Profit E-paper 17th November, 2012

Saturday, 17 November, 2012

KARACHI

STAFF REPORT

Government of Japan is planning to pro-vide Pakistan with grants and yen loanfor undertaking small alternative energyprojects to generate solar, wind andhydro power to bridge the supply and de-mand gap in the energy-starved country.This was stated by Tomoyasu Fukuchi,who is the consulting engineer of NIP-PON KOEI and part of a delegation ofJapan International Corporation Agency(JICA) which is here to conduct a “DataCollection Survey on Renewable EnergyDevelopment in Pakistan”. Fukuchi’sstatement came during a meeting withChairman Sindh Board of Investment(SBI) Muhammad Zubair Motiwala.Among others also present was DG SBIMuhammad Riazuddin. He said twomajor companies, namely Mitsubishi andHitachi, were manufacturing high effi-ciency wind turbine in Japan.

About the survey, Fukuchi said it was

aimed at collecting data and informationcomprehensively regarding developmentof renewable energy in Pakistan. The sur-vey, he said, would explore the possibilityof corporation by Japan for disseminat-ing renewable energy to contribute to therealization of diversity of power genera-tion sources, which is the policy of Gov-ernment of Pakistan. Chairman SBIMuhammad Zubair Motiwala said invest-ment in the Sindh province could only bepromoted with collective efforts of publicand private sector, especially in the re-newable energy sector. Motiwala sensi-tized the delegates regarding continuousand serious interventions by the SBI topromote investments in diversified sec-tors of alternate energy especially wind,small hydro power and solar.

He said after a great success in windsector, where more than 32 companieshad already acquired land for the powerproject, the SBI, in collaboration with al-ternate energy department, was nowworking closely with private sector to ex-

amine interventions under solar energysector. He said Pakistan had the world’sbest insulation with proven power gener-ation of 4-5 KWh/m2 and more than3000 hours of sunshine throughout theyear.

Muhammad Riazuddin, DG SBI,urged the Japanese delegation to install apilot project of wind turbine to let in-vestors witness performance and effi-ciency of the turbines beingmanufactured in Japan.

Earlier, briefing the JICA officialsabout recent policy reforms for develop-ment of wind energy sector in Sindh, thedirector administration SBI said Sindhwind corridor possessed immense poten-tial to produce about 50,000MW of en-ergy. Presently, he said, the investorswere focusing more in Gharo and Jham-pir area because of availability of morethan three-year wind data.

Government of Sindh, the directorsaid, was now intent to extend the windassessment study up to Islamkot to ascer-

tain the actual potential of area. Makingthe best use of opportunity JICA was re-quested to help the provincial govern-ment in carrying out this study. TheJapanese team was also informed that

Sindh government had already allottedland to 32 national and internationalcompanies for establishing wind farms inThatta with installed capacity of morethan 2000MW.

Japan to fund alternative energy projects in Pakistan

KARACHI

ISMAIL DILAWAR

PAKISTAN AeronauticalComplex (PAC) has receivedover a hundred potentialsales and work orders worth$ 40 million from delegates

at IDEAS-2012 representing the Afro-Mid-dle Eastern countries.

Over 85 foreign delegations partici-pated in the 7th International Defence Ex-hibition and Seminars-2012 (IDEAS-2012)were all praise for the five-day moot wherethe PAC showcased its state-of-the-art thirdgeneration fighter and trainer aircrafts, re-spectively, named JF Thunder and SuperMushak. Among other products exhibited,the two planes attracted plausible attentionof the foreign exhibitors. According to AirCdre (Retd) Suhail Salim, Director Salesand Marketing of PAC Kamra, potentialsales and work orders worth $40 millionwere under negotiation and on the processof finalization. The orders, he said, weremostly being put forth by countries fromAfrica and the Middle Eastern regions.

He said the potential orders of JFThunder were over 100 in number, as itwas proving to be the lowest cost fighteraircraft of the third generation, interna-tionally. “Here at the IDEAS-2012 morethan 19 official delegates from variouscountries have shown keen interest in pur-

chasing the aircraft.”Salim said his company would for-

mally turn its attention towards the com-mercial exports after fulfilling Pakistan AirForce’s needs in a year or two. The foreign-ers at IDEAS-2012, in their farewell state-ments, lauded Pakistan’s high-tech defenceindustry which, they said, was fostering self-reliability, curtailing dependence on for-eign manufacturers and boosting exports.Before leaving the country, the delegatessaid they were amazed to have witnessedthe skills, capabilities and strength of Pak-istani defense production industry.

