars of foreign exchange per annum as furnace oil imports stands at 40 per cent of total petroleum imports that are over 12 billion dollars. Farida Rashid adding that switching on coal should be made easier for the private power producers seeking permission since long as conversion to imported coal will also save billions, she observed. Conversion will cut oil import bill, reduce borrowings, clip subsidies and bring production cost down providing relief to domestic, commercial and industrial consumers, she added. Farida Rashid said that conversion will also help cull circular debt which is biggest threat to the economy, bridge budgetary gap, make funds available for new investment on public welfare and power sector betterment and improve balance of payments position. She said that some two billion dollars could also be saved by ensuring merit in provision of gas to the power plants, a decision implementable within an hour. nni

A mafia is using energy crisis to increase personal fortunes. — APCNGA Chairman Ghiyas Abdullah Paracha

APCNGA says on hunger strike to secure ‘interests of 80 million people’ ISLAMABAD

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HE All Pakistan CNG Association (APCNGA) on Tuesday commenced hunger strike to protect interests of 80 million masses using CNG-powered vehicles for transportation, 3.7 million owners of vehicles using economical fuel, safeguard Rs 400 billion investment in the CNG sector and bring end to unjust load-shedding. “We are protesting anti-CNG policies of the government, politically motivated gas distribution, 5-day gas load shedding in Punjab, continuous maltreatment, and abuse of power by authorities,” said Ghiyas Abdullah Paracha, Chairman Supreme Council APCNGA while speaking to reporters in the hunger strike camp. Ghiyas Paracha said that in a bid to introduce costly imported LNG and LPG to benefit few influential, government has been systematically destroying CNG sector which will be resisted. He said that efforts to familiarise masses with costly liquid fuels met with failure despite the fact that gas crisis was engineered to justify the wrongdoing. However, he said, in the process millions of jobs were lost, masses were punished and deprived of economical

transportation and investment of around since one and a half years despite direcRs 400 billion was put on stake, he said. tives of the Prime Minister and courts which is devastating their Rs 10 Paracha said that APCNGA billion investments. has been blowing whistles On October 04, over massive, continEfforts to 2011 and Jan 01, ued and unprece2013 the Prime dented corruption familiarise masses Minister issued in the petroleum with costly liquid orders to proministry while vide gas to our recent move of fuels met with CNG outlets the Supreme failure. The gas but it could Court to take not be implenotice of corcrisis was mented due to ruption in the engineered to friction beLPG import tween petroleum scam proves that justify the ministry and Ogra. our stance was just wrongdoing The all-powerful buand based on irreaucracy also violated refutable facts. the orders of High Courts diSome influential officials and crooked businessmen have shaped recting implementation of PM’s ora gang to deprive masses of their rights, ders, he added. New CNG stations will not enhance relieve them of their hard earned money and lay waste to our invest- the usage of gas but distribute load ments, he said, adding that plundering which will relieve masses that have to national resources will not be allowed wait for hours to get their tanks refilled. Ghiyas Paracha demanded reversal of come what may. A mafia has been using energy cri- all the anti-CNG moves, abandoning sis to increase personal fortunes and projects which are to benefit few and they come up with another idea in case reduce gas load shedding duration in of failure of former move, Paracha in- Punjab. He asked the incoming governformed. He said that many owners of ment to revisit all the decision taken by CNG filling stations from all across the incompetent cabal to ensure smooth Pakistan are not being provided gas flow and give break to the masses.

Iran to export 21m cm/day gas to Pakistan via peace pipeline ISLAMABAD

predictions have been made for export of 60 million cubic meters Iranian gas to Pakistan through the peace pipeline. “So, their request to increase the volume of the gas exports to 30 million cubic meters from the current 21 million cubic meters will be studied.” The official said Iran-Pakistan gas line is continuation of the 7th pipeline originating from Assalouyeh. He said the first phase of the 7th gas line, starting from Assalouyeh to Iranshahr in Sistan-Baluchestan Province in an area of 900 kilometers, has been completed and people in the province are now benefiting from it. Oji pointed out that 80 kms out of the 320 kms pipeline, which lies in Iranian territory, has been completed. He noted that 780 kms of the pipeline lies in Pakistani territory, costing two billion dollars to be implemented out of this $500 million of the piping cost has been financed by Iranian banks and companies, he added.

