profitepaper pakistantoday 02nd January, 2013
2
Wednesday, 2 January, 2013 KARACHI STAFF REPORT The Institute of Capital Markets (ICM) on Tuesday signed a Memorandum of Un- derstanding (MOU) with CFA Institute and CFA Society Pakistan (CFAP) to jointly organ- ize globally relevant, professional educa- tion and training, and promote ethical stan- dards and practices in Pakistan. CFA Institute is a global association of investment professionals and CFAP is its member society. The MOU, signed here at a local hotel, identified six key areas of coopera- tion, including promotion of the CFA In- stitute code and standards, exchange of knowledge and educational re- sources, ethics training, fi- nancial literacy training, ICM ex- amination and cur- riculum development and regulatory waivers for CFA candidate and charter-holders. Under the Memorandum, the three parties recognized that the initiative would add immense value to building standards in capital market, as well as promote ethics in the capital and finan- cial industry of Pakistan. “This collaboration will enable us to launch a series of quality educational ini- tiatives by leveraging the proven experi- ence and expertise of CFA Institute and CFAP, particularly in the areas of ethics and professionals standards for finance industry,” said Syed Javed Hassan, Chief Executive Officer of the ICM. The MoU, Hassan said, was a signifi- cant step in talent-creation and capacity development, producing market practi- tioners familiar with international in- vestment instruments as well as global best practices. “It would go a long way to meet the current and future needs of our country,” said CEO of the ICM, a leading finance industry organ- ization for licensing certifica- tion in Pakistan. In his video message screened at the signing cere- mony, Paul Smith, the CFA’s Managing Director of Asia Pacific at CFA Institute, expressed his pleasure to join ICM as his Institute’s Pakistani member society. Partnering with the ICM, he said, would provide his side with an opportu- nity to promote globally relevant educa- tion programs, best practices and ethical standards in the country. “Building trust in the financial indus- try is critical for the greater good of soci- ety. We look forward to working closely with our partners to promote capital mar- ket integrity and support market develop- ment in Pakistan,” said Smith. Muhammad Ali, Chairman Securities and Exchange Commission of Pakistan (SECP) who also heads the ICM board of directors, thanked the CFA Institute for its support to the ICM. “I believe the MOU would enable the ICM to launch quality educational initia- tives by utilizing the proven experience and expertise of CFA Institute. Our vision for the capital market is one of collabora- tion between the SECP, ICM, stock ex- changes, market participants and the public—for a flourishing capital market, thriving economy and prosperous Pak- istan,” Ali told the gathering. Muhammad Jawaid Iqbal, CFA Pres- ident of CFA Society Pakistan, said the initiative was in line with his society’s core objective to promote ethical and pro- fessional standards within the investment industry and encourage professional de- velopment through partnership with CFA Institute. The MOU provides for ICM and SECP to distribute CFA Institute publications in Pakistan, including its internationally- renowned codes and standards, and asset managers code of professional conduct. The ICM, CFA Institute, and CFAP would jointly develop and deliver ethics and market integrity workshops for vari- ous industry entities, including the SECP and stock exchanges. The ICM, SECP and CFA Institute will consider collaborating on delivering financial literacy training to journalists who would benefit from a better under- standing of investing and finance. In ad- dition, the ICM and CFA Institute will exchange ideas and best practices in ex- amination and curriculum development. The ICM would explore the possibil- ity of waivers from the ICM analyst certi- fication for successful CFA candidates and charter-holders. The ICM would also consider launch- ing in Pakistan the Claritas Investment Certificate, a new education program de- veloped by CFA Institute to educate in- vestment industry participants who are not directly involved in the investment decision-making process the industry es- sentials. ICM, CFA AND CFAP INK MOU TO BOLSTER INVESTMENT INDUSTRY KARACHI STAFF REPORT S TATE Bank of Pakistan (SBP) Tuesday decreased the refinance rate and serv- ices charges on its various financing schemes with the exception of financing for over five years and up to ten years. The rate of refinance under the Ex- port Finance Scheme (EFS) has