Profit E-paper 18th April, 2013
2
01 BUSiNeSS B Thursday, 18 April, 2013 ISLAMABAD TAYYAB HUSSAIN T AKING serious notice of the power crisis in the country ahead of general elections, Prime Minister (PM) Mir Hazar Khan Khoso on Wednesday approved Rs 10 bil- lion for immediate purchase of oil for power generation plants while another amount of Rs 10 billion would be ap- proved within the next few days for the same purpose, Pakistan Today has learnt reliably. A well-placed source, requesting anonymity, said the prime minister, during the cabinet meeting, directed Dr Musad- daq Malik, the minister for water and power, that the Rs 20 billion being pro- vided to the ministry should only be used for oil purchase and the amount should not be transferred to any other head so that increasing load shedding could be ad- dressed immediately. The direction came after a detailed briefing by the water and power minister over the power crisis. “Moreover, the PM assured the water and power minister that more gas would also be provided to WAPDA on a daily- basis so that those power plants which are not generating electricity due to suspen- sion of gas reserves could be made func- tional,” the source added. The source further said although Min- ister for Petroleum Wajahat S Siddiqui seemed reluctant on gas provision to WAPDA owing to gas scarcity for domes- tic users, the premier said solving the load shedding crisis was the government’s top priority. The source added that both ministries- Siddiqui and Malik- looked on different pages and opposed each other’s arguments during the cabinet meeting. “The prime minister said all short-term measures should be adopted to redress the power crisis,” the source said. Earlier, the cabinet was given a brief- ing on inflation statistics, revealing that price hike in Pakistan was still less than many countries of south-east Asia, includ- ing India and Afghanistan. WAPDA gets Rs 10b to get rid of load shedding, another Rs 10b on the way PM tells water and power minister to use Rs 20 billion only for oil purchase and not to transfer the amount to any other head so that increasing load shedding could be addressed immediately ISLAMABAD ONLINE The National Accountability Bureau has observed that in spite of clear instruc- tions by the interim government for supply of gas to the general public and efficient generation of power by com- panies, the government instructions are being flouted and violated. Taking cognizance of excessive load shedding and suffering of the people, NAB Chairman Fasih Bukhari sum- moned representatives of all stakehold- ers, including the Ministries of Water and Power, Finance, Petroleum, FBR, NEPRA, Planning Commis- sion, SSGCL and SNGPL. During the meeting, it was observed that despite clear in- structions by the interim gov- ernment that the priority of supply of gas would start with the general public, followed by efficient power producing com- panies and lastly “Captive Power Generators”, the same were not being followed in letter and spirit. Captive Power Generators are units that are provided gas at subsi- dized rates so that they can provide electricity to industries. However, some of the captive power generators are still being provided gas at subsidized rates, but are selling electricity back to the government at full rates. The NAB chief observed that this was an instance of corruption which is not possible without criminal negligence and connivance of government functionaries. The meeting also observed that the government had clearly prioritised pro- vision of subsidised gas to efficient In- dependent Power Producers (IPP). However, subsidised gas is still being provided to inefficient IPPs. The NEPRA representative said that while NEPRA is responsible for fixing the tariff rates, governmental ministries issue the notification of these tariffs, which is frequently delayed, resulting in losses to the IPP as well as the public at large. The NEPRA official added that in some instances, line losses and loss due to theft of electricity ranged between 50 to 80% of the power being produced. It was also brought to the notice of the participants that big land holders are provided electricity at a flat rate of Rs 8 per unit, which is resulting in enormous loss to the national exchequer Accord- ing to a NAB statement, it was obvious during the course of the meeting that no single organ of the state was responsible for the mess that has been created in the power sector nor is there any integrated energy management policy. Following the meeting, the NAB chairman di- rected that the government orders must be followed in letter and spirit. He said that gas should be provided in accordance with the laid down pri- orities, with the highest priority going to the public at large