profitepaper pakistantoday 05th December, 2012
2
Wednesday, 5 December , 2012 KARACHI STAFF REPORT President Karachi Chamber of Com- merce and Industry (KCCI) Muham- mad Haroon Agar Tuesday said the implementation of Pakistan-Indonesia Preferential Trade Agreement (PTA) would open new chapters of economic and commercial cooperation between the two countries. The KCCI believes that the PTA would bring closure the business com- munities of both countries and would give a strong boost to the bilateral trade ties. Pak-Indonesia bilateral trade could escalate up to $2 billion in coming years from the trade volume in year 2011 stood to around $ 1.2 billion. Indonesia would be able to increase its export of crude palm oil to Pakistan whereas Pakistan can export to In- donesia its value added textiles, car- pets, fabrics, leather and export goods, chemicals, surgical etc. He also enlight- ened the Consul General about the key role of Karachi Chamber in the socio- economic development of Pakistan and informed about the aims of KCCI to de- velop regional trade. He urged the Con- sul General to suggest and convince the Jakarta Chamber to form joint Cham- ber with KCCI on the pattern of Pak- istan-Afghanistan Joint Chamber which KCCI formed last year. He ex- tended invitation to Consul General to invite Indonesian Exhibitors in My- Karachi Exhibition 2013 and also or- ganize a cultural event on that occasion. To further strengthen the relations and cooperation between Indonesian Consulate General in Karachi and Karachi Chamber of Commerce and In- dustry (KCCI), Indonesian consul Gen- eral, Mr. Rossalis R. Adenan, on Tuesday, December4, 2012, made a visit to KCCI. The Consul General met the President of KCCI, Mr. Muhammad Haroon Agar who accompanied by other managing Committee members of KCCI. The Indonesian Consul General on the occasion extended warmest and sincerest felicitation to Mr. Agar for his presidency of KCCI and hoped the re- lations and cooperation between KCCI and Indonesian Consulate General in Karachi would be further strengthened in the years ahead. He emphasized that Indonesia and Pakistan are brotherly countries that have been enjoying ex- cellent and long-standing relations that have been transformed into a multi- facet and mutually rewarding part- nership encompassing all field of interests. He mentioned what the Indone- sian Consulate General in Karachi has been carry- ing out in promot- ing bilateral economic, trade, social and cultural cooperation, in- cluding organiz- ing Indonesian Products Solo Ex- hibition and Cul- tural Performance in Karachi and other cites in Sindh Province, such as Sukkur and Hyderabad, which he believes as an important con- tribution to increase the bilateral trade volume of the two coun- tries. He reiterated the fact that Pakistan and Indonesia have some similarities and huge potentials, not only in economic and trade but also in socio-culture. The Indonesian Consul Gen- eral shortly elaborated the devel- opment that has been achieved by Indonesia after its independence sixty seven years ago, character- ized by remarkable progress and significant achievement in political, economic, social and cultural sectors. He said that Indonesia’s economy, which represents 40 percent of ASEAN’s aggregate economy, is projected to grow by 6 to 6.5 per cent in 2012. According to the UNCTAD, In- donesia is one of the top ten most at- tractive FDI destinations in the 2010-2012 period. He further said that with the population of more than 240 million, 50 million of which are mid- dle-class, Indonesia under the dynamic leadership of President Susilo Bam- band Yudhoyono, has made steady progress at every front. He further mentioned that Indone- sia’s economy has proven resilient to the global slowdown as it is driven by soar- ing in- vestment and strong domestic con- sumption by its population of 240 mil- lion. He shared about Indonesian government economic policy which im- plementing, among others, prudent fis- cal policy through efficient budget; increasing revenue from export; im- proving the quality of domestic eco- nomic infrastructure; fighting against corruption and strengthening law en- forcement. He further explained that Indonesia’s economy is predicted to be better in the years ahead as it has, among others, stable economic growth in the last few years; less dependence on natural resources; and more that 60% of economic growth supported by productivity improvement. Touching upon the bilateral eco- nomic relations between Indone- sia and Pakistan, he reiterated that the bilateral trade relations has been fluctuated but in- creased. In 2011, it is recorded US$ 1.2 billion which is still far below the real potentials. He also mentioned about the Preferen- tial Trade Agreement (PTA) of the two countries that was signed in Jakarta in February 2012. He stated that Indone- sia has already ratified the PTA on 19 November 2012 and hopefully that the two govern- ments would soon decide the