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We’re wrapping our cars around astronomical price hikes Page 02

profit.com.pk

Skewed towards the big daddies g

Small, medium size firms lose interest in heavy weight-friendly stock market KARACHI

A

ISMAIL DILAWAR

t least 36 firms listed at country’s stocks market are facing the front and apex regulators’ action for not paying the annual listing fee and inducting their ordinary shares into the Central Depositary System (CDS). the regulatory action ranges from suspension of trading in the defaulting companies’ shares to their de-listing from the concerned exchange. In recent months, the front regulators from Karachi Stock exchange (KSe) have quite frequently been moving under Listing regulation No. 30(1)(2)(b)(c)(e) and (g) due to increasing defaults by the listed firms, specially the small and medium ones. “Majority of the defaulting companies are of small or medium size which have lost interest in the stocks market which offers little or not incentives to them in terms of present tax and regulatory regime,” said a KSe official, wanting not to be named. the official proposed that for such firms there should be a “small and medium division” wherein they would have facilities like low capital requirement etc. “the present reformed tax and regulatory framework though suits the big companies it offers little help to small and medium firms to carry huge costs,” the official added. Monday saw the KSe issuing warning notices to at least 36 companies for their failure to pay listing fee, join the CDS of Central Depository Company and hold the Annual General Meetings for last two consecutive years. Majority of the defaulting firms are

from the textile sector. the 19 firms put on notice for the nonpayment of listing fee and joining CDS include (Colony) Sarhad textile Mills, Annoor textile Mills, Asim textile Mills, Bela Automotives, Central forest Products, Dadabhoy Construction Industries, Globe textile Mills, Hamid textile Mills, Karim Cotton Mills, Khurshid Spinning Mills, Mehr Dastgir textile Mills, Morafco Industries, redco textiles, S.S.Oil Mill, Saleem Denim Industries, Service fabrics, Service textile Industries, Sind fine textile Mills and taj textile Mills. Some 16 firms facing the regulators’ ire for not paying the listing fee are: (Colony) thal textile Mills, Adil textile Mills, Brothers textile Mills, Dadabhoy Cement Industries, Dadabhoy Sack, Data textiles, elahi Cotton Mills, Genertech Pakistan, Hajra textile Mills, first IBL Modaraba, Kohinoor Industries, Kohinoor Power Mills, Mukhtar textile Mills, Nazir Cotton Mills, Pakistan PVC and Saritow

Spinning Mills. three of the above Adil textile, Dadabhoy Sack and Nazir Cotton are those whose CDS eligibility has been revoked by the CDC. the KSe official said the KSe’s listing fee was nominal ranging from rs 25,000 to rs 1 million for big companies like the OGDC and others. Saleem Sugar Mills is the firm which has got trading in its shares suspended for its failure to hold AGMs for last two consecutive years, pay the annual listing fee since July 1, 1997 and join the CDS. Having had a 90-day deadline, ending on July 30, theses firms are required to rectify the defaults or face the “necessary action” under the relevant regulations. “It is hereby informed to all concerned that the following companies as a consequence of defaults… have been advised to fulfill the requirements of the said regulations,” warned Muhammad Ghufran, deputy general manager companies affairs at KSe.

Tuesday, 01 May, 2012

BOI to sign Pak-US BIT during president’s US visit KARACHI

A

STAFF REPORT

fter a break of at least eight years Pakistan and United States of America would be signing a Bilateral Investment treaty (BIt) during President Asif Ali Zardari’s visit to the United States this year, said Saleem H. Mandviwala, Minister of State & Chairman Board of Investment while talking to Karachi Chamber of Commerce & Industry (KCCI) members here at Aiwan-etijarat on Monday. Pakistan was the first one to sign the bilateral investment treaty with Germany in 1959 and as of today 47 Bilateral Investment treaties had already been signed with different countries, BIt between Pakistan & the United States which dragged for eight years is resumed in 2012 for conclusion. He further said that the purpose of the bilateral investment agreements is to create a binding framework between the contracting states for protection and promotion of investments made in order to gain investor’s confidence. the host state take the responsibility for safety of the investor and their property in its territory under provisions of domestic and international Law. Our Investment Promotion and Protection Act of 1976 give protection to investor and their property in Pakistan. responding to reservations of the business community of Karachi, Saleem H. Mandviwala maintained that input of all stakeholders were taken in formulating BIt & termed it as a positive step taken by the two countries. Negating concerns that the treaty would reduce status of Pakistan, he reassured that (‘after change of BIt language by USA’) there was no negative aspect for

