profitepaper pakistantoday 17th october, 2012
2
Wednesday, 17 October, 2012 BAKU APP P RESIDENT Asif Ali Zardari Tuesday urged ECO mem- bers to expedite implementa- tion of past agreements for trade liberalisation besides cutting down tariff and non-tariff barriers. “We must resolve to operationalise the ECO Trade Agreement from January 1, 2013 and should also facilitate the private sector for promotion of trade, transport and en- ergy sectors”, he said while speaking at the 12th ECO summit here. The President said that the member states must commit to become a part of this fundamental agreement as this trade agreement was one of the core objectives of this organisation. Emphasising on regional connectivity, the President said that the vision of re- gional connectivity and trade articulated at the 3rd ECO Summit in Islamabad was given by his wife, Daughter of the East Shaheed Mohtarma Benazir Bhutto, who he said was also his political leader. He said that for most of us, she was a fighter as she fought for the women and children of Pakistan, a country of 200 mil- lion people. He said that political legacy of Shaheed Benazir Bhutto was a treasure that we all carry with great humility. The President, referred to her speech of Mohtrama Benazir Bhutto at the 3rd ECO Summit Islamabad in March 1995, in which she said, “in the tapestry of history, our strong cultural and trading ties, our reli- gious bonds, our mutual goals and objec- tives have woven us together into a rich communal cloth. Our poetry, our literature, our songs, our dances, our legends reflect the community of our nations, the brotherhood of our people.” “This common heritage has given us the collective political will and the modus operandi for further regional cooperation and integration amongst our ten countries,” he said. The President highlighted collec- tive potential and the various challenges and threats to the potential of the ECO and said that the potential was clearly written in the Treaty of Izmir and in our past pledges. The President said that it was obvious that ECO still has a long way to go to achieve its goals, adding that while other regional blocs have progressed but ECO has not progressed. He said that regional blocks like the European Union and ASEAN continue to deepen their regional linkages but the ECO continue to speak only of potential, rather than results. The President said, “we must ask our- selves that why the ECO has not pro- gressed and that we must challenge ourselves to do better constantly, adding that this was the only way forward for all of us.” “We must challenge ourselves both within our countries, and as a collective group of brotherly nations”, the President said and urged for putting into action a vi- sion of real cooperation among the mem- ber countries. Emphasising regional linkages, the President stressed for strengthening re- gional connectivity, adding that energy must flow from energy rich to energy de- ficient countries in the region and that oil and gas pipelines and power grids must be built. “The ECO Train, which I like to call the Gul Train, must be imple- mented”, he said and hoped that it will enhance trade not only among Turkey, Iran and Pakistani businesses but in all countries of the region. Zardari seeks trade liberalisation, tariff cuts among ECO members KARACHI APP US cares deeply about promoting Pak- istan’s economic development and it is an vowed desire that Pakistan soon moves out of being a developing nation de- pended on GSP or preferential conces- sions to increase trade. Preferential trade should not be the goal but the means to establish brands and move upwards. This was stated by US Consul General in Karachi, Michael Dodman, while ad- dressing the members of the Karachi Chamber of Commerce and Industry (KCCI) on Tuesday. The US Consul General, who was ac- companied by Anu Prattipati, Jonathan Ward, and Cara Babrowski from the Eco- nomic and Commercial Office, added that the targeted focus would be on energy, especially for the benefit of education, businesses and individuals. Recently, UDSAID help launch a pro- gramme to improve the electric pumps so that the benefits could soon filter down for overall benefit. Dodman also stated that USTR helped in organizing the US- Pakistan Business Opportunities Confer- ence in London in association with BOI where focus was on investment, espe- cially in the energy sector. There was an unusually plenty of in- terest in the possibilities of investing in Pakistan. The presence of senior officials from both the countries further created the critical mass in making this Confer- ence effective. An important financing agreement for power sector was also inked during this Conference and, at the same time, the participants were made aware of the facilitation tools available to the in- vestors. The US Consul General also in- formed that the Pakistan Private Investment Initiative Fund would also be a game changer as it will pool funds from the US government as well as the private sector and would be implemented and managed by USAID. This Fund would target and assist the SME sector and should be extremely ben- eficial for it. The response from Pak- istan’s equity-based funds and financial institutions was very positive and many proposals have already been received. Dodman also said that