time for the PTA to enter into force. The Consul General also mentioned that during the D-8 Summit in Islam- abad November 2012, the Indonesian Trade Minister met his Pakistani coun- terpart and discussed some bilateral is- sues, including the PTA which is hoped to be implemented soon and the common efforts to expand the scope of the bilateral Comprehensive Economic Partnership Agreement (CEPA) and to gradually decrease the bilateral trade barriers. By im- plementing the PTA, it is hoped that the bilateral volume would be doubled or redoubled in the near coming years. Forecasted Pakistan-Indonesia trade volume = $2bn ISLAMABAD STAFF REPORT C OMPETITION Commission of Pakistan (CCP), has ap- pointed an enquiry com- mittee with a mandate to conduct an enquiry as to whether CNG associations and/or their mem- bers are engaged in anticompetitive practices in violation of Section 4 of the Competition Act, 2010 (the ‘Act’). The Commission also authorized a team of officers to conduct search and inspection of the premises of the associations namely: All Pakistan CNG Association, CNG Dealers Asso- ciation and CNG Station Owner Asso- ciation of Pakistan under Section 34 of the Act. The search and inspection was duly conducted by the authorized officers both in Islamabad and in Karachi. The Commission has ex- pressed appreciation for the cooperation extended by the staff of the association in con- ducting the lawful search and inspec- tion. The documents have been im- pounded from the premises of the associations and will be duly scruti- nized by the enquiry committee in order to submit its findings before the Commission, says a press release issued here on Tuesday. It said that section 4 of the Act prohibits trade associations from taking decisions on commercial matters such as produc- tion, pricing and provision of goods and services. The enquiry committee has further been entrusted to review the policy framework in the CNG sec- tor in order to identify policy distor- tions (if any) that are preventing, restricting or reducing competi- tion in the market. The en- quiry officers are required to submit their findings for consideration of the Com- mission within a period of 8 weeks. While the prices were being fixed by OGRA with the approval of Federal Government, it needs to be verified as to what is the role of CNG asso- ciations in negotiat- ing a price with the Federal Government and OGRA on behalf of CNG stations. Furthermore, CCP needs to verify whether the boycott is an individual decision of member un- dertakings or a collective withdrawal of services through associations to get their demands fulfilled; leading to the suspension of services from CNG stations. Closure of these sta- tions has been witnessed across the country causing immense hardship to consumer. In light of negotiations on price fixing and withdrawal/suspension of services by various gas stations, lead- ing to the current crises i.e. non- availability of CNG to the general public, if it is proven that the crises is an outcome of any collective boy- cott organized by CNG associations or by competing undertakings (CNG licensees) for getting an economic advantage; which has resulted in out- put limitation placing pressure on other competitors, suppliers as well as buyers. Such conduct may fall within the purview of Section 4 of the Act. The CNG sector is an important part of the national economy with over 2.85 million vehicles using CNG. Approximately over 35% of all vehi- cles in Pakistan run on CNG. There are around 3300 CNG refuelling sta- tions out of 20,000 gas fuelling sta- tion in the world (out of which approximately 17% are in Pakistan - a large number compared to the size and population of Pakistan vis-à-vis the world). The ‘Natural Gas Alloca- tion and Management Policy’ places CNG fifth in the priority order for supply of natural gas and CNG sector takes approximately 9% of the total natural gas resource. CNG associations under the gun CCP constitutes inquiry committee to check associations No need to reschedule repayments of loans to IMF: NA body ISLAMABAD APP The National Assembly Standing Commit- tee on Finance and Economic Affairs was informed on Tuesday that there was no need for the government to reschedule re- payments of loans to the International Monetary Fund (IMF). During a meeting of the committee, held with Khawaja So- hail Mansoor in the chair, the finance addi- tional secretary said Pakistan could easily repay the loans to the IMF because the government had sufficient reserves avail- able. He said of the $7.87 billion in loans taken from the IMF, Pakistan had already repaid $2.40 billion while $1.70 billion had still to be repaid in the current year. Re- garding the imports of used cars, the com- mittee was of the view that some ambiguities were found in the matter of imports of the three years used cars in the country. Besides, the Competition Com- mission of Pakistan (CCP) and the Na- tional Tariff Commission of Pakistan (NTC) were also working on the report in this regard and it would be revealed soon, the committee said. The committee chair- man said the services of oversees Pakista- nis could not forgotten because they were sending huge remittances to make the country financially stable. A member of the committee, Abdul Rashid Godil said if the incentives were to be announced for over- sees Pakistanis, the remittances could be increased from $13 billion to $20 billion per year. However, it was told to the com- mittee that the remittances of $47 billion had been recorded in the past five years. PSO goes global g Vies to become international energy firm, Senate body told KARACHI STAFF REPORT Committee on Petroleum and Natural Re- sources headed by Senator Mohammad Yousaf visited PSO House Tuesday to re- view the performance and receive a brief- ing on the operational activities of the national energy giant. Speaking at the briefing, Naeem Yahya Mir, CEO and MD PSO, appreciated the senators’ visit saying being a national company it was important for PSO to take all steps to benefit Pak- istan. The MD said it was his vision to es- tablish PSO amongst the leading oil conglomerates of the world and the best company in Pakistan. He also apprised the visitors that as part of this plan, he wished to change PSO from a simple marketing and distribution company to a global en- ergy company by developing an integrated supply chain which incorporates aspects of exploration, refining, transportation and shipping. Following the welcome note, company officials provided the elected rep- resentatives with an overview of the oil in- dustry including the supply and demand situation for various POL products amongst different sectors. They also pro- vided a brief synopsis of the oil pricing mechanism in place and the notification process for the same. The MD PSO fol- lowed this overview with some highlights of the recent initiatives and savings under- taken at PSO. This includes establishment of a refinery in Khyber Pakhtunwa and de- velopment of Corporate Social Pumps (2 in each province) and has also initiated the Street Sponsorship Program whereby 2 streets in low income areas of each province would be developed with state-of- the-art facilities and infrastructure to en- hance the living standards of the inhabitants of the area. He also said that the stories appearing in the media regard- ing the award of a fuel supply contract to Bakri trading without open tendering were baseless as this was the only company with blending facilities in Pakistan. PRO 05-12-2012_Layout 1 12/4/2012 11:52 PM Page 1
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profitepaper pakistantoday 05th December, 2012
Transcript of profitepaper pakistantoday 05th December, 2012
Wednesday, 5 December, 2012
KARACHI
STAFF REPORT
President Karachi Chamber of Com-merce and Industry (KCCI) Muham-mad Haroon Agar Tuesday said theimplementation of Pakistan-IndonesiaPreferential Trade Agreement (PTA)would open new chapters of economicand commercial cooperation betweenthe two countries.
The KCCI believes that the PTAwould bring closure the business com-munities of both countries and wouldgive a strong boost to the bilateraltrade ties.
Pak-Indonesia bilateral trade couldescalate up to $2 billion in comingyears from the trade volume in year2011 stood to around $ 1.2 billion.
Indonesia would be able to increaseits export of crude palm oil to Pakistanwhereas Pakistan can export to In-donesia its value added textiles, car-pets, fabrics, leather and export goods,chemicals, surgical etc. He also enlight-ened the Consul General about the keyrole of Karachi Chamber in the socio-economic development of Pakistan andinformed about the aims of KCCI to de-velop regional trade. He urged the Con-sul General to suggest and convince theJakarta Chamber to form joint Cham-ber with KCCI on the pattern of Pak-istan-Afghanistan Joint Chamberwhich KCCI formed last year. He ex-tended invitation to Consul General toinvite Indonesian Exhibitors in My-Karachi Exhibition 2013 and also or-ganize a cultural event on thatoccasion.
To further strengthen the relationsand cooperation between IndonesianConsulate General in Karachi andKarachi Chamber of Commerce and In-dustry (KCCI), Indonesian consul Gen-eral, Mr. Rossalis R. Adenan, onTuesday, December4, 2012, made avisit to KCCI. The Consul General metthe President of KCCI, Mr. MuhammadHaroon Agar who accompanied byother managing Committee members
of KCCI.The Indonesian Consul General on
the occasion extended warmest andsincerest felicitation to Mr. Agar for hispresidency of KCCI and hoped the re-lations and cooperation between KCCIand Indonesian Consulate General inKarachi would be further strengthenedin the years ahead. He emphasized thatIndonesia and Pakistan are brotherlycountries that have been enjoying ex-cellent and long-standing relations thathave been transformed into a multi-facet and mutually rewarding part-nership encompassing all field ofinterests.