Pakistan anywhere in the treaty & both countries’ interest would be equally protected without any discrimination. He said that matters like ftA; travel advisory etc. could be discussed after signing of the treaty. President KCCI Mian Abrar Ahmad appreciated the stance of Minister of State/Chairman Board of Investment to take the KCCI into confidence being the largest Chamber in Pakistan & the 8th largest in the world. He said that breaking the stalemate that existed for over 5-years is a great achievement in the economic history of two countries. Chairman BMG Siraj Kassam teli emphasized on incorporating all other related matters in the treaty. former President KCCI Majyd Aziz urged to add mediation clauses in the treaty. Chairman Sindh Board of Investment Muhammud Zubair Motiwala insinuated that Pak-USA BIt was a positive step to bring closer both the countries and would also lead to ftA and MfN with US. He appreciated the efforts of Board of Investment to bring the consensus of all the stakeholders on the concerns related to the Pak-US BIt. He assured that the business community is satisfied because the mutual benefits of both the countries were taken into consideration before the final stepping towards the treaty. He also emphasized to discuss the matters of travel advisory, law & order, security issues and perception of Pakistan among the US investors. He also invited the US investors to invest in the coal infrastructure & other mining projects in Pakistan. In his concluding note he informed that the business community of Pakistan welcomed the signing of BIt with US and waiting for the market access to our products in the US through the MfN and ftA.

Commerce ministry has found a way to promote corruption…apparently g

REAP believes Quality Review Committee under MoC would promote corruption, mismanagement g Oh and they also want inspection of QRC accounts KARACHI

S

GHULAM ABBAS

HOwING serious concerns over the fresh decision of Ministry of Commerce to take the control of Quality review Committee (QrC) into its hand the memebrs of rice exporters Association of Pakistan (reAP) have said that the fresh move would promote corruption and mismanagement in the committee besides creating immense problems to them the Ministry of Commerce (MOC) vide a notification bearing number 4(10)/05-e superseded public notice dated March 3,1999 and taken fiscal and other control of the QrC and placed it under the control of Director General (DG) trade Development Authority of Pakistan (tDAP) as its chairman. However on the other hand the small exporters who had concerns about the earleir status of QrC under reAP, have welcomed the move while demanding that the ministry and tDAP should also ensure complete recovery of proceeds and correct transfer of accounts of QrC with inspection fees collected since 1999, correct expenditure figures and tax

liabilities from the reAP before issuing clearance certificate to them. Sources in reAP claimed saidthat the QrC under the ministry would provide oppertunities to the vested intererst group in ministry and tDAP to demand kick backs and bribes for getting the quality certificates. Besides the geniun exporters would also face delays in trade actvities due to the hectic and lenghty documentation and filing system in government offices. It was the reAP which has pushed the country’s exports from $ 400 million to over $ 2 billion since the association was controlling the QrC. Being private organization, the association was strictly monitoring the quality issue of rice for exports. the counter parts of the organization were also praising the role of reAP for maintaining standards and quality of the country’s rice, they claimed. However on the other hand the Union of Small and Medium enterprises (UNISAMe), in a statement has invited the attention of tariq Iqbal Puri, Chief executive Officer (CeO) trade Development Authority of Pakistan (tDAP) to ensure complete recovery of proceeds and correct transfer of accounts of QrC. According to President NISAMe it is very important to reconcile the accounts

of the QrC from 1999 onwards till date and secure the documents of property purchased with QrC funds before relieving the former management and invited the attention of the Auditor General of Pakistan to have the accounts checked. “Basically the collection of inspection fees by a body not qualified to inspect the rice consignments shipped to global destinations nor collect fees in this manner is beyond comprehension and in fact a mockery of the system of inspection, nevertheless due to patronage of the successive governments and the obstinacy of the ministers who were misguided by the big exporters who wanted to control the rice business they let the body exist despite court rulings and strong objections from Pakistan Standard Quality Control Authority (PSQCA)” it said. the Sindh High Court (SHC) had declared that no exporter will be compelled to become member of reAP but despite the order of the SHC no exporter can export rice without being a member of reAP which is truly contempt of court. It is pertinent to note that no body can carry out preshipment inspection (PSI) of cargo without permission from PSQCA who issues the license on the basis of qualification