fol- lowed by efficient power pro- ducers. An enquiry will be conducted by NAB to decide whether the decision to pro- vide electricity to tube wells at a flat rate had a criminal aspect or not, the chairman added. He said that the final date of clearing overdue elec- tricity bills is April 19 and all debtors, including government organisations must clear their dues or face criminal proceedings. Regulators were instructed to en- sure that they perform their assigned role in accordance with the law, failing which NAB will proceed against indi- viduals and organisations. Henceforth NAB will monitor the functions of the entire power sector, in- cluding SSGCL and SNGPL, to ensure provision of gas to the public at large as well as maximum efficient power generation. ISLAMABAD ONLINE US imports from Pakistan under the Gen- eralized System of Preferences (GSP) pro- gram, which offers duty-free market access to the United States, surged by 49% in 2012, reaching $195 million. This represents one of the largest in- creases among all major GSP beneficiary countries,” said Deputy Assistant Trade Representative Bill Jackson during a pres- entation at the Islamabad Chamber of Commerce and Industry. During a seminar for members of the Pakistani business community, US Deputy Assistant Trade Representative Bill Jackson explained how Pakistani ex- porters can further take advantage of duty- free access to the United States currently available for over 3,500 Pakistani prod- ucts under the GSP programme. The USTR identified all GSP-eligible products and highlighted how Pakistani exporters who are actively looking for po- tential U.S. buyers can use GSP to in- crease their exports to the United States. Bill Jackson told participants, “Pak- istan can grow its duty-free exports to the United States even more. Pakistan ex- ported $3.6 billion worth of goods to the United States in 2012, yet only 5.7 per cent of that amount took advantage of the duty-free treatment available under the GSP Program. Pakistan, therefore, has the opportunity to expand its exports to the United States substantially under GSP.” Citing an example of how Pakistani exporters can enhance sales to the United States under GSP, Jackson noted that Pak- istani exports of gemstones, precious met- als, and jewelry to the United States showed impressive growth of 300% in 2012 – totaling $32.4 million – following a previous training session that raised awareness about available market access. Gemstones, precious metals, and jewelry are among the many items eligible for duty-free treatment under the GSP Pro- gram. Jackson advised Pakistani exporters of GSP-eligible products that there are several ways to make the most of the available tariff advantage. “First, consider using GSP as a marketing tool with US buyers. The US importers may be willing to buy new products from Pakistan or buy more of a particular product if they know that the item is eligible for duty-free treat- ment under GSP. Many US importers are also unaware that a product may be eligi- ble. As a result, they often pay duties on these products even when they don’t need to do so,” he emphasized. Among the GSP-eligible products from Pakistan on which duties were un- necessarily paid in 2012 were leather sports gloves, mittens, and mitts; certain non-cotton pillows, cushions, and similar furnishings; certain athletic articles and equipment; and miscellaneous iron and steel articles. Pakistan benefiting from duty-free market access to US LoAD SheDDiNG woeS: NAB says govt instructions being flouted NAB to monitor functions of the entire power sector, including SSGCL and SNGPL, to ensure provision of gas to the consumers as well as maximum efficient power generation Current Account gap swells beyond $1b during nine months KARACHI STAFF REPORT The country’s current account deficit has widened beyond $1 billion during the first three quarters of current fiscal year, July- March FY13. Last month, the central bank had reported the current account gap as in- creasing to $700 million during July-Febru- ary period. The State Bank on Wednesday said the current account deficit for July- MarchFY13 period was recorded at $ 1.028 billion which is 0.6 percent of the country’s $ 185.022 billion provisional gross domestic product (GDP). However, compared to cor- responding period of FY12, this deficit is negligible. The current account during same period last year had seen a huge deficit of $ 3.038 billion that was 1.8 percent of the GDP. In its two quarterly reports, the central bank expressed its concern over the coun- try’s dollar reserves which up to March 29, contracted to $12.2 billion. Of this total, only $ 7.12 billion are owned by the SBP. During the period in review, according to SBP fig- ures, the country’s trade balance