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Heaven protects children, sailors and auto industry Page 02
Wednesday, 23 May, 2012
BUDGET BRAWL BRIMS
A tale of two kitties Centre expects provinces to take lead in uplift projects after transfer of resources under NFC regime g No new taxes in next budget, FM tells foreign investors g OICCI draws government towards smuggling of consumer goods under Afghan Transit Trade g
HE federal government wants the provincial governments to take a lead on new development projects after the transfer of increased revenues to the federating units in the post-NFC award regime. Assuring the foreign investors of zero new taxes in the forthcoming federal budget, the visiting Finance Minister Dr Abdul Hafeez Shaikh told the members of Overseas Investors Chamber of Industry (OICCI) after the NFC award there has been a significant reduction in the center’s revenue share. This, he said, had happened without a corresponding reduction in the federal government’s expenditures on account of debt servicing or other necessary expenditure on defense, security and ongoing projects. He said his side was now expecting the provinces to take a lead on new development
projects. Dr. Shaikh was accompanied by Secretary Ministry of Finance Abdul Wajid Rana, Chairman Federal Board of Revenue Mumtaz Haider Rizvi, Member Inland Revenue Shahid Hussain Asad and other senior FBR officials. The minister said despite global meltdown and challenging business environment, country’s 3.7 percent GDP growth during fiscal year 2011– 2012 was comparable to growth rates across the region, excluding those in China and India. Further, Dr. Shaikh said the FBR had also been successful in generating 17 percent additional federal revenues in 2010–2011 that are expected to scale up further to 25 percent in the current fiscal. In his briefing to the finance minister, President OICCI Humayun Bashir said some 45 percent of OICCI members invested about $1 billion in 2011 and were planning to invest over $ 3b over the next two to five years. Bashir said these numbers could be increased considerably if the government addressed key concerns such as security, energy shortage and ensure effective policy imple-
mentation. OICCI members raised important issues concerning the taxation structure in light of the upcoming budget, including loss of revenue accruing from the tax exempt sector and evasion in the form of rampant smuggling of consumer goods, especially under the garb of Afghan Transit Trade. Other taxation proposals forwarded to the government by OICCI focused on broadening of tax net through linkages of FBR databases with banks and other business centers, doing away with minimum tax and fixed tax regimes for companies, introducing a uniform tax rate of 30 percent for all businesses irrespective of their legal status, giving a one-time tax incentive for attracting Foreign Direct Investment, simplifying procedures for sales tax refund, allowing adjustments of sales tax on pharmaceutical inputs and reduction and consolidation of different levies such as stamp duty. Dr. Shaikh appreciated the suggestions which, he said, would be given due consideration in the run-up to the budget.
Provinces demand more for their development programmes ISLAMABAD: The mandarins of the economic ministries spent a busy day on Tuesday sorting out strategy to counter the provincial governments hard tactics to seek more funds for their development programmes in all the devolved sectors for the next fiscal year. An official source said that the provincial governments were likely to seek enhancement in their allocation for the provincial programmes from the centre at the meeting of the National Economic Council on May 24. Usually the Finance Ministry keeps a cushion of Rs 5 billion for the discretion of the Prime Minister but we have information that each provincial government is planning to seek additional Rs 5 to 10 billion for social sectors which primarily fall under their jurisdiction, the source said. To reign in the provinces, the federal government has dropped the proposed plan of Youth Fund, proposed to provide small loans to technical and vocational educated youth to set up their own businesses from the meeting. The plan was dropped as youth affairs falls under provincial governments and centre did not wanted to become hostage to political pressures, the source said adding that even some allocation for social sector was still made under prime minister and president pressure. The source said the government was convinced to drop the youth fund, as official estimates projected new employments of 100,000 next fiscal year mainly due to the financing of the ongoing social sector and infrastructure projects. The Annual Plan Coordination Committee (APCC) had finalized a total national development outlay of Rs 825.2 billion, with federal component of Rs 350 billion and provincial