Profit E-paper 19th Aapril, 2013
2
01 KARACHI ISMAIl dIlAWAR N O matter which digit the infla- tion numbers are hitting, the price hike in the country is breaking the back of those earn- ing the lowest among various income groups. And those living in the federal capital, Islamabad, appeared to be most-affected compared to their countrymen residing in other provincial capitals of Pakistan. Monitoring the monthly Consumer Price Index (CPI) inflation, the central bank found that during March, the daily-use food items remained highest to those having the lowest monthly income of up to Rs 8,000 in the country. “The lowest income group (up to Rs 8, 000) has the highest inflation in food group during the month of March,” the State Bank observed. Nisar Ahmed, a peon in a private firm, does not love to talk about inflation, which he says has made life miserable for a commoner. “Let’s not talk about Mehengai (infla- tion) sir. Running kitchen is not possible anymore for the people with lower in- come,” said Ahmed, who lives hand-to- mouth in a two-bedroom house with his four dependents in Junejo Town. For Ahmed, gone are the days when people like him used to have a full-fledged lunch in a city restaurant for Rs 50 to Rs 60. “Now while at work in daytime, I prefer having two Samosas with a cup of tea to fulfill my hunger,” said Ahmed, who is married with one child. Also, he has at home a widowed mother and a school- going brother that depend on him. “I have to do a side business of scrap to meet ends,” Ahmed said, adding that trans- port fares, utility bills, education expenses of children and other essential expenditures made life miserable for the common man. Ahmed’s sorry state can be substanti- ated with the official numbers for various categories of inflation for the income group he falls in. Official data shows that for those earn- ing up to Rs 8,000 a month, the rate of food and non-food inflation was 7.6, 7.1 and 8.4 percent in the previous month. This is in spite the fact that Ahmed’s city of residence, Karachi, was last month ranked the country’s fourth costliest city after Islamabad, Peshawar and Quetta. Ac- cording to SBP’s inflation monitors, the in- flation rate in Islamabad, Peshawar, Quetta and Karachi stood at 6.7, 5.9, 5.8 and 5.7 percent, respectively, during March. Lahore, the provincial capital of Punjab, appeared to be the cheapest city with 5.4 percent year-on-year inflation. Ironically, the price hike did not bother those officially cate- gorised as the highest income groups. “Income group above Rs 35,000 witnessed lower in- flation than the overall inflation in CPI basket during March 2013 for general, food and non-food groups and low- est among the groups,” the cen- tral bank moni- tored. For those earning the most the general, food and non-food inflation stood at 5.3, 6.0 and 5.0 percent, re- spectively, during the review month. For those earn- ing between Rs 8,001 and Rs 12,000, the price hike under the above three heads ac- counted for 8.4, 6.7 and 10.2 percent. The group with an income ranging from Rs 12,001 to Rs 18,000 saw these figures at 8.0, 6.6 and 9.5 percent, while those pocket- ing Rs 18,001 to Rs 35,000 had to pay for daily essentials on the three accounts at a rate of 6.1, 6.3 and 5.9 percent. Overall, the headline CPI inflation was recorded in March at 6.6 percent YoY com- pared to 10.8 percent of the corresponding month of last year. “CPI Inflation on year-on-year basis in provincial capitals of Pakistan was lower than overall inflation during March 2013, while in the federal capital, it was slightly higher than overall inflation,” the State Bank said. BuSINeSS B Friday, 19 April, 2013 ISLAMABAD APP Unjust gas distribution has led to closure of var- ious industrial units, triggering brain drain and flight of capital from the country, Abid Hayat, Chairman All Pakistan (CNG) Association (APCNGA) said on Thursday. Talking to reporters, he said the previous gov- ernment did not listen to the recommendations of the APCNGA, which could have prevented the citizens from suffering from the energy crisis. Lauding the NAB move to probe captive scam, Hayat said the de- velopment has proved that APCNGA’s stance on unjust gas distribu- tion, increased oil import bill and failure to intro- duce liquid gases was true. All those who had pushed the country into darkness for personal gains should be made accountable and trillions be recovered from them, he said. Speaking on the occasion, Ghiyas Abdullah Paracha said that those terming captive power plants state-of- the-art are misguiding the