profitepaper pakistantoday 30th may, 2012

profit.com.pk Wednesday, 30 May, 2012

ISLAMABAD

AMER SIAL

Giving a belated priority to the energyand power sector projects, the govern-ment has allocated Rs 68 billion forthem in the next fiscal year Public sectorDevelopment Programme (PsDP) whilethe Water and Power Development Au-thority (WAPDA) will mobilize own re-sources of Rs 115 billion for its projectsto overcome chronic energy shortages.

According to the decision of the Na-tional Economic Council for the PsDPnext fiscal year the projects nearingcompletion will be fully funded, foreignaid would be fully utilized, and protec-tion would be given to developmentpackages and projects of less developedareas. The national development outlayof Rs 350 billion for the next fiscal yearalso includes a foreign aid of Rs 167 bil-

lion, out of which Rs 100 billion is forPsDP projects while the rest for provin-cial projects.

The increase was made as during thecurrent fiscal year the foreign aid com-ponent, initially estimated at Rs 39 bil-lion increased to Rs 90 billion due tohigher inflow of project aid. Conse-quently a corresponding reduction inrupee component of PsDP was made toaccommodate the foreign aid. Til midMay 2012, 97 percent or Rs 290 billionwere released for the current fiscal yearPsDP of Rs 300 billion. As the govern-ment has prioritized some of the devel-opment projects for timely completionas a result 174 projects costing over Rs100 billion are likely to complete duringthe current fiscal year.

After implementation of the devolu-tion, the government has worked out thePsDP 2012-13 with more emphasis on

allocation of resources to sectors, whichfall under its jurisdiction. Even thoughthe federal ministries, NHA, Railwaysand PAEC were of the view that the sizeof PsDP at Rs 350 billion is not suffi-cient to meet their critical requirements.Provincial governments also pointed outlow allocation for important projects intheir respective provinces.

Power and energy sector remain toppriority of the government for the devel-opment projects next fiscal year. An al-location of Rs 35 billion has been madefor Chashma Nuclear Power Projectsunits three and four while Rs 8 billion isallocated for Diamer Bhasha dam landacquisition and for conservation andaugmentation of water resources anamount of Rs 48 billion an allocation forwater sector projects. Important projectsinclude allocation of Rs 6 billion forMangla Dam Raising Project, Rs 2.4 bil-

lion for RBOD-II, Rs 2 billion for Darwatdam, Rs 2 billion for Naigaj dam, Rs 2.4billion for Kachi canal and Rs 2 billionfor Rainee canal.

Transport and Communication sec-tor has been allocated an amount of Rs82 billion including Rs 51 billion for theNational Highway Authority and Rs 23billion for the Railways during the nextfiscal year. This will help provide con-nectivity for economic integration andregional development. An amount of Rs10 billion has been kept for promotion ofscience and technology in the country.For the security of federal capital Rs 2.7billion allocation set for safe City Islam-abad during the next fiscal year.

To implement the decisions of theCouncil of Common Interests an alloca-tion of Rs 21 billion is made for Popula-tion and Health sector vertical projects,including Rs 3.5 billion Population Wel-

fare, Rs 2.8 billion for EPI, Rs 11 billionNational Programme for Family Plan-ning and Primary healthcare and Rs 2.4billion National Maternal Neonatal andChild Health Programme. Education sec-tor will receive Rs 20 billion including anallocation of Rs 16 billion for HEC.

For the first time, the government hasallocated Rs 33 billion for FATA, GilgitBaltistan and AJK for speedy develop-ment in these special areas. The parlia-mentarians have been accommodated byan allocation of Rs 27 billion under thePeoples Works Programme I and II.

According to the National Develop-ment Programme for 2012-13 the watersector projects under Ministry of Waterand Power have been allocated Rs 47.1billion, PAEC Rs 39.1 billion and Rail-ways Division Rs 22.8 billion. WAPDAallocated Rs 29.6 billion and NHA Rs50.6 billion.

Wall Street up as Greek pro-bailout partiesgain support

Page 02

g A belated focus on energy projects in next fiscal’s PSDP

PSDP gets the smallest bite of the cherry

KARACHI

ONLINE

PAKIsTAN may have to re-turn to the InternationalMonetary Fund for finan-cial assistance this yearamid an unstable macroeco-

nomic situation, the nation's centralbank governor said. Yaseen Anwar, gov-ernor of the state Bank of Pakistan, saidPakistan could meet its overseas debtobligations for now. But looming repay-ments to the IMF from a program thatended last year are likely to test the na-tion's finances in the months ahead.