been re- duced by 0.2% to 8.30% p.a. Exporters will now get the financing facility from banks at 9.30% p.a. while service charges under the Long Term Financing Facility (LTFF) have been reduced by 0.70% for financing up to 3 years and by 0.20% for financing up to five years. However, the service charges for financ- ing up to 10 years have been raised by 0.20% per annum. The service charges under the Scheme for Financing Power Plants Using Renewable Energy have also been reduced by 0.20% p.a. for financing up to five years. However, the service charges for financing up to ten years have been raised by 0.20%. It has been decided that rate of refi- nance under the Export Finance Scheme applicable from January 01, 2013 and onward will be 8.30% p.a. till further in- structions. “The commercial banks shall ensure that where financing facilities are ex- tended by them to the exporters for availing refinance facilities under the Export Finance Scheme, their maximum margin/spread does not exceed 1% p.a.,” said an SBP circular. The revised reduced markup rate would also be applicable on outstanding loans granted under EFS. Accordingly, banks are advised to immediately re- price their outstanding loans granted under EFS, keeping in view the revised reduced markup rate. Simultaneously, SBP BSC offices would also apply re- duced markup on outstanding refinance loans granted under EFS. To reconcile the position of re- priced loans, banks should submit par- ticulars of outstanding loans re-priced by the bank under EFS on prescribed format to the concerned SBP BSC of- fice(s) within 10 days from 1st January, 2013. The reimbursement of mark-up rate benefit to exporters, on excess per- formance under Part-II of the Export Fi- nance Scheme, as specified in SMEFD Circular No.15 dated October 31, 2009, will be adjusted accordingly keeping in view the revised mark-up rate, the cir- cular added. Another SBP circular said that effec- tive January 1 (2013) the rates of service charges for Participating Financial In- stitutions (PFIs) and rates for end users under the Long Term Financing Facility shall range from 10.30 to 11.40 percent depending on period of financing that ranges from three to up to 10 years. According to the circular, the rates of service charges for banks and DFIs and rates for end users under the scheme for financing power plants using renewable energy shall be 10.90 percent for financ- ing of up to five years and 11.40 percent for financing of up to 10 years. PM orchestrates establishment of trade dispute councils ISLAMABAD: Prime Minister Raja Pervez Ashraf has directed the Commerce Ministry to prepare a proposal for estab- lishing Trade Dispute Resolution Coun- cils for resolution of complaints lodged by importers of Pakistani goods so that in- ternational trade can be encouraged. He made these observations while talking to a seven member delegation of UK Pak- istan Chamber of Commerce and Indus- try in Islamabad on Tuesday The Prime Minister said that overseas Pakistanis have earned a name abroad by dint of hard work and we are proud of them. He said that despite challenges‚ the country is moving forward‚ media is free and evolving‚ judiciary is independent and a democratic government is completing its tenure. The economic indicators show rise in foreign exchange reserves and gov- ernment has been successful in restricting the inflation to a single digit. These were no mean achievements. The Prime Minis- ter said that Pakistan has business friendly policies and it would be up to the investor to make investment in any sector of their choice. During the meeting‚ the Prime Minister informed the delegation that the government had made all neces- sary preparations to qualify for GSP Plus which will give boost to trade with EU countries. The Prime Minister also wel- comed a proposal for utilizing the services of successful businessmen abroad who are of Pakistani origin for promoting ex- ports of Pakistan. ONLINE SBP cuts refinance rate, service charges on financing schemes KARACHI STAFF RPORT Byco’s Single Point Mooring (SPM) fa- cility set up on the coast of Arabian Sea at a distance of approximately 14km from the Byco’s Mouza Kund site, which was mechanically completed recently, has been commissioned. With a draft of 25 meters this facility can accommodate larger size vessels car- rying Crude/ Petroleum products of over 100,000 tons. Crude oil tanker, M.T. Arietis, suc- cessfully completed the discharge of 70,000 tons of crude oil marking the commissioning of the recently estab- lished deep sea Byco Single Point Moor- ing. The discharge rate peaked at 2,380 tons per hour and averaged over 2,000 tons per hour, enabling