APP

Managing Director of National Iranian Gas Company (NIGC) Javad Oji said that Iran plans to export 21 million cubic meters gas per day initially to Pakistan via the peace pipeline. Talking to IRNA on the sidelines of a ceremony marking start of operation to pipe Iranian gas to Pakistan, he said Pakistanis favour increasing the ceiling of mutual contract to 30 million cubic meters per day. He said necessary

PAKISTANIS FAVOUR INCREASING THE CEILING OF MUTUAL CONTRACT TO 30 MILLION CUBIC METERS PER DAY, NIGC MD JAVAD OJI

Pakistan losing kinnow market in EU: Jawad

ISLAMABAD Online

Chief Executive Officer Harvest Tradings, Ahmad Jawad has urged Punjab Industrial Estate Development and Management Company (PIE) to speed up the process of Industrial estate at Tehsil Bhalwal which will be compromising on 400 acres. Talking to kinnow growers at Sargodha, he said after completion this project will make a strong push for the export of kinnow process as Bhalwal is known as the hub of kinnows, supplying over half of the country’s kinnow exports. However it was a matter of great concerns that Pakistan which is 13th largest kinnow producing country in the world, annually produces 2 million tons yield has minimum in the ranking to export of this fruit. As Pakistan needs to get seedless variety on a large scale to cater the needs for EU markets as with the introduction of seedless variety, kinnow exports are expected to grow to $1 billion extra. Currently, the world citrus markets value is $2.135 billion, in which, country share has remained around 2.5 per cent Jawad said Pakistan is losing the kinnow market in the European Union due to excessive seeds, as buyer seeks seed-free fruit for easy eating,” still we are looking forward to have max 3 to 5 seeds in each fruit. However research revealed that Europeans consider massive seeds to cause stomach disorder as every seed of kinnow has a specific chemical material that sometimes disturbs the stomach”. Despite the fact Pakistan is the best kinnow producing country but suffers from a lack of value addition and support from the government. “Neither the government nor the fruit association (PFVA) have taken measures to educate the farmers about the latest techniques for producing fruits,” He added that Pakistani growers should learn from their Turkish counterparts who captured the EU market well because of the lack of seeds. “Presently Pakistan has a yield of 8,000 kilogram per acre of land while it is 16,000 to 20,000 kg per acre as per world standards,” Jawad added.

CFO moot a strong platform to explore business solutions: ICAP chief KARACHI STAFF RePORT

Institute of Chartered Accountants of Pakistan (ICAP) President Ahmad Saeed said that CFO conference over the years has emerged as a strong platform where professionals in business and industry meet to explore, confront and thrash out solutions to meet the challenges and issues. He said ICAP professionals constitute an integral part of the industry and it is incumbent for the institute to cater to their needs and expectations. He accentuated the need for evolving with changing times and challenges. Further, he hailed the efforts of the ICAP PAIB Committee for their commitment and holding of the 3rd Professional Excellence Awards. Mian Usman A. Ghani -Chairman ConfluentC, Professor of Strategy, University of Texas, USA and Senior Vice President, Harvard Business School Club took the stage speaking on ‘Financial Leaders – Meeting Future Challenges’. He emphasized on building of an emergent world, moving from spreadsheets to simulations as to create memories of the future. In today’s organizational challenges CFO’s role is transformational- leadership of change that is creating synergy and building teams. He stressed the need to move from the myopic view as the health of society is more important

than the wealth creation of a nation. Syed Masoud Ali Naqvi – Senior Partner, KPMG Taseer Hadi Co and past president of ICAP delivered the second keynote of the day. He on the outset congratulated the ICAP and PAIB team for organizing the seventh successful conference, which has become the most, looked upon professional gathering. In his session ‘Critical Analysis on Economy and how it Affects the Performance of Business’, Mr. Naqvi highlighted how the Pakistani economy is the most analysed and resilient economy which has absorbed multi-dimensional shocks over the years. The economy today is facing multiple challenges with the total debt standing at 68% of GDP, investment 11% percent of GDP, taxes 9% of GDP and consumption growth at 20%. Need of the time is to have a national economic agenda to steer the country out of the crisis, for which a robust political will and commitment is needed. Politicians supported by expert groups can counter the crisis with redefining institutions, increase investment in health and education, reduce the bleeding of the Public sector entities and introduce a more aggressive investment policy. IFAC Senior Technical Manager -Mr. Vincent TopHoff spoke on ‘Strategic Risk Management in the Face of Uncertainty and Unexpected Risks’, in his highly interactive presentation Vincent listed out the crucial factors for strategic management.He spoke