"From next fiscal year we're going tohave stresses. We see reservesgoing down quite aggres-sively," Mr. Anwarsaid in a interviewat the centralbank's head-quarters inKarachi.

Mr. Anwar said the government'sfailure to get a massive budget andmounting trade deficit under controlcould make it difficult to meet the morethan $4 billion in IMF loans coming duein the fiscal year starting July 1.

"There are many serious chal-lenges," Mr. Anwar said. "I have a roughjob here."

The IMF ended a three-year $11 bil-lion program with Pakistan last yearafter disbursing only around $8 billion.The fund withheld the final tranche ofmore than $3 billion in large part be-cause the government failed to takesteps to reduce its budget deficit. Pay-ments on the loans have already begun,

but they ramp upin the

m o n t h sahead.

The fund and foreign leaders, in-cluding U.s. secretary of state HillaryClinton, have been publicly critical ofPakistan for failing to tax some of itsrichest citizens, including politicians.

The country's tax-to-GDP ratio at9% is among the lowest in the world, andwhole sectors, including agriculture, areexempt, reducing funds to spend on ed-ucation and create employment oppor-tunities in areas where Islamistmilitancy is rampant.

Meanwhile, large subsidies on elec-tricity and other commodities have keptexpenditures high and exerted enor-mous pressures on state finances.

The government of President AsifAli Zardari has done little to address theproblem since coming to power in 2008.On Friday, Finance Minister AbdulHafeez shaikh will announce the budgetfor the year starting July 1. But with elec-tions due by early 2013, Mr. shaikh waskeen last week to say there would be notax surprises in the budget.

"Our tax-to GDP ratio is way belowwhere it should be," Mr. Anwar said. In-stead of raising taxes, he said, the gov-ernment has in recent months increasedits direct borrowing from the centralbank, effectively printing money to coverthe deficit.

The government, has borrowed 442billion rupees ($4.8 billion) directlyfrom the central bank so far this fiscalyear, Mr. Anwar said—financing re-quests that he can't turn down. "I stillhave autonomy, but not enough tobounce a check" from the government,he said.

That borrowing has kept inflation indouble digits even as economic growthhas slowed to around 3%. Mr. Anwarsaid he expected inflation, currentlyhovering just below 11%, to pick up "inthe next month or two." The centralbank, he said, is unlikely to be able to cutits key lending rate—currently at 12%—in the near future. Even at these highrates, companies are finding it hard toget loans in Pakistan as the big commer-cial banks prefer to make profits buyinggovernment treasury bills, he added.

Concerns over the economy alsohave hurt the Pakistan rupee, which hasbeen trading around record lows at 92rupees to the U.s. dollar in recent weeks.The central bank hasn't intervened inthe foreign-exchange market in recentweeks. "We let the market force dictatethe exchange rate," Mr. Anwar said.

The governor pointed to some posi-tives. Remittances from Pakistanisworking overseas are up 20% at morethan $13 billion in the current fiscalyear. The central bank has worked outcurrency-swap agreements with Chinaand Turkey which will help ensure cur-rency liquidity, he added.

The pressure on the trade deficitalso is muted as global oil prices havecome off highs, although exports took a"nose-dive faster than we expected" inrecent months due to lower global pricesfor cotton, Mr. Anwar said.

Pakistan's heavy reliance on oil im-ports caused a balance-of-payments cri-sis in 2008, forcing the country to turnto the IMF. This time around, concernsare focused on the budget deficit—whichis 8% of GDP—and the IMF repaymentschedule.

Mr. Anwar said the central bankwon't repay the IMF loans by buyingU.s. dollars. That fear sent the Pakistanirupee careening lower earlier this year,but the currency has since stabilized.The bank instead will run down foreignreserves, which Mr. Anwar expects tofall by about half in the coming fiscalyear to $8 billion, representing less thantwo months of imports.

Pakistan's Taliban insurgency andmacroeconomic instability have led to afall off in foreign investment to just over$500 million in the current fiscal yearfrom annual levels over $8 billion a fewyears ago.

Low foreign investment is a "realchallenge," Mr. Anwar said. He said hehad turned down requests from localbanks to buy the Pakistan business ofHsBC Holdings PLC, which announcedlast month it was pulling out of thecountry, and is instead inviting foreignbidders.

