Saturday, 13 October, 2012
SECP grants 14 licenses amid blooming growth ‘Considerable growth recorded in the registration of non-profit associations in third quarter of 2012’ ISLAMABAD STAFF REPORT
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considerable growth has been recorded in the registration of non- profit associations as Securities and Exchange Commission of Pakistan (SECP) granted licenses to 14 non-profit associations under Section 42 of the Companies Ordinance, 1984, in the third quarter of 2012. Education and health sectors took lead with 9 licenses, whereas pharmaceuticals, arts, power generation, fuel & energy, and environment sectors has one license each. Among the associations, aim to work in education sector, the Dhaka Ahsania Mission Pakistan has been granted license to promote human resource development by providing formal and non-formal basic education. The Bangladesh origin philanthropic organization has been admired globally for its work in the field of education, health, livelihood and justice. The other associations in education sector
include "Developyst", "A better life", "Glow foundation for human rights and women literacy" and "Saiban development foundation. In healthcare sector, "Pakistan children's heart foundation" intends to promote and establish specialized hospitals for the treatment of congenital and pediatric heart diseases. The Urology and transplantation foundation has obtained license to promote health science in the field of urology by providing transplantation and treatment facilities. The other two licensees were Arshad Welfare Association and Saleem memorial trust Hospital that intended to establish various health facilities. In the pharmaceutical sector, "Pakistan Pharma Forum" has been awarded license to promote and facilitate the practices of quality control in pharmaceuticals
products in Pakistan. The SECP has also granted license to government supported "Alternative Energy Development Fund" that will provide enabling environment to investments in alternate & renewable energy. Alternative Energy Development Board, Ministry of Water and Power, Ministry of Petroleum and Natural Resources and Economic Affairs Division would be stakeholders in the fund. In energy and fuel sector, Pakistan association of petroleum geoscientists has obtained license to improve, advance and promote earth science, related to petroleum, natural gas, subsurface fluids and mineral resources in Pakistan. Pakistan green building council aims to create awareness for environment friendly, cost efficient and energy saving green buildings. Deodar Arts Foundation has been granted license in arts sector, to promote and nurture Pakistani visual arts through awareness and education.
Dollar rises against yen in Asia TOKYO AFP
The dollar rose against the yen in Asian trade on Friday, lifted by news that Japanese mobile carrier Softbank is in advanced talks on a multi-billion-dollar buyout deal with Sprint Nextel. The dollar was at 78.45 yen in Tokyo trade against 78.33 yen in New York late Thursday. The European common currency was changing hands at $1.2943 against $1.2926, while it firmed to 101.52 yen from 101.25 yen. Softbank is eyeing a monster $25 billion buy-in to the US telecom market including the takeover of Sprint Nextel in what could be one of Japan Inc.'s biggest-ever overseas acquisition, reports said Friday. Sprint Nextel said it was talking to Softbank on a possible takeover by Japan's third largest mobile carrier, while Softbank also confirmed on talks with the US firm but noted no decisions had been made yet. "The way of financing varies," Daisuke Karakama, market economist at Mizuho Corporate Bank, told Dow Jones Newswires. "The firm may have some dollar holdings. Still, there should be dollar-buying to a certain extent." Banks, asked by the telecom firm, will likely purchase dollars over a certain period of time, he added. The dollar was also supported against the yen after Japanese finance minister Koriki Jojima expressed at the Group of Seven meeting in Tokyo concerns about the high levels of the currency, dealers said.
Weekly inflation slightly up ISLAMABAD
Asian markets up on US jobs data, China in focus HONG KONG AFP
Asian markets rose Friday following another set of promising jobs data from the United States, while dealers were also upbeat ahead of the release of closely-watched Chinese economic figures. Japanese shares, however, were hit by a plunge in telecom giant Softbank after it emerged it is eyeing a near $13 billion deal to buy Sprint Nextel of the United States, in what would be one of Japan's biggest ever overseas deals.Tokyo was flat by the break, Hong Kong added 0.82 percent, Sydney gained 0.17 percent, Shanghai climbed 0.60 percent and Seoul rose 0.12 percent. The gains come at the end of a week that raised new fears about the global economy, with the International Monetary Fund slashing its growth forecasts across the world, while Spain continues to refuse to ask for a bailout. Hopes for the US economy were given another boost Thursday when the Labor Department said insurance benefits plunged
unexpectedly last week to the lowest level since February 2008. New jobless claims, a sign of the pace of layoffs, came in at 339,000 in the week to October 6, far below the previous week's 369,000 and the then-four-week average of 375,500. Those figures come on top of data last week showing the unemployment rate had fallen to 7.8 percent in September. However, on Wall Street the Dow fell 0.14 percent while the Nasdaq and S&P 500 were both flat. Eyes are now on China, which will release on Saturday its trade figures for September, with investors hoping for an improvement on recent months that have revealed tumbling exports and imports as the demand in key markets dries up. Beijing will on Monday release inflation data, followed by crucial gross domestic product figures. Traders are also hoping leaders will soon introduce a fresh round of stimulus as a oncein-a-decade leadership transition approaches next month.
