AGRICULTURAL REMEDIES

Tuesday, 16 October, 2012

ISLAMABAD

APP

FEDERAL Minister for Finance Dr.Abdul Hafeez Shaikh said that owing toprudent policies of the government, theperformance of the agriculture has en-hanced as surplus crop yield has been

recorded this year.“This year we have surplus wheat, sugar and cot-

ton crop because of democratic government’s goodpolicies”, the Finance Minister said while meetingwith Haruhiko Kuroda, President Asian Develop-ment Bank (ADB) in Tokoyo.

According to press statement issued by the FinanceMinistry here, Shaikh said that despite a series of natu-ral calamities, Pakistan has been able to raise its agri-culture produce because of good agricultural policies.

This has also contributed in well-being of thepeople in rural areas, the Finance Minister remarked.

Highlighting the economic situation in Pakistan, theminister said that measures are being taken to bringmacroeconomic stability in the country.

He said that the government tried to remain fis-cally austere which can help it bring stability ineconomy. He said that despite various constraints,the government is trying to mobilize the resourcesadding in the last two years the government hasdoubled the tax collection. This year the growth rateis expected to be around 4% and the government hasbeen successful in bringing the inflation to a singledigit, the Minister added. On the occasion, the ADBPresident appreciated the Pakistan government’s ef-forts for maintaining macroeconomic stability in thecountry saying “the general economic situation inPakistan is good.

The President of the ADB reassured the con-struction of Bhasha Dam Project, saying that ADBwill take a first step by moving the technical assis-tance proposal to the International Monetary Fund(IMF) Board. The project will help reduce the energymix prices of the electricity, he maintained.

Dr. Abdul Hafeez Shaikh also held meeting withhis Saudi counterpart at the sidelines of 2012 annualmeeting of World Bank and IMF at Tokyo.

Both the ministers reviewed the bilateral eco-nomic relations during which Dr. Shaikh thankedthe Saudi government for the grant of US $ 100 mil-

lion. The Saudi Finance Minister assured the financeminister of full support and reiterated the commit-ment of his government that its financial aid wouldcontinue for the ongoing projects in Pakistan.

Bangladesh vying to fit into the pipelineBangladesh wants to join TAPI project: Turkmenistan

NEW DELHI: Bangladesh is willing to join theproposed Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project. “There was arequest from Bangladesh to join the project. Werequire official note for this which will beconsidered by all the four governments of TAPIproject,” Kakageldy Abdullaev, acting Ministerof Oil and Gas, Minerals of Turkmenistan, saidat Petrotech 2012, reported The Hindu. Askedabout pricing of the gas to be wheeled throughTAPI pipeline, he said, “I can only say that theprice of gas in the project will be beneficial foreverybody.” ONLINE

HONG KONG,

AFP

Asian markets fell Monday following a soft leadfrom Wall Street, while better-than-expected Chi-nese trade data was unable to lift spirits as dealersawait growth figures from Beijing later in the week.

With the corporate earnings season under waythere is also nervousness in global bourses, withmany investors concerned opting to stay away fornow. Tokyo was flat by the break, Hong Kongeased 0.14 percent, Shanghai was 0.54 percentlower, Seoul lost 0.34 percent and Sydney was off0.15 percent.

China said on Saturday that exports rose 9.9percent year on year in September to a recordmonthly high, a welcome bounce from the recentsharp slowdown in the country’s key economicdriver. The national customs bureau also said thetrade surplus, a source of friction with China’strading partners, widened to $27.7 billion for themonth, up from $26.7 billion in August.

The increase beat predictions of a 5.0 percentrise in exports, but there are still concerns over thefuture because of weakness in China’s main mar-kets in the United States and Europe.

On Monday another batch of figures showedinflation at 1.9 percent last month, slightly softerthan 2.0 percent in August but in line with expec-tations. But the main focus is on Thursday’s re-lease of gross domestic product data for the threemonths to the end of September, which will pro-vide a better idea of the state of the world’s numbertwo economy and main regional growth driver.

“These days there seems to be a lot of atten-tion (paid) to one bad number and not a lot of at-tention (paid) to one good number,” said Joe

Bracken, head of macro strategies at BT Invest-ment Management in Sydney.

But he told Dow Jones Newswires traders “arevery reluctant to commit to anything unless theysee a series of good numbers”.

Wall Street ended last week on a damp note astraders fret about the corporate outlook. The Dowended flat, the broad-based S&P 500 lost 0.30percent and the Nasdaq added 0.17 percent.

On currency markets the eurozone debt crisiscontinued to weigh on the single currency. Theeuro bought $1.2905 and 101.25 yen in early trade,compared with $1.2958 and 101.60 yen in NewYork late Friday.

