Saturday, 1 September, 2012 NEWS DESK P AKISTAN is planning to trans- fer operational control of its strategically important Gwadar deep water port from Singapore’s PSA International to a Chinese company, according to a Pak- istani minister. “We have reached an agreement with PSA where they have de- cided to leave the port at Gwadar. They are in discussions with a possible Chinese in- vestor,” Babar Ghauri, Pakistan’s minister of ports and shipping, told the Financial Times in an interview. MoRe: Although the transfer of manage- ment control is likely to be portrayed in both Pakistan and Singapore as a commer- cial decision, any step that increases Chi- nese influence over its ally Pakistan will be watched closely by the US and by India, Pakistan’s neighbour and regional rival. Gwadar, built with the help of a loan from China, is close to the Pakistan-Iran border and the Strait of Hormuz, through which much of the Gulf’s oil exports are carried by ship to international markets. PSA began running the port five years ago under a contract valid for up to 40 years but is now preparing to leave. PSA declined to comment but Mr Ghauri and Singaporean sources confirmed that PSA’s imminent handover of control was triggered in part by Pakistan’s failure to fulfil its commitments, one being the build- ing of a motorway link to service the port. Other differences included the government’s failure to transfer land for the port’s expan- sion. “There is a decision for PSA to leave and we have given our consent,” said Mr Ghauri, who declined to name the potential Chinese replacement. However, Pakistani officials said strategic as well as commercial interests played a part in the change. China’s assumption of the port con- tract “will be a landmark development, both for Pakistan and China”, said a senior government official. “This has great value for China,” he said. “We believe the Chi- nese may use their presence at Gwadar to lay down a pipeline in future for transport- ing Middle Eastern oil to western China.” Another Pakistani official said the port contract would be “the second most vital Chinese investment in Pakistan after the Karakoram highway”, the road linking Pakistan to western China. Any Chinese expansion of its interests in south Asian ports is likely to reinforce concerns in India about “encirclement” by China. Liang Guanglie, China’s defence minister, is visiting Sri Lanka and is expected in India early next week. Last year, Chaudhry Ahmed Mukhtar, then Pakistan’s defence minister, told the FT that it had asked China to build a naval base at Gwadar and expected the Chinese navy to maintain a regular presence there, although Mr Liang said the Chinese government had not discussed the proposal. Chinese military experts have been debating how the People’s Liberation Army Navy can transform itself into a deep water force and support missions far from home, where ships need access to foreign ports to refuel, change staff or replen- ish food supplies. The PLAN has used its anti-piracy missions in the Gulf of Aden to use some ports along the way on a case-by- case basis but Beijing has been careful not to commit to plans for fixed foreign bases. Beijing agreed to lend Sri Lanka more than $800m for the second phase of devel- opment at Hambantota port on the island’s south coast, Reuters reported from Colombo last week. The first phase was fi- nanced with a US$400m Chinese loan. The port is being built by China Commu- nications Construction, a state contractor. Gwadar port, which had a total investment of $248m, received $198m in funding from China, according to the commerce ministry in Beijing. The port was built by China Harbour Engineering Company, a sub- sidiary of China Communications Con- struction. COuRTESy: FINANCIAL TIMES KARACHI ISMAIL DILAWAR The front regulators at the recently-demutualised Karachi Stock Exchange (KSE) have decided to delist almost two dozen listed companies for their failure to comply with the listing regulations, it emerged Friday. Also, the KSE management has accepted the request for extension in time of some nine firms which either have shown their intention to rectify the defaults or are in process of rectification of the default. Friday saw the front regulator notifying the names of at least 22 companies facing delisting from the stock exchange for not com- plying with the Listing Regulation No.30 that provides for the payment of Annual Listing Fee. The firms under fire have also failed to in- duct the ordinary shares of the