share of Rs 475 billion for the next fiscal year 2012-13. The initial estimate of foreign exchange component was Rs 90 billion but has been enhanced to Rs 100 billion due to the latest projections of the Economic Affairs Division. The source said the federal government was in no position to dole out extra financing to the provinces and it would be strictly opposed at the NEC meeting. Priority will be given to complete on-going projects, as 96 percent or Rs 335 billion have been allocated for ongoing schemes. Only 4 percent allocation is set for new priority projects mainly in the energy and infrastructure sectors. He said that the number of water sector projects have been increased from 37 projects this fiscal to 45 projects next fiscal and energy sector projects from 55 this fiscal to 86 next fiscal. These projects are mainly for improving power distribution network. Railways is allocated Rs 1.5 billion next fiscal to get new locomotives under an plan of Rs 150 billion for purchasing new locomotives while an allocation of Rs 1.2 billion has been made for a pilot project to introduce mechanized track maintenance. The government estimates a GDP target of 4.3 percent which will be achieved through improvement in productivity and competitiveness, reforms in the markets, promoting cities as regional clusters, improve connectivity, reforming the civil service, institutions and PSEs, harnessing the potential of youth and embarking on result based management. AMER SIAL
Ministerial committee adds fuel to the fire
Someone wants to taste champagne on a beer budget
Diﬀerence of opinion on LNG slows down progress ISLAMABAD AMER SIAL
The harder the government tries to expedite the Liquefied Natural Gas (LNG) imports the more it faces opposition from its own ranks as at a recently convened meeting of the ministerial committee serious difference of opinion emerged between the members over the use of Port Qasim for importing LNG with suggestion of shifting it to the Gwadar port. An official source said that a meeting convened on May 21 to discuss sovereign guarantee for LNG imports ended abruptly when the Special Advisor to Prime Minister on Water and Agriculture Kamal Majeed Ullah and Petroleum Minister Dr. Asim Hussain had a heated argument over which port to be used for LNG imports. The Advisor left the meeting in protest. The meeting was held without its convener Minister for IT Raja Pervez Ashraf and it was decided that the meeting would be held again on May 25. Advisor’s point of view was that the Port Qasim channel was narrow and under heavy use, incase of any incident the channel could be blocked causing disruption in all kind of
supplies. He suggested using Gwadar Port for LNG imports. However, the Petroleum Minister termed Port Qasim ideal for importing LNG and its supply into the national natural gas transmission network. The Advisor struck to his argument terming Gwadar port more viable for LNG imports and required infrastructure could be developed on urgent basis. The Ministry of Finance, the source said, is reluctant to provide any kind of sovereign guarantee for LNG imports, which the Petroleum Ministry argues is not possible as all the seller states want a long term agreement backed by sovereign guarantee for a government to government (G2G) basis deal. Pakistan is faced with a severe gas shortage exceeding 2 billion cubic feet per day (bcfd) as the local production is unable to keep pace with the requirements of the country. Petroleum Ministry is stressing importing LNG to mitigate the crisis. The imported LNG would be received, stored and re-gasified in LNG terminals and delivered through connecting pipelines to the existing transmission pipeline network as Re-gasified LNG (RLNG). Algeria and Qatar are both interested to
KARACHI supply LNG to Pakistan provided a deal is signed on a government to government basis for long term supply contract. A MoU has been signed with Qatar and they have provided a term sheet subject to negotiation. Qatar has also required guarantees by a satisfactory credit support and an acceptable performance guarantee. The RLNG price will be factored in the Weighted Average Cost of Gas (WACOG). Provinces have expressed concerns over the federal government’s plans to import LNG. Provincial government of Khyber Phaktunkhwa has already asked the centre to keep them in loop on natural gas import projects as the WACOG would be affecting the consumers. In May 2011, the government invited expression of interest from private sector companies interested in capacity allocation and willing to develop their own LNG FSRU, arranging their own supply of LNG and having their own buyers of re-gasified LNG (RLNG) which also may include the Sui Companies under third parties access regime. Three companies were given construction licenses by OGRA for setting up LNG terminals and allocated them capacities in the pipeline network.
