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BUSINESS Wednesday, 13 November, 2013

Oil prices lower in Asian trade SINGAPORE: Oil prices edged lower in Asian trade Tuesday as dealers await fresh developments in the bid by world powers to reach a landmark deal to curb Iran’s nuclear programme, analysts said. New York’s main contract, West Texas Intermediate (WTI) for December delivery, was down 31 cents to $94.83 a barrel in mid-morning Asian trade, while Brent North Sea crude for December fell 23 cents to $106.17. “We have seen some form of easing in oil prices today after yesterday’s rise that followed a lack of breakthrough in the Iran nuclear talks,” Desmond Chua, market analyst at CMC Markets in Singapore, told AFP. Oil prices rose in New York trade Monday after marathon talks in Geneva between Iran and major powers failed to produce a long-elusive deal, which could ease crude export sanctions on Tehran and bring the major oil producer back into the global market. But negotiators have insisted they are drawing closer to securing a short-term deal that would freeze Iran’s nuclear activities while both sides work on a comprehensive agreement. Iran has been crippled by the sanctions aimed at bringing an end to its nuclear drive, which the West claims is being used to develop atomic weapons. Iran denies the assertion. The socalled P5+1 group of major powers — Britain, France, the United States, Russia and China plus Germany — and Iran will reconvene again in Geneva on November 20 to try to iron out the short-term deal. APP

Tokyo stocks up 1.69% by break TOKYO: Tokyo stocks jumped 1.69 percent Tuesday morning as the dollar’s rise against the yen boosted exporters’ shares. The benchmark Nikkei 225 index gained 240.72 points to 14,510.56 by the break, while the Topix index of all first-section issues was up 1.30 percent, or 15.36 points, to 1,201.01. APP

Stakeholders cautious as SBP braces to unveil monetary stance today KArAchI

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CONOMIC stakeholders, particularly equity investors, are cautiously looking at the central bank which is due Wednesday (today) to decide the cost of borrowing for the next couple of months. “The State Bank of Pakistan would announce its Monetary Policy Decision... on Wednesday,” said chief spokesman of State Bank of Pakistan (SBP) in a statement issued on Tuesday. The investors at the country’s volatile stocks market were first to react cautiously to the SBP’s statement. The KSE 100-share index lost 79 points to close bearish at 23,302.48 points compared to Monday’s 23,381.08 points. The trading volume at the readycounter slid to 163.6 million shares from the previous day’s 205.2 million as the risk-averse equity investors, fearing a

widely-expected monetary tightening by the banking regulator, shrugged off the positives like record worker remittances that were counted in excess of $5.2 billion during July-Oct FY14 and a favourable car sales data for the first quarter of FY14. With shares traded losing value to Rs 6.3 billion compared to Rs 7.2 billion of Monday, the day saw 178 scrips appreciating, 136 depreciating and 25 remained flat in terms of shares value. The market capital remained almost flat at Rs 5.53 trillion. Ahsen Mehanti, a director at Arif Habib Corporation, said the KSE saw profit-taking amid cautious activity ahead of the SBP’s policy rate announcement. Uncertainty over peace talks with the banned Tehreek-e-Taliban and Pak-US relations, according to Mehanti, played a catalyst role in Tuesday’s bearish sentiments. “After MPS date announcement (the) market lost its initial gains as (the) investors are expecting increase in the policy rate,” viewed Samar Iqbal, AVP eq-

uity sales at Topline Securities. The analyst said even record remittances and favourable car sales data for the quarter ended Oct’13 failed to impact the investor sentiments amid outlook for rupee instability after IMF repayments. The report of SBP’s policy announcement, however, augured well for the banking scrips that, Samar said, lured renewed buying by investors. “Renewed buying interest was seen in banking sector which will benefit from rising interest rate,” she added. The three banks, Bank of Punjab, National Bank of Pakistan and the IGI Investment Banks were among the top 10 best performing listed entities. The BOP appeared as a volume leader by counting 18.5 million of its shares traded on the day each rising to Rs 11.38 from Rs 10.95. The 9.07 million stakes traded of the NBP rose to Rs 54.35 from Rs 53.70. Over 3.79 million shares of the IGI Bank inflated by Rs3 to Rs 166.