The dollar was at 78.46 yen against 78.39yen in US trade. In Hong Kong telecoms equip-ment maker ZTE Corp. slumped 16.6 percentafter warning of a net loss in the third quarterthat would wipe out its profit for the first half ofthe year. The warning also comes after a US con-gressional probe said the firm and another Chi-nese firm, Huawei, pose a security threat to thecountry and should be barred from US contractsand acquisitions.

And in Tokyo, mobile carrier Softbankslumped almost six percent on reports it could im-minently announce a deal to buy US competitorSprint Nextel for $20 billion, which would be oneof Japan’s biggest ever overseas acquisitions.

Softbank had already slumped 17 percent onthe initial news of the buyout plan.

Oil prices fell, with New York’s main contract,light sweet crude for delivery in November shed-ding 72 cents to $91.14 a barrel and Brent NorthSea crude for November delivery falling 72 centsto $113.90. Gold was at $1,743.60 at 0300 GMTcompared with $1,767.80 late on Friday.

Hafeez calls for prudence

Asian markets slip, China growthdata in focus

Prudent policies help produce surplusagriculture yield: Dr Hafeez Shaikh

ISLAMABAD

APP

The Sub-committee of Senate Standing Committeeon Textile Industry here on Monday directed theMinistry of Textile Industry (MinTex) for submit-ting a detailed report on the issues and challengesbeing faced by the local textile industry. The com-mittee met here with Senator Mohsin Khan Leghariin chair also convened the ministry of industriesand the provincial departments concerned withtextile industry to submit report in this regard innext meeting.

Speaking in the meeting Senator Osman Saiful-lah Khan said “We should be educated on the issuesof textile industry, in such way the legislation shouldbe done to resolve the issues of sector.

Briefing the meeting, Joint Secretary MinTexsaid that the textile sector was playing pivotal role inthe economic development and absorbing the skilledand un-skilled labour force in the country.

He said that the textile export comprising 57 percent of the total exports from the country where as itwas providing employment opportunities for 39 percent labour force in the country.

Out of the total financing made by the local banksfor manufacturing sector, the share of the textile sec-tor was 41 per cent, adding that the exports of cottonhas witnessed a rise of 37.27 per cent during July-May 2011-12 over the same period of the last year.He said that Pakistan was the 15th largest cotton pro-ducer in the world while it was contributing only 2percent in global cotton export which was at the lowerlevel due to inadequate funding for textile sector.

A total of Rs.24.75 billion were allocated againstthe approved financing plan of Rs. 123 billion for2009-12 which is around 20 per cent only, the com-mittee was told.

The committee was told that there was not re-search and development activities in the textile sectorwhich was a major impediments it the progress of thetextile sector. The officials of the MinTex suggestedfor introducing the crop insurance policy to boost theagri-sector as well as increasing the crop out put in thecountry. The meeting was attended by Senator OsmanSaifullah Khan and Senator Amar Jeet.

What’s the deal with textile?Senate body seeks report on issues of textile industry

Malaysian Chamber sees

investment potential in

textile sectorISLAMABAD

ONLINE

Malay Chamber of Commerce Malaysia (DPMM)has urged Malaysian entrepreneurs andbusinessmen to explore what it sees as “vastinvestment opportunities” in the surgicalinstruments, textile and leather sectors inPakistan. “The chamber foresees a hugeinvestment potential in Pakistan for Malaysianentrepreneurs to be explored in some sectorssuch as textiles, surgical instruments and halalleather goods,” said DPMM Deputy PresidentDatuk Mohamad Alayuddin Hasan in aninterview with mass-circulated Malaysiannewspaper Berita Harian after his return fromKarachi where he attended the Expo Pakistan2012 as part of a 57-member Malaysiandelegation of businessmen and entrepreneurs.Datuk Mohamad Alayuddin said Pakistani textileproducts seemed like a very relevant item to bebrought into the Malaysian market as they wereof high quality and offered at a much lower priceas compared to other textile-producing countries.“It’s not just limited to one type of textile, but italso includes all other products including thosefor home use, hotel use and can also be bought inbulk,” he said. He suggested that Malaysianentrepreneurs take this opportunity to becomeagents for the sale of surgical instrumentsmanufactured in Pakistan. “The manufacturedequipment are of first-class quality and arecomparable to German products,” he said, addingPakistani companies had also agreed to establisha consortium which would soon appointrepresentatives in Malaysia to supply surgicalinstruments manufactured in Pakistan to the restof Southeast Asia.