He mentioned what the Indone-sian Consulate General inKarachi has been carry-ing out in promot-ing bilateraleconomic, trade,social and culturalcooperation, in-cluding organiz-ing IndonesianProducts Solo Ex-hibition and Cul-tural Performance inKarachi and other cites inSindh Province, such asSukkur and Hyderabad, whichhe believes as an important con-tribution to increase the bilateraltrade volume of the two coun-tries. He reiterated the fact thatPakistan and Indonesia have somesimilarities and huge potentials,not only in economic and tradebut also in socio-culture.
The Indonesian Consul Gen-eral shortly elaborated the devel-opment that has been achieved byIndonesia after its independencesixty seven years ago, character-ized by remarkable progressand significant achievement inpolitical, economic, social andcultural sectors. He said thatIndonesia’s economy, whichrepresents 40 percent ofASEAN’s aggregate economy,
is projected to grow by 6 to 6.5 per centin 2012. According to the UNCTAD, In-donesia is one of the top ten most at-tractive FDI destinations in the2010-2012 period. He further said thatwith the population of more than 240million, 50 million of which are mid-dle-class, Indonesia under the dynamicleadership of President Susilo Bam-band Yudhoyono, has made steadyprogress at every front.
He further mentioned that Indone-sia’s economy has proven resilient to
the global slowdown as it isdriven by soar-
ing in-
vestment and strong domestic con-sumption by its population of 240 mil-lion. He shared about Indonesiangovernment economic policy which im-plementing, among others, prudent fis-cal policy through efficient budget;increasing revenue from export; im-proving the quality of domestic eco-nomic infrastructure; fighting againstcorruption and strengthening law en-forcement. He further explained thatIndonesia’s economy is predicted to bebetter in the years ahead as it has,among others, stable economic growthin the last few years; less dependenceon natural resources; and more that60% of economic growth supported byproductivity improvement.
Touching upon the bilateral eco-nomic relations between Indone-
sia and Pakistan, he reiteratedthat the bilateral trade relationshas been fluctuated but in-creased. In 2011, it is recorded
US$ 1.2 billion which is still farbelow the real potentials. He also
mentioned about the Preferen-tial Trade Agreement (PTA) ofthe two countries that wassigned in Jakarta in February2012. He stated that Indone-sia has already ratified thePTA on 19 November 2012
and hopefully that the two govern-ments would soon decide the time for
the PTA to enter into force.The Consul General also mentioned
that during the D-8 Summit in Islam-abad November 2012, the IndonesianTrade Minister met his Pakistani coun-terpart and discussed some bilateral is-sues, including the PTA which ishoped to be implemented soon andthe common efforts to expand thescope of the bilateral ComprehensiveEconomic Partnership Agreement(CEPA) and to gradually decrease
the bilateral trade barriers. By im-plementing the PTA, it is hopedthat the bilateral volume would bedoubled or redoubled in the near
coming years.
Forecasted Pakistan-Indonesia
trade volume = $2bn
ISLAMABAD
STAFF REPORT
COMPETITION Commissionof Pakistan (CCP), has ap-pointed an enquiry com-mittee with a mandate to
conduct an enquiry as to whetherCNG associations and/or their mem-bers are engaged in anticompetitivepractices in violation of Section 4 ofthe Competition Act, 2010 (the ‘Act’).