the Bilateral Investment Treaty would soon be signed after eight years of negotiations. Once signed, the Treaty would be sent to Congress for final approval. BIT provides assurances and additional level of se- curity for US investors and should send important pos- itive signals to them that Pakistan, with a young population, has im- mense potential. The US Consul General applauded the initiative of KCCI to form the Pakistan Afghanistan Joint Chamber of Com- merce and Industry and the Mumbai Karachi Joint Cham- ber of Commerce and Industry and termed these as active road-building ventures promot- ing Karachi as the Gateway to Afghanistan and Central Asia as well as promoting intra-regional trade and investment. He also complimented KCCI for its role in promoting the Karachi- Houston Sister-Chapter Agree- ment. He was hopeful that KCCI would play a strong role in improving the image of Karachi and Pakistan all over the world, especially in USA. He said the image issue is multi-faceted and there are travel advisories but he assured the businessmen that he would personally take a closer look into these and would use his influence in this regard. He, however, stated that improving image is the mission of the business community, not foreign diplomats. Siraj Kassam Teli, Chairman Busi- nessmen Group and former President KCCI, explained the workings of the Chamber and also said that this has been the only Chamber to send two high pow- ered delegations to United States to meet officials and businessmen there. He asserted that KCCI has been in the forefront in highlighting the positive as- pects of Karachi and Pakistan. One such step has been the holding of My-Karachi Exhibition every year in Karachi. Earlier, President KCCI Haroon Agar, while welcoming the guest, pointed the dynamics of bilateral trade and invest- ment. He enumerated certain sectors that should interest US businessmen and also help in improving the image as well as the business climate in Karachi. He also talked about the various initiatives un- dertaken to bring about betterment in bi- lateral relations. Former Presidents Majyd Aziz, Anjum Nisar and Mian Abrar also expressed their views and opinions. Shamim Firpo, SVP and Nasir Mahmood, VP offered their thanks and appreciation to the American diplomats. ISLAMABAD APP Pakistan is quite comfortable in wheat supply during the current year as the country had a bumper harvest of wheat crop for the last 4 years, with an all time record production of 25.21 million tonnes in 2010-11 and for the year 2011-12, the crop is estimated at 23.52 million tonnes. A statement of Agriculture Policy Institute (API) of the Ministry of Na- tional Food Security and Research is- sued here on Tuesday said that, during the current year, the public sector wheat stocks were 9.30 million tonnes including current procurement of 5.79 million tonnes and last year carry-over stocks of 3.51 million tonnes. The public sector on the average annually relapses 6.5 million tonnes to flour mills and other Agencies/Areas and maintaining the Strategic Reserve of one million tonnes, the country is left with 1.80 million tonnes surplus, the statement said. It added that the country is quite comfortable in wheat supply during the current year and in view of sound supply po- sition, the government has allowed the private sector to ex- port wheat and its products. The API statement said that it is reported that the pri- vate traders have exported wheat and its products from the open market in recent months in the wake of rising prices in the world mar- ket. Major portion of these exports comes from wheat flour, accruing value addition receipts to the econ- omy. The API statement further said that Wheat is not only the major sta- ple food grain but also the food secu- rity crop of Pakistan. Being a very sensitive commodity, a small change in its price and avail- ability has a considerable impact on consumers, especially the poor sec- tions of the community. Hence the Government is much concerned with its supply and demand situation so as to ensure the availability of this basic food security item for the masses. Dur- ing the current year, the public sector wheat stocks were 9.30 million tonnes including current procurement of 5.79 million tonnes and last year carry-over stocks of 3.51 million tonnes. The public sector on the average annually relapses 6.5 million tonnes to flour mills and other Agencies/Areas. Maintaining the Strategic Reserve of one million tonnes, the country is left with 1.80 million tonnes surplus. Thus the country is quite comfortable in wheat supply during the current year. In view of sound supply position, the government has allowed the private sector to export wheat and its prod- ucts. It is reported that the private traders have exported wheat and its products from the open market in re- cent months in the wake of rising prices in the world market. Major portion of these exports comes from wheat flour, accruing value addition receipts to the economy. The Government has also opened releases of wheat to the flour mills w.e.f September 1, 2012 to help stabilize the domestic market. The release price is being regularly moni- tored by the provin- cial food departments and is adjusted in line with the emerging domes- tic and world situation to ensure ample supply of the sta- ple food grain for the sake of food se- curity at home. ADB approves $400m for NHA projects ISLAMABAD: Asian Development Bank (ADB) has approved $170 million for National Trade Corridor Highway Investment Programme Project-1 under which 58km Faisalabad-Gojra section is being realised and $ 39 million have been disbursed. Likewise $230 million are allocated for National Highway Development Investment Programme (Project-2). 