Gold miners, Bernanke push TSX higher TORONTO—Canadian stocks ended the week on a positive note, boosted by a speech from Federal Reserve Chairman Ben Bernanke that kept stimulus hopes alive and as the soaring price of bullion helped gold miners. Bernanke stopped short of giving a clear signal the U.S. central bank would soon act but investors bet that his language made another round of bond-buying, known as quantitative easing, more likely. “QE is arguably very good for risk assets like equities, but also QE would have a not terribly indirect impact on commodities,” said Stephen Wood, chief investment strategist at Russell Investments in New York. Bullion hit a five-month high after the speech, helping Toronto-listed gold miners punch higher. Major players Barrick Gold Corp and Goldcorp Inc each gained more than 3 percent, Yamana Gold Inc jumped 4.3 percent and a slew of juniors jumped even more. Oil and copper prices also rose, lending support to the energy and materials companies that make up a large portion of the Canadian exchange.—Newswire
ZONG launches student package STAFF REPORTER ISLAMABAD—Keeping pace with the ever changing needs and wants of today’s youth, ZONG – the fastest growing network of Pakistan is introducing a brand new offer called Student Package for its young subscribers. The package will entail 3 more tariff plans named Talkie, All Rounder and Texter which are targeted at meeting the varying demands of youngsters according to their personalities. The telecom giant has once again emerged as the most considerate operator by offering reasonable rates which match the budget of students. Although other operators have also introduced various packages for youth, ZONG is the only one to truly understand that students want to remain connected but they have limited amount to spend on their communication needs. Thus, student package is designed to ensure that youth’s requirements are met in an affordable and comprehensive manner. Briefing about this latest interesting package Mr. Usman Ishaq, Executive Director Commercial, ZONG said, “We are always looking for ways to create more and more options for the future of our nation i.e. our youth. We want to give them maximum choice and variety from which they can pick and chose.
APCNGA demands weekly gas meter reading
Rains damage cotton crop
is not possible to us to carry on business in this situation” Paracha said. He said that Petroleum ministry changed pricing interval for liquid fuels from one month to weekly basis. Price of CNG being associated with petrol was also changed after Seven days alongside petrol by changing the gas tariff. However, despite instructions of the MOP, SNGPL & SSGC did not take readings at appropriate time and billed the CNG sector without proper accounting. As a result SNGPL & SSGC
standing cotton crop across the country and may also hurt the cotton production target of 15 million bales. The current rain spell hit almost the entire cotton belt in Punjab and Sindh, but major losses are expected in Sindh’s interior, where cotton crop was ready for harvest. They said that heavy rains had hit almost all cotton crop areas, including Mirpurkas, Sanghar, Hyderabad, Badin, Thatta, Kot Ghulam Muhamad, Diplo, Tando Alahyar and Golarchi. In Punjab, cotton fields in Multan, Raheem Yar Khan, Bhalwalnagar, Bahawalpur, Vehari, Rajanpur and other cotton growing areas were affected. Although, the cotton situation is still under control, but danger looms large if rains continued at this stage and measures were not taken to save the crop, said Shekeel Ahmed Khilji director national seed and an cotton expert. We are closely monitoring the cotton crop. There are reports that all major cotton cultivation areas have received heavy rain, he said.
K ARACHI —Ongoing heavy ISLAMABAD—Central Chair- ministry’s policy, otherwise it are now holding millions in rains have badly hit the
man All Pakistan CNG Association, Ghiyas Abdullah Paracha has demanded government of weekly gas meter reading and fortnightly billing of CNG stations. Ghiyas Paracha said that SNGPL & SSGC despite the clear government orders did not change their system accordingly and held millions of rupees with out any proper accountancy from CNG stations. “We have sent application to petroleum minister to restrict Gas companies to work according to ECC formula under petroleum
excess and is not willing to adjust the amounts despite repeated requests and meetings by the All Pakistan CNG Association. On top of this SNGPL & SSGC will also benefit from the millions that it will earn through interest by keeping this amount in banks. All this profiteering will go unaccounted and the business man will suffer. MOP is requested to take serious notice of such practices. The CNG sector without proper gas meter readings and will benefit while people will suffer losses.— Online
Agricultural experts for rational use of pesticides
Dr Kevin Gallagher, FAO Representative, Dr Iftikhar Ahmed, Senior Advisor FAO, Dr M Sharif, DG, NARC, Dr Ali Abbas and Dr M Mubarak, DG, SARC briefing on pesticde residues arranged by FAP and PARC.
