French economy at zero growth P ARIS —The French economy ground to a standstill in the second quarter of the year, official figures published Thursday showed, further fanning fears that France could drag down a stuttering eurozone recovery. France’s gross domestic product was flat in the second three months of the year, according to national statistics office INSEE, following zero growth in the first quarter.— AFP
Tokyo stocks up 0.60pc T OKYO —Tokyo stocks rose 0.60 percent on Thursday morning, boosted by a weaker yen and gains on Wall Street. The Nikkei 225 index added 90.99 points to 15,304.62 by the break, while the Topix index of all first-section issues was up 0.48 percent, or 6.12 points, to 1,268.25. Tokyo’s rise followed a solid performance on Wall Street, with investors hopeful that the Federal Reserve will maintain its economyboosting easy monetary policy for a while. The Dow Jones Industrial Average finished up 0.55 percent as the market largely discounted a lacklustre US retail sales report and some disappointing corporate earnings. Tokyo trading volume was thin with many market players away for Japan’s traditional midsummer holiday. The market also shrugged off weaker-than-expected Japanese machinery orders in June. Core machinery orders rose 8.8 percent from a month earlier, reversing a sharp decline in May. The data followed the Wednesday release of Japanese April-June economic growth data, which showed a quarterly contraction of 1.7 percent, slightly better than expected, although it was the biggest drop since the 2011 quaketsunami disaster.—AFP
SBP to continue key role in national economy Celebrates 68th Independence Day AMANULLAH KHAN K ARACHI —The Governor (acting) State Bank of Pakistan Saeed Ahmed has said the central bank will keep on playing its role in growth of the country’s economy and it is important to follow teachings of our leaders and keep the national interest supreme in every decision we make. Addressing the impressive and colourful flag hoisting ceremony to celebrate the 68th Independence Day of Pakistan here at SBP Headquarters, the Governor (acting) said that live nations celebrate their independence day with great zeal and enthusiasm. Later, the Governor (acting) hoisted the flag amidst thunderous clap of the audience. It is pertinent to mention here that as per its glorious tradition, the State Bank marked the Independence Day with traditional fervour and enthusiasm. The event also provided a chance to the children of SBP employees to exhibit their love for the motherland as they sang national songs showering their love to the country. Terming independence as a great gift by Allah Almighty, the Governor (acting) said, “This day reminds us of the supreme sacrifices our forefathers had made for creation of this country,” adding,” Our forefathers had accomplished the arduous task of carving out a country and now it was up to us to look after this great country. The Governor (acting) added that it is binding upon us to own the spirit behind creation
of Pakistan and leave no stone unturned for its prosperity and progress. Lauding the spirit behind holding this ceremony, Mr. Ahmad stressed for the need of holding such events in future as well to let the new generation know difficulties our forefathers confronted during freedom struggle. Mr. Ahmad said that State Bank is backbone of country’s economy and its policies, guidelines and prudential regulations play key role in the economy. ”Quaide-Azam had declared State Bank the symbol of our sovereignty on its inauguration on July 1, 1948,” said he adding, ”Keeping State Bank independent is in country’s interest.” Earlier Director Inter Bank Security Department Kamran Khan in his welcome address thanked the Governor (acting) and distinguished guests for sparing time for this ceremony to observe the Independence Day. He said though the government has issued directives to observe the event enthusiastically this year, the State Bank always celebrates Independence Day with fervour and zeal. He said Pakistan was a great gift of God and it was created due to matchless sacrifices of our forefathers and stressed the need of protecting it from internal and external threats. Later, the Governor (acting) inaugurated Independence Day exhibition. The main objective of the exhibition was to give awareness to younger generation of history and struggle after the independence.
SAARC study reveals big Pak-India trade potential KATHMANDU—Trade between India and Pa- give MFN to India due to political and ecokistan has been continuously rising despite recurring border tensions, but is yet to tap its estimated potential of $12 billion, according to a study compiled by the SAARC Chamber of Commerce and Industry. According to the research report, the two nations have been trade partners since Independence, but the trade potential remains under-exploited due to conflicts. Pakistan’s gross domestic product (GDP) could increase by 2 per cent in the next three years if trade between India and Pakistan gets into full swing, the study notes. It shows that bilateral trade was just $132 million till 1995 but increased in subsequent years after India granted the Most Favoured Nation (MFN) status to Pakistan in 1996, immediately taking bilateral trade to $180 million. Pakistan responded by increasing the tradable items list to 600, but has refused to
nomic reasons. At present, of the total 7,200 tariff lines, 1,209 items are on the negative list. Their trade volume stands at an improved $2.4 billion, which is just a fraction of the informal trade between the two countries. “They indulge in informal trade to the tune of $13 billion per annum through avenues like cross-border smuggling and personal baggage,” the study said. Pakistan will greatly benefit through increased trade activities between the two countries as its exports to India will rise to Rs250 billion in a short time, an increase of 733 per cent from the current level of Rs30 billion, the study says. Apart from these, Pakistan could save Rs100 billion in import of goods from India, which are currently sourced from other countries, mainly due to the low transport costs, the study said.—INP
Managing Director, Sui Southern Gas Company, Mr. Shoaib Warsi hoisting the National Flag on the 68th Independence Day of Pakistan in an impressive ceremony held at the SSGC House.