The Commission also authorizeda team of officers to conduct searchand inspection of the premises of theassociations namely: All PakistanCNG Association, CNG Dealers Asso-ciation and CNG Station Owner Asso-ciation of Pakistan under Section 34of the Act. The search and inspectionwas duly conducted by the authorizedofficers both in Islamabad and inKarachi. The Commission has ex-pressed appreciation for thecooperation extended by thestaff of the association in con-
ducting the lawful search and inspec-tion. The documents have been im-pounded from the premises of theassociations and will be duly scruti-nized by the enquiry committee inorder to submit its findings beforethe Commission, says a press releaseissued here on Tuesday. It said that
section 4 of the Act prohibits tradeassociations from taking decisions oncommercial matters such as produc-tion, pricing and provision of goodsand services. The enquiry committeehas further been entrusted to reviewthe policy framework in the CNG sec-tor in order to identify policy distor-tions (if any) that are preventing,
restricting or reducing competi-tion in the market. The en-quiry officers are required tosubmit their findings forconsideration of the Com-mission within a period of 8weeks. While the priceswere being fixed by OGRA
with the approval of FederalGovernment, it needs to be
verified as to what isthe role of CNG asso-ciations in negotiat-
ing a price with theFederal Government and
OGRA on behalf of CNGstations. Furthermore, CCP
needs to verify whether the boycott isan individual decision of member un-dertakings or a collective withdrawalof services through associations toget their demands fulfilled; leadingto the suspension of services fromCNG stations. Closure of these sta-tions has been witnessed across thecountry causing immense hardship toconsumer.
In light of negotiations on pricefixing and withdrawal/suspension ofservices by various gas stations, lead-ing to the current crises i.e. non-availability of CNG to the generalpublic, if it is proven that the crisesis an outcome of any collective boy-cott organized by CNG associationsor by competing undertakings (CNGlicensees) for getting an economicadvantage; which has resulted in out-put limitation placing pressure onother competitors, suppliers as wellas buyers. Such conduct may fallwithin the purview of Section 4 of theAct. The CNG sector is an importantpart of the national economy withover 2.85 million vehicles using CNG.Approximately over 35% of all vehi-cles in Pakistan run on CNG. Thereare around 3300 CNG refuelling sta-tions out of 20,000 gas fuelling sta-tion in the world (out of whichapproximately 17% are in Pakistan - alarge number compared to the sizeand population of Pakistan vis-à-visthe world). The ‘Natural Gas Alloca-tion and Management Policy’ placesCNG fifth in the priority order forsupply of natural gas and CNG sectortakes approximately 9% of the totalnatural gas resource.
CNG associationsunder the gunCCP constitutes inquiry committee to check associations
No need to reschedule
repayments of loans
to IMF: NA bodyISLAMABAD
APP
The National Assembly Standing Commit-tee on Finance and Economic Affairs wasinformed on Tuesday that there was noneed for the government to reschedule re-payments of loans to the InternationalMonetary Fund (IMF). During a meetingof the committee, held with Khawaja So-hail Mansoor in the chair, the finance addi-tional secretary said Pakistan could easilyrepay the loans to the IMF because thegovernment had sufficient reserves avail-able. He said of the $7.87 billion in loanstaken from the IMF, Pakistan had alreadyrepaid $2.40 billion while $1.70 billion hadstill to be repaid in the current year. Re-garding the imports of used cars, the com-mittee was of the view that someambiguities were found in the matter ofimports of the three years used cars in thecountry. Besides, the Competition Com-mission of Pakistan (CCP) and the Na-tional Tariff Commission of Pakistan(NTC) were also working on the report inthis regard and it would be revealed soon,the committee said. The committee chair-man said the services of oversees Pakista-nis could not forgotten because they weresending huge remittances to make thecountry financially stable. A member of thecommittee, Abdul Rashid Godil said if theincentives were to be announced for over-sees Pakistanis, the remittances could beincreased from $13 billion to $20 billionper year. However, it was told to the com-mittee that the remittances of $47 billionhad been recorded in the past five years.
PSO goes globalg Vies to become
international energy
firm, Senate body told
KARACHI
STAFF REPORT
Committee on Petroleum and Natural Re-sources headed by Senator MohammadYousaf visited PSO House Tuesday to re-view the performance and receive a brief-ing on the operational activities of thenational energy giant. Speaking at thebriefing, Naeem Yahya Mir, CEO and MDPSO, appreciated the senators’ visit sayingbeing a national company it was importantfor PSO to take all steps to benefit Pak-istan. The MD said it was his vision to es-tablish PSO amongst the leading oilconglomerates of the world and the bestcompany in Pakistan. He also apprised thevisitors that as part of this plan, he wishedto change PSO from a simple marketingand distribution company to a global en-ergy company by developing an integratedsupply chain which incorporates aspects ofexploration, refining, transportation andshipping. Following the welcome note,company officials provided the elected rep-resentatives with an overview of the oil in-dustry including the supply and demandsituation for various POL productsamongst different sectors. They also pro-vided a brief synopsis of the oil pricingmechanism in place and the notificationprocess for the same. The MD PSO fol-lowed this overview with some highlightsof the recent initiatives and savings under-taken at PSO. This includes establishmentof a refinery in Khyber Pakhtunwa and de-velopment of Corporate Social Pumps (2 ineach province) and has also initiated theStreet Sponsorship Program whereby 2streets in low income areas of eachprovince would be developed with state-of-the-art facilities and infrastructure to en-hance the living standards of theinhabitants of the area. He also said thatthe stories appearing in the media regard-ing the award of a fuel supply contract toBakri trading without open tendering werebaseless as this was the only company withblending facilities in Pakistan.