companies into Central Depositary System (CDS) of Central Depository Company (CDC). The 22 firms are: (Colony) Thal Textile Mills Limited, Adil Tex- tile Mills Limited, Dadabhoy Sack Limited, Data Textiles Limited, Genertech Pakistan Limited, Hajra Textile Mills Limited, Kohi- noor Industries Limited, Kohinoor Power Company Limited, Mukhtar Textile Mills Lim- ited, (Colony) Sarhad Textile Mills Limited, Annoor Textile Mills Limited, Asim Textile Mills Limited, Central Forest Products Lim- ited, Dadabhoy Construction Technology Lim- ited, Karim Cotton Mills Limited, Khurshid Spinning Mills Limited, Mehr Dastgir Textile Mills Limited, S.S. Oil Mills Limited, Saleem Denim Industries Limited, Service Fabrics Limited, Service Industries Textiles Limited and Taj Textile Mills Limited. The above com- panies have neither rectified the defaults nor complied with the compulsory direction of the KSE of buy-back of shares from minority shareholders by the sponsors or majority shareholders under the Listing Regulation No.30-A within the stipulated time. These defaulting firms are therefore liable for action under the said Regulation, said the regu- lator. Therefore, it said, the Exchange in the in- terest of investors’ protection and in accordance with Listing Regulation No.30(2)(c) intends to now delist these companies. The concerned com- panies or their managements have been asked on Friday to inform the Exchange in writing on or before October 1 if they had any objection to the proposed delisting. “Otherwise the Exchange in compliance with the above referred Regulation will proceed further and take action of delisting of the companies,” the notice issued said. The KSE further said trading in the shares of the said companies shall remain suspended under the Sub-section (7) of Section 9 of the Securities and Exchange Ordinance, 1969 and the Listing Reg- ulations of the KSE. On a positive note, the KSE management extended time for the rectification of defaults to some nine listed firms which were put on de- faulters’ counter for the non-payment of An- nual Listing Fee and/or non-induction of their ordinary shares into the CDS of the CDC. The Dadabhoy Cement Industries Limited, Nazir Cotton Mills Limited, Saritow Spinning Mills Limited, Sind Fine Textile Mills Limited, Bela Automotives Limited, Hamid Textile Mills Limited, Morafco Industries Limited, Redco Textiles Limited and Globe Textile Mills Lim- ited are the firms that got an extension in time up to October 1 (2012) to rectify their defaults. “The Exchange in consideration of the reasons given by the companies and in the public inter- est have decided to allow an extension in time,” the KSE said. It advised the companies to en- sure to rectify the defaults within the stipulated time, failing which the Exchange would initiate further action including delisting of the com- panies from the Exchange. Despite extension the relieved firms would, however, see trading in their shares suspended under Sub-Section (7) of Section 9 of the Securities and Exchange Ordinance, 1969 and the Listing Regulations of the Exchange. kSe drops bomb, 22 firms gone, 9 survive g Decides to de-list 22 defaulting firms from stock exchange, gives a chance to nine others KARACHI STAFF REPORT The sale of urea during the month of August is anticipated to reach 200k tons, as the total sales till August 29 stood at around 190k tons, according to the market sources. This will be approx 49 percent lower than the July 2012 sales of 389k tons as dealers were anticipating de- cline in urea prices as there were ru- mors that government may supply imported urea at a higher discount than local branded urea. Thus for first eight months of 2012, urea sales to reach at 3.3mn tons versus 3.7mn tons compared to last year. However, local manufacturers sales during 8M2012 is anticipated to be lower by 31 percent to 2.3mn tons. The company-wise data shows that out of 200k tons urea sales in August, it is estimated that Fauji group has sold around 55 percent followed by NFML (solely involved in marketing of imported urea) which contributed 16 percent of the industry sales so far. Similarly Engro’s share is around 16 percent while others contribute the rest. “We believe that more than 140k tons of imported urea out of 300k tons of import will still be available with the government during next 1month while 300k tons of fresh im- port is expected to come by middle of October 2012,” said Topline ana- lyst Farhan Mahmood. 