p
USA
100.00
99.80
UK
151.15
150.84
Euro
131.43
131.16
Canada
96.26
96.07
Switzerland
106.20
105.98
Australia
92.37
92.19
Sweden
15.17
15.14
Japan
1.0051
1.0041
Norway
15.57
16.64
Singapore
79.30
79.14
Denmark
17.62
17.59
Saudi Arabia
26.66
26.61
Hong Kong
12.89
12.86
Kuwait
350.37
349.67
Malaysia
31.34
31.28
Newzealand
78.85
78.69
Qatar
27.46
27.41
UAE
27.23
27.17
KR WON
0.0895
0.0893
Thailand
3.218
3.212
Gold Tezab Silver Tezabi
43628.00 694.28
Dar for bringing down debt by 2pc every year SHARAFAT KAZMI I SLAMABAD —Mr. Peter Heyward, Australian High Commissioner called on Finance Minister Senator Ishaq Dar here Wednesday.While talking to the High Commissioner Senator Ishaq Dar said that the smooth passage of the budget, successful conclusion of an IMF programme and payment of Rs.322 billion to private power producers have been some of the major initiatives of the government of Prime Minister Nawaz Sharif to address the challenges facing the economy of the country. Dilating on the IMF programme, Senator Ishaq Dar said that the terms of the agreement are within the
Asian shares up H ONG
K ONG —Asian markets mostly rose Wednesday as investors focus on what US Federal Reserve chief Ben Bernanke has to say about the future of the bank’s stimulus scheme during a congressional hearing later in the day. Profit-taking capped gains, however, following two days of broad gains, while Japan’s Nikkei dipped on a stronger yen after the dollar suffered a sell-off in New York. Tokyo slipped 0.78 percent, but Shanghai rose 0.18 percent and Seoul added 0.55 percent while Sydney edged up a tad and Hong Kong was up 0.54 percent. Bernanke will give his semi-annual testimony over two days in Washington from Wednesday, and investors will be looking for hints about when the Fed’s view of the US economy and its plans on when to wind down its $85 billion-a-month bondbuying scheme. Also in the sights is a meeting of G20 finance ministers on Thursday and Friday in Moscow, where officials are expected to discuss the Fed’s stimulus, while Japan will hold upper house elections at the weekend. Prime Minister Shinzo Abe’s Liberal Democratic Party is tipped to win the majority of the 121 seats up for grabs, giving him control of both chambers and the ability to push on with his aggressive monetary policy drive. Wall Street provided a negative lead as profit-taking set in after the Dow and S&P 500 broke to new record highs for three consecutive sessions.—AFP
Oil prices lower S INGAPORE —Oil prices edged lower in Asian trade Wednesday as investors await the release of US crude stockpiles data for clues about demand in the world’s top energy consumer, analysts said. New York’s main contract, West Texas Intermediate (WTI) for delivery in August, was down 45 cents at $105.55 a barrel in morning trade, while Brent North Sea crude for the new September contract shed 26 cents to $107.88. “Trading is very quiet at the moment, and there’s nothing major for traders to cling on to make a move,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP. “There is some anticipation about the stockpiles numbers, but that is still hours away,” he said. The US Department of Energy is set to publish later Wednesday its weekly commercial petroleum inventories report, an indicator of the strength of demand in the economy.—AFP
the Finance Minister. Senator Ishaq Dar said that he was optimistic to achieve the ambitious revenue target of Rs. 2475 billion set in the budget which is 25% over the previous budget. Given our sincerity of purpose, hard work and our determination to remain on the right track; “I am optimistic that macro-economic challenges presently facing the country are manageable” said the Finance Minister. The High Commissioner said that Australia is keen to expand its economic relations with Pakistan and showed interest in the areas of mining, energy and agriculture. ISLAMABAD: Federal Minister for Finance Senator Muhammad Ishaq Dar meeting with the High Commissioner of Mr. Peter Heyward said that Australia Peter Heyward. Australia was keenly watching the development and would support Pakistan.