Developing countries face uncertainties over debt, UN conference UNITED NATIONS APP

Urgent steps must be taken to avoid or mitigate debt crises, particularly among developing countries which, for the first time in more than a decade, are seeing their debts rise in relation to their gross domestic product (GDP), a U.N. debt management conference was told Tuesday. “As the frequency and severity of such debt crises have increased, and they are no longer isolated to developing countries, the need for timely, impartial and transparent resolutions of debt problems has become more acute for all countries,” the Secretary-General of the UN Conference on Trade and Development (UNCTAD), Mukhisa Kituyi, told participants in Geneva, according to a press release issued at UN Headquarters in New York.

This will require reforms to the international financial architecture that create more effective mechanisms for the prevention of crises as well as their timely resolution, he added. Kituyi called for the UNCTAD-formulated set of Principles on Responsible Sovereign Lending and Borrowing should be increasingly applied, and called for international reforms leading to an ‘agreed mechanism for debt workouts’ to be used if a new round of debt crises occurs. The three-day Debt Management Conference organized every two years by UNCTAD, focuses on debt sustainability, mechanisms for preventing crises, and management strategies. The event brings together representatives of Governments, international organizations, academia, the private sector, and civil society, according to its website.

This year’s meeting comes as the trend of debt to GDP has reversed for the first time since 2000 to 22 per cent, up from 21 per cent in 2011. Continued stagnation in advanced economies recently caused a “sharp contraction of export growth” in developing and transition countries, Kituyi said, noting also the impact of high levels of unemployment and a corresponding need for social services increased Government expenses. Additionally, capital flows to poor countries had become more volatile as the picture for long-term interest rates in the advanced economies shifted, over speculation on when government stimulus measures there would be “tapered off.” While “no reason for alarm”, Kituyi said, the new challenges are a cause for vigilance.

‘THE ENEMY WITHIN’ Zeeshan Shah

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VER the last few decades, Pakistan has gone through a major paradigm shift, both within its international strategic placement within the region and with its allies all over the globe. Some of the major breakthroughs that the country has witnessed is the its increasing “ Underdog “ presence in world politics, directly through government reforms and indirectly through the war on terror. Even with a formidable security strength and apparatus combined with a very dominant foreign policy mandate, the country is struggling to maintain regional dominance due its financial allegiance to the dollar. In 1947, the country forged its map as an independent state but lots of others events took place immediately after. Most of the nation is a dominant Sunni population alongside a significant percentage of SHIAs as well, making it the 7th most populated country in the world and one of the top three countries in the muslim world as an Islamic state. Having a nuclear arsenal makes it even more stronger as a state but leaves it vulnerable to proxy- making it a haven for other power-dominant islamic nations like Saudi Arabia and Turkey, as well as former super powers like Russia and United States. The war on terror brought huge capital and financial gains for the government but deprived the people on the peace and stability front. Weapons and illegal smuggling of mass destructive elements of war has severely damaged the economic artery, as non friendly states like India and Israel , have managed to infiltrate the internal political and financial systems, damaging the country from the inside.