200,000 tons! g Urea sales in August to touch 200k ton mark KARACHI: The inflation numbers in the country continue to remain in single digit during the month of August to 32-months low at 9.05 percent as against 9.6 percent the country braved in July (2012). On month-on-month basis, the price hike stood at 0.9 percent as against - 0.22 percent of the preceding month, while the average inflation in 2MFY13 stood at 9.3 percent. “The number break-up reveal that soft numbers is due to subdued numbers from food and housing that cumulatively contribute 64 percent,” viewed the analysts at Topline Reserach. The food inflation rose by 8.1 percent in August compared to last year while housing head rose by 4.4 percent. “These soft numbers attach a lower side bias to our average FY13 inflation forecast range of 10-11 percent,” the analysts said. They maintained the view that these soft inflation numbers could allow the room for the central bank to continue the process of monetary easing. The State Bank in its latest moitary policy decision revised downward, by 1.5 percent, to 10.5 percent the discount rate from the previous 12 percent. STAFF REPORT Pakistani stocks hit four-year high g Pakistani stocks closed at a four-year high on Friday after investors were encouraged by a slowdown in inflation, dealers said KARACHI AGENCIES The Karachi Stock Exchange (KSE) benchmark 100-share index closed 0.90 percent, or 137.87 points, higher at 15,391.58, on volume of 13.12 million shares. Pakistan’s Consumer Price Index (CPI) rose 9.1 percent in August from a year earlier, the Pakistan Bureau of Statistics said on Friday. The year- on-year rate was 9.60 percent in July. “A further slowdown in inflation numbers enticed investors to take fresh positions,” said Samar Iqbal, a trader at Topline Securities. In the currency market, the Pakistani rupee ended slightly weaker at 94.56/94.61 to the dollar, compared to Thursday’s close of 94.48/94.54. Overnight rates in the money market ended at 10.40 percent compared with 7.50 on Thursday. Further rate cut likely PRO 01-09-2012_Layout 1 8/31/2012 11:13 PM Page 1
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Saturday, 1 September, 2012
NEWS DESK
PAKISTAN is planning to trans-fer operational control of itsstrategically importantGwadar deep water port fromSingapore’s PSA International
to a Chinese company, according to a Pak-istani minister. “We have reached anagreement with PSA where they have de-cided to leave the port at Gwadar. They arein discussions with a possible Chinese in-vestor,” Babar Ghauri, Pakistan’s ministerof ports and shipping, told the FinancialTimes in an interview.MoRe: Although the transfer of manage-ment control is likely to be portrayed inboth Pakistan and Singapore as a commer-cial decision, any step that increases Chi-
nese influence over its ally Pakistan will bewatched closely by the US and by India,Pakistan’s neighbour and regional rival.Gwadar, built with the help of a loan fromChina, is close to the Pakistan-Iran borderand the Strait of Hormuz, through whichmuch of the Gulf’s oil exports are carriedby ship to international markets. PSAbegan running the port five years agounder a contract valid for up to 40 yearsbut is now preparing to leave.
PSA declined to comment but MrGhauri and Singaporean sources confirmedthat PSA’s imminent handover of controlwas triggered in part by Pakistan’s failure tofulfil its commitments, one being the build-ing of a motorway link to service the port.Other differences included the government’sfailure to transfer land for the port’s expan-
sion. “There is a decision for PSA to leaveand we have given our consent,” said MrGhauri, who declined to name the potentialChinese replacement. However, Pakistaniofficials said strategic as well as commercialinterests played a part in the change.
China’s assumption of the port con-tract “will be a landmark development,both for Pakistan and China”, said a seniorgovernment official. “This has great valuefor China,” he said. “We believe the Chi-nese may use their presence at Gwadar tolay down a pipeline in future for transport-ing Middle Eastern oil to western China.”Another Pakistani official said the portcontract would be “the second most vitalChinese investment in Pakistan after theKarakoram highway”, the road linkingPakistan to western China. Any Chinese
expansion of its interests in south Asianports is likely to reinforce concerns inIndia about “encirclement” by China.Liang Guanglie, China’s defence minister,is visiting Sri Lanka and is expected inIndia early next week.