shrank to $ 11.264 billion from $ 11.837 billion of the correspondent months of FY12. The exports whereas slightly reduced from $ 18.334 bil- lion to $ 18.333 billion the imports also re- mained subdued and declined to $ 29.597 billion from the previous year’s $ 30.171 bil- lion. The disbursements by the country’s for- eign lenders and donors though showed a slight growth and swelled to $ 1.551 billion compared to FY12’s $ 1.340 billion. Of the total, $ 1.256 billion came to the country under the head of long-term loans. Of this amount, $ 1.250 billion were received as project loan and only $ 6 million as program loans. The Islamic Development Bank lent $ 256 million to Pakistan as a short term loan. Punjab CS takes note of non-payments to sugarcane growers LAHORE: Punjab Chief Secretary Javed Iqbal has taken serious note of the non-pay- ment of Rs 20 billion to sugarcane growers without any plausible reason. Official sources said that all 38 sugar mills operat- ing in Punjab, after purchasing sugarcane in December, have been sitting on Rs 20 bil- lion payment to the growers. Sugarcane Growers Association Pakistan Convener Javed Mehmud Malik said that all sugar mills owed over Rs 20 billion to sugarcane growers and according to sugarcane act, the mill management is legally bound to pay all dues to growers within 15 days Thousands of poor growers are running from pillar to post to get legitimate payment of their sug- arcane crop. APP Nigeria imported drugs worth $1 billion from Pakistan in 2012 KARACHI: Approximately $1.1 billion worth of medicines were imported by Nigeria in the year 2012, said a Pakistan diplomat in Nigeria, Ahmed Ali Sirohey. Addressing a reception hosted by Chair- man South, Pakistan Pharmaceutical Manufacturers Association (PPMA) Nadeem Chandna, he said it was the most appropriate time for PPMA to expand market for their pharmaceutical products in Nigeria. The reception was hosted in honour of leading Nigerian pharma industrialists led by Ahmed Ibrahim Yakasai. Ahmed Ali Sirohey said that the people of Nigeria rated Pakistani pharma products equal to European products and that even the In- dian origin doctors prefer to prescribe Pakistani medicines. “The environment is extremely conduc- tive and our country’s drug and pharma- ceutical manufacturers must take advantage of it,” said the Pakistani diplo- mat in Nigeria. APP Tractors production up 61% in 8 months ISLAMABAD: Production of tractors in- creased 60.94 per cent during the first eight months of the current fiscal year over the corresponding period of last year. As many as 33,193 tractors were manufactured dur- ing July-February (2012-13) against the production of 20,624 tractors during July- February (2011-12), according to the data of Pakistan Bureau of Statistics (PBS). However, on year-on-year basis, the pro- duction witnessed negative growth of 53.47 percent in February 2013 when compared to the production of February 2012, the data revealed. Tractor production during Febru- ary 2013 were recorded at 2665 units against the production of 5728 units during February 2012. APP Stocks close higher, rupee steady KARACHI: Stocks closed higher on Wednesday after a steep fall of more than 350 points in the last two sessions, with re- newed buying in Maple Leaf Cement and Engro helping the recovery, traders said. The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.18 per cent, or 32.25 points, higher at 18,394.12 points. Maple Leaf Cement Factory Ltd was up 5.75 percent to 18.39 rupees while Engro climbed five per cent to 135.40 ru- pees. Pakistan Telecommunication Co Ltd fell 3.76 per cent to 18.45 rupees. In the currency market, the rupee ended almost steady at 98.34/98.39 against the dollar. Overnight rates in the money market re- mained flat at 9.40 per cent. AGENCIES 16-17 Business Pages (18-04-2013)_Layout 1 4/18/2013 6:07 AM Page 1
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Profit E-paper 18th April, 2013
Transcript of Profit E-paper 18th April, 2013
01
BUSiNeSS
BThursday, 18 April, 2013
ISLAMABAD
TAYYAB HUSSAIN
TAKING serious notice ofthe power crisis in thecountry ahead of generalelections, Prime Minister(PM) Mir Hazar Khan
Khoso on Wednesday approved Rs 10 bil-lion for immediate purchase of oil forpower generation plants while anotheramount of Rs 10 billion would be ap-proved within the next few days for thesame purpose, Pakistan Today has learntreliably.
A well-placed source, requestinganonymity, said the prime minister, duringthe cabinet meeting, directed Dr Musad-daq Malik, the minister for water andpower, that the Rs 20 billion being pro-vided to the ministry should only be usedfor oil purchase and the amount shouldnot be transferred to any other head so that
increasing load shedding could be ad-dressed immediately.