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02

Tuesday, 16 October, 2012

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERUniLever Pak 9536.67 9949.99 9536.67 9941.66 404.99 440Nestle Pakistan Ltd. 5274.29 5500.00 5500.00 5500.00 225.71 100Bata (Pak) Limited 1100.00 1155.00 1140.00 1155.00 55.00 900Shezan Inter. 409.50 429.97 409.00 429.97 20.47 5,200National FoodsXD 272.20 285.81 270.00 285.30 13.10 7,200

Major LosersSiemens Pakistan 756.00 740.00 725.51 725.51 -30.49 300Indus Dyeing 448.99 439.99 426.55 426.58 -22.41 2,800Colgate Palmolive 1422.22 1400.00 1400.00 1400.00 -22.22 50Linde Pakistan 150.00 145.11 145.11 145.11 -4.89 500Attock CementXDXB 95.97 96.90 91.18 91.41 -4.56 62,000

Volume Leaders

Maple Leaf Cement 8.69 9.50 8.70 9.32 0.63 10,318,000D.G.K.CementSPOT 50.39 51.50 50.50 50.98 0.59 7,710,500Fauji Cement 6.32 6.52 6.30 6.32 0.00 6,141,500P.T.C.L.A 19.77 19.98 19.62 19.75 -0.02 3,420,500Sui North Gas 24.31 25.52 24.95 25.11 0.80 2,951,000

Interbank RatesUS Dollar 95.4043UK Pound 153.2384Japanese Yen 1.2113Euro 123.6630

Dollar EastBUY SELL

US Dollar 95.30 95.70Euro 122.62 123.72Great Britain Pound 152.27 153.60Japanese Yen 1.2057 1.2161Canadian Dollar 96.40 97.75Hong Kong Dollar 12.11 12.28UAE Dirham 25.85 26.05Saudi Riyal 25.30 25.50Australian Dollar 96.49 98.79

Business

RAWALPINDI

APP

THE Secretary Ministry of Com-merce Munir Qureshi has said thattrade relations with SAARC coun-tries will be enhanced on prioritybasis and solid measures will also

be taken to endorse the trade relations withneighbouring countries.

He said that Ministry appreciatesRawalpindi Chamber of Commerce and Indus-try (RCCI) for organizing 10 Single Country Ex-hibitions in a calendar year in SAARC Countries.“Government will facilitate RCCI for promotinglocal products in the world trade markets andbusiness community will be taken on board inthe policy making process in future”, he added.

He was exchanging these views with thePresident of Rawalpindi Chamber of Commerceand Industry (RCCI) Manzar Khurshid Sheikhat his office here on Monday. Senior Vice Presi-dent Pervaiz Ahmed Warriach, Vice PresidentCh. Nadeem Rauf, members of executive com-mittee Dr. Shimail Daud and Younas Dar were

also present on the occasion.Munir Qureshi said that government appre-

ciates the role of RCCI in strengthening the na-tional economy and vowed that RCCI will befacilitated for promotion of business activities.

He said that Ministry is making all out ef-forts to enhance trading activities with othercountries of the world and private sector willalso be cherished in this regard.

Speaking on the occasion President RCCIManzar Khurshid Sheikh said that governmentmust bring consistency in the policies and pri-vate sector should be taken on board in the pol-icy making process.

He said that RCCI is striving hard to en-dorse the local products in the internationaltrade markets. “Government must facilitate theChambers to improve the national economy ofthe country,” he added.

He demanded of the government to facili-tate the private sector and play its due role forthe promotion of business activities within thecountry and outside. He said that governmentmust support Chambers to organize Exposacross the globe.

NHA reviews projects

ISLAMABAD: Chairman National Highway Au-thority Muhammad Javaid Iqbal Awan presidedover a high level meeting in which national high-way projects being undertaken with the coopera-tion of the Asian Development Bank (ADB) werereviewed. ADB Mission was led by transport spe-cialist Dong Soo Pyo. Detailed discussions weremade on technical issues of ADB Aided Projects.The meeting also discussed ways and means tosolve such issues for earlier completion of theschemes. On this occasion, Muhammad JavaidIqbal Awan commended the services of the ADB,for providing financial assistance in national high-way schemes. He desired to overcome the issuesthrough mutual consultation so that projectscould be realized as per schedule.