“IDEAS-2012 has surprised me! I hadno idea about Pakistan’s military and de-

fense capabilities but IDEAS has been aneye opener. Pakistan defense industry isprogressing very fast with the technologicaladvancement we see around the World,”said Komuttanount, the Air Chief Marshal,Royal Thai Air Force. Talking about the or-ganization of such a big event, he said de-spite tight security arrangement there wasno hassle of hustle at all and the wholeevent was very well-organized.

Pushpindar Singh, Editor VAYU(Aerospace & Defense Review), from India,said: “An exhibition like this serves as ashow-window for the abilities of indige-nous industries. For Pakistan’s sake, youneed more of these exhibitions with in-

creased number of visitors to showcase thestrength and potential that it has.”

Another exhibitor, Olivier Lambert,who is Senior Vice President Sales and Cus-tomer Relations at Eurocopter, said: “Pak-istan’s armed forces have been ourcustomer for over a few decades which iswhy IDEAS is very important to us.”

“Event like these provide us with aplatform for recognition and also help usimprove existing relations, establish newcontacts and share knowledge,” he added.

Sergio Cavicchi, Vice President SalesDirectorate, MBDA Missile Systems, Italy,viewed that interaction with a variety ofpeople present at the exhibition was con-ducive in establishing communication withpeople from around the world. “The resultof cooperation between our company andPakistan Air force that we supply to, hasbeen top level. Our association with Pak-istan’s defense industry helps us believethat they are highly capable of adapting tolatest technologies,” he added.

The delegates and exhibitors were alsosurprised to see some unique products ondisplay at IDEAS-2012 like Al–Zarrartanks. Developed and manufactured byHeavy Industries Taxila (HIT) the tank re-mained the center of attention at the moot.The tank was developed by modernizingand rebuilding the obsolete Chinese type59 tank. This re-built upgraded variant is acost-effective replacement for the tanks.

EU shows the

path leading to

global marketg Supports National Quality

Policy in Pakistan to promote

access to global market

ISLAMABAD

ONLINE

Federal Minister for Science and TechnologyMir Changez khan Jamali has said that in-cumbent government has devised an inclu-sive policy to develop a fast-growing andexport-driven industrial sector in the country.Federal Minister made these remarks dur-ing inaugural session of National QualityForum (NQF) which was organized by theMinistry of Science & Technology in collab-oration with the European Union fundedTRTA II programme which is implementedby UNIDO. Mir Changez Khan Jamali saidthat to address the international competi-tive market government has outlined acomprehensive strategy with an aim to de-velop growing, internationally competitive,and export-driven industrial sector thatwould helps in poverty reduction throughthe provision of adequate employment op-portunities to the growing labour force. Hefurther said that a National Quality Policy isessential to access global markets.Secretary ministry of Science & TechnologyAkhlaq Ahmad Tarar said that the strictnessof technical regulations in food safety andagricultural health standards are majorsources of concern among many developingcountries. It was therefore proposed by theMinistry of Science & Technology that a Na-tional Quality Forum be held in Islamabadwith the objectives to consider the role andbenefits of the quality infrastructure in thesocio-economic development of Pakistan; tolook into the services offered by the basicinstitutions of the quality infrastructure inthe country, their situation and their needs;to investigate and propose measures thatshould be undertaken to ensure the contin-ual improvement of those services as well astheir sustainability. Addressing the con-cluding session, the Deputy Ambassador ofEU, Mr. Pierre Mayaudon said” the Euro-pean Union is proud to support such ameaningful initiative as to promote a Na-tional Quality Policy in Pakistan. It willserve the overall purpose of better access ofPakistani products to the global market. Inthe context of EU encouraging trade withPakistan, it is a timely step forward.”

Weekly inflation witnesses nominal increaseISLAMABAD

APP

Sensitive Price Indicator (SPI) for theweek ended on November 15, for thelowest income group up to Rs 8,000,registered nominal increase of 0.10 percent as compared to the previous week.

The SPI for the week under review inthe above mentioned group wasrecorded at 181.96 points against 181.77points registered in the previous week,according to provisional figures of Pak-istan Bureau of Statistics (PBS).

The weekly SPI has been computedwith base 2007-2008=100, covering 17urban centers and 53 essential items forall income groups and combined.

The SPI for the combined group in-creased by 0.06 per cent as it went upfrom 187.29 points in the previous week

to 187.40 points in the week under review.As compared to the corresponding

week of last year, the SPI for the com-bined group in the week under reviewwitnessed increase of 5.66 percent.