compliance and the most important point is the fact that pre-shipment inspection (PSI) is always carried out by a third party and never by the parties involved. UNISAMe strongly objects to PSI by QrC and urges the MOC to discontinue the practice of PSI by QrC immediately. the MOC has reconstituted the composition of the QrC and the notification states the composition and scope but it is again based on defective perceptions as the body cannot comprise of anybody who is an exporter himself as it gives rise to conflict of interest. the big exporters get their cargo inspected very easily but the SMe rice exporters have to undergo the ordeal and their shipments are being delayed due to this exercise, the QrC will again play into the hands of the big boys as no SMe representative is on the body. the question is how can the PSQCA allows the QrC to function and how the MOC is promoting the PSI by a body which is unconstitutional in its character and the global buyers are making fun of the system by stating that this is self inspection by the shippers themselves. It said now that the notification has been issued for the transfer of funds to tDAP and onward inspection fees to be collected

by tDAP. It is desired that tDAP should waive the inspection fees,( if it wishes to continue with this so called PSI) as it is already recovering export development surcharge at the rate of quarter percent from every exporter and not offering anything in return. Under such circumstances it simply cannot be given the responsibility of managing the QrC which undertakes PSI of Basmati rice exports. the small and medium sized rice exporters have taken serious exception to PSI conducted by QrC, managed by reap, and have decided to take up the matter with the Ministry of Commerce (MOC), export Promotion Bureau (ePB), trading Corporation of Pakistan (tCP) and Ministry of food, Agriculture and Livestock (Minfal). the Ministry of Commerce, the stament further said, has almost realised the fact that PSI of Basmati rice conducted by QrC was unfair, unjust, and was giving rise to conflict of interest, and has sent a reference to ePB before dissolving the committee managed by reAP. the SMe rice exporters are eagerly awaiting the final action of dissolution of the troublesome committee and have appealed to the policy makers to act fast in the best interests of rice exporters.


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Tuesday, 01 May, 2012

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NOT EASY BUYING A CAR THESE DAYS

We’re wrapping our cars around astronomical price hikes g g

Up to 69pc hike is car prices Rupee depreciation against yen, dollar touted as the primary cause LAHORE

D

IMRAN ADNAN

eSPIte liberal import regime for reconditioned cars, auto manufactures in the country have increased locally manufactured cars prices from 26 per cent to 69 per cent during the last four years, Pakistan today learnt on Monday. the manufacturers claim that Pak rupee depreciation against Japanese yen and US dollar is the basic reason of massive price increase. In addition, inflation, high energy and labour costs compelled manufacturers increase passenger vehicle prices, manufacturers underline. Official documents made available to Pakistan today indicate that in a recent National Assemble session MNA Shaikh rohale Asghar asked the Senior Minister for Industries Chaudhry Pervaiz elahi to present the model-wise details of price increase since 2008. In response the query, Ministry of Industry compiled model-wise price statistic of all locally manufactured passenger vehicles, which indicates that manufacturers increased cars prices up to 69.14 per cent. the Ministry of Industries data shows that Indus Motor Company’s Daihatsu Cuore CX witnessed the highest increase of 69.13 per cent, while the lowest increase of 26.19 per cent was witnessed in the price of Honda Civic i-VteC Mt. Manufacturer wise price data shows that Pak Suzuki Motors Company had increased its all products price by nearly 50 per cent during the last four years. Data shows that Suzuki Mehran VX was available at rs352,000, which was now being sold at rs520,000 after an increase of rs168,000 or 47.73 per cent. Similarly, Mehran VXr rs572,000 after an increase of rs174,000, Mehran VX CNG rs591,000 after an increase of rs193,000, Mehran VXr CNG rs640,000 after an increase of rs196,000, Alto VXr rs737,000 after an increase of rs232,000 and Alto VXr CNG rs821,000 after an increase of rs267,000 or 48.19 per cent. Official data shows that Suzuki Cultus VXr CNG is available at rs1,015,000 after an increase of rs338,000, Liana rXI Mt rs1,332,000 after an increase of rs496,000, Liana rXI

Suzuki Model Mehran VX Mehran VXR Mehran VX CNG Mehran VXR CNG Alto VXR Alto VXR CNG Cultus VXR Cultus VXR CNG Liana RXI MT Liana RXI MT CNG Swift DX Swift DLX

