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BUSINESS Saturday, 25 May, 2013

FPCCI rejects CNG ban on 1,000cc or more vehicles as discriminatory KARACHI

Weekly inflation up by 0.06 percent ISLAMABAD: The Sensitive Price Indicator (SPI) for the week ended on May 23 for the lowest income group up to Rs 8,000 registered increased of 0.06 per cent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 186.90 points against 186.78 points registered in the previous week. According the provisional figures of Pakistan Bureau of Statistics (PBS) 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 also increased by 0.11 per cent as it went up from 192.01 points in the previous week to 192.23 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 2.78 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 0.10 percent, 0.11 percent, 0.12 and 0.13 percent, respectively. During the week under review average prices of 8 items registered decrease, while that of 17 items increase with the remaining 28 items’ prices unchanged. The items which registered decrease in their prices during the week under review included onion, garlic, egg hen (farm), red chillies powder, masoor pulse (washed), LPG cylinder (11kg) and chicken live (farm). The items which recorded increase in their average prices included tomatoes, bananas, potatoes, tea, gur, sugar, mash pulse (washed), bath soap, wheat flour bag, wheat, milk fresh, curd, moong pulse (washed), fire wood, shirting, vegetable ghee (loose) and mustard oil. The items with no change in their average prices during the week under review included rice basmati (broken), rice irri-6, bread plain, beef, mutton, milk powder, cooking oil (tin), vegetable ghee (tin), salt powder, cooked dal (plate), cooked beef (plate), tea prepared (cup), cigarettes, long cloth, lawn, georgette, sandal gents, chappal spang (gents), sandal ladies, electric charges, gas charges, kerosene oil, energy saver, washing soap, match box, petrol, diesel and telephone local calls. APP

StAff REPoRt

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he Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has opposed the restriction on filling of CNG in above 1,000cc vehicles. In an emergent meeting of FPCCI Standing Committee on CNG held at the Federation house to evaluate the government’s directive to suspend filling of CNG in all vehicles above 1000cc, Gulzar Firoz, Vice President FPCCI, strongly condemned the decision and termed it irrational, illegal, discriminatory and violation of basic rights of the consumers. Chairman FPCCI Standing Committee on CNG Suleman h. Sulemanjee briefed the Vice President and Committee members that earlier the Ministry of Petroleum had moved a similar summary under the instructions of the previous government that was rejected by the eCC after extensive deliberations and argu-

ments, declaring the policy as unjustified. Subsequently the rejected summary by previous eCC members was presented to the caretaker PM, who has reportedly issued this illegal, unjustified directives without consultation with the stakeholders nor the proper procedure of issuing policy guidelines have been adopted. Khawaja Asif of the Pakistan Muslim League-Nawaz, noticing the extraordinary interference of the interim government beyond their purview and mandate, has also obtained a court stay order restricting the interim government from indulging in such activities. It was also highlighted that a consumer having 1200cc old car with CNG valuing approx Rs 0.4 million is now forced to buy 800cc or 1000cc vehicle amounting to Rs one million in order to avail CNG. It appears that the decision may have been motivated in view of factors having mala fide intentions and the result would be suffering of the less privileged class who are the users of the inexpensive fuel to pass on the benefit to the privileged class.

Committee asks NEPRA to stop taking fuel adjustment charges ISLAMABAD APP

The Senate Standing Committee on Water and Power on Friday directed the National electric Power Regulatory Authority (NePRA) to stop taking fuel adjustment charges as it was mandated to secure the interests of consumers. The committee met under the Chairmanship of Senator Zahid Khan in Parliament house. The committee issued directives to the Water and Power Ministry to ensure that except defence institutions and hospitals all departments, including parliament and Supreme Court, should bear the share of load shedding like common man. The committee asked the authorities to stop giving

extra 650 megawatts to the Karachi electric Supply Company (KeSC) and make a monitoring system to look after the quota of different electricity supply companies and inform about the quota of every company. Replying to the recommendations of the committee, an official said as far as the construction of Darawat dam was concerned, the physical progress of the main dam was 99 percent whereas

the overall progress of the project stood at 74 percent. Keeping in view the financial position of the project, an amount of Rs 4,000 million in all including liabilities of 1,500 million was required to complete the project within the time. Briefing about the present status of Gomal Gol Dam, the official told the committee that location of the dam was on Gomal Gol river, a major tributary of Mastuj river and installed capacity of the dam was 106 megawatt and annual energy 436 GWh. he said construction of boundary wall has been completed and roads, water supply, sewerage, primary school, mosque, dispensary and guard room, shops and construction of staff colony has been substantially completed.