68 km Sukkur- Jacobabad and 150 km Qila Saifullah -Zhob Road projects are being built through this programme. This was informed in a meeting presided over by Chairman National Highway Authority (NHA) Muhammad Javaid Iqbal Awan to review national highway projects being undertaken with the cooperation of ADB. The ADB Mission was led by transport specialist Dong Soo Pyo. Detailed discussions were made on technical issues of ADB Aided Projects. The meeting also discussed ways and means to solve such issues for earlier completion of the schemes. On this occasion, NHA chief commended the services of the ADB, for providing financial assistance in national highway schemes. He desired to overcome the issues through mutual consultation so that projects could be realised as per schedule. The meeting also discussed various aspects of pipeline projects for 2012-13 which include 20 km segment of Hassanabdal-Havelian Expressway and Gojra-Shorkot section of Faisalabad-Multan. APP Uncle Sam wantS trade… lotS of it US keen on promoting bilateral trade: Consul General Dodman Produce wheats appetite Pakistan is quite comfortable in wheat supply during the current year: API PRO 17-10-2012_Layout 1 10/16/2012 11:38 PM Page 1
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profitepaper pakistantoday 17th october, 2012
Transcript of profitepaper pakistantoday 17th october, 2012
Wednesday, 17 October, 2012
BAKU
APP
PRESIDENT Asif Ali ZardariTuesday urged ECO mem-bers to expedite implementa-tion of past agreements fortrade liberalisation besides
cutting down tariff and non-tariff barriers.“We must resolve to operationalise the
ECO Trade Agreement from January 1,2013 and should also facilitate the privatesector for promotion of trade, transport
and en-ergy
sectors”, he said while speaking at the 12thECO summit here.
The President said that the memberstates must commit to become a part ofthis fundamental agreement as this tradeagreement was one of the core objectivesof this organisation.
Emphasising on regional connectivity,the President said that the vision of re-gional connectivity and trade articulatedat the 3rd ECO Summit in Islamabad wasgiven by his wife, Daughter of the EastShaheed Mohtarma Benazir Bhutto, whohe said was also his political leader.
He said that for most of us, she was afighter as she fought for the women andchildren of Pakistan, a country of 200 mil-lion people. He said that political legacy ofShaheed Benazir Bhutto was a treasurethat we all carry with great humility.
The President, referred to her speech ofMohtrama Benazir Bhutto at the 3rd ECOSummit Islamabad in March 1995, in whichshe said, “in the tapestry of history, ourstrong cultural and trading ties, our reli-gious bonds, our mutual goals and objec-tives have woven us together into a richcommunal cloth. Our poetry, our literature,our songs, our dances, our legends reflect
the community of our nations, thebrotherhood of our people.”
“This commonheritage has givenus the collectivepolitical will andthe modusoperandi forfurther regionalcooperation and
integration amongst our ten countries,”he said. The President highlighted collec-tive potential and the various challengesand threats to the potential of the ECOand said that the potential was clearlywritten in the Treaty of Izmir and in ourpast pledges.
The President said that it was obviousthat ECO still has a long way to go toachieve its goals, adding that while otherregional blocs have progressed but ECOhas not progressed. He said that regionalblocks like the European Union andASEAN continue to deepen their regionallinkages but the ECO continue to speakonly of potential, rather than results.
The President said, “we must ask our-selves that why the ECO has not pro-gressed and that we must challengeourselves to do better constantly, addingthat this was the only way forward for allof us.” “We must challenge ourselves bothwithin our countries, and as a collectivegroup of brotherly nations”, the Presidentsaid and urged for putting into action a vi-sion of real cooperation among the mem-ber countries.
Emphasising regional linkages, thePresident stressed for strengthening re-gional connectivity, adding that energymust flow from energy rich to energy de-ficient countries in the region and thatoil and gas pipelines and power gridsmust be built. “The ECO Train, which Ilike to call the Gul Train, must be imple-mented”, he said and hoped that it willenhance trade not only among Turkey,Iran and Pakistani businesses but in allcountries of the region.
Zardari seeks tradeliberalisation, tariff cutsamong ECO members
KARACHI
APP
US cares deeply about promoting Pak-istan’s economic development and it is anvowed desire that Pakistan soon movesout of being a developing nation de-pended on GSP or preferential conces-sions to increase trade. Preferential tradeshould not be the goal but the means toestablish brands and move upwards.