There are obvious enemies that exist for Pakistan, as well as others disguised as friendly nations. Under the radar, there is a lot more happening to Pakistan leading to a faster disintegration than most people have observed. Firstly, what is happening here is a territorial dispute for regional dominance based on religious division. Sectarianism is on its peak levels though perpetually subdued by the politics and the fight of dominance is basically being done on Pakistan soil through a proxy war between the SUNNI dominant Saudi Arabia, backed up by United States and the SHIA dominant Iran , backed up by Russia, another former super power. Both Russia and America are at a constant head to head competition for global hegemony and hence are the obvious predators in the proxy war,putting in conventional weapons support, financial aid , social and development programs, government policy reforms, trade incentives and intra cultural exchange programs. Pakistan is the common safe haven, both for their arms race as well as their political ambitions. Then there are other powers that may not be that obvious in the past but have become very visible in their ambitions for dominance within Pakistan , for variety of reasons and are competing to ensure they have a strong footprint within this country by putting in major financial and political influence ,using the Islamic symbol of unity and cooperation. They are seriously non democratic nations, with an extremely flawed democratic policy. And they both want Pakistan. Here one has to make a very acute but a very vital distinction between the two. Who is the unseen enemy ? For that, we have to understand who has motive and how strategic is that motive for being friendly to Pakistan. Israel was formed in 1948, alongside the CIA which was formed as a body to protect it , the same year after Pakistan s independence . Hence the USA element appeared right from the start , but of course was an anti-state element for us at that time. Israel is known to maintain the biggest nuclear stockpile in the region- a threat that was constantly ignored by most of our leaders when they went on towards the west, in the search for glory. On close analysis, we see that one of the biggest US allies in the muslim world for the past 3

decades was and is Saudi Arabia which is also one of the biggest allies of Pakistan, ironically. Iran was countered and sanctioned using the UN mandate, using American and Saudi power influence, while Iran clearly maintained their stance over Israel as a non entity , from formation to current existence. So, it now becomes easier to analyze the “motive “ that leads to an external entity s motivation to have direct or indirect control on Pakistan. We must remember all along that whoever commands more pressure over our government actually will control command on nuclear controls strategy and eventually the power to manipulate it. To the obvious lens of the eye, there is a big change in the relationship between Pakistan and Saudi Arabia, ever since our tilt towards Iran and Greater Syria. We cannot under rate Saudi s strategic influence over our economy and politics. Our foreign exchange reserves depend on money coming from the Kingdom as the highest number of overseas Pakistanis live and earn there. Hence, we are dependant indirectly on them for creating employment benefits for our citizens. Moreover, Saudi Arabia is a dominant lender and exporter of Oil and uses the oil as a weapon. They earn huge revenues by higher oil production but price hikes caused by tightening supply earns them double the dividends, if they cut back production. For example , America is slave to the Saudi system as 10 million barrels per day help save the American economy, which makes up for the fall in Iran Oil exports , due to sanctions. Similarly, Saudi also commands oil dominance over Pakistan, unless we start importing oil from Iran and break the monopoly as the risk of sanctions being imposed on us as well. Technically, the Arabs do not want us to be a dominant power as they prefer Pakistan under debt and bondage control that they exert over us, though very well camouflaged. We are a mini-america when it comes to Saudi Arabia and nothing more. And how can we ignore Riyadh s long term interest in Pakistan s nuclear arsenal as it is said that the Kingdom partially funded our nuclear program in the 70 s. In 2009, King Abdullah told a Senior US diplomat Dennis Ross , “ if they have nuclear weapons

Analysts believe that the central bank, given the back-breaking inflationary pressures and a weak rupee, was likely to revise the policy rate by 50 to 100 basis points. According to Topline analyst Zeeshan Afzal, the inflation in FY14 is expected to range between 9.5 and 10.5 percent compared to FY13’s 7.36. This warrants an upward revision in the monetary stance of the State Bank which had added 50bps, on September 13, to take the discount rate to 9.5 percent. “We expect SBP would further increase the discount rate in coming months,” said Afzal. This, he opined, was good for arresting the currency depreciation and inflation though would slow down the economy. This economic go-slow was also reflecting in the IMF’s recent statement seeing Pakistan’s Gross Domestic Product to grow by 2.75 percent against 4.4 percent budgeted by Islamabad for FY14.