masses. These plants have efficiency level of around 18 per cent and waste 454 mmcf gas. Disconnecting gas to pri- vate power plants and provision to ef- ficient power houses would have increased power generation by 2.5 thousand megawatt and reduced load shedding to a great extent, he claimed. Owners of captive power plants are making elec- tricity at the cost of Rs 5 per unit and selling it at Rs 18 per unit in connivance with the government offi- cials, he alleged. Unjust gas distribution causing problems for the people: APCNGA WASHINGTON SPEcIAl cORRESPONdENT South Asia is regaining its economic momentum, but the recovery in the world’s region with the largest number of poor people could falter in the absence of a stronger investment climate, said the latest South Asia Economic Focus report of the World Bank. According to the report, the combined growth of Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka was just 4.7% in 2012, substantially below pre-crisis levels. A pick-up to 5.5% can be expected in 2013 with ongoing efforts to regain fiscal space and boost private in- vestment. But given the uncertain global environ- ment, it will be im- portant to strengthen the in- vestment climate. “How countries manage their economies in the face of uncertainties in the global environment will be critical not only for ad- dressing near-term current ac- count and fiscal deficits but also for tackling South Asia’s long-term challenges,” said Martin Rama, chief econo- mist for the South Asia Region at the World Bank. The report, a twice-yearly look at South Asia’s economic prospects, said that the region is now more vulnerable because current account balances have widened, foreign direct investment has slowed, and persistently high inflation has limited the ability for central banks to use monetary policy to counter any economic downturn. Because of rising imports, countries in South Asia are also more vulnerable to increases in commodity prices. Some countries, notably the Maldives and Pak- istan, have seen their reserves dwindle to critical levels. And in India, Sri Lanka and Bhutan, fiscal deficits remain high. Fiscal buffers are beginning to be rebuilt in several South Asian countries, most re- cently in India. Further progress will require im- proving tax revenue collection and curbing energy subsidies, among other measures. Much of the recent slowdown in economic growth can be attributed to stagnating investment. Total fixed investment grew by 2.6% in 2012, down from a high of 16.7% in 2010. The performance varies widely across the region. For example, total investment in Pakistan during the 2011/12 fiscal year hit a historic low of 12.5% of GDP, while India is projected to register investment at 30.6% for fiscal year 2012/13, only slightly down from the previous year. In common with global trends, most countries in South Asia have increased their levels of for- eign direct invest- ment (FDI) over the last decade. But much of this is skewed to- ward the services sec- tors, such as construction, financial and business services, with less going to- ward agriculture or manufactur- ing. This, to a large degree reflects a lack of attractive investment opportu- nities. Some countries, notably Bangladesh and Pakistan, have recently suffered significant declines in overall FDI. “Exports and domestic consumption are ex- pected to contribute only modestly to growth, and so a revival in investment will be critical for South Asia to regain momentum,” said Rama. “Over the next 20 years, more than 1 million new workers will be entering the South Asian labour force each month. Countries will need to improve their busi- ness climate to attract the private sector investment needed for these new entrants to find productive jobs, thereby reducing poverty and boosting shared prosperity.” South Asia regaining economic momentum but faces risks: World Bank High earning groups face lesser food inflation FOR INCOME GROUPS OF UP TO RS 8,000 INFLATION RANGES FROM 7.1 TO 8.4% PRICE HIKE FOR HIGHEST INCOME GROUPS STANDS BETWEEN 5 TO 6% ISLAMABAD MOST EXPENSIVE, LAHORE CHEAPEST CITY OF PAKISTAN For Ahmed, gone are the days when people like him used to have a full-fledged lunch in a Karachi restaurant for Rs 50 to Rs 60. “Now while at work, I prefer having two Samosas with a cup of tea to fulfill my hunger.” The region is now more vulnerable because current account balances have widened, foreign direct investment has slowed, and persistently high inflation has limited the ability for central banks to use monetary policy to counter any economic