A fund in need is a fund indeed! g Yaseen Anwar paints a horror picture of next fiscalg Pakistan eyes IMF for financial assistance

India offers to pour oil onrelatively troubled watersg Offers petroleum export to help

Pakistan overcome energy crisisISLAMABAD

AFP

India and Pakistan opened talks Tuesday on Is-lamabad importing oil from its eastern neigh-bour in a bid to ease a crippling energy crisis, anofficial said.The talks were held by senior civil servants fromboth countries' petroleum ministries at a five-star hotel in the Pakistani capital.India has offered to export petroleum products toPakistan to help it overcome an energy crisiswhich cripples the country's industry and leavesmillions of people suffering during the hot sum-mers and chilly winters."India has surplus petroleum products and wantsto export it to Pakistan. If we can save somemoney by buying it from India, we will buy itfrom them," a senior official at Pakistan's petro-leum and natural resources ministry told AFP.The official attended the talks but spoke on con-dition of anonymity because he was not autho-rised to speak to the media."We today discussed how to import productsfrom India. We would like to get diesel in Karachiand furnace oil through the Wagah border. Weare very interested in getting furnace oil in Pun-jab for the power plants," he said.The official said quantity and price had yet to bediscussed and that the cabinet would have to ap-prove any future petroleum trade."We will discuss the issues related to quantityand price in a second session of talks scheduledin New Delhi in the first week of July and thencabinet will make a final decision on the propos-als," he said.Pakistan's annual requirement for petroleumproducts is around 80 million tons. The countryimports 85 percent of its needs, the official said.Last year India exported goods worth $2.33 bil-lion to Pakistan, while its imports from its neigh-bour were worth $330 million.Efforts are being made to boost Indian-Pakistantrade since Pakistan decided to grant India "MostFavoured Nation (MFN)" status by the end of theyear.The nuclear-armed neighbours have fought threewars since independence in 1947 and both spendheavily on their military while millions of peoplelanguish in poverty.Trade has been hampered by restrictions and tar-iffs -- even now, direct cross-border traffic ac-counts for less than one percent of their globalcommerce.

PRO 30-05-2012_Layout 1 5/30/2012 12:00 AM Page 1

news02Wednesday, 30 May, 2012

ALI HAIDER

Over the years, microfinance has grownin importance as it has helped severallower class individuals achieve monetarysupport for their entrepreneurial en-deavors. The microfinance sector is con-sidered a tool for poverty alleviation aswell as empowerment of women.

It has long been recognized bypoverty alleviation experts that pursuingplans for increasing financial inclusion,such as encouraging microfinance, areabsolutely essential to millions out ofpoverty in Pakistan, where over half theworkforce consists of the underprivi-leged and the self employed. Facilitiesprovided by Khushhalibank in Pakistanhave proved highly successful for many

individuals whose lives have beenchanged for the better.

Ghulam Faiza is one such womanwho has had a life altering experiencesince Khushhalibank transformed theway she used to earn her bread and but-ter. While a milkman might be a com-mon sight in the streets of Pakistan, amilk-woman on the contrary is some-thing rather unheard of. Being a womanit was difficult for Ghulam Faiza to col-lect milk and then further sell it in themarket given the male dominant societyshe was operating in. However, shestruggled to break the taboos especiallyafter she was compelled by circum-stances to fend for her family and pro-vide them the means of sustenance. shenot only managed to sell the milk of hercattle in the market but would also go

out in the field to get the fodder for hercattle. To change the state of affairs andimprove the productivity of her busi-ness, she relied on Khushhalibank’s Mi-crofinance facility that has paid greatdividends for her livestock business. Hermonthly sales now average Rs 57,000with the bank’s 4th loan cycle.

Being the sole bread winner of thefamily it was no easy task to provide fornine dependants and Faiza is not onlyfulfilling the basic needs of her familybut also providing her children withgood education. she is also saving upfor the dowry of her eldest daughterfrom her monthly earnings. she is con-fident that she would now be able toprovide dowry for all her daughters.Along with her other prudent measures,she also utilizes dried dung of her cattle

to use as fuel for cooking and energypurposes as well.

she started her business with onebuffalo which her husband had boughtto fulfill the dairy needs of their family.But instead of relying on their lonebuffalo, she also purchased milk fromthe market and sold it on profit.Khushhalibank’s loan has an immensepositive impact on her life and she isgrateful for all the support lent by thebank. With the bank’s Micro Credit fa-cility she has been able to increase thenumber of cattle considerably and thevolume of her business substantially.she is now a symbol of pride for thewomen of her locality who look up toher and try to follow the manner inwhich she supports her family. A num-ber of people have contacted her for

the supply of milk as a result of herhonest approach. she therefore thinksthat it is absolutely necessary for herto increase the volume of her businessto cater for the large demand of milksupply. Ghulam Faiza also plans tohire the land for the cultivation of fod-der on lease, through which she wouldbe able to save around Rs. 30,000 perannum on fodder cost.

