Pak forex reserves figure $ 18.598b KARACHI—Total liquid foreign reserves of the country stood at $ 18.598 billion, said State Bank of Pakistan (SBP). According to SBP’s weekly statement here on Thursday, the foreign reserves held by State Bank on Sept. 4, amounted $ 13.55507 billion and the net foreign reserves held by other banks were $ 5.04203 billion. During the week ending Sept. 4, SBP’s liquid foreign exchange reserves increased by $ 95 million to $ 13.556 billion compared to $ 13.461 billion in the previous week.—APP
Fresh currency notes from Sept 14 MULTAN—State Bank of Pakistan, Banking Services Corporation (BSC) Multan will start issuing fresh currency notes to the public from September 14 through 33 E-branches of commercial banks by Short Messaging Service (sms) besides itself. The service will end on last working day before Eid-ul-Azha against production of issued transaction ID through SMS from 8877 and original CNIC or Smart NIC against which the transaction has been issued as per prescribed quota. The quota included: 2 packets of Rs 10 denomination notes, one pack each for Rs 50 and Rs 100 denomination notes. An official release issued here on Thursday said fresh currency notes could be obtained by 15 branches of Multan, 4 branches each of DG Khan and Shaiwal, 3 branches of Vehari, 2 braches of Muzaffargarh and Khanewal each, one branch of Layyah, Rajanpur and Pakpattan each.—APP
Palm oil import dips 42pc ISLAMABAD —Pakistan’s Palm Oil import plunged by $75.908 million to $106.430 million in July 2015, according to official figures. Thus, palm oil import fall comes to 42 percent in July 2015 from the oil import of $182.338 million in June 2015, Pakistan Bureau of Statistics show. In term of volume, palm oil import slumped by over 42 percent or 118,178 metric tons to 160,019 metric tons in July 2015 from 278,197 metric tons in June 2015. On a yearly basis, palm oil import went down by 19.26 percent or $25.383 million in July 2015 from $131.813 million in July 2014. In term of volume, palm oil import in July 2015 however surged by 13.26 percent or metric 18,731 tons from 141,288 metric tons in July 2014. Soybean oil import mounted by over 88 percent or $5.134 million to $10.952 million in July 2015 from $5.818 million in July 2014.—APP
Separate budget proposal for Defence Ministry gets Senate support MIAN ARSHAD ISLAMABAD —The Senate Standing Committee on Defence Production, Thursday, endorsed the idea and recommendation of Ministry of Defence Production to separate its budget from the Ministry of Defence. The committee also recommended that work on establishing a shipyard in Gawadar port be expedited so that Pakistan would make maximum use of the potential of its long coastline. Committee met here with Senator Lt. Gen. (R) Abdul Qayyum in the chair and also endorsed the proposals for up gradation of existing facilities in the only shipyard of Pakistan in Karachi. Minister for Defence Production Rana Tanweer Hussain told committee that much time was wasted in moving files between the two ministries to get the allocated budget. He said that this would be hopefully achieved in the next budget. The committee meeting was primarily
aimed at having a preliminary coordination with all heads of the attached departments and subordinate offices under the administrative control of the ministry of Defence Production. The committee was told that stalls from 36 countries participated in the recent International Defence Exhibition and Seminar (IDEAS) held in Karachi under Defence Export Promotion Organisation (DEPO) and the world has started realizing our defence production industry’s potential. The committee agreed that the defence production industry of Pakistan has two major missions before itself; one to maintain Pakistan’s territorial integrity by generating our own industry and two to utilize our surplus capacity for commercialization. The members were of the view that this industry has to be made self-sustaining so that it supports the economy rather than becoming a burden on it. After listening to the presentations by all the departments of the ministry, the committee unanimously agreed that Pakistan takes
pride and confidence in its defence production and all efforts required for boosting the defence production industry will be taken. The Chairman committee is his concluding remarks said that the country’s defence production industry is second to none. He also emphasized on enhancing security of defence production installations in the country. The meeting became a high profile event with the attendance of Lt Gen. Syed Wajid Hussain, Chairman Heavy Industries Taxila, Air Marshal Javaid Ahmed, Chairman Pakistan Aeronautical Complex KAMRA, Maj Gen. Muazzam Goraya, Director General MRDE, Muhammad Asif, Acting Chairman Pakistan Ordnance Factory Board, Maj Gen Agha Masood Ahsan, Director General Defence Export Promotion Organization, Rear Admiral Syed Hasan Naik Shah, Managing Director Karachi Shipyard, Brigader Iftikhar Ahmed, National Radio Telecommunication Corporation and other senior officers from the ministry.