In Tokyo, broad advances stoked by a weak yen were held back by a 16 percent slump in Softbank, the country's third biggest telecoms firm, after it said it was in talks to buy Sprint for $12.8 billion. Kenji Shiomura, strategist at Daiwa Securities, said: "Investors were discouraged by the possibility that the company could be saddled with a heavy financial burden". "Putting aside the point of whether the deal could be successful in the long run, the market is cautious." On forex markets the euro benefited from increased risk sentiment. In early trade it bought $1.2939, compared to $1.2926 late Thursday in New York, while it was also up at 101.53 yen from 101.25 yen. The dollar gained to 78.49 yen from 78.33 yen. Oil prices were higher with New York's main contract, light sweet crude for delivery in November rising 29 cents to $92.36 a barrel and Brent North Sea crude for November advancing 10 cents to $115.81. Gold was at $1,769.98 at 0325 GMT compared with $1,770.18 late on Thursday.
APP
The Sensitive Price Indicator (SPI) for the week ended on October 11, for the lowest income group up to Rs.8,000, registered slight increase of 0.12 per cent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 181.56 points against 181.34 points registered in the previous week, according to provisional figures of Pakistan Bureau of Statistics (PBS). The weekly SPI has been computed with base 2007-2008=100, covering 17 urban centers and 53 essential items for all income groups and combined. The SPI for the combined group increased by 0.17 per cent as it went up from 186.96 points in the previous week to 187.28 points in the week under review. As compared to the corresponding week of last year, the SPI for the combined group in the week under review witnessed increase of 6.34 percent. As compared to the last week, the SPI for the income groups from Rs.8001- 12,000, 12,001-18,000, 18001-35,000 and above Rs.35,000 increased by 0.12 percent, 0.12 percent, 0.15 and 0.23 percent respectively. During the week under review average prices of 11 items registered decrease, while that of 18 items increase with the remaining 24 items' prices unchanged. The items which recorded decrease in their average prices during the week under review included bananas, tomatoes, chicken live (farm), diesel, vegetable ghee (tin), cooking oil (tin), red chillies (powder), masoor pulse (washed), mustard oil, gram pulse (washed), mash pulse (washed).
Doc has the voice of Development Pakistan wants to convey the voice of developing countries ISLAMABAD APP
As leaders of Asia, Pakistan would like Japan and China to show off their existences and convey the voices of developing countries to international organizations. This was stated by Minister for Finance and Economic Affairs, Dr.Abdul Hafeez Shaikh in an interview with Nihon Keizai Shimbun (NIKKEI) in Tokyo on October 12,2012 (Friday), which is their third largest newspaper and the only business daily having the largest circulation in Japan. Ms. Mariko Koike staff writer of the newspaper interviewed Minister for Finance and Economic Affairs Dr.Abdul Hafeez Shaikh who is currently visiting Japan. In reply to the question that what are the future prospects of the Economy Hafeez Shaik said that" the growth rates of the Asian countries were relatively high. But the economic
prospects of China and India have been slow down. The slowdown in the Chinese economy has affected Pakistan. Our exports increased by 28 percent last year but we don't expect increase this year", he remarked. Dr.Shaikh further said that with the rise of emerging countries, the structures in the world economy and international organization are changing. "As leaders of Asia, we would like Japan and China to show off their existences and convey the voices of developing countries to international organizations", he remarked. The Minister added that Pakistan had received assistances from the Japanese government and the Asian Development Bank (ADB) for long years and they are important partners. "We are promoting projects worth US $ 3 billion with ADB. We want to use Japan's know-how in arranging transportation infrastructures at urban areas", he remarked. Finance Minister Dr.Abdul Hafeez
Shaikh told the Nihon Keizai Shimbun (NIKKEI) newspaper that Pakistan also wants to deepen the relation with the private sector. "We are promoting open policies for foreign capitals. Japanese auto makers, such as Toyota, Suzuki and Honda, have invested in Pakistan, including operations of factories, for long years. Currently we are focusing on developing the energy sector", he remarked. Pakistan, he said is ranked 6th in the world in terms of coal reserves. "We are also promoting large-scale projects jointly with foreign companies. We hope for the participation of Japanese companies in the power generation and other fields", he said. To a question regarding Pakistan is also hit
by natural disasters so often, including earthquake, the Minister replied that with global warming, the frequency of natural disasters is increasing all over the world. "We need to share countermeasures against the disasters urgently", he remarked. Dr.Shaikh said that at the Sendai conference, "we proposed to set up an international organization to respond to world disasters comprehensively for a mid-term perspective". He added that the organization would control from rescue and relief activities to reconstruction works by keeping disaster data, antidisaster knowhow and financial assistances.