emptying the first cargo of 70,000 tons in 39 hours as per planned schedule. This compares favourably to the discharge rates of 1,500-1,600 tons per hour Byco experi- enced at Fotco, Port Qasim. Future tar- get is achieving discharging timelines of 36 hours. There is also a saving of half a day sailing time as compared to Port Qasim. Speaking on the occasion, Imran Fa- rookhi, CEO Byco Terminals Pakistan Ltd, the company that owns and oper- ates the SPM, “With the blessings of the Almighty Allah, we have successfully commissioned the country’s first SPM, Pakistan is now a proud member of the international community that has SPM technology and we expect to make good commercial use of it.” Byco Terminals Pakistan is an infra- structure company setup to facilitate the logistics of petroleum products, Byco Terminals Pakistan (formerly Universal Terminal Limited) is a wholly owned subsidiary of Byco Petroleum Pakistan Limited (BPPL). Pakistan’s first ever SPM successfully commissioned PRO 02-01-2013_Layout 1 1/2/2013 12:37 AM Page 1
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profitepaper pakistantoday 02nd January, 2013
Transcript of profitepaper pakistantoday 02nd January, 2013
Wednesday, 2 January, 2013
KARACHI
STAFF REPORT
The Institute of Capital Markets (ICM) onTuesday signed a Memorandum of Un-derstanding (MOU) with CFA Instituteand CFA Society Pakistan(CFAP) to jointly organ-ize globally relevant,professional educa-tion and training,and promoteethical stan-dards andpractices
in Pakistan.CFA Institute is a global association
of investment professionals and CFAP isits member society.
The MOU, signed here at a localhotel, identified six key areas of coopera-tion, including promotion of the CFA In-stitute code and standards, exchange of
knowledge and educational re-sources, ethics training, fi-
nancial literacytraining, ICM ex-
a m i n a t i o nand cur-
riculum
development and regulatory waivers forCFA candidate and charter-holders.
Under the Memorandum, the threeparties recognized that the initiativewould add immense value to buildingstandards in capital market, as well aspromote ethics in the capital and finan-cial industry of Pakistan.
“This collaboration will enable us tolaunch a series of quality educational ini-tiatives by leveraging the proven experi-ence and expertise of CFA Institute andCFAP, particularly in the areas of ethicsand professionals standards for financeindustry,” said Syed Javed Hassan, ChiefExecutive Officer of the ICM.
The MoU, Hassan said, was a signifi-cant step in talent-creation and capacitydevelopment, producing market practi-tioners familiar with international in-
vestment instruments as well as globalbest practices.
“It would go a long way to meetthe current and future needs of our
country,” said CEO of the ICM, aleading finance industry organ-ization for licensing certifica-
tion in Pakistan.In his video message
screened at the signing cere-mony, Paul Smith, the
CFA’s Managing Director ofAsia Pacific at CFA Institute,
expressed his pleasure to join ICM as hisInstitute’s Pakistani member society.
Partnering with the ICM, he said,would provide his side with an opportu-nity to promote globally relevant educa-tion programs, best practices and ethicalstandards in the country.
“Building trust in the financial indus-try is critical for the greater good of soci-ety. We look forward to working closelywith our partners to promote capital mar-ket integrity and support market develop-ment in Pakistan,” said Smith.
Muhammad Ali, Chairman Securitiesand Exchange Commission of Pakistan(SECP) who also heads the ICM board ofdirectors, thanked the CFA Institute forits support to the ICM.
“I believe the MOU would enable theICM to launch quality educational initia-tives by utilizing the proven experienceand expertise of CFA Institute. Our visionfor the capital market is one of collabora-tion between the SECP, ICM, stock ex-changes, market participants and thepublic—for a flourishing capital market,thriving economy and prosperous Pak-istan,” Ali told the gathering.
Muhammad Jawaid Iqbal, CFA Pres-ident of CFA Society Pakistan, said theinitiative was in line with his society’score objective to promote ethical and pro-fessional standards within the investment
industry and encourage professional de-velopment through partnership with CFAInstitute.
The MOU provides for ICM and SECPto distribute CFA Institute publications inPakistan, including its internationally-renowned codes and standards, and assetmanagers code of professional conduct.
The ICM, CFA Institute, and CFAPwould jointly develop and deliver ethicsand market integrity workshops for vari-ous industry entities, including the SECPand stock exchanges.
