Selling
Buying
USA
107.70
107.50
UK
177.06
176.73
Currency
Euro
148.17
147.90
Canada
101.56
101.37
Switzerland
121.37
121.15
Australia
98.37
98.19
Sweden
16.47
16.44
Japan
1.0490
1.0471
Norway
17.62
17.59
Singapore
86.21
86.05
Denmark
19.86
19.83
Saudi Arabia
28.72
28.66
Hong Kong
13.89
13.86
Kuwait
381.24
380.53
Malaysia
33.57
33.50
Newzealand
89.18
89.02
Qatar
29.58
29.52
UAE
29.32
29.27
KR. WON
0.1024
0.1022
Thailand
3.364
3.357
Bullion Rates KARACHI—Following were the bullion rates in major cities yesterday. RS PER 10 GRAMS KARACHI: Gold Tezab Silver Tezabi
47142.00 788.75
MULTAN: Gold Tezabi (24-Ct) 46030.00 Gold 22 Ct 42090.00 SilverTezabi 789.00 Silver Thobi 760.00
Oil prices down in Asian trade S INGAPORE —Oil prices eased in Asian trade Thursday on a mixed US inventory report indicating tepid demand, while expectations of a return of Libyan supplies also weighed, analysts said. New York’s main contract, West Texas Intermediate (WTI) for January delivery, was down four cents at $97.40 in mid-morning trade while Brent North Sea crude for January eased 20 cents to $109.50. The US Department of Energy (DoE) reported that US crude inventories fell 10.6 million barrels in the week ending December 6, almost five times the 2.5 million barrel decline estimated on average by analysts polled by Dow Jones Newswires. But the drop in crude stocks, the second consecutive drawdown after a 10-week run of rises, was offset by bigger-thanexpected increases in gasoline and distillates, weighing on the WTI contract. Gasoline supplies rose 6.7 million barrels and distillates, which include diesel and heating fuel, gained 4.5 million barrels. “Weak downstream demand for refined products would signal possible sluggish demand for crude oil as a feedstock going forward,” Singapore-based Phillip Futures said in a note. It added that oil prices were also hit by investors betting that the stockpiles drawdown was only temporary. The official weekly DoE inventory report is seen by traders as a key indicator of the strength of demand in the US, the world’s top crude consumer. Analysts said oil prices were also pressured after a tribal chief in crude producer Libya announced that a months-long blockade by armed protesters of vital oil terminals would be lifted on December 15. The protests as well as blockades of fuel deliveries by the Berber minority have slashed Libya’s oil output to about 250,000 barrels per day from normal levels of nearly 1.5 million.—AFP
Rates for conversion KARACHI—The following rates will be applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special U.S. Dollar Bonds and profits thereon by all banks and for providing Forward Cover on Foreign Currency Deposits (excluding F.E- 25 deposits) by the State Bank on on December 13, 2013. The rates are U.S. Dollar 107.2656, Japanese Yen 1.0429, Pound Sterling 175.9692 and Euro 147.8012.—APP
PM asked to save millions of jobs and billions of investment in CNG sector STAFF REPORTER
the year which is being vio- falls on the CNG sector if it lated, he said. Ghiyas Paracha decides on favour of a break. ISLAMABAD—Chairman Su- said that all other sectors usHe said that load managepreme Council APCNGA Ghiyas Abdullah Paracha on Thursday said SNGPL has suspended supply of natural gas to CNG sector in Punjab for indefinite period without the approval of government and despite stiff opposition from the Planning Commission of Pakistan which is illegal and unconstitutional. The unilateral and ill-timed decision has disturbed the daily life while posing serious threat to Rs 450 billion investments in the CNG sector, he said. Speaking at a press conference here, he said that unlike others, CNG is the only sector which has no alterna- Chairman Supreme Council APCNFA Ghiyas Paracha tive to the natural gas which speaking at a press conference. shuts down completely when supply is suspended. Gov- ing natural gas have option ment means reduction in supernment and the CNG opera- to run their operation by us- ply and that the CNG operators have signed an agree- ing furnace oil or electricity tors will not allow complete ment for supply of gas around but the government’s axe also closure in the name of man-
HCCI expresses concern over alleged grabbing of land H Y D E R A B A D —Hyderabad Chamber of Commerce and Industry (HCCI) has expressed concern over the alleged grabbing of land of traders and industrialists of Hyderabad, Mirpurkhas and Jamshoro districts. If the government failed to take action against criminals, the business community would have to resort to protest demonstrations, hunger strikes and shutter down strike for an indefinite period, the Hyderabad Chamber maintained in a statement. The statement, issued here Thursday alleged the extortionists, criminals and armed tribal groups have grabbed the land of business community worth millions of rupees. It also maintained that street crimes and dacoities are on rise in Hyderabad and that no action is being taken against the lawbreakers, even cases are not being registered against them.—APP
Sustainable effluent treatment facility opened STAFF REPORTER K ARACHI —Archroma has announced that it opened its first sustainable effluent treatment (SET) facility for a textile operational site in Jamshoro. With an investment of 371 million PKR the facility not only supports the substantial recovery of 80 percent of water but also allows effluent treatment based on zero liquid discharge fulfilling Pakistan’s very stringent National Environmental Quality Standards (NEQS) requirements. Alexander Wessels, CEO of the Archroma Group, declared at the inauguration “we take water scarcity very seriously and therefore are constantly exploring new and environmentally compatible solutions. As a chemical company committed to innovation and performance together with sustainability, Archroma puts a lot of time and engagement in developing chemical solutions that help