The analysts expect the upcoming FY13 budget to be a non-event for the oil downstream sector (OMCs and refineries), with the government revealing the customary Petroleum Levy and dividend targets from state-owned PSO. “Though, the major theme of the budget would be the resolution of energy crisis, ensuing eradication of circular debt that has marred the cash-flow position of the downstream sector, particularly PSO,” said Nauman Khan of Topline Research. However, he said, we attach low probability of government following through its plan on account of political consideration. Despite recent 16% (Rs1.25-1.68/KWhrs) increase in electricity tariff by the gov’t there still exist a 20-25% gap between cost of generation and tariff that would force the gov’t to overshoot its subsidy target and circular debt to remain a factor in coming year. The government is likely to announce its PL target of Rs120-140bn in FY13, in line with last year target but higher than estimated collection of Rs70bn in FY12. Given political consideration to keep the domestic oil prices in check, we attach a downside risk to these estimates. Similarly, the gov’t would also reveal its dividend estimates from its state-owned OMCs, PSO. We estimate cash dividend of Rs12 per share from the company in FY13. On the taxation front, we also expect no big surprises with 7.5% deemed duty on HSD and concessionary 0.5% of turnover tax for downstream oil sector to continue in the coming year. The gov’t would reaffirm its commitment for the overcome the energy crisis by showing its intent to restructure energy chain and targeted subsidy through tariff rationalization. However, we believe the political compulsion ahead of the general election would keep the gov’t to follow through its plan of energy sector reform. Hence, despite 16% increase in the electricity tariff, gov’t is likely to overshoot its subsidy target and actual subsidy to stand in a tune of Rs200bn.
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Wednesday, 23 May, 2012
NOT ANY MORE!
Heaven protects children, Textile troubles tamed sailors and auto industry g
Govt to abolish protection of auto industry to bring down vehicle prices ISLAMABAD ONLINE
HE government has proposed to abolish the protection of Auto Industry to provide fair competition to existing players which will go a long way to bring down the prices of locally made vehicles. However, Auto Industry has expressed its deep reservations over government proposed five year (2012-17) Auto Industry Development Plan-II, said an official of Auto industry. According to an official of the Ministry of Industries, the government wants gradually reduce the protection of Auto Industry by reducing the tariff of Complete Build Unites (CBU) to ensure availability of imported substitutes for consumers at affordable prices and by rationalizing tariffs of Complete Knock Down (CKD) to provide fair competition to existing players through new investments and more options for consumers. “The government proposed technological up – gradation of the vendor industry to rationalize the prices of locally made vehicles by introducing fair competition for existing assemblers,” said the official, who spoke on
the condition of anonymity. The government also proposed reduction in the tariff of upto 1000cc cars from current 55 per cent to 40 per cent for next five years, for 1001 to 1500cc from 60 per to 50 per cent, an increase of 5 per cent has been proposed 1501to 2000cc cars from current 75 per cent. The tariff o f
CKD for non-localized is currently 32.5 per cent while it was proposed 20 per cent for next five years, for CKD localized it is proposed 35 per cent against its current tariff of 50 per cent. LCV’s tariff is currently 60 per cent while it is proposed 50 per cent for next financial year 2012-13.CKD and component localized tariff is currently 50 per cent while it is proposed 35 per cent for next five years. According to the official, the gov-
ernment has also proposed reducing Tariff slabs for CBU import of cars from existing 5 to 4, in line with HS Coding System of World Customs Organization. Rationalizing CKD & CBU tariffs in line with the trends followed by successful economies of the Region. Official further told that the government also proposed withdrawal of Regulatory Duty of 50 per cent on cars exceeding 1800cc, being an impediment to growth in this segment and revisiting the existing schemes for import of used vehicles so as to circumvent misuse there of, besides encouraging import of new vehicles over the old and used ones. “Lowering CKD rate and simultaneously keeping CBU rate higher is not only in line with the trend followed by successful Regional economies, but would also attract new investments, technology transfer and providing even playing field to existing assemblers and vendors in view of MFN status to India,” added the official. The official further explain that a higher rate for CBU import would encourage local assembly/ manufacturing over imports, there by attracting investments and simultaneously safeguarding foreign exchange reserves, besides creating more creating more employment opportunities.