The ICM, SECP and CFA Institutewill consider collaborating on deliveringfinancial literacy training to journalistswho would benefit from a better under-standing of investing and finance. In ad-dition, the ICM and CFA Institute willexchange ideas and best practices in ex-amination and curriculum development.
The ICM would explore the possibil-ity of waivers from the ICM analyst certi-fication for successful CFA candidatesand charter-holders.
The ICM would also consider launch-ing in Pakistan the Claritas InvestmentCertificate, a new education program de-veloped by CFA Institute to educate in-vestment industry participants who arenot directly involved in the investmentdecision-making process the industry es-sentials.
ICM, CFA AND CFAP INK MOU TO BOLSTER INVESTMENT INDUSTRY
KARACHI
STAFF REPORT
STATE Bank of Pakistan(SBP) Tuesday decreasedthe refinance rate and serv-ices charges on its variousfinancing schemes with the
exception of financing for over five yearsand up to ten years.
The rate of refinance under the Ex-port Finance Scheme (EFS) has been re-duced by 0.2% to 8.30% p.a. Exporterswill now get the financing facility frombanks at 9.30% p.a. while servicecharges under the Long Term FinancingFacility (LTFF) have been reduced by0.70% for financing up to 3 years and by0.20% for financing up to five years.However, the service charges for financ-ing up to 10 years have been raised by0.20% per annum.
The service charges under theScheme for Financing Power PlantsUsing Renewable Energy have also beenreduced by 0.20% p.a. for financing upto five years. However, the servicecharges for financing up to ten yearshave been raised by 0.20%.
It has been decided that rate of refi-nance under the Export Finance Schemeapplicable from January 01, 2013 andonward will be 8.30% p.a. till further in-structions.
“The commercial banks shall ensurethat where financing facilities are ex-tended by them to the exporters foravailing refinance facilities under the
Export Finance Scheme, their maximummargin/spread does not exceed 1% p.a.,”said an SBP circular.
The revised reduced markup ratewould also be applicable on outstandingloans granted under EFS. Accordingly,banks are advised to immediately re-price their outstanding loans grantedunder EFS, keeping in view the revisedreduced markup rate. Simultaneously,SBP BSC offices would also apply re-duced markup on outstanding refinanceloans granted under EFS.
To reconcile the position of re-
priced loans, banks should submit par-ticulars of outstanding loans re-pricedby the bank under EFS on prescribedformat to the concerned SBP BSC of-fice(s) within 10 days from 1st January,2013. The reimbursement of mark-uprate benefit to exporters, on excess per-formance under Part-II of the Export Fi-nance Scheme, as specified in SMEFDCircular No.15 dated October 31, 2009,will be adjusted accordingly keeping inview the revised mark-up rate, the cir-cular added.
Another SBP circular said that effec-
tive January 1 (2013) the rates of servicecharges for Participating Financial In-stitutions (PFIs) and rates for end usersunder the Long Term Financing Facilityshall range from 10.30 to 11.40 percentdepending on period of financing thatranges from three to up to 10 years.
According to the circular, the rates ofservice charges for banks and DFIs andrates for end users under the scheme forfinancing power plants using renewableenergy shall be 10.90 percent for financ-ing of up to five years and 11.40 percentfor financing of up to 10 years.
PM orchestratesestablishment of trade disputecouncils
ISLAMABAD: Prime Minister RajaPervez Ashraf has directed the CommerceMinistry to prepare a proposal for estab-lishing Trade Dispute Resolution Coun-cils for resolution of complaints lodged byimporters of Pakistani goods so that in-ternational trade can be encouraged. Hemade these observations while talking toa seven member delegation of UK Pak-istan Chamber of Commerce and Indus-try in Islamabad on Tuesday The PrimeMinister said that overseas Pakistanishave earned a name abroad by dint ofhard work and we are proud of them. Hesaid that despite challenges‚ the countryis moving forward‚ media is free andevolving‚ judiciary is independent and ademocratic government is completing itstenure. The economic indicators showrise in foreign exchange reserves and gov-ernment has been successful in restrictingthe inflation to a single digit. These wereno mean achievements. The Prime Minis-ter said that Pakistan has businessfriendly policies and it would be up to theinvestor to make investment in any sectorof their choice. During the meeting‚ thePrime Minister informed the delegationthat the government had made all neces-sary preparations to qualify for GSP Pluswhich will give boost to trade with EUcountries. The Prime Minister also wel-comed a proposal for utilizing the servicesof successful businessmen abroad whoare of Pakistani origin for promoting ex-ports of Pakistan. ONLINE
SBP cuts refinance rate, servicecharges on financing schemes
KARACHI
STAFF RPORT
Byco’s Single Point Mooring (SPM) fa-cility set up on the coast of Arabian Seaat a distance of approximately 14kmfrom the Byco’s Mouza Kund site, whichwas mechanically completed recently,has been commissioned.