As compared to the last week, theSPI for the income groups from Rs8001-12,000, 12,001-18,000, 18001-35,000 and above Rs 35,000 increasedby 0.08 percent, 0.07 percent, 0.05 and0.04 percent respectively. During theweek under review average prices of 7items registered decrease, while that of30 items increase with the remaining 16items’ prices unchanged. The itemswhich registered decrease in their pricesduring the week under review includedtomatoes, onions, bananas, chicken live(farm), red chillies (powder), gram pulse(washed) and vegetable ghee (loose).

The items which recorded increase

in their average prices included pota-toes, cooked beef, tea (packet), cookeddal, long cloth, firewood, rice (irri-6/9),georgette (voil printed), masoor pulse(washed), wheat, shirting, lawn, ciga-rettes, wheat flour (bag), tea (prepared),moong pulse (washed), sugar, bread(plain), LPG (11 kg cylender), salt pow-dered (loose), curd, beef, milk (fresh),mash pulse (washed), rice basmati (bro-ken), egg hen (farm), kerosene, mustardoil, mutton and gur.

The items with no change in theiraverage prices during the week underreview included milk (powdered), cook-ing oil (tin), vegetable ghee (tin), garlic,sandal (gents), chappal (gents), sandal(ladies), electric charges, gas charges(upto 100m3), energy savor, washingsoap, match box, petrol, diesel, tele-phone local call and bath soap.

g Afro-ME states place over 100 orders for Pakistani warplanes at IDEAS-2012 g PAC says potential sales

and work orders worth $40m received g JF Thunder, Super Mushak caught eyes of delegates from Africa,

ME states g Over 85 foreign delegates laud Pakistan’s high-tech defence industry

Africa, Middle East inspired by Pakistani ideas

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02

Saturday, 17 November, 2012

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERIsland TextileXD 538.57 565.49 565.49 565.49 26.92 100Indus DyeingXD 539.00 559.00 559.00 559.00 20.00 100Pak.Int.Cont. SD 162.61 170.74 169.90 170.74 8.13 14,500IGI Insurance 138.62 145.55 141.50 145.55 6.93 177,500Linde Pakistan 138.50 145.42 138.55 145.42 6.92 28,900

Major LosersBata (Pak) XD 1385.45 1320.00 1320.00 1320.00 -65.45 50Clover PakistanXD 78.45 77.50 75.61 75.70 -2.75 7,000MCB Bank Ltd.XD 186.10 186.99 183.61 183.94 -2.16 254,900National FoodsXD 292.33 292.45 287.00 290.35 -1.98 6,200Dadex Eternit 41.15 39.20 39.20 39.20 -1.95 1,000

Volume Leaders

Maple Leaf Cement 10.34 11.34 10.35 11.34 1.00 20,196,500D.G.K.CementXD 52.77 53.65 52.50 53.03 0.26 15,069,000Jah.Sidd. Co. 16.45 16.85 16.40 16.55 0.10 11,336,500JS Bank Ltd 6.24 6.35 5.75 5.94 -0.30 9,686,500Fauji Cement 6.52 6.70 6.49 6.57 0.05 8,023,500

Interbank RatesUS Dollar 95.9049UK Pound 152.3736Japanese Yen 1.1990Euro 122.1540

Dollar EastBUY SELL

US Dollar 96.30 96.80Euro 121.09 123.15Great Britain Pound 150.64 153.18Japanese Yen 1.1812 1.2010Canadian Dollar 94.52 96.61Hong Kong Dollar 12.19 12.42UAE Dirham 25.94 26.35Saudi Riyal 25.33 25.71Australian Dollar 98.40 101.51

Business

Warid joins hands with TRG to

enhance customer experience

KARACHI: Warid Telecom and The ResourceGroup (TRG) have signed an agreement wherebyTRG will provide a significant set of Call Centerservices to Warid Telecom’s subscriber base in thecountry. The company has outsourced its KarachiCall Center operations to TRG . This outsourcingwill ultimately translate into greater operationalefficiencies and better customer experience forWarid subscribers.While speaking on the occasion Mr. Muneer Fa-rooqui, CEO Warid Telecom said “We are pleasedto partner with TRG, who have the expertise inproviding world class customer services. Our ob-jective is to further enhance the customer experi-ence and make it worthwhile.”“ We are very excited about our partnership withWarid Telecom,” said Mr. Nadeem Elahi, TRG’sCountry Head for Pakistan. “ TRG is not only Pak-istan’s largest exporter of IT-enabled services, buta leader in providing Business Process Outsourc-ing solutions to renowned brands across the globeand in Pakistan. The Warid-TRG agreement isalso not a typical outsourcing arrangement, ratherit is a strategic partnership where TRG is in closecollaboration with Warid’s staff of 120+ personnelat the Karachi facility and is committed to work-ing with the same staff in bringing about efficien-cies both in the operations and technology frontover the next several years. This is important be-

cause it shows the tremendous faith and commit-ment that Warid has placed in TRG’s capabilitiesand market reputation.”