Google joins race to buy Waze Google Inc. has entered the fray alongside Facebook in the battle to buy Israeli navigation and traffic report app Waze Ltd.. The entry of Google is likely to spark off a bidding war with sources at Facebook already suggesting that talks for the acquisition are for $1 billion. “Bloomberg” reports that, “Waze is fielding expressions of interest from multiple parties and is seeking more than $1 billion, said one of the people, who asked not to be identified because the talks are private.” “Bloomberg” also reported that Waze may elect to remain independent and raise another round of venture capital financing instead. According to “Bloomberg,” Apple Inc. which was linked with an acquisition of Waze last year is no longer interested in buying the Israeli company. Waze has also attracted interest from Micorsoft Corporation, which is one of its investors. Both Waze and Google declined to comment on the report. Waze has developed one of the most well-known and popular navigation apps on the market. The app can be used by smartphones, tablets, and vehicle systems, providing GPS navigation, crowdsourced-based updates about congestion, police, traffic cameras, accidents, and road hazards. The company has more than 40 million subscribers, and expects to reach 70 million by the end of the year. NEWS DESK

SECP rejects TIP allegations ISLAMABAD StAff REPoRt

The Securities and exchange Commission of Pakistan (SeCP) has refuted the allegation made by Transparency International Pakistan (TIP) regarding the issue of insider trading in Azgard 9. These allegations appear to be motivated by mala fide intentions or a result of lack of knowledge of the intricacies involved in the issue at hand, says an SeCP statement. The TIP gives the false impression that the SeCP has been lax in prosecuting the guilty individuals and institutions. The TIP has not acknowledged the fact that the SeCP had already explained its position to the TIP through a letter. It is important to mention here that in this regard the Sindh high Court has already passed a restraining order against the TIP. The TIP’s allegations are based on hearsay information and this militates against its own objectives. The truth is that the SeCP discharges its functions and responsibilities in accordance with the law, rules and regulation. When it comes to preventing, detecting, deterring and punishing financial malfeasance, the SeCP has devised the procedures, internal mechanism and the power to file criminal complaints.

The SeCP, nonetheless, has to ensure that all technical and legal aspects are taken into the consideration in terms of substantiating the case in the courts, as the onus of proof lies on the prosecution. The TIP has acknowledges the fact the SeCP had initiated action by filing a criminal complaint against 23 companies and individuals. The letter complains that the SeCP had not moved against 15 companies. The SeCP would like to clarify that before filing any criminal cases, it has to make sure that the evidence is strong enough to secure a conviction. The documents pertaining to the investigation report

were reviewed by an external counsel. The objective was to prepare a substantiated complaint, backed up by sufficient evidence, because anything merely based on an opinion or presumption would not secure a conviction. Being a responsible organization, the SeCP has to ensure that it has satisfied all the legal requirements before taking any stern action. The SeCP’s internal team and external counsel undertook an extensive review of the evidence. A list of persons to be proceeded against criminally, based on the gist of available evidence against them, was recommended to the SeCP. The SeCP

granted approval to the companies/individuals to be prosecuted in the matter. Now the matter is sub judice. It is also pertinent to mention here that JS Investment has filed a constitutional petition No. D 1985 of 2013 in the Sindh high Court, which has since suspended the proceedings in the trial court. The SeCP is contesting the matter. With specific reference to charges made against Zafar Abdullah, an SeCP commissioner, the SeCP would like to clarify that Zafar Abdullah was never the CeO of Crosby Dragon Fund (CDF) or its Asset Management Company (AMC). As matter

of fact, Abdullah was the CeO of Crosby Securities Pakistan (Private) Limited (CSPL), a licensed corporate brokerage house, which was completely independent and separate from CDF and Crosby AMC in terms of the board of directors and the management. Moreover, in terms of the relevant statute and the regulatory framework thereof, a corporate brokerage house and an asset management company and its funds should have separate and independent respective management and boards of directors and Crosby Brokerage house and Crosby AMC were compliant with these statutory conditions. It may further be noted that Zafar Abdullah joined the CSPL on February 15, 2008, and it started commercial operations on May 29, 2008, whereas in ANL manipulation case, the second review period was also over in early April 2008. Thus, CSPL, the brokerage house, headed by Zafar Abdullah, had neither indulged in any direct or indirect trading of ANL shares nor it had any connection with Crosby AMC or Crosby Dragon Fund. Furthermore, it is relevant to state the factual position that the name of the Crosby Dragon Fund was excluded from the list of the accused by the SeCP on October 20, 2011, whereas Zafar Abdullah joined the SeCP on August 17, 2012.