SSGC celebrates Independence Day
pository Company (CDC) and how to deSALIM AHMED velop understanding of the company’s fiK ARACHI —The 68 th Inde- L AHORE—Lahore Stock Exchange (LSE) nancial statements for the trading of the pendence Day of Pakistan was celebrated with traditional enthusiasm and fervor at Sui Southern Gas Company. The flag hoisting ceremony was held at the head office building with Managing Director Mr. Shoaib Warsi doing the honors. Members of senior management, executives and staff were also present in large numbers along with the office bearers of Officers Association, Women Association and CBA. MD, SSGC hoisted the flag and by all present in the national anthem. This impressive ceremony was garnished with the beautifully dressed children mostly in cultural outfits who waved the green flags while signing the national songs throughout the ceremony.—PR
JCR reaffirms fund stability rating of ABL STAFF REPORTER KARACHI—JCR-VIS Credit
Men, women, and children who cannot live on gravity alone need something to satisfy their gayer, lighter moods and hours, and he who ministers to this want is, in my opinion, in a business established by the Creator of our nature. If he worthily fulfills his mission and amuses without corrupting, he need never feel that he has lived in vain. —P. T. Barnum
Airport Manager CAA is hoisting national flag at Islamabad Airport on 14th August 2014.
LSE participates in South Asian Regional Youth Conference 2014
Rating Company Ltd. (JCRVIS) has reaffirmed the Fund Stability Rating of ABL Cash Fund (ABL-CF) at ‘AA(f)’ ( double A ‘f’). According to a press release issued here Wednesday, ABL-CF is structured as a money market fund, in line with its mandate, the fund’s exposure to various sources of risks has been maintained at low end of the risk spectrum. During FY14, average month-end allocation to government paper was recorded at over 60 percent though end of June 2014 level was much lower at 22 percent. Remaining exposures were maintained with highly rated counterparties, in line with the investment policy, which stipulates minimum issue/issuer rating of ‘AA’.
actively participated under the Investors Education initiative - Consumers Outreach program at the South Asian Regional Youth Conference - SARYC 2014 at the University of Central Punjab - UCP Lahore. Apart from positioning the Lahore Stock Exchange before the students and the international delegates, the team of Corporate Communications - LSE addressed the participants in educating the financial knowledge and the ability to apply the knowledge into practice. Under the Consumers Outreach program-investors education initiative, The Lahore Stock Exchange targets individuals of all age groups and professions to develop capital market understanding in order to make informed choices about financial products and investments available in the domestic capital market. While addressing the session, Ms. Gitee Bhatti-officer Corporate Communications Department – LSE delivered a presentation informing of the various investment instruments available in the capital market of Pakistan. She also explained the stepby-step guide to invest in the capital market such as the stockbrokers’ selection, investors’ account opening with Central De-
shares. She also showcased the success story and experience of some of the succeeding investors that have an erstwhile association with the Lahore Stock Exchange. While explaining the composition of the stock exchanges, the participants were acquainted with the role and functioning of the the regulators of the capital market, the Securities and Exchange Commission of Pakistan (SECP) and its associated companies, The Central Depository Company (CDC) and National Clearing Company Pakistan Limited (NCCPL). Consumers outreach program helps the Lahore Stock Exchange to outreach the professional and the working class who may have limited financial knowledge on the role and functioning of the Stock Exchanges with a purpose to explore as an avenue to raise capital against their investment. The objective of the program is to not only increase the number of investors in our markets but to also have well informed investors. LSE believes Consumers Outreach Program shall educate the citizens of Pakistan to have a comprehensive knowledge of the investment instruments that the capital market has to offer them.