The direction came after a detailedbriefing by the water and power ministerover the power crisis.
“Moreover, the PM assured the waterand power minister that more gas would
also be provided to WAPDA on a daily-basis so that those power plants which arenot generating electricity due to suspen-sion of gas reserves could be made func-tional,” the source added.
The source further said although Min-ister for Petroleum Wajahat S Siddiqui
seemed reluctant on gas provision toWAPDA owing to gas scarcity for domes-tic users, the premier said solving the loadshedding crisis was the government’s toppriority.
The source added that both ministries-Siddiqui and Malik- looked on differentpages and opposed each other’s argumentsduring the cabinet meeting. “The primeminister said all short-term measuresshould be adopted to redress the powercrisis,” the source said.
Earlier, the cabinet was given a brief-ing on inflation statistics, revealing thatprice hike in Pakistan was still less thanmany countries of south-east Asia, includ-ing India and Afghanistan.
WAPDA gets Rs 10b to get rid of load shedding, another Rs 10b on the way
PM tells water and powerminister to use Rs 20
billion only for oil purchaseand not to transfer the
amount to any other headso that increasing load
shedding could beaddressed immediately
ISLAMABAD
ONLINE
The National Accountability Bureau hasobserved that in spite of clear instruc-tions by the interim government forsupply of gas to the general public andefficient generation of power by com-panies, the government instructions arebeing flouted and violated.
Taking cognizance of excessive loadshedding and suffering of the people,NAB Chairman Fasih Bukhari sum-moned representatives of all stakehold-ers, including the Ministries of Waterand Power, Finance, Petroleum,FBR, NEPRA, Planning Commis-sion, SSGCL and SNGPL.
During the meeting, it wasobserved that despite clear in-structions by the interim gov-ernment that the priority ofsupply of gas would start withthe general public, followed byefficient power producing com-panies and lastly “Captive PowerGenerators”, the same were notbeing followed in letter and spirit.
Captive Power Generators areunits that are provided gas at subsi-dized rates so that they can provideelectricity to industries. However, someof the captive power generators are stillbeing provided gas at subsidized rates,but are selling electricity back to thegovernment at full rates. The NAB chiefobserved that this was an instance ofcorruption which is not possible withoutcriminal negligence and connivance ofgovernment functionaries.
The meeting also observed that the
government had clearly prioritised pro-vision of subsidised gas to efficient In-dependent Power Producers (IPP).However, subsidised gas is still beingprovided to inefficient IPPs.
The NEPRA representative said thatwhile NEPRA is responsible for fixingthe tariff rates, governmental ministriesissue the notification of these tariffs,which is frequently delayed, resulting in
losses to the IPP as well as the public atlarge. The NEPRA official added that insome instances, line losses and loss dueto theft of electricity ranged between 50to 80% of the power being produced.
It was also brought to the notice of
the participants that big land holders areprovided electricity at a flat rate of Rs 8per unit, which is resulting in enormousloss to the national exchequer Accord-ing to a NAB statement, it was obviousduring the course of the meeting that nosingle organ of the state was responsiblefor the mess that has been created in thepower sector nor is there any integratedenergy management policy. Followingthe meeting, the NAB chairman di-rected that the government orders mustbe followed in letter and spirit.
He said that gas should be providedin accordance with the laid down pri-
orities, with the highest prioritygoing to the public at large fol-
lowed by efficient power pro-ducers. An enquiry will beconducted by NAB to decidewhether the decision to pro-vide electricity to tube wellsat a flat rate had a criminalaspect or not, the chairmanadded. He said that the finaldate of clearing overdue elec-
tricity bills is April 19 and alldebtors, including government
organisations must clear theirdues or face criminal proceedings.
Regulators were instructed to en-sure that they perform their assignedrole in accordance with the law, failingwhich NAB will proceed against indi-viduals and organisations.
Henceforth NAB will monitor thefunctions of the entire power sector, in-cluding SSGCL and SNGPL, to ensureprovision of gas to the public at largeas well as maximum efficient powergeneration.