downturn. Because of rising imports, countries in South Asia are also more vulnerable to increases in commodity prices. GAS SHORTFALL: RESTORATION OF SUPPLY TO PUNJAB CITIES RESCHEDULED LAHORE: Sui Northern Gas Pipelines Limited (SNGPL) has changed the schedule of provision of gas to CNG stations in Punjab because of damage to major gas supply lines in Hassan Kounj and Pir Koh. Earlier gas supply to CNG stations in Lahore, Sheikhupura, Sahiwal, Multan, Gujranwala and Gujrat regions was to be restored at 6am on Thursday but the authorities concerned had to reschedule the supply to Friday morning due to destruction of gas pipelines at two localities by militants. INP SECP starts criminal proceedings against Ahmed Nadeem Securities KARACHI STAFF REPORT The Securities and Exchange Commission of Pakistan (SECP) has filed a criminal complaint against Muhammad Ahmed Nadeem, chief executive and shareholder of Muhammad Ahmed Nadeem Securities (Pvt) Ltd and ex-member of Islamabad Stock Exchange, and Muhammad Ahmed Janjua, company secretary. The complaint has been filed under section 32(5) of the Securities and Exchange Commission of Pakistan Act, 1997. “The Court after recording the complainant’s statements and examination of documentary evidence has issued summons to the accused to appear on July 5, 2013,” said a statement issued on Thursday by SECP spokesperson Imran Ghaznavi. Giving details of the case, it said the Commission after receipt of investor complaints against the company regarding non-payment of cash balance available in investors’ accounts, and refusing to transfer their shares took notice of the matter and directed the ISE to take appropriate action against the company. The Governing Board of ISE suspended the company’s trading rights on May 25, 2012, and directed the company to settle investor complaints. Contrary to the directions issued by ISE, the Company on June 02, 2012 filed a winding up petition under Sections 305 and 309 of the Companies Ordinance, 1984 in the Islamabad High Court. Subsequently, ISE notice dated June 12, 2012 cancelled the membership of the company in accordance with the terms of Article 33(b) of Articles of Association of the Islamabad Stock Exchange. The Commission in exercise of the powers under Section 21 of the Securities and Exchange Ordinance, 1969 read with Section 29 of the Securities & Exchange Commission of Pakistan Act, 1997 ordered an enquiry against the Company through an order dated July 31, 2012. However, the Director and Company Secretary did not provide the requisite records required by the enquiry team. In addition, they failed to appear before the enquiry team, despite repeated notices issued by the Commission under section 32 of the Securities and Exchange Commission of Pakistan Act, 1997. 16 Business Pages (19-04-2013)_Layout 1 4/19/2013 6:07 AM Page 1
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Profit E-paper 19th Aapril, 2013
Transcript of Profit E-paper 19th Aapril, 2013
01
KARACHI
ISMAIl dIlAWAR
NO matter which digit the infla-tion numbers are hitting, theprice hike in the country isbreaking the back of those earn-ing the lowest among various
income groups.And those living in the federal capital,
Islamabad, appeared to be most-affectedcompared to their countrymen residing inother provincial capitals of Pakistan.
Monitoring the monthly ConsumerPrice Index (CPI) inflation, the central bankfound that during March, the daily-use fooditems remained highest to those having thelowest monthly income of up to Rs 8,000in the country.
“The lowest income group (up to Rs 8,000) has the highest inflation in food groupduring the month of March,” the State Bankobserved.
Nisar Ahmed, a peon in a private firm,does not love to talk about inflation, which hesays has made life miserable for a commoner.
“Let’s not talk about Mehengai (infla-
tion) sir. Running kitchen is not possibleanymore for the people with lower in-come,” said Ahmed, who lives hand-to-mouth in a two-bedroom house with hisfour dependents in Junejo Town.
For Ahmed, gone are the days whenpeople like him used to have a full-fledgedlunch in a city restaurant for Rs 50 to Rs 60.“Now while at work in daytime, I preferhaving two Samosas with a cup of tea tofulfill my hunger,” said Ahmed, who ismarried with one child. Also, he has athome a widowed mother and a school-going brother that depend on him.
“I have to do a side business of scrap tomeet ends,” Ahmed said, adding that trans-port fares, utility bills, education expensesof children and other essential expendituresmade life miserable for the common man.