This was stated by US Consul Generalin Karachi, Michael Dodman, while ad-dressing the members of the KarachiChamber of Commerce and Industry(KCCI) on Tuesday.
The US Consul General, who was ac-companied by Anu Prattipati, JonathanWard, and Cara Babrowski from the Eco-nomic and Commercial Office, added thatthe targeted focus would be on energy,especially for the benefit of education,businesses and individuals.
Recently, UDSAID help launch a pro-gramme to improve the electric pumps sothat the benefits could soon filter downfor overall benefit. Dodman also statedthat USTR helped in organizing the US-Pakistan Business Opportunities Confer-
ence in London in association with BOIwhere focus was on investment, espe-cially in the energy sector.
There was an unusually plenty of in-terest in the possibilities of investing inPakistan. The presence of senior officialsfrom both the countries further createdthe critical mass in making this Confer-ence effective.
An important financing agreementfor power sector was also inked duringthis Conference and, at the same time,the participants were made aware of thefacilitation tools available to the in-vestors. The US Consul General also in-formed that the Pakistan PrivateInvestment Initiative Fund would also bea game changer as it will pool funds fromthe US government as well as the privatesector and would be implemented andmanaged by USAID.
This Fund would target and assist theSME sector and should be extremely ben-eficial for it. The response from Pak-istan’s equity-based funds and financialinstitutions was very positive and many
proposals have already been received.Dodman also said that the Bilateral
Investment Treaty would soonbe signed after eight years ofnegotiations. Once signed,the Treaty would be sent toCongress for final approval.BIT provides assurancesand additional level of se-curity for US investors andshould send important pos-itive signals to them thatPakistan, with a youngpopulation, has im-mense potential.
The US ConsulGeneral applaudedthe initiative of KCCIto form the PakistanAfghanistan JointChamber of Com-merce and Industryand the MumbaiKarachi Joint Cham-ber of Commerce andIndustry and termed these
as active road-building ventures promot-ing Karachi as the Gateway to
Afghanistan and Central Asia as wellas promoting intra-regional trade andinvestment.
He also complimented KCCI for itsrole in promoting the Karachi-
Houston Sister-Chapter Agree-ment. He was hopeful thatKCCI would play a strong role inimproving the image of Karachiand Pakistan all over the world,
especially in USA. He said the
image issue ismulti-faceted andthere are traveladvisories buthe assured theb u s i n e s s m e n
that he wouldpersonally take a
closer look into theseand would use his influence
in this regard. He, however,stated that improving image is the
mission of the business community, notforeign diplomats.
Siraj Kassam Teli, Chairman Busi-nessmen Group and former PresidentKCCI, explained the workings of theChamber and also said that this has beenthe only Chamber to send two high pow-ered delegations to United States to meetofficials and businessmen there.
He asserted that KCCI has been in theforefront in highlighting the positive as-pects of Karachi and Pakistan. One suchstep has been the holding of My-KarachiExhibition every year in Karachi.
Earlier, President KCCI Haroon Agar,while welcoming the guest, pointed thedynamics of bilateral trade and invest-ment. He enumerated certain sectors thatshould interest US businessmen and alsohelp in improving the image as well as thebusiness climate in Karachi. He alsotalked about the various initiatives un-dertaken to bring about betterment in bi-lateral relations. Former PresidentsMajyd Aziz, Anjum Nisar and Mian Abraralso expressed their views and opinions.Shamim Firpo, SVP and Nasir Mahmood,VP offered their thanks and appreciationto the American diplomats.
ISLAMABAD
APP
Pakistan is quite comfortable in wheatsupply during the current year as thecountry had a bumper harvest ofwheat crop for the last 4 years, with anall time record production of 25.21million tonnes in 2010-11 and for theyear 2011-12, the crop is estimated at23.52 million tonnes.
A statement of Agriculture PolicyInstitute (API) of the Ministry of Na-tional Food Security and Research is-sued here on Tuesday said that, duringthe current year, the public sectorwheat stocks were 9.30 million tonnesincluding current procurement of 5.79million tonnes and last year carry-overstocks of 3.51 million tonnes.
The public sector on the averageannually relapses 6.5 million tonnes toflour mills and other Agencies/Areasand maintaining the Strategic Reserveof one million tonnes, the country isleft with 1.80 million tonnes surplus,the statement said.