ISLAMABAD
ONLINE
US imports from Pakistan under the Gen-eralized System of Preferences (GSP) pro-gram, which offers duty-free marketaccess to the United States, surged by49% in 2012, reaching $195 million.
This represents one of the largest in-creases among all major GSP beneficiarycountries,” said Deputy Assistant TradeRepresentative Bill Jackson during a pres-entation at the Islamabad Chamber ofCommerce and Industry.
During a seminar for members of thePakistani business community, USDeputy Assistant Trade RepresentativeBill Jackson explained how Pakistani ex-
porters can further take advantage of duty-free access to the United States currentlyavailable for over 3,500 Pakistani prod-ucts under the GSP programme.
The USTR identified all GSP-eligibleproducts and highlighted how Pakistaniexporters who are actively looking for po-tential U.S. buyers can use GSP to in-crease their exports to the United States.
Bill Jackson told participants, “Pak-istan can grow its duty-free exports to theUnited States even more. Pakistan ex-ported $3.6 billion worth of goods to theUnited States in 2012, yet only 5.7 percent of that amount took advantage of theduty-free treatment available under theGSP Program. Pakistan, therefore, has theopportunity to expand its exports to the
United States substantially under GSP.” Citing an example of how Pakistani
exporters can enhance sales to the UnitedStates under GSP, Jackson noted that Pak-istani exports of gemstones, precious met-als, and jewelry to the United Statesshowed impressive growth of 300% in2012 – totaling $32.4 million – followinga previous training session that raisedawareness about available market access.Gemstones, precious metals, and jewelryare among the many items eligible forduty-free treatment under the GSP Pro-gram.
Jackson advised Pakistani exportersof GSP-eligible products that there areseveral ways to make the most of theavailable tariff advantage. “First, consider
using GSP as a marketing tool with USbuyers. The US importers may be willingto buy new products from Pakistan or buymore of a particular product if they knowthat the item is eligible for duty-free treat-ment under GSP. Many US importers arealso unaware that a product may be eligi-ble. As a result, they often pay duties onthese products even when they don’t needto do so,” he emphasized.
Among the GSP-eligible productsfrom Pakistan on which duties were un-necessarily paid in 2012 were leathersports gloves, mittens, and mitts; certainnon-cotton pillows, cushions, and similarfurnishings; certain athletic articles andequipment; and miscellaneous iron andsteel articles.
Pakistan benefiting from duty-free market access to US
LoAd SheddiNG woeS: NAB saysgovt instructions being flouted
NAB to monitor functions
of the entire power sector, including
SSGCL and SNGPL, toensure provision of gas
to the consumers aswell as maximum
efficient power generation
Current Account gapswells beyond $1bduring nine months
KARACHI
STAFF REPORT
The country’s current account deficit haswidened beyond $1 billion during the firstthree quarters of current fiscal year, July-March FY13. Last month, the central bankhad reported the current account gap as in-creasing to $700 million during July-Febru-ary period. The State Bank on Wednesdaysaid the current account deficit for July-MarchFY13 period was recorded at $ 1.028billion which is 0.6 percent of the country’s $185.022 billion provisional gross domesticproduct (GDP). However, compared to cor-responding period of FY12, this deficit isnegligible. The current account during sameperiod last year had seen a huge deficit of $3.038 billion that was 1.8 percent of theGDP. In its two quarterly reports, the centralbank expressed its concern over the coun-try’s dollar reserves which up to March 29,contracted to $12.2 billion. Of this total, only$ 7.12 billion are owned by the SBP. Duringthe period in review, according to SBP fig-ures, the country’s trade balance shrank to $11.264 billion from $ 11.837 billion of thecorrespondent months of FY12. The exportswhereas slightly reduced from $ 18.334 bil-lion to $ 18.333 billion the imports also re-mained subdued and declined to $ 29.597billion from the previous year’s $ 30.171 bil-lion. The disbursements by the country’s for-eign lenders and donors though showed aslight growth and swelled to $ 1.551 billioncompared to FY12’s $ 1.340 billion. Of thetotal, $ 1.256 billion came to the countryunder the head of long-term loans. Of thisamount, $ 1.250 billion were received asproject loan and only $ 6 million as programloans. The Islamic Development Bank lent $256 million to Pakistan as a short term loan.