Ahmed’s sorry state can be substanti-ated with the official numbers for variouscategories of inflation for the incomegroup he falls in.
Official data shows that for those earn-ing up to Rs 8,000 a month, the rate of foodand non-food inflation was 7.6, 7.1 and 8.4percent in the previous month.
This is in spite the fact that Ahmed’scity of residence, Karachi, was last monthranked the country’s fourth costliest cityafter Islamabad, Peshawar and Quetta. Ac-cording to SBP’s inflation monitors, the in-flation rate in Islamabad, Peshawar, Quettaand Karachi stood at 6.7, 5.9, 5.8 and 5.7percent, respectively, duringMarch.
Lahore, theprovincial capitalof Punjab, appearedto be the cheapestcity with 5.4 percentyear-on-year inflation.
Ironically, the pricehike did not botherthose officially cate-
gorised ast h e
highest income groups.“Income group above Rs
35,000 witnessed lower in-flation than the overallinflation in CPI basketduring March 2013for general, foodand non-foodgroups and low-est among thegroups,” the cen-tral bank moni-tored. For those
earning the most the general, food andnon-food inflation stood at 5.3,
6.0 and 5.0 percent, re-spectively, during the
review month.For those earn-
ing between Rs8,001 and Rs12,000, theprice hikeunder the abovethree heads ac-counted for 8.4,6.7 and 10.2
percent.The group
with an incomeranging from Rs
12,001 to Rs 18,000 sawthese figures at 8.0, 6.6 and
9.5 percent, while those pocket-ing Rs 18,001 to Rs 35,000 had to pay fordaily essentials on the three accounts at arate of 6.1, 6.3 and 5.9 percent.
Overall, the headline CPI inflation wasrecorded in March at 6.6 percent YoY com-pared to 10.8 percent of the correspondingmonth of last year.
“CPI Inflation on year-on-year basis inprovincial capitals of Pakistan was lowerthan overall inflation during March 2013,while in the federal capital, it was slightlyhigher than overall inflation,” the StateBank said.
BuSINeSS
BFriday, 19 April, 2013
ISLAMABAD
APP
Unjust gas distributionhas led to closure of var-ious industrial units,triggering brain drainand flight of capital fromthe country, Abid Hayat,Chairman All Pakistan(CNG) Association(APCNGA) said onThursday.
Talking to reporters,he said the previous gov-ernment did not listen tothe recommendations ofthe APCNGA, whichcould have prevented thecitizens from sufferingfrom the energy crisis.
Lauding the NABmove to probe captivescam, Hayat said the de-velopment has provedthat APCNGA’s stanceon unjust gas distribu-tion, increased oil importbill and failure to intro-duce liquid gases wastrue. All those who had
pushed thecountry into darkness for personal gains shouldbe made accountable and trillions be recovered
from them, he said.Speaking on the occasion, Ghiyas
Abdullah Paracha said that thoseterming captive power plants state-of-the-art are misguiding the masses.
These plants have efficiency level ofaround 18 per cent and waste 454mmcf gas. Disconnecting gas to pri-
vate power plants and provision to ef-ficient power houses would haveincreased power generation by 2.5
thousand megawatt and reducedload shedding to a great extent, heclaimed. Owners of captive
power plants are making elec-tricity at the cost of Rs 5 per
unit and selling it at Rs 18per unit in connivancewith the government offi-
cials, he alleged.
Unjust gas distributioncausing problems forthe people: APCNGA
WASHINGTON
SPEcIAl cORRESPONdENT
South Asia is regaining its economic momentum, butthe recovery in the world’s region with the largestnumber of poor people could falter in the absence ofa stronger investment climate, said the latest SouthAsia Economic Focus report of the World Bank.
According to the report, the combined growth ofAfghanistan, Bangladesh, Bhutan, India,Maldives, Nepal, Pakistan, and SriLanka was just 4.7% in 2012,substantially below pre-crisislevels. A pick-up to 5.5%can be expected in 2013with ongoing efforts toregain fiscal spaceand boost private in-vestment. Butgiven the uncertainglobal environ-ment, it will be im-portant tostrengthen the in-vestment climate.