Foreign investment decline gives LCCI sleepless nights LAHORE ONLINE
The Lahore Chamber of Commerce and Industry (LCCI) Tuesday expressed grave concern over sharp decline in foreign investment that fell sharply by $926.6 million, or 66.5 percent, to $466.5 million during July-March 2011/12 against $1.393 billion in the corresponding period last year. In a statement issued here, the LCCI president Irfan Qaiser Sheikh said that rising risk perception about investing into Pakistan is hitting hard
the entire economy and needs to be tackled through a comprehensive policy approach by involving Chambers of Commerce in the country. The LCCI President said that severe energy shortfall, bad law and order situation, institutional fragility and the political instability were the major factors keeping the foreign investors away. Irfan Qaiser Sheikh said that a special committee comprising members of the Parliament, Presidents of Chambers of Commerce and Industry and representatives of Association should be formed to identify the solutions to
attract foreign investment that is a prerequisite to economic growth. The LCCI President said that the proposed committee should also be tasked to look into the existing policy framework and if there is a need to redesign new policies it should immediately initiate work on them. Irfan Qaiser Sheikh said that all the developed countries accord special importance to economic issues and the challenges. But in Pakistan the situation is the other way round and the economy is on the bottom of government to-do list.
LOW IN FACT
Chairman All Pakistan Textile Mills Association (APTMA) Mohsin Aziz has said that the textile exports have surged by 10% in April 2012 against the month of March 2012 simply with one direction of President Asif Ali Zardari for sustainable energy supply to the industry. According to him, the Minister for Petroleum Dr Asim Hussain and Minister for Water and Power Naveed Qamar ensured sustainable energy supply to the industry on the direction of President Asif Zardari two months back, which helped industry to increase production mainly meant for exports. The textile exports have registered an increase of $100 million in April 2012 against March 2012 Month on Month basis, surging to $1.14 billion in April against approximately $1 billion in March 2012. According to him, five days a week gas supply has improved the textile industry exports immediately, which must by food for thought for the economic managers of the country. He said the textile industry can easily meet previous year target if five days a week gas supply continues and sincere efforts are made to increase it to six days a
week supply. However, he said, the exports in quantitative terms are still on decline as of JulyApril 2012 against corresponding period including fabric by 15 percent, knitwear by 26 percent, bed wear by 20 percent and readymade garments by 27 percent. , Further, he said, there is 10 percent shortfall in value terms during the same period. He said the export shortfall has crossed $1.1 billion in July-April 2012 against the corresponding period. It may be added that all these subsectors of textile value chain are consumers of yarn, meaning thereby decline in exports is directly impacting the spinning industry, he said, urging that the textile industry should be supplied with gas and electricity supply on priority basis to overcome the shortages in the production of exportable surplus. The APTMA Chairman has expressed the hope that the government would continue with uninterrupted supply of energy, both electricity and gas to the export-oriented, labour and capital intensive textile industry to achieve $1.2 billion per month ahead. It is though not possible to achieve previous year record exports of $14 billion but still it would be closer to the last year exports if energy supply continues, he added.
P(H)EW! NAB, KSE deal to bring rouge brokers to book termed eyewash: PEW ISLAMABAD ONLINE
The Pakistan Economy Watch (PEW) on Tuesday expressed scepticism about deal between National Accountability Bureau (NAB) and Karachi Stock Exchange (KSE) to bring rouge brokers to book. This is a showy misrepresentation intended to conceal unpleasant reality and gain popularity, it said. The stock market crashes from 2000 to 2008 were engineered in which top government functionaries and influential brokers were directly involved, said Abdullah Tariq, SVP, PEW in a statement issued here today. He said that why NAB and KSE are determined to do something about the 2008 crash after four long years. Masses deserve to know the outcome of investigations of all the five stock market crashes that took place in May 2000 and March 2005, he said. Was any influential culprit identified, held responsible, any criminal cases registered, or property of any broker confiscated to properly compensate victims, he questioned.