With a draft of 25 meters this facilitycan accommodate larger size vessels car-rying Crude/ Petroleum products of over
100,000 tons.Crude oil tanker, M.T. Arietis, suc-
cessfully completed the discharge of70,000 tons of crude oil marking thecommissioning of the recently estab-lished deep sea Byco Single Point Moor-ing.
The discharge rate peaked at 2,380tons per hour and averaged over 2,000tons per hour, enabling emptying thefirst cargo of 70,000 tons in 39 hours asper planned schedule. This compares
favourably to the discharge rates of1,500-1,600 tons per hour Byco experi-enced at Fotco, Port Qasim. Future tar-get is achieving discharging timelines of36 hours. There is also a saving of half aday sailing time as compared to PortQasim.
Speaking on the occasion, Imran Fa-rookhi, CEO Byco Terminals PakistanLtd, the company that owns and oper-ates the SPM, “With the blessings of theAlmighty Allah, we have successfully
commissioned the country’s first SPM,Pakistan is now a proud member of theinternational community that has SPMtechnology and we expect to make goodcommercial use of it.”
Byco Terminals Pakistan is an infra-structure company setup to facilitate thelogistics of petroleum products, BycoTerminals Pakistan (formerly UniversalTerminal Limited) is a wholly ownedsubsidiary of Byco Petroleum PakistanLimited (BPPL).
Pakistan’s first ever SPM successfully commissioned
PRO 02-01-2013_Layout 1 1/2/2013 12:37 AM Page 1
02
Wednesday, 2 January, 2013
Major Gainers
COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVER
UPFL 4,300.00 100.00 10.70 1.00 3.25 44.44%
COLG 1,500.00 30.55 14.45 0.53 2.25 25.00%
SIEM 774.68 17.44 151.54 1.74 1.87 16.88%
KHTC 141.20 16.37 92.04 0.96 1.75 16.67%
MFFL 385.12 10.12 17.35 0.24 7.20 16.13%
Major Losers
ULEVER 10,100.00 -400.00 437.54 -5.28 6.42 -13.48%NESTLE 4,733.33 -166.67 4.03 -0.40 3.91 -12.72%BHAT 257.01 -12.99 16.14 -0.38 3.06 -12.57%PICT 209.03 -11.00 98.14 -0.76 5.75 -11.54%INDU 270.00 -7.00 35.04 -1.00 4.70 -11.15%
Volume LeadersBYCO 14.45 0.53 16,316,500 14.45 0.53 16,316,500BOP 10.70 1.00 12,534,500 10.70 1.00 12,534,500PTC 17.35 0.24 11,980,500 17.35 0.24 11,980,500MLCF 14.57 0.03 10,951,500 14.57 0.03 10,951,500NIB 2.63 0.11 10,806,500 2.63 0.11 10,806,500
Interbank RatesUS Dollar 97.2098UK Pound 156.4105Japanese Yen 1.1302Euro 128.1614
Dollar EastBUY SELL
Australian Dollar1 00.51 01.5Canadian Dollar 97.4 99China Yuan 13 13.5Euro 128.3 129.7Japanese Yen 1.15 1.175Saudi Riyal 26 26.3UAE Dirham 26.5 26.85UK Pound Sterling 157.3 158.6US Dollar 97.3 97.9
Business
Pakistan Sri Lanka trade ties growing
KARACHI: Pakistan Sri Lanka can complimenteach other in trade and learn from each other’sexperience. This was said by President PakistanSri Lanka Business Forum Tarek M. Khan, at abusiness networking dinner reception hosted atthe Sri Lanka Consulate General. Speaking tomedia at the reception Tarek Khan gave details ofthe 45th General body meeting of the Pakistan SriLanka Business Forum held earlier in the day atSri Lankan Consulate. The President PSBF TarekM. Khan, chaired the and reviewed the currenttrade between Sri Lanka and Pakistan. He said toenhance two-way trade, the forum has developeda strategy which will provide the necessary plat-form for the business community. Past PresidentRauf Tabani, also briefed the forum about SriLankan delegations which have visited Pakistanand how the forum assisted them in interactionbetween local business community. It was notedthat 32 delegations have visited in the past fiveyears. This shows the interest level of businesscommunity of Sri Lanka to develop and enhancetrade relation with our local business people.Tarek Khan proposed that the forum should focuson some core areas of opportunities which havegreat potential such as Tourism, Finance and in-frastructure development.