It added that the country is quitecomfortable in wheat supply duringthe current yearand in viewof soundsupply po-sition, thegovernmenthas allowedthe privatesector to ex-port wheat andits products.The APIstatementsaid that itis reportedthat the pri-vate tradershave exportedwheat and itsproducts fromthe open marketin recent months inthe wake of risingprices in the world mar-ket.
Major portion of these exportscomes from wheat flour, accruingvalue addition receipts to the econ-
omy. The API statement further saidthat Wheat is not only the major sta-ple food grain but also the food secu-rity crop of Pakistan.
Being a very sensitive commodity,a small change in its price and avail-ability has a considerable impact onconsumers, especially the poor sec-tions of the community. Hence theGovernment is much concerned withits supply and demand situation so asto ensure the availability of this basicfood security item for the masses. Dur-ing the current year, the public sectorwheat stocks were 9.30 million tonnesincluding current procurement of 5.79million tonnes and last year carry-overstocks of 3.51 million tonnes.
The public sector on the averageannually relapses 6.5 million tonnes toflour mills and other Agencies/Areas.Maintaining the Strategic Reserve ofone million tonnes, the country is leftwith 1.80 million tonnes surplus. Thusthe country is quite comfortable inwheat supply during the current year.In view of sound supply position, thegovernment has allowed the privatesector to export wheat and its prod-ucts. It is reported that the privatetraders have exported wheat and itsproducts from the open market in re-
cent months in the wake of risingprices in the world market.
Major portion of these exportscomes from wheat flour, accruing
value addition receipts to theeconomy. The Governmenthas also opened releases ofwheat to the flour millsw.e.f September 1, 2012 tohelp stabilize the domesticmarket.
The release price isbeing regularly moni-
tored by the provin-cial fooddepartments and isadjusted in line withthe emerging domes-tic and world situation
to ensure ample supplyof the sta-ple food
grain for thesake of food se-
curity at home.
ADB approves $400m for NHA projects ISLAMABAD: Asian Development Bank (ADB) has approved $170 million for National Trade Corridor Highway InvestmentProgramme Project-1 under which 58km Faisalabad-Gojra section is being realised and $ 39 million have been disbursed.Likewise $230 million are allocated for National Highway Development Investment Programme (Project-2). 68 km Sukkur-Jacobabad and 150 km Qila Saifullah -Zhob Road projects are being built through this programme. This was informed in ameeting presided over by Chairman National Highway Authority (NHA) Muhammad Javaid Iqbal Awan to review nationalhighway projects being undertaken with the cooperation of ADB. The ADB Mission was led by transport specialist Dong SooPyo. Detailed discussions were made on technical issues of ADB Aided Projects. The meeting also discussed ways and means tosolve such issues for earlier completion of the schemes. On this occasion, NHA chief commended the services of the ADB, forproviding financial assistance in national highway schemes. He desired to overcome the issues through mutual consultation sothat projects could be realised as per schedule. The meeting also discussed various aspects of pipeline projects for 2012-13 whichinclude 20 km segment of Hassanabdal-Havelian Expressway and Gojra-Shorkot section of Faisalabad-Multan. APP
Uncle Sam wantS trade… lotS of it
US keen on promoting bilateral trade: Consul General Dodman
Produce wheatsappetite Pakistan is quite comfortable in wheatsupply during the current year: API
PRO 17-10-2012_Layout 1 10/16/2012 11:38 PM Page 1
02
Wednesday, 17 October, 2012
Major Gainers
COMPaNy OPEN HiGH LOW CLOSE CHaNGE TurNOVErBata (Pak) Limited 1155.00 1212.75 1150.01 1190.00 35.00 950Siemens Pakistan 725.51 761.78 725.51 750.00 24.49 750Shezan Inter.SPOT 429.97 451.46 451.46 451.46 21.49 300Indus DyeingSPOT 426.58 439.98 406.10 439.63 13.05 400National FoodsXD 285.30 299.56 279.00 297.52 12.22 56,100