FPCCI wants biz to focus on speedy economic growth STAFF REPORTER KARACHI —Pakistan is still facing various economic, social and political problems even after 68 years of its creation, said Zakariya Usman President FPCCI at the flag hoisting ceremony to celebrate Independence Day here today. We being a nation could not be grown for the sake of our country. The political leadership of the country could not be united due to various political interests and differences. He was talking on the auspicious occasion of flag hosting ceremony celebrated in Federation House, Karachi. The CSR Department of FPCCI also arranged a comprehensive program with reference to Independence Day of Pakistan for school children. The program was attended by a large gathering in Federation House, Karachi including Zakaria Usman, President, Shaukat Ahmed, Sr. Vice President, Ismail Suttar, Vice President of FPCCI and Haji Shafiqur Rehman, Mr. Shiddqiue Sheikh, and Mr. Ashfaq Siddiqui. The event was arranged to solemnize the Pakistan’s Independence Day and to promote patriotism and national unity.
Pakistan is battling terrorism and our Army is fighting a decisive battle in North Waziristan to eliminate terrorism and the country is incurring huge expenses on war against terrorism. Moreover, the severe shortage of energy has ruined our industries due to which unemployment in the country has prevailed and ultimately it created law & order situation. While talking about the current scenario, Zakaria Usman said that the leadership of political parties should avoid such activities, which hamper the process of economic and trade development of the country. The politics and economy & trade should be kept separate to each other out country cannot suffer further economic losses. He further said that political activities should not affect the economic and trade activities of the country. The strikes, harassment through mobs and destruction of the public and private properties are the national losses. In such situation it would be difficult for a labour on daily wages to earn bread and butter for his family because these activities badly affecting the trade and industry of the country.
Judge rejects $324.5m settlement over Apple, Google hiring N EW Y ORK —Four Silicon Valley companies including additional information on her views. Apple and Google failed to persuade a U.S. judge to sign off on a $324.5 million settlement to resolve a lawsuit by tech workers, who accused the firms of conspiring to avoid poaching each other’s employees. In a ruling, U.S. District Judge Lucy Koh in San Jose, California, said the class action settlement was too low, given the strength of the case against the companies. Intel and Adobe were also part of the proposed deal. There is “substantial and compelling evidence” that late Apple Inc co-founder Steve Jobs “was a, if not the, central figure in the alleged conspiracy,” Koh wrote. The judge provided details in evidence of anecdotes involving Jobs and other Valley executives to show why she thought the workers deserved more. Representatives for Apple and Google Inc declined to comment. Intel spokesman Chuck Mulloy said the company is disappointed Koh rejected an agreement “that was negotiated at arm’s length over many months,” but appreciates that Koh provided
Lawyers for the workers, along with an Adobe representative, were not immediately available to comment. In their 2011 lawsuit, the tech employees said the conspiracy had limited their job mobility and, as a result, kept a lid on salaries. The case has been closely watched because of the possibility of big damages being awarded and for the opportunity to peek into the world of some of America’s elite tech firms. The case was based largely on emails in which Apple’s Jobs, former Google Chief Executive Officer Eric Schmidt and some of their rivals hatched plans to avoid poaching each other ’s prized engineers. Koh referred to one email exchange which occurred after a Google recruiter solicited an Apple employee. Schmidt told Jobs that the recruiter would be fired. Jobs then forwarded Schmidt’s note to a top Apple human resources executive with a smiley face. Koh also disclosed a 2006 exchange over Google’s plans to open an engineer-
ing center in Paris. Google sought to hire three former Apple engineers for the project, but Jobs objected. Jobs wrote that his company would “strongly prefer that you not hire these guys.” Google then told Jobs it had scrapped plans for the Paris center, “based on your strong preference.” The four companies agreed to settle with the workers in April shortly before trial. The plaintiffs had planned to ask for about $3 billion in damages at trial, which could have tripled to $9 billion under antitrust law. Plaintiff attorneys argued Koh should approve the deal because the workers faced serious risks on appeal had the case gone forward. Some tech workers filed objections to the settlement, however, saying both sides should go back to the negotiating table in the hopes of obtaining a larger amount. Daniel Girard, a lawyer for one of the objectors, said he is “very pleased that the court agreed with his position.” It is unclear whether objectors would be included in any future settlement negotiations. In her ruling, Koh repeatedly referred to a related settle-
ment last year involving Disney and Intuit. Apple and Google workers got proportionally less in the latest deal compared to the one involving Disney, Koh wrote, even though plaintiff lawyers have “much more leverage” now than they did a year ago. To match the earlier settlement, the latest deal “would need to total at least $380 million,” Koh wrote. The judge also said the plaintiffs had strong evidence to prove how the no-poaching deals impacted wages. In response to hiring pressure from Facebook, Google co-founder Sergey Brin announced a policy in 2007 of making counteroffers “within one hour” to any Google employee approached by the social networking company. Google then tried to entice Facebook into a no-poaching deal, Koh wrote, but Facebook refused. The Facebook threat eventually led Google to alter its salary structure and increase all salaries by 10 percent, Koh wrote. A further hearing in the case is scheduled for September 10.—Agencies