Abdullah Tariq said that the people and companies lost some Rs 200 billion in 2008 crash that benefited some influential politicians and brokers. The PEW official said Musharraf fired Chairman SECP during EID holidays to save brokers from the clutches of law. Since then SECP has become a toothless watchdog safeguarding the interest of broker mafia. Former chairman SECP Dr Tariq Hassan blamed former PM Shaukat Aziz, former Minister of State for Finance Omar Ayub Khan and former Prime Minister’s Adviser Dr Salman Shah for involvement in the scams. Abdullah Tariq said that record number of crashes took place during Shaukat Aziz era and finance minister and prime minister while any action against the perpetrators was avoided which left criminals more fearless and markets highly vulnerable. He asked the Chief Justice to take note of the situation as the institutions meant for safeguarding the rights of masses and investors and the departments entrusted for eradication of corruption have become useless entities wasting public money.
High on trade g
Textile exports surge with sustainable energy supply to industry: APTMA
Budget, Haj pull down rupee
‘Pakistan major victim of Afghan drug trade’ ISLAMABAD ONLINE
Pakistan is the major victim of the drug Production in Afghanistan; approximately fifty per cent of the drug traded from Afghanistan has been consumed here. Director General Ministry of Narcotics Control Mr. Shahid stated this on Tuesday while addressing an advocacy event on drug prevention, gender justice and protection project here at a local hotel. The DG said that the responsibility of the provinces has been increased to an extended level to prevent the menace of drug from their relative areas after the 18th constitutional amendment. He expressed grief that role of the federal as well as provincial governments is very limited to cope with the existing challenges. He added that the cooperation of the provinces and federal government should be raised to a certain mark to cure and aware the drug addicts about consequences of its use. He opined that there is lot of need to handle the enforcement side as well. He highlighted that sixty per cent of the drug addicts in Pakistan lie between the ages of
15 to 30 years. He said that private educational institutions are more vulnerable than the government educational institutions to attract the students towards drug addiction. He added that extra curricular activities, role of family as well as community is most important to prevent the students from this menace. Moreover, he said that enhanced role of federal and provincial governments, effectiveness of law enforcement agencies, improved role of family, community and educational institutions, and coordinated efforts of NGOs could help a lot to meet the today’s challenges. He expressed that addiction rate was observed high where tuition rate was high, where both parents were working and where parents don’t have enough time for their children. He also lauded the serious attitude of Pakistani government in fighting against drugs and narcotics and said that Pakistan has second position in this wake. He stated that only five per cent of the drug is being confiscated by the enforcement agencies across the world however, 95 per cent reaches to end users or drug consumers. He highlighted that Afghanistan is the only source of heroin supply to Pakistan.
The Pakistani rupee depreciated to a record low Tuesday on the back of what the currency dealers viewed multiple attributive factors. Though stable against regional currencies, the day saw Pak rupee devaluing by 50 and 20 paisas, respectively, in the inter-bank and open markets. According to dealers, the rupee was trading at Rs 91.70 and Rs 90.50 on the inter-bank and open market on Tuesday against Rs 91.60 and Rs 90.30 of Monday. “This hike is not unusual and always happens before new fiscal budgets and the Hajj,” said Malik Bostan, chairman Exchange Companies Association of Pakistan (ECAP). Last year, in these days dollar had appreciated to Rs 93 before sliding back to Rs 89, he recalled. Reasons for rupee depreciation, the money exchanger said, were ranging from the making of pre-budget financial closures by the public and private sector companies to hectic buying of the greenback by the Hajj pilgrims in the open market. Bostan attributed fresh buying spree by the pilgrims to the government’s withdrawal of the $ 1000 traveler cheques it used to provide to Hajis in the past. “Now as Pilgrims are buying dollars
by their own before three to four months of the Hajj thus shooting demand for the greenback up,” he elaborated. Bostan warned the general public against purchasing and holding the dollars saying buying should be needbased only. The currency experts believe that interest payments on the country’s external loans, which the central bank has counted at over $ 62 billion, were also pressuring the value of local currency. They said amid poor foreign inflows the repayment of foreign liabilities would be a major drain on the country’s depleting foreign exchange reserves. According to State Bank, up to May 11 (2012) country’s dollar reserves stood at $ 16.103 billion. The continued contraction in foreign exchange reserves was not a good omen for the rupee, warned the experts. “The debt repayments would certainly be a major drain on the dollar reserves if foreign inflows continue to remain poor,” said a currency expert. Even the stock market is not an exception when it comes to rupee-dollar parity as Tuesday saw the equity investors seemed concerned over the rupee losing face against the American currency. According to Ashen Mehanti, a senior stock analyst and director at Arif Habib Securities, the investors moved cautiously due to their “concerns for fall in rupee dollar parity and rising current account deficit”.