Major LosersNestle Pakistan Ltd. 5500.00 5300.00 5225.00 5225.00 -275.00 100Rafhan Maize Prod. 3800.00 3700.00 3700.00 3700.00 -100.00 100UniLever Pak 9941.66 9900.00 9700.00 9900.00 -41.66 380Colgate Palmolive 1400.00 1375.00 1375.00 1375.00 -25.00 150Mithchells Fruit 401.00 383.00 380.95 381.79 -19.21 500
Volume Leaders
P.T.C.L.A 19.75 20.19 19.15 19.24 -0.51 10,246,000Engro Corporation 99.57 100.00 95.01 95.39 -4.18 4,506,100Nishat Mills Limited 58.73 59.40 57.75 58.02 -0.71 4,097,500Maple Leaf Cement 9.32 9.49 9.13 9.31 -0.01 3,050,500D.G.K.CementXD 49.48 50.00 48.70 48.90 -0.58 2,944,000
Interbank RatesUS Dollar 95.3238UK Pound 153.2384Japanese Yen 1.2113Euro 123.8446
Dollar EastBuy SELL
US Dollar 95.00 95.40Euro 122.80 124.29Great Britain Pound 151.70 153.50Japanese Yen 1.1888 1.2028Canadian Dollar 95.17 96.81Hong Kong Dollar 12.03 12.24UAE Dirham 25.68 25.96Saudi Riyal 25.13 25.41Australian Dollar 96.27 98.87
Business
KARACHI
STAFF REPORT
STATE Bank of Pakistan (SBP)Deputy Governor Kazi Abdul Muk-tadir on Tuesday said mobile phoneand smart card banking accountshave surged to nearly 1.45 million
in the country, which indicates that Pakistan’sfinancial sector is now going through a dynamictransition led by the latest technology solutions.
Speaking at the launching ceremony of anew product, “Easy Paisa Khushaal” of TameerMicrofinance Bank (TMFB) and Telenor at alocal hotel in Karachi this afternoon, he said:‘The existing active players – the Tameer Micro-finance Bank (Easypaisa) and UBL (Omni) –have so far registered more than 1,447,381 mo-bile wallet accounts (mWallet accounts) of un-banked and under-banked population of thecountry. Wallet accounts are opened underBranchless Banking (BB) and include both Mo-bile Phone and Smart Card accounts.
He said that nearly 30 million BB accountsworth Rs. 115 billion were processed during a sin-gle quarter (April-June, 2012) by only two play-ers (TMFB and UBL – Omni). Abdul Muktadirsaid that such type of innovations in product de-signing will not only attract small savings to gen-erate internal funding for Microfinance Banks(MFBs) but also provide savers a feeling of safetyand security of insurance embodied with theproduct. ‘Now the time is only of demand-driveninnovative products, through which MFBs caneasily handle the challenges like scarcity of fund-ing and financial exclusion,’ he added.
‘With the entry of new players and scaling-upof the existing institutions, the present growthmomentum of BB accounts will rise further. OurTele density also highlights the inherent potential
for mobile banking in Pakistan,’ he said andadded that achievements in the BB services haveput Pakistan at the global centre stage of Finan-cial Inclusion and innovation. He said that theWorld Bank’s Consultative Group to Assist thePoor (CGAP), in its recent study has also recog-nized Pakistan as one of the fastest growingbranchless banking market in the World.
He said that the Government and the SBPhave been supporting the microfinance sector toreach out to the millions of un-served low-incomepeople of the country. This growth is facilitated byseveral factors, including an enabling policyframework, institutional reforms, technology ini-tiatives, regulatory flexibility, tax incentives andtechnical support through different programs andprojects, SBP Deputy Governor said. State Bankof Pakistan has also issued a Strategic Frameworkfor Sustainable Microfinance in Pakistan whichmainly focuses promoting use of alternative de-livery channels to enhance financial services topeople without access to finance which is recog-nized as one of the fundamental constraints inachieving sustainable economic growth in manydeveloping countries, he added. Mr Abdul Muk-tadir said that SBP has always been very encour-aging in promoting innovations in products anddelivery channels in order to promote financialinclusion and added that it (SBP) has alsolaunched a ‘Financial Innovation Challenge Fund’under its DFID-funded Financial Inclusion Pro-gram (FIP) to support innovation in products,and delivery channels in microfinance which willgive further impetus to Branchless Banking. Hecongratulated the Tameer Microfinance Bank andits key partner Telenor for designing another in-novative product and said that it will go a longway in promoting deposit mobilization and moti-vating other microfinance sector players to movein this direction.