STAFF REPORTER I SLAMABAD —The agricultural experts here on Monday stressed the need for making Pesticide Residue Monitoring System operational to control the indiscriminate use of pesticides on exportable horticulture as well as other national crops. “The pesticide residue monitoring system has initially been approved by the federal government but it still needs resource allocation in order to make it effective and operational”, Dr. Iftikhar Ahmed senior advisor on Programme Development FAO, said in a seminar on Pesticides Residues in Exportable Horticulture Crops held here on Monday. The seminar was organized by the Food and Agriculture Organization (FAO) of the United Nations in col-
laboration with Pakistan Agriculture Research Council (PARC). Director General, PARC, Mubarik Ahmad was of the view that the uncontrolled use of pesticides has imposed not only tremendous economical losses but also unacceptable hazards to human health. He said the country exports a variety of fruits including mango, dates and citrus fruits but the indiscriminate use of pesticides on these commodities is going to threaten the exports. He said despite having great potential in Pakistan to produce quality fruits in a large quantity, the country is not listed among top ten countries of fruits exporters mainly due to the uncontrolled application of pesticides. “Extensive use of pesticides on fruits and veg-
etables leaves pesticides residues among these commodities which cause risks to the human health”, Mubarik Ahmad said adding about 12 percent of our exported commodities get rejection from the European Union countries and United States. Itrat Rasool Malhi, representative from UNIDO, said while speaking on the occasion that frequent rejection of agriculture export consignments due to non-compliance of Special Programme for Strengthening (SPS) management results into huge loss of foreign exchange earnings. Dr. Iftikhar Ahmad said that the farmers should be educated about this issue and for this different sources including media should be used to create awareness about the hazardous outcomes of uncontrolled use of pesticides.
Moot on Google’s marketing products effective utilization in Pakistan STAFF REPORTER KARACHI—Aimed at spread-
ing awareness about Google’s marketing products and its effective utilization in Pakistan, 6 top-notch professionals from Google spoke at a local hotel here in Karachi. Separate sessions were organized for marketers and tech enthusiasts. These events were organized in partnership with Pakistan Software Houses Association for IT & ITES (P@SHA) and managed by Terrabiz. Jana Levene, Emerging Market Development, Southeast Asia presented the keynote on ‘Making the Web work for Pakistan’. Jana advises on Google’s strategic direction in South and Southeast Asian emerging markets. She is reFrom Page-13 sponsible for launching partcertain limits besides Pakistan nership, marketing and educawas barred from developing tional programs in-market with nuclear capability to cope with energy challenges which is hindering and hampering its economic development, while its economic growth currently is M M ALAM far below than its potential. He further said that KCCI has broaden its horizon and ex- KARACHI—Regional Chairtended its activities worldwide man APTMA M. Yasin and recently Pakistan Afghani- Siddik hailing Government’s stan Joint Chamber of Com- decision to slash the Gas Inmerce and Industry, Karachi frastructure Development Bombay Joint Chamber of Cess (GIDC) by 50% has Commerce and Industry have stated that, in addition to been formed while Prague – other cost increases in a Karachi Joint Chamber is un- short span of time, the inderway besides negotiations to dustry could not have abform such joint chambers are sorbed the impact of Rs. 100/ going on with number of other MMcf. He was addressing a chambers. He also urged to Press Conference held at form joint chamber with KCCI’s APTMA House here on counterpart in Australia. Aus- Monday. Yasin Siddik admitting tralian High Commissioner H.E Mr.Peter Hayward thanked that by collecting the earMian Abrar Ahmad for his en- lier imposed GIDC of Rs. deavor to enhance and develop 100/MMcf the Government stronger trade and economic could heave generated Rs. 60 billion for infrastructure ties with Australia Zia Ahmed Khan, Vice development, held that it President, Mr. Majyd Aziz, would have increased the former President, Mr. cost of gas by 25% for the Muhammad Haroon Agar, industrialists who were alformer VP, Mr. Tahir ready paying Rs. 450/ Mahmood, Country Manager, MMcf. He said acknowlAustralian Trade Commission, edging the grievances of Karachi., Ms. Charlotte country’s largest foreign exchange earner, GovernKennedy, Mr. Asif Nisar.