Warid gives customers an
opportunity to win iPhone 5
LAHORE: Warid Telecom, leading the way of in-novation in Pakistan’s telecom industry, now givesits customer an opportunity to win the hottesthandset on the planet, the iPhone 5, by simplygetting the most Caller Tunes. The more CallerTunes one gets, the greater the chances of win-ning. This offer is open for both postpaid and pre-paid subscribers. All existing and new MRBT
customers are eligible to participate in the promo-tion and winners will be selected on the basis ofmaximum number of Caller Tunes set during theweek, including dedications, copy tunes and gifts.Warid will be announcing two winners in the firstweek and one winner for every week afterwards.
PSO inaugurates first of its
kind Fortified Medical Center
KARACHI: Pakistan State Oil, the nation’slargest public sector company has inaugurated thefirst of its kind Fortified Medical Center on thefirst day of the New Year at PSO House. This ini-tiative is part of the new management’s visionwhich encompasses programs for the well-beingof the employees. This fully equipped and state-of-the-art medical center is designed to providequality healthcare services for the company’s staffmembers and their families. Healthcare profes-sionals will be available at the center around theclock and specialists will also visit the center tomeet the employees needs. Speaking at the ocas-sion, Mr. Naeem Y. Mir-CEO&MD, PSO said “Weat PSO are committed to the belief that each em-ployee is a strategic asset to the company and it isthey who are the true driving force behind oursuccess. With this in mind we have the launchedthis first of its kind fortified medical center tocater to the physical health of our employees.Such facilities will also be built in each city wherePSO operates and its employees reside” In its roleas both a public sector as well as the largest en-ergy company in Pakistan, PSO and its employeesare committed to meeting the fuel needs of thecountry in a timely and responsible manner.
KARACHI: Nestle Pakistan Managing Director Magdi Batato
with senior management of Nestle at a dinner reception.
Mobilink to make 2012 the year of
‘Elevating Consumer Experience’
KARACHI: Mobilink has honored its commit-ment, made at the start of 2012, to make a para-
digm shift in Pakistan’s cellular environment by el-evating consumer experience to a level that is un-paralleled within the local industry. The past yearproved to be another year of achievements for Mo-bilink, which continued to make progress throughits increasing investments in infrastructure, en-hanced customer care solutions for its subscribersand corporate responsibility initiatives that aim tomake a difference in the communities in whichMobilink operates. Rashid Khan, President & CEO,Mobilink highlighted, ‘’Mobilink made a promiseat the beginning of 2012 to elevate customer expe-rience, and I am proud that Mobilink has capital-ized and consolidated on its strengths to deliver onthat promise. Mobilink has ensured its leadershipposition by investing on our state of the art infra-structure, ensuring unparalleled network strengthand unmatched customer relationship manage-ment, which has in turn yielded stellar results. Aswe enter 2013, Mobilink remains committed to ourfocus on a customer centric approach, which willsee us go beyond business to reshape lives acrossPakistan.” During the past year, Mobilink madesignificant investment which has resulted in theexpansion and modernization of its network infra-structure across Pakistan.