our customers use less water.” In a textile industry currently under close scrutiny for its massive water use, the SET facility is a clear sign that leading companies such as Archroma are constantly aiming for ever more sustainable solutions. The operational SET plant is spread over an area of 25 acres consisting of flocculation, equalization, surface aeration, clarification, ultra filtration and reverse osmosis to yield colorless water with a COD (Chemical Oxygen Demand) and TDS (Total Dissolvable Solids) of less than 75 ppm. Mujtaba Rahim, CEO of Archroma in Pakistan, added: “In 2010 we decided to make the significant investment in the Jamshoro site with the aim of setting new standards not only in the quantity but also in the quality of the recovered water. The data from the SGS testing report is an indicative of Archroma’s commitment towards sustainable operational excellence.”
KESC claims paying Rs 248 to NTDC since 2008 AMANULLAH KHAN K ARACHI —The
Karachi Electric Supply Company has once again termed the state minister for water and power, Abid Sher Ali’s allegations as baseless. KESC said that the minister should first obtained the required proof before making preposterous claims and negatively affecting the company’s good image. The minister threatened to push the courts against KESC that the honorable courts are upholders of the Constitution of Pakistan, 1973 and do not take dictation from the executive or political arm of the government. Spokesman for KESC said that the issue of taking 650 MW from the NTDC is already with the honorable High Court of Sindh in two
cases where all parties have been ordered to maintain status quo, to which the Federation of Pakistan, Province of Sindh, KESC, NTDC and NEPRA are all co-respondents. The state minister has still not come up with any proof regarding Karachi taking additional electricity from the NTDC when the monthly bills of NTDC have all been within the prescribed limits. KESC has once again clarified that since 2008, the company has paid Rs.248 billion against electricity worth Rs.237 billion, to the NTDC. If KESC has been taking more than 650MW then the minister should prove it. KESC had previously invited the state minister so that he could check the bills and see for himself whether KESC had been taking extra electricity from the NTDC or not,
but the minister had avoided this invitation. KESC has categorically denied and expressed its concern at the ridiculous nature of the Minister ’s claims, which has a negative impact on the prospects of foreign direct and indirect investment in Pakistan in the energy and other sectors. Till date, KESC is owed over Rs. 25 Billion from the Federal Government in relation to outstanding bills of strategic customers such as KWSB, Province of Sindh etc. under which KESC is prevented from interrupting power supply in return for the Government’s commitment to pay such bills. On a daily basis KESC is incurring a loss of Rs. 2 Billion from KWSB alone due to continued non-payment of bills, but the Minister of State remains silent on this.
Number of UTCs enhanced to 500 to facilitate e-services in rural areas: Anusha STAFF REPORTER I SLAMABAD —Ministry of Information Technology and Telecommunications has decided to enhance the number of Universal Telecentres (UTCs) from 35 to 500 to facilitate e-services in rural areas of the country. The objective behind establishing Telecentres is to creating local employment opportunities and extending broadband to provide distance education and Information and Communication Technologies (ICTs) literacy, Minister of State for Information Technology, Ms. Anusha Rehman said. Talking to a group of journalists here, she said the Universal Service Fund (USF), the executing Body, has been directed to enhance the number of such centres as the project is of great importance to serve the ne-
glected and unprivileged population of rural areas in all provinces. She said now in the first phase 500 Telecenters would be established in all provinces including Federally Administered Tribal Areas (FATA). The provinces have identified potential areas on which proposed Telecenters would be established and start delivering initial three E-services within the next one year. She said these the UTCs would offer many services such as E-learning, E-commerce, E-agriculture etc and verification/registration of SIM cards, ID cards through National Database and Registration Authority (NADRA). The E-health services would also be provided subsequently, the Minister added. These Telecenters, she said, would provide services at grassroots level i.e. district and tehsil while Dis-
trict Coordination Officers (DCOs) would monitor the project in order to ensure its proper and smooth functioning, within their respective jurisdictions. The Telecenter is a shared site - with few computer machines equipped with internet access - that provides public access to ICTs where people can access computer, internet that enables them to gather information, create, learn and communicate with others while they develop essential digital skill. Now the Telecenters, in addition, would house biometric verification of SIM cards, birth/death registration and computer training to the youth. These UTCs will be powered up by alternate energy solutions with reasonable back up arrangements, and hence the recurring operational cost will be minimal.