Last year, Chaudhry Ahmed Mukhtar,then Pakistan’s defence minister, told the FTthat it had asked China to build a naval baseat Gwadar and expected the Chinese navy tomaintain a regular presence there, althoughMr Liang said the Chinese government hadnot discussed the proposal. Chinese militaryexperts have been debating how the People’sLiberation Army Navy can transform itselfinto a deep water force and support missionsfar from home, where ships need access toforeign ports to refuel, change staff or replen-ish food supplies. The PLAN has used its
anti-piracy missions in the Gulf of Aden touse some ports along the way on a case-by-case basis but Beijing has been careful not tocommit to plans for fixed foreign bases.
Beijing agreed to lend Sri Lanka morethan $800m for the second phase of devel-opment at Hambantota port on the island’ssouth coast, Reuters reported fromColombo last week. The first phase was fi-nanced with a US$400m Chinese loan.The port is being built by China Commu-nications Construction, a state contractor.Gwadar port, which had a total investmentof $248m, received $198m in funding fromChina, according to the commerce ministryin Beijing. The port was built by ChinaHarbour Engineering Company, a sub-sidiary of China Communications Con-struction. COuRTESy: FINANCIAL TIMES
KARACHI
ISMAIL DILAWAR
The front regulators at the recently-demutualisedKarachi Stock Exchange (KSE) have decided todelist almost two dozen listed companies for theirfailure to comply with the listing regulations, itemerged Friday. Also, the KSE management hasaccepted the request for extension in time ofsome nine firms which either have shown theirintention to rectify the defaults or are in processof rectification of the default.
Friday saw the front regulator notifyingthe names of at least 22 companies facingdelisting from the stock exchange for not com-plying with the Listing Regulation No.30 thatprovides for the payment of Annual ListingFee. The firms under fire have also failed to in-duct the ordinary shares of the companies intoCentral Depositary System (CDS) of CentralDepository Company (CDC). The 22 firms are:(Colony) Thal Textile Mills Limited, Adil Tex-tile Mills Limited, Dadabhoy Sack Limited,Data Textiles Limited, Genertech PakistanLimited, Hajra Textile Mills Limited, Kohi-noor Industries Limited, Kohinoor PowerCompany Limited, Mukhtar Textile Mills Lim-ited, (Colony) Sarhad Textile Mills Limited,Annoor Textile Mills Limited, Asim TextileMills Limited, Central Forest Products Lim-ited, Dadabhoy Construction Technology Lim-ited, Karim Cotton Mills Limited, KhurshidSpinning Mills Limited, Mehr Dastgir TextileMills Limited, S.S. Oil Mills Limited, SaleemDenim Industries Limited, Service FabricsLimited, Service Industries Textiles Limitedand Taj Textile Mills Limited. The above com-panies have neither rectified the defaults norcomplied with the compulsory direction of theKSE of buy-back of shares from minorityshareholders by the sponsors or majorityshareholders under the Listing RegulationNo.30-A within the stipulated time.
These defaulting firms are therefore liable for
action under the said Regulation, said the regu-lator. Therefore, it said, the Exchange in the in-terest of investors’ protection and in accordancewith Listing Regulation No.30(2)(c) intends tonow delist these companies. The concerned com-panies or their managements have been asked onFriday to inform the Exchange in writing on orbefore October 1 if they had any objection to theproposed delisting. “Otherwise the Exchange incompliance with the above referred Regulationwill proceed further and take action of delistingof the companies,” the notice issued said. TheKSE further said trading in the shares of the saidcompanies shall remain suspended under theSub-section (7) of Section 9 of the Securities andExchange Ordinance, 1969 and the Listing Reg-ulations of the KSE.