“How countriesmanage theireconomies in the faceof uncertainties in theglobal environment willbe critical not only for ad-dressing near-term current ac-count and fiscal deficits but alsofor tackling South Asia’s long-termchallenges,” said Martin Rama, chief econo-mist for the South Asia Region at the World Bank.
The report, a twice-yearly look at South Asia’seconomic prospects, said that the region is nowmore vulnerable because current account balanceshave widened, foreign direct investment has slowed,and persistently high inflation has limited the abilityfor central banks to use monetary policy to counterany economic downturn. Because of rising imports,countries in South Asia are also more vulnerable toincreases in commodity prices.
Some countries, notably the Maldives and Pak-istan, have seen their reserves dwindle to criticallevels. And in India, Sri Lanka and Bhutan, fiscal
deficits remain high. Fiscal buffers are beginning tobe rebuilt in several South Asian countries, most re-cently in India. Further progress will require im-proving tax revenue collection and curbing energysubsidies, among other measures.
Much of the recent slowdown in economicgrowth can be attributed to stagnating investment.Total fixed investment grew by 2.6% in 2012, downfrom a high of 16.7% in 2010. The performance
varies widely across the region. For example,total investment in Pakistan during the
2011/12 fiscal year hit a historiclow of 12.5% of GDP, while
India is projected to registerinvestment at 30.6% for
fiscal year 2012/13, onlyslightly down from theprevious year.
In common withglobal trends, mostcountries in SouthAsia have increasedtheir levels of for-eign direct invest-ment (FDI) over the
last decade. But muchof this is skewed to-
ward the services sec-tors, such as construction,
financial and businessservices, with less going to-
ward agriculture or manufactur-ing. This, to a large degree reflects
a lack of attractive investment opportu-nities. Some countries, notably Bangladesh and
Pakistan, have recently suffered significant declinesin overall FDI.
“Exports and domestic consumption are ex-pected to contribute only modestly to growth, andso a revival in investment will be critical for SouthAsia to regain momentum,” said Rama. “Over thenext 20 years, more than 1 million new workers willbe entering the South Asian labour force eachmonth. Countries will need to improve their busi-ness climate to attract the private sector investmentneeded for these new entrants to find productivejobs, thereby reducing poverty and boosting sharedprosperity.”
South Asia regainingeconomic momentum butfaces risks: World Bank
High earning groups facelesser food inflation
FOR INCOME GROUPS OF UPTO RS 8,000 INFLATIONRANGES FROM 7.1 TO 8.4%
PRICE HIKE FOR HIGHESTINCOME GROUPS STANDSBETWEEN 5 TO 6%
ISLAMABAD MOSTEXPENSIVE, LAHORECHEAPEST CITY OF PAKISTAN
For Ahmed, gone are the days
when people like himused to have a
full-fledged lunch in aKarachi restaurant for
Rs 50 to Rs 60. “Nowwhile at work, I preferhaving two Samosaswith a cup of tea tofulfill my hunger.”
The region is now more vulnerable
because current accountbalances have widened,
foreign direct investment hasslowed, and persistently high
inflation has limited the abilityfor central banks to use
monetary policy to counter anyeconomic downturn. Because of
rising imports, countries inSouth Asia are also more
vulnerable to increases incommodity prices.