Subsidy on Indian rice to cause trade distortion AMANULLAH KHAN
Gold Tezabi (24-Ct) 43130.00 Gold 22 Ct 39425.00 SilverTezabi 686.00 Silver Thobi 627.00
broad parameters of PML (N) manifesto. “Even if we had not entered into any IMF programme, we would have taken similar measures”, he added. “The IMF programme success has been well taken by the financial world” said the Finance Minister. Senator Ishaq Dar said that the loan from IMF would not increase Pakistan’s external debt as the new loan would be utilized to return the previous loan. Similarly, the Medium Term Framework announced in the budget envisages a reduction of debt by 2% every year in overall public debt which is presently 63% of the GDP and way above the 60% permissible under the fiscal debt and responsibility law, said
K ARACHI —Indian request asking for subsidy on its rice production and export is bound to create a serious distortion and trade imbalance in the region. The agricultural exporters on both side of the border should compete on the price and quality of their produce and not on the availability of subsidies, said President FPCCI while expressing concern on behalf of the business community. Pakistan is the world’s fourth largest producer of rice, after China, India and Indonesia. Pakistan is responsible for supplying 30 per cent of the world’s paddy rice output, while Millions of farmers relying on rice cultivation as their major source of employment.
Considering the Indian request for subsidy on rice will hurt directly millions of farmers who are already facing various challenges due to consecutive floods last two years in Pakistan. This will create serious food insecurity for Pakistan as well. Reacting over Indian demand the Pakistan Business Community has shown apprehension that Indian are asking for subsidies on rice which means snatching bread butter of millions of Pakistani farmers. Mr.Zubair Ahmed Malik President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said that if this subsidy is granted IT will imbalance the regional trade. Malik informed that member nations during Doha Round were agreed to ensure
the elimination of all forms of subsidies. He further stated that Indian demand for rice subsidies are highly trade distorting and direct form of agricultural support. He apprehended that granting subsidy to Indian rice will create distortion in the region. It may possibly hurt the efforts being made by Business Community of both sides to improve bilateral trade relations. Regions would face imbalance in the global trade particularly small members of the region. Rice production in Pakistan holds an extremely important position in agriculture and the national economy. It is the second most important crop, which brings economic prosperity to the growers as well as earns billions of rupees through its export for country.
EPZA employees asked to serve country STAFF REPORTER
all employees must pay their role by utilizing their potential for the betterment of the country. These views were expressed by Chairman EPZA Mr. Saadat S. Cheema while addressing EPZA officers. He further said that in accordance to Prime Minister message the presently inefficiency, unfriendly attitude towards public and corruption shall be removed, and / or their contracts cancelled forthwith. The imperatives of good governance are not complete without strict observance of official code of conduct, as well as compliance of general principles of transparency, respect of rules and laws. Practical steps have already been taken to boost industrial and investment sector to revive the economy of the country. Those steps shall be meted out as challenge, he added.
STAFF REPORTER I SLAMABAD —Engr.
Diplomatic corps support KCCI for growing business STAFF REPORTER KARACHI —Karachi Chamber of Commerce & Industry (KCCI) organized Iftar dinner in honour of Karachi-based Diplomats to recognize their services to promote bilateral relations between Pakistan and their respective countries. Siraj Kassam Teli, Chairman, Businessmen Group and Former President KCCI, speaking at the occasion, presented his gratitude and compliments to the members of Diplomatic Corps for extending support and cooperation to KCCI and the Business Community to enhance and fortify the bilateral trade ties. He also appreciated the Diplo-
mats for their efforts to exchange the trade information and exchanging trade delegation and visit to KCCI and participating in the events of Karachi Chamber. Siraj Teli appreciated that KCCI is maintaining this tradition for organizing Iftar Dinner in honour of the Diplomats since last several years. He said that KCCI is on the same page with the diplomats to promote friendly bilateral relations and enhance two-way trade between their countries and Pakistan. He also greeted the President KCCI Haroon Agar, Senior Vice President Shamim Firpo, Vice President Nasir Mehmood and the Managing Committee Members of
KCCI for their services towards the business and industrial community and to promote commerce and industry in Pakistan and elsewhere. He also requested the invitees of the Iftar Dinner to pray in the Holy Month of Ramadan to Almighty Allah to for the peace and prosperity of the city and the country. Karachi Chamber of Commerce & Industry’s President Muhammad Haroon Agar in his welcome address expressed heartfelt gratitude and compliments to the members of Diplomatic Corps for the support and cooperation on the matters of bilateral trade, trade queries, consular and visa services.