On a positive note, the KSE managementextended time for the rectification of defaultsto some nine listed firms which were put on de-faulters’ counter for the non-payment of An-nual Listing Fee and/or non-induction of theirordinary shares into the CDS of the CDC. TheDadabhoy Cement Industries Limited, NazirCotton Mills Limited, Saritow Spinning MillsLimited, Sind Fine Textile Mills Limited, BelaAutomotives Limited, Hamid Textile MillsLimited, Morafco Industries Limited, RedcoTextiles Limited and Globe Textile Mills Lim-ited are the firms that got an extension in timeup to October 1 (2012) to rectify their defaults.“The Exchange in consideration of the reasonsgiven by the companies and in the public inter-est have decided to allow an extension in time,”the KSE said. It advised the companies to en-sure to rectify the defaults within the stipulatedtime, failing which the Exchange would initiatefurther action including delisting of the com-panies from the Exchange. Despite extensionthe relieved firms would, however, see tradingin their shares suspended under Sub-Section(7) of Section 9 of the Securities and ExchangeOrdinance, 1969 and the Listing Regulationsof the Exchange.
kSe drops bomb, 22firms gone, 9 surviveg Decides to de-list 22 defaulting firms from stock
exchange, gives a chance to nine others
KARACHI
STAFF REPORT
The sale of urea during the month ofAugust is anticipated to reach 200ktons, as the total sales till August 29stood at around 190k tons, accordingto the market sources.
This will be approx 49 percentlower than the July 2012 sales of 389ktons as dealers were anticipating de-cline in urea prices as there were ru-mors that government may supplyimported urea at a higher discountthan local branded urea. Thus for firsteight months of 2012, urea sales toreach at 3.3mn tons versus 3.7mn tonscompared to last year. However, localmanufacturers sales during 8M2012 isanticipated to be lower by 31 percentto 2.3mn tons.
The company-wise data showsthat out of 200k tons urea sales inAugust, it is estimated that Faujigroup has sold around 55 percentfollowed by NFML (solely involvedin marketing of imported urea)which contributed 16 percent of theindustry sales so far. SimilarlyEngro’s share is around 16 percentwhile others contribute the rest.
“We believe that more than 140ktons of imported urea out of 300ktons of import will still be availablewith the government during next
1month while 300k tons of fresh im-port is expected to come by middleof October 2012,” said Topline ana-lyst Farhan Mahmood.
200,000 tons! g Urea sales in Augustto touch 200k ton mark
KARACHI: The inflation numbers in the country continue to remainin single digit during the month of August to 32-months low at 9.05percent as against 9.6 percent the country braved in July (2012). Onmonth-on-month basis, the price hike stood at 0.9 percent as against -0.22 percent of the preceding month, while the average inflation in2MFY13 stood at 9.3 percent. “The number break-up reveal that softnumbers is due to subdued numbers from food and housing thatcumulatively contribute 64 percent,” viewed the analysts at ToplineReserach. The food inflation rose by 8.1 percent in August compared tolast year while housing head rose by 4.4 percent. “These soft numbersattach a lower side bias to our average FY13 inflation forecast range of10-11 percent,” the analysts said. They maintained the view that thesesoft inflation numbers could allow the room for the central bank tocontinue the process of monetary easing. The State Bank in its latestmoitary policy decision revised downward, by 1.5 percent, to 10.5percent the discount rate from the previous 12 percent. STAFF REPORT
Pakistani stockshit four-year highg Pakistani stocks closedat a four-year high onFriday after investorswere encouraged by aslowdown in inflation,dealers said
KARACHI
AGENCIES
The Karachi Stock Exchange (KSE)benchmark 100-share index closed0.90 percent, or 137.87 points,higher at 15,391.58, on volume of13.12 million shares. Pakistan’sConsumer Price Index (CPI) rose 9.1percent in August from a yearearlier, the Pakistan Bureau ofStatistics said on Friday. The year-on-year rate was 9.60 percent inJuly. “A further slowdown ininflation numbers enticed investorsto take fresh positions,” said SamarIqbal, a trader at Topline Securities.In the currency market, thePakistani rupee ended slightlyweaker at 94.56/94.61 to the dollar,compared to Thursday’s close of94.48/94.54. Overnight rates in themoney market ended at 10.40percent compared with 7.50 onThursday.