Punjab CS takes noteof non-payments tosugarcane growersLAHORE: Punjab Chief Secretary JavedIqbal has taken serious note of the non-pay-ment of Rs 20 billion to sugarcane growerswithout any plausible reason. Officialsources said that all 38 sugar mills operat-ing in Punjab, after purchasing sugarcane inDecember, have been sitting on Rs 20 bil-lion payment to the growers. SugarcaneGrowers Association Pakistan ConvenerJaved Mehmud Malik said that all sugarmills owed over Rs 20 billion to sugarcanegrowers and according to sugarcane act, themill management is legally bound to pay alldues to growers within 15 days Thousandsof poor growers are running from pillar topost to get legitimate payment of their sug-arcane crop. APP
Nigeria importeddrugs worth $1 billionfrom Pakistan in 2012KARACHI: Approximately $1.1 billionworth of medicines were imported byNigeria in the year 2012, said a Pakistandiplomat in Nigeria, Ahmed Ali Sirohey.Addressing a reception hosted by Chair-man South, Pakistan PharmaceuticalManufacturers Association (PPMA)Nadeem Chandna, he said it was the mostappropriate time for PPMA to expandmarket for their pharmaceutical productsin Nigeria.The reception was hosted in honour ofleading Nigerian pharma industrialists ledby Ahmed Ibrahim Yakasai. Ahmed AliSirohey said that the people of Nigeriarated Pakistani pharma products equal toEuropean products and that even the In-dian origin doctors prefer to prescribePakistani medicines. “The environment is extremely conduc-tive and our country’s drug and pharma-ceutical manufacturers must takeadvantage of it,” said the Pakistani diplo-mat in Nigeria. APP
Tractors productionup 61% in 8 monthsISLAMABAD: Production of tractors in-creased 60.94 per cent during the first eightmonths of the current fiscal year over thecorresponding period of last year. As manyas 33,193 tractors were manufactured dur-ing July-February (2012-13) against theproduction of 20,624 tractors during July-February (2011-12), according to the dataof Pakistan Bureau of Statistics (PBS).However, on year-on-year basis, the pro-duction witnessed negative growth of 53.47percent in February 2013 when compared tothe production of February 2012, the datarevealed. Tractor production during Febru-ary 2013 were recorded at 2665 unitsagainst the production of 5728 units duringFebruary 2012. APP
Stocks close higher,rupee steadyKARACHI: Stocks closed higher onWednesday after a steep fall of more than350 points in the last two sessions, with re-newed buying in Maple Leaf Cement andEngro helping the recovery, traders said.The Karachi Stock Exchange’s (KSE)benchmark 100-share index ended 0.18 percent, or 32.25 points, higher at 18,394.12points. Maple Leaf Cement Factory Ltd wasup 5.75 percent to 18.39 rupees whileEngro climbed five per cent to 135.40 ru-pees. Pakistan Telecommunication Co Ltdfell 3.76 per cent to 18.45 rupees. In thecurrency market, the rupee ended almoststeady at 98.34/98.39 against the dollar.Overnight rates in the money market re-mained flat at 9.40 per cent. AGENCIES
16-17 Business Pages (18-04-2013)_Layout 1 4/18/2013 6:07 AM Page 1
BUSiNeSSThursday, 18 April, 2013
UBL Omni signs MoU with ORIX Leasing KARACHI: ORIX Leasing Pakistan Limited (OLP)
and UBL Omni have signed an agreement to
facilitate the customers of OLP in repayments of
their finance facility through UBL Omni Dukaans.