PRO 05-12-2012_Layout 1 12/4/2012 11:52 PM Page 1
02
Wednesday, 5 December, 2012
Major Gainers
COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERNestle Pakistan Ltd. 4423.00 4644.15 4600.00 4644.15 221.15 560Island Textile 998.73 1040.00 1040.00 1040.00 41.27 100Colgate Palmolive 1365.00 1400.00 1400.00 1400.00 35.00 150Indus Dyeing 610.00 620.00 620.00 620.00 10.00 100Ismail Industr 129.00 135.40 124.01 135.40 6.40 1,000
Major LosersUniLever Pak 9995.96 10100.00 9800.00 9805.00 -190.96 3,660Bata (Pak) 1660.00 1700.00 1630.00 1649.67 -10.33 650Millat Tractors Ltd. 552.65 559.00 545.00 546.07 -6.58 15,100Pak Gum & Chemical 166.75 165.60 160.01 162.48 -4.27 3,100Faisal Spinning 83.00 83.00 78.90 78.90 -4.10 3,000
Volume Leaders
Jah.Sidd. Co. 17.56 18.56 17.56 18.47 0.91 23,314,000Maple Leaf Cement 14.44 14.82 14.20 14.52 0.08 19,676,000K.E.S.C. 6.90 7.00 6.50 6.66 -0.24 13,979,000Fauji Cement 6.91 7.00 6.88 6.91 0.00 9,354,000Pak Elektron Ltd. 8.09 9.09 8.11 9.07 0.98 7,963,500
Interbank RatesUS Dollar 96.6157UK Pound 155.7253Japanese Yen 1.1777Euro 126.2575
Dollar EastBUY SELL
US Dollar 96.90 97.40Euro 125.18 126.67Great Britain Pound 154.07 155.87Japanese Yen 1.1652 1.1788Canadian Dollar 96.13 97.76Hong Kong Dollar 12.23 12.44UAE Dirham 26.12 26.40Saudi Riyal 25.62 25.85Australian Dollar 99.90 102.52
Business
3rd Convocation of GIFT
University – 599 students graduate
GUJRANWALA: The Third convocation andaward distribution ceremony of GIFT University,Gujranwala was held in the Convocation Enclave onThursday, 29th November 2012. The HonorableRector of GIFT University, Mr. Muhammad IqbalTahir presided over the event. In this convocation,599 students who graduated between Fall 2005 toSpring 2009 were conferred upon the degrees ofM.Sc. Accounting & Finance, MBA Banking & Fi-nance, MBA, MA English, BBA, B.S.C.S, B.Sc Ac-counting & Finance and B.Des. Gold and Silvermedal were awarded to 26 position holders of thegraduate and undergraduate program.
Bank Alfalah supports the
IBA by donating Rs 33 million
KARACHI: Bank Alfalah has announced that itwill support the Institute of Business Administra-tion (IBA) by donating Rs33 Million to it to aug-ment its Endowment Fund. For Bank Alfalah
strengthening meaningful community causes andserving its role as a socially responsible corporation,remains a key priority. Further, within its widercommunity investments, education is a focal areawhich the Bank aspires to support as part of its so-cial governance efforts in the country.
Merck considered an oasis
of scientific excellence
KARACHI: Chairman of the Executive Board ofMerck KGaA, Darmstadt, Germany, Dr. Karl-LudwigKley, has said “With our innovative products andservices for the pharmaceutical, chemical and life sci-ence sectors, we help our customers to live a betterlife each and every day. This is the reason why Merckis considered as an oasis of scientific excellence inhealth sector," He was speaking at the grand cere-mony held to launch Merck Calendar 2013.