Mar-08 352,000 398,000 398,000 444,000 505,000 554,000 945,000 677,000 836,000 900,000 -

Mar-12 520,000 572,000 591,000 640,000 737,000 821,000 1,015,000 1,332,000 1,411,000 1,096,000 1,176,000

difference 168,000 174,000 193,000 196,000 232,000 267,000 338,000 496,000 511,000 -

49.93 59.33 56.78 Introduced in 2010 Introduced in 2010

930,000 1,020,000 1,095,000 1,180,000 1,300,000 1,390,000 499,000

1,474,000 1,599,000 1,604,000 1,729,000 1,604,000 1,809,000 1,839,000 1,929,000 844,000

544,000 584,000 509,000 629,000 345,000

58.49 Introduced in 2011 57.25 Introduced in 2011 46.48 53.31 Discontinued Discontinued Introduced in 2011 Introduced in 2011 69.14

1,409,000 1,449,000 1,549,000 1,589,000 899,000 959,000

1,778,000 1,898,000 1,970,000 2,048,000 1,409,000 1,550,000

369,000 449,000 421,000 459,000 510,000 591,000

26.19 30.99 27.18 28.89 56.73 61.63

ToyoTa Corolla Xli Corolla Xli (Ecotec Corolla Gli Corolla Gli (Ecotec) Corolla Diesel 2.0.D Corolla Diesel 2.0.D SL Altis 1.8 MT Altis 1.8 AT Altis 1.6 MT Altis 1.6 AT Cuore CX Honda Civic i-VTEC MT Civic i-VTEC PT Civic VTI Oriel MT Civic VTI Oriel PT City MT City AT

Mt CNG rs1,411,000 after an increase of rs511,000 and Suzuki Swift DX and Swift DLX are being sold at rs1,096,000 and rs1,176,000, respectively. Ministry of Industries compiled data highlights that Indus Motors Company increased its products prices from 46.48 per cent to 69.14 per cent. It indicates that Corolla Xli was being sold at rs930,000 which was now available at rs1,474,000 after an increase of rs544,000 or 58.49 per cent. Corolla Xli (ecotec), which was introduced in 2011 is available at rs1,599,000, while toyota Corolla Gli is

A HIGH-FIVE THAT NEVER WAS

‘You said five, now give us five’ LCCI retorts strongly to govt’s failure to honour gas supply commitment g Says govt is ‘too casual’ in handling just about anything g

LAHORE STAFF REPORT

t

He Lahore Chamber of Commerce and Industry Monday strongly reacted to SNGPL’s failure to honor its commitment regarding five days a week supply of gas to the industry in Punjab and urged the authorities to fulfill their promise. In a statement issued here, the LCCI President Irfan Qaiser Sheikh said that it was beyond the understanding of the business community that instead of en-

Per cenT 47.73 43.72 48.49 44.14 45.94 48.19

suring of supply of gas to the industry in Punjab five days a week, a notification was issued that gas will be supplied for four days only. He said that in the last 125 days, the gas to the industry was available only for 36 days and if the situation remains the same the government should be ready for more industrial closures. the LCCI president said that the same is the case with the electricity as over 10 hours loadshedding is a routine for the industry. He said that the Lahore Chamber of Commerce and Industry had

available at rs1,604,000 after an increase of rs584,000 and Corolla Gli (ecotec) rs1,729,000. while the diesel variants of toyota Corolla Diesel 2.0.D was being sold at rs1,095,000, which is now available at rs1,604,000 after an increase of rs509,000 and Corolla Diesel 2.0.D SL rs1,809,000 after an increase of rs629,000 or 53.31 per cent. In addition, toyota introduced two new variants of its high-end products, Altis in 1.6 litre engine in 2011. Altis 1.6 Mt is being sold at rs1,839,000 and Altis 1.6 At at rs1,929,000. Atlas Honda company