Faiza feels pride in what she doesand balances her life in a way that servesjustice to all. Today she takes care of herfamily emotionally as well as financiallyand at the same time runs her businesssuccessfully. she is a great example forthose women who are determined tofight against all odds and contribute notonly to their families but also to thecommunity.

Ghulam Faiza: Transforming the dreary into a flourishing dairy

NEW YORK

REUTERS

WALL street advancedon Tuesday, with equi-ties again taking theircue from overseasmarkets as Greek elec-

tion polls pointed to support for pro-bailout parties, overshadowing a weakread on U.s. consumer confidence.

Facebook Inc (FB.O) shares contin-ued to fall, contributing to weakness inthe tech-heavy Nasdaq CompositeIndex. They hit a new low of $30.02,dropping about 6 percent on talk it wasin discussions to buy Oslo-based Operasoftware (OPERA.OL), while analystssaid competition from Google Inc(GOOG.O) and others could push theprice tag of any deal above $1 billion.

Weekend polls in Greece showed theconservative New Democracy party,which backs the country's internationalbailout, has a lead over the leftistsYRIZA party, which opposes it ahead ofa June 17 election. Opposition to thebailout has raised the specter of Greeceleaving the euro zone, a prospect thathas weighed on stocks in recent weeks.

In Ireland, voters appear poised toreluctantly approve the EU fiscal treatyon Thursday.

"Any event that helps eliminate un-certainty in Europe is a good thing. Theelection (polling) suggests that Greecewill toe the line" necessary for the

bailout, said Jon Merriman, chief exec-utive officer at investment firm Merri-man Holdings Inc in san Francisco.

Investors were also looking to possi-ble new stimulus from China. Theshanghai securities News, citing un-named sources, reported that China'sbiggest banks appeared to have acceler-ated lending toward the end of thismonth as Beijing starts to fast-track itsapproval of infrastructure investmentsin an effort to stem sagging growth.

The Dow Jones industrial average

.DJI was up 100.47 points, or 0.81 per-cent, at 12,555.30. The standard &Poor's 500 Index .sPX was up 9.80points, or 0.74 percent, at 1,327.62. TheNasdaq Composite Index .IXIC was up21.05 points, or 0.74 percent, at2,858.58.

Investors shrugged off a private sec-tor report which showed U.s. consumerconfidence unexpectedly cooled in May,falling to the lowest level in four monthsas Americans became more pessimisticabout the job market and economic out-

look. The report is one of the first in anabbreviated week heavy on economicdata, culminating in Friday's payrolls re-port.

U.s. markets were closed on Mondayfor the Memorial Day holiday.

Concern about spain's banking sys-tem continued to be monitored as yieldson 10-year spanish bonds remained justunder 6.5 percent. Many investors viewthe 7-percent mark as unsustainable,which could trigger the need for abailout.

The s&P/Case shiller compositeindex of U.s. single-family home pricesedged 0.1 percent higher in 20 metro-politan areas in March on a seasonallyadjusted basis, falling short of econo-mists' forecasts for a gain of 0.2 percent.However, it was the second consecutivemonth of gains which could indicate sta-bilization in the housing market.

Vertex Pharmaceuticals Inc(VRTX.O) plunged 15 percent to $55 asthe biggest drag on the Nasdaq 100index .NDX after the drugmaker re-leased corrected data involving its cysticfibrosis treatments on Tuesday that low-ered the number of patients who showedcertain levels of improved lung function.

Defense equipment manufacturerTeledyne Technologies Inc (TDY.N) saidit would buy LeCroy Corp (LCRY.O) for$240.5 million in cash to add moreproducts to its portfolio. LeCroy sharessurged 55 percent to $14.18 while Tele-dyne advanced 0.7 percent to $60.23.