GAS SHORTFALL:RESTORATION OFSUPPLY TO PUNJABCITIES RESCHEDULEDLAHORE: Sui Northern Gas
Pipelines Limited (SNGPL)
has changed the schedule
of provision of gas to CNG
stations in Punjab because
of damage to major gas
supply lines in Hassan
Kounj and Pir Koh. Earlier
gas supply to CNG stations
in Lahore, Sheikhupura,
Sahiwal, Multan,
Gujranwala and Gujrat
regions was to be restored
at 6am on Thursday but the
authorities concerned had
to reschedule the supply to
Friday morning due to
destruction of gas pipelines
at two localities by
militants. INP
SECP starts criminalproceedings againstAhmed NadeemSecurities
KARACHI
STAFF REPORT
The Securities and Exchange Commissionof Pakistan (SECP) has filed a criminalcomplaint against Muhammad AhmedNadeem, chief executive and shareholderof Muhammad Ahmed Nadeem Securities(Pvt) Ltd and ex-member of IslamabadStock Exchange, and Muhammad AhmedJanjua, company secretary. The complainthas been filed under section 32(5) of theSecurities and Exchange Commission ofPakistan Act, 1997. “The Court afterrecording the complainant’s statementsand examination of documentary evidencehas issued summons to the accused toappear on July 5, 2013,” said a statementissued on Thursday by SECP spokespersonImran Ghaznavi. Giving details of thecase, it said the Commission after receiptof investor complaints against thecompany regarding non-payment of cashbalance available in investors’ accounts,and refusing to transfer their shares tooknotice of the matter and directed the ISE totake appropriate action against thecompany. The Governing Board of ISEsuspended the company’s trading rights onMay 25, 2012, and directed the companyto settle investor complaints. Contrary tothe directions issued by ISE, the Companyon June 02, 2012 filed a winding uppetition under Sections 305 and 309 of theCompanies Ordinance, 1984 in theIslamabad High Court. Subsequently, ISEnotice dated June 12, 2012 cancelled themembership of the company in accordancewith the terms of Article 33(b) of Articlesof Association of the Islamabad StockExchange. The Commission in exercise ofthe powers under Section 21 of theSecurities and Exchange Ordinance, 1969read with Section 29 of the Securities &Exchange Commission of Pakistan Act,1997 ordered an enquiry against theCompany through an order dated July 31,2012. However, the Director and CompanySecretary did not provide the requisiterecords required by the enquiry team. Inaddition, they failed to appear before theenquiry team, despite repeated noticesissued by the Commission under section32 of the Securities and ExchangeCommission of Pakistan Act, 1997.
16 Business Pages (19-04-2013)_Layout 1 4/19/2013 6:07 AM Page 1
BuSINeSSFriday, 19 April, 2013
LAHORE: LESCO CEO Muhammad Saleem
attending first meeting of the new LESCO Board
of Directors along with other members. PR
HBL signs strategicpartnership agreementwith Daewoo Express
KARACHI: Habib Bank Limited (HBL), Pakistan’s
largest bank, recently signed an agreement with
Daewoo Pakistan Express Bus Service Ltd., the first
and largest foreign investment company with an
advanced and organised transport system in
Pakistan, to provide state-of-the-art electronic cash
management solutions. The agreement was signed
by Mr. Faiq Sadiq, Head - Payment Services HBL
and Mr. Faisal Siddiqui, Director - Investment
Planning Daewoo Express Bus Service Ltd. Under
the agreement, HBL will provide electronic and
alternate delivery channels to Daewoo Pakistan,
including Cash-in-Transit (CIT) management, pan-
Pakistan ATM deployment and other electronic
banking services. Also, as part of the agreement,
HBL recently installed 12 ATMs at Daewoo
terminals, with 10 more ATMs to be installed over
the next few months. Addressing the occasion, Faiq
Sadiq, Head - Payment Services said “HBL has
always been at the forefront in delivering and
meeting the demands of customers. This
agreement is a beginning of a strategic relationship
with Daewoo which will bring innovative solutions
that meet the banking needs of our customers.” PR
PSO opens world’s first‘Community Owned PetrolStation’ in PakistanGUJRAT: Pakistan State Oil (PSO), the nation’s
leading energy company has inaugurated the world’s
first ever “Community Owned Station” in Pakistan at
Khwaspur Chowk, District Gujrat under the leadership
and guidance of its CEO & MD Mr. Naeem Y. Mir. This
retail outlet is the first ever of its kind in the world
and the credit of its creation goes to Pakistan State
Oil. This station has been established as per the
Company’s new vision of social emancipation through
which the management intends to empower local
communities and provide them with the tools they
need to improve their status quo. This project is
another milestone in PSO’s long list of achievements
and will help support local communities to own their
own business, generate employment opportunities for
themselves and increase their standards of living.
Through this initiative, retail outlets will be developed
in underdeveloped areas, the dealership of which will
be extended by the company to the local residents.