Asian shares head for 4th day of falls, China reform agenda in focus TOKYO: Asian shares slipped on Tuesday, on track for a fourth straight day of losses, with investors turning their attention to the Chinese Communist Party policy meeting for clues to its economic agenda for the next decade. The dollar rallied against the yen for a third straight day after a surprise rise in U.S. October jobs growth on Friday, which has raised the prospect of the Federal Reserve reducing its stimulus drive sooner than thought. The dollar also kept pressure on emerging Asian currencies. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent. It was heading for an eighth day of decline out of nine sessions. Hong Kong’s bourse dropped 0.8 percent in light trade, weighed by the banking sector after data showed China’s new bank lending hit a 10month low last month, adding to evidence the central bank may be tightening its monetary stance. But Tokyo’s Nikkei share average, helped by the softer yen, climbed 1.7 percent after touching a three-week high, while Seoul shares gained 1 percent. APP

, we will have nuclear weapons”. Today , Islamabad is right in between Saudi Arabia and Iran, with the bounty that both countries want badly for their own selfish reasons. Iran wants to ensure its dominance as a Shia Muslim power , backed by Syria and Russia and Saudi Arabia has to ensure its constant alliance with USA , in weapons supply remains active in the region , supplying weapons and money to Salafists rebel armies to fight against the Assad regime in Syria, in order to reach and destroy Iran. On the other hand, Saudi Arabia has also successfully being playing the “ Arab card “ in the region by ensuring constant pressure on the USA in Bahrain , installing their own people as the government and also commanding the decision whether to retain the US 5th fleet in Manama or to have it thrown out of Bahrain that has led to USA being subdued to the Kingdoms pressure. Hence , Pakistan should expect the USA and its blood ally Israel to remain subservient to the Kingdom as they both depend on KSA for oil and weapons support as Saudi Arabia is also one of biggest importer of US assembled weapons. Based on this , we should strong arm our economic and political lineage with Iran and Russia. All in all, we cannot undermine Saudi Arabia from our political standpoint. OPEC is being by them so far as well and we are a oil dependant country. We cannot make obvious enemies out of Saudia or Iran but we have to somehow understand the real benefits it has for us to be in this proxy game. If we are playing for fun, there is no more room for fun and games. But if we are playing the proxy to attain a country specific benefit, we should survive the game and play middle ground to them without compromising on our nuclear, financial , geographical or natural assets and resources that the country has inherited through its existence. Our strong arm tactics would work in our own favor before they work for other regional powers, taking us on the back-foot. Weapons arms race for Pakistan is only good as long as we ourselves control the weapons. The risk today is that we do not see that happening. So what is our PLAN B ? To know your enemy is to be close to them. So far, we have not entirely failed on that one. But we have to look beyond dependency and move towards resilience by seeking out the enemy within. Until that happens, we will remain victims of this proxy war. About the writer: Zeeshan Shah – writes on IR & Public Policy – is a banker and media broadcaster


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Wednesday, 13 November, 2013

A grade 20 secretary for TDAP: Government violates rules ISLAMABAD GHUlAm ABBAs

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ESPITE reversal of the around 80 government officers’ promotion, following a court verdict, some influential officers continue enjoying positions they got after promotion from Bs-20 to 21. The existing secretary Trade Development Authority of Pakistan (TDAP) who is also holding acting charge of chief executive of the authority is also one of the affectees of the reversal of promotions, but she holds the position in violation of set rules. TDAP, the successor organization to the Export Promotion Bureau (EPB), mandated to have a holistic view of global trade development and export promotion’ of the country, is now being headed by Rabiya Javeri Agha, a BPS-20 career bureaucrat of the PAS (Pakistan Administrative Service/ex-DMG) as its secretary. The position of chief executive of the authority is lying vacant since the change of government in the country. Talking to Pakistan Today, some officials at TDAP, who did not want to be named, showed serious concerns that the existing secretary was now junior to some of her fellows. As per the Act of TDAP the secretary of the authority should be