Wall Street up as Greek pro-bailout parties gain support

FBR’s getting too attachedto PTA it seems…g Attaches all bank account of

PTA to recover Rs.3.6 bISLAMABAD

ONLINE

The Federal Board of Revenue (FBR) hasattached all Bank accounts of PakistanTelecommunication Authority (PAT)in anattempt to recover outstanding tax liabili-ties which owed Rs.3.6 billion on accountof income tax.According to an official handout issuedhere on Tuesday, FBR in its ongoing cam-paign to recover outstanding tax liabilitiesagainst various companies, the Large Tax-payers Unit (LTU), Islamabad has attachedall Bank Accounts of the Pakistan Telecom-munication Authority (PTA) which owedRs.3.6 billion to the exchequer on accountof Income Tax. “The PTA was served withrecovery notice under section 138(10 ofthe Income Tax Ordinance 2001, to de-posit the outstanding liabilities by 28th ofMay 2012 which it failed to do so,” it said.Accordingly, various teams were formedby Chief Commissioner, LTU, Islamabadto recover the amount from PTA throughattachment of bank accounts and its re-ceivables from mobile operators, wirelesslocal loop (WLL) operators, Long Distance& International (LDI) operators, land line(LL) operators and Ministry of Informa-tion Technology. Earlier this week, LTUIslamabad had attached bank accounts ofPakistan Mobile Communications’ (Mo-bilink) and blocked its imports to recoverthrough suppliers of the company, whichincluded other telecom companies as well.Consequent upon Mobilink’s decision toavail Tax surcharge and Penalty Waiverscheme by FBR, the LTU Islamabad hasagreed to resolve the issue of recovery ofoutstanding tax dues amicably.

Appointment of new CEOs ofDISCOs goes down the drain

ISLAMABAD

STAFF REPORT

At a time when the government was ex-pected to appoint new and professionalChief Executive Officers (CEOs) at theloss making power distribution compa-nies (DIsCOs), a regressive step wastaken by granting extension in service oftwo incumbent CEOs.An official source said that the incum-bent CEO of Lahore Electric Power Com-pany (LEsCO), sharafat Ali sial, whoretired after a long service was given twoyear extension in service by the PrimeMinister, while the CEO of IslamabadElectric Power Company (IEsCO) wasgiven an extension till April 2013. CEOof IEsCO Javed Pervez had not retiredbut given extension meaning that nonew CEO will be appointed till that date.The source said that the summaries inextension were moved by the Ministry ofWater and Power under pressure fromthe Prime Minister House. The ministryis also under pressure to recommend ex-tension of CEO of sukkur Electric PowerCompany (sEPCO), Mir Musa Bahar.

ISLAMABAD

ONLINE

In yet another development, the govern-ment is all set to impose 10 per cent dutyon import of tractors in order to give itsome duty protection in upcoming budget2012-13, say sources. The imposition ofduty on import of tractors will go a long wayto boost local tractor industry and couldfurther enhance the sale of locally manu-factured tractors and bring down its prices.

sources familiar with development toldOnline Tuesday that government did wantto impose 10 per cent duty on import oftractors because local industry was signifi-cantly global competitive. Currently, theimport of tractor is zero rated but now gov-ernment has proposed to give some dutyprotection to tractor industry by imposingduty on its import. “There are different lev-els of high duty production for almost alllocal industries including buses, cars andmotorcycles but the import of tractors is ex-empted from any duty at present and itsimport is allow on zero-rated,” said sources,adding that there was also no trend in theworld to give subsidies on foreign products

but government of Pakistan had been giv-ing Rs.20, 0000 subsidy per tractor.

The sources further said that the gov-ernment had already reduce general salestax (GsT)on tractors from 16 percent to 5per cent to help tractor manufacturers, hun-dreds of vending units and the cash-starvedfarming community, however, the rate ofGsT will be brought to 5 percent in next fourto five years. Reduction in GsT had madetractors cheaper by Rs60, 000 to 100,000per unit. “Industry and vendors are nowsatisfied as the government had taken a stepto clear a confusion which led to a decline intractor sales and left some 20,000 peoplerelated to the industry jobless,” added thesources. It is relevant to mention here thatthe tractors production in 2001/02 stood at23,801 units that peaked in 2006/07 to54,052 units remained almost stable during2007/08 at 53,703 units and surged to59,968 units in 2008/09 when the auto in-dustry went in deep recession. In 2009/10tractors production surged to72, 989 and re-mained stable at 72,261 in last fiscal year2010-11.During first nine months (July-March) of current financial year 2011-12 trac-tors production declined to 27,131 unites.

ISLAMABAD

ONLINE

The Federation of Pakistan Chamber of Com-merce and Industry (FPCCI) on Tuesday de-manded to impose income tax on sectorsenjoying unjust exemptions in the upcomingbudget. We will have no future sans effectivegovernance, transparent reforms and easilycomprehensible taxation regime, it said.