Linde starts up Pakistan’s
largest air separation plant
KARACHI: Linde Pakistan today officially inaugu-rated its new flagship air separation plant installedat Sunder Industrial Estate in Lahore. This newstate-of-the-art plant is now the largest air separa-tion plant in Pakistan, capable of producing 150tons per day (tpd) of gaseous oxygen, nitrogen andargon for the merchant gases market.
Warid joins White Ribbon campaign
KARACHI: Warid Telecom this year again joinedhands with White Ribbon campaign which is aimed
at spreading the message to end violence againstwomen and girls in all its forms. Men and boys intheir various roles as individuals, community mem-bers, leaders, educators, fathers, and family mem-bers have a responsibility and important role toplay in promoting gender equality and ending vio-lence against women and girls.
Emirates thanks Facebook fans
KARACHI: Emirates, one of the world's fastestgrowing airlines, is on the runway to Facebook fameafter reaching one million fans globally. The re-markable traction of Emirates’ Facebook page po-sitions the airline as one of the most rapidlydeveloping social media players around.
JADE exhibition at W Cafe
KARACHI: The JADE exhibition held on December1, 2012 at the W Cafe, Clifton. An array of uniquehandmade jewelry pieces made with Turkish stonesand calligraphy gold plated emblems put togethercreating contemporary accessories for the modernwoman. Neons mixed with metal! What better way ofcreating a high fashion look for this season.
CORPORATE CORNER
PESHAWAR: Amir Haider Khan Hoti, Chief Minister KhyberPakhtunkhwa along with Bilal Mustafa Managing Director Bank ofKhyber (BoK), Minister for Industries Nawabzada Samiullah KhanAlizai and Executive Director BoK Mir Javed Hashmat witnessingthe MoU signing ceremony of BoK & Industries Department for Rsone billion special industrial development loan package.
KARACHI: Pir Mazharul Haq (Minestar for Education Sindh)presenting momento to Dr. Fouzia Khan.
KARACHI: The Consul General of the United Arab Emirates,Mr.Suhail Bin Matar Al - Ketbi, hosted a reception on the Occasionof the 41st National Day at a local hotel.
KARACHI
STAFF REPORT
United Arab Shipping Company (UASC) haslaunched a new service linking India, Pakistan,West Asia Gulf, the Red Sea, Port Said andTurkey, with seven vessels each having a capac-ity of 3,800 to 4,230 TEUs. The ships to run onthe new route include UASC Ramadi, ALFarahidi Fowairet UASC Ajman, UASC Shu-waikh, UASC Samarra and UASC Khor Fakkan.
The CSCL will provide one of the eight3,800 to 4,250-TEU ships used to operate theservice, namely the 4,250-TEU Xin Nan Sha0353E. The first GEM sailing is scheduled forDecember 4th.
The service would call at Port Said (East),Mersin, Istanbul (Ambarli/Kumport), Izmir(Aliaga Terminal), Port Said, Yanbu, Jeddah,
Khor Fakkan, Sohar, Port Sultan Qaboos,Karachi, Hazira, Mundra, Khor Fakkan, JebelAli, Bahrain, Jubail, Khor Fakkan, Jeddah,Yanbu and back to Port Said.
For the first time, the port rotation includesthe Indian port of Hazira in Gujarat state,which is located about 120 nautical miles northof Nhava Sheva and Mumbai. The first call atHazira is slated for December 6th. The shipswill be handled at the new Adani Hazira Con-tainer Terminal (AHCT).
Tthe GEM service will also include sectionsof UASC's UAE-Pakistan-India service(IMC1/IMC2) as well as the carrier's MiddleEast feeder service (AEC1), from where theUASC ships switch deployment to join theGEM service. In addition to direct port calls,the GEM service will provide connections toother East Mediterranean and North African
ports through relay services via Port Said andwill serve a number of Black Sea ports throughrelay services from Istanbul(Ambarli/Kumport Turkey).
The Inaugural Voyage UASC AfMAN ofGEM 1 Service berth on 4±1, December atPICT, Karachi Port, UASC Ajman will dis-charge 490 boxes and Load 350 boxes. TheUASC having the vision of "Linking the MiddleEast to the World" began in 1976 when UASCwas formed jointly between the Kingdom ofBahrain, Republic of Iraq, State of Kuwait,State of Qatar, Kingdom of Saudi Arabia andthe United Arab Emirates.