agement which is total exploitation. The SNGPL’s onesided and mistaken decision has resulted in inflation, hike in transport fares, disturbance in daily life, black marketing of petrol, hike in LPG prices by Rs 40 per kg, and reduction in forex reserves which is pushing country toward a catastrophe, he informed. On one hand government has been introducing employment schemes while on the other supporting decision which will result in massive unemployment and non-serviceability of tens of thousands of commercial and private vehicles, he observed. The leader of the CNG sector said that our filling stations are closed across Punjab and there is reduced pressure in the provinces of Sindh and Khyber Pakhtoonkhwa but the domestic consumers are not getting gas which merits question that where it is flowing silently.
IBA names new gymnasium after Butt STAFF REPORTER
China says already part of effort to help Europe VIENNA—China will remain part of international efforts to help Europe through its crisis, vice foreign minister Fu Ying said, dismissing the idea that Beijing was sitting back as the region suffered. “China will be part of the international effort to help Europe. We’ve done a lot, we have been so much in it, Europeans know it,” she told reporters on the sidelines of a conference in Vienna. Asked how China would help, she said: “We want to invest, we are importing more, we are sending delegations to buy, to purchase, that will help create jobs, that will help stimulate the economy. “China will continue to be part of the effort because we are interrelated, interdependent. We are in it together. We are in one boat,” she said.— Newswire
Nokia Lumia 1020 available for sale STAFF REPORTER K ARACHI —Nokia has announced the availability of the Nokia Lumia 1020 all over Pakistan - the smartphone that sets a new benchmark in smartphone imaging. The Lumia 1020 is able to produce some of the sharpest images possible by any digital camera thanks to Nokia’s innovative PureView technology, including a second generation 41 megapixel sensor, ZEISS optics with six lenses and optical image stabilization; allowing people to capture, edit and share photos and videos of professional quality. The phone is available at all Nokia Care Centres and partner franchises across Pakistan.
“The Nokia Lumia 1020 marks a giant leap forward in smartphone photography. With its 41 megapixel sensor and extensive range of photography apps, the Nokia Lumia 1020 boosts creativity and makes it easier to shoot, edit and share pictures of unrivaled clarity,” said Arif Shafique, country general manager, Nokia Pakistan. The Nokia Lumia 1020 is the most versatile digital camera available. Its unique dual capture feature simultaneously takes a high resolution 38 megapixel image for endless editing opportunities, and creates a 5 megapixel picture that is easy to share to social networks with Windows Phone 8.
ICCI for easy credit facility to private sector to revive economy STAFF REPORTER ISLAMABAD—Islamabad Chamber of Commerce & Industry has called upon the government to focus on taking measures for availability of easy credit facility to private sector that would promote investment new businesses, encourage industrial projects and allow businessmen to expand their business operations. Shaban Khalid, President, Islamabad Chamber of Commerce & Industry said that private sector is the engine of growth for economy, but government heavy borrowing from banking sector is depriving it of affordable credit availability for investment and business development. The government has reportedly borrowed an amount of Rs.980 billion in the first quarter of current fiscal year, which shows its inefficient economic management. Instead of focusing on
improving tax mobilization and taking other revenue generating measures, government has opted to excessive bank borrowing to cope with rising fiscal deficit, which is highly inflationary in nature and retards the growth of economy. Shaban Khalid said due to high lending rates for public borrowing, banks shy away from lending to private sector and prefer to invest in government treasury bills and investment bonds. But this approach negates the intermediary role of banks whose main function is to promote savings and channel them to productive private-sector trade and investment activities. Due to this situation, private sector in Pakistan finds itself in tough competition with the government in obtaining loans from banks. He said according to a World Bank report, credit to private sector in Pakistan has been on a declining trend as
it declined from 23.6% of GDP in 2009 to 16.4% in 2012 while during the same period it improved from 47.7% of GDP to 51.5% in India, 41.5% to 49.6% in Bandlagesh and 127.2% to 131.6% in China. It shows that our neighbors are focusing on private sector for achieving better economic growth, but our private sector is facing even more challenges on top of the energy crisis and law & order situation. Shaban Khalid stressed that government should reverse the current strategy of heavy bank borrowing and direct banks to focus on private sector for providing it easy credit facility. Such a shift in strategy will improve the confidence of investors and enable the private sector to spend more on new investment and business development leading to growth of business activities, creation of new jobs and revival of overall economy.