SECP enforces IFRS for SMEs, SSEs I SLAMABAD —The Securities and Exchange Commission (SECP) on Thursday approved the adoption of International Financial Reporting Standards (IFRS) for Small and Medium Sized Entities (SMEs), Accounting and Financial Reporting Standards for Small Sized Entities (SSEs). The adoption of international financial reporting standards is effective from annual financial periods beginning on or after January 1, 2015. The decision will bring transparency, accountability and efficiency to the corporate sector and to meet the requirement of International Organization of Securities Commission (IOSCO) prin-
ciples, according to statement issued by SECP. All the non-listed public limited companies, which includes in the category of SMEs, are required to file their annual financial statements in accordance with the IFRS for SMEs issued by International Accounting Standards Board (IASB). Similarly, all the Small Size Entities (SSEs) will be required to prepare their accounts, i.e.balance sheet and profit and loss accounts in accordance with Accounting and Financial Reporting Standards for Small Sized Entities (Revised) (AFRS for SSEs) issued by the Institute of Chartered Accountants of Pakistan (ICAP).—APP
SMEDA initiatives highlighted SALIM AHMED L AHORE —Over 85 Pre-feasibility studies and 28 sector strategies are available on the Small and Medium Enterprises Development Authority (SMEDA) website for benefit of SMEs. It was disclosed by Dr. Naeem Rauf, General Manager Central Support Division of SMEDA while giving a presentation to a delegation of the Punjab Government officers, who visited SMEDA as participants of 16th Public Sector Management and Governance (PSMG) Course from Management and Professional Development Department (MPDD). Mr. Haroon Ahmad Khan, General Manager Business and Sector Development Division of SMEDA presided over the meeting. Mr. Mairaj Anees Ariff, General Manager Policy and Planning also addressed the participants. Mr.Omer Farooq Alvi, Director MPDD was leading the visiting delegation. Dr. Naeem Rauf highlighted the current initiatives to be taken by SMEDA for SME development in the country. He especially referred to SMEDA’s five year SME Development Plan in this regard. He explained that SMEDA’s development plan based upon 13 sectors had been appreciated by the government. A number of the important segment of the plan had been made part of vision 2020 of the government of Pakistan. The priority sectors of the plan include, Food, Agriculture, Logistic, Gems & Jewellery, Information Technology and Allied Services, Construction, Engineering,
Energy, Leather, Mineral, Tourism and Textile, he said. Dr. Naeem Rauf also highlighted the role of SMEDA in Prime Minister’s Youth Business Program. He said that SMEDA had been given the lead advisory role in implementation of the Prime Minister ’s Youth Business Loan Program. He informed that all of the pre-feasibilities studies prepared by SMEDA on the potential business sectors were available on SMEDA website, which could be freely downloaded from there. The feasibilities belonging to Engineering and Manufacturing, Information Technology, Agriculture, Fruit Processing, Livestock, Food, Services and Minerals were excessively being downloaded by the public, he said and informed that over 14.31 million downloads had been recorded on SMEDA website after launching of the PMYBL program. About 23, 167 walk-ins loan applicants were also facilitated directly at SMEDA help desk, he added Dr. Naeem Rauf further told that SMEDA, despite being a very lean government organization, had given optimal results in SME development. SMEDA has so far entertained 91,311 walk-ins at RBCs apart from developing 170 pre-feasibility studies of various sectors, 285 tailor-made business plans and 2,335 training programs held with 100,0290 total participants in 75 cities of the country. SMEDA services and projects have mobilized a total investment of about Rs.28 billion up till now.