Mobilink delivers 120 tonnesof flood relief to Pakistan Navy
KARACHI: Mobilink has delivered over 120tonnes of food and water supplies to the Pak-istan Navy as flood relief for over 14,000 floodvictims in Balochistan, in a ceremony presidedover by Dr Zafar Iqbal Qadir, Chairman NationalDisaster Management Authority (NDMA) andRear Admiral Zafar Abbasi, Commander (Coast),Pakistan Navy. The effort in Balochistan is thesecond phase of Mobilink’s flood relief initiativefor 2012, with the first phase in September hav-ing provided relief to 12,000 victims in SouthernPunjab. Mobilink Foundation and MobilinkTorchbearers, Mobilink’s employee volunteerforce, will also be engaged for physical distribu-tion of the food and water supplies todisplacedfamilies occupying temporary shelters in Jaf-farabad. The Pakistan Navy will organize logis-tics, transportation and distribution, using bothair and land transport. Dr Zafar Iqbal Qadir,Chairman NDMA, emphasized, “I would like toappreciate the efforts made by Mobilink in tak-ing the lead amongst the corporate sector forflood relief activity over the last three years. Mo-bilink’ssupport of the NDMA’s disaster relief ef-forts and their continuing partnership with the
Pakistan Navy is an integral component of ourflood disaster management initiative.”
Cathay Pacific releasescombined traffic figuresKARACHI: Cathay Pacific Airways today re-leased combined Cathay Pacific and Dragonairtraffic figures forSeptember 2012 that show pas-senger numbers, load factor and capacity all de-clining year on year. However, cargo and mailtonnage showed positive growth for the first timethis year. Cathay Pacific and Dragonair carried atotal of2,245,995 passengers in September – adrop of 0.4% compared to the same month in2011. The passenger load factor fell by 1.5 percent-age points to 78.2%, while capacity for the month,measured in available seat kilometres (ASKs), de-clined by 2.1%. For the year to date, passengernumbers have risen by 5.9% compared to a capac-ity increase of 4.9%. The two airlines carried134,584 tonnes of cargo and mail last month, anincrease of 2.4% compared toSeptember 2011. Thecargo and mail load factor was down by 2.0 per-centage points to 62.8%. Capacity, measured inavailable cargo/mail tonne kilometres,decreasedby 0.3%, while cargo and mail tonne kilometresflown dropped by 3.3%. For the year to date, ton-nage has declined by 8.3% against a capacity dropof 4.9%. Cathay Pacific General Manager RevenueManagement James Tong said: “In September wetrimmed frequencies on a number of long-haulservices as one of the cost-containment measureswe announced in Mayto help manage our waythrough a high-fuel-price environment. Our pas-senger capacity will show negative growth for theremainder of 2012 and into next year.Demand inthe premium cabins usually picks up after thesummer holiday season but this year the pick-uphas been slow, especially on regional routes. A
number of major companies are still imposing re-strictions on staff travel.
Vision screening for childrento mark World Sight Day
KARACHI: In celebration of World Sight Daylast week, Standard Chartered Bank Pakistanconducted vision screening for 800 children infive cities across the country under its PakistanUrban Paediatric (PUP) Eye Care Programme.The Eye Care Programme was initiated last yearto identify blind and low vision children andprovide them with the required eye care servicessuch as surgeries and provision of spectaclesand low vision devices within the framework ofNational Eye Health Plan of Pakistan. Some 130volunteers comprising trained staff members ofthe Bank in partnership with government andNGOs helped conduct screening for underprivi-leged children in Karachi , Lahore , Rawalpindi ,Multan and Faisalabad . All Standard Charteredstaff get three voluntary paid leave days annu-ally to encourage them to take part in any com-munity projects. Mr. Mohsin Nathani, ChiefExecutive, Standard Chartered Pakistan said,“Early eye screenings are critical for the healthand wellbeing of children and this programmewill hopefully ensure that every child has the
gift of sight for many years to come. Undoubt-edly, more could be done to eliminate avoidableblindness in the country and individual organi-sations like Standard Chartered can only be partof the solution. Through our staff, resources andclient network we hope to raise new investmentfor the campaign, and World Sight Day providesan excellent opportunity to draw attention tothe initiative.”