Samsung introduces compact Galaxy smartphone SEOUL
8 for 1 ICCI for developing economic integration in D-8 countries
AFP
ISLAMABAD
Samsung Electronics on Friday unveiled a compact version of its flagship Galaxy S III smartphone, with a touch screen sized to match that of arch-rival Apple's new iPhone 5. The Galaxy S III Mini has a four inch high-definition touch screen, compared to the 4.8 inch version on it's larger Samsung sibling, but the size reduction is offered at a technical price. The display has a lower resolution of 800x480 pixels compared to 1,280x720 pixels, the camera is five rather than eight megapixels and the S III's dual-core 1.5GHz processor has been downgraded to 1GHz. "It can be an optimal choice for consumers who are looking for more practical smartphones," Samsung said in statement. The company gave no details on pricing or an eventual sales date. The Mini's screen is the same size as the iPhone 5 launched last month by Apple, but its reduced feature set makes it more of a corner man in the heavyweight clash between the iPhone 5 and the S III.
ONLINE
‘Services contribution to economic growth higher in South Asia’ ISLAMABAD ONLINE
The Asian Development Bank (ADB) has said that the Services contribution to economic growth has been higher in South Asia than in other sub regions of developing Asia. The Bank said that in India, the Maldives, Pakistan, and Sri Lanka, some 60 per cent of the growth in 2000-2010 came from services and 43 per cent Services’ share in the growth of manufacturing-oriented People’s Republic of China in 2000-2010. It said 34 per cent the share of the Asian labor force engaged in services. The services sector’s share of employment has grown by 10 to 20 percentage points in most countries in developing Asia in the past 2 decades. More than 50 per cent in 1990, services accounted for over half of employment in only two economies -Hong Kong, China and Singapore -- but now this is the case for (in descending order) the Republic of Korea; the Maldives; Malaysia; Taipei,China; Kazakhstan; and the Philippines. “Less than one-fifth labor productivity in services in most Asian countries compared with productivity levels in OECD countries and some countries may take up to 30 years to reach the OECD benchmark,” the Bank said, adding that 10 per cent high-value modern services, such as ICT, finance, and professional business services, account for less than 10 per cent of Asia’s service economy, well below the 20 per cent to 25 per cent in advanced economies.