about achieving the objectives taking into account risk President, OICCI , he outlined the key roles the CFO management, internal control and SWOT analysis. can play effectively to garner investments in the counCFOs need to champion the importance of good risk try. He spoke about perception and reality and the excellence achieved by the youth of management and line managePakistan breaking world records. ment. He emphasized the need to Pakistan is a land of opportunity set the tone at the top. strategically located, gifted with Another feature of the confernatural beauty and resources and ence was the presentation by Dr. a large young population with Sunil Gupta – Lifetime Master high potential to take Pakistan to Trainer, deBono Thinking Sysa far better position. He emphatems “Unleashing Creativity to sized on spending less time on the Deliver Strategic Excellence”. past and spending more time on The session was thoroughly enthe future. Feel the market and joyed by the participants as the customers and look beyond the speaker opened new avenues to wishes of the CEO and believe in innovative solutions. In addition Pakistan, more importantly. the Managing Director/CEO, LaNauman Asif Mian CFO, hore Stock Exchange Mr. Aftab Bayt.com in his session ‘ReAhmad Chaudhry apprised the gional Challenges & Opportuniparticipants of the scope and the ties for Finance Professionals in status of the public private partMIAN USMAN A. GHANI the Middle East’outlined the picnership on ‘How are Public PriCHAIRMAN CONFLUENTC ture of the region. In addition to vate Partnerships Faring in Today’s Tough Environment’. A highly patriotic tone the sessions the conference also had two highly interwas set by the charged session ‘Pakistan as a Land of active panel discussions on ‘CFO asController or Opportunity – Role of CFO in Bringing Investments’ Business Partner’ and‘Is there any Expectation Gap of Mr. Kimihide Ando – MD, Mitsubishi Pakistan & between Auditors and CFOs’ .

CMYK

In today’s organisational challenges CFO’s role is transformationalleadership of change that is creating synergy and building teams.


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We are paying a heavy price for running power plants on furnace oil and natural gas. — IWCCI President Farida Rashid

Sindh govt, SBP announce mark up subsidy, guarantee facility for rice millers KARACHI

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HE Sindh government, in collaboration with the State Bank of Pakistan (SBP), has offered interest subsidy of 6.25 percent and credit risk sharing facility of up to 30 percent against the long-term loans to be extended to the rice-husking mills in the province. The loans would be provided by the banks under the existing SBP Refinancing Scheme, reported the central bank Tuesday. It said these additional incentives, being offered by Sindh Enterprise Development Fund (SEDF), would encourage the rice mills to carry out BMR of their units so as to reduce their losses and improve the quality of their products. The improved profitability projections with the availability of additional incentives under the scheme would also encourage potential Small and Medium Enterprises (SMEs) to establish new rice-husking units in the province. Dwelling on the scheme’s broad

features, the State Bank said mark up rate for the facility shall remain the same, nine percent, for financing up to five years as applicable under SBP’s Refinance Facility. However, it said, the end-user rate would be 2.75 percent per annum only, i.e. the difference of 6.25 percent (SBP share) would be borne by the SEDF. The SBP said the banks would be offered a credit guarantee cover of 30 percent against their outstanding loans under the facility. As mentioned, the cover would be provided on the strength of financial support extended by SEDF. The facility shall be available against the loans granted up to the period of five years. The maximum loan size for a single borrower shall be Rs 10 million. The banks, which have already obtained refinance limits under SBP’s Refinance Facility for Modernization of SMEs, may now apply for the guarantee and subsidy limits under this scheme, said an SBP circular issued to all banks Tuesday.

New Porsche Cayenne S Hybrid launched in Lahore LAHORE: Dr Ing. h.c. F. Porsche AG, Stuttgart, presented the brandnew generation of the Cayenne Sports Utility Vehicle this week at a relaxed event at the Porsche Centre in Lahore. The company presented the highlight of their new generation of SUVs; the Cayenne S Hybrid: with its technically highly sophisticated parallel full hybrid drive and fuel consumption in the New European Driving Cycle of just 8.2 litres/100 kilometres (equal to 34.4 mpg). The Cayenne S Hybrid is part of Porsche’s continuing commitment to environmental conservation thorough the design and manufacture of more efficient and sophisticated automobiles. With CO2 emissions of just 193 g/km the Cayenne S Hybrid combines the performance of an eight-cylinder with the economy of a six-cylinder running on much less fuel. Led by the Cayenne S Hybrid, all models in the new generation are trendsetters in efficiency and performance in their respective segments. Compared with the former models, fuel consumption is down by up to 23 per cent, since the new Cayenne, like every Porsche, has been developed according to the principle of “Porsche Intelligent Performance”: more power on less fuel, greater efficiency and lower CO2 emissions. PReSS ReleASe