already pointed out to the government to reset its priorities as its casual approach towards the energy supply is not only creating law and order situation in the province but it has also jacked up the graph of unemployment while the export orders are fast shifting to neighbouring countries. “the rise in number of unemployed would definitely give air to antigovernment sentiments and this single step would throw millions of industrial workers out of jobs.” “It is not the industry only that would be suffering massively but the government would also be an ultimate loser on many counts.” the LCCI President urged the government to immediately restore five-day gas supply to the industry in Punjab to avert industrial closures and resultant massive lay offs. “How can the industry afford to pay the all-time high mark up when there in no gas for the industry.” the LCCI President said that there is a global phenomenon that industry is given top priority whereas in Pakistan it comes to the least and other sectors are given priority. He said that around 40 per cent of the industrial units in Punjab run on gas and gas suspension means no production by almost half of the industry and a loss of millions of rupees to the ex-

followed the suit by increasing it prices up to 61.63 per cent. Data shows that Civic i-VteC Mt is being sold at rs1,778,000 after an increase of rs369,000, Civic i-VteC Pt rs1,898,000 after an increase of rs449,000, Civic VtI Oriel Mt rs1,970,000 after an increase of rS421,000, Civic VtI Oriel Pt rs2,048,000 after an increase of rs459,000, City Mt rs1,409,000 after an increase of rs510,000 and City At rs1,550,000 after an increase of rs591,000 or 61.63 per cent.

chequer. the ‘discriminatory attitude’ of the government was not only denting its goodwill and reputation but had also put a question mark on its ability to manage and govern things. He said that the units in Sindh were getting an almost uninterrupted supply except a two- to-three hour loadshedding. Pointing out that the gas suspension a death knell for exportbased industry and productivity, the LCCI President sought the Prime Minister’s intervention and help for a regular supply of gas to the industry in Punjab. How the industry would be able to manage export orders worth millions of dollars when there is no gas? what about the thousands of daily wagers who have only one source of income? And above all, he added, how the government would convince both the local and foreign investors for investment when it is unable to manage the supply of gas to existing industrial units. He said that the decision has sent a very negative signal to the foreign buyers. “Instead of coming up with some sort of relief package, the industry is being pushed to the wall. the gas suspension for four days a week is tantamount to throttling the industry to death.” the shortage of gas is not the only issue its

Not a particularly opportune moment for a bluff g

OICCI says investment by foreign firms much higher than SBP reports KARACHI STAFF REPORT

w

HILe the inflow of fresh foreign Direct Investment (fDI) into the country is indeed very low and well below the country‘s potential, it does not accurately reflect the total level of investment by the foreign investors in Pakistan. Humayun Bashir, President Overseas Investors Chamber of Commerce and Industry (OICCI), stated this while commenting on an item in the State Bank’s 3rd Quarterly 2012 report that reports that the fDI in Pakistan has declined substantially. the SBP report does not take into account the amount of profits retained in the country and ploughed back by the foreign companies operating in Pakistan for new investment in acquiring plant and machinery, equipment, software, warehouse facilities and other tangible and intangible investments. Moreover, the accumulated profit and free reserves are also used by these companies to partially settle the outstanding loans or for increasing their paid up capital, where needed. this same amount would have been counted as foreign direct investment if the investing companies/banks would have gone through the process of remitting it out of the country as dividend, after paying applicable taxes thereon, and then remitted the same amount inward into the country for new investment. Bashir said OICCI was presently conducting a quick survey among its members to determine the level of investment made during 2010 and 2011 by these member companies out of their retained profits which otherwise would have been remitted abroad. Based on the data currently available from about 45 percent of its 187 members, such investment during 2011 was roughly $ 1 billion. He OICCI chief indicated that OICCI would like to work closely with the SBP, Board of Investment (BOI) and Ministry of finance to ensure that such indirect foreign investment should also be recorded in fDI statistics in appropriate manner. He was optimistic that such indirect foreign investment will get a boost as soon as the fBr issues necessary clarification on investment made under the “tax credit for equity investment scheme” announced in last year’s budget (20112012) under Income tax Ordinance’s section 65 (d) and 65 ( e).

improper distribution also remains a cause of worry. the Lahore Chamber had sent an SOS call to the federal government on continuous energy disruptions as the gas and electricity were a prerequisite for the smooth functioning during winter. the government should divert all new-found gas to the network of Sui Northern Gas Pipeline Limited network. expeditious import of 500 million cubic feet gas per day LNG would considerably overcome the gas shortage for the industry. Despite competitive quality and price, Pakistan exporters were unable to make delivery on time, they added. He said that it seemed that some elements in the Gas department were hatching conspiracies against the government to defame it. He said that the businessmen were unable to understand that why the business community was not taken into confidence over industryrelated issues and if the SNGPL was facing some supply related issues they must bring them to the notice of real stakeholders well ahead of time. “It would have taken about two years to set up a system for LNG supply, had the government been accepted LCCI proposal a couple years ago.