STAFF REPORTER
SLAMABAD —Chairman, PaKARACHI—Keeping in view Ikistan Agricultural Research the current country situation,
Jabbar member BOG of SDPI
KARACHI: Chairman EPZA M. Saadat S. Cheema addressing officials for better management.
Climate change one of govt priorities
M.A Jabbar, Life Member and Executive Committee Member of SAARC Chamber of Commerce & Industry has joined as member of Board of Governors of Sustainable Development Policy Institute- a renowned and premier policy think tank of Pakistan, which contributes in the realm of policy research and advocacy. Description: Iqbal tabishSG signMr. Iftilkhar Ali Malik, Vice President of SAARC CCI and fellow EC members have congratulated Engr. Jabbar while regarding his nomination on the premier policy think tank of Pakistan as meritorious selection of SDPI in recognition of services rendered for the business community of Pakistan by Engr. M. A. Jabbar who is former Vice President of the Federation of Pakistan Chambers of Commerce & Industry and heads WTO Cell at FPCCI. He has also remained Chairman of SITE Association of Industry, the biggest industrial estate of Pakistan in Karachi, which has also invested in him knowledge regarding the problems of diversified industry, against which he has been providing solutions related to the business governance management by public sector.
Council (PARC) Dr. Iftikhar Ahmad said that the climate change is one of the Government’s top priorities. PARC in collaboration with its International Partners has been working on climate change aspects since long to convenience the people in Pakistan. He urged the scientists to design this program in such manner to change mind set of all people and community to improve agriculture and livestock sectors in the country. He further said the Hindu Kush Himalayan (HKH) region is one of the most dynamic, diverse, and
complexmountain and associated flood plains system in the world containing the largest repository of inland cryosphere outside the Polar Regions. However, the region is also recognized as one of the planet’s hot spots of climate change where the impact of climate change on water availability and peoples’ livelihoods are uncertain but like to be severe. Agriculture is extremely vulnerable to climate change. Higher temperatures eventually reduce yields of desirable crops. He said there is a need for identifying the cycle of climate change, variations in glaciers’ water budget, variations in water supply and demand and impact on agrolivestock.
PPCBL, Systems Ltd sign agreement SALIM AHMED LAHORE—The Punjab Provincial Cooperative Bank Limited (PPCBL) and Systems Limited signed an agreement for automation of Human Resources Division of the PPCBL on Wednesday. PPCBL President/ CEO Syed Talat Mahmood and Systems Limited CEO/MD Asif Peer signed the agreement during a signing ceremony, which was attended by all the heads of division from the PPCBL and the project team from Systems Limited. Speaking on the occasion, Syed Talat Mahmood emphasized on the quality of human resources in the achievement
of organizational goals of any organization. He said the management of PPCBL is bringing about a whole new banking culture in the bank with the purchase of core banking system for the bank a couple of years ago and now the acquisition of human resource information system to automate the human resources department of the bank for a paperless environment. “In this very month of July, PPCBL has already signed two contracts; one for TNA and development of training modules with NIBAF, SBP, and the other with Shore Bank International for the review of human resource policy framework.