Tax regime should be balanced aspresently business community and salariesclass in bearing the entire burden whilemany sectors are exempted which is a hur-dle in the national development, saidMirza Abdul Rehman, VP, FPCCI whilespeaking to business community. Flankedby Chairman Media FPCCI Malik sohailand other business leaders, he said that weare pinning high hopes on Finance Minis-ter who has promised a friendly budget.Country will remain dependent on foreignaid unless all the sectors, especially agri-culture, and defaulters are brought into taxnet, he observed. sales tax and mark-up bebrought to single digit to accelerategrowth, said Mirza Abdul Rehman.

He said that all the duties on import of

pharmaceutical machinery and raw mate-rials should be waived to give a boost to thelocal industry and enable it to competewith other countries in the global market.

Energy scarcity has crippled the econ-omy which should be taken as challenge inthe next fiscal otherwise its impact onmasses and economy will become unen-durable, the business leader warned.

He said that government should re-duce non-developmental expenditure andstart building Kalabagh dam to resolve en-ergy crisis and tackle rising unemploy-ment. At the occasion, Malik sohail saidthat whole nation is looking towards theparliament for a road map for economicrecovery. some quarters are uneasy overlack of any serious debate in the parlia-ment on the nation’s economic woes, hesaid. Developed nations spend a substan-tial part of their parliamentary year debat-ing their economic and budget plans whilehere everything is left to bureaucracywhich is root cause of many problems, hesaid. Malik sohail supported the de-manded by former president FPCCIIftikhar Ali Malik to slap a ban on importof used cars to encouraged local industry.

Buy yourself a tractor by June 30! Tax them!g Govt to impose 10% duty on import of tractors in budget g FPCCI demand tax on exempted sectors in budget

PRO 30-05-2012_Layout 1 5/30/2012 12:00 AM Page 2

news

Wednesday, 30 May, 2012

03

Nokia introduces new range of mobile phones to provide fast, affordable internet experience

KARACHI: Nokia, today unveiled two new mobilephone models as it continues to accelerate its strat-egy to connect the next billion consumers to infor-mation and the internet. The Nokia 110 and Nokia112 have been designed to appeal to young, urbanconsumers who want to experience a fast, affordableonline experience.

Both devices are perfect for communicatingacross Facebook, Twitter and social media net-works. The internet experience is also smooththanks to the Nokia Browser. This innovative tech-nology allows users to consume less data by up to90%, by compressing websites in the cloud. Both de-vices offer direct access to Facebook and Twitterfrom their home screens. The Nokia 112 also fea-tures preloaded eBuddy instant messaging serviceright out of the box, so users can use popular chatservices to keep conversations going 24/7.

In common with other Nokia mobile phones,consumers can choose from thousands of apps todownload on the Nokia store. With the upgradedcamera, they can now customize their contacts withpictures and share them with friends via social net-works and Bluetooth.

“Today’s mobile phone users want a quick inter-net experience that allows them to discover greatcontent and share it with their friends – but without

being held back by high data costs.” said Mary T.McDowell, Nokia’s Executive Vice President, MobilePhones, Nokia “The new Nokia 110 and Nokia 112devices combine browsing, social media, apps,world-class entertainment and long battery life tocreate a great package for young, urban consumerswho want to do it all.”

Commenting of the consumer habits in Pak-istan, Imran Mahmood, Vice President, Near East,Nokia said, “Our vision is to give the youth of Pak-istan their first internet experience on a Nokia mo-bile device. And we are very pleased to have madegreat progress in this direction with our rich, afford-able and power packed portfolio”

Al Fatah now at The Centaurus MallISLAMABAD: The Centaurus Mall entered into aparamount business venture with Al Fatah - one ofthe leading departmental store operators in Pak-istan. Mr. Irfan Iqbal sheikh, Director of Al-Fatahsaid, “Al Fatah has emerged as one of the most ad-mired retail chains which has revolutionized theshopping dynamics by offering a wide array of prod-uct lines on a convenient ‘one stop shop’ concept. AlFatah will bring significant value addition to thisprestigious mall’s segmentation where brands fromall genres are now housed; the opening of Al-Fatahdepartmental store will undeniably foster healthyfoot traffic at all hours that will serve as one of thevital factors in the commercial success for all brandsoperating at The Centaurus Mall. We are confidentthat the shopping experience of our customers willbe redefined.”

During the agreement signing ceremony heldat The Centaurus’ sales & Marketing suite in Is-lamabad, CEO of PGCL Mr. sardar Tanvir IlyasKhan said, “We, at The Centaurus believe in im-plementing innovative strategies that provide su-perlative lifestyle and shopping experiences,coupled with fun-filled family entertainment &leisure which is evident from this landmark ven-ture as our seamless endeavors aim at creatingsynergies that would take the shopping andlifestyle experience to a whole new level.”