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businEss B Wednesday, 13 March, 2013

Major Gainers COMPANY OPEN Colgate Palmolive 1810.00 Indus Dyeing SD 467.50 Sunrays Textile 242.00 National FoodsSPOT 297.42 Millat Tractors XDXB 492.91

HIGH 1900.00 490.00 254.00 309.75 505.00

LOW 1900.00 485.00 242.10 300.00 499.00

CLOSE CHANGE 1900.00 90.00 487.67 20.17 254.00 12.00 309.00 11.58 504.13 11.22

TURNOVER 100 300 6,500 24,400 5,300

3929.95 10701.00 208.00 258.00 118.00

3733.50 10700.00 201.26 249.55 115.00

3733.50 10701.00 204.85 250.00 116.50

-196.45 -19.00 -7.00 -5.27 -3.50

60 40 18,400 153,000 1,000

7.18 6.27 128.65 14.49 21.23

6.60 5.40 121.26 13.27 20.50

6.90 6.16 128.65 14.22 21.08

0.34 0.76 6.12 0.28 0.81

24,026,500 16,852,500 14,429,600 13,384,500 12,741,000

Major Losers Rafhan Maize SPOT UniLever Pak Philip Morris Pak. Clariant Pak Blessed Tex.

3929.95 10720.00 211.85 255.27 120.00

Volume Leaders P.I.A.C.(A) Telecard Limited Engro Corporation Jah.Sidd. Co. P.T.C.L.A

6.56 5.40 122.53 13.94 20.27

interbank Rates USD GBP JPY EURO

PKR 97.8978 PKR 145.3880 PKR 1.0200 PKR 127.4825

Forex

PESHAWAR: Provincial Housing Minister Amjad Afridi initiates the balloting for Jalozai Housing Scheme at PHA office. Mir Javed Hashmat, managing director Bank of Khyber, and Javed Ahmed, director general PHA are also seen. PR

US Dollar Australian Dollar Canadian Dollar UK Pound Sterling Euro Japanese Yen Saudi Riyal U.A.E Dirham China Yuan

BUY

SELL

99.1 102.8 98.5 153.5 133.5 1.055 26.6 27 13.5

99.35 104.5 99 154.5 134.2 1.11 26.8 27.25 14

CORPORATE CORNER

Seminar on US dairy cows LAHORE: A Dairy and Livestock Conference was held in Avari Lahore with 200+ participants from all over Pakistan representing the dairy farmers, Small and Large corporate farms, representatives from Federal and Provincial Governments, NGO sector, USAID, USDA, American Consulate Lahore, major dairy product manufacturers, Service Providers, Academia, developmental Agencies and agriculture consultants. Dr. JapieConraidie, Head of Nestle’ Pakistan gave a brief history of the importation of the better producing cows to Pakistani market and explained how the industry has evolved since the time he was on the first ship taking the cows off. He explained that since the white revolution slogan has shown many changes in the dairy sector of Pakistan, resulting in an increase in milk production, better breeding, AI awareness and better animal husbandry. During this period, we also saw a wave of milk processing facilities opening up in Pakistan including UHT, fresh, powdered, organic and value added products. PReSS ReleASe

COMSATS organizes GFIF LAHORE: COMSATS Institute of Information Technology (CIIT) in collaboration with the Lancaster University, UK has arranged the first Global Forum on Islamic Finance (GFIF) 2013 at Pearl Continental Hotel, Lahore. The theme of the forum was Global Forum on Islamic Finance: New Realities and New Challenges. Mr. Akhlaq Ahmed Tarar, Secretary Ministry of Science and Technology was the chief guest of the event. Deputy Governor, State Bank of Pakistan Mr. Kazi Abdul Muktadir was also grace the event. Among other dignitaries were Commissioner, Security and Exchange Commission of Pakistan, Mr. Zafar Abdullah, Mr. Akmal Hanuk, Chief Executive, Islamic Banking & Finance Centre, UK, Mr. Waheed Qaiser President Maxim Corporate Finance, UK, Dr. Azmi Omar Director General IRTI, Islamic Development Bank, Saudi Arabia, Prof. Dr. Volker Nienhaus Germany and Mr. Alberto Brugnoni Chairman, ASSAIF, Italy, Dr. Kent Matthews, Cardiff University, UK, Mr. Saleem Ullah, Director, Islamic