BPS-21 or above of the services of the federation who shall be appointed by federal government. “How can a BS-21 officer be answerable to his fellow below the rank or junior to him?” they said, adding that the present secretary could not hold the position legally as she has been demoted to BS-20. According to them, the lack of interest on the part of Ministry of Commerce, Establishment Division and concerned authorities regarding the nomination of officers on key positions was creating great unrest frustration among the officials affecting their performance in export promotional activities. It worth mentioning here that in an unprecedented move necessitated by the apex court orders, the federal government had recently reverted promotions of 80 officers of the bureaucracy from grade 21 to 20.The Establishment Division had issued the notification to hold back the promotion of these bureaucrats after seeking legal input from the Law Ministry. Many of these promotions were done by the Central Selection Board in its meetings in February 2013 allegedly on the behest of then PM Raja Pervez Ashraf, under instructions of the presidency. According to sources many of the affected officials were still holding the new positions.

CORPORATE CORNER ‘100 Business Leaders of Pakistan’ coming on 27th KARAcHI: CEO of the year award and book launch “100 Business Leaders of Pakistan” at CEO Summit Asia 2013 organised by CEO Club & Manager Today is scheduled to be held on November 27 at a local hotel. This year the conference's theme is “Leadership in Changing World”. It was stated by Manager Today's Editor in Chief Ijaz Nisar in his statement. Mr. Ijaz said that, more than 500 Top Entrepreneurs, CEOs, Presidents, MDs, Economists and Business Leaders are participating in this summit. The focus of the event is to share insights regarding growth in turbulent times, belief in Pakistan, consistency in performance, highlighting the essential areas of Economic Growth and Corporate Success for future generations of Business Leaders. The Summit commits thoughtprovoking sessions, practical guidance and insightful case studies to cover all Business and Entrepreneurial opportunities in Pakistan. He said that Mamnoon Hussain, President of Pakistan will be the chief guest, while Ahsan Iqbal, Federal Minister, Planning Commission of Pakistan & Anusha Rahman Khan, Minister of State for IT & Telecommunication will be the guest of honor on the occasion. Other speaker includes; Hussain Dawood, Chairman Dawood Hercules Corporation Limited; Muhammed Zubair, Chairman BOI; Shaukat Tareen, Advisor Silk Bank; Jahangir Siddiqui Chairman, JS Bank; Yusuf H. Shirazi – Chairman, Atlas Group; S. M. Muneer - Chairman Din Group of Industries, Vice chairman MCB; Tabish Gohar, Chairman KESC; Atif Bajwa, President & CEO Bank Alfalah; Sirajuddin Aziz, CEO, Habib Metropolitan Bank Ltd; Dr. Ishrat Husain, Dean & Director, IBA Karachi; Shireen Naqvi, CEO SOL; Kimihide Ando, CEO Pakistan Mitsubishi Corporation & President OICCI; Sikander Sultan, Chairman, Shan Foods; Christoph Sprung, Director World Economic Forum; Tariq Malik, Chairman NADRA; Irfan Siddiqui – President & CEO, Meezan Bank Limited; Ali Ansari - President, Engro Corporation; Amjad Parvez Janjua, MD PSO; Walid Irshaid - President & CEO, PTCL; Taher A. Khan – Chairman Interflow; Jahanzeb Qayum Khan, Market Unit GM Pak Beverages PepsiCo; Khalid N Awan, Chairman, TCS; Sikandar Mustafa Khan, Chairman, Millat Group of Companies; Dr. Sohail Naqvi, Vice Chancellor LUMS; Dr. Amjad Saqib, Chairman Akhuwat; Jamshed Iqbal Cheema, Chairman, Auriga Group; Muhammad Zubair Motiwala, Ex. Chairman, Sindh Board of

IMF urges Pakistan, MENA, Central Asia cut gender gap to boost GDP DUBAI AGENCIEs

Reducing the gender wage gap could generate extra GDP of $1 trillion in a decade in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region, the IMF said on Tuesday. “The gap (in the region) is three times the gap in emerging markets as a whole,” said Masood Ahmed, the International Monetary Fund’s Middle East and Central Asia director. “A decrease to twice as large as the emerging markets would over a decade add $1 trillion to GDP (gross domestic product) in this region,” Ahmed said at a Dubai conference, where he launched the IMF’s Regional Economic Outlook report. He said focusing on increasing the participation of women in the workforce was essential to exploit the “full potential of the region”. “Causes of the gap are multifaceted, ranging from social and cultural norms to regulatory barriers,” the IMF report said. “Policies can make a difference by raising women’s educational attainment and benefits for working parents, reducing gender wage gaps, and supporting women’s independent mobility and equal opportunity in employment,” it added. The gender wage gap in the region’s labour force from 2000 to 2011 ranged from around 45 percent in Tunisia to around 65 percent in Afghanistan, according to the report.