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Wednesday, 23 May, 2012
news Banks vie to prevent further wind twisting g
Islamic, Asian banks agree to fund for wind power projects RAWALPINDI ONLINE
The Islamic Development Bank and the Asian Development Bank has agreed to a $133 million financing plan to develop two wind projects in Pakistan as the nation seeks new renewable sources to overcome power shortages. Pakistan’s Fauji Foundation, set up as a charitable trust for former servicemen, and the nation’s Tapal Group are backing the projects totaling 100 megawatts, according to a statement by the Islamic Development Bank. Pakistani Prime Minister Yousuf Raza Gilani said March 6 the nation has “enormous potential” for wind farms, solar power, geothermal and biofuel energy. Pakistan needs to diversify power sources away from oil and gas to overcome blackouts that beset the country restricting its growth and triggering protests in some cities this month. The gap between power demand and supply surged to a record 7,500 megawatts on May 10, the media reported. Pakistan received private sector offers to build 1,500 megawatts of renewable power, according to the country’s Alternative Energy Development Board.
UBL Funds announces interim payout KARACHI STAFF REPORT
UBL Fund Managers announced an interim payout for the period that ended on May 20 (2012) from its open-end investment schemes. The company announced a payout of Rs 1.65 per units of par value Rs 100 from its money market scheme, UBL Liquidity Plus Fund (ULPF) which gave an year to date return of 11.43% p.a. From UBL Government Securities Fund (UGSF), the Company announced a payout of RS. 1.55 per unit of par value RS. 100. This scheme has given a year to date return of 12.34% p.a. While from UBL Savings Income Fund (USIF), UBL Funds announced a payout of RS. 1.85 per unit of par value of RS. 100. This scheme has given a year to date return of 12.24% p.a. Where as on UCPF-II, a UBL Capital Protected Fund, a payout of Rs.6.20 per unit of par value of Rs.100 has been announced and has so far given a year to date return of 6.30%.
RED RAG: NATO SUPPLY RESUMPTION
Bulls stampede like there’s no tomorrow g KSE 100-share index skyrockets 266 points KARACHI
N Tuesday the bulls kept dominating Karachi stocks market with the benchmark, KSE 100share index skyrocket 266.34 points. Ahsan Mehanti, Director at Arif Habib Investments Limited, said that the Pakistan stocks closed bullish amid higher trades as investors cheer Pak-US progress on resumption of NATO supplies. The day saw the index closing up by 1.92 percent at 14,142.08 points against 13,875.74 points of Monday. The trading volumes at the readycounter were recorded higher at 179.108 million shares against 81.448 million shares of the previous day. The trading value was up to Rs 5.259 billion compared to Rs 2.121 billion of the previous session. The intraday high and low, respectively, stood at 14,157.81 and 13,875.74 points. He added that the Institutional support in oversold market as global stocks and commodities recover after weak sessions. The market capitalization grew modestly and increased to Rs 3.611 trillion from Rs 3.544 trillion a day earlier. Of the total 372 traded scrips, 226 gained, 76 lost and 70 finished as un-
changed. The free-float KSE-30 index also gained 260.79 points to close at 12,267.03 points against the previous 12,006.24 points. The KSE all-share index closed with a gained of 185.51 points to 9,935.82 points as against 9,750.31 points. Mehanti stated that the speculations over favorable federal budget announcements for corporate sector and expectations for release of US military aid to Pakistan played a catalyst role in bullish sentiments despite concerns for fall in rupee dollar parity and rising current account deficit. Jahangir Siddiqui Company was the day’s volume leader counting its traded shares at 19.698 million with the opening and closing rates standing at Rs 16.34 and Rs 16.91, followed by P.T.C.L.A, D.G.K. Cement, Lafarge Pakistan and Fauji Cement with turnover of 17.252 million, 14.288 million, 10.356 million and 7.757 million shares respectively. On the future market, the turnover recovered by over one million shares to 20.879 million against 19.752 million shares of Monday. The Unilever Pakistan XD and Unilever Food XD, up Rs 100.00 and Rs 90.00, led highest price gainers while, Bata Pakistan Limited and Shahtaj Sugar Mills, down Rs 19.03 and Rs 3.66 respectively, led the losers.
