Bullion Rates KARACHI—Following were the bullion rates in major cities yesterday. RS PER 10 GRAMS KARACHI: Gold Tezabi Silver Tezabi
SECP company registration witnesses 20pc growth in January ISLAMABAD—The Securities and Ex- companies have been registered as change Commission of Pakistan (SECP) registered 397 new limited liability companies in January, the first month of the year 2014, bringing the total corporate portfolio to 62,644 companies. Relative to corresponding month of last year, 20% growth has been witnessed in company registrations. In the last two months the SECP registered 812 companies, showing an increasing trend towards corporatization in the country. In addition to registration of companies, the SECP granted licenses to 3 nonprofit associations. Around 91% companies registered as private limited companies, while around 5% companies registered as single-member companies, according to SECP statement issued here Tuesday. Two percent of the
non-profit associations under Section 42 of the 1984 Companies Ordinance. About 1% companies have been registered as public limited companies and foreign companies each, the statement added. The tourism sector took the lead in new registrations with the incorporation of 40 companies, this month, followed by services and trading with 39 each, information and technology with 28, construction with 26, communications with 24, corporate agricultural farming with 19, and food and beverages with 16 companies. Foreign investment has been witnessed in 14 new companies, the statement said adding these companies have foreign investors from Australia, China, Japan, South Korea, Malaysia, Turkey, UAE, UK and the US.
These companies are from communications, mining and quarrying, power generation, pharmaceutical, fuel and energy, textile, tourism and trading sectors. During the month of January, 124 companies each were registered at the Company Registration Office (CRO), Lahore and Islamabad. The Karachi CRO registered 82 companies, while the CROs in Peshawar, Multan and Faisalabad registered 27, 22 and 12 companies respectively while the Quetta CRO registered 6 companies. During the month the returns for increase in the authorized capital of 79 companies were accepted, with the total authorized capital increment of Rs8.6 billion. In addition, 98 companies filed returns for increase in the paid-up capital with the total enhancement amounting to Rs8.58 billion.—APP
PIAF urges govt for stringent security of sensitive installations
MULTAN: Gold Tezabi (24-Ct) 43200.00 Gold 22 Ct 39500.00 SilverTezabi 686.00 Silver Thobi 627.00
Oil prices up in Asian trade SINGAPORE—US oil prices remained above $100 a barrel in Asian trade Tuesday on stronger demand, but trading was subdued ahead of new Fed chief Janet Yellen’s testimony to Congress. New York’s main futures contract, West Texas Intermediate (WTI) for delivery in March, was up five cents to $100.11 a barrel in afternoon trade, following volatile trade earlier in the day. WTI closed above $100 on Monday, bolstered by falling US inventories which indicate bigger demand. Brent North Sea crude for March delivery was up seven cents to $108.70. Analysts said investors were waiting for the testimony in Congress this week by Yellen, who took over from Ben Bernanke as chair of the US central bank. Yellen will brief legislators on the state of the US economy and the direction of monetary policy. Yellen’s first hearing will be Tuesday in the House of Representatives, with attention on how she might view a second consecutive weak monthly jobs report released Friday, and how that might affect the Fed’s drawdown of its stimulus operation. “No one is expecting any surprises from her prepared text,” said DBS Bank in a research note. “Yellen is unlikely to deviate from the well telegraphed views of the FOMC (Federal Open Market Committee), in particular, a more optimistic US economic outlook this year and the ‘steady and measured’ pace of ending asset purchases by December.” DBS said the main focus for investors would be the question and answer session with US legislators. Global markets are closely watching the pace of the winding down of the government’s massive stimulus package for the US economy. The health of the US economy is a key influence on oil prices as the United States is the world’s biggest oil consumer. APP US oil prices remained above $100 a barrel in Asian trade Tuesday on stronger demand, but trading was subdued ahead of new Fed chief Janet Yellen’s testimony to Congress. New York’s main futures contract, West Texas Intermediate (WTI) for delivery in March, was down five cents to $100.01 a barrel in mid-morning trade, but was see-sawing in volatile trade. WTI closed above $100 on Monday, bolstered by falling US inventories which indicate bigger demand. Brent North Sea crude for March delivery was up two cents to $108.65. Analysts said investors were waiting for the testimony in Congress this week by Yellen, who took over from Ben Bernanke as chair of the US central bank.—AFP
L AHORE —Pakistan Industrial & Traders and terrorists were out to destabilize the Associations Front (PIAF) has urged the government to ensure fool proof security of sensitive installations as any terror act causes unbearable loss to the all segments of society including trade & industry. In a statement issued here, Chairman PIAF Malik Tahir Javed, Senior Vice Chairman Khamis Saeed Butt and Vice Chairman Amjad Ali Jawa said that recent blasts of gas pipeline at Rahim Yar Khan had suspended gas supply to the Punjab and halted economic activities across the province. He said that one day gas closure to the Punjab industry causes loss of Rs. 6.68 billion as far as production is concerned while total economic loss is more than Rs. 9 billion. The PIAF office-bearers said that the business community understands the government was making sincere efforts for the promotion of trade and economic activities in the country but the anti-social elements