OLP is subsidiary of ORIX Corporation (Japan)
and one of the most prominent Non-Banking
Finance Companies in Pakistan which offers cost
effective value-added financial products and
customized services to a wide array of customers
throughout the country. UBL Omni is one of the
pioneering players of Pakistan’s Branchless
Banking sector that offers G2P disbursements,
loan repayments, corporate cash collections,
salary disbursements, money transfer and bill
payment services. Omni also caters to financial
needs of underprivileged segment by facilitating
government and international donor agencies for
cash grant disbursements. Using its growing
network of 11,000 Omni Dukaans across Pakistan
and multiple electronic channels, Omni offers a
perfect blend of reliable, world-class and
innovative business solutions. The agreement
signing ceremony was held at UBL’s Head Office
with representatives from both organizations
present at the event. Mr Aameer Karachiwalla,
Group Executive – Retail Bank and Mr Teizoon
Kisat, CEO, OLP were the signatories for their
respective organizations. PR
UBL Funds introduces theUBL Islamic PrincipalPreservation Fund 1KARACHI: Launched under the Siraj umbrella,
UBL Funds introduced the UBL Islamic Principal
Preservation Fund on April 1st, 2013. For the first
time in Pakistan, investments can be made in a
Shariah Compliant investment scheme with 100%
exposure into the stock market while benefiting
from the principal preservation advantage. This
scheme can be a gateway for all prudent investors
to the Pakistani stock market has that has given an
absolute return of 525% in the last ten years (DEC
2002-2012). Mir Muhammad Ali, CEO UBL Funds
said, “Not only does this product offer a Profit
Lock-In feature – that enables locking in any gains
from the investment during the life of the fund;
but the investor also benefits with our pioneer
methodology of Constant Proportion Portfolio
Insurance in Shariah Compliant investments.” The
CPPI (Constant Proportion Portfolio Insurance)
method is intended to control risk and protect
capital via daily valuation of risk budget available
and daily portfolio rebalancing thus aiming to
preserve the principal investment. PR
201 engineers and biologistsgraduate from NUST
ISLAMABAD: A graceful 1st undergraduate
convocation ceremony of (SCEE) School of Civil and
Environmental Engineering and (ASAB) Atta-ur-
Rahman School of Applied Bio-Sciences was held on
April 17 at the H-12 campus of National University
of Sciences and Technology. Rector NUST Engr
Muhammad Asghar graced the ceremony as the
chief guest. As many as 201 students were
conferred bachelor degrees in the disciplines of
Civil Engineering (141), Environmental Sciences
and Engineering (35) and Applied Bio-Sciences
(25). The ceremony was attended by distinguished
guests, graduating students, their parents and
faculty members. Gold Medal and Certificates were
awarded by the chief guest to the students for their
distinctive achievements. President’s Gold Medal
and Certificates were awarded to Abeera Ayaz
Ansari (Environmental Engineering), Zain Maqsood
(Civil Engineering), Rabia Shakeel (Best
Performance in Research) and Zahra Zahid Paracha
(overall best performance in academics). Rector’s
Gold Medal and Certificates were bestowed upon
Talha Zubair (Environmental Engineering) and
Muhammad Arsalan (Civil Engineering). PR
LG TVs registered in new ‘EPEAT’environmental ratings
LAHORE: More than 50 television models from LG
Electronics are now rated on the EPEAT global
registry for greener electronics, which expanded
today to include televisions for the first time. The
new environmental rating category recognizes LG-
brand flat-panel HDTVs, Internet-connected Smart
TVs and 3D-capable TVs. The comprehensive EPEAT
rating system, which currently registers products in
42 countries and regions, is designed to help
consumers, businesses and governments identify
environmentally preferable television products. The
53 LG TVs rated on the registry meet up to four
dozen environmental performance criteria
developed during a four-year consensus process
involving the U.S. Environmental Protection Agency,
industry representatives and key non-governmental
organizations. The stringent EPEAT standards include
analysis of a product’s energy efficiency, recyclability,
reduction of hazardous substances, packaging and
longevity, to name a few attributes. PR
ISLAMABAD: Muhammad Akhtar Bawany,
President Hospitality, Industrial & Real Estate