Investment; Faisal Afridi, CEO Ruba Sez Group and Rafiq Rangoonwala – CEO, Cupola Pakistan Ltd. Uzma Bashir, CEO Engage Consulting; Natasha Hussain (Natty); Junaid Iqbal, CEO Elixir Securities and Muhammad Farid Alam, FCA, CEO AKD Securities Limited are the moderator of the event. Topics of the summit are Leadership in the Changing World; Role of Leadership in Economic Growth of Pakistan; Path to prosperity: Opportunities of Business Growth in Pakistan; Entrepreneurship: Future of Pakistan; Corporate Governance for Growth – New Economic Agenda; Developing Public – Private Partnership to Boost Economic Growth; Future Redefined: Reshaping Priorities; How to fix the Economy?; Thought Leadership in Knowledge Economy(CEO’s Panel Discussion). Ijaz further said that, this CEO Summit Asia will provide unparalleled opportunities for CEOs & business Icons to engage in dialogue with high profile local & Global leaders to discover business opportunities through networking with CEOs from hundreds of companies, and to forge connections with economic thought leaders from Pakistan and around the region. Based on the proposition that future is something we actively create, not something that happens to us, CEO Summit Asia will explore policy choices and business decisions based on the trends and forces at work in Pakistan and in the region, weighing both opportunities and obstacles that lie ahead. PrEss rElEAsE

LG Fourth Generation VRF system tailored for Middle East LAHORE: These days, saving energy has become a top priority for countries all over the world. Individuals, corporations and governments are all stepping up their efforts to see energy consumption drop to more sustainable levels. The Middle East is no exception. According to the European Business Chamber of Commerce, EuroCham, the region’s steadily growing economy is set to cause power consumption levels to double between 2010 and 2020. Along with this dramatic surge in the demand for energy, related investment and spending are also predicted to accelerate. As such, all member countries of the Association of GCC have begun sharing information and working on increasing energy efficiency through a number of cooperative initiatives. The association aspires to significantly cut energy usage across the entire region over the course of the coming years. As a result of multilateral government action in Middle East and a greater level of consumer awareness, highly efficient

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

BUY

SELL

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

ISLAMABAD: Minister of State for National Health Services, Regulations and Coordination Saira Afzal Tarar addresses a press conference on the World Pneumonia Day. INP

ISLAMABAD: Islamabad Marriott Hotel GM Jan Verduyn and Ambassador of Poland to Pakistan HE Dr Andrzej Ananicz and his wife at the Independence Day and Armed Forces Day of the Republic of Poland. Pr

Shahrukh Kemall son of Farrukh Kemall, executive director of The Brand Partnership, is receiving High Achievers Award from Night Ali and Salman Yasin in Lahore Grammar School, Paragon City.

LAHORE: National Motorways and Highway Police IG Zulfiqar Cheema distributes awards among department’s high achievers. Pr heating, ventilation and air conditioning (HVAC) solutions are now in hot demand. In order to satisfy consumers and comply with new energy regulations, manufacturers are busily developing the next generation of efficient, high performance HVAC solutions. Consuming less electricity and offering better reliability than other VRF products –

including chillers – the variable refrigerant flow (VRF) solution is widely acknowledged as the energy efficient choice for large-scale facilities. With a range of innovative smart technologies and features, and the ability to provide exceptional heating and cooling, VRF systems are becoming more and more popular around the globe. PrEss rElEAsE


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