PTCL 3G EVO Tab Special Eid offer!ISLAMABAD: Pakistan Telecommunication Com-pany Limited (PTCL) brings special Eid gift for itscustomers offering 3G EVO Tab for just Rs12,000 with 3 Months Unlimited Internet. Withthis special Eid offer, customers can now save upto 18,000 on purchase of new PTCL EVO Tabalong with 3 Months Unlimited Internet. At theend of 3 months, customers will automaticallyshift over to the normal monthly package. Cus-tomers can also avail various volume based postbundle recharge options. PTCL 3G EVO Tab isPakistan’s First 3G enabled Smartphone Androidtablet with in-built EVO Wireless broadbandservice that gives dual support for both EVDOand GSM/CDMA networks. “PTCL’s growth asan innovative telecom company is due to its en-hanced service quality and product diversity,”said Senior Executive Vice President Commercial,Naveed Saeed. “We are constantly striving tobring products and services that meet our cus-tomers’ expectations and empower them to expe-rience the future today.” “3G EVO Tab opens upnew possibilities for customers with on-the-goconnectivity offering a wide range of built-in anddownloadable applications,” said Executive VicePresident Wireless Business, Omar Khalid.
CORPORATE CORNER
Pakistan enhancingmobility and smartness
Oil mixed in AsiaSINGAPORE
AFP
Crude was mixed in Asia on Tuesdaywith global economic concerns putting alid on prices which were supported bytighter European Union sanctionsagainst Iran, analysts said. New York’smain contract, light sweet crude forNovember delivery shed 22 cents to$91.63 a barrel while Brent North Seacrude for November delivery added sixcents to $115.86. Crude was “holdingrelatively steady” as fresh Iraniansanctions tussled with global economicworries for traders’ attention, said VictorShum, senior principal of Purvin andGertz energy consultants in Singapore.“We have concerns about the economy,in particular. Europe exerting downwardpressure, but supporting oil are thetighter sanctions on Iran from the EU,”he told AFP. European Union foreignministers on Monday agreed toughsanctions against Iran, aimed at forcing abreakthrough in talks on Tehran’snuclear programme, and also the regimein war-ravaged Syria. The new sanctionstarget EU dealings with Iran’s banks,shipping and gas imports. Details onthose targeted will be released laterTuesday but a government minister is onthe new blacklist, diplomats said.Meanwhile, traders were looking to anEU summit commencing Thursday forany breakthroughs on the fragile regionaleconomy as debt-straddled Spaincontinues to hold off on requesting for abailout while Greece negotiates forfuture funding.
ISLAMABAD
APP
The Islamabad Chamber of Commerce and Industry(ICCI)has planned to organize an International Industrial Expoby end of the year 2012 in the Federal Capital to promotethe export of country’s industrialproducts.
“The businessmen from all over the world would beinvited to this Expo that would give a boost to country’strade and exports, Zafar Bakhtawari, President ICCI in-formed Nepalese Ambassador Bharat Raj Paudyal hereon Tuesday. During his meeting with the Nepalese Am-bassador at the Chamber house, Zafar Bakhtawari also
invited Nepalese counterparts to actively participate inthe event which would provide an opportunity to thebusiness community of both the countries to comecloser to each other. He said that he considers Nepalone of the best friends of Pakistan as people of Nepalhave great love and affection for Pakistanis.
He said that technology transfer, investment andeconomic cooperation were the areas in which bothcountries could collaborate for mutual benefits. TheICCI President said that the business communities ofPakistan and Nepal have to play a vital role for the pro-motion of bilateral trade and their greater mutual inter-action is needed to achieve the ultimate objectives.
Bears take over Lahore LAHORE: Bearish trend prevailed in Lahore Stock Exchange on Tuesday as it shed 30.52 points,following the LSE-25 index opened with 3948.30 and closed at 3917.78 points. The market’s overallsituation also did not correspond to an upward trend as it remained at 1.040 million shares to closeagainst previous turnover of 1.610 million shares, showing a downward slide of 569,200 shares.While, out of the total 102 active scrips 12 moved up, 32 shed values and 58 remained equal. MuslimCommercial Limited, Atlas Insurance Limited and Pak Elektron Limited were Major Gainer of theday by recording increase in their per share value by Re 0.50, Re 0.42 and Re 0.27, respectively.Engro Corporation Limited, Attock Refinery Limited and Pakistan State Oil Company Limited losttheir per share value by Rs 4.06, Rs 3.00 and Rs 1.60 respectively. The Volume Leader of the dayincluded Silk Bank Limited (Saudi) with 128,500 shares, Worldcall Telecom Limited with 103,500shares and Pakistan Tele Communication Limited with 103,000 shares.
Mobile phone, smart card banking accounts up beyond 1.45m: SBP
ICCI to organise InternationalIndustrial Expo by year end
LSE down by30.52 points
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