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BUSINESS B Saturday, 25 May, 2013

Major Gainers COMPANY Nestle Pak. Shezan Inter. Gillette Pak Pak Services Island Textile

OPEN 6500.00 571.00 355.00 307.00 729.99

HIGH 6600.00 589.99 372.75 322.35 764.99

LOW 6600.00 577.80 372.00 322.00 700.00

CLOSE CHANGE 6600.00 100.00 589.65 18.65 372.75 17.75 322.35 15.35 740.00 10.01

TURNOVER 20 400 1,000 300 700

1801.00 350.00 300.00 315.00 517.00

1801.00 328.70 300.00 315.00 511.02

1801.00 332.84 300.00 315.00 511.91

-69.35 -13.16 -12.00 -6.00 -5.03

50 178,200 100 200 7,100

2.31 4.93 8.10 21.63 151.95

1.25 4.20 7.45 20.75 147.11

2.29 4.49 7.63 21.31 148.80

0.98 0.39 -0.23 0.34 0.25

62,961,500 42,057,000 18,867,000 16,075,000 15,260,200

Major Losers Colgate Palmolive Murree Brewery Dreamworld Indus Motor Co XD Attock Petroleum Ltd

1870.35 346.00 312.00 321.00 516.94

Volume Leaders B.O.Punjab(R) Pace (Pak) Ltd. Dewan Cement P.T.C.L.A Engro Corporation

1.31 4.10 7.86 20.97 148.55

Interbank Rates USD GBP JPY EURO HYDERABAD: Women look at clothes during a summer dress exhibition on Friday. INP

textile exporters urge PMl-N govt to forge export oriented policies FAISALABAD: Textile exporters have stressed the new Pakistan Muslim LeagueNawaz (PML-N) government to forge export oriented policies to ensure surge in the economy. In a press statement, PTeA office bearers urged the upcoming government to give top priority to economy as Pakistan could not make sound progress without turning around its sagging economy. energy crisis coupled with high interest rate, excessive burden of taxes and stuck up amounts in refund regimes has not only jeopardised growth of the textile industry and exports but put the survival of existing industries at stake. They said that textile sector has much hopes on the new government which is going to be formed with an industry-related background. It should be the top priority of the new government to restore the confidence of industrialists and overcome the energy crises, they said. INP

PKR 98.3318 PKR 148.5105 PKR 0.9674 PKR 127.4872

Forex BUY

Economic stability not possible without strengthening cottage industry: Malik LAHORE NNI

Chairman All Pakistan Cottage Industry & Small Traders Ghulam Sarwar Malik has said that growth of manufacturing sector and economic stability is not possible without strengthening the cottage industry and the PML-N government would have to evolve a comprehensive strategy and announce a special package for early revival of cottage industry. “Nawaz Sharif should form a committee on cottage industry and give due representation to the people attached with this important sector,” he said. Malik was talking to a delegation of 60 associations of cottage industry on Friday. The delegation members informed him that cottage industry was on the verge of collapse and need an urgent rescue plan. Malik said that conundrum of elections in Pakistan was done and people have

witnessed a congenial change. They have high hopes with the PML-N leaders Nawaz Sharif and Shahbaz Sharif. he said that due to baseless policies and corruption of the previous regime, cottage industry had destroyed while the energy crisis had already rendered thousands of people attached with this sector jobless. he appealed Nawaz Sharif to work on war footing to overcome the energy crisis, adding that the looted money should be recovered to get closed power plants operational. While eulogizing the former Punjab chief minister, he said that Shahbaz Sharif was keen to turn the province into hub of investment. he said that establishment of cottage city would attract foreign investment besides playing an important role in stabilizing the economy of Punjab. he said that cottage industry having 20-workers in its fold, should be exempted from social security, old age benefit and labour laws to get some breath.