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HE world has divided into different trading blocs to adopt common positions on matters of interests and secure favourable trading terms for their respective countries, but D-8 countries, despite having abundant natural resources and comparative advantages, have yet to forge strong unity and economic integration. This was said by Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry on Friday while chairing a meeting of D-8 diplomats at ICCI, which was called to discuss different proposals for agenda of forthcoming 8th D-8 summit scheduled to be held at Islamabad from November 19-22, 2012. Representatives of Ministry of Foreign Affairs and Trade Development Authority of Pakistan were also present in the meeting. He stressed that D-8 countries should strengthen economic cooperation and develop inter-connectivity to promote intra-trade and improve living standards of their people. He said D-8 countries should remove trade barriers and connect private sectors for promoting trade and economic relations. ICCI President said that developed countries have achieved phenomenal economic progress by developing high value brands. He
stressed that D-8 should also focus on developing world class brands to get better market share in international market. Ms. Roubina Taufiq Shah, Director, TDAP gave a run-down of commercial activities to be undertaken for the forthcoming D-8 summit. She informed that a D-8 exhibition will be organized at Islamabad from Nov: 19-21, 2012 to display agro/halal products, engineering goods and textiles products of D-8 countries. All D-8 countries will be provided space for country pavilions to display their products. TDAP will provide the foreign exhibitors logistics facility to and from the exhibition centre. She said TDAP has already written letters to Trade Promotion Organizations (TPOs) of D-8 countries to nominate exhibitors from their countries. An Event Management Company will be hired to manage the exhibition in a professional manner. Director TDAP said that a seminar will also be held on 20th Nov: 2012 involving over 200 participants from business community of D-8 countries, universities and trade bodies. TPO of each D-8 country will be provided 15 minutes for country presentation to highlight the trade potential of different sectors. She stressed that meetings of D-8 TPOs should be held on regular basis to explore the possibilities of creating more business opportunities in D-8 countries.
02 Business Major Gainers COMPANY Colgate Palmolive Shezan Inter. Indus Dyeing Mithchells Fruit Packages Ltd.
OPEN 1354.50 390.00 439.99 392.50 153.48
HIGH 1422.22 409.50 448.99 402.99 161.15
LOW 1420.99 400.00 448.99 380.00 150.25
CLOSE CHANGE 1422.22 67.72 409.50 19.50 448.99 9.00 401.00 8.50 160.65 7.17
TURNOVER 1,250 2,600 100 2,300 313,000
10000.00 5733.00 300.00 206.00 249.00
9400.00 5270.00 300.00 199.50 238.00
9536.67 5274.29 300.00 199.64 239.02
-213.33 -185.71 -14.60 -10.36 -9.26
100 480 400 8,100 20,800
20.49 3.29 15.58 5.91 50.95
19.66 3.01 14.92 5.69 49.86
19.77 3.07 15.00 5.74 50.39
-0.21 -0.09 -0.41 0.11 0.04
15,633,500 5,211,500 4,257,000 3,924,500 3,800,500
Major Losers UniLever Pak Nestle Pakistan Ltd. Island TextileXD Pak Gum & Chemical Indus Motor Co
9750.00 5460.00 314.60 210.00 248.28
Volume Leaders P.T.C.L.A Telecard Limited Bank Al-Falah K.E.S.C. D.G.K.CementSPOT
19.98 3.16 15.41 5.63 50.35
Interbank Rates US Dollar UK Pound Japanese Yen Euro
95.5099 153.3030 1.2175 123.9337
Dollar East BUY US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
SELL
95.30 122.62 152.27 1.2057 96.40 12.11 25.85 25.30 96.49
95.70 123.72 153.60 1.2161 97.75 12.28 26.05 25.50 98.79
Crude extends gains in Asian trade SINGAPORE AFP
Europe uncomfortable in limelight TOKYO AGENCIES
Greece, Spain and the euro zone's slow progress toward debt reform took centre stage at IMF meetings on Friday despite Europe's best effort to remove itself from the spotlight. The International Monetary Fund recommended that some of Europe's debt-burdened countries take a bit more time to reduce budget deficits, arguing that moving too fast is counter-productive because it hurts the economy. The shift was welcomed by some emerging market countries as well as long-time critics who say that the tough conditions attached to IMF loans inflict undue economic pain and make it harder for countries to grow their way out of debt. "We have been arguing for some time that single-minded and draconian fiscal policies may be counterproductive and have a tendency to backfire," said Brazilian Finance Minister Guido Mantega. But Germany, Europe's largest creditor country and the key to any lasting fiscal re-
forms, pushed back against that advice and said reversing course on promised deficit reductions would only weaken credibility. Finance Minister Wolfgang Schaeuble said Europe had made plenty of crisis-fighting progress, echoing comments from other European officials who said there should be greater attention paid to U.S. fiscal troubles too. "Europe is not the source of all problems in the world," he told reporters at a briefing on Friday. The primary focus is on Greece, which has missed a series of debt reduction targets, and Spain, which is under pressure to seek a bailout as it struggles to rein in central government spending, get a grip on regional debts and recapitalise banks. IMF Managing Director Christine Lagarde said on Thursday that both countries should be given more time to make needed fiscal adjustments. The IMF's change of tune on the speed of budget cuts stems from research it released this week showing that aggressive fiscal consolidation crimps economic growth more sharply than previously thought.