Division Hashoo Group, hosted a reception in
honour of the new General Manager of the
Islamabad Marriott Hotel Jan Verduyn at the
residence of the Chairman Hashoo Group
Saddruddin Hashwani. The reception was
attended by a large number of ambassadors,
top officials from the UN and the Group
executives. PR
LAHORE: Faisal Sheikh, chief operating officer
Viper Technology, and Hamid Farooq, senior
executive vice president Business
Development PTCL sign an MoU for
partnership in cloud services. PR
CORPORATE CORNER
02
B
Major Gainers
COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERWyeth Pak Ltd XD 1154.00 1211.00 1111.00 1210.00 56.00 3,850Bata (Pak) XD 1750.00 1800.00 1750.00 1800.00 50.00 750Gillette Pak 204.75 214.98 209.99 214.98 10.23 9,000Indus Dyeing 380.00 395.00 390.00 390.00 10.00 200MithchellsFruit 342.10 352.97 345.00 351.55 9.45 600
Major LosersUnilever Food XD 4800.00 4750.00 4560.00 4560.00 -240.00 80Bhanero Tex. 317.25 301.50 301.39 301.39 -15.86 300Philip Morris Pak. 292.77 285.00 278.14 278.14 -14.63 5,300Fazal Textile 252.65 241.00 241.00 241.00 -11.65 200Atlas Honda Ltd 187.18 183.00 177.83 177.85 -9.33 41,200
Volume Leaders
Maple Leaf Cement 17.39 18.39 17.05 18.36 0.97 19,456,000P.T.C.L.A 19.17 18.90 18.22 18.46 -0.71 14,139,000Engro Corporation 130.54 135.50 127.50 134.58 4.04 13,093,500TRG Pakistan Ltd. 8.32 8.55 7.80 7.96 -0.36 12,470,500Jah.Sidd. Co.XD 12.00 12.27 11.15 11.67 -0.33 11,089,000
interbank RatesUSD PKR 98.3972GBP PKR 150.4198JPY PKR 1.0023EURO PKR 129.7564
ForexBUY SELL
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LAHORE: Honda CEO Takeharu Aoki and Ayaz Hafeez at the launch of the new Honda City Aspire
1.5 on Wednesday. STAFF PHOTO
LAHORE: The 7th Toyota Dream Car Art Contestorganized by Indus Motor Company draws to a closewith a grand event here today. More than 300schools from across Pakistan participated in the con-test, including special children, from vocationaltraining schools. The competition kicked off in Jan-uary 2013, and during the entry submission period(January to March 2013) some 10,000 entries werereceived from all over the country out of which 5000entries were from Lahore alone. The entries receivedfrom Lahore schools were displayed at the event,showcasing the immense talent and imagination ofthe participating children. Speaking on the occasion,Mr. Keiichi Murakami, Vice Chairman, Indus MotorCompany, said that the TOYOTA Dream Car ArtContest is designed to engage children in the creativeprocess of designing a future dream car by usingtheir imagination through art. “It is heartening to seethe enthusiasm with which the children and theirschools participated in the contest. The creativity ofthese young artists has given us tremendous hopethat one of them will also win at the World Art Con-test in Japan,” he added. PR
Toyota ‘dream Car’ art contest concludes
KARACHI: Toyota launches
the ‘Fortuner’ at a grand
ceremony on Wednesday. PR
KARACHI
STAFF REPORT
With an idea to overcome theworst-ever energy crisis, the Pak-istan Economic Forum, a consulta-tive body on the model of theWorld Economic Forum, spon-sored by the Pakistan BusinessCouncil, has recommended that aMinistry of Energy be set up tocontain the problem that could
bring prosperity in the country.The plan to establish Ministry
of Energy would be tasked to de-sign an integrated energy plan.This plan would balance energyimports with the development ofindigenous energy resources andaim for a diversified economic en-ergy mix.
In this regard, the PakistanEconomic Forum on Wednesdayorganised its second session to
present the draft recommendationsof its six experts on critical issuesfacing the country.
The panels comprising eminentpersons and subject experts identi-fied six most serious challenges aseducation, energy macroeconomicstability, regional trade, social pro-tection and water. Though its ef-forts, the PEF aims to stimulate awider debate on critical issues andchallenges facing the country with
a view to evolving a national con-sensus on policies to successfullymanage these issues.
The day-long PEF-II witnessedthe gathering of the most promi-nent corporate leaders and socio-economic experts of the countrywho heard the PEF panel’s thor-oughly researched and in-depthanalysis of issues posing a seriousand long-term threat to the stabilityand progress of Pakistan.
PeF demands setting up of Ministry of energy to contain power crisis
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