Banking Department, State Bank of Pakistan , Dr. Nasim Shirazi Islamic Research Training Institute, Islamic Development Bank, Saudi Arabia. Mr.Akhlaq Ahmed Tarar, Secretary Ministry of Science and Technology in his inaugural address said that he is glad to see that CIIT has successfully gathered so many distinguished academics, researchers and strategic partners and leaders of the Islamic banking and financial services industry and related institutions not only from within Pakistan but also from around the world. He said that he is confident that this forum will help gaining knowledge and wisdom to develop and promote the Islamic financial system as an inter-mediatry process that will contribute to overall wealth creation, economic growth and development. He congratulated COMSATS Lahore Campus team for organizing such an international event in Pakistan despite security reasons. PReSS ReleASe

partnered with Mobilink to take the Lumia experience to more and more consumers swiftly.” Expressing his views on the occasion, Moied Javeed, Director Marketing, Mobilink said, “Mobilink’s partnership with Nokia ensures that our customers have access to the latest cellular technology at competitive prices and bundled with the most attractive offers.” With the globally acclaimed Nokia Lumia WP8 devices, Nokia and Mobilink are committed to bring more innovative experiences and greater value to customers in Pakistan. PReSS ReleASe

P&G wins 2 awards at the 7th National CSR Excellence awards

Nokia Pakistan and Mobilink to promote Lumia WP8

KARACHI/LAHORE: Nokia Pakistan has joined hands with Mobilink, as a means of strengthening its local ecosystem partnerships as well as extending the availability of the innovative Nokia Lumia WP8 range in Pakistan to bring better value propositions for consumers. As a result of this partnership, Mobilink will sell the Nokia Lumia Windows Phone 8 range as a special bundle offer including exciting Nokia gear. The new Nokia Lumia 920 with free Wireless Charger DT 900, Lumia 820 with free Wireless Cover and Wireless Charger DT 900 and Lumia 620 with USB Portable Nokia DC 16 charger. The first 1000 customers will get to avail the special bundle offer available via Mobilink Business Centers. Additionally, Mobilink is offering 1GB data for one month to all new and existing Mobilink customers purchasing Nokia Lumia through Mobilink Business Centers or retail. This is a limited time offer. Speaking on the occasion, Arif Shafique, country general manager, Nokia Pakistan said, “As we continue to invest towards delivering unique experiences to consumers, we have

Dairy farmers boost milk yields with USAID’s fleet of motorbikes

KARACHI: Procter & Gamble (P&G) Pakistan has won the coveted awards in the categories of Cause-Related Marketing and Communicating Sustainability at the 7th National CSR Excellence awards ceremony held at Indus Valley School of Art & Architecture, Karachi. The P&G Thank You Maa / 1 Pack = 1 Contribution Sports Development Campaign and P&G Pakistan communication publications and campaigns were selected from over 100 nominations received this year. The participants of the awards were the leading local and multinational firms of Pakistan who are in the forefront of Corporate Social Responsibility (CSR) efforts in Pakistan. The awards are yet another milestone for P&G in its endeavor to touch and improve lives. National CSR Excellence Awards are hosted by the CSR Association of Pakistan to recognize best practices and excellence in Corporate Social Responsibility in sustainable business. It aims to showcase innovative corporate initiatives which are part of a comprehensive sustainable strategy and address the most pressing environmental and social challenges. The finalists are selected by an independent jury who evaluate the participants on their performance in the past and their ongoing projects in the CSR realm. PReSS ReleASe

CMYK

MULTAN: In a ceremony held in Multan, the United States Agency for International Development (USAID) Mission Director for Pakistan, Jock Conly, awarded 129 motorbikes for artificial insemination technicians, who successfully completed a five-week artificial insemination training program through the USAID Dairy Project. Artificial insemination technicians work with local farmers to improve the quality of the breed and cattle that will produce higher milk yields. In order to reach farmers in remote areas, frequent travel is required for artificial insemination technicians. These motorbikes enable technicians who have received USAID training to put that new knowledge to good use, helping to increase dairy production throughout southern Punjab. It also enables them to reach far flung dairy farmers, ensuring those in remote areas also benefit from artificial insemination and improved milk yields. PReSS ReleASe

KARACHI: The Ambassador of Italy Adriano Chiodi Cianfarani addressing at Karachi Council on Foreign Relations on Italy and Pakistan relations. Shahid Amin and Ahsan Mukhtar Zubari are also present on the occasion. PR


E-paper Profit13th March, 2013