US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal

99.80 127.55 149.44 0.9744 95.29 12.59 26.98 26.48

SELL 100.05 127.79 149.71 0.9816 96.69 12.79 27.15 26.70

PSQCA FINdS 31 bottled WAter brANdS uNSAFe ISLAMABAD: The Pakistan Standard Quality Control Authority (PSQCA) has revealed that 31 brands of bottled drinking water are found unsafe for human use due to chemical or microbiological contamination. According to the monitoring report for the quarter (JanuaryMarch 2013), 87 samples of mineral/bottled water brands were collected from Islamabad, Rawalpindi, Lahore, Faisalabad, Sargodha, Sialkot, Multan, DG Khan, Tando Jam, Karachi, Quetta, Peshawar and Gilgit. The brands found unsafe included Nectar, Splash dew, Italian Crystal, Atlantis Premium Water, hydr8, Fresco healthy Water, Unique Water, Pan Pura, Oriel, Kalash Pure Water, Premier Pure Water, Nation, Aqua Cool, Kallan Water,A Cool, Aqua National, Al-Shifa Water, Active, Sparkling, Danni pure Water, healthy Water, Vey, Standard, Vina, eCO Water, Rhine Blue, Orion, Sunlay, Blue Danube, Prime Pani and Jel. APP

CORPORATE CORNER IbA Karachi inaugurates Abdul razzak tabba Academic block

Ceo PAdIl demands allocation of funds for persons with lds in budget

ISLAMABAD: A classy musical evening was organised by the Islamabad Marriott Hotel in collaboration with Mausikaar. A joint percussion performance was given by Muhammad Ajmal on Tabla, Malik Sikander on Matka and Jeevey Lal on Dholak. PR

PtCl launches new models of eVo and Nitro Cloud devices ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) has introduced new models of its EVO and Nitro Cloud devices, which offer enhanced and upgraded features for a rich on-the-go broadband experience. The pocketsized EVO and EVO Nitro Cloud devices are easy-to-manage portable Wi-Fi routers that create a powerful Wi-Fi hotspot, enabling users to share hyper fast broadband speeds of up to 9.3Mbps in over 200 cities and 3.1Mbps in more than 250 cities nationwide. “PTCL is continuously introducing connectivity solutions in order to facilitate our customers in their daily lives and also help them to remain efficient by offering tailor-made products to fit their needs,” said

Omar Khalid, PTCL Executive Vice President (EVP) Wireless Services. “Our EVO product portfolio is opening up a new world of opportunities for on-the-go broadband internet connectivity while removing barriers for improved growth and development of wireless broadband internet in the country,” he added further. Offering an intelligent Li-Polymer battery with auto cut-off function to avoid overcharging, and options of various packages, the devices offer great value for money, and enable customers to get the most out of their multimedia content whilst on the go. Both the device models come with slightly varying features, and can connect up to 5 and 8 Wi-Fi enabled gadgets like tablets, notebooks and smart phones, through a simple touch all at the same time. With the largest data network in addition to widest coverage, PTCL broadband is empowering people to reach out to the world, enabling convenient access to knowledge and information nationwide. PR

his late father, Abdul Razzak Tabba, would have been proud to be a part of a prestigious educational institute such as IBA Karachi. Later, Dr. Ishrat Husain, Dean & Director IBA Karachi expressed his deepest gratitude towards the guests. He appreciated everyone from Najmi Bilgrami Pvt. Ltd and IBA’s project department who managed to complete the project in two years, tallying a cost of over Rs. 220 million generously endowed by the Aziz Tabba Foundation. PR

KARACHI: The Inauguration Ceremony of IBA’s Abdul Razzak Tabba Academic Building was held at the Institute of Business Administration Karachi on Friday been constructed in collaboration with Lucky Cement Limited and named after Abdul Razzak Tabba, late Chairman of Yunus Brothers Group of Companies. While providing state of the art facilities and a highly stimulating educational environment to the students of IBA, the Academic Building is to house IBA’s diverse course offerings. After the welcome address, the chief guest Muhammad Ali Tabba, Chairman of Yunus Brothers Group of Companies, graced the stage. He said he felt honored to have been able to contribute to such an “iconic, beautiful academic structure” at in institute that is “setting new standards an education”. He also said that as a philanthropist,

KARACHI: Chief Executive Officer (CEO) Pakistan Association for Difficulties in Learning (PADIL) Ashba Kamran has demanded allocation of funds for the persons with Learning Disabilities (LDs) in the budget for the fiscal year 2013-14. She said it is an irony that the persons with LDs are clubbed with physically disabled persons. Not only this, she added, the federal government has never carried out a separate census for the persons with LDs. She said the blithe of ignorance being faced by the slow learners or the persons with LDs is ending up on high turnout of school dropouts. Resultantly, the literacy rate in Pakistan is abysmally low and discouraging. Ashba said the PADIL management firmly believes that it is right time to exert pressure on the upcoming government to treat the persons with LDs as a separate entity in the budget documents and allocate sufficient funds to rehabilitate and educate them. PR


E-paper Profit 25th May, 2013