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news

Let’s keep an eye on mad cows ! LAHORE

KSE trembles on investors’ concern for multiple negatives

STAFF REPORT

t

He government should impose complete ban on animal imports from the USA after the confirmation of “mad cow” disease in California. former CeO of the Punjab Agriculture and Meat Company Dr Hamid Jalil made these remarks in a statement here on Monday. He said that that after the confirmation of mad cow disease in California farms by the United States Department of Agriculture (USDA), it is mandatory to stop import of live animals from such country, as prescribed under the OIe rules/guidelines. Dr Hamid Jalil demanded that the federal government and all provincial governments must notify ban on import of live cattle from the USA to save Pakistan from this dangerous disease. He said that an emergent program might be initiated to identify and register all farms where the imported Holstein cattle have been kept. Provincial governments must start a surveillance program to test/screen out all cattle imported from USA. He disclosed that some of the corporate dairy farms in Punjab and Sindh have imported Holstein cattle from the USA and North America. whereas, under the rules/guidelines of world organisation for the trade of animals and products (OIe-france), if any country imports cattle from such country having incident of mad cow disease can also be banned for exporting livestock and its products.

KARACHI

M

STAFF REPORT

ONDAY, first day of the week, saw thin trading activities at the Karachi stocks market with the benchmark index shedding 52.39 points due to the investors’ concern for internal and external negatives. the KSe 100-share index closed lower by 0.37 percent at 13,990.38 points against 14,042.77 points of friday last weeks. the index hit the intraday high and low of 14,064.73 and 13,891.49 points, respectively. “(the) stocks closed lower post quarter end earnings announcements at KSe amid consolidation in stocks across the board,” viewed Ashen Mehanti, a director at Arif Habib Securities. the senior market analyst said that the benchmark moved in a narrow range amid thin trade as the trading volumes at the ready-counter was recorded at 164.070 million, compared to 196.158 million of last session. the trading value also dropped to rs 3.863 billion from the previous rs 5.653

billion. the market capitalization also depleted to rs 3.574 trillion from 3.587 trillion of friday. In total 369 scrips were traded of which 149 ended up in positive, 156 in negative and 64 as unchanged. “Concerns loomed over gas shortfall for fertilizer, textile and power sectors,” the analyst said. Other factors that, Mehanti said, played as a catalyst in Monday’s bearish sentiments at the KSe include rising circular debt issues in energy sector, political uncertainty, deteriorating security situation in the city and limited foreign interest after uncertain global stocks on eurozone debt crises. Jahangir Siddiqui Company appeared as a volume leader with 16.270 million of its shares traded. the company bore a 0.99-paisa loss in terms of share pricing that stood at rs 15.92 and rs 14.93 at the session’s opening and closing, respectively. the future market nosedived to 7.443 million shares from 24.011 million of the last week. the day marked 31 scrips appearing as loser 63 as gainers and zero as unchanged.

Major Gainers Company

Open

High

Low

Close

Change

Unilever Food Pak Gum & ChemXD Pak Oilfields Shezan Inter. Pak Suzuki MotorXD

2132.62 122.79 387.69 146.05 79.23

2239.25 128.92 399.99 151.00 83.19

2101.00 118.10 385.05 148.00 78.50

2239.25 128.92 392.26 150.32 83.19

106.63 147 6.13 9,028 4.57 1,291,340 4.27 50,008 3.96 234,709

Turnover

Major losers Nestle Pakistan Ltd. UniLever Pak Ltd Wyeth Pak Ltd.XD Millat Tractors Bata (Pak) XD