economy. They said that such incidents on railway tracks and gas installations send a very negative signal to the foreign investors besides discouraging the local investments. They said that the government has to evolve a fool proof security in consultation with the business community to avert such incidents in future. They expressed the optimism that the ongoing talks would be completed successfully in near future as whenever such an incident takes place, it is the trade and the industry that suffers heavy loss. The PIAF office-bearers said that recent blasts, it was not the trade and industry alone but the common citizens also faced numerous problems while the school children could not have their breakfast and lunch. They said that the business community appreciates the government efforts for repairing the damaged sites and restoration of gas supply in a quicker manner.—Online
No restrictions on Pakistani trucks: Indian HC Wahga customs station ready to function AMANULLAH KHAN K ARACHI —The Wahga Customs Station is ready to function and would soon start facilitating trade with Pakistan; said High Commissioner of India, T.C. Raghavan. Addressing to the office bearers and members of Pakistan Readymade Manufacturers and Exporters Association (PTGMEA) and organizing committee of Made In Pakistan Expo 2014 at a local hotel in Karachi, Raghavan said that Customs Station on Indian side was under construction for quite sometimes but now completed and start examining goods at mass scale. The Indian diplomat said that India has not imposed any kind of ban on Pakistan’s truckloads of goods entering into India and at Wahga border their movement is continuing. Regarding non-tariff barriers (NTBs) he said that it was up to the governments that whatever it considers better for the country. He said that Pakistan’s exporters’ marketing in Indian market should be strong and more effective to enhance their market share in India. He said that China in a very short period of time has
captured $40 billion market in India and its trade is still growing. He said that Cement exporters should ask their buyers to contact private sector certification agencies to acquire certification as cement buyers are reluctant to come to Pakistan due to security reasons. He said that visa related problems would be resolved soon and the exhibitors taking part in Made In Pakistan Expo 2014 being held in Mumbai, India would be given visas on priority. The Chairman PRGMEA (SZ), Arshad Aziz said on this occasion that over 70 per cent stalls have been booked for the event as the response for the mega event being held in April is overwhelming. He said that considering the response to the fair he extended this event to the manufacturers of other sectors besides textile and clothing. He appealed to the High Commissioner to reduce tariff on Pakistan’s apparel as per SAFTA rules because Sri Lanka and Nepal are enjoying duty and tariff free regime on their garments in India. The stakeholders present on the occasion appealed to minimize the period of visa processing.
Traders appeal for halt in forced ejections I SLAMABAD — The Senior Vice President of Islamabad Chamber of Commerce & Industry and Secretary Information of Traders Action Committee, Islamabad Khalid Chaudhry has appealed to the Prime Minister Mian Muhammad Nawaz Sharif to issue orders for halting the forced ejections of traders from shops till the promulgation of a balanced rent restriction act in Islamabad. He said this while addressing a meeting of local traders. He said before the elections, all parties had promised for the promulgation of a balanced rent control act in the federal capital on coming to power, however, eight months have passed and it is high time that the PML-N government should honor its promise. Khalid Chaudhry said due to absence of rent control act, the local traders are facing great problems in running business as they are always in a sense of insecurity due to fear of forced ejections.—Online
L AHORE —Poultry sector that falls under livestock has expressed grave concern on reported non discriminatory market access being granted to India this week citing the drawbacks the factor faces due to flawed government policies. In a letter written to the Secretary of Ministry of Commerce the senior vice president of Pakistan Poultry Association Khalil Sattar has pointed out various reforms that the government needs to take before opening the poultry sector for the Indians. He said first handicap that poultry farmers face is that they have to produce electricity at Rs 35 per unit from self installed generators as power is most of the time unavailable in remote rural areas where most of the poultry farms are located. This obviously increases the cost of poultry production in Pakistan as India poultry farmers get assured power supply at zero or subsidized rates much lower than their Pakistani counterparts. He further pointed out that security situation in remote areas force even a medium sized farmer to hire 12-16 security guards which again is an unnecessary expenditure as security of assets and businesses is the responsibility of the state. Another drawback that the poultry farmers face is the reluctance of qualified technical staff to visit remote area poultry farms because of fear of kidnapping, he added. He said poultry can only be exported if a country has a system that ensures monitoring and disease surveillance.