WCCI office-bearers announced

KARACHI: Women’s Chamber of Commerce &Industry (Sindh) office bearers were announced ata meeting of the WCCI Sindh the other day. Theoffice bearers were proposed by Begum SalmaAhmed seconded by Parveen Ejaz. They are:Kausar Junejo (President), Farida Qureshi andSeema Tahir (Vice Presidents), Fawzia Mehtab(Secretary Public Relations) and Yasmin Hasnain(Information Secretary).Thereafter, a meeting of 40 Executive CommitteeMembers of WCCI (Sindh) took place at FPCCI,Federation House, Clifton. The meeting was chairedby Begum Salma Ahmed, first Lady Vice Presidentand Acting President of FPCCI. The organization iscelebrating 10 years of Women’s Chamber of Com-merce & Industry (Sindh) under aegis of FounderLife President Begum Salma Ahmed.

SSGC to observe weekly

closure schedule

KARACHI: In accordance to maintain thesmooth and uninterrupted gas supply to the in-dustry during the whole next week, SSGC will ob-serve its schedule strictly for closure of gas supply

on coming Sunday 18 November 2012.All the industrial and captive power customers arerequired to discontinue gas usage completely onSunday 18 November from 7:00 am till Monday 19November 2012 up to 7:00 am, as per the sched-ule already agreed between the stakeholders.SSGC’s surveillance teams will monitor the com-pliance of the schedule, which are fully authorizedto disconnect gas supply for next 48 hours of anycustomer found violating the agreed schedule. Thegas supply to such customers will only be restoredafter issuance of NOC from the concerned Indus-trial and trade Association.SSGC management has requested the industrialcustomers to cooperate with the utility in order toenable supply at stable pressure during the rest ofthe week.

LAHORE: Chief Executive Mudassir Iftikhar Shafee in a

group photo during a lunch organised by Diamond Group

of Industries.

PEMRA directs observation

of sanctity of Muharram

ISLAMABAD: Pakistan Electronic Media Reg-ulatory Authority (PEMRA) in its circular is-sued yesterday has directed all its electronicmedia stakeholders to duly observe the sanctity

of the holy month of Muharram-ul-Haram. Thedirectives issued by the Chairman PEMRA, Dr.Abdul Jabbar has asked all the media outlets toobserve the teachings of Islam and has warnedfrom relaying or distributing any programagainst the sanctity of this holy month.The circular stated that no program shall beaired or distributed in contravention to thePEMRA Code of Conduct which inter-alia re-frain from passing derogatory remarks aboutany religion or sect / community or uses orwords contemptuous of religious sects andethnic group or which promotes communaland sectarian attitudes or disharmony. Simi-larly, no program would be tolerated whichmay provoke hatred against individual orgroup on the bases of race, ethnicity and reli-gious orientation.

ISLAMABAD: President Asif Ali Zardari administering oath

of office to Senator Saleem H Mandviwalla as Minister of

State at the Aiwan-e-Sadr.

CORPORATE CORNER

HONG KONG

AGENCIES

ASIAN markets were mixed Fridayas eurozone and US fiscal woes con-tinued to dent confidence, butTokyo posted strong gains for a sec-ond straight session as the yen

weakened further. Tokyo surged 1.41 percent,Hong Kong was 0.10 percent higher after sufferinga big loss on Thursday, while Sydney fell 0.24 per-cent, Shanghai shed 0.25 percent and Seoul was0.32 percent lower. Jakarta was closed for a publicholiday. The eurozone debt crisis tipped the regionback into recession in the three months to Septem-ber, official data showed on Thursday, shrinking0.1 percent from the previous three months, whenit contracted 0.2 percent.

And Germany, Europe’s biggest economy andthe crucial engine for growth in the currency bloc,

expanded just 0.2 percent, which was in line withexpectations but still anaemic as it suffers the ef-fects of the eurozone’s debilitating crisis.