KSE-100 loses 37.99 points AMANULLAH KHAN K ARACHI —KSE-100 lost 377.99 points amid extremely low volumes of 170 mil-
lion to close in red at 33,792 levels here on Thursday. Although The index opened positive and moved up to 33,813 yet lost momentum however the current forma-
tion suggests revival of bullish trend in the coming trading session, according to market analysts the oil & gas sector could play an important role in pushing the index higher. In the global perspective the international oil prices however fell on Wednesday as concerns mounted about the health of the global economy. Japanese machine orders dropped 3.6% in July while the Chinese producer price index fell 5.9% in August, the largest drop since 2009. Amid low market volumes Descon Chemicals was the volume leader of the day with a trade of 17.86 million shares, while Dewan Cement stepped down on the second position with a volume of 12.69 million shares while TRG on third volume leader with a trade of 9 million shares.
ISLAMABAD: Minister of State for IT & Telecommunication Ms. Anusha Rahman chairing Board of Directors meeting of ICT R&D Fund Company.
Demand, prices rise in cotton market L AHORE —Prices of fine quality moved higher on the cotton market on Wednesday on the back of surging demand by mills and spinners, dealers said. The official spot rate was up by Rs 50 to Rs 4,600, dealers said. Seed cotton prices in Sindh were at Rs 2400 and Rs 2450 and in Punjab rates were at Rs 2300 and Rs 2450, they said. In the ready business, around 20,000 bales of cotton changed hands between Rs 4650 and Rs 4750, they said. Market viewers said that mills and spinners indulged in fresh buying of cotton to cover their short-term needs. Cotton analyst, Naseem Usman said that some mills were making fresh deals just to keep themselves away from any rise in the rates due to short supply. Reuters adds further that ICE cotton rose to its highest level in two weeks on Tuesday, buoyed by strength in global equities and other commodity markets. December cotton on ICE Futures US settled up by 0.66 cent on Tuesday, a 1 percent gain, at 63.28 cents per pound, after rising as high as 63.68 cents a pound, the highest level since August 25.—Agencies
Faysal Bank, Etihad Airways sign business alliance accord STAFF REPORTER KARACHI—Faysal Bank Limited (FBL), one of the leading banks in Pakistan, together with Etihad Airways steps forward to offer lucrative discounts for Faysal Bank Credit and Debit Card customers. FBL is proud to have signed a business alliance with Etihad Airways providing FBL Credit and Debit Card customers exciting discounts on purchase of air tickets through Etihad Airways’ website. Moreover, on the purchase of tickets through FBL Credit and Debit Cards, FBL customers can avail 12% discount on First & Business class tickets and 10% discount on Economy class tickets. On this milestone, Nauman Ansari, The President & CEO (FBL) said. “It gives us great pleasure to announce our business
alliance with Etihad Airways. This firstmover advantage will help us achieve our commitment by providing unique and convenient services to our customers whereby enhancing their experience with high quality deliverables for all their financial needs.” Similarly, Ahmed Zahoor, GM Pakistan (Etihad Airways) also said, “Etihad and Faysal Bank have synergies in terms of service quality, professionalism and commitment to inspire the customer. Our agreement facilitates FBL customers to enjoy a world class flying experience with Etihad Airways. We look forward to welcoming them onboard our flights from Karachi, Lahore and Islamabad to Abu Dhabi and beyond.” FBL believes that this alliance will play a vital role in developing a strong and mutually beneficial business relationship between FBL and Etihad Airways.