The oil market extended gains in Asian trade Friday as better-thanexpected US initial jobless claims and rising tensions in the Middle East buoyed prices, analysts said. New York's main contract, light sweet crude for delivery in November, rose 29 cents to $92.36 a barrel and Brent North Sea crude for November delivery advanced 10 cents to $115.81. Crude continued its overnight rally as hopes of a US economic recovery rose on the improving jobs picture, while Middle East ructions continued over Turkey's interception of a Syrian Air jet, analysts said. "Yesterday's improvement in initial jobless claims meant that economic data supported risk assets," said Jason Hughes, head of premium client management in IG Markets Singapore. "The escalation in tensions between Turkey and Syria meant oil gained back all of the previous day's losses," he added. New claims for US unemployment insurance benefits plunged unexpectedly last week to 339,000, the lowest level since February 2008, at the outset of the Great Recession, the Labor Department reported Thursday. Meanwhile Turkey's interception Wednesday of a Syrian Air aircraft en route from Moscow to Damascus, forcing it to land in Turkey, added to ongoing tensions that have seen cross-border shelling over the past week. Turkey says the plane was carrying military equipment and ammunition for the Syrian government, which along with Russia has angrily rejected the allegation.
CORPORATE CORNER Samsung’s brand value achieves its historical growth figure of 40% KARACHI: Samsung Electronics is the global leader in telecommunications and digital technology. According to Interbrand Valuation results released in October 2012, this award winning innovator has achieved the highest growth of 40% in its history and was ranked 9th with a brand value of US $32.9 billion. This is a great milestone for Samsung, attributed to strong performance in mobile business, enhanced leadership in Televisions and improved brand consistency, along with other brand strengths across numerous categories. The company also achieved 5th position in the IT industry. Samsung’s global brand value ranking was elevated by 8 ranks this year, after it stood 17th in the year 2011. The average brand value of Top 100 companies grew by 10%, while Samsung av-
erage growth among Consumer Electronics and Information Technology industries was 16% Samsung Pakistan’s Managing Director – Mr. John Park said; “It is delightful to see that our passionate efforts, inspirational vision and imaginative endeavors are consistently bearing fruits, as Samsung accomplishes a steep climb towards unprecedented success, due to our strategy of generous investments in evolved services and innovative products”.
Fashion ComPassion a unique platform KARACHI: Launched in November 2010, by social entrepreneur Ayesha Mustafa, Fashion ComPassion is a unique online shopping portal that provides a platform to skilled and creative women artisans, by stocking brands that work with them. The company retails products across the world, working in Jordon, Lebanon, U.A.E, India, Bangladesh, Afghanistan, Cambodia and
Kenya. Fashion ComPassion is now considered to be one of the most influential retailers in the field of socially conscious fashion with prominent celebrities such as Anne Hathaway, Livia Firth, Lily Cole, Eva Longaria, wearing the collection. The collection is sold at high end international retailers Bloomingdales, S*uce and The British Museum in London. The company has been featured in British Vogue, Vogue.com, The Observer, FT How To Spend It, Marie Claire US, Marie Claire Spain, Grazia Middle East, and various other international publications. “Being Pakistani, I wanted to bring the concept of fashion that creates positive change and empowers women to Pakistan. By launching the company here, I want to provide a platform to our artisans on an international platform,” says Ayesha Mustafa, Founder of Fashion ComPassion. In Karachi, Fashion ComPassion will launch three 3 socially responsible brands from the Middle East that work with Palestinian Refugee women, marginalized women in Lebanon &
ISLAMABAD: The President of the Hashoo Group, Pakistan Mr. Akhtar Bawany and the Chief Operating Officer, Hashoo Group hotels, Mr. Clive Webster presenting a souvenir to Mrs. Noack, and Mr. Hartmut Noack, the outgoing General Manager of the Islamabad Marriott hotel. Bedouin women. These limited edition pieces are hand crafted with exotic leather and gold-plated embellishments. The brands will be available for purchase at the launch and Ensemble Karachi from 11th October onwards.
Saturday, 13 October, 2012