Under this program, the entire worth of the station
will be divided into shares for the community.
Furthermore, PSO plans to replicate this concept by
establishing two such retail outlets in each province
of the country, for a total of ten outlets nationwide in
this year alone. PR
Doha airport retains title of world’s bestpremium service airport
GENEVA: Qatar Airways has once again been
honoured with accolades at the annual Skytrax
2013 World Airport Awards by retaining awards in
two key categories at a ceremony held in Geneva.
For the third consecutive year, Qatar Airways’
Premium Terminal at Doha International Airport
(DIA) was named World’s Best Premium Service
Airport, recognised for its superior Five Star service
and excellent customer care. Qatar Airways-owned
Oryx Rotana has also achieved a remarkable
milestone, rising to be named among the top three
airport hotels in the world after winning the Best
Airport Hotel in the Middle East award for the
second year running. This year’s win moved the
carrier’s five-star hotel at Doha International
Airport from 10th to third position in the Skytrax
Airport Hotel global category. PR
Taba Foundation healthcamp benefits 1,000patients in KasurLAHORE: TABA Foundation, an umbrella
organization bringing all welfare trusts of Pakistan
& International NGOs on one platform, brought 10
international/national nonprofit organizations and
Rescue 1122 together to hold a joint health camp
at Village Khurram, Union Council DhollanHittar,
DistrictKasur on 14th April 2013. The organizations,
grouped under the TABA Health Cluster, joined
hands to address the health issues the local
populace is facing day in and day out. Following are
the organizations which took part in the activity:
Akhuwat, Human Relief Foundation UK,
NaimUnNaseer Welfare Trust, Milestones, Al Ehsan
Welfare Society, Kawish Welfare Trust, Sundus
Foundation, Custom Health Care Society, Waseela
Foundation, Heal Pakistan and the public sector
would be represented by Rescue 1122. The camp
will provide medical assistance related to mother &
child problems, eye diseases and general medical
issues. This model of joint services will be
replicated during Disasters/ Calamities to save
time, Materials and Human resources. PR
Al-Tuwarqi group visitsNBP head Office
KARACHI: The President Al Tuwairqi Steel Mills
Limited along with his team visited National Bank of
Pakistan to felicitate on the successful operation of
Tuwairiqi Steel Mills Limited (TSML), which was
inaugurated in the month of January 2013. “With
NBP’s support and trust, TSML has been able to
turn its vision into reality,”said President TSML.
TSML has an operating capacity to produce 1.28
Million tons of high quality DRI per annum, TSML is
the largest private sector integrated iron & steel
manufacturing project in Pakistan. The Project is a
joint venture between AL TUWAIRIQI HOLDING of
Saudi Arabia and steel giants POSCO of South
Korea, who are the world’s third largest steel
makers by market value and Asia’s most profitable
steel maker. This has also paved the way for
foreign investments in Pakistan from not only the
Middle East but also other Asian economic
multinationals. 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
US Dollar 99.20 99.45 Euro 127.81 128.06 Great Britain Pound 149.16 149.41 Japanese Yen 0.9974 1.0079 Canadian Dollar 94.81 96.50 Hong Kong Dollar 12.46 12.70 UAE Dirham 26.70 26.95 Saudi Riyal 26.20 26.45
ISLAMABAD: A workshop on the art and technique
of Short Film Making was held here on Thursday at
Pakistan National Council of Arts. The workshop
sought to orientate young and aspiring filmmakers
about different aspects of filmmaking to enable
them participate meaningfully in the ongoing short
film contest being jointly organized by PNCA and
Midas Communications, Islamabad. Industry
stalwarts like Agha Nasir, Shahid Masood, Syed
Taufiq Shah and Azhar Niaz apprized the participants
of various technical aspects such as script, technique
and content etc. Director General PNCA, Tauqir Nasir
deliberated upon the importance of the initiative and
called upon prospective filmmakers to document the
constructive side of the Pakistani society to affect a
change in overall national narrative. PR
Film making workshop held at PNCA