Beat the heat in Pakistan with the LG Titan Series Air Conditioners

KARACHI: The heat has begun to reign on Pak-istan. It’s time to bring out the summer checklistand tick off all the necessities before temperaturesrise up at a quick rate. At the top of the list, and avital device to have in every home and office is anair condition that has abilities to withstand the un-bearable heat. LG Electronics (LG) has come upwith the ultimate solution in preparation for the hotsummers with the launch of its Titan series air con-

ditioners in the Pakistan. The Titan series is a pow-erful air conditioner comprised of a ten meter wind-blast and capable of delivering powerful cooling,repelling the country’s hot weather conditions.

The powerful cooling capabilities of the Titan se-ries are accompanied by expansive and thorough airdistribution. The Titan series is capable of projectingcool air at distances of up to 10 meters, the longestair distribution range in the industry. Meanwhile,the Jet Cool function and the 4-way swing systemdistribute air in all directions at maximum speed. Asa result, the Titan series can achieve optimal temper-atures in the shortest possible time, regardless of theoutside temperature. The Titan series is built to last,an essential requirement in a region with a punish-ingly hot climate. The Tropical Compressor is de-signed to operate 24 hours a day and perseverethrough sandstorms and temperatures as high as60°C. This is partially enabled by the Gold Fin, ananti-corrosion coating, which makes the heat ex-changer more resistant to corrosion.

CORPORATE CORNER

Major Gainers

Company Open High Low Close Change Turnover

Mithchells Fruit 273.11 286.76 279.99 286.76 13.65 2,412National Refinery 239.49 251.45 239.55 250.33 10.84 583,575Tri-Pack Films 207.56 217.80 202.10 216.86 9.30 24,889National Foods 179.23 188.19 177.01 188.19 8.96 14,875Attock PetroleumXD 443.36 452.00 442.00 451.54 8.18 19,996

Major Losers

Rafhan MaizeXD 2825.00 2750.00 2683.75 2685.88 -139.12 139UniLever PakXD 7233.88 7230.00 7050.00 7100.13 -133.75 136Nestle Pakistan Ltd. 3908.75 3959.99 3720.01 3826.43 -82.32 47Pak Services 162.89 171.03 154.75 155.09 -7.80 1,340Shahtaj Sugar Mills 80.00 83.00 76.00 76.63 -3.37 401

Volume Leaders

D.G.K.Cement 42.77 44.70 42.60 43.90 1.13 23,798,162JS Bank Ltd 5.84 6.60 5.80 6.24 0.40 12,741,883Bankislami Pakistan 11.20 12.07 10.80 11.61 0.41 11,839,012TRG Pakistan Ltd. 4.27 4.73 4.25 4.47 0.20 10,310,201WorldCall Telecom 2.86 2.88 2.55 2.59 -0.27 9,839,434

Interbank RatesUs Dollar 92.2301UK Pound 144.8289Japanese Yen 1.1616Euro 116.0992

Dollar EastBuy Sell

US Dollar 92.90 93.50Euro 115.69 116.85Great Britain Pound 144.82 146.24Japanese Yen 1.1573 1.1686Canadian Dollar 89.84 91.22Hong Kong Dollar 11.79 11.97UAE Dirham 25.18 25.40Saudi Riyal 24.68 24.88Australian Dollar 90.52 92.87

KARACHI

STAFF REPORT

ON Tuesday the bulls keptdominating Karachi stocksmarket with the benchmark,KsE 100-share index gained40.34 points. Ahsan

Mehanti, Director at Arif Habib Invest-ments Limited, said that the Pakistanstocks closed higher in pre -budget rally atKsE on renewed foreign interest and insti-tutional support.

The day saw the index closing up by0.29 percent at 14,071.85 points against14,031.51 points of first working day of theweek. The trading volumes at the ready-counter were recorded lower at 160.177million shares against 181.329 millionshares of the previous day. The tradingvalue was up to Rs 5.835 billion comparedto Rs 5.725 billion of the last day session.The intraday high and low, respectively,stood at 14,168.05 and 14,031.51 points.

He added that the Recovery in globalstocks and commodities on expectationsfor ease in Euro zone debt crises, specula-tions amid federal budget announcementsdue this week played a catalyst role in bull-ish sentiments despite concerns for risingpolitical uncertainty and violence in thecity. The market capitalization grew mod-

estly and increased to Rs 3.601 trillionfrom Rs 3.591 trillion a day earlier. Of thetotal 384 traded scrips, 177 gained, 147 lostand 60 finished as unchanged.