Thai Prime Minister Yingluck Shinawatra to gracethe 11th AFCSRBANGKOK: After ten successful runs in six ofSoutheast Asia’s major cities —- Manila, KualaLumpur, Jakarta, Ho Chi Minh, Bangkok and Sin-gapore —- the Asian Forum on Corporate SocialResponsibility (AFCSR) once again returns toThailand to hold the 11th AFCSR at the Shangri-La

Hotel in Bangkok. On October 25 and 26, morethan 50 CSR experts from various industries willconverge at the conference, which will be con-cluded by the Asian CSR Awards gala dinner andawarding ceremonies. Her Excellency YingluckShinawatra, Prime Minister of the Kingdom ofThailand will be the guest of honor and will bepresenting the awards to organizations on theevening of October 26, 2012.

Etihad Airways Q3 revenues up 19%KARACHI: Etihad Airways, the national airlineof the UAE, today reported third quarter revenuesof US$ 1.3 billion, up 19 per cent on 2011 (US$ 1.1billion). The record revenues reflected passengernumbers up 23 per cent, with 2.79 million trav-ellers in the quarter (2.27 million). Seat factors of81.2 per cent mark the best ever quarterly per-formance by the airline, with passenger numberson track to pass the 10 million milestone in 2012.The rise in revenues continues to outperform theairline’s growth in capacity and Etihad Airways re-mains confident of achieving full year profitabilityfor the second year running. Passenger revenueswere boosted by codeshare and partner revenues,which jumped 51 per cent to US$ 182 million(US$ 121 million). The airline’s 38 partners helpedto create a total network of 315 destinations, morethan any other Middle Eastern carrier. JamesHogan, Etihad Airways’ President and Chief Exec-utive Officer, said: “Our third quarter saw contin-ued progress across the business, with all keyindicators showing strong performance and we re-main confident of delivering full year profitabilitybased on current market conditions. We are par-ticularly pleased with the contribution from ourcodeshare and equity partners. This component ofour strategy is delivering a strong and growingrevenue stream, complementing our own double-digit organic growth.”

Mobilink, UNICEF celebrate‘Global Handwashing Day 2012’ LAHORE: Mobilink and UNICEF have joinedhands to launch Global Handwashing Day acrossPakistan. The initiative was launched at a localschool, with participation by representatives ofthe Federal Ministry for Climate Change, UNICEFand Mobilink Torchbearers. Global HandwashingDay is a broad-based initiative to spreadhandwash hygiene-awareness, educate children on theproper technique of handwashing as well as reaf-firm a commitment to proper hygiene.UNICEF iscelebrating Global Handwashing Day 2012 acrossPakistan by providing 250,000 children withhandwashing soap as well as lessons to nearly halfa million children on the benefits of handwashing.Mobilink will be sending out informational mes-sages to its subscriber base to raise awareness.

Samsung employees enjoy‘great working place experience’LAHORE: October 15, 2012 – Samsung Electronicsis a global leader and award-winning innovator inTelecommunications and Digital Technologies. Re-cently, Samsung Pakistan arranged an exciting andfun-filled outdoor recreational activity celebration, inwhich all Samsung employees were invited to partici-pate and have delightful experiences. This celebra-tion is named “Great Working Place” (GWP) activityand is held on a quarterly basis to promote Team-Building opportunities among the Samsung staff. Ithelps the hard-working, passionate and innovativeemployees to relax and cheer with numerous outdoorfun activities for participants of varying ages. An in-teractive meeting for operational deliberations wasalso held on that fun-filled day to enhance the team-building skills of the employees. Samsung Pakistan’sManaging Director – Mr. John Park said; “It is de-

lightful to see Samsung employees from the variousoperational departments, strive to maintain friendlyand cordial relations among themselves, by comingtogether as one big Samsung family, and participat-ing in numerous recreational and sporting activitieswith a team-building spirit, to make the “GreatWorking Place” activity a resounding success”.

Regional Food Festival 2012inaugurated at PC RAWALPINDI: General Manager Pearl Conti-nental Hotel Rawalpindi Sheharyar Mirza, alongwith High Commissioner of Malaysia to PakistanHE Dr. Hasrul Sani Bin Mujtabar, and Ambassa-dor of Nepal to Pakistan H.E Bharat Raj Paudyaland Ambassador of the United Arab Emirates toPakistan H.E Matar Ali Al Mansoori inauguratedthe Regional Food Festival 2012 at the Pearl Con-tinental Hotel Rawalpindi on Friday night. TheFestival will continue for three days till October14, 2012 A large number of businessmen, govern-ment functionaries, diplomats and socialites at-tended the Inauguration Ceremony.

CORPORATE CORNER

SAARC set to bond

LAHORE: Shell Pakistan Ltd Chairman and MD Omar YaqoobSheikh hosts an exclusive dinner for B2B customers at PCHotel Lahore.