OBS, AkzoNobel brighten NICH
KARACHI: OBS in collaboration with AkzoNo-bel, Charter for Compassion Pakistan (Cfc Pak-istan)- along with its sister organization
NOWPDP (Network of Organization Working forPeople with Disabilities, Pakistan)- partnered inpainting the first floor of NICH (National Insti-tute of Child Health). The employees of OBS, Ak-zoNobel, CfC Pakistan and NOWPDP painted thepremises in a bid to enhance the awareness forthe cause of better healthcare facilities for chil-dren in Pakistan. The event concluded with aninteractive session that included the Ms. AdeelaTarek Khan, Senior Director OBS, Mr. AminHashwani, President of CfC Pakistan and NOW-PDP and Ms. Mehreen Shah, CommunicationsManager AkzoNobel. Also present at the occasionwas Mr. Salman Ahmed, prominent musician andsocial activist who performed for the young pa-tient and appreciated the collective efforts ofOBS, AkzoNobel and Cfc Pakistan. The eventaimed to highlight the need to improve the stateof healthcare facilities for children in the coun-try. Also show how collective efforts of corpora-tions and NGOs can make a tangible difference.As NICH is the only government hospital forchildren the painting activity was conducted tobrighten the hospital environment for the visit-ing patients, while trying to generate a sense ofresponsibility to such vital institutions in ourcountry. During the interactive session, the moti-vational talks by the prominent personalitiesaimed to inspire the young volunteers to workharder for the benefit of the society, while themusical entertainment brought smiles to thefaces and the families of the young patients.
CORPORATE CORNER
Inflation rises to7.93% in December
KARACHI
STAFF REPORT
Consumer Price Index (CPI) inflationduring December stood at 7.9 percentagainst 6.9 percent of the precedingmonth of November. The number fallswith the consensus range of 7.5 to 8 per-cent, said the analysts at Topline Re-search. This is the third consecutivemonth where inflation stood below 8percent, they said. On month-on-monthbasis, the price hike was recorded at 0.2percent as against negative 0.4 percentlast month, while the average inflation in1HFY13 stood at 8.3 percent versus 10.9percent in the same period last year.“Though, detail numbers are still to bereleased but higher food inflation partic-ularly in the perishable head be themajor contributor behind this inflation,”said Topline analyst Nauman Khan. Hesaid though the soft inflation numbersallowed further room for the centralbank to continue the process of monetaryeasing, but a major change in discountrate could be a “threat to local currency”.“We estimate FY13 average inflation tobe around 8.5-9 percent, lower thangovernment target of 9.5 percent,” saidthe analyst.
KARACHI
STAFF REPORT
CHAIRMAN Sindh Board of Invest-ment (SBI) and President Pak-istan Afghanistan Joint Chamberof Commerce and Industries (PA-JCCI) Mohammad Zubair Moti-
wala has said that all possible efforts are beingtaken to enhance bilateral trade relations be-
tween Pakistan and Afghanistan. This he saidwhile presiding over 4th Board meeting of Pak-istan Afghanistan Joint Chamber of Commerceand Industries (PAJCCI) here at local hotel.
He said that trade survey and conferenceand joint chambers / Alliances/ Induction ofother Chamber were in pipe line to improvefunctioning of PAJCCI, beside this developmentof a trade Directory and development of Trad-ing Houses, display centre and special commit-tees would be established.
Chairman SBI Mohammad Zubair Motiwalaexpressed his satisfaction over the performanceof PAJCCI and said that the economic surveywas the first step towards the constructive en-gagement between business communities ofboth countries and the report briefly capturedtrends in bilateral trade as well as recent devel-opments in the post- APTTA agreement.
He added, ‘Fifty four face to face in-depthinterviews were conducted in 6 cities of bothcountries and the report will provide crediblefoundations for understaking an advocacyagenda to promote bilateral trade while ad-dressing the concerns of the trading communi-ties of Pakistan and Afghanistan’.
He admitted that PAJCCI had faced manychallenges but things were getting better grad-ually and formal bilateral trade relations wereon risw between both countries. On this occa-sion Khan Jan Alokozai, Co-President PAJCCI,Engr.
Daroo Khan Achakzai, Mohammad Yonassand Haji Atiqullah Mominzada, Vice Presi-dents PAJCCI, Directors PAJCCI, SecretaryGeneral PAJCCI Ms. Faiza, Moin M. Fudda,Country Director were also present.
Efforts underway toimprove Pak-Afghantrade: Motiwala
PRO 02-01-2013_Layout 1 1/2/2013 12:37 AM Page 2