Jatoi attends Izmir Int’l Fair ISLAMABAD—Minister for Industries and Pro- will provide opportunities for bilateral trade duction, Ghulam Murtaza Khan Jatoi has participated in the 84th Izmir International Fair held in Turkey. A statement issued by the Ministry of Industries here Thursday said that on invitation of Ambassador of Republic of Turkey in Pakistan S. Babur Girgin he had participated in the event. The aim of the visit is to strengthen trade relations between Pakistan and Turkey by meeting with several key members of the Aegean Region Chamber of Industries (EBSO), Aegean Exporters’ Association (AEA) and Izmir Chamber of Commerce (ICC). The Turkish Ministry of Economy coordinated several meetings with the above-mentioned groups and also arranged tours of their facilities for the Pakistani Minister. Minister for Industries and Production said the Fair
and technological exchange in various avenues of the Pakistani economy and industries. In meetings with EBSO and AEA, the members agreed that Pakistani imports from all sectors of industry should also be increased to the city of Izmir. The minister stressed the need for reduction in duties for export of Pakistani apparel and garments to Turkey as currently the local industries in Turkey are substantially protected. He suggested special concessions could be given to Pakistan by the Turkish government in this respect. The minister also invited autopart companies to send their delegations to visit Pakistan, specifically Karachi, to assess potential trade avenues and bilateral opportunities.—APP
Pakistan cement industry facing challenges: PCJCCI Debt is a trap, especially student debt, which is enormous, far larger than credit card debt. It’s a trap for the rest of your life because the laws are designed so that you can’t get out of it. If a business, say, gets in too much debt, it can declare bankruptcy, but individuals can almost never be relieved of student debt through bankruptcy. —Noam Chomsky
SALIM AHMED L AHORE —There is vast room for joint venture between Pakistan and China in eco friendly Cement Industry, as the Chinese eco-friendly cement will reduce CO2 emission to save environment in Pakistan. It was stated by president Pak-China Joint Chamber of Commerce and Industry Shah Faisal Afridi while delivering address of welcome to a three member delegation headed by Mr. Zhang Shi Li from Shandong Kaifa construction material technology Co.ltd, China. Other members were Liu Pen wei and Dr.gao gui bo. The purpose of the visiting delegation was to introduce in Pakistan a chemically modified form of cement that would be more durable in terms of strength and would have eco-friendly impact on environment. The delegation came with a complete presentation on the need to use eco friendly cement especially in the construction of mega structures such as dams, rail lines, bridges, highways and underpasses etc. Shah Faisal Afridi, in his address of welcome, said that “China is investing billions of dollars in Pakistan in energy, infrastruc-
ture, industry and other sectors, which was creating a a lot of business activities followed by plenty of new jobs for local youth. In fact, this era of speedy economic cooperation began after the Chinese president’s recent visit to Pakistan, he said adding that China was a great friend to Pakistan and had helped it in its hour of need. Faisal Afridi assured that Haier Ruba Special economic zone would extend all assistance to Chinese Company in setting up a state-of-the-art environment-friendly cement plant in the country. During the business discussion PCJCCI Research and development wing presented market analysis report of the cement industry in Pakistan. According to this report the cement industry of Pakistan is lagging behind when it comes to innovation due to the sink in latest technological advancements and investments, Cement demand in any country is inextricably linked to the growth in GDP and its demand in Pakistan has increased 50% this year due to increased infrastructure development and house-building projects. While commenting on the report Faisal Afridi
said that cement industry of Pakistan is facing challenges such as increased energy costs, requirements to reduce CO2 emissions and problems of sourcing raw material of sufficient quality and quantity. He mentioned that Pakistan cement industry lags behind due to lack of technology, research and development required for the up gradation and value addition of the industrial product. “He explicated that Research and development investments have enabled cement producers worldwide to install modern, energy-efficient technology in new, and to some extent, in existing, cement plants. New technologies have enabled increased use of clinker substitutes and alternative fuels in cement production, leading to significant direct CO2emissions reductions. The head of delegation Mr. Zhang Shi Li said that the push to reduce global CO2 emissions is backed by governments and corporations who understand that the present rate of release of this greenhouse gas into the atmosphere is a serious threat to future life and prosperity on the planet. He mentioned that in China Cement manufactur-
ing is the third largest energy consuming and CO2 emitting sector, with an estimated 1.9 Gt of CO2 emissions from thermal energy consumption and production processes. He said that With concrete being the most widely used man- made product in China and the largest carbon emitting industry in the world, reducing the environmental impact of production is a high priority for the Chinese government because in comparison to other industrial processes, cement production is extremely energyand fossil fuel-intensive, making it one of the most environmentally destructive materials. Moreover, Aggregate materials like sand and stone that are mixed with cement are mined from quarries, further taxing our natural resources. Mr. Zhang Shi Li further said that while construction activities improve the quality of human lives, they also have dangerous impact on the environment. He said that Low cost, energy efficient and eco-friendly construction technologies and building materials are often pushed as a magic potion in meeting the ever growing demand for rapid housing delivery in developing economies.