4304.04 6250.91 740.00 515.18 675.57

4369.00 6399.00 750.00 520.00 690.00

4088.84 6000.00 703.50 503.00 651.00

4091.26 6215.30 708.74 503.39 664.49

18.92 3.90 13.75 6.70 43.25

16.92 3.15 12.62 6.20 40.18

16.92 3.24 12.71 6.28 40.25

-212.78 328 -35.61 501 -31.26 1,058 -11.79 18,066 -11.08 157

Volume leaders Jah.Sidd. Co. IGI Inv.Bank P.T.C.L.A Fauji Cement D.G.K.Cement

17.92 3.55 13.37 6.52 42.29

-1.00 37,990,244 -0.31 17,105,553 -0.66 17,078,709 -0.24 16,166,093 -2.04 14,752,782

interbank rates US Dollar UK Pound Japanese Yen euro

90.8135 147.0089 1.1225 119.9919

dollar east US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar

Buy

Sell

91.20 120.00 146.82 1.1196 91.97 11.60 24.76 24.26 93.71

91.80 121.03 148.04 1.1288 93.24 11.76 24.94 24.43 95.94

CORPORATE CORNER Wateen, PITB sign contract to bring course Philips raises awareness on books and past papers online for students management of asthma

LAHORE: wateen telecom, Pakistan’s leading converged communication service provider signed a Memorandum of Understanding with the Punjab It Board for enabling e-learning in the province. Chief Minister Punjab, Mian Shahbaz Sharif and Naeem Zamindar, CeO wateen telecom signed the agreement at the PItB e-Government exhibition held at Arfa technology Park earlier today. with the agreement, wateen telecom will provision an e-learning portal for graduate and postgraduate students to access and gain vital educational content from. the online portal will include text books, past papers, solved past papers and tips for students on preparing for examinations. this project aims at providing free access to education with just the click of a button and promises to leap-frog the country to economic progress and prosperity with a skilled and educated workforce. In order for students to access this portal in universities and colleges, wateen intends to provide the facility of wi-fi Hotspots. PRESS RELEASE

PTCL holds fun-filled family gala for its employees ISLAMABAD: As part of an ongoing employee engagement drive, Pakistan telecommunication Company Limited (PtCL) held a fun-filled family gala for its employees at the headquarters building in Islamabad at the conclusion of its painting extravaganza on “energy Conservation for future Generations”. renowned artists Mr. Jamal Shah, Mr. Abbass Shah and Mrs. Nahida raza attended the event as guests of honor and judges for 1st, 2nd, 3rd prizes and one best painting selected from amongst hundreds of paintings. the family gala was also attended by PtCL President & CeO, Mr. walid Irshaid, Senior executive Vice President Hr, Mr. Syed Mazhar Hussain and other senior officials. Live music and poetry performances, as well as an on-the-spot painting competition brought much excitement to the event. PRESS RELEASE

KARACHI: Philips respironics is the leading provider of innovative solutions in the field of respiratory diseases management. In Pakistan, the company is working towards encouraging better management of asthma through leveraging world Asthma Day on 1 May, 2012. world Asthma Day is organized by the Global Initiative for Healthcare and aims to raise awareness about asthma and improve asthma care worldwide. Philips wholly supports this year’s asthmaday theme, “You Can Control Your Asthma” encouraging patients to control their disease with proper diagnosis, education and treatment. Across Asia, Philips will conduct physician education workshops to help doctors better understand the new global techniques and guidelines for proper asthma management. “Asthma does not need to disrupt our daily lives. Asthma sufferers should gain awareness and understanding about managing asthma and that is Philips’ goal in Pakistan and elsewhere. PRESS RELEASE

Honda Atlas resumes production of Honda City KARACHI: Honda Atlas (Pakistan) Limited resumed the production of Honda City after it was halted due to massive flooding in thailand. this resumption of production is marked with another innovation by Honda as it comes with the launch of new range of Honda City under the banner of Honda City Aspire. the new Honda City Aspire inherits the same great look but it definitely has a lot more swagger added to it. the Honda City Aspire offers everything that you may aspire and much more. the already enticing interior now has an added blaze with an impressive built-in navigation screen and multimedia system that gels in elegantly with silver-onblack panel. the chic side mirror indicators add that extra zing to the sporty look. PRESS RELEASE

Chinese investors delegation visits PBIT LAHORE: A delegation of entrepreneurs and representatives of Shenzhen Chamber of e-commerce, China visited Punjab Board of Investment & trade (PBIt) today and met senior officials. Chief executive Officer PBIt, Dr. Sajid Yoosufani briefed the delegates about the investment opportunities in Punjab and assured the Chinese brethren of PBIt’s full support in setting up their business in Punjab. Dr. Sajid Yoosufani replied to the delegates queries related to cost of doing business in Punjab (Labor cost and tax policies) and said that Punjab offers investment friendly policies where 100% foreign equity and remittances of capital, profits and dividends are allowed and only 5% custom duty is imposed on parts which are not available in Pakistan. PRESS RELEASE