Further ratecut likely
PRO 01-09-2012_Layout 1 8/31/2012 11:13 PM Page 1
KARACHI
STAFF REPORT
THE bulls stamped their au-thority on the Karachistocks market on last work-ing day of the week Fridaywith benchmark, KSE 100-
share index gained 137.87 points. Theday saw the index closing up by 0.90percent at 15,391.58 points against15,253.71 points of Thursday. Pak-istan Stocks closed bullish after CPIInflation for Aug'12 come at 9.05%amid hopes for cut in policy rates.This was stated by Ahsan Mehanti,
Director at Arif Habib InvestmentsLimited. On Friday, the trading vol-umes at the ready-counter wererecorded higher at 242.063 millionshares against 223.722 million sharesof the previous day. The trading valuetoo increased to Rs 7.845 billion com-pared to Rs 6.879 billion of the previ-ous session. The intraday high andlow, respectively, stood at 15,420.05and 15,253.71 points.
He added that the blue chipstocks in telecom, oil sector led therally amid interest in third tier stockson strong valuations leading theindex to close near session high. The
market capitalization increased to Rs3.919 trillion from Rs 3.885 trillion aday earlier. Of the total 319 tradedscrips, 174 gained, 126 lost and 19 fin-ished as unchanged. The free-floatKSE-30 index added 159.51 points toclose at 13,229.93 points against theprevious 13,070.42 points.
WorldCall Telecom was the day’svolume leader counting its tradedshares at 30.562 million with theopening and closing rates standing atRs 2.89 and Rs 3.29, followed byP.T.C.L.A, Telecard Limited, EngroCorporation and Jahangir SiddiquiCompany with turnover of 18.423
million, 17.212 million, 12.335 millionand 10.055 million shares respec-tively. Mehanti said that the renewedforeign interest, higher global com-modities affected the sentiments de-spite concerns for security issues inthe city. On the future market, theturnover increased by over seven mil-lion shares to 24.728 million against17.514 million shares of Thursday.The Colgate Palmolive and Bata Pak-istan Limited, up Rs 55.00 and Rs52.89, led highest price gainers while,Nestle Pakistan Limited andMithchells Fruit, down Rs 50.00 andRs 13.75 respectively, led the losers.
02
saturday, 1 september, 2012
MAJOR GAINERS
COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERColgate Palmolive 1300.00 1365.00 1300.00 1355.00 55.00 1,500Bata (Pak) Limited 1058.11 1111.01 1057.00 1111.00 52.89 2,050Rafhan MaizeXD 3977.99 4174.00 3800.00 4008.80 30.81 100Exide (PAK) 309.38 324.84 320.00 324.84 15.46 20,800National Foods 224.00 235.20 225.00 234.16 10.16 16,200
MAJOR LOSERSNestle Pakistan Ltd. 4050.00 4140.00 4000.00 4000.00 -50.00 1,100Mithchells Fruit 360.00 350.00 346.00 346.25 -13.75 500Ismail Industr 146.00 138.70 138.70 138.70 -7.30 500Indus Motor Company 281.60 283.99 273.15 274.50 -7.10 37,800Sanofi-Aventis Pak 225.79 225.79 218.00 221.67 -4.12 700
VOLUME LEADERS
WorldCall Telecom 2.89 3.47 2.93 3.29 0.40 30,562,000P.T.C.L.A 17.04 18.04 17.50 18.04 1.00 18,423,000Telecard Limited 2.75 3.15 2.75 2.91 0.16 17,212,000Engro Corporation 101.12 106.00 100.60 105.16 4.04 12,335,900Jah.Sidd. Co. 14.75 14.99 14.40 14.58 -0.17 10,055,500
INTERBANK RATESUS Dollar 94.4934UK Pound 149.3847Japanese Yen 1.2031Euro 118.5987
DOLLAR EASTBUY SELL
US Dollar 94.50 95.00Euro 118.13 119.34Great Britain Pound 148.79 150.28Japanese Yen 1.1929 1.2048Canadian Dollar 94.71 96.16Hong Kong Dollar 11.98 12.17UAE Dirham 25.58 25.81Saudi Riyal 25.04 25.26Australian Dollar 96.56 98.98