The free-float KsE-30 index alsogained 04.15 points to close at 12,243.28points against the previous 12,239.13points. The KsE all-share index closedwith a gained of 29.16 points to 9,909.16points as against 9,880.00 points.

Mehanti stated that Trade remainedthin on cautious activity amid hopes forearly resolution of NATO supply issueleading to release of Us military aid to Pak-istan. Jahangir siddiqui Company was theday’s volume leader counting its tradedshares at 11.590 million with the openingand closing rates standing at Rs 16.14 andRs 16.25, followed by Bank Islami Pak-istan, D.G.K. Cement, Engro Corporationand Lotte Pakistan PTA with turnover of8.839 million, 8.679 million, 7.593 millionand 6.688 million shares respectively.

On the future market, the turnovershed by over 6 million shares to 10.043million against 16.892 million shares ofMonday. The Unilever Pakistan XD andNestle Pakistan Limited, up Rs 139.05 andRs 102.14, led highest price gainers while,Indus Motor Company and Philip MorrisPakistan, down Rs 8.66 and Rs 7.93 re-spectively, led the losers.

Bulls eye the pre-budget rag, liftindex up 40 points

KFHA to fish outthe fishermen g Ban on fishing reduced to one month

KARACHI

ZAIN ALI

Managing Director Karachi Fish Hourbar AuthorityKFHA, Abdul Ghani Jokhio added that no crew listpermission or port clearance (PC) to be issued to thefishing boats from June 15, 2012 to ensure that fishingboats should return by 30th June2012 to observe theseasonal ban in the month of July 2012, this was statedby While reviewing the methodology to enforce thecomplete implementation of seasonal ban on catch offish and shrimp Jokhio said that all officers should takeserious and sincere efforts for effective monitoring ofimplementation of seasonal ban in the interest of fish-eries sector. Giving advice to the fishermen he added that relaxationfor catch in the month of June, given by Government isa temporary remedy in consideration of difficultiesfaced by fishermen but now they should realize the im-portance of the issue and play their role for saving themarine juveniles which are depleting rapidly. He furtherasked that all stakeholders must shoulder their respon-sibilities to honor their commitment made in a meetingchaired by Zahid Ali Bhurgari, Minister for Fisheriessindh & Chairman KFHA held on 11th April 2012. Hefurther said a mechanism should be evolved to ensurethat, the fishing boats should return by 30th June 2012.Customs authorities would not to issue Port Clearanceto any fishing boat during ban season. The Maritime se-curity Agency and Pakistan Coast Guards keep vigilanceon movement of boats and ensure implement the banseason. seafood processors would ensure that theywould not buy any fishery product from 1st to 31st July.They shall also declare stock stored in their respectiveChill rooms as on 30th June 2012.

LAhORE: Chairperson Technical Education and Vocational Training Authority (TEVTA) Arif Saeed is addressing theconsultative meeting of industrialists and employers for identification of TVET priority areas. President DistrictBoard of Management Gujrat Muhammad Imtiaz Ahmad, Chief Operating Officer Khalid Mahmood, General Manager Academics Prof. Javed Iqbal Malik are also seen in the picture.

ISLAMABAD

ONLINE

The Pakistani Basmati rice gaining ac-ceptance and popularity in Malaysia as itcontains less starch than regular white

rice, making it a healthier option for theMalaysians, says a feature report byBernama.

The Pakistan High Commissioner toMalaysia Masood Khalid while talking tothe news agency, says that Pakistan is

aware of the potential of its Basmati riceand its high demand in Malaysia and toincrease rice exports to Malaysia, Pak-istan is looking at a joint venture withPadiberas Nasional Berhad (Bernas).“Our discussion with Bernas is being

done in stages. To date, Bernas has senttwo groups of representatives to Pakistanto sign agreements with Pakistani ex-porters, following the floods in Thailandand Vietnam that affected rice imports toMalaysia,” he said, adding “we are soonexpecting to see Bernas in Pakistan again... I hope the joint venture will benefit

both parties”. Masood Khalid said thePakistani government was also planningvisits from and consistent contacts withMalaysia’s Ministry of Agriculture andAgro-based Industries, apart from askingRice Exporters Association Pakistan(REAP) to consider exporting rice toMalaysia.

Biryani’s cookin’ in Malaysia g 20.3 percent increase in rice exports to Malaysia recorded last year

PRO 30-05-2012_Layout 1 5/30/2012 12:00 AM Page 3