TDAP to hold seminar on India-Pakistan trade LAHORE: trade Development Authority of Pakistan (tDAP) Lahore is organising a seminar on ‘awareness campaign on trade potential between Pakistan and India on thursday at Lahore Chamber of Commerce and Industry (LCCI). former Ambassador of Pakistan (wtO) Geneva, Switzerland, Dr Manzoor Ahmed will address the seminar. the seminar is aimed at educating the business community about the challenges and opportunities resulting from the new trade regime between India and Pakistan. exporters interested in trade with India will be participating in the seminar. STAFF REPORT

NBP meets target of 1250 online branches KARACHI: In a major achievement, National Bank of Pakistan has converted its 1250 branches online out of its countrywide network of 1270 branches. In a short span of 10 months NBP’s It Division was able to meet this uphill task set by Bank’s management. It is worth mentioning here that NBP is present in the remotest areas of the country, where no other financial institution exists mainly due to commercial viability. with 98% branch network going online, people living in such remote areas will benefit the most. through online facility NBP customers holding an account at any online branch can deposit and withdraw cash from any of the 1000 online branches through inter branch transaction (IBt); Debit / AtM card can be issued to all customers of online branches; centralized account opening, Know Your Customer (KYC) and better control and compliance. PRESS RELEASE

Aik Hunar Aik Nagar mesmerises London LAHORE: Aik Hunar Aik Nagar – AHAN organized ‘Handmade Pakistan exhibition’ at High Commission for Pakistan, London, United Kingdom. this event marked the first occasion when AHAN exhibited rural handmade products of Pakistan under its brand name ‘Handmade by AHAN’ in UK. the products on display in the exhibition represented just a small segment of the vast range of ‘Handmade by AHAN’. Product range included regional hand embroidery, Ajrak, Patch work (rilli), accessories (Apparels, Home Décor), Lacquer Art, Silver Jewelry and leather. this was the first time that AHAN, a public limited company operating as subsidiary of Pakistan Industrial Development Corporation under Ministry of Production, displayed rural craft of Pakistan in UK with hopes of opening further avenues for export of such products overseas benefiting poor rural artisans and craft person of the country. the CeO of AHAN also added that AHAN plans to arrange and participate in more exhibitions overseas in future. STAFF REPORT

Fatburger comes to Lahore! LAHORE: BIL foods on Monday announced the opening of fatburger, a North American multinational chain of gourmet burgers in Lahore. first flagship restaurant of fatburger will be located at 16, C-2, MM Alam road over an area of 4 kanals. Its design is prepared by Lee Designs of Hong Kong and it will be one of its kind in Pakistan having a covered area of 20,000 sq. feet with a seating capacity of around 200. fatburger is renowned for its 100 percent pure lean beef burgers. the signing ceremony between BIL foods and fatburgers took place at the royal Palm and was followed by a rock concert by Ali Azmat. STAFF REPORT

PTCL extends creative customer outreach LAHORE: to extend the reach of its innovative products and services to its valuable customers, Pakistan telecommunication Company Limited (PtCL) recently conducted a creative “town marketing campaign” in Lahore. Part of PtCL’s customer engagement drive, the campaign was a creative blend of marketing initiatives, kiosk activities, sales camps and outdoor branding at wahdat road, G1 Market Johar town, Samanabad, Pak Arab Housing Society, Davis road, Shahdara, Model town Link road, MM Alam road Gulberg, Karim Block AIt, faisal town, Neela Gumbad Anarkali, Dharampura,Gulberg Center, Liberty Main Market, Icchra, Jalal Sons Gulberg, rahat Bakers Cantt, Dharampura Lala Book Depot, Sawera Store Shadman, Liberty Main Market, Alfateh Store Liberty, Al-fateh Store DHA, CSD Shop the Mall and CSD Shop Cavalry Ground. regularly conducted in major cities of the country, PtCL town marketing campaigns provide customers with a firsthand experience of its latest products and services, as well as offer on-spot sales. STAFF REPORT

LAHORE: Student of University of Central Punjab’s Agha Moosa Raza is receiving award from Prime Minister Yousaf Raza Gilani on his outstanding performance in MBA. PRESS RELEASE

profitepaper pakistantoday 01st may, 2012  

profitepaper pakistantoday 01st may, 2012

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