KARACHI

STAFF REPORT

Meezan Bank has recorded 16% growth in itsprofit-after-tax which increased to Rs. 2,663million for the nine months ended September30, 2012 as compared to Rs. 2,292 millionearned in the corresponding period last year.Earnings per share of the Bank was recorded atRs. 2.95 (September 2011: Rs. 2.54) on en-hanced share capital of Rs. 9 billion.

The Board of Directors of Meezan Bank, inits meeting held in Dubai, U.A.E on October 11,2012 approved the financial statements of theBank for the nine months ended September 30,2012. The meeting was presided by H. E. SheikhEbrahim Bin Khalifa Al-Khalifa, Chairman of theBoard. The Vice Chairman of the Board Mr. Ab-dullateef A. Al-Asfour also attended the meeting.

The Bank achieved growth in all businesssegments and consolidated its position as theleading Islamic bank of Pakistan. Total assetsgrew by 19% to reach the level of Rs. 239 billionwhile Deposits grew by 22% and closed at Rs.208 billion as at September 30, 2012.

Meezan Bank completed ten years of opera-tions in 2012 and has progressively grown to be-come the country’s 8th largest in terms ofbranch network. Driven by its Vision to ‘estab-lish Islamic banking as banking of first choice’,the Bank has established an extensive branchnetwork of 301 branches across 89 cities in Pak-istan and has made Islamic banking accessibleto all segments of the society. The Bank has beenconsistently recognized as the best Islamic Bankin Pakistan by various local and internationalinstitutions over the past several years - includ-ing ‘Best Islamic Financial Institution in Pak-istan’ by Global Finance magazine, New Yorkand ‘Best Islamic Bank in Pakistan’ by IslamicFinance News of REDmoney Group, Malaysia.

The JCR-VIS Credit Rating Company Lim-ited, an affiliate of Japan Credit Rating Agency,Japan has maintained the Bank’s long-term en-tity rating at AA- (Double A Minus) and short-term rating at A1+ (A One Plus) with stableoutlook. The short-term rating of A1+ is thehighest standard in short-term rating. The rat-ings indicate sound performance indicators ofthe Bank.

Meezan Bank’s profit-after-tax grows by 16%

SINGAPORE: Oil prices fell in Asia on Monday after the International Energy Agency (IEA) cut its globaldemand growth forecast for this year and next, while data also showed rising US stockpiles, analysts said.New York’s main contract, light sweet crude for delivery in November shed 79 cents to $91.07 a barrel and BrentNorth Sea crude for November delivery fell 76 cents to $113.86 in afternoon trade. The IEA on Friday said itexpected global demand for oil through 2016 to grow by half a million barrels a day less than previouslyestimated. It said in its medium-term report that the oil market was now at a “crossroads” and its outlook was“against the backdrop of sluggish economic growth and increasing energy efficiency”, particularly in advancedeconomies. Crude prices were hit by the “IEA reducing its forecast for global demand in 2012 and 2013”, IGMarkets said in a report. “Data released last week also showed that crude supplies rose in the US and this seemsto be a trend that may continue... while the slow growth will mean muted demand for the black gold continues.”Official US data last week showed stockpiles in the world’s largest oil consumer rising by 1.7 million barrels inthe week ending October 5, far more than analyst projections of an 800,000 barrel increase. AFP

Oil down in Asia on softer global demand forecast

Visa expedition

discussed at LCCILAHORE

STAFF REPORT

Confederation of Asia-Pacific Chambers ofCommerce and Industry (CACCI)President Ambassador Benedicto Yujuicohas said that the Confederation will helpexpedite visa process for Pakistanibusinessmen in all the 27-membercountries. Ambassador Benedicto Yujuicowas speaking at the Lahore Chamber ofCommerce and Industry on Thursday.LCCI President Farooq Iftikhar presentedAddress of Welcome while FPCCIPresident Haji Fazal Kader Khan Sherani,Vice President CACCI Tariq Sayeed, VicePresident SAARC Chamber of CommerceIftikhar Ali Malik, former LCCI presidentMian Muzaffar Ali and Vice PresidentMian Abuzar Shad and former VicePresident Aftab Ahmad Vohra also spokeon the occasion. Ambassador BenedictoYujuico said that he understands thatdelayed issuance of visas to genuinebusinessmen is a hurdle to expandbusinesses. The president CACCI alsoinvited Pakistani businessmen toparticipate in the international exhibitionbeing arranged by the Confederation inCebu, Philippines in March 2013 to havefirst hand knowledge about availablebusiness opportunities. He said thatPakistani businessmen would be allowedto display their products at the saidexhibition. He urged the Pakistan businesscommunity to become the life member ofCACCI for a close coordination withcounterparts in the 27 countries that aremembers of the Confederation.

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