BusinessCORPORATE CORNERKCCI, CPLC to attend 6th PakistanSME Conference 2012 on 5thKARACHI: August 31, 2012 – The 6 TH Pakistan SMEConference 2012, with the theme “Engaging SMEs to stabilizethe Economy” organized annually by SHAMROCKConferences International (www.shamrockconferences.net )will be held on September 5, 2012 at the Marriott Hotel,Karachi. Delegates from Karachi and across the country haveconfirmed their participation. The heads of Karachi Chamberof Commerce & Industry (KCC & I) and the Citizens’ PoliceLiaison Committee (CPLC) will also be attending theconference. A number of commercial banks including UBLAmeen, Dubai Islamic Bank and Bank Al-Falah will bespeaking on the occasion, and engaging SME stakeholders. PR
Atlas, DENSO ink deal to launch$7.2mn joint ventureKARACHI: TheAtlas Group andDENSOCorporation(DENSO) Fridaysinged anagreement toestablish a newJoint Venture(JV) in thecountry to launcha project AtlasHitec (Pvt.) with an initial combined equity investment of$7.2 million. The agreement will strengthen the already closeco-operation between Atlas Group and DENSO with the goalto manufacture quality competitive motorcycle parts in thecountry. The new company, Atlas Hitec (Private) Limited willbe established in September 2012 while Commercialproduction is projected to start from October 2013. PR
CAA to formulate Europeanregulations on airworthiness KARACHI: A Meeting under the patronage of SouthAsia Regional Initiative (SARI) was organised at JinnahI’nal Airport from 28 to 30 August, 2012. The purpose ofthe Meeting was to formulate Aircraft Airworthinessregulations in line with EASA (European Aviation SafetyAgency). The regulations encompassing various facets ofairworthiness would not only bring a positiveimprovement in the aviation safety but would also giveacceptance to our aviation maintenance in South Asia. PR
Pakistani businessman honoredKARACHI: Renowned Businessman Mr. Irshad RAdamjee has been nominated for the prestigious“THAILAND’S BEST FRIEND AWARD” and will bepresented the Award by the Prime Minister of Thailandduring a colorful two day ceremony in Bangkok inSeptember. Irshad R Adamjee will be the only SecondPakistani to receive this special award from the ThaiGovernment after Mr. Arif Suleman who was the firstPakistani ever to be awarded this in 2004. PR
House of Ensemble set to launchtheir first international store
DUBAI: Following the success of theEnsemble family’sinitiatives in Pakistan through their multi brand stores,salon and in house labels,entrepreneurs Zeba, Shezray andShehrnaz Husainare set to launch their first everinternational Ensemble multi brand outlet in Dubai on06September 2012 at Villa No 259, Al Wasl Road at 6.30PM. Ensemble Dubai endeavours to include collectionsfrom over 50 South Asian designers and to this end willlaunch with fashion collections and accessories frombrands such asBody Focus, Deepak Perwani, Delphi,Fahad Hussayn, Faiza Samee, Gulabo, Honey Waqar,HSY, Krizmah, Lorelai, Maheen Karim, Maheen Khan,Maria Khan, Muse, NasreenShaikh, Nida Azwer, Nikasha,Nilofer Shahid, Nomi Ansari, One by Ensemble, ThePinkTree Company, Rabani &Raakha, Rana Noman Haq,Sabyasachi, Sadaf Malaterre, Sana Safinaz, SaniaMaskatiya, SanyaMuneer, Shamaeel, ShehlaChatoor,Shehrnaz, Slate by Faiza Samee, Sozankaar, The House ofKamiar Rokni, Umar Sayeed, Wardah Saleem, ZahraHabib and ZarminaMasud Khan. Ensemble Dubai willalso retail Ritu Kumar; indeed the first time the designerwill be formally present and retailed in Dubai. PR
the group of Edward Birgells Deputy Mission & Director UsAID,sharmaine Hidayatullah and shaheen Zamir, and others on theoccasion of Certificate Distribution Ceremony of First Women BankLtd —Gender Equity Program supported by UsAID. PR
Etihad Airways, the national airline of United Arab Emirates incollaboration with Abacus distribution system pvt. Ltd., hasrecently announced the winner of their joint promotion – wherethey gave out a fully paid vacation to UAE to the highest sellingtravel agency for Europe & Africa. naveed Ahmed, sales Managersouth Pakistan Etihad Airways, Maria Khan, Etihad Airways andsam Wong. General Manager, Abacus distribution are giving awaythe prize to Adnan Zainuddin Darbar from AEG travels and Mr.Muhammad Zuhaib from Bukhari travel. PR