PIBC expects Raghavan’s role in close Pak-India ties STAFF REPORTER
L AHORE —The Pak India Business Council (PIBC) has welcomed TCA Raghavan for assuming his responsibilities as new Indian High Commissioner. “ Mr Raghavan is a seasoned diplomate having experience in relations between Pakistan and India and PIBC expects that he will play a key role in strengthening diplomatic and business ties between both the countries”, said Noor Muhammad Kasuri, Chairman PIBC, talking to reporters here on Wednesday. He said both the countries needed to enhance bilateral trade volume and friendly ties as it was in the interest and benefit of the people across the border. The PIBC chairman said upon his arrival in Pakistan the new high commissioner had expressed very positive views and PIBC welcomed his views.
Cut in LPG prices in Ramazan stressed STAFF REPORTER I SLAMABAD—The Liquified
Petroleum Gas(LPG) Distributors Association has called upon the government to take notice of frequent raises in prices of the commodity to extend relief to consumers in the holy month of Ramazan. “Everywhere in the world, price of commodities comes down on the occasion of religious festivals but, here, we see things otherwise, the government is needed to take notice in order to cut prices of LPG to give relief to masses in the holy month of Ramazan”, the Association’s chairman told reporters. He said the Oil and Gas Regulatory Authority (OGRA) should play its role by taking action against the unethical forces in the LPG sector, that were extracting money through unjustified raises. However, he hoped, the government would make solid measures for promotion of LPG to extend relief to consumers. “We have high hopes from government to take effective steps for provision of relief to common ISLAMABAD: Nadeem Ansari, General Manager OGDCL, people by promoting the receiving the 10th Annual Environment Excellence Award LPG and opening its filling 2013 from former federal minister for petroleum, Sohail stations, across the country,” he added. Wajahat Siddiqi.
Women and agriculture pursuits in Pakistan P
AKISTAN being a less developed country largely relies on agriculture as an important component of the economy and employment generation. A large population of Pakistan is directly or indirectly involved in the agriculture sector but women as compared to men are less involved in the sector because of the social and cultural barriers. Pakistan’s total female population is 47.5% out of which 79.4% of the total rural women are engaged in agriculture. In agricultural sector women extensively participate in the production of major crops but the intensity to which they participate depends on the type of crop and labor. According to a survey, a Pa-
kistani rural women works 15 hours a day, in agricultural activities specially crop production and livestock. Women perform activities like sowing, weeding, harvesting, post-harvest operations such as threshing, drying, grinding, husking and storage along with the routine domestic chores at their homes. Women remain extremely busy especially during the two farming seasons in sowing and harvesting. Their participation is particularly high in major cross like wheat, cotton, rice, pulses and also in the production of vegetables. Vegetables are most commonly grown in Pakistan by women because they require less labor work and can be done marginal lands. On the other hand ,
picking of cotton is exten- of Pakistan. sively a women task and Women labor force parmassive growth rates in cot- ticipation in rural areas inton production has gener- creased has over the past
other urban cities and countries for employment. Women also earn through activities livestock products,
ated tremendous demand for labor and this type of production labor interaction had lead towards a lot of feminization in agricultural sector
on farm labor, house based income-generating activities, piece rate work, brick kiln workers and more. Studies show s that women a can earn
few years, as there increased participation in agriculture. The basic reasons for women participating more are the migration of men towards
extra income an average of amount of RS.8780/- per annum from the sale of animals. Women mostly perform task as: cleaning of animal sheds, watering and milking of animals, they also participate in collection and preparing of farm yard manure and ding cakes, and preparation of value added products like ghee, butter from milk which also provides as a source of income. Evidently women are involved in almost all sorts of livestock related activities. Rural women in Pakistan use forest as a source of household items essential for their survival. Fetching water, collecting fuel wood for cooking and collecting fodder for animals are usually done by them. If talk about fishery women is only seen being in-
volves in the processing of fish and shrimps and making baskets and nets for fishing purposes. Another important aspect is the health of women working in agricultural sector. They work in unpleasing environment and climate conditions not suitable for them. Women work in the heat and high temperature which burns their skin off. They also take part in the pesticide application which is very dangerous for their health as no such awareness of health hazards caused by these pesticides are given to them and they work without taking any protection measures .—Shireen Fayyaz (PMAS- Arid Agriculture University, Rawalpindi)