KARACHI—IBA Karachi recently held a ceremony dedicating its newly constructed gymnasium to Mr. Khawar M. Butt, corporate veteran and Chairman and Managing Director of English Biscuit Manufacturers. Mr. Butt and his company committed a sum of thirty million rupees to IBA for the establishment of gymnasium facilities in their new Alumni Student Center Building. The gymnasium has been named the Khawar M. Butt Gymnasium. At the ceremony, Mr. Butt unveiled a commemorative plaque and said that he was honored to have contributed to the recreational and fitness opportunities for the students of one of Pakistan’s most prestigious academic institutions. Mr. Butt’s remarkable legacy owes much to his long-standing commitment to corporate social responsibility. Sports and fitness in particular have been a lifelong passion for Mr. Butt, who himself was an outstanding national-level cricketer as a young man, and pioneered sports sponsorships in Pakistan. He sees fitness as a way of life, and hopes that the new gymnasium will help IBA students balance their rigorous academic challenges with the essential physical exercise needed to destress and stay healthy. Dr. Ishrat Husain, Dean and Director IBA Karachi, expressed his deepest gratitude to Mr. Butt, thanking him for his generous contribu- Wateen consumer team along with CEO Wateen Telecom, Naeem Zamindar GM Contion towards the develop- sumer Business, Anwar Khan and Chief Transformation Officer, Asad Rezzvi on occament of such a remarkable sion to celebrate the 10m mark. health and fitness facility for the institution.
Shaheen Air plans to enhance Gas consumers PIAF felicitates asked to adopt its fleet up to 25 aircraft govt over GSP safety measures said the airline has witnessed Plus status SALIM AHMED
L AHORE —Pakistan Industrial and Traders Associations Front (PIAF) on Thursday congratulated the government for getting GSP Plus status from European parliament and hoped that the government would facilitate the export-oriented industry to fulfill all the foreign orders. The PIAF Chairman Malik Tahir Javaid said that the GSP Plus status would not only help expansion in existing businesses but would also encourage foreign businessmen to put their money in new ventures in Pakistan. The PIAF Chairman said that the boost to the manufacturing sector would also create new jobs that would definitely help bring down the graph of unemployment that was going up with every passing day. “By all means it is a great opportunity for Pakistani businessmen and great achievement of the present government as not only the government would get needed foreign exchange but its image would also get a new boost.
STAFF REPORTER
rapid induction period in the
STAFF REPORTER
as 18 aircraft were inducted in 18 months including replacement of old aircrafts with new. He mentioned that Shaheen Air International is carrying on its flight operations with nine Boeing 737-300 aircrafts and seven Airbus aircrafts A330 whereas more aircraft has been planned to purchase in near future to make the fleet size up to 25. He said the flight frequency of the airlines has been increasing on different domestic and international routes as 38 to 45 flights are being operated on various routes. However, the flying hours have been increased significantly from 30,000 per month to 4,200 per month which is close to PIA which is a big and old organization. Sardar Muhammad Rafiq Chairman Bukhari Group said Shaheed Air International is passing through its growing phase in the national aviation industry due to its successful and committed partnership with travel partners. He said the airlines witnessed ups and downs including suspension of operations but it remained sustained in the airline industry which is evident that the airlines are acquiring new aircrafts.
ISLAMABAD—The Sui Northern Gas Pipelines Ltd (SNGPL) has urged the consumers to adopt safety measures while using gas appliances to avoid untoward incidents. The company’s spokesman says every year several gas related accidents occurred in different areas, particularly during the winter season. He urged the gas consumers to follow precautionary measures such as frequent checking of gas service lines and immediate repair in case of gas leakage. He added that the people should avoid using rubber pipes for gas appliances as standard gas equipment and pipes could curtail the ratio of critical incidents. Stressing the safe use of heaters, he said that the windows of a room should be kept open when the gas heater was turned on and the same be switched off before going to bed. He said that the SNGPL emergency teams were working round the clock and facilitating the customers on their complaints. SNGPL being a national company is committed to honour its policy on Corporate Social Responsibility.
KARACHI—Shaheen Air In- aviation industry of the world ternational has planned to expand fleet substantially with induction of 25 advanced, fuel-efficient and comfortable in the coming years aimed at providing high standard passengers and cargo services and development of aviation industry of Pakistan. This was stated by Kashif Sehbai at the event held here organized by Bukhari Group in his honor. The induction of aircrafts having series of B737-400 and A330 enhanced quality of the service of the airline making it best and passengers’ first choice to travel for different destinations, Chairman Shaheen Air International said. The airline will be flourished with expansion and consolidation in its business and infrastructure to provide quality standard service to its passengers on domestic and international routes on the priority basis, he said. We are committed to develop Pakistan aviation industry through Shaheen Airline in collaboration with ours business partners whom supported us grow our business at local and international level, Sehbai said. Safdar Ali, Vice Chairman of Shaheen Air International,