Headquartered in Kuwait with a CorporateOffice in the UAE, serving Asia from Singa-pore, Europe from London, the Middle Eastfrom Dubai and North America from Cran-ford, New-Jersey.
KARACHI
STAFF REPORT
STATE Bank of Pakistan (SBP) Tues-day advised all authorized dealers inforeign exchange (banks) to processthe cases of sugar export as per the
specified mechanism. Under the mechanism,the central bank said, only 200,000 tons ofsugar would be exported.
The sugar allowed to be exported by theindividual sugar mill would be subject to ei-ther receipt of a minimum 10% of total con-tract value as advance payment (evidencingby advance payment voucher, swift messageand reporting schedule/credit advice) and ex-porter must ship the sugar within 60 daysfrom the date of SBP approval or obtaining anirrevocable LC 60 days maturity from thebuyer.
The banks would forward the requests ofSugar Mills along with attested photocopiesof contract, E-Form, irrevocable LC 60 daysmaturity or advance payment voucher, swiftmessage and reporting schedule/credit ad-vice, as the case may be, for SBP approval. Allrequests should be addressed to the Director,Exchange Policy Department of the SBP. TheSBP would allow permission against each E-Form on first come first served basis. Thebanks would send sugar export update to theconcerned department of the SBP on dailybasis. Incomplete requests would not be con-sidered, said the central bank in a circular is-sued on Tuesday.
New GEM1 shipping service starts to link Pakistan with India
Careful with the sugar!SBP advises banks to process cases of sugar export
SBP makes
MFBs eligible
for credit
guarantee scheme
KARACHI: The central bank Tuesday ex-tended the scope of Credit GuaranteeScheme (CGS) by including the microfi-nance banks (MFBs) in the list of eligibleParticipating Financial Institutions (PFIs).The move is aimed at enabling the microenterprises to benefit from this scheme,the bank said. According to an SBP circu-lar, now MFBs would be able to extendloans from above Rs 150,000 up to Rs500,000 to micro enterprises for a tenornot exceeding 5 years. The MFBs, whichhave already obtained prior approval ofSBP for undertaking ‘microenterprise’lending as per AC&MFD Circular No.02dated March 16 (2012), could apply for al-location of Credit Exposure Limits underthe Credit Guarantee Scheme, the regulatorsaid. It may be pointed out that earlier theCGS facility was open to Commercial Banksonly. The MFBs would find great comfortin taking credit risks as they now enjoy therisk coverage of 40% on their loans tomicro enterprises. STAFF REPORT
Oil prices fall on USdata, fiscal cliff woes
SINGAPORE
AGENCIES
Crude prices fell in Asia Tuesday after data showed USmanufacturing activity contracted last month, while deal-ers grow concerned at the lack of progress on a deal toavert the fiscal cliff. New York's main contract, light sweetcrude for delivery in January delivery fell 18 cents to$88.91 a barrel and Brent North Sea crude for Januaryshed 14 cents to $110.78. "On the energy markets, oil con-tinued to edge down on the disappointing US" data, IGMarkets said in a report. "Last night traders suffered thedouble whammy of weak US economic data combined withanother impasse in budget talks as Democrats rejected thelatest Republican proposal."
SBP, BoK
sign MoU on
technical
assistance
KARACHI: The central banks of Pakistanand South Korea signed a Memorandum ofUnderstanding (MoU) on cooperation andtechnical assistance between the twobanks, said an official statement Tuesday.The MoU was signed by Governor StateBank of Pakistan (SBP) Yaseen Anwar andGovernor Bank of Korea (BOK) Choong SooKim in Seoul, the federal capital of SouthKorea. Signing of the memorandum coin-cides with the visit of President AsifZardari to South Korea. The MoU stipu-lates that the two central banks wouldshare experiences and provide technical as-sistance in their conduct of central bankingbusiness, including monetary management,the payment and settlement systems andforeign exchange reserve management. Theagreement lays down the foundations ofclose cooperation between the two centralbanks in all areas of mutual interest. TheMoU would make a significant contributionin strengthening the close relationship be-tween the two countries. STAFF REPORT
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