Major Gainers Company
Mithchells Fruit Wyeth Pak Limited Shezan Inter. Pak.Int.Cont SD Pak Services
214.76 770.00 184.07 157.50 150.84
225.49 780.00 193.27 165.37 158.38
214.76 755.00 185.88 161.00 150.84
225.49 780.00 193.27 162.62 155.26
10.73 10.00 9.20 5.12 4.42
986 101 24,550 8,495 180
-72.82 -11.71 -8.80 -5.45 -4.22
11 13 4,474 19,042 65
0.60 -0.23 -0.21 -0.72 0.88
10,720,366 8,070,482 7,217,367 6,841,754 3,403,222
Major Losers Rafhan MaizeXD Nestle Pakistan Ltd. AL-Ghazi Tractor Clariant Pak Bata (Pak) Limited
2900.00 3990.00 205.06 163.07 644.22
LAHORE: Wateen Telecom, Pakistan’s leading converged communication services provider, distributed laptops to the winners of the Ideas Hunt Competition for e-Governance held by the Punjab Information Technology Board (PITB). Wateen Telecom gave away latest Laptops to the winners of the competition where Anwar Khan (Head of Consumer Sales Wateen Telecom), represented the company and distributed prizes and certificates amongst the winners. Speaking on the occasion Anwar Khan said, “The ideas generated through this exhibition are a further proof of how internet accessibility can be a harbinger of social change, a philosophy that Wateen wholeheartedly believes in.” The Ideas Hunt Competition was a part of the e-Governance exhibition for the IT industry commentators, academia, government departments and public at large, held at the Arfa Technology Park from April 28 - 29, 2012. The objective of the event was to create awareness amongst the public and other stakeholders about the IT based good governance projects of the Government of Punjab.
PM visits PTCL pavilion
JS Bank Ltd Jah.Sidd. Co. D.G.K.Cement Bankislami Pakistan Engro Foods Ltd.
5.20 16.57 40.49 10.83 64.75
2827.18 3978.29 196.26 157.62 640.00
5.89 16.89 40.66 10.74 66.20
5.10 16.21 39.70 9.83 64.75
5.80 16.34 40.28 10.11 65.63
Interbank Rates US Dollar UK Pound Japanese Yen Euro
91.2947 144.4282 1.1510 116.5742
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Calza campaign launched
91.80 116.50 144.43 1.1466 89.31 11.68 24.90 24.42 89.51
92.40 117.78 145.97 1.1588 90.77 11.85 25.14 24.62 91.93
PSO eyes the ceiling To maximise product uplifting from local sources, refineries g
KARACHI:The Thai Airways held travel mart at a Mall in Clifton. Picture shows Consul General of Thailand Mr. Wichai Sirisujin, along with Consul General of Indonesia Mr.Rossalis Rusman Adenan, Mr. Polapat NeelaBhamorn, General Manager Thai Airways and Mr. Arif Suleman, honorary trade advisor of Thai Government inaugurating the mart.
Get 1000 free minutes and SMS with Warid Sim Jagao
ISLAMABAD: Country’s largest provider of quality telecom services, Pakistan Telecommunications Company Limited (PTCL), celebrated its 1 Million Broadband Customers mark on the commemoration of World Telecommunications and Information Society day at the Pak-China Friendship Centre in Islamabad. Prime Minister Syed Yousaf Raza Gilani inaugurated the One Million Broadband customers’ celebrations at the Pak-China Friendship Centre. The Prime Minister visited the Pavilion of PTCL and experienced firsthand the products and services offered by PTCL. PTCL SEVP commercial, Naveed Saeed briefed the PM about the latest offerings and features of PTCL’s exciting product line. Prime Minister Syed Yousaf Raza Gilani took deep interest in the product and services on display and expressed his pleasure at the technological innovations which PTCL is undertaking.