Australia willing
STAFF REPORTER
ISE sheds 7 points STAFF REPORTER ISLAMABAD—Islamabad
APTMA hails cut on Gas Cess ment had contained APTMA’s demand to an extent. He said though they wanted further reduction, yet a cut of Rs. 50/- was a good result. Negating news item that appeared in a section of Press accusing APTMA of causing loss to the exchequer by getting concession from Government by using its leverage of being a powerful body, Yasin Siddik clarified that they had only highlighted
Bank Alfalah to launch first student ISIC co-branded debit card STAFF REPORTER KARACHI—Bank Alfalah recently signed an agreement with Alive Asia for jointly launching the first cobranded International Student Identity Card (ISIC) in Pakistan. The ISIC allows students access to over 41,000 local and international benefits and services from 125,000 locations across 124 countries globally. It is the only internationally recognized student identity card acknowledged and supported by UNESCO, universities, academic institutions and governments worldwide. Alive Asia is the official licensed authority, appointed by ISIC Association, to issue, distribute, promote and develop the ISIC Card in Pakistan. It has partnered with
Bank Alfalah to bring this unique one of its kind debit card to the youth of Pakistan, offering them access to funds with countless benefits and discounts for their specialized educational and lifestyle needs both locally and internationally. Atif Bajwa, CEO Bank Alfalah said on the occasion, “The youth of Pakistan represents 40% of our population, and it has emerged as a potential untapped customer segment that has unique needs and preferences; be it for education, travelling, dining or interest based activities. We are confident that this partnership will give us the advantage to be the first financial institution in Pakistan to not only recognize the emerging needs of the youth but also be fully equipped to
offer them countless customized student benefits and service options along with readily accessible funds, locally and internationally through the recognized ISIC global outreach program menu that has been built over 50 years of insights into this particular segment.” Qaiser Raza Sheikh, CEO Alive Asia said, “ISIC is very excited to have Bank Alfalah in Pakistan as their banking partner of choice. We are most excited about providing the youth of Pakistan access to over 41,000 discounts at over 126,000 locations worldwide and foresee our partnership with Bank Alfalah strengthening with time as we create and provide immense value for money to the students and youth of Pakistan”.
Stock Exchange (ISE-10) here on witnessed bearish trend as the index was down by 7.26 points to close 3076.49 as compared to the previous day’s trading. Talking to media, Stock Analyst, M.M Hassan said that the local stock market had witnessed bearish trend because of the profit taking. Besides, the positions was also taken when the index went down resulting an increase in the turnover in the markets, he added. The punters were seemed to be keen to have traded in the lowpriced shares having low risk as compared to the other scrips especially KESC and Lotte Pakistan PTA, he said. Total volume of shares traded was 205,500, which was down by 143,400 as compared to a day earlier’s Atif Bajwa, CEO, Bank Alfalah along with the team of Bank Alfalah and Alive Asia at the closing. Out of 126 compa- signing ceremony for jointly launching the first co-branded International Student Idennies’ shares traded, the price tity Card. of 51 was increased while the price of 75 decreased. The price of top gainer Gatron Industries was increased by Rs.4.03 while the price of top loser Shield Corporation decreased by Rs.7.68.
SBP slashes refinance KARACHI: Badar Khushnood, Country Consultant, Google Pakistan, Andy Warner, Marc Warburton, Jana Levene, Tanya aidrus, Niken Sasmaya, Anand Tilak, and Aileen Apolo at a moot. the goals of growing Internet Warburton, who is part of the adoption and engagement. Emerging Market Sales Team Jana’s work focuses on markets gave a presentation on that are in the early stages of “Google Search - Be there for leveraging the Internet as a plat- those who need you”. Anand form for doing business. Tilak, Regional Manager Earlier Badar Khushnood, Agency Relations & Sales Country Consultant, Google Development, Google South Pakistan delivered the wel- East Asia talked about “Opcome address. Marc portunities Beyond Search”.
Fuaji Fertilizer Company Energy Limited has completed the 50MW wind energy farm in Jhimpir, Thatta in eight months. Chief Executive and MD FFC, Lt-Gen. (r) Naeem Khalid Lodhi and Project Director Brig (r) Tariq Izaz being briefed by engineers and partners from Nordex Germany and Descon Engineering.