The growth data adds to already weak senti-ment with the US fiscal cliff of tax hikes and spend-ing cuts in focus as traders grow increasinglyconcerned that Democrats and Republicans willnot be able to reach a deal to avert it.

If the package of measures comes in asplanned on January 1 the world’s number oneeconomy will likely tip back into recession, whichwould have a devastating effect globally and espe-cially on export-dependent nations in Asia. Thosefears were stoked this week when a re-elected

President Barack Obama threw down thegauntlet to Republicans to accept tax increases forthe rich, an issue they are not inclined to move on.Wall Street remained negative a deal can be done,falling again on Thursday. The Dow lost 0.23 per-cent, the S&P 500 fell 0.16 percent and the Nasdaqshed 0.35 percent.

However in Japan, the Nikkei index surged fora second straight day as the yen continued to besold off following comments from the frontrunnerto be the country’s next prime minister that hewould push for unlimited monetary easing.

Shinzo Abe, a former prime minister and nowleader of the Liberal Democratic Party, said hewould seek more control of the central bank andpush for strong stimulus measures to spur theeconomy and lift inflation to 2-3 percent. The newsfrom the man widely tipped to win a general elec-tion called for next month sent the yen tumbling asdealers bet on a flood of cash hitting the markets.

Asian markets mixed, Tokyoextends gains on weak yen

SINGAPORE

AGENCIES

Crude oil prices fell in Asia on Fridayas investors took their cue from weakeconomic data out of the UnitedStates and Europe, analysts said.

New York’s main contract, lightsweet crude for delivery in Decembershed two cents to $85.43 a barrel andBrent North Sea crude for Januarydelivery was down 27 cents to$107.74. “Crude prices were weighedby an increase in US weekly joblessdata and disappointing earnings re-

sults,” Phillip Futures said in a report.The US Labor Department said

Thursday that weekly jobless claimssurged 78,000 in one week largelydue to people in the northeast beingforced out of their jobs in the wake ofSuperstorm Sandy.

Wall Street was unable to providemuch cheer, with the three main in-dexes all ending in the red, whiledealers continued to fret over the ap-proaching fiscal cliff of tax hikes andspending cuts due to come into effecton January 1.

If lawmakers are unable to reach a

compromise to cut the country’sdeficit and avoid the cliff the world’sbiggest economy and oil user willlikely fall back into recession.

In Europe, official data showedthe 17-nation eurozone was alreadyback in recession in the third-quarter,hit by the long and debilitating debtcrisis that has ravaged the region.

“GDP data confirmed the euro-zone has slipped into recessionagain... The big concern now is howdeep the recession will burrow and forhow long,” IG Markets said in a com-mentary.

BP to pay biggest

ever penalty to settle

Gulf spill: sourceWASHINGTON

AGENCIES

BP will pay the largest criminal penalty inUS history to settle charges and claims aris-ing from the devastating 2010 Gulf of Mex-ico oil spill, a source close to the case saidThursday.The amount of the settlement — reportedlybetween $3 and $5 billion — will be an-nounced later in the day, the source toldAFP, dubbing it the “largest criminalpenalty in US history.” BP declined to con-firm the reported deal, but issued a state-ment earlier Thursday saying it was in“advanced talks” with the US Justice De-partment and the Securities & ExchangeCommission. BP said the proposed resolu-tions were not expected to cover federal civilclaims, including damages under the CleanWater Act, federal and state natural re-sources damages claims or outstanding pri-vate civil claims. “Until final agreements arereached, there can be no certainty any suchresolutions will be entered into,” BP said.

Greece to clear

five-billion-euro debt

hurdle: debt agencyATHENS

AGENCIES

Greece on Friday was in the process of re-paying a five-billion-euro treasury bill withmoney raised from another debt issue thisweek, thus avoiding a payment default, adebt management agency source said. “Thepayment is proceeding without problems,the necessary money is present,” an agencysource told AFP. He did not specify whenthe process would be complete.Faced with a financing gap from a stalledEU-IMF loan installment that is still pend-ing, Greece raised the necessary money ear-lier in the week with a sale of three-monthand one-month treasury bills. It drew 4.0billion euros on Tuesday and added another938 million euros two days later. GreekPrime Minister Antonis Samaras warnedlast month that the country would run outof money on Friday without the prompt re-lease of funds from the European Unionand International Monetary Fund.

Oil down in Asia on weak US, eurozone data

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