KARACHI: Chinese Counsel General Mr. Mu Yong Peng cuts the ribbon to inaugurate the Restaurant Suzie Wong along with Mr. Sheharyar Mirza, General Manager Karachi Marriott Hotel for Chinese New Year celebrations.
SNGPL faces Rs65m loss in Sialkot region every month SIALKOT—General Manager KARACHI: Chief Executive of Avancean Limited Bakhtiar H Wayne rings opening bell SNGPL Gujranwala Region, Qaisar Masood, has pledged to make an all-out effort to improve infrastructure and services of the department to facilitate consumers. He was addressing the business community at the Sialkot Chamber of Commerce and Industry (SCCI) here on Tuesday. Group leader Sheikh Riaz Ud Din, Sialkot Chamber of Commerce and Industry (SCCI) President Dr Sarfraz Bashir, Senior Vice President Mian Muhammad Anwar, Vice President Khawar Sapal, Sui Northern Gas Pipelines Limited (SNGPL) officials and senior journalists were also present.—APP
Poultry sector concerned over non-discriminatory market access being granted to India STAFF REPORTER
KARACHI: Former Governor State Bank, Dr Ishrat Hussain, moderator, Ms Ayesha Tammy Haq and others, seen in a debate on ‘Promoting Gender Diversity at the Workplace’ during International Women Leaders Summit held here.
Moreover, he added that the state is required to issue the eradication list and list of notifiable diseases. He mentioned New Castle, Avian Influenza and H5N1 are all notifiable diseases and once they are notified all kinds of poultry exports would be banned no matter if they be for broilers, parent stocks or layers. He added New Castle is rampant in Pakistan due to lack of regulations for the prevention like farm to farm distance, disposal of dead birds and reckless use of vaccine and vaccination schedules. He further added India would exploit these flaw and impose ban on poultry imports from Pakistan. India has taken all preventive and safety steps required internationally for export of poultry and would be able to export its products to Pakistan. He pointed out that trade with India would open the way for import of cheaper poultry feed from India. This would stop the use of five million tons of local poultry feed that comprises of rice tips, corn, wheat bran, oil seed meals, sugarcane and molasses. This would create downward pressure of rates of these agricultural residues and impact the farmers badly. He stressed on the fact that Pakistan needs a strong viable and operative National Tariff Commission to check the import of subsidized products from India. Before giving MFN status to India the NTC should be strengthened and made fully operational. Khalil Sattar hoped that in view of these apprehensions poultry would be placed in the negative list in trade with India.
to start business activity at Karachi Stock Exchange.
SIALKOT: General Manager Sui Northern Gas Pipelines Gujranwala Qasier Masood with SCCI Officials after a meeting at Sialkot Chamber of Commerce and Industry.
Bank charges in utility bills are legal: KE STAFF REPORTER K ARACHI —That
bank charges in utility bills are legal and as per NEPRA’s order issued in 2010 said KE today. KE categorically denied some media reports and spokesman KE (K-Electric) said that it was NEPRA who had laid an order through which KE was legally inline to collect bank charges in its monthly bill. The press statement said that other DISCOS in the country are also charging bank charges which are hidden in their respective tariffs. KE is the only entity that shows bank charges separately on its monthly bill. The press statement categorically stated that NEPRA had approved Bank Charges back in 2010 after all the deliberations.
United Mobile Marks a new page in the history of Smartphone Deviees in Pakistan STAFF REPORTER LAHORE—United Mobile, the Leading Mobile Phone Distribution Company announces Pakistan’s first octa-core Smartphone the “Xtreme Octa Core X5” under the VOICE Brand in Lahore at the Avari Hotel. Some of the notable attendees included: Mr. Ejaz Hassan, Mr. Ashraf Nara, Mr. Jawed Shakoor, and Mr. Azad Lalani, among many others. Staying true to their promise, United Mobile provides the Pakistani consumers the very best of technology with the Xtreme X5 Smartphone. The latest offering from Voice is not only a powerful device but is packed with amazing features for all types of users. Besides having almost every upgraded feature a Smartphone user would look for, Xtreme Octa Core X5 goes the distance with blazing fast performance and a sleek design that sets it apart from the rest. The audience at the event was amazed after learning about the Xtreme X5 Smartphone during the presentation which was given by United Mobile’s country manager, Mr. Ali Yousuf. When given the opportunity to experience the X5 Smartphone themselves, the audience which included both youngsters and adults, were greatly enthused by the capabilities of the device. “The Xtreme X5 is a one of a kind device and we are sure that it will deliver in every way,” said Mr. Ejaz Hassan, Marketing Director at United Mobile.