2780.00 3950.00 195.00 156.05 620.00
CORPORATE CORNER Wateen distributes prizes for winners of PITB Ideas Hunt competition
2880.00 4024.99 208.50 163.07 670.00
KARACHI: With a promise to keep coming up with consumer-friendly offers and promotions, Warid introduces a refreshing SIM Jagao Offer with more value than ever before. All those customers who have not used their Warid SIM since 1st April, 2012, can start using it now to receive 1,000 FREE on-net minutes and 1,000 SMS without any additional charges. Not only this, subscribers will also get 100% bonus on every recharge till the validity of this promotion. For every recharge between Rs. 50 - 500, customers will get FREE bonus minutes worth the amount of the recharge. So the greater the recharge amount, the bigger the bonus! These bonus minutes will only be eligible for free calls to all Warid numbers with free SMS to all local networks. With the best quality network and Customer Services, users can enjoy amazing call rates as low as Rs.3.99/hour for all calls to FnF. No other network is offering such rewards, which makes this a unique opportunity indeed.
KARACHI: Service Sales Corporation (SSC), Pakistan’s leading footwear retailer has launched its new campaign for Calza, its brand for men’s slippers, sandals, and shoes. The campaign, “Meri Dharti Mera Calza” focuses on a rural man, who in pursuit of his dreams goes to the big city and finds success. The story revolves around the man’s achievements and his journey back home to the land where his heart belongs. The TVC has a sweet, melodious jingle that is very hummable and a treat to listen to. Moammar Rana’s presence lends the TVC an exciting and larger than life feel.
HEC Scholar secures ‘First-Position’ at IAE School of Business Administration LYON: Mr. Khurram Shahzad who pursues MS/PhD under HEC scholarship program “Overseas Scholarships for MS/MPhil leading to PhD in Selected Fields (Phase – II)” has pitched the brilliant record by graduating as a ‘Top of the Class’ from internationally acclaimed IAE School of Business Administration Lyon France, in the Master of Business Administration Program – session 2010-11. In this reputable international Master Program, exceptional students from all over the world are carefully selected and are rigorously prepared for competitive international environment.
NUST Conducts an International Workshop on ‘Occupational Safety and Health Training’ RAWALPINDI: National University of Sciences and Technology conducted an international workshop on Occupational Safety and Health Training for Owners, Constructors, Consultants and Administrators on May 22 in SCEE Auditorium. Member Implementation & Monitoring, Planning Commission of Pakistan Lt Gen (R) Shahid Niaz HI(M) was the chief guest. The two-day workshop (May 22-23) aimed at introducing the audience with safety culture, hazards, safety practices, safety training, safety management and OSHA standards.
As part of the new vision, Pakistan State Oil (PSO) has embarked on a mission to strengthen the petroleum products’ supply line by maximizing fuel uplifting from local refineries and local fuel oil blenders. In the pursuit of this objective, the company has recently entered into sale purchase agreement and renegotiated its contract with two refineries namely BYCO Petroleum and PARCO and one local fuel oil blender i.e Bakri Trading Company. Officials of PSO told Online this initiative will benefit the national economy by reducing the nation’s dependence on imported oil products, reduce foreign exchange expenditure, encourage foreign investment in the domestic energy sector and maximize local refineries’ through-put. In the recent agreements signed by the company, the payment modalities will involve PSO opening Letters of Credit (LC’s) for its suppliers. However, this arrangement can only be sustained if back to back LC’s from the power entities are ensured to PSO so that the payment cycle in the energy sector is streamlined and accumulation of further debt is minimized. Official further said that PSO has asked power sector to open Letter of Credit for state agency this way chain of payments would improve and circular debt will stop from further accumulation. PSO takes pride in playing a proactive part in the energy supply value chain and await the remaining stakeholders to come forward to ensure success of this endeavor in the best interest of the nation.
Published on May 22, 2012