oil down in Asia as Fedstimulus hopes dim
InDex gAIns 138 PoInts AmID oPtImIsm regArDIng PolIcy rAte cUt
SBP injectS RS 379.850 Billion
KARACHI
APP
State Bank of Pakistan (SBP) in its reverse repo open marketoperation in treasury bills and Pakistan Investment Bondshas injected Rs 379.850 billion in the banking system.According to SBP here Friday, the offered amount was Rs411.850 billion while the rate of return for 7-day declined to9.89 percent per annum.
SINGAPORE
AFP
Oil was down in Asia on Friday as hopesthat US Federal Reserve chief BenBernanke will announce a new economicstimulus package faded, analysts said.
New York's main contract, lightsweet crude for delivery in October re-treated seven cents to $94.55 a barreland Brent North Sea crude for Octoberdelivery fell 21 cents to $112.44.
Traders were not holding much hopethat Bernanke, due to speak Fridayevening at Jackson Hole, Wyoming,would announce fresh stimulus meas-ures, IG Markets said in a market com-
mentary."On the eve of the long-waited,
highly-anticipated and much-hypedJackson Hole symposium the watchwordwas defence as traders reduced theirrisks," it said.
"High hopes of QE3 have been edg-ing down this week as US economic datacontinues to show mild strengtheningand less need for central bank interven-tion," it added.
US economic data Thursday showedconsumer spending rebounding in Julywhile initial jobless claims held steady,indicating the economy is stabilising andstrengthening the argument that a freshstimulus is not needed for now.
KARACHI
STAFF REPORT
The escalation of 6 percent month-on-month (MoM) in the price crude oil(Arab light) coupled with amplificationof 12 percent MoM in volumetric termsunder the head of petroleum group im-ports during July, have propelled the im-port payments under the said head by 6percent.
In addition to that, import paymentsof foods group have also propped up by5 percent as compared to Jun-12, prima-rily due to massive 73 percent or by$34mn in monetary terms, additionalpayments under the sub head of otherfoods items.
Despite the above mentioned rise inimport payments, cumulative importpayments of the country has gone south-wards by 5 percent MoM. This an Invest-Cap Research report said was mainly dueto decrease in the import payments madeunder the head of metal group, in whichprime decline was experience under thesub group of Iron and Steel (paymentsslashed by 24 percent MoM, while thequantity imported of the commodity fal-
tering by 44 percent MoM during Jul-12). Moreover, the report said, this causewas further supported by decline of 15percent MoM felt by the Machinerygroup import payments.
Impressive growth witnessed in ex-port receipts of other manufactureditems played massive part in limiting thefall in cumulative export receipts of thecountry to a single percent in comparisonto the month of Jun-12. Some help in thesaid cause was provided by the textilegroup as well, as the receipts under thementioned head grew by meager 2 per-centMoM. However, decline in export ofpetroleum products (due to political ten-sions with the US) did put some pressureon the export receipts. The governmentis aiming to import additional 200k tonsof urea while 300k tons has already beenimported. The import payments of Soy-abean oil that was imported during Jul-12 is still to be made. In addition to that,oil prices have escalated by alarming 9percent MoM during Aug-11 and thegrowth is expected to be witnessed in thedemand of the commodity on the back ofadditional demand coming in frompower producers.
NOT-SO-PROMISING BEGINNINGS
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