Economic, socialsurvey of AsiaPacific launched ISLAMABAD: Asia-Pacific economies willsee subdued growth in 2013 after last year’ssharp slowdown caused by external factors,the United Nations said during launch ofeconomic and social survey of Asia and thepacific region 2013. Report says that effortsto stimulate demand must go hand in handwith macroeconomic course correction topromote broad-based and sustainable devel-opment. In her video address, United Na-tions Under-Secretary-General andExecutive Secretary of ESC Dr NoeleenHeyzer said in her preface to the Survey thatthe 2013 Survey reminds us that this is notime for complacency, as the need for a moreinclusive and sustainable pattern of eco-nomic and social development continues tobe critical. “In the light of the region’s highdegree of economic insecurity, large devel-opment and infrastructure gaps and height-ened environmental fragility along withextreme exposure to climate change-relatedrisks, it is necessary to better balance the sta-bilization and the developmental roles ofmacroeconomic policies,” Executive Secre-tary Heyzer added. Inclusive and environ-ment-friendly growth is key to creating newsources of economic dynamism amidst thepersisting global uncertainty, says the flag-ship publication of the Bangkok, Thailand-based United Nations Economic and SocialCommission for Asia and the Pacific(ESCAP) which estimates that economicpolicy uncertainty in the eurozone and theUnited States since the onset of the globalcrisis has shaved 3 per cent off regional GDP– a loss of $870 billion in output. ONlINE
KARACHI
ISMAIl dIlAWAR
The front regulators at the Karachi Stock Exchange(KSE) are suspecting foul play by the managementof the National Refinery Limited (NRL) whichfirst communicated erroneous financial results tothe Exchange and then took hours to rectify themistake.
The NRL management, on the other hand, hasregretted the incident that Company SecretaryNouman Ahmed Usmani dubbed as a “purelyhuman error”.
The KSE, however, has taken a strong excep-tion to the hours-long delay the NRL made whilecommunicating its correct financial results for thethird quarter ending on March 31 this year.
The official documents reveal that the KSE issuspecting an element of “insider trading” duringthe April 16 trading session and has asked the com-pany for an immediate explanation.
If they fail to ally the regulators’ concern, theNRL and its management would be facing apenalty ranging from Rs 100,000 to Rs 1 millionunder Listing Regulation No 16(3) and 16(4) of theExchange.
According to an official narrative, the Refin-ery, at 12:27pm last Tuesday, sent its financial re-sults to the Exchange with what the KSE called ita “major difference” in the company’s earningsand profitability.
Sensing what the company secretary termed asa human error, the NRL sent an amended versionof its balance sheet to the Exchange at 3.46pm.
“It is regretted that… the amendments in thefigures was communicated after the lapse of overthree hours and after closure of trading hours,” saidKSE’s Deputy General Manager Companies Af-
fairs Muhammad Ghufran in an official commu-niqué to the NRL.
This, he apprehended, may lead to “an elementof insider trading” for delay in communicating thecorrect financial results.
Asking for an explanation from the company,Ghufran said the NRL shares were one of the ac-tively-traded issues on the KSE.
“Negligence on the part of the company whilecommunicating such price sensitive material infor-mation is neither desirable nor in line with theCode of Corporate Governance applicable to alllisted companies,” he said.
Additionally, he said, Listing Regulation No16(3) and 16(4) of the Exchange required the listedfirms to communicate their accurate and completefinancial results and any other price sensitive in-formation.
The issuers, he said, were also required to en-sure timely communication of complete and accu-rate financial results and in case of non-complianceit was liable for action required therein.
In response, NRL’s Company SecretaryNouman Ahmed Usmani clarified that there were“malafide” or “deliberate” intentions on the part ofhis management. “This is purely a human error,”he added.
The secretary reminded the KSE that as soonas his side realized that a mistake had been oc-curred in communicating the results, it promptlysent the KSE a letter of factual information withoutwaiting any communication from the regulator.
“Considering the seriousness of the matter andinconvenience caused to the investors we sincerelyregret this incident,” he said.
The NRL assured the front regulators of hav-ing adopted sufficient corrective measure to avoidthe recurrence of such errors.
Regulators smell ‘insider trading’ as NRL unveils misleading financial results
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