From Page-13 years. Participating Financial Institutions‘(PFIs’) spread for these tenors will be 1.50%, 2.50% and 3.00% respectively. Hence, the end users’ rates for these tenors have now been reduced to 11.00% from 12.50%, 11.10% from 12.60% and 11.20% from 12.70% respectively, according to IH&SMEFD Circular No.5. Similarly, the rates of service charges under the Scheme for Financing Power Plants Using Renewable Energy have been re-fixed at 8.60% for financing up-to 5 years and 8.20% for over 5 years and up-to 10 years with effect from September 10, 2012. Banks/DFIs will be allowed to charge 2.50% and 3.00% spread respectively for these tenors.
few instances such as the gas rates in Bangladesh one of Pakistan’s biggest competitors – that was 6.45 cents while with an additional Rs. 100 Cess the rate here would have been 18.23 cents: “Sanity prevailed & the Government realizing our point of view decreased the Cess. There was neither any untoward or undertable deal nor APTMA has caused any loss to the ex- T OKYO —Japan’s current account surplus dropped chequer”. 40.6 percent in July due to an expansion in its trade deficit, official data showed Monday. The surplus, the broadest measure of external trade, stood at 625.4 billion yen ($8.0 billion), the finance ministry said, as exports to Europe and Asian neighbours tumbled, while energy resource prices jumped. Economists surveyed by Dow Jones Newswires and the Nikkei daily had estiKARACHI: M Yasin Siddik Regional Chairman APTMA mated a surplus of 438.2 biladdressing a press conference.—PO Photo Javed Iqbal lion yen.—AFP
Japan current account surplus slumps 40.6pc
Indo-Pak liberalized visa regime lauded STAFF REPORTER
ISLAMABAD—President American Business Forum (ABF) Salim Ghauri has welcomed the signing of liberalized visa regime between Pakistan and India and termed it a landmark achievement in attaining much-awaited peace and prosperity in the Sub-continent. He said both the government of Pakistan and India deserve appreciation from the business community, as they succeeded in bridging gap after long debate and discussion for years. Easing down the traveling between two sides of the border would play vital role in bringing peace to the region, he
said. According to him, the business community has been facing hardships in free movement to finalise their business deals. SAARC was the forum where one year visa facility was introduced for the business community. However, this visa duration was revised down to three months later on, which disturbed the businessmen sentiment a lot. He has expressed the hope that the governments on both sides of the border would realize the potential of business activities and more flexible visa regime would be unveiled in near future. Salim said there is need of more exchange of busi-
ness delegations to benefit from each others’ potential. He called the liberalized visa regime a major Confidence Building Measure (CBR) between Pakistan and India and urged the leadership of both the countries to march fast in materialising the dream of regional peace and prosperity. He has further expressed the hope that the Indian Prime Minister Manmohan Singh would visit Pakistan to bolster bilateral relations ahead. Salim also lauded the role of President Asif Ali Zardari and his team, particularly the Foreign Minister Hina Rabbani Khar in promoting peaceful relations with India through an effective diplomacy.
AFCSR now on its second decade STAFF REPORTER I SLAMABAD —The annual AIM Asian Forum on Corporate Social Responsibility (AFCSR) enters its second decade with its biggest conference yet as it travels to Thailand to hold the 11th AFCSR at the Bangkok Shangri-La Hotel on October 25 and 26, 2012. Organized by the Asian Institute of Management – Ramon V. del Rosario Sr. Center for Corporate Responsibility (AIM-RVR Center), the AFCSR is known to be the most significant conference on corporate social responsibility in Asia. The event is attended by various professionals—senior business executives, academicians, civil society as well as government organizations. This year’s conference
offers productive and informative sessions and topics stemming from the theme, Innovative Approaches To Creating Value for Business and Society, and will be supported by a framework that showcases the creation of innovative CSR programs while generating stakeholder engagement. Plenary and breakout discussions will revolve around five core topics, namely: assessment of the firm’s culture; development of the program; prototyping and evaluating; systematizing and implementation; and finally, embedding and encouraging CSR. Introduced in Manila in 2002, AFCSR’s mission is to highlight innovative programs and best practices in CSR by corporations in Asia and to promote CSR as a key strategy in addressing pub-
lic needs and problems, to showcase corporate standards on CSR as strategy, and to build a network of CSR practitioners across Asia. Capping off the two-day event is the Asian CSR Awards and the Intel-AIM Corporate Responsibility Award ceremonies and gala dinner, which seeks to recognize companies in Asia for their projects and programs on CSR. The Asian CSR Awards will be given in four categories, namely: Environment and Value-Chain Management, Governance and Society, Labor and Employee Engagement, and Product Responsibility and Consumer Rights while the IACRA will go to an organization that has fully embedded CSR throughout the aforementioned focus areas.